us-gaap:OperatingLeaseLiabilityfalseQ10000814585--12-31Negative percentage represents financial guarantee policies in a receivable position.Negative percentage represents financial guarantee policies in a receivable position.Recovery value reflects an estimate of the amount to be awarded to the Company as part of litigation seeking to enforce its contractual rights.Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.Consists principally of intercompany reinsurance balances.Includes 0.9 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for each of the three months ended March 31, 2021 and 2020, respectively.Weighted average represents the total 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Table of Contents
 
 
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
 
March 31, 2021
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                
to
                
Commission File Number:
 
1-9583
 
 
MBIA INC.
(Exact name of registrant as specified in its charter)
 
 
 
Connecticut
 
06-1185706
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
   
1 Manhattanville Road, Suite 301,
 
PurchaseNew York
 
10577
(Address of principal executive offices)
 
(Zip Code)
(914273-4545
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
 
MBI
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  
   Accelerated filer  
       
Non-accelerated filer  
   Smaller reporting company  
       
         Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  
    No  
As of May 3, 2021, 54,349,163 shares of Common Stock, par value $1 per share,
 
were outstanding.
 
 
 

Table of Contents
    
 
  
 
  
PAGE
 
 
     
Item 1.
  
  
     
     
 
  
  
 
1
 
     
 
  
  
 
2
 
     
 
  
  
 
3
 
     
 
  
  
 
4
 
     
 
  
  
 
5
 
     
 
  
  
 
6
 
     
Item 2.
  
  
 
44
 
     
Item 3.
  
  
 
69
 
     
Item 4.
  
  
 
69
 
 
 
     
Item 1.
  
  
 
70
 
     
Item 1A.
  
  
 
70
 
     
Item 2.
  
  
 
71
 
     
Item 6.
  
  
 
72
 
   
  
 
73
 

Table of Contents
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This quarterly report of MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA”, the “Company”, “we”, “us” or “our”) includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe”, “anticipate”, “project”, “plan”, “expect”, “estimate”, “intend”, “will likely result”, “looking forward”, or “will continue” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. MBIA cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. We undertake no obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such result is not likely to be achieved.
The following are some of the general factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements:
 
 
 
increased credit losses or impairments on public finance obligations that National Public Finance Guarantee Corporation (“National”) insures issued by state, local and territorial governments and finance authorities and other providers of public services, located in the U.S. or abroad, that are experiencing fiscal stress;
 
 
 
the possibility that loss reserve estimates are not adequate to cover potential claims;
 
 
 
a disruption in the cash flow from National or an inability to access the capital markets and our exposure to significant fluctuations in liquidity and asset values in the global credit markets as a result of collateral posting requirements;
 
 
 
our ability to fully implement our strategic plan;
 
 
 
the possibility that MBIA Insurance Corporation will have inadequate liquidity or resources to timely pay claims as a result of higher than expected losses on certain insured transactions or as a result of a delay or failure in collecting expected recoveries, which could lead the New York State Department of Financial Services (“NYSDFS”) to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders;
 
 
 
the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus COVID-19;
 
 
 
deterioration in the economic environment and financial markets in the United States or abroad, real estate market performance, credit spreads, interest rates and foreign currency levels; and
 
 
 
the effects of changes to governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules.
The above factors provide a summary of and are qualified in their entirety by the risk factors discussed under “Risk Factors” in Part II, Other Information, Item 1A included in this Quarterly Report on Form 10-Q. In addition, refer to “Note 1: Business Developments and Risk and Uncertainties” in Notes to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a discussion of certain risks and uncertainties related to our financial statements.
This quarterly report of MBIA Inc. also includes statements of the opinion and belief of MBIA management which may be forward-looking statements subject to the preceding cautionary disclosure. Unless otherwise indicated herein, the basis for each statement of opinion or belief of MBIA management in this report is the relevant industry or subject matter experience and views of certain members of MBIA’s management. Accordingly, MBIA cautions readers not to place undue reliance on any such statements, because like all statements of opinion or belief they are not statements of fact and may prove to be incorrect. We undertake no obligation to publicly correct or update any statement of opinion or belief if the Company later becomes aware that such statement of opinion or belief was not or is not then accurate. In addition, readers are cautioned that each statement of opinion or belief may be further qualified by disclosures set forth elsewhere in this report or in other disclosures by MBIA.

Table of Contents
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions except share and per share amounts)
 
                                   
    
March 31, 2021
 
December 31, 2020
Assets
                
Investments:
                
Fixed-maturity securities held as
available-for-sale,
at fair value (amortized cost $2,135 and $2,078)
  
$
2,222
 
 
$
2,257
 
Investments carried at fair value
  
 
207
 
 
 
196
 
Investments pledged as collateral, at fair value (amortized cost - and $6)
  
 
-
 
 
 
1
 
Short-term investments, at fair value (amortized cost $623 and $281)
  
 
623
 
 
 
282
 
    
 
 
 
 
 
 
 
Total investments
  
 
3,052
 
 
 
2,736
 
Cash and cash equivalents
  
 
116
 
 
 
158
 
Premiums receivable (net of allowance for credit losses $5 and $5)
  
 
215
 
 
 
216
 
Deferred acquisition costs
  
 
48
 
 
 
50
 
Insurance loss recoverable
  
 
1,622
 
 
 
1,677
 
Other assets
  
 
94
 
 
 
84
 
Assets of consolidated variable interest entities:
                
Cash
  
 
5
 
 
 
9
 
Investments carried at fair value
  
 
76
 
 
 
77
 
Loans receivable at fair value
  
 
124
 
 
 
120
 
Loan repurchase commitments
  
 
-
 
 
 
604
 
Other assets
  
 
23
 
 
 
20
 
    
 
 
 
 
 
 
 
Total assets
  
$
5,375
 
 
$
5,751
 
    
 
 
 
 
 
 
 
Liabilities and Equity
                
Liabilities:
                
Unearned premium revenue
  
$
386
 
 
$
405
 
Loss and loss adjustment expense reserves
  
 
990
 
 
 
990
 
Long-term debt
  
 
2,258
 
 
 
2,229
 
Medium-term notes (includes financial instruments carried at fair value of $105 and $110)
  
 
698
 
 
 
710
 
Investment agreements
  
 
268
 
 
 
269
 
Derivative liabilities
  
 
126
 
 
 
215
 
Other liabilities
  
 
203
 
 
 
161
 
Liabilities of consolidated variable interest entities:
                
Variable interest entity notes (includes financial instruments carried at fair value of $325 and $350)
  
 
451
 
 
 
623
 
Other liabilities
  
 
23
 
 
 
-
 
    
 
 
 
 
 
 
 
Total liabilities
  
 
5,403
 
 
 
5,602
 
    
 
 
 
 
 
 
 
Commitments and contingencies (Refer to Note 13: Commitments and Contingencies)
                
Equity:
                
Preferred stock, par value $1 per share; authorized
shares
 
-
10,000,000;
issued and outstanding
 
-
none
  
 
-
 
 
 
-
 
Common stock, par value $1 per share; authorized
shares
 -
400,000,000;
issued
 
shares
 -

283,186,115
and 283,186,115
  
 
283
 
 
 
283
 
Additional
paid-in
capital
  
 
2,934
 
 
 
2,962
 
Retained earnings (deficit)
  
 
(119
 
 
(13
Accumulated other comprehensive income (loss), net of tax of $8 and $8
  
 
39
 
 
 
115
 
Treasury stock, at
cost
 -
228,837,465
and 229,508,967 shares
  
 
(3,178
 
 
(3,211
    
 
 
 
 
 
 
 
Total shareholders’ equity of MBIA Inc.
  
 
(41
 
 
136
 
Preferred stock of subsidiary
  
 
13
 
 
 
13
 
    
 
 
 
 
 
 
 
Total equity
  
 
(28
 
 
149
 
    
 
 
 
 
 
 
 
Total liabilities and equity
  
$
5,375
 
 
$
5,751
 
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
1

Table of Contents
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions except share and per share amounts)
 
                                   
    
Three Months Ended March 31,
    
2021
 
2020
Revenues:
                
Premiums earned:
                
Scheduled premiums earned
  
$
15
 
 
$
16
 
Refunding premiums earned
  
 
5
 
 
 
4
 
    
 
 
 
 
 
 
 
Premiums earned (net of ceded premiums of $1 and $1)
  
 
20
 
 
 
20
 
Net investment income
  
 
15
 
 
 
23
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
51
 
 
 
(63
Revenues of consolidated variable interest entities:
                
Net investment income
  
 
-
 
 
 
8
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
(14
 
 
15
 
Other net realized gains (losses)
  
 
-
 
 
 
(9
    
 
 
 
 
 
 
 
Total revenues
  
 
72
 
 
 
(6
Expenses:
                
Losses and loss adjustment
  
 
98
 
 
 
243
 
Amortization of deferred acquisition costs
  
 
2
 
 
 
2
 
Operating
  
 
26
 
 
 
18
 
Interest
  
 
41
 
 
 
47
 
Expenses of consolidated variable interest entities:
                
Operating
  
 
2
 
 
 
2
 
Interest
  
 
9
 
 
 
15
 
    
 
 
 
 
 
 
 
Total expenses
  
 
178
 
 
 
327
 
    
 
 
 
 
 
 
 
Income (loss) before income taxes
  
 
(106
 
 
(333
    
 
 
 
 
 
 
 
Provision (benefit) for income taxes
 
 
-
 
 
 
-
 
    
 
 
 
 
 
 
 
Net income (loss)
  
$
(106
 
$
(333
    
 
 
 
 
 
 
 
Net income (loss) per common share:
                
Basic
  
$
(2.16
 
$
(4.62
Diluted
  
$
(2.16
 
$
(4.62
Weighted average number of common shares outstanding:
                
Basic
  
 
49,258,110
 
 
 
72,089,016
 
Diluted
  
 
49,258,110
 
 
 
72,089,016
 
The accompanying notes are an integral part of the consolidated financial statements.
 
2

Table of Contents
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In millions)
 
                                   
    
Three Months Ended March 31,
    
2021
 
2020
Net income (loss)
  
$
(106
 
$
(333
Other comprehensive income (loss):
                
Available-for-sale
securities with no credit losses:
                
Unrealized gains (losses) arising during the period
  
 
(87
 
 
48
 
Reclassification adjustments for (gains) losses included in net income (loss)
  
 
(5
 
 
(3
Foreign currency translation:
                
Foreign currency translation gains (losses)
  
 
1
 
 
 
-
 
Instrument-specific credit risk of liabilities measured at fair value:
                
Unrealized gains (losses) arising during the period
  
 
(5
 
 
46
 
Reclassification adjustments for (gains) losses included in net income (loss)
  
 
20
 
 
 
2
 
    
 
 
 
 
 
 
 
Total other comprehensive income (loss)
  
 
(76
 
 
93
 
    
 
 
 
 
 
 
 
Comprehensive income (loss)
  
$
(182
 
$
(240
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
3

Table of Contents
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(In millions except share amounts)
 
                                   
    
Three Months Ended March 31,
    
2021
 
2020
Common shares
                
Balance at beginning of period
  
 
283,186,115
 
 
 
283,433,401
 
Common shares issued (cancelled), net
  
 
-
 
 
 
-
 
    
 
 
 
 
 
 
 
Balance at end of period
  
 
283,186,115
 
 
 
283,433,401
 
Common stock amount
                
Balance at beginning and end of period
  
$
283
 
 
$
283
 
Additional
paid-in
capital
                
Balance at beginning of period
  
$
2,962
 
 
$
2,999
 
Period change
  
 
(28
 
 
(38
    
 
 
 
 
 
 
 
Balance at end of period
  
$
2,934
 
 
$
2,961
 
Retained earnings
                
Balance at beginning of period
  
$
(13
 
$
607
 
ASU
2016-13
transition adjustment
  
 
-
 
 
 
(42
Net income (loss)
  
 
(106
 
 
(333
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(119
 
$
232
 
Accumulated other comprehensive income (loss)
                
Balance at beginning of period
  
$
115
 
 
$
(2
Other comprehensive income (loss)
  
 
(76
 
 
93
 
    
 
 
 
 
 
 
 
Balance at end of period
  
$
39
 
 
$
91
 
Treasury shares
                
Balance at beginning of period
  
 
(229,508,967
 
 
(204,000,108
Treasury shares acquired under share repurchase program
  
 
-
 
 
 
(8,082,756
Other
  
 
671,502
 
 
 
809,869
 
    
 
 
 
 
 
 
 
Balance at end of period
  
 
(228,837,465
 
 
(211,272,995
Treasury stock amount
                
Balance at beginning of period
  
$
(3,211
 
$
(3,061
Treasury shares acquired under share repurchase program
  
 
-
 
 
 
(65
Other
  
 
33
 
 
 
43
 
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(3,178
 
$
(3,083
Total shareholders’ equity of MBIA Inc.
                
Balance at beginning of period
  
$
136
 
 
$
826
 
Period change
  
 
(177
 
 
(342
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(41
 
$
484
 
    
 
 
 
 
 
 
 
Preferred stock of subsidiary shares
                
Balance at beginning and end of period
  
 
1,315
 
 
 
1,315
 
Preferred stock of subsidiary amount
                
Balance at beginning and end of period
  
$
13
 
 
$
13
 
    
 
 
 
 
 
 
 
Total equity
  
$
(28
 
$
497
 
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
4

Table of Contents
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
 
                                   
    
Three Months Ended March 31,
    
2021
 
2020
Cash flows from operating activities:
                
Premiums, fees and reimbursements received
  
$
3
 
 
$
3
 
Investment income received
  
 
21
 
 
 
37
 
Financial guarantee losses and loss adjustment expenses paid
  
 
(58
 
 
(75
Proceeds from recoveries and reinsurance
  
 
17
 
 
 
10
 
Proceeds from loan repurchase commitments
  
 
600
 
 
 
-
 
Operating and employee related expenses paid
  
 
(32
 
 
(34
Interest paid, net of interest converted to principal
  
 
(22
 
 
(23
    
 
 
 
 
 
 
 
Net cash provided (used) by operating activities
  
 
529
 
 
 
(82
    
 
 
 
 
 
 
 
Cash flows from investing activities:
                
Purchases of
available-for-sale
investments
  
 
(299
 
 
(242
Sales of
available-for-sale
investments
  
 
178
 
 
 
279
 
Paydowns and maturities of
available-for-sale
investments
  
 
96
 
 
 
123
 
Purchases of investments at fair value
  
 
(62
 
 
(33
Sales, paydowns, maturities and other proceeds of investments at fair value
  
 
59
 
 
 
34
 
Sales, paydowns and maturities (purchases) of short-term investments, net
  
 
(342
 
 
178
 
Sales, paydowns and maturities of
held-to-maturity
investments
  
 
-
 
 
 
315
 
Paydowns and maturities of loans receivable
  
 
5
 
 
 
3
 
(Payments) proceeds for derivative settlements
  
 
(53
 
 
(3
Collateral (to) from counterparties
  
 
-
 
 
 
(44
    
 
 
 
 
 
 
 
Net cash provided (used) by investing activities
  
 
(418
 
 
610
 
    
 
 
 
 
 
 
 
Cash flows from financing activities:
                
Proceeds from investment agreements
  
 
-
 
 
 
3
 
Principal paydowns of investment agreements
  
 
-
 
 
 
(12
Principal paydowns of variable interest entity notes
  
 
(156
 
 
(323
Purchases of treasury stock
  
 
(1
 
 
(62
    
 
 
 
 
 
 
 
Net cash provided (used) by financing activities
  
 
(157
 
 
(394
    
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
  
 
(46
 
 
134
 
Cash and cash equivalents - beginning of period
  
 
167
 
 
 
83
 
    
 
 
 
 
 
 
 
Cash and cash equivalents - end of period
  
$
121
 
 
$
217
 
    
 
 
 
 
 
 
 
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
                
Net income (loss)
  
$
(106
 
$
(333
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
                
Change in:
                
Accrued investment income
  
 
23
 
 
 
-
 
Unearned premium revenue
  
 
(19
 
 
(19
Loss and loss adjustment expense reserves
  
 
1
 
 
 
84
 
Insurance loss recoverable
  
 
55
 
 
 
86
 
Loan repurchase commitments
  
 
604
 
 
 
-
 
Accrued interest payable
  
 
25
 
 
 
35
 
Accrued expenses
  
 
(33
 
 
(19
Net (gains) losses on financial instruments at fair value and foreign exchange
  
 
(41
 
 
48
 
Other net realized (gains) losses
  
 
-
 
 
 
9
 
Other operating
  
 
20