Bermuda-based bond insurer Security Capital Assurance Ltd. (SCA) is set to cut approximately 60 jobs.

The reductions are focused largely on the insurance business origination staff and are intended to reduce long term operating costs and align resources with current needs.

"Decisions such as this one are always difficult, but as we are not writing new business at this time, today's action was necessary," said Paul Giordano, SCA's president and CEO.

"Our action today is consistent with our recently described plans, and we intend to treat our employees as fairly as we can under the circumstances.

"I am grateful for all the hard work and dedication of our employees, and for their continued professionalism in this very difficult environment."