Jay Brown, Chief Executive Officer of MBIA Inc., steps down as
Chairman of the Board. Daniel Kearney, a Director since 1992,
becomes Non-Executive Chairman.
In February, MBIA establishes a separate U.S.-only public
finance financial guarantee insurance company, National Public
Finance Guarantee Corporation, a wholly owned subsidiary of MBIA
Jay Brown returns to MBIA in February of 2008, resuming his
positions as Chairman and Chief Executive Officer of MBIA Inc. He
immediately issues the "Principles and Decisions Guiding MBIA's
Transformation" that includes the establishment of separate legal
operating entities for MBIA's public, structured and asset
management businesses as soon as feasible, but no later than five
Gary Dunton, Chief Executive Officer and President of MBIA Inc., is
named Chairman in May 2007.
Jay Brown retires as Executive Chairman and from the MBIA Board
of Directors in May 2007.
MBIA concludes civil settlements with the Securities and
Exchange Commission (SEC), the New York State Attorney General's
Office (NYAG), and the New York State Insurance Department (NYSID)
with respect to transactions entered into by MBIA in 1998 following
defaults on insured bonds issued by the Allegheny Health, Education
and Research Foundation (AHERF).
MBIA sells MuniServices to an investor group led by the management
of MuniServices Company.
Gary Dunton, President of MBIA, is named Chief Executive Officer in
Jay Brown is named Executive Chairman in May 2004.
MBIA forms Channel Re, a new Bermuda-based financial guarantee
MBIA sells 1838 to concentrate on fixed-income asset
Pre-tax operating income in the insurance business tops the $1
billion mark for the first time in the Company’s history.
MBIA opens a representative office in Milan.
MBIA secures licensing in the UK to issue financial guarantees.
The subsidiary, MBIA UK Insurance, Ltd., receives a financial
strength rating of Triple-A from Moody’s and S&P.
MBIA tops $1 billion in adjusted direct premium.
The MBIA Foundation is established for consistent corporate giving.
A matching funds gift of almost $2 million is given to the 9/11
International joint venture between MBIA and AMBAC restructured,
leaving only Japan where the two companies will continue to market
Gary Dunton, President of MBIA, named Chief Operating Officer in
MBIA opens London office and appoints John Caouette as head of
Global Operations based in the UK.
MBIA is the first guarantor to sell bond insurance online through
David H. Elliott retires as CEO in January, and as Chairman in May,
Joseph (Jay) W. Brown, Jr. is named MBIA’s third CEO and
The company completes construction of an 80,000 sq. ft. addition on
its Armonk building.
MBIA increases quarterly loss provision and bolsters reserves with
a one-time pre-tax charge of $152.7 million.
MBIA merges with CapMAC Holdings Inc. The union creates a financial
guarantee powerhouse with a presence in the structured
finance/asset-backed market unmatched anywhere in the world.
MBIA merges with 1838 Investment Advisors, a Philadelphia-based
equity management firm. MBIA forms the Asset Management Corporation
to consolidate all investment management services under one
MBIA faces the largest loss in its history, when entities within
the Allegheny health care system file for bankruptcy.
MBIA sells $150 million of 30-year debentures.
MBIA & Associates Consulting Inc. is launched to offer
management consulting services to state and local governments,
international and real estate entities, and colleges and
Philadelphia-based Municipal Tax Bureau (MTB) is acquired as part
of a newly-created subsidiary, MBIA MuniServices. MTB is the
nation’s leading provider of tax discovery, compliance and
MuniFinancial, based in Temecula, Calif. is also acquired by MBIA
MuniServices that year. The company offers a variety of bond
administration services, including turnkey operation of tax and
special districts, arbitrage-rebate calculation, disclosure and
MBIA buys Municipal Resource Consultants (MRC), the leading
provider of revenue enhancement services in California and the only
firm in the country that provides revenue enhancement audits and
information services that encompass every municipal revenue
American Money Management Associates, Inc. (AMMA) becomes part of
the MBIA-MISC subsidiary in 1997. The company is a comprehensive
cash and investment advisory firm with a successful track record
providing investment services to the public sector.
MBIA raises $55 million in January by selling 770,000 shares of
The Aetna Casualty and Surety Company sells 3,120,000 shares in the
same offering, thereby reducing its stake in MBIA from 9 percent to
Municipal Bond Investors Assurance Corporation changes its name to
MBIA Insurance Corporation to reflect an expanded financial
guarantee business and to project a single, consistent image.
MBIA Securities Corp. is created to provide internal fixed-income
trading and portfolio management.
MBIA receives its third Triple-A rating, this from Fitch.
MBIA forms a joint venture with Ambac to form MBIA-AMBAC
International. The joint venture markets financial guarantee
insurance in the global marketplace.
The company completes a $75 million public offering in
MBIA leads the new issue portion of the structured finance sector
for the first time.
MBIA forms its first foreign subsidiary, MBIA Assurance S.A., based
in Paris, France.
MBIA forms MBIA Investment Management Corp. (MBIA-IMC) to provide
municipal issuers with guaranteed investment agreements for their
municipal bond proceeds.
A 60,000 sq. ft. addition nearly doubles the office space in
MBIA significantly expands its structured finance business.
David H. Elliott is named CEO. In 1994, he becomes Chairman.
MBIA enters the global marketplace by establishing an office in
CLASS (Cooperative Liquid Assets Securities System), is opened by
MBIA and MBIA-MISC is formed. CLASS is an investment management
service for school districts and municipalities.
MBIA launches ASSURETY, a program to guarantee a bank’s
obligations to its municipal depositors.
MBIA moves from White Plains to a 97,000 square-foot building on a
15-acre meadow near the Kensico Reservoir in Armonk, New York.
MBIA Inc. acquires another financial guarantor, Bond Investors
Guaranty Insurance Company, through the purchase of the stock of
its parent company, Bond Investors Group, Inc.
William O. Bailey is MBIA’s first Chairman and CEO.
MBIA goes public on July 1, 1987, when it sells 5.5 million shares
of common stock at an initial public offering at $23.50 per
The shares, sold by the four founding shareholders, represent
approximately a 15 percent interest in MBIA Inc.
MBIA stock is listed on the New York Stock Exchange with the ticker
The Association reorganizes its business and forms an insurance
company devoted solely to insuring municipal bonds.
Four Association member companies form MBIA Inc. and its
subsidiary, Municipal Bond Investors Assurance Corporation (MBIA
Corporation), with the largest initial investment, $427 million,
ever made in an insurer of municipal securities.
The Corporation is capitalized by Aetna Life and Casualty Company,
Fireman’s Fund Insurance Company, CIGNA Corporation and The
Continental Insurance Company.
MBIA Inc. purchases MISC from Ryder System.
MBIA Corporation reinsures all of the existing municipal bond
insurance portfolios of its participating shareholders.
Ryder System, Inc. acquires MISC, which continues to serve as the
managing agent for MBIA. Ryder sells MISC less than 18 months
Company moves its headquarters to White Plains.
The Association marks its 10th anniversary.
Moody’s confers its highest rating, Aaa, on obligations
insured by the Association, the first municipal guarantor to be so
1982 & 1983
The Association sets several single-issue insured par amount
MBIA establishes a surveillance department to monitor the bond
issues it guaranteed.
MBIA began insuring unit investment trusts, and is the first to
guarantee the municipal bonds contained within them to
By 1983 MBIA had provided insurance on municipal bonds sold in all
50 states, another industry milestone.
MBIA began insuring bonds issued by housing agencies.
The company had 45 people.
MBIA reaches the $100 million mark in premiums written.
MBIA insures its 1,000th new issue.
MBIA insures its first private university bond issue that year.
MBIA reaches $5 billion in par amount of municipal bonds
MBIA becomes the first municipal bond guarantor to receive Standard
& Poor’s highest credit rating, AAA.
MBIA guarantees its first bond issue on May 21, 1974, $8.65 million
water and sewer revenue bonds issued by Carbondale, Illinois. For
all of 1974, MBIA insures 12 issues totaling $82 million of par
MBIA occupies a few offices at 34 South Broadway in White
Municipal Bond Insurance Association (MBIA) forms. Managed by MISC,
MBIA is formed by four major insurance companies: The Aetna
Casualty and Surety Company, St. Paul Fire and Marine Insurance
Company, Aetna Insurance Company (then part of Connecticut General
and now part of CIGNA), and United States Fire Insurance Company, a
Crum & Forster Company.
Municipal Issuers Service Corp. (MISC) forms. It becomes the
managing agency of the Municipal Bond Insurance Association, which
was created in 1973.