MBIA Insurance Corporation "Corp." and its wholly-owned subsidiary MBIA Mexico,
S.A. de C. V., have insured and reinsured structured finance and international public finance obligations
sold in the new issue and secondary markets, including from time to time:
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structured finance and asset-backed obligations, including obligations collateralized by diverse pools
of loans or secured by or payable from a specific pool of assets having an identified future cash flow,
including pools of bonds or other debt obligations;
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payments due under credit and other derivatives, including termination payments that may become due upon
the occurrence of certain events, as further described in MBIA Inc.’s most recent 10-K filing with the SEC;
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bonds and loans used for the financing of projects or other entities located outside of the U.S. that
include toll roads, bridges, airports, transportation facilities, utilities, hospitals, military housing and
other types of infrastructure projects serving a substantial public purpose; and
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obligations of sovereign-related and sub-sovereign issuers, which includes regions, departments or their
equivalent in each jurisdiction as well as sovereign owned entities that are generally supported by a sovereign
state, region or department.
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MBIA Insurance Corporation ceded all of its U.S. public finance business to another MBIA Inc. subsidiary,
National Public Finance Guarantee Corporation, by entering into a Quota Share Reinsurance Agreement with
National, effective January 1, 2009, and by assigning to National pursuant to a separate assignment agreement
its rights, interests and obligations under the FGIC Reinsurance Agreement. The reinsurance enables covered
policyholders and certain ceding reinsurers to make claims for payment directly against National in accordance
with the terms of the cut-through provisions of the reinsurance agreement, which is available at
MBIA Insurance Corp.'s Policyholder Information.
MBIA Insurance Corporation has not written a meaningful amount of new business since 2008 and it is uncertain
how or when it may reengage in the market. In 2008, the Company ceased insuring new credit derivative
contracts except in transactions related to the remediation or reduction of existing insured credit derivative
exposure. Credit ratings for MBIA Insurance Corporation and its subsidiaries from Moody's Investors Service and
Standard & Poor's Ratings Services are available at
Ratings Agency Reports.
MBIA Insurance Corporation Surplus Notes and Preferred Stock
Information concerning MBIA Insurance Corporation's outstanding preferred stock and Surplus Notes can be
obtained in MBIA Inc.'s most recent 10-K and 10-Q filings with the SEC as well as through the
Frequently Asked Questions section
of MBIA Inc.'s website using the search terms "surplus notes" and "preferred stock".
Other Key Links:
Non-U.S. Public Finance Insured Portfolio
Structured Finance Insured Portfolio
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