ARMONK, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (NYSE:MBI) today announced that Sean D. Carney (44) 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. Mr. Carney
was designated and elected to the board of directors pursuant to the
terms of the amended and restated Investment Agreement dated as of
February 6, 2008 between MBIA and Warburg Pincus. Mr. Carney has been a
Member and Managing Director of Warburg Pincus LLC and a General Partner
of Warburg Pincus & Co. since January 2001 and has been employed with
Warburg Pincus since 1996. He focuses on investments in the financial
services sector and has also worked on the firm’s healthcare team.
MBIA Chairman Daniel P. Kearney said, “Sean’s experience in the
financial services sector and his board directorship with several
industry-leading companies will be a tremendous asset as we continue to
reposition MBIA for future growth. We’re pleased to welcome him as a new
board member and appreciate Warburg Pincus’ steadfast support since
their investment in the company.”
Prior to joining Warburg Pincus, Mr. Carney was a consultant at McKinsey
& Company, Inc., a management consulting company. He is also Chairman
and a Director of Tornier N.V., and is a member of the board of
directors of several other privately held companies. Within the past
five years, he also served as a Director of Arch Capital Group Ltd. Mr.
Carney received an A.B. in economics from Harvard College and an M.B.A.
from Harvard Business School.
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, 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
insured credit default swaps that are backed by or reference CMBS pools
and CRE CDOs, insured RMBS transactions, and insured ABS CDOs,
uncertainty regarding 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 failure to implement our risk reduction
and liquidity strategies because of an inability to draw on expected
liquidity sources or obtain regulatory approvals, 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 possibility
that severe fiscal stress will result in credit losses or impairments on
obligations of state and local governments that we insure 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
MBIA
Inc.
Investor Relations:
Greg Diamond,
+1-914-765-3190
Source: MBIA Inc.