MBIA
Headquarters:
113 King St.
Armonk, NY 10504
Phone: (914) 273-4545
Employees: 485
CEO: Gary Dunton
Stock Symbol: MBI
Website:
http://www.mbia.com
Career Site
MBIA, which stands for Municipal Bond Insurance
Association, is a premier financial guarantor and a leading provider
of fixed-income investment management services. The Company's
core business is credit enhancement of municipal bonds and asset-and
mortgage-backed transactions in the new issue and secondary markets.
MBIA's innovative and cost-effective products
and services meet the credit enhancement, financial and investment
needs of its public and private sector clients, domestically
and internationally. MBIA Inc.'s principal operating subsidiary,
MBIA Insurance Corporation, has a financial strength rating of
Triple-A from Moody's Investors Service, Standard & Poor's
Ratings Services, Fitch Ratings, and Rating and Investment Information,
Inc.
With 10 offices in New York, Denver, San
Francisco, Paris, London, Madrid, Milan, Sydney and Tokyo, MBIA
services the needs of clients around the globe.
In 2006, the company reported revenues
of $2.7 billion and net income of $819 million.
History
1971 -
Municipal Issuers Service Corp. (MISC) forms.
1973 -
Municipal Bond Insurance Association (MBIA) forms. Managed by
MISC, MBIA is formed by four major insurance companies: The Aetna
Casualty and Surety Company, St. Paul Fire and Marine Insurance
Company, Aetna Insurance Company (then part of Connecticut General
and now part of CIGNA), and United States Fire Insurance Company,
a Crum & Forster Company.
1974 -
MBIA becomes the first municipal bond guarantor to receive Standard
& Poor's highest credit rating, AAA. MBIA guarantees its
first bond issue on May 21, 1974, $8.65 million water and sewer
revenue bonds issued by Carbondale, Illinois. For all of 1974,
MBIA insures 12 issues totaling $82 million of par value.
1985 - Ryder
System, Inc. acquires MISC, which continues to serve as the managing
agent for MBIA. Ryder sells MISC less than 18 months later to
MBIA.
1987 - MBIA
goes public on the NY Stock Exchange. It becomes the managing
agency of the Municipal Bond Insurance Association, which was
created in 1973.
Updated January 11, 2008
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