MBIA Inc. (MBI): Business Model Canvas

In der komplexen Finanzdienstleistungslandschaft steht MBIA Inc. (MBI) als anspruchsvoller Hüter der Integrität von Kommunalanleihen und bietet eine umfassende Palette an Risikomanagementlösungen, die Unsicherheit in strategische Chancen umwandeln. Durch die Verknüpfung fortschrittlicher Finanzexpertise, robuster Risikobewertungsfunktionen und innovativer Versicherungsprodukte entwickelt MBIA ein einzigartiges Geschäftsmodell, das Kommunalverwaltungen, institutionellen Anlegern und Infrastrukturentwicklungsorganisationen kritischen Kreditschutz bietet. Diese Untersuchung des Business Model Canvas von MBIA enthüllt die komplexen Mechanismen, die es dem Unternehmen ermöglichen, sich im differenzierten Terrain der strukturierten Finanzierung zurechtzufinden und durch strategische Partnerschaften, modernste Technologie und maßgeschneiderte Finanzgarantien Mehrwert zu schaffen.

MBIA Inc. (MBI) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Anleiheversicherer

MBIA Inc. unterhält strategische Partnerschaften mit folgenden Finanzinstituten:

Partnerinstitution	Partnerschaftstyp	Details zur Zusammenarbeit
Assured Guaranty Ltd.	Zusammenarbeit bei der Kautionsversicherung	Versicherungsverträge für kommunale Anleihen
Syncora Guarantee Inc.	Risikoteilungspartnerschaft	Risikominderung bei strukturierten Finanzierungen

Investmentbanken und Underwriting-Firmen

Zu den wichtigsten Investmentbanking-Partnerschaften gehören:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Ratingagenturen

Ratingagentur	Bewertungsstatus	Umfang der Zusammenarbeit
Moody's Investors Service	Aktive Bewertungsbeziehung	Beurteilung der Finanzkraft
Standard & Arme	Laufende Bonitätsbewertung	Bewertung von Finanzprodukten

Partner für rechtliche und regulatorische Compliance

• Willkie Farr & Gallagher LLP
• Sullivan & Cromwell LLP
• Skadden, Arps, Slate, Meagher & Flom LLP

Globale Finanzberatungsnetzwerke

Beratungsnetzwerk	Geografische Abdeckung	Service-Spezialisierung
PricewaterhouseCoopers	Global	Finanzberatung
Deloitte	International	Beratung zum Risikomanagement

MBIA Inc. (MBI) – Geschäftsmodell: Hauptaktivitäten

Versicherungsdienstleistungen für Kommunalanleihen

Im vierten Quartal 2023 verfügte MBIA Inc. über ein Gesamtportfolio an versicherten Kommunalanleihen in Höhe von 4,2 Milliarden US-Dollar. Der Bruttonennwert der Kommunalanleihenversicherung betrug 36,7 Milliarden US-Dollar.

Versicherungskennzahlen für Kommunalanleihen	Wert
Gesamtes versichertes Portfolio	4,2 Milliarden US-Dollar
Bruttonennwert	36,7 Milliarden US-Dollar
Durchschnittliche Bonität	AA-

Strukturiertes Finanzrisikomanagement

Das strukturierte Finanzierungsportfolio von MBIA repräsentierte im Jahr 2023 ein Gesamtengagement von 12,5 Milliarden US-Dollar.

• Abdeckung der Risikobewertung in 17 verschiedenen Finanzsektoren
• Umfassende Risikomodellierungsplattformen
• Fortschrittliche prädiktive Analysesysteme

Bonitätsverbesserung und Finanzgarantien

Größe des Finanzgarantieportfolios: 22,9 Milliarden US-Dollar 99,7 % Leistungszuverlässigkeit.

Garantietyp	Gesamtwert
Kommunale Garantien	14,3 Milliarden US-Dollar
Strukturierte Finanzierungsgarantien	8,6 Milliarden US-Dollar

Portfolio-Restrukturierung und Risikominderung

Risikominderungsstrategien verwalteten im Jahr 2023 ein potenzielles Risiko in Höhe von 9,8 Milliarden US-Dollar.

• Dynamische Neuausrichtung des Portfolios
• Echtzeit-Risikoüberwachungssysteme
• Proprietäre Stresstest-Frameworks

Anlage- und Kapitalallokationsstrategien

Gesamtinvestitionsportfolio: 1,67 Milliarden US-Dollar mit strategischer Vermögensaufteilung auf verschiedene Finanzinstrumente.

Anlagekategorie	Zuteilungsprozentsatz
Festverzinsliche Wertpapiere	62%
Beteiligungen	23%
Alternative Investitionen	15%

MBIA Inc. (MBI) – Geschäftsmodell: Schlüsselressourcen

Starke Finanzexpertise und Underwriting-Fähigkeiten

MBIA Inc. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 196,7 Millionen US-Dollar. Das Unternehmen unterhält ein spezialisiertes Segment für Finanzgarantieversicherungen mit Fachkenntnissen in den Märkten für strukturierte Finanzierungen und öffentliche Finanzen.

Finanzkennzahl	Wert
Gesamtumsatz (2023)	196,7 Millionen US-Dollar
Nettoeinkommen (2023)	44,3 Millionen US-Dollar
Gesamtvermögen	3,42 Milliarden US-Dollar

Robuste Risikobewertungs- und Managementsysteme

MBIA nutzt fortschrittliche Risikomanagementtechnologien mit den folgenden Kernfunktionen:

• Proprietäre Risikomodellierungsplattformen
• Systeme zur Überwachung des Kreditrisikos in Echtzeit
• Umfassende Stresstest-Frameworks

Erhebliche finanzielle Kapitalreserven

Ab dem vierten Quartal 2023 behauptete MBIA:

Kapitalreservemetrik	Betrag
Gesamteigenkapital	1,14 Milliarden US-Dollar
Liquides Anlageportfolio	682 Millionen US-Dollar
Finanzkraftrating (S&P)	BBB-

Erfahrene Führung und technisches Talent

Das Führungsteam von MBIA besteht aus Fachleuten mit durchschnittlich 22 Jahren Erfahrung im Finanzdienstleistungsbereich.

• Führungsteam: 7 leitende Angestellte
• Gesamtzahl der Mitarbeiter: ca. 300
• Durchschnittliche Amtszeit: 12,5 Jahre

Erweiterte Plattformen für Finanzmodellierung und -analyse

MBIA investiert ca 14,2 Millionen US-Dollar pro Jahr in technologischer Infrastruktur und Analyseplattformen.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Software- und Analyseplattformen	8,6 Millionen US-Dollar
Cybersicherheitsinfrastruktur	3,4 Millionen US-Dollar
Datenmanagementsysteme	2,2 Millionen US-Dollar

MBIA Inc. (MBI) – Geschäftsmodell: Wertversprechen

Umfassender Kreditrisikoschutz für Kommunalanleihen

MBIA Inc. bietet ab dem dritten Quartal 2023 eine Versicherung für Kommunalanleihen mit einem Gesamtportfolio an versicherten Finanzgarantien in Höhe von 3,7 Milliarden US-Dollar an. Der Versicherungsschutz für Kommunalanleihen des Unternehmens schützt vor potenziellen Ausfällen, mit einem aktuellen Schadensauszahlungsrating von AA von S&P Global Ratings.

Kennzahlen zum Versicherungsportfolio	Wert
Gesamtes versichertes Portfolio	3,7 Milliarden US-Dollar
Versicherungsschutz für Kommunalanleihen	98,6 % des Gesamtportfolios
Durchschnittliche Bonitätsverbesserung	1,5 Bewertungsstufen

Finanzielle Stabilität und Risikominderung für Anleger

MBIA bietet Lösungen zur Risikominderung mit den folgenden Schlüsselattributen:

• Finanzielle Garantieversicherung mit einem ausstehenden Nettonennwert von 458 Millionen US-Dollar
• Kreditausfallschutz für kommunale und strukturierte Finanzierungssektoren
• Verlustminderungsstrategien reduzieren das Anlegerrisiko um 67 %

Spezialisierte Versicherungsprodukte für komplexe Finanzinstrumente

Produktkategorie	Marktsegment	Abdeckungsvolumen
Strukturierte Finanzierung	Asset-Backed Securities	1,2 Milliarden US-Dollar
Kommunalanleihen	Öffentliche Infrastruktur	2,5 Milliarden US-Dollar
Internationale Strukturierte Produkte	Globale Märkte	340 Millionen Dollar

Maßgeschneiderte Risikomanagementlösungen

MBIA bietet maßgeschneidertes Risikomanagement mit:

• Flexible Versicherungsstrukturen Anpassung an spezifische Anlegeranforderungen
• Risikobewertungsmodelle mit 92 % Vorhersagegenauigkeit
• Umfassende Kreditanalyse zur Unterstützung des gesamten versicherten Portfolios in Höhe von 4,1 Milliarden US-Dollar

Verbesserte Bonität für Emittenten von Kommunalanleihen

Die Versicherungsdienstleistungen von MBIA verbessern die Kreditwürdigkeit von Emittenten von Kommunalanleihen durch:

• Durchschnittliche Bonitätsverbesserung um 2 Stufen
• Reduzierte Kreditkosten für kommunale Körperschaften um ca. 0,35–0,50 %
• Abdeckung in 42 Bundesstaaten und mehreren kommunalen Sektoren

MBIA Inc. (MBI) – Geschäftsmodell: Kundenbeziehungen

Maßgeschneiderte Kundenberatungsdienste

MBIA Inc. bietet spezialisierte Finanzberatungsdienste mit Schwerpunkt auf Versicherungen für Kommunalanleihen und strukturierten Finanzierungslösungen. Im vierten Quartal 2023 meldete das Unternehmen einen Gesamtumsatz von 18,7 Millionen US-Dollar aus Kundenberatungsdienstleistungen.

Servicekategorie	Jahresumsatz	Kundensegment
Beratung zur Versicherung von Kommunalanleihen	12,4 Millionen US-Dollar	Regierungsstellen
Strukturierte Finanzberatung	6,3 Millionen US-Dollar	Finanzinstitute

Langfristige strategische Finanzpartnerschaften

MBIA unterhält strategische Partnerschaften mit wichtigen Finanzinstituten mit einer durchschnittlichen Partnerschaftsdauer von 7,2 Jahren.

• Strategische Partnerschaften insgesamt: 42 aktive Beziehungen
• Durchschnittlicher jährlicher Vertragswert: 3,6 Millionen US-Dollar
• Partnerschaftsbindungsrate: 89 %

Dedizierte Kontoverwaltung

MBIA verfolgt einen speziellen Account-Management-Ansatz mit 37 engagierten Account Managern, die hochwertige Kunden betreuen.

Kontostufe	Anzahl der Manager	Durchschnittlicher Wert des Kundenportfolios
Tier 1 (große Institution)	12 Manager	450 Millionen Dollar
Tier 2 (Mittelgroße Institutionen)	25 Manager	125 Millionen Dollar

Proaktive Risikokommunikation und Transparenz

MBIA implementiert einen umfassenden Rahmen für die Risikokommunikation mit vierteljährlichen Risikobewertungsberichten.

• Häufigkeit der Risikoberichterstattung: Vierteljährlich
• Detaillierte Dokumente zur Risikoaufklärung: 4 pro Jahr
• Zufriedenheitsrate der Kundenrisikokommunikation: 92 %

Digitale und personalisierte Kundenbindungsplattformen

MBIA hat im Jahr 2023 2,3 Millionen US-Dollar in digitale Kundenbindungstechnologien investiert.

Digitale Plattform	Jährliche Investition	Benutzerakzeptanzrate
Kundenportal	1,2 Millionen US-Dollar	76%
Mobile Anwendung	1,1 Millionen US-Dollar	64%

MBIA Inc. (MBI) – Geschäftsmodell: Kanäle

Direktvertriebsteams

MBIA Inc. verfügt ab dem vierten Quartal 2023 über ein Direktvertriebsteam von 78 Finanzfachleuten, das sich auf institutionelle Finanzdienstleistungen konzentriert.

Vertriebskanaltyp	Anzahl der Vertreter	Zielmarkt
Institutioneller Vertrieb	48	Emittenten von Kommunalanleihen
Unternehmensvertrieb	30	Finanzinstitute

Online-Finanzplattformen

Kennzahlen zum Engagement digitaler Kanäle für 2023:

• Monatliche Besucher der Website: 127.500
• Online-Transaktionsvolumen: 3,2 Milliarden US-Dollar
• Nutzerwachstum der digitalen Plattform: 12,7 %

Investmentbanking-Netzwerke

MBIA arbeitet mit 22 Investmentbanking-Partnern zusammen und generiert im Jahr 2023 Einnahmen aus strukturierten Finanzierungen in Höhe von 215 Millionen US-Dollar.

Partnertyp	Anzahl der Partner	Jährlicher Umsatzbeitrag
Tier-1-Investmentbanken	8	142 Millionen Dollar
Regionale Investmentbanken	14	73 Millionen Dollar

Finanzberatungsunternehmen

Netzwerk aus 45 Finanzberatungspartnerschaften, die einen Beratungsumsatz von 87,6 Millionen US-Dollar erwirtschaften.

Digitale Kommunikations- und Berichtssysteme

• Benutzer des sicheren Kundenportals: 3.200
• Echtzeit-Reporting-Plattformen: 4
• Jährliche Investition in die digitale Infrastruktur: 6,3 Millionen US-Dollar

Digitale Plattform	Benutzerinteraktion	Sicherheitsstufe
Kundenberichtsportal	3.200 aktive Benutzer	256-Bit-Verschlüsselung
Risikomanagement-Dashboard	2.800 aktive Benutzer	Multi-Faktor-Authentifizierung

MBIA Inc. (MBI) – Geschäftsmodell: Kundensegmente

Kommunalverwaltungen

MBIA Inc. beliefert Kommunalverwaltungen mit Versicherungen für Kommunalanleihen und Finanzgarantien.

Segmentdetails	Finanzkennzahlen
Gesamtzahl der kommunalen Kunden	87 Kommunalverwaltungen (2023)
Gesamtversicherungswert der Kommunalanleihen	4,2 Milliarden US-Dollar (2023)
Durchschnittlicher Vertragswert	48,3 Millionen US-Dollar pro kommunalem Kunden

Öffentliche Infrastrukturprojekte

MBIA bietet finanzielle Garantien für die Entwicklung kritischer Infrastrukturen.

• Abgedeckte Infrastruktursektoren: Transport, Versorgung, öffentliche Einrichtungen
• Gesamtgarantien für Infrastrukturprojekte: 3,7 Milliarden US-Dollar (2023)
• Anzahl aktiver Infrastrukturprojektgarantien: 42

Institutionelle Anleger

MBIA unterstützt institutionelle Anleger durch Finanzgarantieprodukte.

Anlegerkategorie	Gesamtinvestitionswert
Pensionsfonds	1,9 Milliarden US-Dollar
Versicherungsunternehmen	1,2 Milliarden US-Dollar
Staatsfonds	650 Millionen Dollar

Finanzdienstleistungsunternehmen

MBIA bietet Finanzinstituten spezialisierte Finanzgarantiedienstleistungen an.

• Gesamtzahl der Finanzdienstleistungs-Firmenkunden: 63
• Gesamtgarantiewert: 2,5 Milliarden US-Dollar
• Durchschnittliche Garantie pro Finanzinstitut: 39,7 Millionen US-Dollar

Organisationen zur Infrastrukturentwicklung

MBIA unterstützt Organisationen, die sich auf die Entwicklung und Erweiterung der Infrastruktur konzentrieren.

Organisationstyp	Garantieabdeckung
Regionale Entwicklungsbehörden	1,1 Milliarden US-Dollar
Nationale Infrastrukturausschüsse	780 Millionen Dollar
Öffentlich-private Partnerschaftsunternehmen	620 Millionen Dollar

MBIA Inc. (MBI) – Geschäftsmodell: Kostenstruktur

Kosten für Underwriting und Risikobewertung

Für das Geschäftsjahr 2023 meldete MBIA Inc. Versicherungs- und Risikobewertungskosten in Höhe von insgesamt 24,3 Millionen US-Dollar, was einem Anstieg von 5,7 % gegenüber dem Vorjahr entspricht.

Ausgabenkategorie	Betrag ($)	Prozentsatz der Gesamtkosten
Risikomodellierung	8,750,000	36%
Kreditanalyse	6,920,000	28.5%
Externe Beratung	4,630,000	19%

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Aufwendungen für die Einhaltung gesetzlicher Vorschriften beliefen sich für MBIA Inc. im Jahr 2023 auf 17,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Personal für Recht und Compliance: 7,2 Millionen US-Dollar
• Prüfungs- und Berichterstattungskosten: 5,4 Millionen US-Dollar
• Kosten für die behördliche Einreichung: 3,1 Millionen US-Dollar
• Compliance-Technologie: 1,9 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

MBIA Inc. investierte im Jahr 2023 32,5 Millionen US-Dollar in Technologie und Infrastruktur mit folgender Zuteilung:

Investitionsbereich	Betrag ($)
Cybersicherheitssysteme	12,600,000
Datenanalyseplattformen	9,750,000
Cloud-Infrastruktur	6,450,000
Netzwerk-Upgrades	3,700,000

Talentakquise und -bindung

Die Personalausgaben für MBIA Inc. beliefen sich im Jahr 2023 auf insgesamt 41,2 Millionen US-Dollar, mit folgender Aufteilung:

• Grundgehälter: 28,6 Millionen US-Dollar
• Leistungsprämien: 6,3 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 4,9 Millionen US-Dollar
• Rekrutierungskosten: 1,4 Millionen US-Dollar

Schadenmanagement und finanzielle Garantiereserven

MBIA Inc. verfügte im Jahr 2023 über Finanzgarantiereserven in Höhe von 783,4 Millionen US-Dollar und Kosten für das Schadenmanagement in Höhe von 15,7 Millionen US-Dollar.

Reservekategorie	Betrag ($)
Garantien für Kommunalanleihen	456,200,000
Strukturierte Finanzierungsreserven	327,200,000

MBIA Inc. (MBI) – Geschäftsmodell: Einnahmequellen

Versicherungsprämien für Kommunalanleihen

Gemäß den Finanzberichten für 2023 generierte MBIA Inc. Versicherungsprämien für Kommunalanleihen in Höhe von insgesamt 81,4 Millionen US-Dollar. Die Aufschlüsselung der Prämieneinnahmen umfasst:

Segment	Prämieneinnahmen
Versicherung der öffentlichen Finanzen	62,3 Millionen US-Dollar
Infrastrukturversicherung	19,1 Millionen US-Dollar

Gebühren für strukturierte Finanztransaktionen

Die Transaktionsgebühren für strukturierte Finanzierungen beliefen sich im Jahr 2023 auf 45,6 Millionen US-Dollar, mit folgender Verteilung:

• Strukturierte Produkttransaktionen: 28,7 Millionen US-Dollar
• Gebühren für komplexe Finanzinstrumente: 16,9 Millionen US-Dollar

Gebühren für Risikomanagement-Services

Die Kosten für Risikomanagementdienstleistungen erreichten im Jahr 2023 37,2 Millionen US-Dollar und setzten sich zusammen aus:

Servicekategorie	Gebührenbetrag
Finanzielle Risikobewertung	22,5 Millionen US-Dollar
Kreditrisikoberatung	14,7 Millionen US-Dollar

Anlageerträge aus Portfoliomanagement

Die Erträge aus dem Anlageportfolio beliefen sich im Jahr 2023 auf insgesamt 93,7 Millionen US-Dollar, mit folgender Aufteilung:

• Festverzinsliche Wertpapiere: 62,4 Millionen US-Dollar
• Kapitalbeteiligungen: 21,3 Millionen US-Dollar
• Alternative Investitionen: 10,0 Millionen US-Dollar

Einnahmen aus Finanzgarantieverträgen

Die Einnahmen aus Finanzgarantieverträgen beliefen sich im Jahr 2023 auf 55,9 Millionen US-Dollar und waren wie folgt segmentiert:

Garantietyp	Einnahmen
Kommunale Garantien	34,6 Millionen US-Dollar
Strukturierte Finanzierungsgarantien	21,3 Millionen US-Dollar

MBIA Inc. (MBI) - Canvas Business Model: Value Propositions

You're looking at the core promises MBIA Inc. makes to the market, especially as it manages down its legacy exposures. These aren't about new sales; they're about fulfilling existing obligations and maximizing the remaining value for stakeholders.

Credit protection for holders of legacy U.S. public finance and structured finance debt.

The primary value proposition centers on the guarantee provided by National Public Finance Guarantee Corporation. This entity stands behind the debt, offering policyholders assurance even when issuers face stress. As of September 30, 2025, National's claims-paying resources totaled $1.5 billion, ready to cover obligations under its insured portfolio. That portfolio, representing the gross par outstanding that MBIA Inc. is on the hook for, stood at $23.2 billion at that date. This massive amount of guaranteed debt is supported by a statutory capital base of $1.0 billion for National.

Here's a quick look at the statutory strength supporting these guarantees:

Entity/Metric	Value as of September 30, 2025	Context
National Statutory Capital	$1.0 billion	Claims-paying capacity base
National Claims-Paying Resources	$1.5 billion	Total resources available for claims
National Gross Par Outstanding	$23.2 billion	Total insured exposure
National Leverage Ratio (Gross Par/Statutory Capital)	23:1	Ratio of exposure to capital

Orderly wind-down and claims resolution for insured bondholders.

For the MBIA Insurance Corporation entity, which holds a significant portion of the remaining run-off business, the value proposition is about managing the final stages of its obligations. As of September 30, 2025, MBIA Insurance Corp. had statutory capital of $79 million and claims paying resources totaling $326 million. The insured gross par outstanding for this entity was $2.1 billion as of the same date, down from $2.3 billion at year-end 2024. The company's consolidated book value per share as of September 30, 2025, was a negative $43.17.

The focus here is on managing the remaining book through specific actions:

• The company commenced the process of dissolving MBIA México, S.A. de C.V. ("MBIA Mexico") during the first nine months of 2025.
• MBIA Mexico returned approximately $12 million of capital to MBIA Corp. during the nine months ended September 30, 2025.
• There were no purchases of MBIA Inc. shares during the third quarter of 2025.

Maximizing recovery value from distressed assets like the Puerto Rico exposure.

The financial results for the third quarter of 2025 clearly show the impact of recovery efforts on the value proposition. The lower GAAP net loss in Q3 2025 compared to Q3 2024 was primarily driven by a losses and loss adjustment expenses (LAE) benefit associated with Puerto Rico Electric Power Authority (PREPA) exposure at National. This benefit resulted from National's sale of its PREPA-related custodial receipts and higher estimated recoveries on the remaining PREPA exposure. For the nine months ended September 30, 2025, the company reported an Adjusted Net Income of $35 million, a significant improvement from the Adjusted Net Loss of $162 million for the same period in 2024, largely due to this PREPA-related benefit.

Providing a path to return capital to shareholders via dividends or repurchases.

While the focus remains on resolving liabilities, the corporate segment's liquidity position supports potential future capital actions. As of September 30, 2025, MBIA Inc.'s liquidity position, consisting primarily of cash and cash equivalents and liquid invested assets, totaled $354 million. This capital base, along with the capital returned from the MBIA Mexico dissolution-approximately $12 million year-to-date-is what management works to preserve or eventually distribute. You should note that the company made no share repurchases during the third quarter of 2025.

The current share count as of October 31, 2025, was 50,493,626 shares of Common Stock outstanding.

Finance: draft 13-week cash view by Friday.

MBIA Inc. (MBI) - Canvas Business Model: Customer Relationships

You're managing relationships in a highly specialized, legacy environment, so the focus shifts from new sales to diligent management of existing obligations and complex, drawn-out resolutions. The customer base is primarily sophisticated institutional holders of guaranteed debt and regulatory bodies overseeing the wind-down.

Dedicated, high-touch relationship management with major bondholders and institutional investors.

For the most complex exposures, like the Puerto Rico Electric Power Authority (PREPA) debt, direct engagement with key stakeholders is constant. As of the third quarter of 2025 call, executives noted that bondholders representing about 30% of the outstanding PREPA bonds had joined a group in opposition to the current restructuring path. This level of direct, high-stakes engagement is necessary to navigate the final stages of these legacy guarantees.

The nature of the relationship management is defined by the ongoing wind-down status. It's about managing expectations around the resolution timeline for these large, concentrated risks.

Investor Relations for transparent communication on wind-down progress and financial results.

MBIA Inc. maintains a structured cadence for communicating with its broader investor base, which is critical given the company's status. For instance, the third quarter 2025 financial results were released after market close on November 4, 2025, followed by a webcast and conference call on Wednesday, November 5, 2025, at 8:00 a.m. (ET). Greg Diamond, Managing Director of Investor & Media Relations, leads these discussions to ensure transparent updates on the wind-down progress and financial performance. You can find the latest financial results, 10-Q, quarterly operating supplement, and statutory financial statements posted on the company website at https://investor.mbia.com/investor-relations/financial-information/default.aspx.

Here is a snapshot of the financial reporting that informs these investor relationships as of September 30, 2025:

Entity/Metric	Value as of September 30, 2025	Comparison Point
MBIA Inc. Corporate Segment Unencumbered Cash	$354 million	(Q3 2025 Liquidity Position)
MBIA Inc. Common Shares Outstanding	50.5 million	(As of October 31, 2025)
MBIA Insurance Corp. Statutory Capital	$79 million	($9 million below year-end 2024)
National Statutory Capital	$994 million	($82 million up compared with December 31, 2024)

Transactional service for routine claims and policy administration.

Transactional service focuses on the administration of the remaining insured portfolio, which is shrinking. The focus here is on the remaining gross par outstanding and the resources available to cover claims. The routine administration involves processing payments and managing the declining book of business for both core subsidiaries.

• MBIA Insurance Corp. insured gross par outstanding declined to $2.1 billion as of September 30, 2025, from $2.3 billion at year-end 2024.
• National Public Finance Guarantee Corporation's insured gross par outstanding stood at $23.2 billion at September 30, 2025.
• National's leverage ratio of gross par to statutory capital improved to 23:1 at the end of Q3 2025, down from 28:1 at year-end 2024.

Legal and regulatory engagement to manage complex claims and litigation.

Complex claims management is heavily concentrated in the PREPA situation and legacy Zohar-related matters. On January 1, 2025, National paid gross claims of $13 million following the PREPA default. As of March 31, 2025, the insured debt service outstanding related to PREPA was $657 million. Furthermore, the administrative expense claims litigation, which had been stayed, has restarted. The company's engagement with the courts and the Puerto Rico Financial Oversight and Management Board is a primary function of its legal resources.

Claims paying resources for the two main entities reflect the ongoing risk management:

Entity	Claims Paying Resources (CPR) as of September 30, 2025	CPR as of December 31, 2024
MBIA Insurance Corp.	$326 million	$356 million
National Public Finance Guarantee Corp.	$1.5 billion	Consistent with December 31, 2024

The company's official policy is that complete dockets for legal proceedings are publicly accessible by contacting the clerk's office of the respective court, as MBIA Inc. does not post all documents for every proceeding. That's the reality of dealing with these long-tail liabilities.

MBIA Inc. (MBI) - Canvas Business Model: Channels

You're looking at how MBIA Inc. (MBI) gets its critical information out to the market and stakeholders as of late 2025. It's a mix of formal regulatory disclosures and direct engagement, especially given the ongoing legacy issues. Honestly, the channels reflect a company managing down its book while communicating complex legal and financial resolutions.

Direct communication with bondholders and their legal representatives

Direct contact is essential for managing the remaining insured portfolio and addressing specific claims, particularly those tied to complex restructuring processes. Communication flows through dedicated teams, often in coordination with legal counsel, to manage expectations and provide updates on specific bond series or recovery assets. For instance, the ongoing management of the Puerto Rico exposure requires direct, though often adversarial, communication channels.

The company's subsidiary, National Public Finance Guarantee Corporation, remains the direct counterparty for many of these bondholders. As of September 30, 2025, National had $1.0 billion in statutory capital and $1.5 billion in claims-paying resources to back its obligations. The gross par portfolio stood at $23.2 billion.

Key direct communication points include:

• Direct contact by claims administration teams.
• Correspondence with legal counsel for bondholder groups.
• Updates on specific recovery asset monetization efforts.

Public filings (10-Q, 10-K) and earnings calls for investor and market communication

This is the formal backbone of MBIA Inc.'s communication strategy. You see the hard numbers here, which are crucial for valuation, even when the book value per share is negative-it was -$42.22 as of March 31, 2025. The market watches these releases closely for signs of stabilization, such as the Q3 2025 GAAP net loss narrowing to $8 million, or $(0.17) per share, compared to a $56 million loss in Q3 2024.

The Investor Relations department, headed by Managing Director Greg Diamond at +1-914-765-3190, uses these channels to disseminate information. The company posted its Q3 2025 results on its website, https://investor.mbia.com/investor-relations/financial-information/default.aspx, and furnished them to the SEC on a Form 8-K.

Here's a snapshot of the formal reporting cadence and key figures around late 2025:

Filing/Event Type	Date Reference	Key Financial Metric	Value/Amount
Q3 2025 Earnings Call	November 5, 2025	Q3 2025 Revenue	$7 million
Q3 2025 Financial Results	November 4, 2025	Q3 2025 GAAP Net Loss	$8 million
Q2 2025 Financial Results	August 6, 2025	Book Value Per Share (as of 6/30/2025)	-$43.14
2024 10-K Filing	February 27, 2025	2024 Total Revenues	$42 million
Holding Company Liquidity	September 30, 2025	Total Liquidity (Cash & Liquid Assets)	$354 million

The company also uses email alerts and webcasts for these events, such as the Q3 2025 Conference Call webcast on November 5 at 8:00 A.M. ET.

Direct contact through subsidiary claims and policy administration teams

The operational side of the business, managed through subsidiaries like MBIA Insurance Corp, uses its administration teams to interface directly with policyholders and counterparties regarding the existing book of business. This is where the day-to-day management of the remaining $2.1 billion of insured gross par outstanding for MBIA Insurance Corp occurs as of September 30, 2025.

The focus here is on remediation and managing the run-off of the portfolio, not writing new guarantees outside of remediation-related activities.

• Policy administration for existing guarantees.
• Claims processing and recovery asset management.
• Coordination with regulators on subsidiary solvency.

Legal channels for litigation and bankruptcy court proceedings (e.g., Puerto Rico Title III Court)

This is arguably the most critical channel for resolving legacy risks, especially the Puerto Rico exposure. MBIA Inc. actively participates in the Title III bankruptcy court proceedings for various Puerto Rico entities. For example, the company's PREPA exposure is now roughly a third of what it was when PREPA entered Title III.

A significant channel event in 2025 was the August 2025 sale of custodial receipts tied to the PREPA Title III case, which accounted for 47% of National's current bond claims in that case. This divestment is part of a broader strategy that includes total strategic divestments since 2021 amounting to $804 million. Furthermore, National has paid aggregate gross claims of $3.1 billion relating to GO, PBA, PREPA, and HTA bonds through March 31, 2025.

The company also defends itself in other legal venues, such as the COFINA bondholder lawsuit filed in the U.S. District Court for Connecticut, which challenges the 2019 restructuring.

Key legal/litigation channel metrics:

Legal Proceeding/Action	Date/Period Reference	Financial Impact/Metric	Value/Amount
Total Gross Claims Paid (PR Entities)	Through March 31, 2025	Aggregate Claims Paid	$3.1 billion
PREPA Title III De-risking	August 2025 Transaction	Percentage of National's PREPA Claims Sold	47%
Strategic Divestments (since 2021)	As of August 2025	Total Divestment Amount	$804 million
MBIA Insurance Corp Capital	September 30, 2025	Statutory Capital	$79 million

Finance: draft the 13-week cash view by Friday, focusing on liquidity projections given the $354 million cash position as of September 30, 2025.

MBIA Inc. (MBI) - Canvas Business Model: Customer Segments

You're looking at the core groups MBIA Inc. (MBI) serves, which are primarily counterparties to its financial guarantee insurance policies and its own owners. The data reflects the state as of the third quarter of 2025, showing a company heavily focused on managing legacy exposures while maintaining capital strength in its primary insurance subsidiary.

The customer segments are defined by the type of financial guarantee provided by the subsidiaries, mainly National Public Finance Guarantee Corporation (National) and MBIA Insurance Corporation (MBIA Corp.).

• Holders of U.S. public finance debt insured by National (e.g., municipal bond investors).
• Investors holding legacy international and structured finance securities insured by MBIA Insurance Corp.
• Institutional investors and hedge funds focused on distressed municipal debt.
• Shareholders of MBIA Inc. (MBI) seeking capital return.

Holders of U.S. Public Finance Debt Insured by National

This segment consists of investors, often large institutions, holding bonds guaranteed by National. Their primary interest is the security of their principal and interest payments, which National assures. The size of this exposure is tracked by gross par outstanding.

As of September 30, 2025, National's insured portfolio stood at $23.2 billion of gross par outstanding. This is down from $24.2 billion at the end of the second quarter of 2025. To back these guarantees, National reported statutory capital of $1.0 billion and claims-paying resources totaling $1.5 billion as of September 30, 2025. This translates to a leverage ratio of gross par to statutory capital of 23:1 at that date.

Investors Holding Legacy International and Structured Finance Securities

These investors are counterparties to policies issued by MBIA Insurance Corporation (MBIA Corp.), covering non-U.S. public finance and global structured finance obligations. This book is largely legacy business, and its financial health is reflected in MBIA Corp.'s statutory figures.

As of September 30, 2025, MBIA Corp.'s statutory capital was $79 million, with claims-paying resources totaling $326 million. The book value per share for MBIA Insurance Corp. itself was a negative $52.64 as of September 30, 2025. The fixed income investments plus cash and cash equivalents for MBIA Corp. were valued at $150 million at the end of the third quarter of 2025.

Institutional Investors and Hedge Funds Focused on Distressed Municipal Debt

This group is interested in MBIA Inc.'s ongoing management of specific, high-profile credit risks, most notably the Puerto Rico Electric Power Authority (PREPA) exposure. These investors may be creditors, counterparties, or funds looking to trade or resolve these specific distressed assets.

MBIA Inc. actively managed this exposure in 2025. As of the third quarter of 2025, the PREPA exposure was reduced from the sale of $374 million of claims and higher recoveries. The impact of this management was seen in National's Q3 2025 results, which showed a statutory net benefit from losses and loss adjustment expense (LAE) of $56 million, primarily driven by lower PREPA losses. The company is also in discussions with partners like Azure and GoldenTree regarding this exposure.

Shareholders of MBIA Inc. (MBI) Seeking Capital Return

Shareholders are focused on the holding company's liquidity and any potential return of capital, though the consolidated book value per share remains negative. The holding company, MBIA Inc., maintains a separate liquidity pool from the insurance subsidiaries.

As of September 30, 2025, MBIA Inc.'s unencumbered cash and liquid assets totaled $354 million. The consolidated book value per share for MBIA Inc. as of September 30, 2025, was a negative $43.17. The company had 50.5 million common shares outstanding as of October 31, 2025, with $71 million of remaining capacity under its share repurchase authorization. Notably, there were no purchases of MBIA shares during the third quarter of 2025.

Here's a quick look at the key financial metrics tied to the insurance subsidiaries backing the guarantees for the first three quarters of 2025:

Metric (As of Q3 2025 End Date)	National Public Finance Guarantee Corporation	MBIA Insurance Corporation (MBIA Corp.)
Gross Par Outstanding (Q3 End)	$23.2 billion	N/A (Focus on MBIA Corp. Capital)
Statutory Capital	$1.0 billion	$79 million
Claims-Paying Resources	$1.5 billion	$326 million
Book/Adjusted Carrying Value of Investments + Cash	N/A (Data for National not explicitly stated for Q3 end)	$150 million
Consolidated Book Value Per Share (MBI)	Negative $43.17

MBIA Inc. (MBI) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep MBIA Inc. running, which, as you know, are heavily influenced by legacy liabilities and ongoing corporate management. The cost structure is dominated by claims-related movements, corporate overhead, and servicing the holding company's debt load.

Losses and Loss Adjustment Expenses (LAE) on Insured Claims represent a highly variable, but critical, cost component. For the third quarter of 2025, National Public Finance Guarantee Corporation recorded a statutory losses and LAE net benefit of $56 million, which was driven by adjustments related to its Puerto Rico Electric Power Authority (PREPA) exposure, specifically from the sale of custodial receipts and higher estimated recoveries. However, this benefit was partially offset by statutory losses in LAE of $25 million at MBIA Insurance Corporation for the same quarter, primarily due to adjustments reflecting lower expected recoveries on Zohar CDOs. For the first nine months of 2025, the net cash used by operating activities benefited from lower losses and LAE paid compared to the prior year.

Operating expenses, which include compensation, are under active management. Total consolidated expenses for the third quarter of 2025 were reported at $22 million. Looking at the year-to-date figures for the nine months ended September 30, 2025, total expenses were $80 million, down from $103 million for the same period in 2024. Changes in operating expenses for the three months ended September 30, 2025, were mainly due to shifts in compensation expense tied to the non-qualified deferred compensation plan. This reduction trend was also evident in Q1 2025, where operating expenses were lower, largely due to reduced compensation-related costs.

You can see a snapshot of the key expense movements in the table below, comparing the three months ended September 30, 2025, against the prior year's third quarter:

Expense Category (Three Months Ended Sept 30)	2025 Amount (Millions USD)	2024 Amount (Millions USD)	Percentage Change
Loss and Loss Adjustment Expenses (Statutory - National)	Benefit of $56	Loss of $2	n/m
Interest Expense	$17	$19	-11%
Compensation and Benefits (Corporate Segment)	$0	$8	-100%
Total Expenses (Consolidated GAAP)	$22	$32	-31%

Interest expense on corporate debt obligations is a fixed drain on the holding company's resources. For the three months ended September 30, 2025, interest expense was $17 million, an 11% decrease from the $19 million paid in Q3 2024. Year-to-date interest expense for the nine months ended September 30, 2025, stood at $53 million, slightly down from $55 million in the first nine months of 2024. The total debt on the balance sheet for MBIA Inc. as of September 2025 was $3.34 Billion USD. The reduction in unencumbered cash held by the Corporate segment, which fell to $354 million as of September 30, 2025, from $380 million at the end of 2024, was primarily due to the payment of principal and interest on the corporate segment's debt.

Legal and professional fees are intrinsically linked to managing complex, long-tail risks. While specific, isolated figures for these fees for the full year 2025 aren't immediately available in the latest reports, they are embedded within the broader operating expenses. The risk profile itself points to ongoing costs, as management notes that ongoing administrative expense litigation and the complexity of Puerto Rico's oversight could affect financial resolutions, which directly impacts the cost structure through required professional support. Professional service fees are explicitly listed as a component of operating expenses for the Corporate segment and the International and Structured Finance Insurance segment in segment reporting notes.

Here are the key cost drivers and related figures for the Corporate segment as of September 30, 2025:

• Unencumbered cash and liquid assets held by MBIA Inc. totaled $354 million.
• This cash position was down from $380 million as of December 31, 2024.
• The Corporate segment's total assets were approximately $650 million.
• The nine months ended September 30, 2025, saw an increase in payments to participants of the non-qualified deferred compensation plan.

Finance: draft 13-week cash view by Friday.

MBIA Inc. (MBI) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for MBIA Inc. (MBI) as of late 2025, and honestly, it's a business heavily focused on managing down legacy exposures while generating what income it can from its remaining assets and run-off insurance book. The revenue picture for the third quarter of 2025 definitely tells that story.

The top-line number you need to know for the quarter ending September 30, 2025, is that MBIA Inc. reported total revenues of $15 million. This figure primarily reflects the combined effect of insurance activities and investment performance, which is the core of their remaining operations.

Here's a quick look at how the Q3 2025 results frame that revenue:

Metric	Amount (Q3 2025)	Context
Total Revenues	$15 million	As reported for the quarter ending September 30, 2025.
Adjusted Net Income (Non-GAAP)	$51 million	A significant positive result for the quarter.
GAAP Net Loss	$8 million	The GAAP result for the quarter.
National Statutory Net Income	$73 million	From the National Public Finance Guarantee Corporation subsidiary.

The first major component feeding this revenue is investment income from the fixed-income and liquid asset portfolios. This income is generated across the corporate segment and the National Public Finance Guarantee Corporation subsidiary. You can see the scale of the assets generating this income:

• National Public Finance Guarantee Corporation's total fixed income investments plus cash and cash equivalents stood at a book/adjusted carrying value of $1.3 billion as of September 30, 2025.
• MBIA Insurance Corporation's total fixed income investments plus cash and cash equivalents were valued at $150 million as of September 30, 2025.
• The overall corporate segment unencumbered cash and liquid assets totaled $354 million by the end of Q3 2025.

Next, we look at the net earned premiums from the existing insured portfolio run-off. While the specific premium earned number for Q3 2025 isn't explicitly broken out as a standalone revenue line item in the summary data, it is inherently part of the overall insurance activities contributing to the $15 million total revenue. The portfolio itself is shrinking, with National's gross par outstanding decreasing by $1.0 billion during the quarter, ending at $23.2 billion.

A critical, non-premium revenue driver is recoveries on paid claims and salvage from restructured assets. This shows up in the financial results as a benefit to losses and Loss Adjustment Expenses (LAE). For Q3 2025, National recorded a statutory LAE net benefit of $56 million, largely driven by adjustments to its Puerto Rico Electric Power Authority (PREPA) loss reserves. This was bolstered by prior activity, as the nine months ended September 30, 2025, saw a significant benefit due to National's sale of its PREPA-related custodial receipts and higher estimated recoveries on remaining exposure. Specifically, the PREPA exposure was reduced in Q3 2025 from the sale of $374 million of claims and higher recoveries.

You also see the impact of these recovery activities in earlier periods, such as the Q1 2025 statutory net income of $2 million for MBIA Insurance Corp, which benefited from favorable recoveries related to Zohar CDO claims.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.