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Sean D. Carney Elected to MBIA’s Board of Directors

  Sean D. Carney Elected to MBIA’s Board of Directors

Business Wire

ARMONK, N.Y. -- December 12, 2013

MBIA Inc. (NYSE:MBI) today announced that Sean D. Carney (44) was elected to
MBIA’s board of directors in accordance with the board’s power under MBIA
Inc.’s by-laws to fill interim vacancies. Mr. Carney was designated and
elected to the board of directors pursuant to the terms of the amended and
restated Investment Agreement dated as of February 6, 2008 between MBIA and
Warburg Pincus. Mr. Carney has been a Member and Managing Director of Warburg
Pincus LLC and a General Partner of Warburg Pincus & Co. since January 2001
and has been employed with Warburg Pincus since 1996. He focuses on
investments in the financial services sector and has also worked on the firm’s
healthcare team.

MBIA Chairman Daniel P. Kearney said, “Sean’s experience in the financial
services sector and his board directorship with several industry-leading
companies will be a tremendous asset as we continue to reposition MBIA for
future growth. We’re pleased to welcome him as a new board member and
appreciate Warburg Pincus’ steadfast support since their investment in the
company.”

Prior to joining Warburg Pincus, Mr. Carney was a consultant at McKinsey &
Company, Inc., a management consulting company. He is also Chairman and a
Director of Tornier N.V., and is a member of the board of directors of several
other privately held companies. Within the past five years, he also served as
a Director of Arch Capital Group Ltd. Mr. Carney received an A.B. in economics
from Harvard College and an M.B.A. from Harvard Business School.

Forward-Looking Statements

The information contained in this press release should be read in conjunction
with our filings made with the Securities and Exchange Commission. This
release 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,” “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, including,
among other risks and uncertainties, the possibility that the Company will
experience severe losses or liquidity needs due to increased deterioration in
its insurance portfolios and in particular, due to the performance of insured
credit default swaps that are backed by or reference CMBS pools and CRE CDOs,
insured RMBS transactions, and insured ABS CDOs, uncertainty regarding whether
the Company will realize, or will be delayed in realizing, insurance loss
recoveries expected in disputes with sellers/servicers of RMBS transactions at
the levels recorded in its financial statements, the failure to implement our
risk reduction and liquidity strategies because of an inability to draw on
expected liquidity sources or obtain regulatory approvals, the possibility
that loss reserve estimates are not adequate to cover potential claims, the
Company’s ability to access capital and the Company’s exposure to significant
fluctuations in liquidity and asset values within the global credit markets,
in particular in the ALM business, the Company’s ability to fully implement
its strategic plan, including its ability to achieve high stable ratings for
National or any other insurance subsidiaries, and the Company’s ability to
commute certain of its insured exposures, including as a result of limited
available liquidity, the possibility that severe fiscal stress will result in
credit losses or impairments on obligations of state and local governments
that we insure and changes in general economic and competitive conditions.
These and other 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 are discussed under the “Risk
Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, which may be updated or amended in the
Company’s subsequent filings with the Securities and Exchange Commission. The
Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only to their respective dates. The
Company undertakes no obligation to publicly correct or update any
forward-looking statement if it later becomes aware that such result is not
likely to be achieved.

MBIA Inc., headquartered in Armonk, New York is a holding company whose
subsidiaries provide financial guarantee insurance, as well as related
reinsurance, advisory and portfolio services, for the public and structured
finance markets, and asset management advisory services. The Company services
its clients around the globe with offices in New York, Denver, San Francisco,
Paris, London, Madrid and Mexico City. Please visit MBIA's website at
www.mbia.com.

Contact:

MBIA Inc.
Media
Kevin Brown, +1-914-765-3648
or
MBIA Inc.
Investor Relations:
Greg Diamond, +1-914-765-3190
 
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