Syncora Holdings Ltd., the Hamilton, Bermuda-based guaranty insurer, said it may not survive as an ongoing business unless it can restructure the rest of its credit default swap agreements as it reported a $493 million loss in the second quarter of this year.

The company also announced that its chief executive officer and president, Paul S. Giordano, 45, will step down. He will be replaced by Susan Comparato, 38, the current general counsel, who was named acting CEO and president.

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