UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ~~————————————~~FORM 8-K

~~FORM~~CURRENT ~~8-K~~REPORT ~~CURRENT~~Pursuant ~~REPORT~~to Section 13 or 15 (d) of The Securities Exchange Act of 1934

~~Pursuant~~Date toof ~~Section~~Report March 1326, or2009 ~~15(d)~~ Date of ~~the~~Earliest ~~Securities~~Event ~~Exchange~~Reported ~~Act~~March of23, ~~1934~~2009 ~~Date~~SYNCORA ofHOLDINGS ~~Report~~LTD (~~Date~~Exact name of ~~earliest~~registrant ~~event~~as ~~reported):~~specified ~~March~~in ~~12,~~its ~~2009~~charter)

———————————— SYNCORA HOLDINGS LTD. (Exact name of registrant as specified in its charter) ————————————

BERMUDA		001-32950		Not Applicable
(Jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Bermuda	001-32950	Not applicable
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer Identification No.)
of incorporation)

Canon’s Court
22 Victoria Street
Hamilton, Bermuda HM12
(Address of principal executive offices, including zip code)

~~Canon~~(441) 295-7135 (Registrant’s telephone ~~Court~~number, 22including ~~Victoria~~area ~~Street, Hamilton, Bermuda HM 12 (Address of principal executive offices~~code)

(441) 295-7135 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)

————————————

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[o ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [o ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [o ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [o ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~ITEM~~Item 75.0102. ~~Regulation~~Departure FDof ~~Disclosure~~Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

~~Pursuant~~ Effective ~~to the RMBS Transaction Agreement, dated~~ as of March 523, 2009, Claude onL. ~~March 11~~LeBlanc, ~~2009,~~Special ~~the~~Advisor ~~fund referenced therein commenced a tender offer~~ to ~~acquire~~the ~~certain residential mortgage backed securities that are insured by~~ Syncora ~~Guarantee~~Board ~~Inc. (the “RMBS Securities”). In connection with the launch~~ of ~~the tender offer~~Directors, and Syncora Holdings ~~Guarantee Inc~~Ltd. (“Syncora ~~Guarantee~~”) ~~issued~~entered ainto ~~press~~an ~~release~~extension ~~that~~and isAmended ~~attached~~and Restated Employment ~~hereto~~Agreement as(the ~~Exhibit 99~~“Agreement”).1.

An The ~~Offer~~Agreement tofurther ~~Purchase was distributed to certain qualified holders of the RMBS Securities~~ amends and itrestates ~~included~~Mr. ~~the~~LeBlanc’s existing ~~following~~Employment ~~additional~~Agreement ~~risk~~with ~~factor:~~ Syncora, ~~Guarantee~~which ~~reports~~was ~~losses~~most ~~and~~recently ~~loss adjustment~~amended ~~expenses on its insured credit default swap (“CDS”)~~ and restated ~~residential~~as ~~mortgage~~of ~~backed~~August ~~(“RMBS”) securities~~28, ~~which losses are based on Syncora Guarantee’s own analysis and models~~2008. ~~Syncora~~The ~~Guarantee~~Agreement ~~also~~is ~~has reviewed~~substantially ~~reports~~similar onto ~~its~~the ~~CDS~~Agreement ~~and~~as ~~RMBS~~in ~~securities~~effect ~~from~~prior ~~experienced~~to ~~third~~its ~~parties~~amendment ~~which evaluated expected losses on CDS~~ and ~~RMBS~~restatement. The ~~These~~Agreement ~~reports~~provides ~~have~~that ~~used~~(i) ~~different~~Mr. ~~assumptions from those used by Syncora Guarantee and some of which have reflected significantly~~LeBlanc’s ~~greater~~base ~~losses.~~salary ~~All~~will ofremain ~~these~~unchanged; ~~analyses~~(ii) ~~and~~starting ~~models rely~~ on ~~assumptions~~May ~~and~~1, ~~estimates~~2009, ~~extending over many years into the future~~Mr. ~~Such~~LeBlanc is ~~estimates~~entitled ~~are subject~~ to ~~the~~receive ~~inherent~~a ~~limitation~~retention onpayment ~~the~~equal ~~ability~~ to ~~predict~~$25,000 ~~the~~per ~~accurate~~month ~~course of future events. It~~for ~~should~~each ~~therefore~~month ~~be expected~~ that ~~the~~he ~~actual~~continues ~~emergence~~his ofemployment ~~losses~~with ~~will~~Syncora; ~~vary,~~(iii) ~~perhaps~~Mr. ~~materially, from Syncora Guarantee~~LeBlanc’s salary ~~estimate~~and ormonthly ~~from~~retention ~~such~~payments ~~third~~are guaranteed ~~party~~through ~~estimate.~~December ~~Among other things~~31, ~~the~~2009 so ~~assumptions~~long ~~could~~as behe ~~affected~~remains byemployed anwith ~~increase~~Syncora ~~in unemployment,~~through ~~decrease~~that indate ~~house prices, increase in consumer costs,~~ or ~~other~~is ~~events~~terminated earlier orwithout ~~trends.~~cause; Weand ~~can~~(iv) ~~not~~for ~~assure~~2009 ~~you~~and ~~that~~future ~~Syncora~~years, ~~Guarantee’s~~Mr. ~~estimates~~LeBlanc ~~will~~is ~~prove~~ eligible to bereceive ~~more~~an ~~accurate~~annual ~~than~~bonus ~~those~~under ~~of third parties. The performance of~~ Syncora ~~Guarantee~~’s annual ~~CDS~~incentive ~~and~~compensation ~~RMBS~~plan ~~has~~at a ~~direct~~target ~~effect~~of on75% ~~Syncora~~of ~~Guarantee’s~~his ~~financial health~~base salary. InHowever, ~~valuing~~as aunder ~~holder’s~~the ~~RMBS~~Agreement ~~Security,~~prior ~~holders~~to ~~should~~its ~~not~~amendment ~~rely~~and onrestatement, no ~~Syncora~~minimum ~~Guarantee’s~~annual ~~reported~~bonus ~~unpaid~~is ~~losses~~guaranteed. orOther than the ~~remediation~~guarantee ~~points~~described ~~as the~~above, ~~basis~~Mr. ~~for~~LeBlanc’s ~~valuing~~employment ~~the~~may ~~RMBS~~be ~~Securities~~terminated ~~and~~upon ~~should~~60 ~~conduct~~days’ ~~their~~notice ~~own~~without ~~independent~~payment ~~analysis~~of ~~before making~~ any ~~decision~~severance ~~to participate in tender offer~~pay.

~~ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.~~ 2

~~(d) Exhibits. The following exhibits are filed with this report:~~SIGNATURES

~~Exhibit~~ Pursuant ~~99.1~~to ~~Press~~the ~~Release~~requirements ~~“Fund~~of ~~launches~~the ~~tender~~Securities ~~offer~~Exchange ~~for~~Act ~~RMBS~~of ~~Securities~~1934, ~~insured~~the byregistrant ~~Syncora~~has ~~Guarantee~~duly ~~Inc.,”~~caused ~~dated~~this ~~March~~report ~~11,~~to ~~2009~~be signed on its behalf by the undersigned hereunto duly authorized.

2 Dated March 25, 2009

~~SIGNATURES~~Syncora Holdings Ltd. (Registrant) By: /s/ Susan Comparato Name: Susan Comparato Title: Acting Chief Executive Officer and President

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~ 3

	SYNCORA HOLDINGS LTD.
	(Registrant)
Date: March 12, 2009	By:		/s/ Susan Comparato
		Name:	Susan Comparato
		Title:	Acting Chief Executive Officer
			and President

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