Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

     Effective as of March 23, 2009, Claude L. LeBlanc, Special Advisor to the Syncora Board of Directors, and Syncora Holdings Ltd. (“Syncora”) entered into an extension and Amended and Restated Employment Agreement (the “Agreement”).

     The Agreement further amends and restates Mr. LeBlanc’s existing Employment Agreement with Syncora, which was most recently amended and restated as of August 28, 2008. The Agreement is substantially similar to the Agreement as in effect prior to its amendment and restatement. The Agreement provides that (i) Mr. LeBlanc’s base salary will remain unchanged; (ii) starting on May 1, 2009, Mr. LeBlanc is entitled to receive a retention payment equal to $25,000 per month for each month that he continues his employment with Syncora; (iii) Mr. LeBlanc’s salary and monthly retention payments are guaranteed through December 31, 2009 so long as he remains employed with Syncora through that date or is terminated earlier without cause; and (iv) for 2009 and future years, Mr. LeBlanc is eligible to receive an annual bonus under Syncora’s annual incentive compensation plan at a target of 75% of his base salary. However, as under the Agreement prior to its amendment and restatement, no minimum annual bonus is guaranteed. Other than the guarantee described above, Mr. LeBlanc’s employment may be terminated upon 60 days’ notice without payment of any severance pay.

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