Defunct bond insurer Syncora Guarantee last week reported positive net income for the second quarter, reflecting the broad success of the major restructuring it initiated in July 2009 and completed in April.

The insurer’s quarterly net income was $46.3 million, a figure which sent share values of its Bermuda-based parent company, Syncora Holdings, 37% higher on Friday to $0.18. The New York-based insurer’s surplus to policyholders — defined as assets in excess of liabilities — was $143.8 million. That’s more than double the $65 million minimum required by its regulator, the New York Insurance Department (NYID).

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