MBIA INC

MBIA Inc. operates as a financial guarantee insurance company providing insurance products primarily to the United States public finance markets. The company, incorporated in Connecticut in 1986, trades on the New York Stock Exchange under the ticker symbol MBI. More information about the company is available at its website.

The company's primary business is conducted through its indirect wholly-owned subsidiary, National Public Finance Guarantee Corporation, which provides unconditional and irrevocable guarantees of principal, interest, and other amounts owing on insured obligations when due. National ceased writing new financial guarantee insurance policies in 2017 and currently manages an insured portfolio of $22.3 billion in gross par outstanding across 1,137 policies covering 782 distinct credits as of December 31, 2025. The company also operates MBIA Insurance Corporation, which manages international and structured finance insurance portfolios totaling $2.1 billion in gross par outstanding.

MBIA's insurance operations focus on municipal bonds issued by U.S. political subdivisions, territories, utilities, airports, healthcare institutions, educational facilities, and housing authorities. The company also provides coverage for international public finance obligations and global structured finance transactions through its MBIA Corp. subsidiary. MBIA Services Corporation provides support services including surveillance, risk management, legal, accounting, treasury, and information technology functions to the operating businesses.

The company's business model emphasizes portfolio management and risk mitigation rather than new business origination. Primary objectives include ensuring adequate liquidity at the holding company level, mitigating losses across the insured portfolios, and maximizing recoveries on paid insurance claims. National's risk mitigation strategy focuses on proactive portfolio management, surveillance of financial performance and covenant compliance, exercise of creditor rights, and remediation activities. The company maintains a diversified insured portfolio across multiple revenue sources, geographies, and asset types to manage credit risk exposure.

MBIA Inc. manages its capital and liquidity to service debt obligations and operating expenses while maintaining an adequate cushion against potential adverse events. The company has received dividends from National to support its capital management strategies, which include retiring unsecured debt and repurchasing common shares when appropriate.