<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 STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER>                  1,000
       
                             
<PERIOD-TYPE>                                YEAR
<FISCAL-YEAR-END>                     DEC-31-1996
<PERIOD-START>                        JAN-01-1996
<PERIOD-END>                          DEC-31-1996
<DEBT-HELD-FOR-SALE>                    1,146,080
<DEBT-CARRYING-VALUE>                           0
<DEBT-MARKET-VALUE>                             0
<EQUITIES>                                  8,336
<MORTGAGE>                                      0
<REAL-ESTATE>                                   0
<TOTAL-INVEST>                          1,154,416
<CASH>                                      8,146
<RECOVER-REINSURE>                         29,875
<DEFERRED-ACQUISITION>                    146,233
<TOTAL-ASSETS>                          1,537,742
<POLICY-LOSSES>                            72,079
<UNEARNED-PREMIUMS>                       511,196
<POLICY-OTHER>                                  0
<POLICY-HOLDER-FUNDS>                           0
<NOTES-PAYABLE>                            30,000
<PREFERRED-MANDATORY>                           0
<PREFERRED>                                   700
<COMMON>                                  695,441
<OTHER-SE>                                105,119
<TOTAL-LIABILITY-AND-EQUITY>            1,537,742
<PREMIUMS>                                 90,448
<INVESTMENT-INCOME>                        65,064
<INVESTMENT-GAINS>                          3,189
<OTHER-INCOME>                                297
<BENEFITS>                                  6,874
<UNDERWRITING-AMORTIZATION>                23,829
<UNDERWRITING-OTHER>                       18,524
<INCOME-PRETAX>                           109,771
<INCOME-TAX>                               29,011
<INCOME-CONTINUING>                        80,760
<DISCONTINUED>                                  0                
<EXTRAORDINARY>                                 0
<CHANGES>                                       0
<NET-INCOME>                               80,760
<EPS-PRIMARY>                                2.64
<EPS-DILUTED>                                2.61
<RESERVE-OPEN>                            111,759
<PROVISION-CURRENT>                         9,123
<PROVISION-PRIOR>                               0
<PAYMENTS-CURRENT>                              0
<PAYMENTS-PRIOR>                           48,803
<RESERVE-CLOSE>                            72,079
<CUMULATIVE-DEFICIENCY>                         0