NEW YORK (Bloomberg) — Bermuda-based Security Capital Assurance Ltd., the bond insurer that stopped writing most new business, cut chief executive officer Paul Giordano's pay by more than half and plans to change the company name to Syncora Holdings Ltd.

The company asked shareholders to approve the change at their annual meeting on May 20 at SCA's Hamilton, Bermuda-based offices, according to a filing on Friday with the Securities and Exchange Commission. Giordano's total compensation was reduced 57 percent to $2.2 million from $5.16 million in 2006.

SCA, spun off to the public by XL Capital Ltd. in August 2006, has been hobbled by the loss of its top AAA bond insurance ratings after expected losses on its guarantees linked to the declining mortgage market sapped capital reserves. The company said last month that it had a $1.2 billion net loss for 2007 and it has "suspended writing substantially all new business."

"The board has determined that it is in the best interest of the company and its shareholders to re-brand the business," SCA said in a letter to shareholders.

SCA delayed an earlier vote on the name change, according to the proxy statement.

"In October 2007, the company called a special general meeting of holders of our shares to approve the change of the company's name," SCA said. "Due to market disruptions, the meeting was adjourned prior to any vote of the shareholders."

Giordano's pay package consisted of a $600,000 salary, $563,538 in stock awards, options to buy about $687,076 more in stock and $353,728 in other benefits including housing allowances, the filing shows.

SCA plunged 97 percent on the New York Stock Exchange before trading was suspended in March. The shares were at less than $1 on Friday in over-the-counter trading.

SCA's XL Capital Assurance and XL Financial Assurance units this year were stripped of their AAA ratings at Moody's Investors Service, Standard & Poor's and Fitch Ratings because their capital was too low following widespread downgrades of subprime mortgage-linked securities they guaranteed.