Bermuda-based Security Capital Assurance Ltd. yesterday reported net income for the third quarter of 2006 of $28.4 million, or $0.49 per share, a ten percent decrease from the year-ago period.

SCA, which was spun off from XL Capital earlier this year, said it had bet income in the third quarter of 2005 of $31.4 million, or $0.68 per share.

Operating income, as defined below, was $31.8 million for the 2006 third quarter, down seven percent from $34.1 million in 20005. Operating income per share was $0.55 in the 2006 third quarter, versus $0.74 in 2005.

?We are pleased with our performance in the third quarter, our first as a public company, as we maintained the momentum we have built up in our business in 2006,? said Paul S. Giordano, Security Capital Assurance?s chief executive officer.