Security Capital Assurance, which provides financial guaranty insurance and reinsurance for public and structured finance, priced its IPO of 22.4 million shares at $20.50, just below its proposed $21 to $23 price range, on Tuesday night. 4.4 million shares were sold by insurance provider XL Capital, which partially spun-off Security Capital in the transaction. Goldman Sachs, JP Morgan and Merrill Lynch were the lead underwriters on the deal. The stock is expected to begin trading on the NYSE under the ticker SCA on Wednesday.
