<ARTICLE>                     7
<LEGEND>
This schedule contains summary financial information extracted from Financial
Security Assurance Holdings Ltd. and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER>                                   1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   MAR-31-1997
<DEBT-HELD-FOR-SALE>                            1,155,633
<DEBT-CARRYING-VALUE>                                   0
<DEBT-MARKET-VALUE>                                     0
<EQUITIES>                                          9,998
<MORTGAGE>                                              0
<REAL-ESTATE>                                           0
<TOTAL-INVEST>                                  1,165,631
<CASH>                                              9,440
<RECOVER-REINSURE>                                 29,843
<DEFERRED-ACQUISITION>                            150,218
<TOTAL-ASSETS>                                  1,567,830
<POLICY-LOSSES>                                    73,101
<UNEARNED-PREMIUMS>                               517,523
<POLICY-OTHER>                                          0
<POLICY-HOLDER-FUNDS>                                   0
<NOTES-PAYABLE>                                    30,000
<PREFERRED-MANDATORY>                                   0
<PREFERRED>                                           700
<COMMON>                                          694,973
<OTHER-SE>                                        111,444
<TOTAL-LIABILITY-AND-EQUITY>                    1,567,830
<PREMIUMS>                                         24,774
<INVESTMENT-INCOME>                                16,361
<INVESTMENT-GAINS>                                   (498)
<OTHER-INCOME>                                        448
<BENEFITS>                                          2,285
<UNDERWRITING-AMORTIZATION>                         6,209
<UNDERWRITING-OTHER>                                4,784
<INCOME-PRETAX>                                    27,266
<INCOME-TAX>                                        7,016
<INCOME-CONTINUING>                                20,250
<DISCONTINUED>                                          0
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                       20,250
<EPS-PRIMARY>                                        0.68
<EPS-DILUTED>                                           0
<RESERVE-OPEN>                                     72,079
<PROVISION-CURRENT>                                 2,285
<PROVISION-PRIOR>                                       0
<PAYMENTS-CURRENT>                                      0
<PAYMENTS-PRIOR>                                    1,263
<RESERVE-CLOSE>                                    73,101
<CUMULATIVE-DEFICIENCY>                                 0