Security Capital Assurance has appointed Elizabeth Keys as its new senior vice president and CFO, effective June 1, 2008.

Ms Keys will succeed David Shea who will depart from the company to pursue other opportunities. Mr Shea will serve as an advisor to the company until June 15, 2008 to help with the transition of responsibilities.

As CFO, Ms Keys will be responsible for managing the finance function, overseeing and directing financial accounting, short-term business planning, budgeting and long-range forecasting, and directing the treasury and investments operation. She will report directly to Paul Giordano and serve on the company’s executive management committee.

Capital management activities, rating agency relationships and corporate strategy initiatives will continue to be managed by executive vice president and head of corporate strategy, Claude LeBlanc.

Since August 2006, Ms Keys has served as Security Capital Assurance’s (SCA) managing director, head of financial planning and analysis. Prior to her most recent role, Ms Keys served as the CFO of XL Capital Assurance, a subsidiary of SCA.