FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   Syncora Private Trust Co Ltd 2. Date of Event Requiring Statement (Month/Day/Year) 11/19/2008 3. Issuer Name and Ticker or Trading Symbol SYNCORA HOLDINGS LTD [SCA] (Last) (First) (Middle) RICHMOND HOUSE, 12 PAR LA VILLE ROAD 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) Trustee of trust owning > 10% 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) HAMILTON, D0 HM081 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Shares 0 (1) (2) I See footnotes (1) (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Syncora Private Trust Co Ltd RICHMOND HOUSE 12 PAR LA VILLE ROAD HAMILTON, D0 HM081	Â	Â	Â	Trustee of trust owning > 10%

Signatures

/s/ Craig MacIntyre		11/26/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Reporting Person is filing this Form 3 solely because it may be deemed to have beneficial ownership pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of 30,069,049 shares of Common Shares, par value $.01 per share (the "Shares"), of Syncora Holdings Ltd ("Syncora") that Reporting Person holds as trustee of the CCRA Purpose Trust and that are subject to the shareholder agreement dated November 18, 2008 between Syncora and Reporting Person (the "Shareholder Agreement"). For additional information regarding the Shareholder Agreement, see the Statement on Schedule 13D filed by Reporting Person on the date hereof.
(2)	Neither the filing of this Form 3 nor any of its contents shall be deemed to constitute an admission by Reporting Person that it is the beneficial owner of the Shares for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership thereof is expressly disclaimed. Reporting Person does not have any "pecuniary interest" in the Shares.

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