MBIA Inc. (MBI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No intrincado cenário de serviços financeiros, a MBIA Inc. (MBI) permanece como um tutor sofisticado da integridade municipal de títulos, oferecendo um conjunto abrangente de soluções de gerenciamento de riscos que transformam a incerteza em oportunidades estratégicas. Ao tecer juntos a experiência financeira avançada, as capacidades robustas de avaliação de riscos e os produtos inovadores de seguros, a MBIA cria um modelo de negócios exclusivo que fornece proteção crítica de crédito para governos municipais, investidores institucionais e organizações de desenvolvimento de infraestrutura. Essa exploração do modelo de negócios da MBIA, Canvas, revela os mecanismos complexos que permitem à empresa navegar no terreno diferenciado das finanças estruturadas, oferecendo valor por meio de parcerias estratégicas, tecnologia de ponta e garantias financeiras personalizadas.

MBIA Inc. (MBI) - Modelo de Negócios: Principais Parcerias

Instituições financeiras e seguradoras de títulos

A MBIA Inc. mantém parcerias estratégicas com as seguintes instituições financeiras:

Instituição parceira	Tipo de parceria	Detalhes da colaboração
Garantia garantida Ltd.	Colaboração de seguros de títulos	Acordos de seguro de títulos municipais
Syncora Garantia Inc.	Parceria de compartilhamento de risco	Mitigação de risco de finanças estruturadas

Bancos de investimento e empresas de subscrição

As principais parcerias bancárias de investimento incluem:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Agências de classificação de crédito

Agência de classificação de crédito	Status de classificação	Escopo de colaboração
Serviço de investidores da Moody	Relacionamento de classificação ativa	Avaliação de Força Financeira
Padrão & Pobres	Avaliação de crédito em andamento	Classificação de produtos financeiros

Parceiros de conformidade legais e regulatórios

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

Redes Consultivas Financeiras Globais

Rede consultiva	Cobertura geográfica	Especialização do serviço
PricewaterhouseCoopers	Global	Consultoria financeira
Deloitte	Internacional	Advogado de gerenciamento de riscos

MBIA Inc. (MBI) - Modelo de Negócios: Atividades -chave

Serviços de seguro de títulos municipais

A partir do quarto trimestre 2023, a MBIA Inc. manteve US $ 4,2 bilhões no portfólio de títulos municipais do Total segurado. O valor bruto do par do seguro de títulos municipais foi de US $ 36,7 bilhões.

Métricas de seguro de títulos municipais	Valor
Portfólio Total de Segurado	US $ 4,2 bilhões
Valor do par bruto	US $ 36,7 bilhões
Classificação de crédito médio	Aa-

Gerenciamento de risco financeiro estruturado

O portfólio de finanças estruturadas da MBIA, em 2023, representou US $ 12,5 bilhões em exposição total.

• Cobertura de avaliação de risco em 17 setores financeiros diferentes
• Plataformas abrangentes de modelagem de risco
• Sistemas de análise preditiva avançada

Aprimoramento de crédito e garantias financeiras

Tamanho da carteira de garantia financeira: US $ 22,9 bilhões com 99,7% de confiabilidade de desempenho.

Tipo de garantia	Valor total
Garantias municipais	US $ 14,3 bilhões
Garantias de finanças estruturadas	US $ 8,6 bilhões

Reestruturação do portfólio e mitigação de riscos

As estratégias de mitigação de riscos administraram US $ 9,8 bilhões em exposição potencial durante 2023.

• Rebalanceamento de portfólio dinâmico
• Sistemas de monitoramento de risco em tempo real
• Estruturas de teste de estresse proprietárias

Estratégias de investimento e alocação de capital

Portfólio total de investimentos: US $ 1,67 bilhão com alocação estratégica de ativos em vários instrumentos financeiros.

Categoria de investimento	Porcentagem de alocação
Títulos de renda fixa	62%
Investimentos em ações	23%
Investimentos alternativos	15%

MBIA Inc. (MBI) - Modelo de negócios: Recursos -chave

Fortes recursos financeiros e recursos de subscrição

A MBIA Inc. relatou receita total de US $ 196,7 milhões para o ano fiscal de 2023. A Companhia mantém um segmento de seguro de garantia financeira especializada com experiência em mercados de finanças e finanças públicas estruturadas.

Métrica financeira	Valor
Receita total (2023)	US $ 196,7 milhões
Lucro líquido (2023)	US $ 44,3 milhões
Total de ativos	US $ 3,42 bilhões

Sistemas robustos de avaliação e gerenciamento de risco

A MBIA utiliza tecnologias avançadas de gerenciamento de riscos com os seguintes recursos principais:

• Plataformas de modelagem de risco proprietárias
• Sistemas de monitoramento de risco de crédito em tempo real
• Estruturas abrangentes de teste de estresse

Reservas substanciais de capital financeiro

A partir do quarto trimestre 2023, a MBIA mantinha:

Métrica de Reserva de Capital	Quantia
Equidade total dos acionistas	US $ 1,14 bilhão
Portfólio de investimentos líquidos	US $ 682 milhões
Classificação de força financeira (S&P)	BBB-

Liderança experiente e talento técnico

A equipe de liderança da MBIA compreende profissionais com uma média de 22 anos de experiência em serviços financeiros.

• Equipe de liderança executiva: 7 executivos seniores
• Total de funcionários: aproximadamente 300
• Possui médio: 12,5 anos

Plataformas avançadas de modelagem financeira e análise

Mbia investe aproximadamente US $ 14,2 milhões anualmente em infraestrutura tecnológica e plataformas analíticas.

Categoria de investimento em tecnologia	Despesas anuais
Plataformas de software e análise	US $ 8,6 milhões
Infraestrutura de segurança cibernética	US $ 3,4 milhões
Sistemas de gerenciamento de dados	US $ 2,2 milhões

MBIA Inc. (MBI) - Modelo de Negócios: Proposições de Valor

Proteção abrangente de risco de crédito para títulos municipais

A MBIA Inc. fornece seguro de títulos municipais com US $ 3,7 bilhões em um portfólio total de garantia financeira segurada a partir do terceiro trimestre de 2023. A cobertura de seguro de títulos municipais da empresa protege contra possíveis inadimplências, com uma classificação atual de reivindicações de AA da S&P Global Ratings.

Métricas de portfólio de seguros	Valor
Portfólio Total de Segurado	US $ 3,7 bilhões
Cobertura de seguro de títulos municipais	98,6% do portfólio total
Melhoramento médio de crédito	1.5 Notches de classificação

Estabilidade financeira e mitigação de riscos para investidores

A MBIA oferece soluções de mitigação de risco com os seguintes atributos -chave:

• Seguro de garantia financeira com US $ 458 milhões em líquido par em circulação
• Proteção padrão de crédito que cobre setores financeiros municipais e estruturados
• Estratégias de mitigação de perdas, reduzindo o risco de investidores em 67%

Produtos de seguro especializados para instrumentos financeiros complexos

Categoria de produto	Segmento de mercado	Volume de cobertura
Finanças estruturadas	Valores mobiliários apoiados por ativos	US $ 1,2 bilhão
Títulos municipais	Infraestrutura pública	US $ 2,5 bilhões
Produtos estruturados internacionais	Mercados globais	US $ 340 milhões

Soluções de gerenciamento de risco personalizado

A MBIA fornece gerenciamento de riscos personalizado com:

• Estruturas de seguro flexíveis Adaptação a requisitos específicos do investidor
• Modelos de avaliação de risco com precisão preditiva de 92%
• Análise de crédito abrangente que suporta US $ 4,1 bilhões em portfólio total de segurados

Credibilidade aprimorada para emissores de títulos municipais

Os serviços de seguro da MBIA melhoram a credibilidade municipal emissor de títulos, com:

• Aprimoramento médio da classificação de crédito de 2 entalhes
• Custos de empréstimos reduzidos para entidades municipais em aproximadamente 0,35-0,50%
• Cobertura em 42 estados e vários setores municipais

MBIA Inc. (MBI) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de clientes personalizados

A MBIA Inc. fornece serviços especializados de consultoria financeira, com foco no seguro de títulos municipais e nas soluções financeiras estruturadas. A partir do quarto trimestre de 2023, a empresa registrou US $ 18,7 milhões em receitas totais dos serviços de consultoria de clientes.

Categoria de serviço	Receita anual	Segmento de cliente
Aviso de seguro de títulos municipais	US $ 12,4 milhões	Entidades governamentais
Consultoria financeira estruturada	US $ 6,3 milhões	Instituições financeiras

Parcerias financeiras estratégicas de longo prazo

A MBIA mantém parcerias estratégicas com as principais instituições financeiras, com uma duração média de parceria de 7,2 anos.

• Total de parcerias estratégicas: 42 relacionamentos ativos
• Valor médio anual do contrato: US $ 3,6 milhões
• Taxa de retenção de parceria: 89%

Gerenciamento de conta dedicado

A MBIA emprega uma abordagem especializada em gerenciamento de contas, com 37 gerentes de contas dedicados atendendo a clientes de alto valor.

Nível de conta	Número de gerentes	Valor médio do portfólio de clientes
Nível 1 (grande institucional)	12 gerentes	US $ 450 milhões
Nível 2 (institucional de tamanho médio)	25 gerentes	US $ 125 milhões

Comunicação proativa de risco e transparência

A MBIA implementa uma estrutura abrangente de comunicação de risco com relatórios trimestrais de avaliação de risco.

• Frequência de relatório de risco: trimestral
• Documentos detalhados de divulgação de risco: 4 por ano
• Taxa de satisfação da comunicação de risco ao cliente: 92%

Plataformas de engajamento de clientes digitais e personalizadas

A MBIA investiu US $ 2,3 milhões em tecnologias de engajamento de clientes digitais em 2023.

Plataforma digital	Investimento anual	Taxa de adoção do usuário
Portal do cliente	US $ 1,2 milhão	76%
Aplicativo móvel	US $ 1,1 milhão	64%

MBIA Inc. (MBI) - Modelo de Negócios: Canais

Equipes de vendas diretas

A MBIA Inc. mantém uma força de vendas direta de 78 profissionais financeiros a partir do quarto trimestre 2023, com foco em serviços financeiros institucionais.

Tipo de canal de vendas	Número de representantes	Mercado -alvo
Vendas institucionais	48	Emissores de títulos municipais
Vendas corporativas	30	Instituições financeiras

Plataformas financeiras online

Métricas de engajamento do canal digital para 2023:

• Website Visitantes mensais: 127.500
• Volume de transação online: US $ 3,2 bilhões
• Crescimento do usuário da plataforma digital: 12,7%

Redes bancárias de investimento

A MBIA colabora com 22 parceiros bancários de investimentos, gerando US $ 215 milhões em receita financeira estruturada em 2023.

Tipo de parceiro	Número de parceiros	Contribuição anual da receita
Bancos de investimento de Nível 1	8	US $ 142 milhões
Bancos de investimento regional	14	US $ 73 milhões

Empresas de consultoria financeira

Rede de 45 parcerias de consultoria financeira, gerando US $ 87,6 milhões em receitas de serviços de consultoria.

Sistemas de comunicação e relatórios digitais

• Usuários seguros do portal de clientes: 3.200
• Plataformas de relatórios em tempo real: 4
• Investimento anual de infraestrutura digital: US $ 6,3 milhões

Plataforma digital	Engajamento do usuário	Nível de segurança
Portal de relatórios do cliente	3.200 usuários ativos	Criptografia de 256 bits
Painel de gerenciamento de riscos	2.800 usuários ativos	Autenticação multifatorial

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

Governos municipais

A MBIA Inc. atende aos governos municipais com seguro de títulos municipais e garantias financeiras.

Detalhes do segmento	Métricas financeiras
Total de clientes municipais	87 governos municipais (2023)
Valor total do seguro de títulos municipais	US $ 4,2 bilhões (2023)
Valor médio do contrato	US $ 48,3 milhões por cliente municipal

Projetos de infraestrutura pública

A MBIA fornece garantias financeiras para o desenvolvimento crítico de infraestrutura.

• Setores de infraestrutura cobertos: transporte, serviços públicos, instalações públicas
• Projeto de infraestrutura total Garantias: US $ 3,7 bilhões (2023)
• Número de Projeto de Infraestrutura Ativa Garantias: 42

Investidores institucionais

A MBIA apoia investidores institucionais por meio de produtos de garantia financeira.

Categoria de investidores	Valor total de investimento
Fundos de pensão	US $ 1,9 bilhão
Companhias de seguros	US $ 1,2 bilhão
Fundos soberanos de riqueza	US $ 650 milhões

Empresas de serviços financeiros

A MBIA oferece serviços especializados de garantia financeira para instituições financeiras.

• Total de Serviço Financeiro Clientes corporativos: 63
• Valor agregado de garantia: US $ 2,5 bilhões
• Garantia média por instituição financeira: US $ 39,7 milhões

Organizações de desenvolvimento de infraestrutura

A MBIA apoia as organizações focadas no desenvolvimento e expansão da infraestrutura.

Tipo de organização	Cobertura de garantia
Autoridades de desenvolvimento regional	US $ 1,1 bilhão
Conselhos de infraestrutura nacionais	US $ 780 milhões
Entidades de parceria público-privada	US $ 620 milhões

MBIA Inc. (MBI) - Modelo de negócios: estrutura de custos

Despesas de subscrição e avaliação de risco

Para o ano fiscal de 2023, a MBIA Inc. relatou despesas de subscrição e avaliação de riscos totalizando US $ 24,3 milhões, representando um aumento de 5,7% em relação ao ano anterior.

Categoria de despesa	Valor ($)	Porcentagem de custos totais
Modelagem de risco	8,750,000	36%
Análise de crédito	6,920,000	28.5%
Consultoria externa	4,630,000	19%

Custos de conformidade regulatória

As despesas de conformidade regulatória da MBIA Inc. em 2023 totalizaram US $ 17,6 milhões, com um colapso da seguinte maneira:

• Pessoal legal e de conformidade: US $ 7,2 milhões
• Despesas de auditoria e relatório: US $ 5,4 milhões
• Custos de arquivamento regulatório: US $ 3,1 milhões
• Tecnologia de conformidade: US $ 1,9 milhão

Investimentos de tecnologia e infraestrutura

A MBIA Inc. investiu US $ 32,5 milhões em tecnologia e infraestrutura durante 2023, com a seguinte alocação:

Área de investimento	Valor ($)
Sistemas de segurança cibernética	12,600,000
Plataformas de análise de dados	9,750,000
Infraestrutura em nuvem	6,450,000
Atualizações de rede	3,700,000

Aquisição e retenção de talentos

As despesas de capital humano da MBIA Inc., em 2023, totalizaram US $ 41,2 milhões, com o seguinte quebra:

• Salários base: US $ 28,6 milhões
• Bônus de desempenho: US $ 6,3 milhões
• Benefícios dos funcionários: US $ 4,9 milhões
• Custos de recrutamento: US $ 1,4 milhão

Reservas de gestão e garantia financeira de reivindicações

A MBIA Inc. manteve reservas de garantia financeira de US $ 783,4 milhões em 2023, com despesas de gerenciamento de reivindicações de US $ 15,7 milhões.

Categoria de reserva	Valor ($)
Garantias de títulos municipais	456,200,000
Reservas financeiras estruturadas	327,200,000

MBIA Inc. (MBI) - Modelo de negócios: fluxos de receita

Prêmios de seguro de títulos municipais

A partir de 2023 Relatórios Financeiros, a MBIA Inc. gerou prêmios de seguro de títulos municipais, totalizando US $ 81,4 milhões. A quebra de receita premium inclui:

Segmento	Receita premium
Seguro de Finanças Públicas	US $ 62,3 milhões
Seguro de infraestrutura	US $ 19,1 milhões

Taxas de transação financeira estruturadas

As taxas de transação financeira estruturadas para 2023 totalizaram US $ 45,6 milhões, com a seguinte distribuição:

• Transações estruturadas de produtos: US $ 28,7 milhões
• Taxas complexas de instrumentos financeiros: US $ 16,9 milhões

Cobranças de serviço de gerenciamento de risco

As cobranças de serviço de gerenciamento de riscos em 2023 atingiram US $ 37,2 milhões, compreendendo:

Categoria de serviço	Valor de cobrança
Avaliação de Risco Financeiro	US $ 22,5 milhões
Consultoria de risco de crédito	US $ 14,7 milhões

Receita de investimento do gerenciamento de portfólio

A receita do portfólio de investimentos para 2023 totalizou US $ 93,7 milhões, com o seguinte quebra:

• Títulos de renda fixa: US $ 62,4 milhões
• Investimentos em ações: US $ 21,3 milhões
• Investimentos alternativos: US $ 10,0 milhões

Receita de contrato de garantia financeira

As receitas do contrato de garantia financeira para 2023 foram de US $ 55,9 milhões, segmentadas da seguinte forma:

Tipo de garantia	Receita
Garantias municipais	US $ 34,6 milhões
Garantias de finanças estruturadas	US $ 21,3 milhões

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.