Exibit 4.2 - Certificate of Claude LeBlanc pursuant to authority vested by
      the Subcommittee of the Finance and Risk Oversight Committee


    EXHIBIT
      4.2

    


    SECURITY
      CAPITAL ASSURANCE LTD

    Certificate
      of Claude LeBlanc

    pursuant
      to authority vested by the Subcommittee of the Finance and Risk
      Oversight

     Committee;
      which Subcommittee has been established pursuant to meetings of the

    Board
      of
      Directors held on February 27, 2007 and the meetings of

    the
      Finance and Risk Oversight Committee held on March 23, 2007

     

    WHEREAS,
      at a meeting held on February 27, 2007, the Board of Directors (the “Board of
      Directors”) of Security Capital Assurance Ltd (the “Company”) resolved that the
      Company may issue and sell (the “Issuance”), at any time or from time to time,
      up to US$350 million of long-term debt and/or preference securities and
      delegated to the Finance and Risk Oversight Committee of the Board of Directors
      (the “FROC”) and/or any subcommittee thereof appointed thereby, either of which
      committees or subcommittees being given full power to sub-delegate to a
      subcommittee appointed thereby, the right and power to determine all of the
      terms and conditions of each and any such Issuance (including, without
      limitation, the terms and conditions of any such securities, the manner of
      issuance and sale thereof, all pricing and pricing-related terms, and whether
      or
      not any replacement capital covenant ought to be provided for rating agency
      and/or similar purposes, and to execute under hand or seal any other documents,
      agreements, contracts, instruments and certificates to which the Company is
      a
      party or is affected, and considered to be necessary, desirable or advisable
      to
      in connection with any such Issuance).

     

    WHEREAS,
      at a meeting of the FROC held on March 23, 2007 the FROC approved certain
      transactions and documents generally and delegated to a subcommittee (the
“Subcommittee”) consisting of Paul S Giordano, Michael P. Esposito and Robert M.
      Lichten the full right and power to determine all of the terms and conditions
      of
      each and any such issuance. 

     

    WHEREAS,
      at a meeting of the Subcommittee held on March 29, 2007 the Subcommittee
      delegated to either Paul Giordano or Claude LeBlanc, each with the authority
      to
      act individually, the authority to determine the liquidation preference of
      the
      Company’s Fixed/Floating Series A Perpetual Non-Cumulative Preference Shares
      (the “Preference Shares”) of either US$25 or US$1,000 per share.

    


    WHEREAS,
      the undersigned has determined it is in the best interests of the Company that
      the Preference Shares be issued with a liquidation of US$1,000 per
      share.

    


    NOW
      THEREFORE, after full and careful consideration of the legal, commercial and
      financial consequences, direct and indirect, of the determination as to
      liquidation preference of the Preference Shares, I, Claude LeBlanc, on March
      29,
      2007, do hereby determine that the liquidation preference of the Preference
      Shares shall be US$1,000 per share.


    
      
         

      

      
         

        
        

      

      
         

      

    


    


    
      	 	
              SECURITY
                CAPITAL ASSURANCE LTD

               

            
	 	
              /s/
                Claude LeBlanc

            
	 	
              Name:

            	
              Claude
                LeBlanc

            
	 	
              Title

            	
              Executive
                Vice President, Corporate Development and
                Strategy