NEW YORK (Bloomberg) — Bermuda-based Security Capital Assurance Ltd., which stopped writing new business after being stripped of its AAA bond insurer rating, named Elizabeth Keys as its chief financial officer.

Ms Keys, 39, replaces David Shea, who is leaving the company, SCA said in a statement distributed by PRNewswire.

Ms Keys has served as managing director and head of financial planning and analysis at SCA since August 2006, according to the statement. SCA, spun off to the public by XL Capital Ltd. in August 2006, stumbled after guaranteeing the repayment of securities backed by home loans shortly before delinquencies on some types of mortgages reached record highs.

XL Capital Assurance and XL Financial Assurance, SCA's bond insurance and reinsurance units, lost their AAA ratings after failing to come up with additional capital required by credit rating companies.

SCA plunged 97 percent over 12 months on the New York Stock Exchange before trading was suspended in March. The shares were at 79 cents yesterday in over-the-counter trading.