MBIA (MBI) Establishes New Public Financial Guarantee Insurance Company
Up)MBIA Inc. (NYSE: MBI) established a new U.S. public finance financial guarantee insurance company within the MBIA Inc. group by restructuring its principal insurance subsidiary, MBIA Insurance Corporation.
As part of the Transformation, the stock of MBIA Insurance Corp. of Illinois, a public finance financial guarantee insurance company, was transferred by MBIA Corp. to a newly established intermediate holding company, which is itself a subsidiary of MBIA Inc. This operating structure will facilitate both transparency and future capital raising efforts. MBIA Insurance Corp. of Illinois is expected to be renamed National Public Finance Guarantee Corporation.
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