8-K

0001193125-22-211312.txt : 20220803 0001193125-22-211312.hdr.sgml : 20220803 20220803163114 ACCESSION NUMBER: 0001193125-22-211312 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220803 DATE AS OF CHANGE: 20220803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MBIA INC CENTRAL INDEX KEY: 0000814585 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 061185706 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09583 FILM NUMBER: 221133127 BUSINESS ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 914-273-4545 MAIL ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 8-K 1 d705292d8k.htm 8-K 8-K

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2022

MBIA INC.

(Exact name of registrant as specified in its charter)

Connecticut

001-9583

06-1185706

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1 Manhattanville Road, Suite 301

Purchase, New York

10577

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

914-273-4545

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of Each Class

Trading

Symbol

Name of Each Exchange

on Which Registered

Common Stock, par value $1 per share

MBI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information, including Exhibit 99.1 to this Form 8-K, is being furnished, not filed, pursuant to Item 2.02 - Results of Operations and Financial Condition of Form 8-K.

On August 3, 2022, MBIA Inc. (“MBIA”) issued a press release announcing that the Registrant’s results of operations for the quarter ended June 30, 2022 were available via a financial results report on the Registrant’s website at https://investor.mbia.com/investor-relations/financial-information/default.aspx. A copy of the financial results report is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference to this Item 2.02 as if fully set forth herein.

Item 7.01. REGULATION FD DISCLOSURE.

The following information is being furnished, not filed, pursuant to Item 7.01 - Regulation FD Disclosure of Form 8-K. Information contained on MBIA’s website is not incorporated by reference into this Current Report on Form 8-K.

On August 3, 2022, MBIA will post on its website, www.mbia.com, under the section “Investor Relations – Financial Information – Operating Supplements,” a Quarterly Operating Supplement for the second quarter of 2022 and under the section “Investor Relations – Financial Information – Statutory Statements,” 2022 Quarterly Statements for the second quarter of 2022 for each of MBIA Insurance Corporation and National Public Finance Guarantee Corporation. MBIA will also post on its website, under the section “Selected Exposures,” certain information on the Company’s insured portfolios as of June 30, 2022. The information will be posted as “MBIA Corp.’s Structured Finance Insured Portfolio,” “MBIA Corp.’s Non-U.S. Public Finance Insured Portfolio” and “National Public Finance Guarantee Corporation’s Insured Portfolio.” Information on National Public Finance Guarantee Corporation’s insured portfolio as of June 30, 2022 will also be posted on National Public Finance Guarantee Corporation’s website, www.nationalpfg.com, under the selection “Insured Portfolio.” Additional exposure information on certain credits insured by National Public Finance Guarantee Corporation will be posted on National Public Finance Guarantee Corporation’s website, www.nationalpfg.com, under the selection “Selected Exposures.”

On or about August 4, 2022, MBIA will also post on its website, www.mbia.com, under the section “Investor Relations – Investor Inquiries/FAQs,” updated Frequently Asked Questions.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.


99.1		Second Quarter 2022 Financial Results issued by MBIA Inc., dated August 3, 2022.

104c		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


MBIA INC.

By:		/s/ Jonathan C. Harris
		Jonathan C. Harris
		General Counsel

Date: August 3, 2022

EX-99.1 2 d705292dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

MBIA Inc. Second Quarter 2022 Financial Results

August 3, 2022

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $36 million, or $(0.72) per share, for the second quarter of 2022 compared to a consolidated GAAP net loss of $61 million, or $(1.23) per share, for the second quarter of 2021. The improved result versus last year’s second quarter was primarily due to mark-to-market gains on interest rate swaps due to the increase in interest rates in 2022; net gains on financial instruments at fair value in variable interest entities consolidated at MBIA Insurance Corporation (MBIA Corp.) due largely to the release of credit risk gains from accumulated and other comprehensive income from the redemption of consolidated insured bonds; and a favorable variance of losses and loss adjustment expenses (LAE) at MBIA Corp., partially offset by investment-related net losses and higher losses and LAE at National Public Finance Guarantee Corporation (National). The favorable losses and LAE comparison for MBIA Corp. was primarily due to second quarter 2022 loss benefits related to RMBS and Zohar CDOs and the adverse comparison of losses and LAE for National primarily resulted from the second quarter 2022 estimate of recovery value based on updated market information of the Puerto Rico Highways and Transportation (HTA) Contingent Value Instruments (CVIs) received by National on July 8.

Book value per share was negative $13.63 as of June 30, 2022 compared with a negative $5.73 as of December 31, 2021. The decrease in book value per share since year-end 2021 was primarily due to net unrealized losses on investments, which resulted primarily from higher interest rates and wider credit spreads in 2022, and the net loss for the first six months of 2022.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $47 million or $(0.93) per diluted share for the second quarter of 2022 compared with Adjusted Net Income of $37 million or $0.76 per diluted share for the second quarter of 2021. The adverse result was primarily due to the unfavorable variance of losses and LAE at National that primarily resulted from the estimated fair value of the Puerto Rico Highways and Transportation (HTA) Contingent Value Instruments (CVIs) received by National on July 8.

Adjusted Net Income (Loss) provides investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are also attached.

Statement from Company Representative

Bill Fallon, MBIA’s Chief Executive Officer noted, “There has been significant progress regarding the resolution of National’s Puerto Rico HTA exposure with the receipt of National’s anticipated recovery last month that represented about one-half of National’s total estimated recovery for its HTA exposure. National expects to receive the balance of its recovery after confirmation of the HTA’s restructuring plan, which is subject to court approval and the hearing is scheduled to start on August 17.”

Year-to-Date Results

The Company recorded a consolidated GAAP net loss of $109 million, or $(2.20) per diluted common share, for the six months ended June 30, 2022 compared with a consolidated GAAP net loss of $167 million, or $(3.38) per diluted common share, for the first six months of 2021. The lower net loss for 2022 was primarily due to a favorable variance of losses and LAE at MBIA Corp. and net gains on financial instruments in variable interest entities consolidated at MBIA Corp. due largely to the release of credit risk gains from accumulated other comprehensive income from the redemption of consolidated insured bonds, partially offset by greater losses and LAE at National. The favorable losses and LAE comparison for MBIA Corp. was primarily due to second quarter 2022 loss benefits related to Zohar CDOs and the greater losses and LAE for National was primarily due to its insured Puerto Rico exposure.

The Company’s non-GAAP Adjusted Net Loss for the six months ended June 30, 2022 was $143 million or $(2.87) per diluted share compared with an Adjusted Net Loss of $79 million or $(1.60) per diluted share for the first six months of 2021. The greater adjusted net loss for the first six months of 2022 was primarily due to higher losses and LAE at National that largely resulted from its insured Puerto Rico exposure.

MBIA Inc.

As of June 30, 2022, MBIA Inc.’s liquidity position totaled $188 million, consisting primarily of cash and cash equivalents and liquid invested assets. As of July 27, 2022, there were 54.9 million of MBIA Inc. common shares outstanding.

National Public Finance Guarantee Corporation

National had statutory capital of $2.0 billion and claims-paying resources totaling $3.0 billion as of June 30, 2022. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $2.3 billion as of June 30, 2022. National’s insured portfolio declined by $0.6 billion during the quarter, ending the quarter with $34.6 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 17 to 1, down from 18 to 1 as of year-end 2021.

MBIA Insurance Corporation

The statutory capital of MBIA Insurance Corporation as of June 30, 2022 was $118 million and claims-paying resources totaled $711 million. MBIA Insurance Corporation’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $275 million as of June 30, 2022.

Conference Call

The Company will host a webcast and conference call for investors tomorrow, Thursday, August 4, 2022 at 8:00 AM (ET) to discuss its second quarter 2022 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.

The dial-in number for the call is (866) 342-8588 in the U.S. and (203) 518-9865 from outside the U.S. The conference call code is 34702. A live webcast of the conference call will also be accessible on www.mbia.com.

A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on August 11 by dialing (800) 839-4017 in the U.S. or (402) 220-2984 from outside the U.S. In addition, a recorded replay of the call will become available on the Company’s website approximately two hours after the completion of the call.

Forward-Looking Statements

This release 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,” “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, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan; changes in general economic and competitive conditions; and the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus COVID-19. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.

MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA’s website at www.mbia.com.

Explanation of Non-GAAP Financial Measures

The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.

Adjusted Net Income (Loss): Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment, comprising the results of MBIA Corp. which given its capital structure and business prospects, we do not expect its financial performance to have a material impact on MBIA Inc. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of a full valuation allowance against the Company’s net deferred tax asset. Trends in the underlying profitability of the Company’s businesses can be more clearly identified without the fluctuating effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.

Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.

MBIA management further adjusts Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share by removing the impact of our U.S. public finance insurance segment VIE consolidations. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company. However, since the Company does not own such VIEs, management uses certain measures that remove the impact of VIE consolidations for our U.S. public finance insurance segment in order to reflect financial exposure limited to its financial guaranty contracts.

Book Value adjustments: Management adjusts GAAP book value to remove the book value of MBIA Corp. and for certain items which the Company believes will reverse from GAAP book value through GAAP earnings and comprehensive income, as well as add in the impact of certain items which the Company believes will be realized in GAAP book value in future periods. The Company has limited such adjustments to those items that it deems to be important when measuring financial performance and for which the likelihood and amount can be reasonably estimated. The following provides a description of management’s adjustments to GAAP book value:

•

Negative book value of MBIA Corp. - We remove the negative book value of MBIA Corp. based on our view that given MBIA Corp.’s current financial condition, the

regulatory regime in which it operates, the priority given to its policyholders, surplus note holders and preferred stock holders with respect to the distribution of assets, and its legal structure, it is not and will not likely be in a position to upstream any economic benefit to MBIA Inc. Further, MBIA Inc. does not face any material financial liability arising from MBIA Corp.

•

Net unrealized (gains) losses on available-for-sale (“AFS”) securities excluding MBIA Corp. - We remove net unrealized gains and losses on AFS securities recorded in accumulated other comprehensive income since they will reverse from GAAP book value when such securities mature. Gains and losses from sales and impairment of AFS securities are recorded in book value through earnings.

•

Net unearned revenue in excess of expected losses of National - We include net unearned premium revenue in excess of expected losses. Net unearned premium revenue in excess of expected losses consists of the financial guarantee unearned premium revenue of National in excess of expected insurance losses, net of reinsurance and deferred acquisition costs. In accordance with GAAP, a loss reserve on a financial guarantee policy is only recorded when expected losses exceed the amount of unearned premium revenue recorded for that policy. As a result, we only add to GAAP book value the amount of unearned premium revenue in excess of expected losses for each policy in order to reflect the full amount of our expected losses. The Company’s net unearned premium revenue will be recognized in GAAP book value in future periods, however, actual amounts could differ from estimated amounts due to such factors as credit defaults and policy terminations, among others.

Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.

Leverage Ratio: Gross Par Outstanding divided by Statutory Capital (Policyholders’ Surplus plus Contingency Reserve).

Contacts

MBIA Inc.

Greg Diamond, 914-765-3190

Managing Director, Head of

Investor and Media Relations

greg.diamond@mbia.com

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions except share and per share amounts)


	June 30, 2022			December 31, 2021
Assets
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (net of allowance for credit losses $3 and $-, amortized cost $2,350 and $2,016)	$	2,188		$	2,157
Investments carried at fair value		332			258
Investments pledged as collateral, at fair value (amortized cost $- and $4)		—			4
Short-term investments, at fair value (amortized cost $458 and $374)		458			374

Total investments		2,978			2,793
Cash and cash equivalents		202			151
Premiums receivable (net of allowance for credit losses $5 and $5)		171			178
Deferred acquisition costs		39			42
Insurance loss recoverable		443			1,296
Other assets		85			67
Assets of consolidated variable interest entities:
Cash		5			9
Investments carried at fair value		51			60
Loans receivable at fair value		68			77
Other assets		25			23

Total assets	$	4,067		$	4,696

Liabilities and Equity
Liabilities:
Unearned premium revenue	$	297		$	322
Loss and loss adjustment expense reserves		965			894
Long-term debt		2,359			2,331
Medium-term notes (includes financial instruments carried at fair value of $42 and $98)		493			590
Investment agreements		277			274
Derivative liabilities		72			131
Other liabilities		122			163
Liabilities of consolidated variable interest entities:
Variable interest entity notes carried at fair value		217			291

Total liabilities		4,802			4,996

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		2,919			2,931
Retained earnings (deficit)		(567	)		(458	)
Accumulated other comprehensive income (loss), net of tax of $8 and $8		(231	)		100
Treasury stock, at cost—228,286,399 and 228,630,003 shares		(3,152	)		(3,169	)

Total shareholders’ equity of MBIA Inc.		(748	)		(313	)
Preferred stock of subsidiary		13			13

Total equity		(735	)		(300	)

Total liabilities and equity	$	4,067		$	4,696

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions except share and per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenues:
Premiums earned:
Scheduled premiums earned	$	10		$	12		$	21		$	27
Refunding premiums earned		1			2			5			7

Premiums earned (net of ceded premiums of $0, $1, $1 and $2)		11			14			26			34
Net investment income		25			14			43			29
Net realized investment gains (losses)		(21	)		—			(24	)		(1	)
Net gains (losses) on financial instruments at fair value and foreign exchange		9			(20	)		26			32
Net gains (losses) on extinguishment of debt		4			14			4			14
Fees and reimbursements		4			1			4			1
Other net realized gains (losses)		(16	)		—			(19	)		—
Revenues of consolidated variable interest entities:
Net gains (losses) on financial instruments at fair value and foreign exchange		24			—			20			(14	)
Other net realized gains (losses)		—			(5	)		—			(5	)

Total revenues		40			18			80			90
Expenses:
Losses and loss adjustment		20			9			69			107
Amortization of deferred acquisition costs		1			3			3			5
Operating		11			21			30			47
Interest		43			41			84			82
Expenses of consolidated variable interest entities:
Operating		1			1			3			3
Interest		—			4			—			13

Total expenses		76			79			189			257

Income (loss) before income taxes		(36	)		(61	)		(109	)		(167	)
Provision (benefit) for income taxes		—			—			—			—

Net income (loss)	$	(36	)	$	(61	)	$	(109	)	$	(167	)

Net income (loss) per common share:
Basic	$	(0.72	)	$	(1.23	)	$	(2.20	)	$	(3.38	)
Diluted	$	(0.72	)	$	(1.23	)	$	(2.20	)	$	(3.38	)
Weighted average number of common shares outstanding:
Basic		49,826,695			49,488,368			49,729,610			49,373,883
Diluted		49,826,695			49,488,368			49,729,610			49,373,883

ADJUSTED NET INCOME (LOSS) RECONCILIATION⁽¹⁾

(In millions except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net income (loss)	$	(36	)	$	(61	)	$	(109	)	$	(167	)
Less: adjusted net income (loss) adjustments:
Income (loss) before income taxes of the international and structured finance insurance segment and eliminations		23			(99	)		18			(143	)
Adjustments to income before income taxes of the U.S. public finance insurance and corporate segments:
Mark-to-market gains (losses) on financial instruments⁽²⁾		13			(9	)		37			29
Foreign exchange gains (losses)⁽²⁾		13			(4	)		19			13
Net realized investment gains (losses)		(21	)		—			(23	)		(1	)
Net gains (losses) on extinguishment of debt		5			14			5			14
Net investment losses related to impairments of securities⁽³⁾		(22	)		—			(22	)		—
Adjusted net income adjustment to the (provision) benefit for income tax		—			—			—			—

Adjusted net income (loss)	$	(47	)	$	37		$	(143	)	$	(79	)

Adjusted net income (loss) per diluted common share	$	(0.93	)	$	0.76		$	(2.87	)	$	(1.60	)

(1)	A non-GAAP measure; please see Explanation of non-GAAP Financial Measures.

(2)	Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations.

(3)	Reported within “Other net realized gains (losses)” on the Company’s consolidated statements of operations.

COMPONENTS OF BOOK VALUE PER SHARE


	As of June 30, 2022			As of December 31, 2021
Reported Book Value per Share	$	(13.63	)	$	(5.73	)
Management’s book value per share adjustments:
Remove negative book value of MBIA Corp.		(36.48	)		(35.94	)
Remove net unrealized gains (losses) on available-for-sale securities included in other comprehensive income (loss)		(2.72	)		2.02
Include net unearned premium revenue in excess of expected losses		3.28			3.58
Shares outstanding in millions		54.9			54.6

INSURANCE OPERATIONS

Selected Financial Data Computed on a Statutory Basis

(Dollars in millions)

National Public Finance Guarantee Corporation


	June 30, 2022		December 31, 2021
Policyholders’ surplus	$	1,597	$	1,569
Contingency reserves		399		402

Statutory capital		1,996		1,971
Unearned premiums		289		311
Present value of installment premiums⁽¹⁾		120		121

Premium resources⁽²⁾		409		432
Net loss and loss adjustment expense reserves⁽¹⁾		55		(386	)
Salvage reserves on paid claims⁽¹⁾		496		944

Gross loss and loss adjustment expense reserves		551		558

Total claims-paying resources	$	2,956	$	2,961

Net debt service outstanding	$	66,529	$	69,817
Gross par outstanding	$	34,588	$	36,451
Capital ratio⁽³⁾		33:1		35:1
Claims-paying ratio⁽⁴⁾		23:1		24:1
Leverage Ratio⁽⁵⁾		17:1		18:1

MBIA Insurance Corporation


	June 30, 2022		December 31, 2021
Policyholders’ surplus	$	113	$	97
Contingency reserves		5		37

Statutory capital		118		134
Unearned premiums		40		46
Present value of installment premiums^(6) (8)		43		48

Premium resources⁽²⁾		83		94
Net loss and loss adjustment expense reserves⁽⁶⁾		133		266
Salvage reserves on paid claims^(6) (7)		377		231

Gross loss and loss adjustment expense reserves		510		497

Total claims-paying resources	$	711	$	725

Net debt service outstanding	$	5,374	$	6,509
Capital ratio⁽³⁾		46:1		49:1
Claims-paying ratio⁽⁴⁾		8:1		9:1

(1)	Calculated using discount rates of 3.65% as of June 30, 2022 and December 31, 2021.

(2)	Includes financial guarantee and insured credit derivative related premiums.

(3)	Net debt service outstanding divided by statutory capital.

(4)	Net debt service outstanding divided by the sum of statutory capital, unearned premium reserve (after-tax), present value of installment premiums (after-tax), net loss and loss adjustment expense reserves and salvage reserves.

(5)	Gross par outstanding divided by statutory capital.

(6)	Calculated using discount rates of 4.99% as of June 30, 2022 and December 31, 2021.

(7)	This amount primarily consists of expected recoveries related to the payment of claims on insured CDOs and RMBS.

(8)	Based on the Company’s estimate of the remaining life for its insured exposures.

EX-101.SCH 3 mbi-20220803.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 mbi-20220803_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Entity Registrant Name Entity Registrant Name Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 mbi-20220803_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 6 g705292g07c53.jpg GRAPHIC begin 644 g705292g07c53.jpg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g705292g47h12.jpg GRAPHIC begin 644 g705292g47h12.jpg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end XML 8 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	Aug. 03, 2022
Cover [Abstract]
Entity Registrant Name	MBIA INC
Amendment Flag	false
Entity Central Index Key	0000814585
Document Type	8-K
Document Period End Date	Aug. 03, 2022
Entity Incorporation State Country Code	CT
Entity File Number	001-9583
Entity Tax Identification Number	06-1185706
Entity Address, Address Line One	1 Manhattanville Road
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Purchase
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
City Area Code	914
Local Phone Number	273-4545
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $1 per share
Trading Symbol	MBI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

XML 9 d705292d8k_htm.xml IDEA: XBRL DOCUMENT 0000814585 2022-08-03 2022-08-03 MBIA INC false 0000814585 8-K 2022-08-03 CT 001-9583 06-1185706 1 Manhattanville Road Suite 301 Purchase NY 10577 914 273-4545 false false false false Common Stock, par value $1 per share MBI NYSE false EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 11 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.2 html 1 23 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d705292d8k.htm d705292dex991.htm mbi-20220803.xsd mbi-20220803_lab.xml mbi-20220803_pre.xml g705292g47h12.jpg http://xbrl.sec.gov/dei/2021 true false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d705292d8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "d705292d8k.htm" ] }, "labelLink": { "local": [ "mbi-20220803_lab.xml" ] }, "presentationLink": { "local": [ "mbi-20220803_pre.xml" ] }, "schema": { "local": [ "mbi-20220803.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.sec.gov/dei/2021/dei-2021.xsd", "https://xbrl.sec.gov/naics/2021/naics-2021.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2021": 3, "total": 3 }, "keyCustom": 0, "keyStandard": 23, "memberCustom": 0, "memberStandard": 0, "nsprefix": "mbi", "nsuri": "http://www.mbia.com/20220803", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "d705292d8k.htm", "contextRef": "duration_2022-08-03_to_2022-08-03", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "role": "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "d705292d8k.htm", "contextRef": "duration_2022-08-03_to_2022-08-03", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2021", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security 12b Title", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://www.mbia.com//20220803/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 17 0001193125-22-211312-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-22-211312-xbrl.zip M4$L#!!0 ( .6# U6!-2(PWA #%G . 9#MS(C<2_YZJ_ \J)7;4V@UZM5O>ON]72[.6_IF.'/# AN>=>9@\Y*,@5 M\@4S$U4,I*%F/I-)[0&5_:PGAKFX1%J6">/T)Y5"-I,-U4UX2Z+LR3_?:AOKM;7GU?-*4%=.?#$F"J0 M&.SIS,@7C,+[5"<&R,-"1[%\;.NGG!(#')P_-M4E+F*IO2274>7WN; PJKI9 M1E#&,UK8&;7QK^+*8==EX]-E+OP(WXV9H@1[,-@? 7^XRM0]5S%7&3T0S RQ MPJ>KC&)3E=,]DARVRT6=$D(N^YX]N[ZT^0.1:N:PJXS-I>_0&0H_RUR32SZM M8G4FHL_O,C_IHM]!]7YON$#DK,.&7")[58N.@2 7?L, MC%?7EVN"IZK#!E K$'H]?D?)QO7(%W]77NHI<_WY0[-&FJWZ96Z!EA7:YL/6 MQLRUX9^Z=>AP[_$&U)%LVV!K&5&'(05UFJ[-II_8;)43*Q7V)"T//V6S=%8^ M6Z4OM[1J@@V8 &1E$IX18*I2HP&,130V51'7KC*2CWT'A5I_-Q)("N"-$4-- M=BKMN)0*2W@H/3LCV3-@Y/5E;G$ZT>07)JR?I1>(\%'K=C7BMEZ\';@=-V-Z M[9)';N,7 \X$T22PMXDW)QS+Y<&AQR "/Q)00FV,JC#AV[5@KDPD5DLGW!; MC:KE[!EW+U)U'390%V,JAMPU\'.5T$!Y\3>"#T?15]B='W>&>&Z,F"X%Y\%/ MNE">7TT]]CVEO+'^IN\)(#W^QO2G1'H.M\D/>?V3N?[G#^;[_,5ESM\T4''[ M0(6#!QH WPW)_\>JI1UFLZ&3[4QF<_"+"?/ SKFSJS:XV,F28M-2,<;4_="ETU" MUO8]Q[Y8(T%?6LU>XX9T>[5>H_OX9%^"G&ZC_J73[#4;75)KW9#&;_6?:JV/ M#5)O?_[<[':;[=:3:"P<@\9?J1R!%ZT\]Y3<9.M94LB?E2H;I:V\M[1MT_FU MNO/^(-W)YJ':HOIP40ZT\+T)PH%@=Q3-!6SI-%H]TFG2^T#( /QU MHCS2918*&S&+Q!/$/#NQW[T^@=Z J!%#V@+!%8?VC:DUHNZ0D9JE"!2;E6+I M:6;L*(2BRX7D=)CO"45.XF=&P>5B4A'V #6)T,7,?E?=#@CWVF]KA.[$JPU/\:,3AI3"KJ,"H :(Q** M"95$^LS",,HFW"5<20+:#PHDEK'I34+72^@3^(*[5+3O,&(QQP%AL?3.;3ZC MGWUJV_%S-%0T5P1S\QS>N;+'<(OR+:15S%IT-F M] 6C7W$'E]NL2A\\$)"=&6?JI5L)- M)BO$FJ9K>0+LFS9-705&I^X%KA*SNF<_R8 AR.$>B&*^\!YP6+1@=<]UT6>Q M K5JOC2X[2X)L=BOU'\6-J:+)R.NF('JQ6 &$T']K7R^Y0Z#LCZ@T_X;BZ91 M.2L7-S+LK\RW'ITVHVTY2S/J4":^-TRS?':>?[\#&Y]#W\M'4O=#[?Y1HN(3 MC1 8:WC@X@OR7_#PIOKJ,7K+E/=&X^YE-_" MJB#PD5!I_\8+TNQT26/L.]Z,B5=?DD5 )2TO.U\9#7WP"YW(8VU)O;A3JF.< MIWFE9_DC>Y.E\K?N3<9Z][J1Y19_H&;;@DD9_;F#X,[D+>XANN#ZY,>Q8Q7DU[\]\77=VKR"%4L"X"?%>Q'S[CV8 MKO,?[A\2YEV;^;/S\\?BMV_9@=["OY.(0[BMY0N0+.Y3A[ I@Y"5/^!N%QA. M)M]]VV'7"2PMP;5]M[(L:XS[?OFUH\#+?(_SGS^4"^;YA00V.,P?>2XCKG87 M3]&==P+T#@@%P0$I!:EY_;W/[2'MP3$OPFD-IGJ05E;,TK).&AM'NO- H.Z1 MVP<&U(7SHE$Z*ZT<=EH.IY^2Y3G*)0&>>@WC;0G^.\P#8IRUS71\SZJI.:U ;X)IA(:XL*1N?R( ["%I< H(IYMJPELJ#Y1P'#OBD(8.8ZX@
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end