<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>                               9-MOS
<FISCAL-YEAR-END>                     DEC-31-1997
<PERIOD-START>                        JAN-01-1997
<PERIOD-END>                          SEP-30-1997
<DEBT-HELD-FOR-SALE>                    1,459,712 
<DEBT-CARRYING-VALUE>                           0  
<DEBT-MARKET-VALUE>                             0
<EQUITIES>                                 28,190
<MORTGAGE>                                      0  
<REAL-ESTATE>                                   0  
<TOTAL-INVEST>                          1,487,902
<CASH>                                      8,410
<RECOVER-REINSURE>                         30,126
<DEFERRED-ACQUISITION>                    161,038
<TOTAL-ASSETS>                          1,968,221
<POLICY-LOSSES>                            73,112
<UNEARNED-PREMIUMS>                       575,750
<POLICY-OTHER>                                  0  
<POLICY-HOLDER-FUNDS>                           0
<NOTES-PAYABLE>                           130,000
<PREFERRED-MANDATORY>                           0                 
<PREFERRED>                                   700
<COMMON>                                  695,088
<OTHER-SE>                                187,204
<TOTAL-LIABILITY-AND-EQUITY>            1,968,221
<PREMIUMS>                                 79,539
<INVESTMENT-INCOME>                        51,402
<INVESTMENT-GAINS>                          6,648
<OTHER-INCOME>                              9,022
<BENEFITS>                                  6,867
<UNDERWRITING-AMORTIZATION>                20,714
<UNDERWRITING-OTHER>                       18,810
<INCOME-PRETAX>                           100,220
<INCOME-TAX>                               27,512
<INCOME-CONTINUING>                        72,708
<DISCONTINUED>                                  0       
<EXTRAORDINARY>                                 0  
<CHANGES>                                       0  
<NET-INCOME>                               72,708
<EPS-PRIMARY>                                2.42
<EPS-DILUTED>                                2.36
<RESERVE-OPEN>                             72,079
<PROVISION-CURRENT>                         9,748
<PROVISION-PRIOR>                               0       
<PAYMENTS-CURRENT>                              0
<PAYMENTS-PRIOR>                            8,715
<RESERVE-CLOSE>                            73,112
<CUMULATIVE-DEFICIENCY>                         0