<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-31-1999
<PERIOD-START>                  JAN-01-1999
<PERIOD-END>                    MAR-31-1999
<DEBT-HELD-FOR-SALE>              1,840,805
<DEBT-CARRYING-VALUE>                     0
<DEBT-MARKET-VALUE>                       0
<EQUITIES>                           56,655
<MORTGAGE>                                0
<REAL-ESTATE>                             0
<TOTAL-INVEST>                    1,897,460
<CASH>                               10,488
<RECOVER-REINSURE>                    3,919
<DEFERRED-ACQUISITION>              191,472
<TOTAL-ASSETS>                    2,449,785
<POLICY-LOSSES>                      65,650
<UNEARNED-PREMIUMS>                 741,888
<POLICY-OTHER>                            0
<POLICY-HOLDER-FUNDS>                     0
<NOTES-PAYABLE>                     230,000
<PREFERRED-MANDATORY>                     0
<PREFERRED>                             700
<COMMON>                            738,311
<OTHER-SE>                          355,340
<TOTAL-LIABILITY-AND-EQUITY>      2,449,785
<PREMIUMS>                           41,294
<INVESTMENT-INCOME>                  22,024
<INVESTMENT-GAINS>                      824
<OTHER-INCOME>                           58
<BENEFITS>                            2,175
<UNDERWRITING-AMORTIZATION>           9,917
<UNDERWRITING-OTHER>                 11,295
<INCOME-PRETAX>                      40,228
<INCOME-TAX>                          9,775
<INCOME-CONTINUING>                  30,453
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                         30,453
<EPS-PRIMARY>                             0
<EPS-DILUTED>                          0.96
<RESERVE-OPEN>                       63,947
<PROVISION-CURRENT>                   2,175
<PROVISION-PRIOR>                       472
<PAYMENTS-CURRENT>                        0
<PAYMENTS-PRIOR>                          0
<RESERVE-CLOSE>                      65,650
<CUMULATIVE-DEFICIENCY>                   0