HAMILTON, Bermuda , May 1 /PRNewswire-FirstCall/ -- Security Capital Assurance Ltd (NYSE: SCA) ("SCA" or the "Company") today announced that XL Capital Assurance Inc. ("XLCA"), SCA's wholly owned financial guarantee insurance subsidiary, has named Adam T. Bergonzi , 44, as Chief Credit Officer effective May 2, 2008 . Mr. Bergonzi will replace Richard P. Heberton , Managing Director and Chief Credit Officer. The Company also announced that T. Wynne Morriss, Jr. , Senior Vice President and Head of Origination of XLCA, will leave the Company effective May 2, 2008 .
"We look forward to benefiting from Adam's strong background and experience in his expanded role. We thank both Dick and Wynne for their many years of dedicated service. They were instrumental in helping to build the Company, and we wish them well in their future endeavors," stated Paul S. Giordano , SCA's President and Chief Executive Officer.
Mr. Bergonzi joined XLCA in 2006 as a Managing Director in the credit
group, where he had primary responsibility for reviewing credits including
global infrastructure and project financings, as well as U.S. public finance.
Prior to joining XLCA, Bergonzi spent 15 years at MBIA Inc. ("MBIA"), where he
held positions of increasing responsibility in MBIA's insured portfolio
management, new business, finance and corporate strategy areas. Mr. Bergonzi
received his B.A. from
Mr. Heberton joined XLCA at its inception in 2000. Mr. Morriss joined XLCA's predecessor company, Global Credit Analytics, Inc., in 1999. Both executives were members of XLCA's founding leadership team. Until March 2005 , Mr. Heberton served as head of XLCA's surveillance and research group. Prior to assuming his role as Head of Origination in 2006, Mr. Morriss served as head of XLCA's structured single risk group, which encompassed XLCA's public finance, global infrastructure, power & utilities and specialized risk businesses.
About Security Capital Assurance Ltd
Security Capital Assurance Ltd is a Bermuda -domiciled holding company whose common shares are listed on the New York Stock Exchange (NYSE: SCA). For more information please visit http://www.scafg.com .
This release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that these statements are not guarantees of future results, plans or events and such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These factors include, but are not limited to: recent and future rating agency statements and ratings actions; the outcome of the Company's dispute with Merrill Lynch International concerning the Company's termination of seven credit default swap ("CDS") contracts; the Company's ability to successfully implement its strategic plan; higher risk of loss in connection with obligations guaranteed by the Company due to recent deterioration in the credit markets stemming from the poor performance of subprime residential mortgage loans; the suspension of writing substantially all new business and the Company's ability to continue to operate its business in its historic form; the development and implementation of a strategic plan; developments in the world's financial and capital markets that adversely affect the performance of the Company's investments and its access to such markets; the performance of invested assets, losses on credit derivatives or changes in the fair value of credit derivatives; the availability of capital and liquidity; the timing of claims payments and the receipt of reinsurance recoverables; greater frequency or severity of claims and loss activity including in excess of the Company's loss reserves; changes in the Company's reinsurance agreements with certain of its subsidiaries; the impact of provisions in business arrangements and agreements triggered by the ratings downgrades; the impact of other triggers in business arrangements including CDS contracts; changes in regulation, tax laws, legislation or accounting policies or practices; changes in officers; general economic conditions; changes in the availability, cost or quality of reinsurance or retrocessions; possible downgrade of the Company's reinsurers; possible default by the counterparties to the Company's reinsurance arrangements; the Company's ability to compete; changes that may occur in Company operations and ownership as the Company matures; and other additional factors, risks or uncertainties described in Company filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 , and also disclosed from time to time in subsequent reports on Form 10-Q and Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward- looking statements are made.
SOURCE Security Capital Assurance Ltd