No Vacancy For SCA
March 14, 2008
Security Capital Assurance (SCA) have reported a $1.2 billion net loss in the fourth-quarter, leading the bond insurer to announce they will not be writing up any new business.
Other repercussions of the loss is that the company will not be paying dividends on either of their quarterly common stock or semi-annual A preference shares. Though the company reported the possibility earlier this year, at this stage, company auditors wont be attaching any going concern notices on their annual 10-K filing statements.
SCA’s report outlined the loss for the last quarter as $678.1 million or $10.57 a share; as compared to the fourth quarter in 2006 of $18.67 a share versus a net income of $35.8 million which or 56 cents a share.