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): October 29, 1999

                   Financial Security Assurance Holdings Ltd.
             (Exact name of registrant as specified in its charter)

New York                           1-12644                   13-3261323
--------------------------------------------------------------------------------
(State or other jurisdiction       (Commission               (IRS Employer
of incorporation)                  File Number)              Identification No.)

350 Park Avenue, New York, NY                                10022
--------------------------------------------------------------------------------
(Address of principal executive offices)                     (Zip Code)

               Registrant's telephone number, including area code:
                                 (212) 826-0100
<PAGE>

      Item 7. Financial Statements and Exhibits.

      This current report on Form 8-K is being filed to incorporate by reference
the documents included as Exhibits hereto into the following Registration
Statements of Financial Security Assurance Holdings Ltd. (the "Company"):

      o     Registration Statement No. 333-74165 on Form S-3, effective August
            18, 1999 (the "August 1999 Form S-3"), and

      o     Registration Statement No. 333-34181 on Form S-3, effective
            September 10, 1997, as amended by the August 1999 Form S-3, which
            constituted Post-Effective Amendment No. 1 thereto.

The documents included as Exhibits hereto, and incorporated by reference into
such Registration Statements, relate to sales by the Company of shares of its
Common Stock.

      Exhibit Number                           Description
      --------------                           -----------

            1.          Purchase Agreement dated October 29, 1999 between White
                        Mountains Insurance Group, Ltd. and the Company.

            2.          Purchase Agreement dated November 2, 1999 between XL
                        Capital Ltd and the Company.

            3.          Purchase Agreement dated October 29, 1999 between The
                        Tokio Marine and Fire Insurance Co., Ltd. and the
                        Company.


                                       2
<PAGE>

                                    SIGNATURE

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

                                    FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.,


Date: November 24, 1999             By: /s/ Bruce Stern
                                        ---------------------------------
                                        Bruce E. Stern, Managing Director


                                       3
<PAGE>

                                  EXHIBIT INDEX

      Exhibit Number                           Description
      --------------                           -----------

            1.          Purchase Agreement dated October 29, 1999 between White
                        Mountains Insurance Group, Ltd. and the Company.

            2.          Purchase Agreement dated November 2, 1999 between XL
                        Capital Ltd and the Company.

            3.          Purchase Agreement dated October 29, 1999 between The
                        Tokio Marine and Fire Insurance Co., Ltd. and the
                        Company.
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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): October 29, 1999

                   Financial Security Assurance Holdings Ltd.
             (Exact name of registrant as specified in its charter)

New York                           1-12644                   13-3261323
--------------------------------------------------------------------------------
(State or other jurisdiction       (Commission               (IRS Employer
of incorporation)                  File Number)              Identification No.)

350 Park Avenue, New York, NY                                10022
--------------------------------------------------------------------------------
(Address of principal executive offices)                     (Zip Code)

               Registrant's telephone number, including area code:
                                 (212) 826-0100
Item 7. Financial Statements and Exhibits.

      This current report on Form 8-K is being filed to incorporate by reference
the documents included as Exhibits hereto into the following Registration
Statements of Financial Security Assurance Holdings Ltd. (the "Company"):

      o     Registration Statement No. 333-74165 on Form S-3, effective August
            18, 1999 (the "August 1999 Form S-3"), and

      o     Registration Statement No. 333-34181 on Form S-3, effective
            September 10, 1997, as amended by the August 1999 Form S-3, which
            constituted Post-Effective Amendment No. 1 thereto.

The documents included as Exhibits hereto, and incorporated by reference into
such Registration Statements, relate to sales by the Company of shares of its
Common Stock.

      Exhibit Number                           Description
      --------------                           -----------

            1.          Purchase Agreement dated October 29, 1999 between White
                        Mountains Insurance Group, Ltd. and the Company.

            2.          Purchase Agreement dated November 2, 1999 between XL
                        Capital Ltd and the Company.

            3.          Purchase Agreement dated October 29, 1999 between The
                        Tokio Marine and Fire Insurance Co., Ltd. and the
                        Company.

                                       2
SIGNATURE

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

                                    FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.,

Date: November 24, 1999             By: /s/ Bruce Stern
                                        ---------------------------------
                                        Bruce E. Stern, Managing Director

                                       3
EXHIBIT INDEX

      Exhibit Number                           Description
      --------------                           -----------

            1.          Purchase Agreement dated October 29, 1999 between White
                        Mountains Insurance Group, Ltd. and the Company.

            2.          Purchase Agreement dated November 2, 1999 between XL
                        Capital Ltd and the Company.

            3.          Purchase Agreement dated October 29, 1999 between The
                        Tokio Marine and Fire Insurance Co., Ltd. and the
                        Company.