Syncora Holdings Ltd. has announced its chief financial officer Elizabeth Keys will be leaving the company today to pursue another job within the financial services industry.

The company's board has chosen not to name her replacement at the moment.

Syncora announced on Tuesday night that it had lost $1.34 billion in the third quarter and had "substantial doubts" over its ability to continue as a going concern.

It also announced that Mary Hennessy, a board member since the firm's initial public offering in 2006, has resigned from her post, due to a number of factors, including increased demands of the Syncora board coupled with other work commitments.

After Ms Hennessy's departure there are five members on the company's board of directors. It expects to announce the appointment of four new directors soon, who will be added to the board pursuant to the company's restructuring agreement.