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| History |
2008
Jay Brown
returns to MBIA in February of 2008,
resuming his positions as Chairman and
Chief Executive Officer of MBIA Inc.
2007
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).
2006
MBIA sells MuniServices to an investor group led by the management of MuniServices Company.
2004
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.
2001
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 the 9/11 Relief Effort.
2000
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.
1999
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.
1998
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.
1997
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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.
1996
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..
1995
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.
1993
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.
1992
MBIA significantly expands its structured finance business.
David H. Elliott is named CEO. In 1994, he becomes Chairman.
1991
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.
1989
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.
1987
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.
1986
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.
1985
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.
1984
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.
1981
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.
1974
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.
1980
MBIA reaches $5 billion in par amount of municipal
bonds insured.
1973
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.
1971
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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Contacts
Investor Relations:
Greg Diamond
Director
+1-914-765-3190
Greg
Diamond
Fixed Income Investor Relations (Europe):
Iain Barbour
Managing Director
+44 20 7920 6348
Iain
Barbour
Transfer Agent and Dividend Disbursing Agent:
Wells Fargo Shareowner Services
+1-800-468-9716
www.wellsfargo.com/
shareownerservices |
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