MBIA Inc. (MBI): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de los servicios financieros, MBIA Inc. (MBI) se erige como un guardián sofisticado de la integridad de los bonos municipales, ofreciendo un conjunto integral de soluciones de gestión de riesgos que transforma la incertidumbre en oportunidades estratégicas. Al tejer juntos la experiencia financiera avanzada, las sólidas capacidades de evaluación de riesgos y los productos de seguros innovadores, MBIA crea un modelo comercial único que brinda protección crediticia crítica para gobiernos municipales, inversores institucionales y organizaciones de desarrollo de infraestructura. Esta exploración del lienzo de modelo de negocio de MBIA revela los mecanismos complejos que permiten a la compañía navegar por el terreno matizado de las finanzas estructuradas, ofreciendo valor a través de asociaciones estratégicas, tecnología de vanguardia y garantías financieras a medida.

MBIA Inc. (MBI) - Modelo de negocio: asociaciones clave

Instituciones financieras y aseguradoras de bonos

MBIA Inc. mantiene asociaciones estratégicas con las siguientes instituciones financieras:

Institución asociada	Tipo de asociación	Detalles de colaboración
Garanty asegurada Ltd.	Colaboración de seguro de bonos	Acuerdos de seguro de bonos municipales
Syncora Guarante Inc.	Asociación para compartir riesgos	Mitigación de riesgos financieros estructurados

Bancos de inversión y empresas de suscripción

Las asociaciones de banca de inversión clave incluyen:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Agencias de calificación crediticia

Agencia de calificación crediticia	Estado de calificación	Alcance de colaboración
Servicio de inversores de Moody's	Relación de calificación activa	Evaluación de la fortaleza financiera
Estándar & Pobre	Evaluación de crédito en curso	Calificación de productos financieros

Socios de cumplimiento legal y regulatorio

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

Redes de asesoramiento financiero global

Red de asesoramiento	Cobertura geográfica	Especialización de servicio
PricewaterhouseCoopers	Global	Consultoría financiera
Deloitte	Internacional	Aviso de gestión de riesgos

MBIA Inc. (MBI) - Modelo de negocio: actividades clave

Servicios de seguro de bonos municipales

A partir del cuarto trimestre de 2023, MBIA Inc. mantuvo $ 4.2 mil millones en cartera de bonos municipales asegurados totales. El valor nominal bruto del seguro de bonos municipales fue de $ 36.7 mil millones.

Métricas de seguro de bonos municipales	Valor
Cartera total asegurada	$ 4.2 mil millones
Valor par bruto	$ 36.7 mil millones
Calificación crediticia promedio	AUTOMÓVIL CLUB BRITÁNICO-

Gestión de riesgos financieros estructurados

La cartera de finanzas estructuradas de MBIA a partir de 2023 representaba $ 12.5 mil millones en exposición total.

• Cobertura de evaluación de riesgos en 17 sectores financiero diferentes
• Plataformas integrales de modelado de riesgos
• Sistemas de análisis predictivos avanzados

Mejora crediticia y garantías financieras

Garantía financiera Tamaño de la cartera: $ 22.9 mil millones con 99.7% de confiabilidad del rendimiento.

Tipo de garantía	Valor total
Garantías municipales	$ 14.3 mil millones
Garantías de finanzas estructuradas	$ 8.6 mil millones

Reestructuración de cartera y mitigación de riesgos

Las estrategias de mitigación de riesgos lograron $ 9.8 mil millones en exposición potencial durante 2023.

• Reequilibrio de cartera dinámica
• Sistemas de monitoreo de riesgos en tiempo real
• Marcos de prueba de estrés patentado

Estrategias de inversión y asignación de capital

Portafolio de inversión total: $ 1.67 mil millones con asignación de activos estratégicos en varios instrumentos financieros.

Categoría de inversión	Porcentaje de asignación
Valores de renta fija	62%
Inversiones de renta variable	23%
Inversiones alternativas	15%

MBIA Inc. (MBI) - Modelo de negocio: recursos clave

Fuerte experiencia financiera y capacidades de suscripción

MBIA Inc. reportó ingresos totales de $ 196.7 millones para el año fiscal 2023. La compañía mantiene un segmento especializado de seguros de garantía financiera con experiencia en finanzas estructuradas y mercados de finanzas públicas.

Métrica financiera	Valor
Ingresos totales (2023)	$ 196.7 millones
Ingresos netos (2023)	$ 44.3 millones
Activos totales	$ 3.42 mil millones

Sistemas de evaluación y gestión de riesgos robustos

MBIA utiliza tecnologías avanzadas de gestión de riesgos con las siguientes capacidades básicas:

• Plataformas de modelado de riesgos propietarios
• Sistemas de monitoreo de riesgo de crédito en tiempo real
• Marcos integrales de pruebas de estrés

Reservas de capital financieras sustanciales

A partir del cuarto trimestre de 2023, MBIA mantuvo:

Métrica de reserva de capital	Cantidad
Equidad total de los accionistas	$ 1.14 mil millones
Cartera de inversiones líquidas	$ 682 millones
Calificación de fortaleza financiera (S&P)	Bbb-

Liderazgo experimentado y talento técnico

El equipo de liderazgo de MBIA comprende profesionales con un promedio de 22 años de experiencia en servicios financieros.

• Equipo de liderazgo ejecutivo: 7 ejecutivos altos
• Total de empleados: aproximadamente 300
• Promedio de tenencia: 12.5 años

Plataformas avanzadas de modelado financiero y análisis

MBIA invierte aproximadamente $ 14.2 millones anuales en infraestructura tecnológica y plataformas analíticas.

Categoría de inversión tecnológica	Gasto anual
Plataformas de software y análisis	$ 8.6 millones
Infraestructura de ciberseguridad	$ 3.4 millones
Sistemas de gestión de datos	$ 2.2 millones

MBIA Inc. (MBI) - Modelo de negocio: propuestas de valor

Protección integral del riesgo de crédito para bonos municipales

MBIA Inc. proporciona un seguro de bonos municipal con $ 3.7 mil millones en cartera de garantía financiera asegurada total a partir del tercer trimestre de 2023. La cobertura de seguro de bonos municipales de la compañía protege contra posibles incumplimientos, con una calificación actual de reclamos de AA de las calificaciones globales de S&P.

Métricas de cartera de seguros	Valor
Cartera total asegurada	$ 3.7 mil millones
Cobertura municipal de seguro de bonos	98.6% de la cartera total
Mejora del crédito promedio	1.5 Notches de calificación

Estabilidad financiera y mitigación de riesgos para inversores

MBIA ofrece soluciones de mitigación de riesgos con los siguientes atributos clave:

• Seguro de garantía financiera con $ 458 millones en par neto pendiente
• Protección por incumplimiento de crédito que cubre los sectores de finanzas municipales y estructuradas
• Estrategias de mitigación de pérdidas que reducen el riesgo de los inversores en un 67%

Productos de seguros especializados para instrumentos financieros complejos

Categoría de productos	Segmento de mercado	Volumen de cobertura
Finanzas estructuradas	Valores respaldados por activos	$ 1.2 mil millones
Bonos municipales	Infraestructura pública	$ 2.5 mil millones
Productos estructurados internacionales	Mercados globales	$ 340 millones

Soluciones de gestión de riesgos a medida

MBIA proporciona gestión de riesgos personalizada con:

• Estructuras de seguro flexibles adaptarse a requisitos específicos de los inversores
• Modelos de evaluación de riesgos con una precisión predictiva del 92%
• Análisis de crédito integral que respalda $ 4.1 mil millones en cartera total asegurada

Mejor solvencia para emisores de bonos municipales

Los servicios de seguros de MBIA mejoran la solvencia del emisor de bonos municipales, con:

• Mejora promedio de la calificación crediticia de 2 muescas
• Costos de endeudamiento reducidos para entidades municipales en aproximadamente 0.35-0.50%
• Cobertura en 42 estados y múltiples sectores municipales

MBIA Inc. (MBI) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de clientes personalizados

MBIA Inc. ofrece servicios de asesoramiento financiero especializados con un enfoque en el seguro de bonos municipales y las soluciones de finanzas estructuradas. A partir del cuarto trimestre de 2023, la compañía reportó $ 18.7 millones en ingresos totales de los servicios de asesoramiento de clientes.

Categoría de servicio	Ingresos anuales	Segmento de clientes
Aviso de seguro de bonos municipales	$ 12.4 millones	Entidades gubernamentales
Consultoría de finanzas estructuradas	$ 6.3 millones	Instituciones financieras

Asociaciones financieras estratégicas a largo plazo

MBIA mantiene asociaciones estratégicas con instituciones financieras clave, con una duración de asociación promedio de 7,2 años.

• Asociaciones estratégicas totales: 42 relaciones activas
• Valor promedio de contrato anual: $ 3.6 millones
• Tasa de retención de asociación: 89%

Gestión de cuentas dedicada

MBIA emplea un enfoque especializado de gestión de cuentas con 37 gerentes de cuentas dedicados que atienden a clientes de alto valor.

Nivel de cuenta	Número de gerentes	Valor promedio de cartera de clientes
Nivel 1 (gran institucional)	12 gerentes	$ 450 millones
Nivel 2 (institucional de tamaño medio)	25 gerentes	$ 125 millones

Comunicación y transparencia proactiva de riesgos

MBIA implementa un marco integral de comunicación de riesgos con informes trimestrales de evaluación de riesgos.

• Frecuencia de informes de riesgos: trimestralmente
• Documentos detallados de divulgación de riesgos: 4 por año
• Tasa de satisfacción de la comunicación de riesgos del cliente: 92%

Plataformas de participación de clientes digitales y personalizadas

MBIA ha invertido $ 2.3 millones en tecnologías de participación de clientes digitales en 2023.

Plataforma digital	Inversión anual	Tasa de adopción de usuarios
Portal de clientes	$ 1.2 millones	76%
Aplicación móvil	$ 1.1 millones	64%

MBIA Inc. (MBI) - Modelo de negocio: canales

Equipos de ventas directos

MBIA Inc. mantiene una fuerza de ventas directa de 78 profesionales financieros a partir del cuarto trimestre de 2023, centrándose en los servicios financieros institucionales.

Tipo de canal de ventas	Número de representantes	Mercado objetivo
Ventas institucionales	48	Emisores de bonos municipales
Ventas corporativas	30	Instituciones financieras

Plataformas financieras en línea

Métricas de participación del canal digital para 2023:

• Sitio web Visitantes mensuales: 127,500
• Volumen de transacciones en línea: $ 3.2 mil millones
• Crecimiento del usuario de la plataforma digital: 12.7%

Redes de banca de inversión

MBIA colabora con 22 socios de banca de inversión, generando $ 215 millones en ingresos financieros estructurados en 2023.

Tipo de socio	Número de socios	Contribución anual de ingresos
Bancos de inversión de nivel 1	8	$ 142 millones
Bancos de inversión regionales	14	$ 73 millones

Empresas de asesoramiento financiero

Red de 45 asociaciones de asesoramiento financiero que generan $ 87.6 millones en ingresos por servicios de asesoramiento.

Sistemas de comunicación digital e informes

• Usuarios seguros del portal del cliente: 3.200
• Plataformas de informes en tiempo real: 4
• Inversión anual de infraestructura digital: $ 6.3 millones

Plataforma digital	Compromiso de usuario	Nivel de seguridad
Portal de informes del cliente	3.200 usuarios activos	Cifrado de 256 bits
Panel de gestión de riesgos	2.800 usuarios activos	Autenticación multifactor

MBIA Inc. (MBI) - Modelo de negocio: segmentos de clientes

Gobiernos municipales

MBIA Inc. atiende a gobiernos municipales con seguro de bonos municipales y garantías financieras.

Detalles de segmento	Métricas financieras
Clientes municipales totales	87 gobiernos municipales (2023)
Valor total del seguro de bonos municipales	$ 4.2 mil millones (2023)
Valor de contrato promedio	$ 48.3 millones por cliente municipal

Proyectos de infraestructura pública

MBIA ofrece garantías financieras para el desarrollo crítico de la infraestructura.

• Sectores de infraestructura cubiertos: transporte, servicios públicos, instalaciones públicas
• Garantías totales del proyecto de infraestructura: $ 3.7 mil millones (2023)
• Número de garantías de proyecto de infraestructura activa: 42

Inversores institucionales

MBIA apoya a los inversores institucionales a través de productos de garantía financiera.

Categoría de inversionista	Valor de inversión total
Fondos de pensiones	$ 1.9 mil millones
Compañías de seguros	$ 1.2 mil millones
Fondos de riqueza soberana	$ 650 millones

Corporaciones de servicio financiero

MBIA ofrece servicios especializados de garantía financiera a instituciones financieras.

• Servicio financiero total CLIENTES Corporativos: 63
• Valor de garantía agregada: $ 2.5 mil millones
• Garantía promedio por institución financiera: $ 39.7 millones

Organizaciones de desarrollo de infraestructura

MBIA apoya a las organizaciones centradas en el desarrollo y expansión de la infraestructura.

Tipo de organización	Garantía de cobertura
Autoridades de desarrollo regional	$ 1.1 mil millones
Juntas nacionales de infraestructura	$ 780 millones
Entidades de asociación público-privada	$ 620 millones

MBIA Inc. (MBI) - Modelo de negocio: Estructura de costos

Gastos de suscripción y evaluación de riesgos

Para el año fiscal 2023, MBIA Inc. informó que los gastos de evaluación y evaluación de riesgos totalizaron $ 24.3 millones, lo que representa un aumento del 5.7% respecto al año anterior.

Categoría de gastos	Monto ($)	Porcentaje de costos totales
Modelado de riesgos	8,750,000	36%
Análisis de crédito	6,920,000	28.5%
Consultoría externa	4,630,000	19%

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para MBIA Inc. en 2023 ascendieron a $ 17.6 millones, con un desglose de la siguiente manera:

• Personal legal y de cumplimiento: $ 7.2 millones
• Gastos de auditoría e informes: $ 5.4 millones
• Costos de presentación regulatoria: $ 3.1 millones
• Tecnología de cumplimiento: $ 1.9 millones

Inversiones de tecnología e infraestructura

MBIA Inc. invirtió $ 32.5 millones en tecnología e infraestructura durante 2023, con la siguiente asignación:

Área de inversión	Monto ($)
Sistemas de ciberseguridad	12,600,000
Plataformas de análisis de datos	9,750,000
Infraestructura en la nube	6,450,000
Actualizaciones de la red	3,700,000

Adquisición y retención de talentos

Los gastos de capital humano para MBIA Inc. en 2023 totalizaron $ 41.2 millones, con el siguiente desglose:

• Salarios base: $ 28.6 millones
• Bonos de rendimiento: $ 6.3 millones
• Beneficios para empleados: $ 4.9 millones
• Costos de reclutamiento: $ 1.4 millones

Reservas de gestión de reclamos y garantía financiera

MBIA Inc. mantuvo reservas de garantía financiera de $ 783.4 millones en 2023, con gastos de gestión de reclamos de $ 15.7 millones.

Categoría de reserva	Monto ($)
Garantías de bonos municipales	456,200,000
Reservas de finanzas estructuradas	327,200,000

MBIA Inc. (MBI) - Modelo de negocios: flujos de ingresos

Primas de seguro de bonos municipales

A partir de los informes financieros de 2023, MBIA Inc. generó primas de seguro de bonos municipales por un total de $ 81.4 millones. El desglose de ingresos premium incluye:

Segmento	Ingresos premium
Seguro de finanzas públicas	$ 62.3 millones
Seguro de infraestructura	$ 19.1 millones

Tarifas de transacción de finanzas estructuradas

Las tarifas de transacción de finanzas estructuradas para 2023 ascendieron a $ 45.6 millones, con la siguiente distribución:

• Transacciones de productos estructurados: $ 28.7 millones
• Tarifas de instrumentos financieros complejos: $ 16.9 millones

Cargos de servicio de gestión de riesgos

Los cargos de servicio de gestión de riesgos en 2023 alcanzaron $ 37.2 millones, que comprenden:

Categoría de servicio	Monto de carga
Evaluación de riesgos financieros	$ 22.5 millones
Consultoría de riesgo de crédito	$ 14.7 millones

Ingresos de inversión de la gestión de la cartera

Los ingresos por la cartera de inversiones para 2023 totalizaron $ 93.7 millones, con el siguiente desglose:

• Valores de renta fija: $ 62.4 millones
• Inversiones de capital: $ 21.3 millones
• Inversiones alternativas: $ 10.0 millones

Garantía financiera Ingresos del contrato

Los ingresos por contrato de garantía financiera para 2023 fueron de $ 55.9 millones, segmentados de la siguiente manera:

Tipo de garantía	Ganancia
Garantías municipales	$ 34.6 millones
Garantías de finanzas estructuradas	$ 21.3 millones

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.