2009
Jay Brown, Chief Executive Officer of MBIA Inc., steps down as Chairman of the Board. Daniel Kearney, a Director since 1992, becomes Non-Executive Chairman.
In
February, MBIA establishes a
separate U.S.-only public finance
financial guarantee insurance
company, National Public Finance
Guarantee Corporation, a wholly
owned subsidiary of MBIA Inc.
2008
Jay
Brown returns to MBIA in February
of 2008, resuming his positions
as Chairman and Chief Executive
Officer of MBIA Inc. He immediately
issues the "Principles and Decisions
Guiding MBIA's Transformation"
that includes the establishment
of separate legal operating entities
for MBIA's public, structured
and asset management businesses
as soon as feasible, but no later
than five years.
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 to 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.
1980
MBIA
reaches $5 billion in par amount
of municipal bonds insured.
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.
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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