MBIA INC: directors' dealings · United States · SEC (Form 4)

About MBIA INC

MBIA Inc. (ticker: MBI) is a US-listed company on the NYSE in the United States, operating in financial guarantee insurance. Headquartered in Purchase, New York, MBIA traces its origins to 1971 and was incorporated in 1986. Today, it functions as a holding company with three operating segments: U.S. public finance insurance, corporate, and international and structured finance insurance. ([mbia.com](https://www.mbia.com/about/about_facts.html?utm_source=openai)) MBIA’s core business is financial guaranty insurance, meaning it provides unconditional and irrevocable guarantees on the payment of principal and interest if the underlying obligor fails to pay. In the U.S. public finance market, this is primarily handled through National Public Finance Guarantee Corporation, which insures municipal and quasi-municipal credits such as utilities, airports, healthcare institutions, higher-education facilities, housing authorities, and other public-purpose issuers. The international and structured finance business, historically run through MBIA Insurance Corporation, covers non-U.S. public finance exposures, infrastructure-related projects, and structured finance transactions backed by pools of assets or cash flows. The corporate segment includes the holding company and shared-service functions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000814585/000119312526119173/2025_mbia_10-k_ars.pdf?utm_source=openai)) From a competitive standpoint, MBIA is no longer a growth-oriented underwriter. Its insurance subsidiaries have not written meaningful new business for years, and the company is now focused on managing a shrinking legacy portfolio, surveillance, remediation, and capital preservation. The latest annual filing states that National is not expected to write new financial guarantee policies except for remediation-related activities, while the insured book continues to run off over time. This makes MBIA more of a runoff credit-risk and asset-management story than a traditional new-business insurer. ([sec.gov](https://www.sec.gov/Archives/edgar/data/814585/000119312526076834/mbi-20251231.htm?utm_source=openai)) For investors, the key attractions and risks are therefore different from those of a typical insurer. MBIA’s value proposition is tied to legacy portfolio performance, claim-paying resources, investment income, and the eventual resolution of long-dated liabilities. The company’s U.S. footprint remains central, with its headquarters in Purchase, New York, and only limited international operational exposure, including certain Mexico-related entities. ([mbia.com](https://www.mbia.com/about/about_locations.html?utm_source=openai)) Recent company updates show MBIA remains active on the disclosure front, with second-quarter 2025 results released in August 2025 and full-year 2025 results posted in early 2026. Recent reporting highlighted a consolidated liquidity position of about $354 million as of September 30, 2025, and commentary around results largely centered on loss development and loss-adjustment expenses in the National portfolio. MBIA also maintained an authorized share repurchase program, although no repurchases were made in 2024 or 2025. ([investor.mbia.com](https://investor.mbia.com/investor-relations/press-releases/press-release-details/2025/MBIA-Inc--Reports-Second-Quarter-2025-Financial-Results/default.aspx?utm_source=openai))