Syncora Holdings Ltd. announced that Susan Comparato as Chief Executive Officer and President has agreed that this is the appropriate time to initiate a succession plan in which she will depart from the company in mid-2017, after helping to ensure a smooth transition of her duties and responsibilities to her successor, who is anticipated to be Frederick Hnat, Syncora's Senior Vice President and Executive Committee member. Fred will be promoted to a new position, Chief Operating Officer, effective January 1, 2017. As part of this succession plan, Syncora's Chief Financial Officer and Chief Restructuring Officer, Claude LeBlanc, and the Board have agreed that he will depart from the Company effective December 31, 2016, after helping to ensure a smooth transition of his duties to the new leadership team.

He will continue to serve as Syncora's Chief Financial Officer and Chief Restructuring Officer until his departure. As part of the transition of his Chief Financial Officer responsibilities, Claude will assist David Grande, Syncora's current Controller, who will assume the role of Chief Financial Officer, effective January 1, 2017. At that time, the Chief Restructuring Officer position will be eliminated.

Fred Hnat brings more than two decades of deep legal, operational and financial experience to his COO role. He served as COO of the Company's London-based subsidiary, Syncora Guarantee (UK) Limited, where he developed relationships with many of the Company's current European institutional stakeholders, and prior to that he served as General Counsel and Secretary of Syncora Guarantee Inc. More recently, Fred has been instrumental in many of Syncora's key remediations and has managed reinsurance relationships and the recently completed process to repatriate the company's UK policies to the US. David Grande brings more than 16 years of finance experience to the CFO role, including three and a half years as Syncora's Controller, with strong capabilities in financial reporting, developing financial processes, controls and reporting systems, and determining the financial and accounting effect of complex transactions.

His responsibilities as CFO will include all finance, accounting, financial planning and analysis, and treasury functions. The company also announced that Mary Jane Constant has been named to the newly created position of Chief Remediation Officer, effective January 1, 2017, and will report to Fred Hnat. She currently is Managing Director for Risk Management, and has been a leader in many of Syncora's key credit remediations.  In this new role, she will be responsible for overseeing the company's ongoing remediation and risk reduction efforts to secure value within the insurance portfolios.