Company Quick10K Filing
Quick10K
MBIA
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$8.99 90 $811
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-09 Other Events
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-07-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-10 Enter Agreement
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-11-13 Officers, Regulation FD, Exhibits
8-K 2018-11-08 Officers
8-K 2018-11-06 Earnings, Regulation FD, Exhibits
8-K 2018-08-08 Earnings, Regulation FD, Exhibits
8-K 2018-05-02 Amend Bylaw, Shareholder Vote
8-K 2018-04-13 Sale of Shares
8-K 2018-03-28 Regulation FD, Exhibits
MKL Markel 15,734
CNA CNA Financial 12,822
SIGI Selective Insurance Group 4,694
AGO Assured Guaranty 4,332
EIG Employers Holdings 1,360
UFCS United Fire Group 1,136
SG Sirius International Insurance Group 1,127
BCRH Blue Capital Reinsurance Holdings 73
MHLD Maiden Holdings 42
CNFR Conifer Holdings 32
MBI 2019-06-30
Part I Financial Information
Item 1. Financial Statements
Note 1: Business Developments and Risks and Uncertainties
Note 2: Significant Accounting Policies
Note 3: Recent Accounting Pronouncements
Note 4: Variable Interest Entities
Note 4: Variable Interest
Note 5: Loss and Loss Adjustment Expense Reserves
Note 6: Fair Value of Financial Instruments
Note 7: Investments
Note 8: Derivative Instruments
Note 9: Debt
Note 10: Income Taxes
Note 11: Business Segments
Note 12: Earnings per Share
Note 13: Accumulated Other Comprehensive Income
Note 14: Commitments and Contingencies
Note 15: Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d743642dex311.htm
EX-31.2 d743642dex312.htm
EX-32.1 d743642dex321.htm
EX-32.2 d743642dex322.htm

MBIA Earnings 2019-06-30

MBI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
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Amounts are net of expected recoveries. Includes amounts related to paid claims and LAE that are expected to be recovered in the future. Primarily changes in amount and timing of collections.Represents discount related to Gross Claim Liability and Gross Potential Recoveries.Midpoint of cash flows are used for the weighted average.In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations.Reported within “Other net realized gains (losses)” on MBIA’s consolidated statements of operations.Amounts are net of expected recoveries of unpaid claimsAn “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.Included in “Other assets” on the Company’s consolidated balance sheets.Negative percentage represents financial guarantee policies in a receivable position.Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations. 0000814585 2019-06-30 0000814585 2018-12-31 0000814585 2019-04-01 2019-06-30 0000814585 2018-04-01 2018-06-30 0000814585 2019-01-01 2019-06-30 0000814585 2018-01-01 2018-06-30 0000814585 2019-01-01 0000814585 2018-01-01 2018-12-31 0000814585 2018-06-30 0000814585 2019-07-30 0000814585 2017-12-31 0000814585 2019-03-31 0000814585 2018-03-31 0000814585 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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
June 30, 2019
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 301Purchase
New York
 
10577
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(914)
 273-4545
(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 July 30, 2019, 84,756,483 shares of Common Stock, par value $1 per share, were outstanding.
 

 
Table of Contents
 
    
             
 
 
 
PAGE
 
   
 
             
Item 1.
     
 
             
     
1
 
             
     
2
 
             
     
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5
 
             
     
6
 
     
6
 
     
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9
 
     
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43
 
     
43
 
     
44
 
     
47
 
     
48
 
     
49
 
     
51
 
             
Item 2.
     
52
 
             
Item 3.
     
81
 
             
Item 4.
     
81
 
         
   
 
             
Item 1.
     
82
 
             
Item 1A.
     
82
 
             
Item 2.
     
83
 
             
Item 5.
     
83
 
             
Item 6.
     
84
 
         
   
85
 
 
 
 
 
 
 
 
 
 

 
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;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  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 “Note1: Business Developments and Risks and Uncertainties” in the 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)
 
June 30, 2019
   
December 31, 2018
 
Assets
   
     
 
Investments:
   
     
 
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $3,122
and $3,601)
 
$
3,255
   
$
3,565
 
Investments carried at fair value
   
227
     
222
 
Investments pledged as collateral, at fair value (amortized cost
$14
and $46)
   
10
     
43
 
Short-term investments, at fair value (amortized cost $332 and $241)
   
332
     
241
 
Other investments at amortized cost
   
1
     
1
 
                 
Total investments 
   
3,825
     
4,072
 
Cash and cash equivalents
   
409
     
222
 
Premiums receivable
   
281
     
296
 
Deferred acquisition costs
   
65
     
74
 
Insurance loss recoverable
   
1,623
     
1,595
 
Other assets
   
152
     
122
 
Assets of consolidated variable interest entities:
   
     
 
Cash
   
69
     
58
 
Investments
held-to-maturity,
at amortized cost (fair value $967 and $925)
   
890
     
890
 
Investments carried at fair value
   
624
     
157
 
Loans receivable at fair value
   
154
     
172
 
Loan repurchase commitments
   
428
     
418
 
Other assets
   
127
     
31
 
                 
Total assets
 
$
8,647
   
$
8,107
 
                 
Liabilities and Equity
   
     
 
Liabilities:
   
     
 
Unearned premium revenue
 
$
520
   
$
587
 
Loss and loss adjustment expense reserves
   
998
     
965
 
Long-term debt
   
2,315
     
2,249
 
Medium-term notes (includes financial instruments carried at fair value of $110 and $102)
   
679
     
722
 
Investment agreements
   
305
     
311
 
Derivative liabilities
   
222
     
199
 
Other liabilities
   
215
     
198
 
Liabilities of consolidated variable interest entities:
   
     
 
Variable interest entity notes (includes financial instruments carried at fair value of
$1,120 and $480)
   
2,340
     
1,744
 
                 
Total liabilities
   
7,594
     
6,975
 
                 
Commitments and contingencies (Refer to Note
14
: 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--
283,625,689 and 283,625,689
   
284
     
284
 
Additional
paid-in
capital
   
2,995
     
3,025
 
Retained earnings
   
779
     
966
 
Accumulated other comprehensive income (loss), net of tax of $32 and $8
   
(4)
     
(156)
 
Treasury stock, at cost
--
198,824,693 and 193,803,976 shares
   
(3,014)
     
(3,000)
 
 
               
Total shareholders’ equity of MBIA Inc.
   
1,040
     
1,119
 
Preferred stock of subsidiary
   
13