Security Capital Assurance, a provider of credit enhancement and protection products, has announced that it will reduce its workforce by approximately 60 positions.
The company said that the reductions are focused largely on the insurance business origination staff and are intended to reduce long term operating costs and align resources with current needs.
Paul Giordano, president and CEO of Security Capital Assurance, said: Decisions such as this one are always difficult, but as we are not writing new business at this time, today’s action was necessary. Our action today is consistent with our recently described plans, and we intend to treat our employees as fairly as we can under the circumstances.