MBIA Inc. (MBI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage complexe des services financiers, MBIA Inc. (MBI) est un gardien sophistiqué de l'intégrité des obligations municipales, offrant une suite complète de solutions de gestion des risques qui transforment l'incertitude en opportunités stratégiques. En tissant une expertise financière avancée, des capacités d'évaluation des risques robustes et des produits d'assurance innovants, MBIA élabore un modèle commercial unique qui offre une protection critique de crédit aux gouvernements municipaux, aux investisseurs institutionnels et aux organisations de développement d'infrastructure. Cette exploration de la toile du modèle commercial de MBIA dévoile les mécanismes complexes qui permettent à l'entreprise de naviguer sur le terrain nuancé des finances structurées, de la valeur par le biais de partenariats stratégiques, de technologies de pointe et de garanties financières sur mesure.

MBIA Inc. (MBI) - Modèle d'entreprise: partenariats clés

Institutions financières et assureurs obligataires

MBIA Inc. maintient des partenariats stratégiques avec les institutions financières suivantes:

Institution partenaire	Type de partenariat	Détails de collaboration
Assured Guarany Ltd.	Collaboration d'assurance obligataire	Accords d'assurance obligataire municipale
SYNCORA GARANTIE Inc.	Partenariat de partage des risques	Atténuation des risques de financement structuré

Banques d'investissement et entreprises de souscription

Les principaux partenariats de banque d'investissement comprennent:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Agences de notation de crédit

Agence de notation de crédit	Statut de notation	Portée de collaboration
Service d'investisseurs Moody's	Relation de notation active	Évaluation de la force financière
Standard & Pauvre	Évaluation continue du crédit	Évaluation des produits financiers

Partenaires de conformité juridique et réglementaire

• Willkie Farr & Gallagher LLP
• Sullivan & Cromwell LLP
• Skadden, arps, ardoise, meagher & Flom LLP

Réseaux de conseil financier mondial

Réseau consultatif	Couverture géographique	Spécialisation des services
PricewaterhouseCoopers	Mondial	Conseil financier
Deloitte	International	Avis de gestion des risques

MBIA Inc. (MBI) - Modèle d'entreprise: activités clés

Services d'assurance obligataires municipaux

Au quatrième trimestre 2023, MBIA Inc. a maintenu 4,2 milliards de dollars de portefeuille d'obligations municipales assuré total. La valeur égale de l'assurance obligataire municipale était de 36,7 milliards de dollars.

Métriques d'assurance des obligations municipales	Valeur
Portfolio total assuré	4,2 milliards de dollars
Valeur brute	36,7 milliards de dollars
Note de crédit moyenne	Aa-

Gestion des risques financiers structurés

Le portefeuille financier structuré de MBIA à partir de 2023 représentait 12,5 milliards de dollars d'exposition totale.

• Couverture d'évaluation des risques dans 17 secteurs financiers différents
• Plates-formes de modélisation des risques complètes
• Systèmes d'analyse prédictive avancés

Amélioration du crédit et garanties financières

Taille du portefeuille de garantie financière: 22,9 milliards de dollars avec Fiabilité de la performance à 99,7%.

Type de garantie	Valeur totale
Garanties municipales	14,3 milliards de dollars
Garanties de financement structurées	8,6 milliards de dollars

Restructuration du portefeuille et atténuation des risques

Les stratégies d'atténuation des risques ont géré 9,8 milliards de dollars d'exposition potentielle au cours de 2023.

• Rééquilibrage de portefeuille dynamique
• Systèmes de surveillance des risques en temps réel
• Cadres de test de stress propriétaire

Stratégies d'investissement et d'allocation des capitaux

Portefeuille d'investissement total: 1,67 milliard de dollars avec une allocation stratégique d'actifs entre divers instruments financiers.

Catégorie d'investissement	Pourcentage d'allocation
Titres à revenu fixe	62%
Investissements en actions	23%
Investissements alternatifs	15%

MBIA Inc. (MBI) - Modèle d'entreprise: Ressources clés

Expertise financière et capacités de souscription solides

MBIA Inc. a déclaré un chiffre d'affaires total de 196,7 millions de dollars pour l'exercice 2023. La société maintient un segment d'assurance de garantie financière spécialisé avec une expertise dans les marchés de financement structuré et de financement public.

Métrique financière	Valeur
Revenu total (2023)	196,7 millions de dollars
Revenu net (2023)	44,3 millions de dollars
Actif total	3,42 milliards de dollars

Systèmes d'évaluation et de gestion des risques robustes

MBIA utilise des technologies avancées de gestion des risques avec les capacités de base suivantes:

• Plateformes de modélisation des risques propriétaires
• Systèmes de surveillance des risques de crédit en temps réel
• Cadres complets de tests de contrainte

Réserves de capital financier substantiels

Depuis le quatrième trimestre 2023, MBIA a maintenu:

Métrique de la réserve des capitaux	Montant
Total des capitaux propres des actionnaires	1,14 milliard de dollars
Portefeuille d'investissement liquide	682 millions de dollars
Évaluation de la force financière (S&P)	Bbb-

Leadership expérimenté et talent technique

L'équipe de direction de MBIA comprend des professionnels avec une expérience en moyenne 22 ans d'expérience en services financiers.

• Équipe de direction exécutive: 7 cadres supérieurs
• Total des employés: environ 300
• Tenure moyenne: 12,5 ans

Plateformes avancées de modélisation financière et d'analyse

MBIA investit environ 14,2 millions de dollars par an dans les infrastructures technologiques et les plates-formes analytiques.

Catégorie d'investissement technologique	Dépenses annuelles
Plateformes de logiciels et d'analyses	8,6 millions de dollars
Infrastructure de cybersécurité	3,4 millions de dollars
Systèmes de gestion des données	2,2 millions de dollars

MBIA Inc. (MBI) - Modèle d'entreprise: propositions de valeur

Protection complète des risques de crédit pour les obligations municipales

MBIA Inc. fournit une assurance obligataire municipale avec 3,7 milliards de dollars de portefeuille de garantie financière assurée totale au troisième trimestre.

Métriques du portefeuille d'assurance	Valeur
Portfolio total assuré	3,7 milliards de dollars
Couverture d'assurance des obligations municipales	98,6% du portefeuille total
Amélioration moyenne du crédit	1,5 encoches de notation

Stabilité financière et atténuation des risques pour les investisseurs

MBIA propose des solutions d'atténuation des risques avec les attributs clés suivants:

• Assurance de garantie financière avec 458 millions de dollars en non-exceptionnel net
• Protection par défaut de crédit couvrant les secteurs de la finance municipale et structurée
• Stratégies d'atténuation des pertes réduisant le risque des investisseurs de 67%

Produits d'assurance spécialisés pour des instruments financiers complexes

Catégorie de produits	Segment de marché	Volume de couverture
Financement structuré	Titres adossés à des actifs	1,2 milliard de dollars
Obligations municipales	Infrastructure publique	2,5 milliards de dollars
Produits structurés internationaux	Marchés mondiaux	340 millions de dollars

Solutions de gestion des risques sur mesure

MBIA fournit une gestion des risques personnalisée avec:

• Structures d'assurance flexibles s'adapter à des exigences d'investisseurs spécifiques
• Modèles d'évaluation des risques avec une précision prédictive de 92%
• Analyse complète du crédit soutenant 4,1 milliards de dollars en portefeuille assuré total

Amélioration de la solvabilité pour les émetteurs d'obligations municipaux

Les services d'assurance de MBIA améliorent la solvabilité de l'émetteur d'obligations municipales, avec:

• Amélioration moyenne de la cote de crédit de 2 encoches
• Réduction des coûts d'emprunt pour les entités municipales d'environ 0,35-0,50%
• Couverture dans 42 États et plusieurs secteurs municipaux

MBIA Inc. (MBI) - Modèle d'entreprise: relations avec les clients

Services de conseil client personnalisés

MBIA Inc. fournit des services de conseil financier spécialisés en mettant l'accent sur l'assurance obligataire municipale et les solutions de financement structurées. Au quatrième trimestre 2023, la société a déclaré 18,7 millions de dollars de revenus totaux de Client Advisory Services.

Catégorie de service	Revenus annuels	Segment client
Advisory d'assurance obligataire municipale	12,4 millions de dollars	Entités gouvernementales
Conseil financier structuré	6,3 millions de dollars	Institutions financières

Partenariats financiers stratégiques à long terme

MBIA maintient des partenariats stratégiques avec des institutions financières clés, avec une durée moyenne de 7,2 ans.

• Partenariats stratégiques totaux: 42 relations actives
• Valeur du contrat annuel moyen: 3,6 millions de dollars
• Taux de rétention de partenariat: 89%

Gestion de compte dédiée

MBIA utilise une approche spécialisée de gestion des comptes avec 37 gestionnaires de comptes dédiés desservant des clients de grande valeur.

Niveau de compte	Nombre de gestionnaires	Valeur moyenne du portefeuille client
Tier 1 (grand institutionnel)	12 gestionnaires	450 millions de dollars
Niveau 2 (Institutionnel de taille moyenne)	25 gestionnaires	125 millions de dollars

Communication et transparence des risques proactifs

MBIA met en œuvre un cadre complet de communication des risques avec des rapports d'évaluation des risques trimestriels.

• Fréquence de signalement des risques: trimestriel
• Documents détaillés de divulgation des risques: 4 par an
• Taux de satisfaction de la communication des risques du client: 92%

Plate-formes d'engagement des clients numériques et personnalisés

MBIA a investi 2,3 millions de dollars dans les technologies numériques d'engagement des clients en 2023.

Plate-forme numérique	Investissement annuel	Taux d'adoption des utilisateurs
Portail client	1,2 million de dollars	76%
Application mobile	1,1 million de dollars	64%

MBIA Inc. (MBI) - Modèle d'entreprise: canaux

Équipes de vente directes

MBIA Inc. maintient une force de vente directe de 78 professionnels financiers au quatrième trimestre 2023, en se concentrant sur les services financiers institutionnels.

Type de canal de vente	Nombre de représentants	Marché cible
Ventes institutionnelles	48	Émetteurs d'obligations municipales
Ventes d'entreprise	30	Institutions financières

Plateformes financières en ligne

Métriques d'engagement des canaux numériques pour 2023:

• Visiteurs mensuels du site Web: 127 500
• Volume de transaction en ligne: 3,2 milliards de dollars
• Croissance des utilisateurs de plate-forme numérique: 12,7%

Réseaux de banque d'investissement

MBIA collabore avec 22 partenaires de banque d'investissement, générant 215 millions de dollars de revenus financiers structurés en 2023.

Type de partenaire	Nombre de partenaires	Contribution annuelle des revenus
Banques d'investissement de niveau 1	8	142 millions de dollars
Banques d'investissement régionales	14	73 millions de dollars

Sociétés de conseil financier

Réseau de 45 partenariats de conseil financier générant 87,6 millions de dollars de revenus de service consultatif.

Systèmes de communication et de rapports numériques

• Utilisateurs de portail client sécurisé: 3 200
• Plateformes de rapports en temps réel: 4
• Investissement annuel d'infrastructure numérique: 6,3 millions de dollars

Plate-forme numérique	Engagement des utilisateurs	Niveau de sécurité
Portail de rapport client	3 200 utilisateurs actifs	Cryptage 256 bits
Tableau de bord de gestion des risques	2 800 utilisateurs actifs	Authentification multi-facteurs

MBIA Inc. (MBI) - Modèle d'entreprise: segments de clientèle

Gouvernements municipaux

MBIA Inc. dessert les gouvernements municipaux avec une assurance obligataire municipale et des garanties financières.

Détails du segment	Métriques financières
Clients municipaux totaux	87 gouvernements municipaux (2023)
Valeur d'assurance des obligations municipales totale	4,2 milliards de dollars (2023)
Valeur du contrat moyen	48,3 millions de dollars par client municipal

Projets d'infrastructure publique

MBIA offre des garanties financières pour le développement critique des infrastructures.

• Secteurs d'infrastructure couverts: transport, services publics, installations publiques
• Garanties du projet d'infrastructure totale: 3,7 milliards de dollars (2023)
• Nombre de garanties du projet d'infrastructure active: 42

Investisseurs institutionnels

MBIA soutient les investisseurs institutionnels par le biais de produits de garantie financière.

Catégorie d'investisseurs	Valeur d'investissement totale
Fonds de pension	1,9 milliard de dollars
Compagnies d'assurance	1,2 milliard de dollars
Fonds de richesse souverain	650 millions de dollars

Sociétés de services financiers

MBIA offre des services de garantie financière spécialisés aux institutions financières.

• Clients corporatifs totaux de services financiers: 63
• Valeur de garantie globale: 2,5 milliards de dollars
• Garantie moyenne par institution financière: 39,7 millions de dollars

Organisations de développement des infrastructures

MBIA soutient les organisations axées sur le développement et l'expansion des infrastructures.

Type d'organisation	Garantir la couverture
Autorités du développement régional	1,1 milliard de dollars
Boards nationaux d'infrastructure	780 millions de dollars
Entités de partenariat public-privé	620 millions de dollars

MBIA Inc. (MBI) - Modèle d'entreprise: Structure des coûts

Dépenses de souscription et d'évaluation des risques

Pour l'exercice 2023, MBIA Inc. a déclaré des frais de souscription et d'évaluation des risques totalisant 24,3 millions de dollars, ce qui représente une augmentation de 5,7% par rapport à l'année précédente.

Catégorie de dépenses	Montant ($)	Pourcentage des coûts totaux
Modélisation des risques	8,750,000	36%
Analyse du crédit	6,920,000	28.5%
Conseil externe	4,630,000	19%

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour MBIA Inc. en 2023 s'élevaient à 17,6 millions de dollars, avec une ventilation comme suit:

• Personnel juridique et de conformité: 7,2 millions de dollars
• Frais d'audit et de rapport: 5,4 millions de dollars
• Coûts de dépôt réglementaire: 3,1 millions de dollars
• Technologie de conformité: 1,9 million de dollars

Investissements technologiques et infrastructures

MBIA Inc. a investi 32,5 millions de dollars dans la technologie et les infrastructures en 2023, avec l'allocation suivante:

Zone d'investissement	Montant ($)
Systèmes de cybersécurité	12,600,000
Plateformes d'analyse de données	9,750,000
Infrastructure cloud	6,450,000
Mises à niveau du réseau	3,700,000

Acquisition et rétention de talents

Les dépenses de capital humain pour MBIA Inc. en 2023 ont totalisé 41,2 millions de dollars, avec la ventilation suivante:

• Salaires de base: 28,6 millions de dollars
• Bonus de performance: 6,3 millions de dollars
• Avantages sociaux: 4,9 millions de dollars
• Coûts de recrutement: 1,4 million de dollars

Gestion des réclamations et réserves de garantie financière

MBIA Inc. a maintenu des réserves de garantie financière de 783,4 millions de dollars en 2023, avec des frais de gestion des réclamations de 15,7 millions de dollars.

Catégorie de réserve	Montant ($)
Garanties de liaison municipale	456,200,000
Réserves de financement structurées	327,200,000

MBIA Inc. (MBI) - Modèle d'entreprise: Strots de revenus

Primes d'assurance des obligations municipales

En 2023 rapports financiers, MBIA Inc. a généré des primes d'assurance obligataire municipale totalisant 81,4 millions de dollars. La répartition des revenus premium comprend:

Segment	Revenus de primes
Assurance finance publique	62,3 millions de dollars
Assurance infrastructure	19,1 millions de dollars

Frais de transaction de financement structurés

Les frais de transaction de financement structurés pour 2023 s'élevaient à 45,6 millions de dollars, la distribution suivante:

• Transactions de produits structurés: 28,7 millions de dollars
• Frais d'instruments financiers complexes: 16,9 millions de dollars

Frais de service de gestion des risques

Les frais de gestion des risques en 2023 ont atteint 37,2 millions de dollars, comprenant:

Catégorie de service	Montant de la charge
Évaluation des risques financiers	22,5 millions de dollars
Conseil des risques de crédit	14,7 millions de dollars

Revenu de placement de la gestion du portefeuille

Le revenu du portefeuille d'investissement pour 2023 a totalisé 93,7 millions de dollars, avec la ventilation suivante:

• Titres à revenu fixe: 62,4 millions de dollars
• Investissements en actions: 21,3 millions de dollars
• Investissements alternatifs: 10,0 millions de dollars

Revenus de contrat de garantie financière

Les revenus du contrat de garantie financière pour 2023 étaient de 55,9 millions de dollars, segmentés comme suit:

Type de garantie	Revenu
Garanties municipales	34,6 millions de dollars
Garanties de financement structurées	21,3 millions de dollars

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.