PURCHASE, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (NYSE:MBI) (the Company) today announced that Keith D. Curry
(60) was elected to the Company’s Board of Directors in accordance with
the board’s power under MBIA Inc.’s by-laws to fill interim vacancies.
Since February of 2006, Mr. Curry has been a city council member in
Newport Beach, California where he served as mayor in 2010 and 2013.
In May of 2011, Mr. Curry retired as a managing director of Public
Financial Management Inc. (“PFM”), the nation’s largest public finance
advisory organization, after a 24-year career in public finance. While
at PFM, Mr. Curry served as a member of the firm’s board of directors,
strategic planning committee, head of the Western States practice, head
of the national Transportation Practice, and head of the Environmental
Finance practice. He advised on more than $15 billion in public finance
transactions at PFM. From October 2004 to October 2006, he served as
President of the National Association of Independent Public Finance
Advisors and testified before Congress on issues of financial industry
regulation and consumer protections.
“We’re very pleased to welcome Keith to our board,” said MBIA board
member and Compensation and Governance Committee Chair David A. Coulter.
“His long career and extensive experience in municipal finance as well
as his industry contacts will be invaluable to the company, particularly
as National Public Finance Guarantee Corporation, our U.S. public
finance insurance subsidiary, continues to expand its market share.”
In January 2012, Mr. Curry was named the Director of the Center for
Public Policy at Concordia University and Visiting Professor at
Concordia University in Irvine, California. He teaches public policy and
leadership at the Concordia Graduate Business School.
In addition to the Newport Beach city council, Mr. Curry is a board
member and Chair of the Administration Committee of the Orange County
Sanitation District and is President of the Orange County Parks
Commission. He was formerly President of the Orange County Division of
the League of California Cities and the Association of California Cities
- Orange County.
Prior to joining PFM, Mr. Curry served in the administration of
President Ronald Reagan as Special Assistant to the Federal Transit
Administrator and head of private sector initiatives in the Western
States from November 1984 to October 1987.
Mr. Curry has a MPA, BA in Political Science and a Certificate in Urban
Studies from California State University Long Beach, and completed the
executive programs in Driving Government Performance and Negotiation at
the John F. Kennedy School of Government at Harvard University.
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,”
“estimate,” “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 increased credit losses or impairments on public finance
obligations we insure issued by state, local and territorial governments
and finance authorities that are experiencing fiscal stress, the
possibility that MBIA Corp. will have inadequate liquidity to pay
expected claims as a result of increased losses on certain structured
finance transactions, in particular residential mortgage-backed
securities transactions that include a substantial number of ineligible
mortgage loans, or a delay or failure in collecting expected recoveries,
the possibility that loss reserve estimates are not adequate to cover
potential claims, a disruption in the cash flow from our subsidiaries or
an inability to access capital and our exposure to significant
fluctuations in liquidity and asset values within the global credit
markets as a result of collateral posting requirements, our ability to
fully implement our strategic plan, including our ability to maintain
high stable ratings for National and generate investor demand for our
financial guarantees, deterioration in the economic environment and
financial markets in the United States or abroad, and adverse
developments in European sovereign credit performance, real estate
market performance, credit spreads, interest rates and foreign currency
levels, the effects of governmental regulation, including insurance
laws, securities laws, tax laws, legal precedents and accounting rules;
and uncertainties that have not been identified at this time. 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 Purchase, New York is a holding company
whose subsidiaries provide financial guarantee insurance for the public
and structured finance markets. Please visit MBIA's website at www.mbia.com.
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MBIA Inc.
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Source: MBIA Inc.