c47619 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 26, 2007

SECURITY CAPITAL ASSURANCE LTD
(Exact name of registrant as specified in its charter)


Bermuda   001-32950   Not applicable
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer Identification No.)
of incorporation)        

One Bermudiana Road, Hamilton, Bermuda HM 11
(Address of principal executive offices)

Registrant’s telephone number, including area code: (441) 292 8515

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     
Item 8.01.   Other Events.
     
On March 26, 2007, Security Capital Assurance Ltd issued the press release attached as Exhibit 99.1 and
incorporated by reference herein.
 
Item 9.01.   Financial Statements and Exhibits.
     
(d)   Exhibits. The following exhibits are filed herewith:
 
Exhibit No.   Description
     
99.1   Press Release (“Security Capital Assurance Ltd Announces Plans to Offer Preference Shares”) dated March 26, 2007.
     
     
     

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 26, 2007
  SECURITY CAPITAL ASSURANCE LTD
    (Registrant)
     
  By: /s/ Kirstin Romann Gould  
    Name: Kirstin Romann Gould
    Title:   Secretary