MBIA Inc.
As of September 30, 2023, MBIA Inc.s liquidity position totaled $194 million, consisting primarily of cash and cash equivalents and liquid
invested assets. During the third quarter of 2023, MBIA Inc. acquired 672 thousand shares of MBIA Inc. common stock at an average price of $8.38 per share. There were no purchases of MBIA shares subsequent to September 30, 2023. As of
October 26, 2023, there was $71 million of remaining capacity under the Companys share repurchase authorization and 51.1 million of the Companys common shares outstanding.
National Public Guarantee Financial Corporation
National
had statutory capital of $1.8 billion and claims-paying resources totaling $2.3 billion as of September 30, 2023. Nationals total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of
$2.0 billion as of September 30, 2023. Nationals insured portfolio declined by $1.4 billion during the quarter, ending the quarter with $29.1 billion of gross par outstanding. National ended the quarter with a leverage
ratio of gross par to statutory capital of 16 to 1, unchanged from year-end 2022.
MBIA Insurance Corporation
The statutory capital of MBIA Insurance Corporation as of September 30, 2023 was $145 million and claims-paying resources totaled
$502 million. MBIA Insurance Corporations total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $194 million as of September 30, 2023.
Conference Call
The Company will host a webcast and
conference call for investors tomorrow, Friday, November 3, 2023 at 8:00 AM (ET) to discuss its third quarter 2023 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks
followed by a question and answer session.
The dial-in number for the call is (800) 267-6316 in the U.S. and (203) 518-9783 from outside the U.S. The conference call code is MBIAQ323. A live webcast of the conference call will also be accessible on
www.mbia.com.
A replay of the conference call will become available approximately two hours after the completion of the call and will remain
available until 11:59 p.m. on November 10 by dialing (800) 839-8318 in the U.S. or (402) 220-6071 from outside the U.S. In addition, a recorded replay of the call
will become available on the Companys website approximately two hours after the completion of the call.
Forward-Looking Statements
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,
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 factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance
obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.s or
Nationals ability to fully implement their strategic plan; changes in general economic and competitive conditions; and the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus COVID-19. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.s or Nationals
forward-looking statements are discussed under the Risk Factors section in MBIA Inc.s most recent