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): November 6, 1998

                   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>

                                                                          Page 2


      Item 7. Financial Statements and Exhibits.

      This current report on Form 8-K is being filed to incorporate by reference
into Registration Statement No. 333-34181 on Form S-3, the documents included as
Exhibits hereto, relating to $100,000,000 aggregate principal amount of 6.950%
Senior Quarterly Income Debt Securities due 2098 of Financial Security Assurance
Holdings Ltd. (the "Company").

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

         1.             Underwriting Agreement dated November 6, 1998 between
                        the Underwriters listed on Schedule I thereto and the
                        Company.

         2.             Form of 6.950% Senior Quarterly Income Debt Securities
                        due 2098.

         3.             Consent of PricewaterhouseCoopers LLP to reference to
                        that Firm under the caption "Experts" in the Prospectus
                        Supplement dated November 6, 1998 with respect to the
                        6.950% Senior Quarterly Income Debt Securities due 2098.

         4.             Computation of Ratios of Earnings to Fixed Charges
                        Schedule.

         5.             Officers' Certificate pursuant to Section 2.01 and 2.03
                        of the Indenture.

         6.             First Supplemental Indenture dated as of November 13,
                        1998, between the Company and First Union National
                        Bank, as Trustee.
<PAGE>

                                                                          Page 3


                                    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 6, 1998                 By: /s/ Bruce Stern
                                           -------------------------------------
                                           Bruce E. Stern, Managing Director
<PAGE>

                                  EXHIBIT INDEX

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

         1.             Underwriting Agreement dated November 6, 1998 between
                        the Underwriters listed on Schedule I thereto and the
                        Company.

         2.             Form of 6.950% Senior Quarterly Income Debt Securities
                        due 2098.

         3.             Consent of PricewaterhouseCoopers LLP to reference to
                        that Firm under the caption "Experts" in the Prospectus
                        Supplement dated November 6, 1998 with respect to the
                        6.950% Senior Quarterly Income Debt Securities due 2098.

         4.             Computation of Ratios of Earnings to Fixed Charges
                        Schedule.

         5.             Officers' Certificate pursuant to Section 2.01 and 2.03
                        of the Indenture.

         6.             First Supplemental Indenture dated as of November 13,
                        1998, between the Company and First Union National
                        Bank, as Trustee.
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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): November 6, 1998

                   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 2

      Item 7. Financial Statements and Exhibits.

      This current report on Form 8-K is being filed to incorporate by reference
into Registration Statement No. 333-34181 on Form S-3, the documents included as
Exhibits hereto, relating to $100,000,000 aggregate principal amount of 6.950%
Senior Quarterly Income Debt Securities due 2098 of Financial Security Assurance
Holdings Ltd. (the "Company").

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

         1.             Underwriting Agreement dated November 6, 1998 between
                        the Underwriters listed on Schedule I thereto and the
                        Company.

         2.             Form of 6.950% Senior Quarterly Income Debt Securities
                        due 2098.

         3.             Consent of PricewaterhouseCoopers LLP to reference to
                        that Firm under the caption "Experts" in the Prospectus
                        Supplement dated November 6, 1998 with respect to the
                        6.950% Senior Quarterly Income Debt Securities due 2098.

         4.             Computation of Ratios of Earnings to Fixed Charges
                        Schedule.

         5.             Officers' Certificate pursuant to Section 2.01 and 2.03
                        of the Indenture.

         6.             First Supplemental Indenture dated as of November 13,
                        1998, between the Company and First Union National
                        Bank, as Trustee.
Page 3

                                    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 6, 1998                 By: /s/ Bruce Stern
                                           -------------------------------------
                                           Bruce E. Stern, Managing Director
EXHIBIT INDEX

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

         1.             Underwriting Agreement dated November 6, 1998 between
                        the Underwriters listed on Schedule I thereto and the
                        Company.

         2.             Form of 6.950% Senior Quarterly Income Debt Securities
                        due 2098.

         3.             Consent of PricewaterhouseCoopers LLP to reference to
                        that Firm under the caption "Experts" in the Prospectus
                        Supplement dated November 6, 1998 with respect to the
                        6.950% Senior Quarterly Income Debt Securities due 2098.

         4.             Computation of Ratios of Earnings to Fixed Charges
                        Schedule.

         5.             Officers' Certificate pursuant to Section 2.01 and 2.03
                        of the Indenture.

         6.             First Supplemental Indenture dated as of November 13,
                        1998, between the Company and First Union National
                        Bank, as Trustee.