Syncora Holdings, a holding company whose operating subsidiaries provide financial guarantee insurance, reinsurance, and other credit enhancement products, has closed the previously announced transactions with XL Capital pursuant to the master commutation, release and restructuring agreement announced earlier.

The company has also reported that the previously announced transaction with Merrill Lynch & Company pursuant to the agreement with Merrill Lynch also closed. In addition, the waivers and related transactions under the company’s credit agreement amendment with its lenders went into effect.

In conjunction with the closing of the transaction with XL Capital and as contemplated by the master transaction agreement, Fred Corrado, Paul Hellmers, Gardner Grant, and Jonathan Bank, members of Syncora Holdings’ board of directors have resigned.