Mbia Inc (NYSE: MBI)

MBIA is a financial guarantee insurance company that focuses on the orderly runoff of its existing policy portfolios. The company conducts its insurance operations through its wholly owned subsidiaries National Public Finance Guarantee Corporation and MBIA Insurance Corporation. MBIA Services Corporation provides administrative and support services to the insurance subsidiaries on a fee for service basis. The holding company manages capital, liquidity and debt obligations to support the overall enterprise.

MBIA generates revenue primarily from insurance premiums earned on its outstanding policies. MBIA Services receives fees for the administrative and support services it provides to the insurance subsidiaries. The holding company also earns investment income on its cash and securities holdings.

The company operates through the following segments: National, MBIA Corp., MBIA Services, and the Corporate segment.

• National provides financial guarantee insurance for U. S. public finance obligations including municipal bonds, utilities, healthcare and education facilities, and monitors and manages a runoff portfolio of approximately $22.3 billion of gross par outstanding as of December 31, 2025.

• MBIA Corp. offers financial guarantee insurance for international public finance and global structured finance obligations with a runoff portfolio of about $2.1 billion of gross par outstanding as of December 31, 2025.

• MBIA Services delivers support functions such as surveillance, risk management, legal, accounting, treasury, and information technology to the insurance subsidiaries on a fee for service basis.

• The Corporate segment encompasses the holding company's activities including capital management, debt issuance and repurchase, share buybacks, and liquidity oversight to meet the company's financial obligations.

MBIA occupies a niche in the financial guarantee insurance sector as a runoff focused manager of existing policies. The company’s competitive advantages include its deep expertise in credit surveillance, its established relationships with municipal issuers, and its disciplined capital management approach.

MBIA’s customers are primarily investors who hold the insured debt securities including municipal bond holders, institutional investors, and trustees.