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MBIA history
MBIA company history timeline
In 1980 that amount would reach $5 billion, and a year later MBIA insured its 1,000th issue.
By 1983 the company held the distinction of having guaranteed bonds in all 50 states.
In 1985 Ryder System, Inc. acquired MBIA's managing agent, MISC, but Ryder sold the business less than 18 months later.
While Travelers opted out, the four founding insurers pooled $427 million in an initial investment to create a new entity, MBIA Inc., incorporated in Connecticut in November 1986.
MBIA goes public on July 1, 1987, when it sells 5.5 million shares of common stock at an initial public offering at $23.50 per share.
In December 1989 it forged an alliance with Credit Local de France, a major French financial institution, which bought a 5 percent stake in MBIA from Continental Corp.
In 1991 the company established a French subsidiary to help lay the groundwork for the financial guarantee business in Europe and a year later opened its first international office in Paris.
Daniel Kearney, a Director since 1992, becomes Non-Executive Chairman.
In 1993 MBIA established MBIA Investment Management Corp., which served municipal insurers, guaranteeing investment agreements for the proceeds from their municipal bonds.
David H. Elliott is named CEO. In 1994, he becomes Chairman.
Another seminal moment in the history of the bond insurance industry occurred in 1994 when Orange County, one of the nation's wealthiest areas, possessing a Double-A credit rating, went bankrupt.
The company's prominent role in guaranteeing Orange County's recovery bonds also rekindled investor interest in MBIA. In December 1995 the company completed a $75 million public offering, followed a month later by a stock sale that raised $55 million.
MBIA Securities Corp. was established in 1995 to offer internal fixed-income trading and portfolio management.
American Money Management Associates, Inc. (AMMA) becomes part of the MBIA-MISC subsidiary in 1997.
MBIA & Associates Consulting was formed in 1997 to provide management consulting services to state and local governments, colleges and universities, as well as real estate entities and international concerns.
Also in 1997 MBIA acquired Municipal Resource Consultants, another California company, provider of revenue enhancement audits and other services, and American Money Management Associates, Inc., which offered a variety of investment services to municipalities and other public sector entities.
After reaching an agreement in 1997, MBIA and CapMAC Holdings Inc. merged in a stock swap valued at more than $500 million.
David H. Elliott retires as CEO in January, and as Chairman in May, 1999.
Gary Dunton, President of MBIA, named Chief Operating Officer in May 2000.
In 2002, Bill Ackman, a hedge fund manager, began research which concentrated on challenging MBIA's AAA rating, despite an ongoing probe of his trading by New York State and federal authorities.
Gary Dunton, President of MBIA, is named Chief Executive Officer in May 2004.
Jay Brown is named Executive Chairman in May 2004.
Jay Brown retires as Executive Chairman and from the MBIA Board of Directors in May 2007.
Jay Brown returns to MBIA in February of 2008, resuming his positions as Chairman and Chief Executive Officer of MBIA Inc.
The story of Ackman's battle with MBIA was turned into a book called Confidence Game (Wiley, 2010) by Bloomberg News reporter Christine Richard.
In January 2017, MBIA UK was acquired by Assured Guaranty Ltd together with its subsidiary Assured Guaranty Corp.
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MBIA competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Primerica | 1977 | $602.0M | 2,104 | 78 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,081 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 28 |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| Citi | 1812 | $74.3B | 210,000 | 1,128 |
| Huntington National Bank | 1866 | $4.8B | 25,693 | 1,307 |
| M&T Bank | 1856 | $499.3M | 16,840 | 926 |
| New York Life Insurance | 1845 | $44.1B | 11,388 | 561 |
| IDB Bank | 1949 | $2.8B | 5,705 | 6 |
| Fortress Investment Group | 1998 | $1.1B | 2,533 | 9 |
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MBIA may also be known as or be related to MBIA, MBIA Asset Management, MBIA Inc, MBIA Inc. and Mbia.