10-Q 1 mbi-20240331.htm 10-Q 10-Q
0000814585--12-31Q1falsehttp://fasb.org/us-gaap/2023#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2023#RealizedInvestmentGainsLosseshttp://www.mbia.com/20240331#NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangehttp://www.mbia.com/20240331#NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangehttp://fasb.org/us-gaap/2023#FixedMaturitiesMemberhttp://fasb.org/us-gaap/2023#FixedMaturitiesMemberhttp://fasb.org/us-gaap/2023#FixedMaturitiesMemberhttp://fasb.org/us-gaap/2023#FixedMaturitiesMemberhttp://fasb.org/us-gaap/2023#FixedMaturitiesMemberhttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherLiabilities0000814585us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000814585mbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2023-12-310000814585us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000814585us-gaap:IntersegmentEliminationMember2024-03-310000814585us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000814585mbi:LiabilitiesOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FairValueInputsLevel3Member2023-03-310000814585us-gaap:AdditionalPaidInCapitalMember2024-03-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:TotalGainsLossesIncludedInEarningsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000814585us-gaap:OtherAssetsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:DiscountRateMembermbi:DiscountedCashFlowMemberus-gaap:LoansReceivableMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2023-12-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000814585us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMembermbi:InternationalAndStructuredFinanceInsuranceMember2023-12-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMembersrt:WeightedAverageMember2023-12-310000814585us-gaap:MediumTermNotesMember2024-03-310000814585srt:ConsolidationEliminationsMembermbi:InternationalAndStructuredFinanceInsuranceMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2024-03-310000814585us-gaap:OtherAssetsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2024-03-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000814585us-gaap:CollateralizedDebtObligationsMember2023-12-310000814585us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000814585mbi:LossAndLaeReservesMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-3100008145852023-01-012023-12-310000814585us-gaap:CollateralizedDebtObligationsMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:TotalLoansReceivableAndOtherInstrumentsMemberus-gaap:LoansReceivableMember2023-12-310000814585us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000814585mbi:USPublicFinanceInsuranceMember2023-12-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:CautionListLowMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:LossAndLossAdjustmentExpenseReservesMemberus-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2024-01-012024-03-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000814585mbi:TotalLoansReceivableAndOtherInstrumentsMemberus-gaap:LoansReceivableMember2024-03-310000814585mbi:UnearnedPremiumRevenueMember2023-12-310000814585us-gaap:TreasuryStockCommonMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:StructuredFinanceAndInternationalInsuranceMember2023-01-012023-03-310000814585mbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMembersrt:WeightedAverageMembermbi:MarketPricesOfSimilarLiabilitiesOrInternalCashFlowModelsAdjustedForFinancialGuaranteesProvidedToVIEObligationsMember2023-12-3100008145852024-05-020000814585us-gaap:FairValueInputsLevel3Membermbi:TotalGainsLossesIncludedInEarningsMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-03-310000814585us-gaap:FairValueInputsLevel3Member2024-03-310000814585us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000814585us-gaap:InvestmentsMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:GlobalPublicFinanceMemberus-gaap:InvestmentsMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2024-03-310000814585mbi:GlobalPublicFinanceMember2024-03-310000814585mbi:CautionListHighMember2023-12-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:GlobalPublicFinanceMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2024-03-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2023-12-310000814585us-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2024-03-310000814585us-gaap:FinancialGuaranteeMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000814585mbi:MbiaCorpMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMembersrt:WeightedAverageMember2024-03-310000814585mbi:ResidentialMortgageLoansMemberus-gaap:LoansReceivableMember2024-03-310000814585mbi:GlobalPublicFinanceMemberus-gaap:PremiumsReceivableMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2024-03-310000814585mbi:CautionListMediumMember2023-12-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:CurrencySwapMembermbi:NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangeMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-03-310000814585mbi:InsuranceLossRecoverableMember2024-01-012024-03-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:MarketPricesOfSimilarLiabilitiesAdjustedForFinancialGuaranteesProvidedToVieObligationsMembermbi:ImpactOfFinancialGuaranteeMembersrt:MinimumMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2023-12-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:TotalGainsLossesIncludedInEarningsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:LossAndLossAdjustmentExpenseReservesMemberus-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2024-03-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000814585mbi:DiscountedCashFlowMembermbi:EbitdaMultiplesDiscountRateHardAssetValuesTypeCertificateValuesMembermbi:EquityInvestmentsMember2024-03-310000814585us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000814585mbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMembermbi:ConsumerAssetBackedMember2024-03-310000814585mbi:CautionListLowMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2022-12-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:InterestRateDerivativesMembermbi:NonInsuredDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel2Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2023-01-012023-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:InterestRateDerivativesMembermbi:NonInsuredDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:ForeignGovernmentDebtMember2024-03-310000814585us-gaap:PremiumsReceivableMember2023-12-310000814585mbi:InsuredDerivativesMembermbi:CreditDerivativesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:OperatingSegmentsMembermbi:USPublicFinanceInsuranceMember2024-01-012024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000814585us-gaap:RetainedEarningsMember2024-03-310000814585mbi:ClassifiedListMember2024-03-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalPublicFinanceMember2024-03-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:ParentMember2024-01-012024-03-310000814585us-gaap:AdditionalPaidInCapitalMember2022-12-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangeMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000814585us-gaap:LoansReceivableMembermbi:ResidentialMortgageLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:TotalGainsLossesIncludedInEarningsMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2024-01-012024-03-310000814585mbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMembermbi:MarketPricesOfSimilarLiabilitiesOrInternalCashFlowModelsAdjustedForFinancialGuaranteesProvidedToVIEObligationsMember2023-12-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:CorporateAssetBackedMembermbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:FairValueBelowBookValueGreaterThanFivePercentMember2024-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:ClassifiedListMember2024-01-012024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000814585mbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel3Member2022-12-310000814585us-gaap:PreferredStockMember2023-03-310000814585mbi:ChangeInUnrealizedGainsLossesForPeriodIncludedInEarningsForAssetsAndLiabilitiesStillHeldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:ResidentialMortgageBackedAgencyMember2023-12-310000814585mbi:GlobalPublicFinanceMembermbi:InsuranceLossRecoverableMember2024-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2023-01-012023-03-310000814585mbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:LossAndLossAdjustmentExpenseReservesMember2023-12-310000814585mbi:PuertoRicoElectricPowerAuthorityMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585srt:MaximumMembermbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2023-12-310000814585mbi:OtherAssetBackedMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310000814585us-gaap:AdditionalPaidInCapitalMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMembermbi:AssetsOfConsolidatedViesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:InsuranceLossRecoverableMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2024-03-310000814585mbi:SecuritiesInUnrealizedLossPositionMember2023-01-012023-12-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2023-12-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:ForeignGovernmentDebtMember2023-12-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalPublicFinanceMember2023-12-310000814585mbi:SecuritiesInUnrealizedLossPositionMember2024-01-012024-03-310000814585us-gaap:OperatingSegmentsMembermbi:CorporateOperationsMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000814585us-gaap:ParentMember2022-12-310000814585mbi:EquityAndTradingSecuritiesMemberus-gaap:GainLossOnInvestmentsMember12023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMembermbi:VariableInterestEntityNotesMember2024-03-310000814585mbi:MarketPricesOfSimilarLiabilitiesAdjustedForFinancialGuaranteesProvidedToVieObligationsMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMembersrt:WeightedAverageMember2024-03-310000814585mbi:ChangeInUnrealizedGainsLossesForPeriodIncludedInEarningsForAssetsAndLiabilitiesStillHeldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMembermbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000814585mbi:EquityAndTradingSecuritiesMemberus-gaap:SalesMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2024-03-310000814585us-gaap:TreasuryStockCommonMember2023-12-310000814585mbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2024-03-310000814585mbi:InterestRateDerivativesMemberus-gaap:FairValueInputsLevel3Membermbi:NonInsuredDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember2023-12-310000814585us-gaap:FinancialGuaranteeMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310000814585us-gaap:ParentMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585mbi:EquityAndTradingSecuritiesMemberus-gaap:GainLossOnInvestmentsMember12024-01-012024-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000814585us-gaap:TreasuryStockCommonMember2022-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:CorporateObligationMembermbi:LoansCarriedAtFairValueMember2024-03-310000814585us-gaap:FairValueInputsLevel2Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:InsuranceLossRecoverableMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2023-12-310000814585mbi:UnrealizedLossPositionGreaterThanTwelveMonthsMembermbi:FairValueBelowBookValueGreaterThanFivePercentMember2024-03-310000814585mbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:OperatingSegmentsMembermbi:CorporateOperationsMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2023-12-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585mbi:ClassifiedListMember2023-01-012023-12-310000814585mbi:UnrealizedLossPositionGreaterThanTwelveMonthsMembermbi:GreaterThanFiftyPercentMember2024-03-310000814585mbi:LossAndLaeReservesMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2024-03-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMembermbi:InternationalAndStructuredFinanceInsuranceMember2024-03-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000814585mbi:InsuranceLossRecoverableMember2024-03-310000814585us-gaap:AssetPledgedAsCollateralMember2024-03-310000814585us-gaap:OperatingSegmentsMembermbi:InternationalAndStructuredFinanceInsuranceMember2024-01-012024-03-310000814585us-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2023-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2022-12-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2024-03-310000814585us-gaap:LoansReceivableMembermbi:ResidentialMortgageLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000814585us-gaap:CorporateDebtSecuritiesMember2023-12-310000814585srt:MaximumMembermbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2023-12-310000814585mbi:MbiaCorpMemberus-gaap:SubsequentEventMember2024-04-010000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2023-12-310000814585us-gaap:CurrencySwapMembermbi:NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangeMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:InternationalAndStructuredFinanceInsuranceMember2023-12-310000814585us-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:MunicipalBondsMember2023-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585mbi:InsuredDerivativesMemberus-gaap:FairValueInputsLevel3Membermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:InsuredDerivativesMemberus-gaap:FairValueInputsLevel3Membermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000814585us-gaap:RetainedEarningsMember2024-01-012024-03-310000814585us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:MediumTermNotesMember2024-01-012024-03-310000814585mbi:RecordedDueToCreditLossesInAociMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:StructuredFinanceAndInternationalInsuranceMember2023-01-012023-03-310000814585mbi:LaeMember2023-12-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000814585us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2023-12-3100008145852022-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMembermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585srt:MaximumMember2023-06-260000814585us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000814585mbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000814585mbi:InvestmentsCarriedAtFairValueMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:PreferredStockMember2022-12-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000814585mbi:USPublicFinanceInsuranceMember2024-03-310000814585mbi:InsuranceLossRecoverableMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585mbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2023-12-310000814585us-gaap:FairValueInputsLevel3Member2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchangeMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310000814585us-gaap:AdditionalPaidInCapitalMember2023-03-310000814585us-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:ChangeInUnrealizedGainsLossesForPeriodIncludedInEarningsForAssetsAndLiabilitiesStillHeldMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-3100008145852023-12-310000814585us-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2024-03-310000814585us-gaap:AssetPledgedAsCollateralMember2023-12-310000814585mbi:GlobalPublicFinanceMemberus-gaap:PremiumsReceivableMember2023-12-310000814585mbi:UnearnedPremiumRevenueMemberus-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2023-12-310000814585mbi:InsuredDerivativesMemberus-gaap:FairValueInputsLevel1Membermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:LoansReceivableAndOtherInstrumentsAtFairValueMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000814585us-gaap:TreasuryStockCommonMember2023-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2024-03-310000814585mbi:CautionListHighMember2024-03-310000814585us-gaap:FairValueInputsLevel1Membermbi:LoansReceivableAndOtherInstrumentsAtFairValueMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember2024-01-012024-03-310000814585mbi:InsuredDerivativesMemberus-gaap:FairValueInputsLevel2Membermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:MarketPricesOfSimilarLiabilitiesAdjustedForFinancialGuaranteesProvidedToVieObligationsMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMember2024-03-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2024-03-310000814585us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherAssetBackedMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:LaeMember2024-01-012024-03-310000814585mbi:ChangeInUnrealizedGainsLossesForPeriodIncludedInEarningsForAssetsAndLiabilitiesStillHeldMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000814585mbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2023-12-310000814585mbi:ResidentialMortgageBackedNonAgencyMember2023-12-310000814585us-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2024-03-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2023-01-012023-03-310000814585mbi:CautionListLowMember2023-12-310000814585mbi:EquityAndTradingSecuritiesMembermbi:HeldMember2023-01-012023-03-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:StructuredFinanceAndInternationalInsuranceMember2024-01-012024-03-3100008145852023-03-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-12-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalPublicFinanceMember2023-12-310000814585mbi:CautionListLowMember2023-01-012023-12-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:CautionListMediumMember2024-03-310000814585mbi:ClassifiedListMember2023-12-310000814585mbi:GlobalPublicFinanceMemberus-gaap:InvestmentsMember2023-12-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2023-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000814585us-gaap:InvestmentsMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2023-12-310000814585mbi:MbiaCorpMember2024-03-310000814585us-gaap:USTreasuryAndGovernmentMember2024-03-310000814585us-gaap:FinancialGuaranteeInsuranceSegmentMember2024-01-012024-03-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:LossAndLossAdjustmentExpenseReservesMember2024-03-310000814585us-gaap:FixedMaturitiesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000814585mbi:UnrealizedLossPositionGreaterThanTwelveMonthsMembermbi:GreaterThanTwentyFivePercentToFiftyPercentMember2024-03-310000814585mbi:GlobalPublicFinanceMembermbi:InsuranceLossRecoverableMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:FairValueBelowBookValueGreaterThanFivePercentMember2023-12-310000814585mbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310000814585us-gaap:MediumTermNotesMember2023-12-310000814585us-gaap:RetainedEarningsMember2023-01-012023-03-3100008145852024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:CurrencyDerivativesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585mbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:ForeignGovernmentDebtMember2024-03-310000814585mbi:OtherAssetBackedMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMembermbi:OtherAssetBackedMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-03-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-03-310000814585us-gaap:OperatingSegmentsMembermbi:InternationalAndStructuredFinanceInsuranceMember2024-03-310000814585us-gaap:OperatingSegmentsMembermbi:USPublicFinanceInsuranceMember2023-01-012023-03-310000814585mbi:LossAndLaeReservesMember2023-12-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2023-12-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:CorporateObligationMember2022-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585us-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FairValueInputsLevel3Member2023-01-012023-03-310000814585mbi:ResidentialMortgageLoansMemberus-gaap:LoansReceivableMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2023-01-012023-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FinancialGuaranteeMember2024-03-310000814585mbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMemberus-gaap:LoansReceivableMembermbi:MarketPricesOfSimilarLiabilitiesOrInternalCashFlowModelsAdjustedForFinancialGuaranteesProvidedToVIEObligationsMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:UnrealizedLossPositionGreaterThanTwelveMonthsMembermbi:GreaterThanFivePercentToFifteenPercentMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-12-310000814585us-gaap:PremiumsReceivableMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:CurrencyDerivativesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:PreferredStockMember2023-12-310000814585us-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:InsuranceLossRecoverableMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000814585us-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2024-03-310000814585mbi:FixedMaturitySecuritiesHeldAtFairValueVieMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585mbi:EquityAndTradingSecuritiesMemberus-gaap:SalesMember2024-01-012024-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000814585us-gaap:RetainedEarningsMember2023-03-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100008145852023-01-012023-03-310000814585mbi:DiscountedCashFlowMembermbi:EbitdaMultiplesDiscountRateHardAssetValuesTypeCertificateValuesMembermbi:EquityInvestmentsMember2023-12-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:FixedMaturitySecuritiesHeldAtFairValueVieMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:MunicipalBondsMember2024-03-310000814585srt:MaximumMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMembermbi:MarketPricesOfSimilarLiabilitiesOrInternalCashFlowModelsAdjustedForFinancialGuaranteesProvidedToVIEObligationsMember2023-12-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000814585mbi:PuertoRicoElectricPowerAuthorityMembermbi:NationalPublicFinanceGuaranteeCorporationMember2024-01-012024-01-010000814585us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585us-gaap:CommonStockMember2023-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:OperatingSegmentsMembermbi:InternationalAndStructuredFinanceInsuranceMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-3100008145852024-01-012024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:InsuredDerivativesMembermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:UnearnedPremiumRevenueMember2024-03-310000814585us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000814585mbi:ResidentialMortgageBackedAgencyMember2024-03-310000814585us-gaap:OperatingSegmentsMembermbi:USPublicFinanceInsuranceMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMemberus-gaap:PremiumsReceivableMember2023-12-310000814585mbi:InsuredDerivativesMembermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMembermbi:InsuranceLossRecoverableMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMember2024-03-310000814585mbi:InvestmentsCarriedAtFairValueMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000814585us-gaap:ParentMember2023-12-310000814585us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:CorporateObligationsMembermbi:OtherFixedMaturityInvestmentsMember2023-12-310000814585mbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembermbi:EquityInvestmentsMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:LoansReceivableAndOtherInstrumentsAtFairValueMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMembermbi:OtherFixedMaturityInvestmentsMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000814585us-gaap:USTreasuryAndGovernmentMember2023-12-310000814585us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310000814585mbi:VariableInterestEntityNotesMember2024-03-310000814585srt:MinimumMember2023-06-260000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:ParentMember2023-03-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2023-12-310000814585srt:MaximumMembermbi:MarketPricesOfSimilarLiabilitiesAdjustedForFinancialGuaranteesProvidedToVieObligationsMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMember2024-03-310000814585us-gaap:RetainedEarningsMember2022-12-310000814585mbi:EquityAndTradingSecuritiesMembermbi:HeldMember2024-01-012024-03-310000814585mbi:UnrealizedLossPositionGreaterThanTwelveMonthsMembermbi:GreaterThanFifteenPercentToTwentyFivePercentMember2024-03-310000814585us-gaap:CommonStockMember2022-12-310000814585us-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMemberus-gaap:PremiumsReceivableMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585srt:ConsolidationEliminationsMembermbi:InternationalAndStructuredFinanceInsuranceMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:IntersegmentEliminationMember2023-01-012023-03-310000814585us-gaap:CommonStockMember2023-12-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesMembermbi:OtherAssetBackedMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:LaeMember2023-01-012023-03-310000814585us-gaap:CashAndCashEquivalentsMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:CorporateAssetBackedMembermbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMember2023-12-310000814585us-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:CorporateAssetBackedMemberus-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585mbi:InternationalAndStructuredFinanceInsuranceMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000814585mbi:CorporateAssetBackedMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:CorporateAssetBackedMembermbi:UnearnedPremiumRevenueMembermbi:GlobalStructuredFinanceMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000814585us-gaap:PreferredStockMember2024-03-310000814585us-gaap:CommonStockMember2024-03-310000814585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000814585us-gaap:CurrencySwapMember2023-12-310000814585mbi:MarketPricesOfVieAssetsAdjustedForFinancialGuaranteesProvidedOrMarketPricesOfSimilarLiabilitiesMembermbi:ImpactOfFinancialGuaranteeMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2024-03-310000814585us-gaap:RetainedEarningsMember2023-12-310000814585mbi:UnearnedPremiumRevenueMemberus-gaap:ResidentialMortgageBackedSecuritiesMembermbi:GlobalStructuredFinanceMember2023-12-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2023-01-012023-03-310000814585mbi:InsuranceLossRecoverableMember2023-12-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Membermbi:AssetsOfConsolidatedViesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585mbi:ValueDisclosedAtFairValueNotRecordedAtFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:MoneyMarketSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:InsuredDerivativesMemberus-gaap:FairValueInputsLevel1Membermbi:CreditDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMember2023-12-310000814585mbi:EquityInvestmentsMemberus-gaap:FairValueInputsLevel3Member2024-03-310000814585mbi:CorporateAssetBackedMembermbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalStructuredFinanceMember2024-03-310000814585us-gaap:CurrencySwapMember2024-03-310000814585mbi:LossAndLossAdjustmentExpenseReservesMembermbi:GlobalPublicFinanceMember2024-03-310000814585mbi:InterestRateDerivativesMemberus-gaap:FairValueInputsLevel2Membermbi:NonInsuredDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:MediumTermNotesMember2023-01-012023-03-310000814585us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000814585us-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMembermbi:ConsumerAssetBackedMember2023-12-310000814585us-gaap:OperatingSegmentsMembermbi:CorporateOperationsMember2024-03-310000814585us-gaap:CorporateDebtSecuritiesMember2024-03-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000814585us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000814585mbi:CorporateAssetBackedMemberus-gaap:InvestmentsMembermbi:GlobalStructuredFinanceMember2024-03-310000814585mbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:MortgageBackedSecuritiesMembermbi:AssetsOfConsolidatedViesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000814585us-gaap:MortgageBackedSecuritiesMembermbi:ResidentialMortgageBackedNonAgencyMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000814585us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:LaeMember2024-03-310000814585us-gaap:FairValueInputsLevel1Memberus-gaap:MediumTermNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585mbi:PreferredStockAndNonControllingInterestHeldForSaleMember2023-03-310000814585mbi:AssetsOfConsolidatedViesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000814585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembermbi:LiabilitiesOfConsolidatedViesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembermbi:VariableInterestEntityNotesMember2023-12-310000814585us-gaap:ParentMember2023-01-012023-03-310000814585us-gaap:FairValueInputsLevel3Memberus-gaap:MediumTermNotesMember2023-03-310000814585mbi:ResidentialMortgageBackedAgencyMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000814585us-gaap:FairValueInputsLevel3Membermbi:VariableInterestEntityNotesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000814585us-gaap:FinancialGuaranteeInsuranceSegmentMember2023-01-012023-03-31xbrli:purembi:VariableInterestEntitiesmbi:LegalProceedingsxbrli:sharesmbi:Segmentsmbi:Policymbi:Securityiso4217:USDiso4217:USDxbrli:sharesmbi:Issue

 

 

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, 2024

 

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: 001-09583

 

 

MBIA INC.

(Exact name of registrant as specified in its charter)

 

 

Connecticut

(State or other jurisdiction of

incorporation or organization)

06-1185706

(I.R.S. Employer

Identification No.)

 

 

1 Manhattanville Road, Suite 301, Purchase, New York

(Address of principal executive offices)

10577

(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 May 2, 2024, 51,276,529 shares of Common Stock, par value $1 per share, were outstanding.

 

 

 


 

PART I FINANCIAL INFORMATION

Item 1.

Financial Statements MBIA Inc. and Subsidiaries (Unaudited)

1

 

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited)

1

 

Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)

2

 

Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (Unaudited)

3

 

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2024 and 2023 (Unaudited)

4

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)

5

 

Notes to Consolidated Financial Statements (Unaudited)

6

 

Note 1: Business Developments and Risks and Uncertainties

6

 

Note 2: Significant Accounting Policies

9

 

Note 3: Recent Accounting Pronouncements

10

 

Note 4: Variable Interest Entities

11

 

Note 5: Loss and Loss Adjustment Expense Reserves

12

 

Note 6: Fair Value of Financial Instruments

17

 

Note 7: Investments

28

 

Note 8: Income Taxes

32

 

Note 9: Business Segments

33

 

Note 10: Earnings Per Share

35

 

Note 11: Accumulated Other Comprehensive Income

36

 

Note 12: Commitments and Contingencies

37

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

61

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

63

Item 6.

Exhibits

64

SIGNATURES

65

 

 


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 Quarterly Report on Form 10-Q. The Company encourages readers to review these risk factors in their entirety.

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.

 


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, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

Investments:

 

 

 

 

 

Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $1,186 and $1,175)

$

1,040

 

 

$

1,043

 

Investments carried at fair value

 

321

 

 

 

337

 

Short-term investments, at fair value (amortized cost $442 and $548)

 

442

 

 

 

548

 

Other investments at amortized cost

 

3

 

 

 

3

 

 

 

Total investments

 

1,806

 

 

 

1,931

 

Cash and cash equivalents

 

131

 

 

 

104

 

Premiums receivable (net of allowance for credit losses of $- and $- )

 

145

 

 

 

146

 

Deferred acquisition costs

 

30

 

 

 

31

 

Insurance loss recoverable

 

179

 

 

 

183

 

Assets held for sale

 

74

 

 

 

73

 

Other assets

 

57

 

 

 

76

 

Assets of consolidated variable interest entities:

 

 

 

 

 

Cash

 

6

 

 

 

3

 

Investments carried at fair value

 

22

 

 

 

22

 

Loans receivable at fair value

 

36

 

 

 

35

 

Other assets

 

2

 

 

 

2

 

 

 

Total assets

$

2,488

 

 

$

2,606

 

Liabilities and Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Unearned premium revenue

$

224

 

 

$

232

 

Loss and loss adjustment expense reserves

 

470

 

 

 

473

 

Long-term debt

 

2,625

 

 

 

2,585

 

Medium-term notes (includes financial instruments carried at fair value of $36 and $40)

 

457

 

 

 

497

 

Investment agreements

 

220

 

 

 

221

 

Liabilities held for sale

 

64

 

 

 

64

 

Other liabilities

 

85

 

 

 

86

 

Liabilities of consolidated variable interest entities:

 

 

 

 

 

 

Variable interest entity debt (includes financial instruments carried at fair value of $46 and $78)

 

51

 

 

 

81

 

 

Derivative liabilities

 

15

 

 

 

14

 

 

 

Total liabilities

 

4,211

 

 

 

4,253

 

Commitments and contingencies (Refer to Note 12: 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

 

2,486

 

 

 

2,515

 

Retained earnings (deficit)

 

(1,230

)

 

 

(1,144

)

Accumulated other comprehensive income (loss), net of tax of $7 and $7

 

(131

)

 

 

(139

)

Treasury stock, at cost--231,910,363 and 232,323,184 shares

 

(3,141

)

 

 

(3,172

)

 

 

Total shareholders' equity of MBIA Inc.

 

(1,733

)

 

 

(1,657

)

Preferred stock of subsidiary and noncontrolling interest held for sale

 

10

 

 

 

10

 

 

 

Total equity

 

(1,723

)

 

 

(1,647

)

 

 

Total liabilities and equity

$

2,488

 

 

$

2,606

 

The accompanying notes are an integral part of the consolidated financial statements.

 

1


MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions except share and per share amounts)

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

Total premiums earned (net of ceded premiums of $- and $-)

$

9

 

 

$

10

 

 

 

Net investment income

 

23

 

 

 

26

 

 

 

Net realized investment gains (losses)

 

(1

)

 

 

(3

)

 

 

Net gains (losses) on financial instruments at fair value and foreign exchange

 

4

 

 

 

(13

)

 

 

Net gains (losses) on extinguishment of debt

 

1

 

 

 

-

 

 

 

Other net realized gains (losses)

 

2

 

 

 

-

 

 

 

Revenues of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Net gains (losses) on financial instruments at fair value and foreign exchange

 

(25

)

 

 

(3

)

 

 

 

Other net realized gains (losses)

 

-

 

 

 

(15

)

 

 

 

 

 

 

Total revenues

 

13

 

 

 

2

 

 

Expenses

 

 

 

 

 

 

 

Losses and loss adjustment

 

18

 

 

 

6

 

 

 

Amortization of deferred acquisition costs

 

1

 

 

 

2

 

 

 

Operating

 

25

 

 

 

22

 

 

 

Interest

 

52

 

 

 

51

 

 

 

Expenses of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Operating

 

4

 

 

 

4

 

 

 

 

 

 

 

Total expenses

 

100

 

 

 

85

 

 

Income (loss) from continuing operations before income taxes

 

(87

)

 

 

(83

)

 

Provision (benefit) for income taxes

 

-

 

 

 

-

 

 

Income (loss) from continuing operations

 

(87

)

 

 

(83

)

 

Income (loss) from discontinued operations, net of income taxes

 

1

 

 

 

(3

)

 

Net income (loss)

 

(86

)

 

 

(86

)

 

 

Less: Net income from discontinued operations attributable to noncontrolling interest

 

-

 

 

 

7

 

 

Net income (loss) attributable to MBIA Inc.

$

(86

)

 

$

(93

)

 

Net income (loss) per common share attributable to MBIA Inc. - basic and diluted

 

 

 

 

 

 

 

Continuing operations

$

(1.88

)

 

$

(1.67

)

 

 

Discontinued operations

 

0.04

 

 

 

(0.19

)

 

Net income (loss) per common share attributable to MBIA Inc. - basic and diluted

$

(1.84

)

 

$

(1.86

)

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

Basic

 

46,820,922

 

 

 

49,945,917

 

 

 

Diluted

 

46,820,922

 

 

 

49,945,917

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2


MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(In millions)

 

 

 

Three Months Ended March 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to MBIA Inc.

$

(86

)

 

$

(93

)

 

Other comprehensive income (loss):

 

 

 

 

 

 

Available-for-sale securities with no credit losses:

 

 

 

 

 

 

 

Unrealized gains (losses) arising during the period

 

(15

)

 

 

43

 

 

 

Reclassification adjustments for (gains) losses included in net income (loss)

 

-

 

 

 

5

 

 

Foreign currency translation gains (losses)

 

-

 

 

 

(1

)

 

Instrument-specific credit risk of liabilities measured at fair value:

 

 

 

 

 

 

 

Unrealized gains (losses) arising during the period

 

4

 

 

 

1

 

 

 

Reclassification adjustments for (gains) losses included in net income (loss)

 

19

 

 

 

14

 

 

Total other comprehensive income (loss)

 

8

 

 

 

62

 

 

Comprehensive income (loss) attributable to MBIA Inc.

$

(78

)

 

$

(31

)

 

 

 

3


MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(In millions except share amounts)

 

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

Balance at beginning and end of period

 

283,186,115

 

 

 

283,186,115

 

 

Common stock amount

 

 

 

 

 

 

Balance at beginning and end of period

$

283

 

 

$

283

 

 

Additional paid-in capital

 

 

 

 

 

 

Balance at beginning of period

$

2,515

 

 

$

2,925

 

 

 

Share-based compensation

 

(29

)

 

 

(10

)

 

Balance at end of period

$

2,486

 

 

$

2,915

 

 

Retained earnings (deficit)

 

 

 

 

 

 

Balance at beginning of period

$

(1,144

)

 

$

(653

)

 

 

Net income (loss) attributable to MBIA Inc.

 

(86

)

 

 

(93

)

 

Balance at end of period

$

(1,230

)

 

$

(746

)

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

Balance at beginning of period

$

(139

)

 

$

(283

)

 

 

Other comprehensive income (loss)

 

8

 

 

 

62

 

 

Balance at end of period

$

(131

)

 

$

(221

)

 

Treasury shares

 

 

 

 

 

 

Balance at beginning of period

 

(232,323,184

)

 

 

(228,333,444

)

 

 

Share-based compensation

 

412,821

 

 

 

111,803

 

 

Balance at end of period

 

(231,910,363

)

 

 

(228,221,641

)

 

Treasury stock amount

 

 

 

 

 

 

Balance at beginning of period

$

(3,172

)

 

$

(3,154

)

 

 

Share-based compensation

 

31

 

 

 

11

 

 

Balance at end of period

$

(3,141

)

 

$

(3,143

)

 

Total shareholders' equity of MBIA Inc.

 

 

 

 

 

 

Balance at beginning of period

$

(1,657

)

 

$

(882

)

 

 

Period change

 

(76

)

 

 

(30

)

 

Balance at end of period

$

(1,733

)

 

$

(912

)

 

Preferred stock of subsidiary shares

 

 

 

 

 

 

Balance at beginning and end of period

 

1,315

 

 

 

1,315

 

 

Preferred stock of subsidiary and noncontrolling interest held for sale

 

 

 

 

 

 

Balance at beginning of period

$

10

 

 

$

6

 

 

 

Period change

 

-

 

 

 

7

 

 

Balance at end of period

$

10

 

 

$

13

 

 

Total equity

$

(1,723

)

 

$

(899

)

 

 

 

 

 

 

 

 

 

 

 

 

4


MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Premiums, fees and reimbursements received

 

$

2

 

 

$

2

 

 

Investment income received

 

 

16

 

 

 

26

 

 

Financial guarantee losses and loss adjustment expenses paid

 

 

(19

)

 

 

(28

)

 

Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers

 

 

2

 

 

 

3

 

 

Operating expenses paid and other operating

 

 

(19

)

 

 

(34

)

 

Other proceeds from consolidated variable interest entities

 

 

-

 

 

 

15

 

 

Interest paid, net of interest converted to principal

 

 

(12

)

 

 

(14

)

 

Cash (used) provided by discontinued operations

 

 

-

 

 

 

(6

)

 

 

Net cash provided (used) by operating activities

 

 

(30

)

 

 

(36

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of available-for-sale investments

 

 

(53

)

 

 

(247

)

 

Sales of available-for-sale investments

 

 

28

 

 

 

98

 

 

Paydowns, maturities and other proceeds of available-for-sale investments

 

 

28

 

 

 

49

 

 

Purchases of investments at fair value

 

 

(46

)

 

 

(24

)

 

Sales, paydowns, maturities and other proceeds of investments at fair value

 

 

65

 

 

 

209

 

 

Sales, paydowns and maturities (purchases) of short-term investments, net

 

 

112

 

 

 

(13

)

 

(Payments) proceeds for derivative settlements

 

 

(1

)

 

 

(1

)

 

 

Net cash provided (used) by investing activities

 

 

133

 

 

 

71

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from investment agreements

 

 

-

 

 

 

2

 

 

Principal paydowns of investment agreements

 

 

(1

)

 

 

(1

)

 

Principal paydowns of medium-term notes

 

 

(36

)

 

 

-

 

 

Proceeds from variable interest entity debt

 

 

2

 

 

 

-

 

 

Principal paydowns/redemptions of variable interest entity debt

 

 

(36

)

 

 

(21

)

 

Purchases of treasury stock

 

 

(2

)

 

 

(4

)

 

Cash provided (used) by discontinued operations

 

 

-

 

 

 

4

 

 

 

Net cash provided (used) by financing activities

 

 

(73

)

 

 

(20

)

Net increase (decrease) in cash and cash equivalents

 

 

30

 

 

 

15

 

Cash and cash equivalents - beginning of year

 

 

108

 

 

 

78

 

Cash and cash equivalents - end of year

 

$

138

 

 

$

93

 

Reconciliation of net income (loss) to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

Net income (loss)

 

$

(86

)

 

$

(86

)

 

Income (loss) from discontinued operations, net of income taxes

 

 

1

 

 

 

(3

)

 

Income (loss) from continuing operations

 

 

(87

)

 

 

(83

)

 

Adjustments to reconcile net income (loss) from continuing operations to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

 

Change in:

 

 

 

 

 

 

 

 

 

Unearned premium revenue

 

 

(8

)