Exhibit 4.7


GLOBAL PREFERENCE SHARE CERTIFICATE


UNLESS THIS GLOBAL PREFERENCE SHARE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR THE BANK OF NEW YORK, AS TRANSFER AGENT AND
REGISTRAR, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL PREFERENCE SHARE CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 











SECURITY CAPITAL ASSURANCE LTD

			
	
Certificate No.: R-2     	
CUSIP: 
        	
81413U AB0    
	 

        	
ISIN:  
        	US81413U AB08   





Fixed/Floating Series A Perpetual Non-Cumulative Preference Shares


Security Capital Assurance Ltd, a Bermuda limited company
with corporate address at A.S. Cooper Building, 26 Reid Street, 4th Floor,
Hamilton HM11, Bermuda (the
“Company”)
hereby certifies that Cede & Co.,
as nominee of The Depository Trust Company, is the registered holder of 250,000
(Two Hundred and Fifty Thousand)
Fixed/Floating Series A Perpetual Non-Cumulative  Preference Shares of the Company,
par value $0.01 per share and liquidation preference of US$1,000 per
share (the “Preference Shares”).
The specific rights, preferences,  limitations and other terms of the Preference
Shares represented hereby are set forth in, and subject to, the provisions of
the resolutions of an authorized subcommittee of the board of directors of the
Company and the certificate of Claude LeBlanc,  each dated as of March 29, 2007
(together, the “Subcommittee Resolutions”).
Capitalized terms used herein but not defined shall have the respective meanings
given them in the  Subcommittee Resolutions. This Certificate is not valid unless
countersigned by the Transfer Agent and Registrar. 


-2-











THIS GLOBAL PREFERENCE SHARE CERTIFICATE IS ISSUED BY the
Company on this 20th day of December,
2007. 


	 	 	SECURITY CAPITAL ASSURANCE LTD 
	 	 	 
	 	 	 
	 	By:	/s/ Thomas W. Currie
	 	 	
    
	 	 	Name: Thomas W. Currie
	 	 	Title: Senior Vice President



-3-










	 	COUNTERSIGNED AND REGISTERED 

BY THE BANK OF NEW YORK, AS

TRANSFER AGENT AND REGISTRAR 
	 	 
	By:	/s/ Anthony Bausa
	 	
    
	 	Authorized Officer


 




 











ASSIGNMENT FORM


For value received the undersigned hereby sells, assigns and transfers unto:





Please insert social security or other identifying number of assignee:






Please print or type name and address, including zip code, of assignee:







__________ Preference Shares and does hereby irrevocably constitute and appoint ___________ as Attorney to transfer the Preference Shares on the books of the Company with full power of substitution in the premises.


						
	
Date: 
        	 
        	 	
Your Signature: 
        	 
        	 

        
	 

        	 
        	 	 

        	 
        	
(Sign exactly as your name 
        
	 

        	 
        	 	 

        	 
        	
appears on the Global Preference 
        
	 

        	 
        	 	 

        	 
        	
Share Certificate) 
        





-2-










The issuance on the Closing Date is [] Preference Shares. The following exchanges of apart of this Global Preference Share Certificate have been made:




									
	 

        	 
        	 

        	 
        	 

        	 
        	
Number of shares 
        	 
        	 

        
	 

        	 
        	
Amount of decrease 
        	 
        	
Amount of increase in 
        	 
        	
represented by this 
        	 
        	 

        
	 

        	 
        	
in number of shares 
        	 
        	
number of shares rep- 
        	 
        	
Global Preference 
        	 
        	 

        
	
Date 
        	 
        	
represented by this 
        	 
        	
resented by this 
        	 
        	
Share Certificate 
        	 
        	
Signature of 
        
	
of 
        	 
        	
Global Preference 
        	 
        	
Global Preference 
        	 
        	
following such de- 
        	 
        	
authorized offi- 
        
	
Exchange 
        	 
        	
Share Certificate 
        	 
        	
Share Certificate 
        	 
        	
crease or increase 
        	 
        	
cer of Registrar 
        




-3-