ARMONK, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (NYSE: MBI) today announced that Maryann Bruce (52) was
elected to MBIA’s board of directors in accordance with the board’s
power under MBIA Inc.’s by-laws to fill interim vacancies. Ms. Bruce is
the President of Turnberry Advisory Group, a private business services
company, where she advises clients on strategic business issues.
MBIA Chairman Daniel P. Kearney said, “Maryann’s 30 years of executive
leadership and board-level experience in the financial services
industry, as well as her experience in governance, strategy, asset
management and risk management will be invaluable to MBIA and its
shareholders as we work toward re-establishing ourselves as a leader in
the financial guarantee industry. We’re pleased to welcome her to our
board and look forward to her many contributions.”
Prior to Turnberry Advisory Group, Ms. Bruce held several executive
leadership positions including President of Aquila Distributors, Inc., a
subsidiary of Aquila Investment Management LLC, a boutique asset
manager, and President of Evergreen Investments Services, Inc., an
investment management business and subsidiary of Wachovia. In addition,
Ms. Bruce served as a member of Evergreen Investments’ Executive
Committee, providing strategic direction and firm-wide positioning. Ms.
Bruce was also President and CEO of Allstate Financial Distributors and
Senior Vice President and Director of the Financial Institution Division
of OppenheimerFunds.
Ms. Bruce is an Independent Director for Allianz Funds and serves on the
Governing Board of The Committee of 200 and the Advisory Board of Duke
University Libraries. She is a member of the Independent Directors
Council and The National Association of Corporate Directors, as well as
Founder and Co-Chair of the Charlotte Chapter of Women Corporate
Directors. Ms. Bruce graduated magna cum laude from Duke University with
a Bachelor of Arts in Economics.
Forward-Looking Statements
The information contained in this press release should be read in
conjunction with our filings made with the Securities and Exchange
Commission. This release includes statements that are not historical or
current facts and are “forward-looking statements” made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,”
“intend,” “will likely result,” “looking forward” or “will continue,”
and similar expressions identify forward-looking statements. These
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical earnings and
those presently anticipated or projected, including, among other risks
and uncertainties, whether the Company will realize, or will be delayed
in realizing, insurance loss recoveries expected in disputes with
sellers/servicers of RMBS transactions at the levels recorded in its
financial statements, the possibility that the Company will experience
severe losses or liquidity needs due to increased deterioration in its
insurance portfolios and in particular, due to the performance of CDOs
including multi-sector, CMBS and CRE CDOs and RMBS, the failure to
obtain regulatory approval to implement our risk reduction and liquidity
strategies, the possibility that loss reserve estimates are not adequate
to cover potential claims, the Company’s ability to access capital and
the Company’s exposure to significant fluctuations in liquidity and
asset values within the global credit markets, in particular in the ALM
business, the Company’s ability to fully implement its strategic plan,
including its ability to achieve high stable ratings for National or any
other insurance subsidiaries, and the Company’s ability to commute
certain of its insured exposures, including as a result of limited
available liquidity, the Company’s ability to favorably resolve
litigation claims against the Company, and changes in general economic
and competitive conditions. These and other factors that could affect
financial performance or could cause actual results to differ materially
from estimates contained in or underlying the Company’s forward-looking
statements are discussed under the “Risk Factors” section in MBIA Inc.’s
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q, which may be updated or amended in the Company’s subsequent
filings with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any such forward-looking
statements, which speak only to their respective dates. The Company
undertakes no obligation to publicly correct or update any
forward-looking statement if it later becomes aware that such result is
not likely to be achieved.
MBIA Inc., headquartered in Armonk, New York is a holding company whose
subsidiaries provide financial guarantee insurance, as well as related
reinsurance, advisory and portfolio services, for the public and
structured finance markets, and asset management advisory services. The
Company services its clients around the globe with offices in New York,
Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
visit MBIA's website at www.mbia.com.
MBIA Inc.
Media:
Kevin Brown, +1-914-765-3648
or
Investor
Relations:
Greg Diamond, +1-914-765-3190
Source: MBIA Inc.