Defunct bond insurer Syncora Guarantee reported positive net income for the first three quarters of the year, but said near-term insolvency is still a concern if its insured portfolio ­tumbles.

The insurer’s net income in the nine-month period was $25.7 million, according to a quarterly statement released last week, which said net premiums earned from its existing portfolio were $41.2 million. Its surplus to policyholders was $120.8 million compared with $181.8 million a year ago.

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