D
MBIA INS CORP
ArmonkIL
Rating Date
December 2023
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
Total
Assets
Capital
Net
Premiums
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Major Rating Factors: Weak overall results on stability tests (1.4 on a scale of 0 to 10) including weak risk adjusted capital in prior years, weak results on operational trends and negative cash flow from operations for 2022. The largest net exposure for one risk is excessive at 39.8% of capital. Strengths include potentially strong support from affiliation with MBIA Inc. Poor long-term capitalization index (0.4) based on weak current risk adjusted capital (severe and moderate loss scenarios).
Other Rating Factors: A history of deficient reserves (0.7). Underreserving can have an adverse impact on capital and profits. In the last five years, reserves (two year development) fluctuated between 335% and 75% deficeint. Weak profitability index (1.3) with operating losses during 2019, 2020 and 2021. Average return on equity over the last five years has been poor at -61.8%. Vulnerable liquidity (0.2) as a spike in claims may stretch capacity.
Stability Factors: C - Past results on our Risk-Adjusted Capital tests. D - Limited diversification of general business, policy, and/or investment risk. F - Negative cash flow. L - Past results on our liquidity tests.
Principal Lines of Business: Fin guar/surety (100.0%)
Licensed in: All states, the District of Columbia and Puerto Rico
Principal Investments: Investment grade bonds (46.3%), non investment grade bonds (34.6%), common stock (5.9%), cash (4.3%), other (9.0%)
Ratios
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Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
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Investments in Affiliates
Corporate Info
Group Affiliation
MBIA Inc
Investment Rating
MBI
Company Address
1 Manhattanvile Road Suite 301
Purchase, NY 10577
Phone Number
(414) 369-5033
NAIC Number
12041
Largest Affiliates
Weiss Ratings