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 Inc.


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 years.


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 May 2004.

Jay Brown is named Executive Chairman in May 2004.

MBIA forms Channel Re, a new Bermuda-based financial guarantee reinsurer.

MBIA sells 1838 to concentrate on fixed-income asset management.

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 Relief Effort.


International joint venture between MBIA and AMBAC restructured, leaving only Japan where the two companies will continue to market jointly.

Gary Dunton, President of MBIA, named Chief Operating Officer in May 2000.

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 Trading Edge.


David H. Elliott retires as CEO in January, and as Chairman in May, 1999.

Joseph (Jay) W. Brown, Jr. is named MBIA’s third CEO and Chairman.

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 umbrella.

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 universities.

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 administration services.

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 management consulting.

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 source.

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 common stock.

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 1.6 percent.


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 December.


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 Armonk.


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 Paris, France.

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 share.

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 symbol MBI.


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 later.

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 recognized.

1982 & 1983

The Association sets several single-issue insured par amount records.

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 maturity.

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 insured.


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 value.

MBIA occupies a few offices at 34 South Broadway in White Plains.


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.

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