MBIA : First Quarter 2024 1st Qtr. National Public Finance Guarantee Corporation

May 09, 2024 at 06:14 pm EDT

QUARTERLY STATEMENT

OF THE

NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

PURCHASE

IN THE

STATE OF NEW YORK

TO THE

INSURANCE DEPARTMENT

OF THE

STATE OF

___________________

FOR THE PERIOD ENDED

March 31, 2024

PROPERTY AND CASUALTY

2024

STATEMENT AS OF MARCH 31, 2024 OF THE National Public Finance Guarantee Corporation

ASSETS

				Current Statement Date		4
			1	2	3	December 31

					Net Admitted Assets	Prior Year Net
			Assets	Nonadmitted Assets	(Cols. 1 - 2)	Admitted Assets
1.	Bonds	1,346,670,275	4,577,532	1,342,092,744	1,337,774,855
2.	Stocks:
	2.1	Preferred stocks	0	0	0	0
	2.2	Common stocks	601,301,932	601,301,932	0	0
3.	Mortgage loans on real estate:
	3.1	First liens	0	0	0	0
	3.2	Other than first liens	0	0	0	0

4. Real estate:

4.1 Properties occupied by the company (less

	$		encumbrances)		0	0	0	0
	4.2 Properties held for the production of income
	(less $		encumbrances)		0	0	0	0
	4.3 Properties held for sale (less
	$		encumbrances)		0	0	0	0
5.	Cash ($	19,589,737 ),
	cash equivalents ($		31,700,000 )
	and short-term investments ($	32,000,001	)	83,289,739	0	83,289,739	107,020,675
6.	Contract loans (including $			premium notes)	0	0	0	0
7.	Derivatives					0	0	0	0
8.	Other invested assets				10,291,715	0	10,291,715	10,291,451
9.	Receivables for securities				622,930	0	622,930	160,033
10.	Securities lending reinvested collateral assets		0	0	0	0
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)		2,042,176,592	605,879,464	1,436,297,128	1,455,247,014
13.	Title plants less $			charged off (for Title insurers
	only)					0	0	0	0
14.	Investment income due and accrued			14,377,676	0	14,377,676	10,337,965
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of
	collection					267,513	0	267,513	687,711
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $		earned
	but unbilled premiums)				0	0	0	0
	15.3 Accrued retrospective premiums	($	) and
	contracts subject to redetermination ($	)	0	0	0	0
16.	Reinsurance:
	16.1 Amounts recoverable from reinsurers		23,456	0	23,456	54,930
	16.2 Funds held by or deposited with reinsured companies	0	0	0	0
	16.3 Other amounts receivable under reinsurance contracts	0	0	0	0
17.	Amounts receivable relating to uninsured plans		0	0	0	0
18.1 Current federal and foreign income tax recoverable and interest thereon	1	0	1	0
18.2 Net deferred tax asset				0	0	0	0
19.	Guaranty funds receivable or on deposit		0	0	0	0
20.	Electronic data processing equipment and software		7,537	7,537	0	0
21.	Furniture and equipment, including health care delivery assets
	($		)			4,871,154	4,871,154	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	0	0	0	0
23.	Receivables from parent, subsidiaries and affiliates		1,472,802	0	1,472,802	1,280,467
24.	Health care ($			) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other-than-invested assets		2,810,122	575,308	2,234,814	2,330,808
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)		2,066,006,853	611,333,464	1,454,673,390	1,469,938,895
27.	From Separate Accounts, Segregated Accounts and Protected
	Cell Accounts					0	0	0	0
28.	Total (Lines 26 and 27)				2,066,006,853	611,333,464	1,454,673,390	1,469,938,895
	DETAILS OF WRITE-INS
1101.						0	0	0	0
1102.						0	0	0	0
1103.						0	0	0	0
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)	0	0	0	0
2501.	Other assets					2,234,814	0	2,234,814	2,330,808
2502.	Prepaid expenses					575,308	575,308	0	0
2503.						0	0	0	0
2598.	Summary of remaining write-ins for Line 25 from overflow page	0	0	0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)	2,810,122	575,308	2,234,814	2,330,808

STATEMENT AS OF MARCH 31, 2024 OF THE National Public Finance Guarantee Corporation

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current	December 31,
						Statement Date	Prior Year
1.	Losses (current accident year $	)			72,933,111	65,470,226
2.	Reinsurance payable on paid losses and loss adjustment expenses			228,415	445,412
3.	Loss adjustment expenses					10,420,493	9,534,422
4.	Commissions payable, contingent commissions and other similar charges		0	0
5.	Other expenses (excluding taxes, licenses and fees)			5,690,812	6,414,216
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			0	0
7.1Current federal and foreign income taxes (including $		on realized capital gains (losses))	0	0
7.2 Net deferred tax liability					0	0
8.	Borrowed money $		and interest thereon $			0	0
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	0 and
	including warranty reserves of $	and accrued accident and health experience rating refunds
	including $	for	medical loss ratio rebate per the Public Health Service Act)	229,653,083	237,107,773
10.	Advance premium						0
11.	Dividends declared and unpaid:
	11.1 Stockholders					0	0
	11.2 Policyholders					0	0
12.	Ceded reinsurance premiums payable (net of ceding commissions)			0	0
13.	Funds held by company under reinsurance treaties			0	0
14.	Amounts withheld or retained by company for account of others			1	1
15.	Remittances and items not allocated				0	0
16.	Provision for reinsurance (including $	certified)		0	0
17.	Net adjustments in assets and liabilities due to foreign exchange rates			0	0
18.	Drafts outstanding					0	0
19.	Payable to parent, subsidiaries and affiliates			466,026	640,466
20.	Derivatives					0	0
21.	Payable for securities					4,337,734	140,406
22.	Payable for securities lending				0	0
23.	Liability for amounts held under uninsured plans			0	0
24.	Capital notes $		and interest thereon $			0	0
25.	Aggregate write-ins for liabilities				382,347,793	386,787,097
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			706,077,468	706,540,020
27.	Protected cell liabilities					0	0
28.	Total liabilities (Lines 26 and 27)				706,077,468	706,540,020
29.	Aggregate write-ins for special surplus funds			0	0
30.	Common capital stock					15,000,000	15,000,000
31.	Preferred capital stock					0	0
32.	Aggregate write-ins for other than special surplus funds			0	0
33.	Surplus notes					0	0
34.	Gross paid in and contributed surplus				574,441,226	574,441,225
35.	Unassigned funds (surplus)					159,154,696	173,957,650
36.	Less treasury stock, at cost:
	36.1	shares common (value included in Line 30	$	)	0	0
	36.2	shares preferred (value included in Line 31	$	)	0	0
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)			748,595,922	763,398,875
38.	Totals (Page 2, Line 28, Col. 3)				1,454,673,390	1,469,938,895
	DETAILS OF WRITE-INS
2501.	Contingency reserves					349,910,921	354,339,737
2502.	Securities sold under agreement to repurchase			32,436,100	32,447,359
2503.	Other Liabilities					772	1
2598.	Summary of remaining write-ins for Line 25 from overflow page			0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)			382,347,793	386,787,097
2901.						0	0
2902.						0	0
2903.						0	0
2998.	Summary of remaining write-ins for Line 29 from overflow page			0	0
2999.	Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)			0	0
3201.						0	0
3202.						0	0
3203.						0	0
3298.	Summary of remaining write-ins for Line 32 from overflow page			0	0
3299.	Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)			0	0

STATEMENT AS OF MARCH 31, 2024 OF THE National Public Finance Guarantee Corporation

STATEMENT OF INCOME

							1	2	3
							Current Year	Prior Year	Prior Year Ended
							to Date	to Date	December 31
				UNDERWRITING INCOME
1.	Premiums earned:
	1.1	Direct (written $	0	)		2,038,793	1,951,747	8,469,078
	1.2	Assumed (written $	959,369 )		6,375,266	7,085,962	26,084,981
	1.3	Ceded (written $		)		0	0	0
	1.4	Net (written $	959,369	)		8,414,059	9,037,709	34,554,059
			DEDUCTIONS:
2.	Losses incurred (current accident year $	):
	2.1 Direct				8,756,498	(13,927,587)	105,403,561
	2.2 Assumed				14,294,074	14,807,541	79,379,981
	2.3 Ceded				661,637	(3,749,123)	6,999,913
	2.4 Net				22,388,935	4,629,077	177,783,629
3.	Loss adjustment expenses incurred			2,717,092	2,585,183	6,017,855
4.	Other underwriting expenses incurred			10,576,159	10,622,994	37,736,670
5.	Aggregate write-ins for underwriting deductions		0	0	0
6.	Total underwriting deductions (Lines 2 through 5)		35,682,186	17,837,255	221,538,154
7.	Net income of protected cells					0	0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)		(27,268,127)	(8,799,546)	(186,984,095)
				INVESTMENT INCOME		18,420,091	23,445,651	95,997,346
9.	Net investment income earned
10.	Net realized capital gains (losses) less capital gains tax of $		(2,153,191)	(3,792,596)	(51,072,844)
11.	Net investment gain (loss) (Lines 9 + 10)			16,266,900	19,653,055	44,924,502
				OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off
	(amount recovered $		amount charged off $	)	0	0	0
13.	Finance and service charges not included in premiums		0	0	0
14.	Aggregate write-ins for miscellaneous income		0	0	0
15.	Total other income (Lines 12 through 14)			0	0	0
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal	(11,001,227)	10,853,509	(142,059,593)
	and foreign income taxes (Lines 8 + 11 + 15)
17.	Dividends to policyholders					0	0
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal	(11,001,227)	10,853,509	(142,059,593)
	and foreign income taxes (Line 16 minus Line 17)
19.	Federal and foreign income taxes incurred				(4,569)	(4,569)
20.	Net income (Line 18 minus Line 19)(to Line 22)		(11,001,227)	10,858,078	(142,055,024)
			CAPITAL AND SURPLUS ACCOUNT		763,398,875	1,544,757,787	1,544,757,786
21.	Surplus as regards policyholders, December 31 prior year
22.	Net income (from Line 20)				(11,001,227)	10,858,078	(142,055,024)
23.	Net transfers (to) from Protected Cell accounts			0	0
24.	Change in net unrealized capital gains or (losses) less capital gains tax of
	$		11,246,121				42,306,836	(235,388,704)	(457,601,735)
25.	Change in net unrealized foreign exchange capital gain (loss)		0	0	0
26.	Change in net deferred income tax			11,246,122	(62,571,681)	(121,640,967)
27.	Change in nonadmitted assets				(61,783,502)	308,710,957	562,195,172
28.	Change in provision for reinsurance			0	0	0
29.	Change in surplus notes				0	0	0
30.	Surplus (contributed to) withdrawn from protected cells		0	0	0
31.	Cumulative effect of changes in accounting principles		0	0	0
32.	Capital changes:
	32.1	Paid in				0	0	0
	32.2	Transferred from surplus (Stock Dividend)		0	0	0
	32.3	Transferred to surplus				0	0	0
33.	Surplus adjustments:
	33.1	Paid in				2	0	0
	33.2	Transferred to capital (Stock Dividend)			0	0	0
	33.3	Transferred from capital				0	0	0
34.	Net remittances from or (to) Home Office			0	0	0
35.	Dividends to stockholders				0	0	(647,245,000)
36.	Change in treasury stock				0	0	0
37.	Aggregate write-ins for gains and losses in surplus		4,428,816	478,607	24,988,642
38.	Change in surplus as regards policyholders (Lines 22 through 37)		(14,802,952)	22,087,256	(781,358,911)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)		748,595,922	1,566,845,044	763,398,875
	DETAILS OF WRITE-INS				0	0	0
0501.
0502.							0	0	0
0503.							0	0	0
0598.	Summary of remaining write-ins for Line 5 from overflow page		0	0	0
0599.	TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above)		0	0	0
1401.							0	0	0
1402.							0	0	0
1403.							0	0	0
1498.	Summary of remaining write-ins for Line 14 from overflow page		0	0	0
1499.	TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above)		0	0	0
3701.	Allocation of surplus to contingency reserves		4,428,816	478,607	24,988,642
3702.							0	0	0
3703.							0	0	0
3798.	Summary of remaining write-ins for Line 37 from overflow page		0	0	0
3799.	TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above)		4,428,816	478,607	24,988,642

STATEMENT AS OF MARCH 31, 2024 OF THE National Public Finance Guarantee Corporation

CASH FLOW

				1	2	3
				Current Year	Prior Year	Prior Year Ended
				To Date	To Date	December 31
		Cash from Operations		1,379,567	1,000,447	9,744,050
1.	Premiums collected net of reinsurance
2.	Net investment income		12,133,240	16,304,129	91,437,632
3.	Miscellaneous income		0	0	0
4.	Total (Lines 1 to 3)		13,512,807	17,304,576	101,181,682
5.	Benefit and loss related payments		14,894,576	(162,022,671)	(43,988,091)
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	0	0	0
7.	Commissions, expenses paid and aggregate write-ins for deductions		13,347,581	15,062,077	50,879,132
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)		0	(4,569)	(4,569)
10.	Total (Lines 5 through 9)		28,242,157	(146,965,163)	6,886,472
11.	Net cash from operations (Line 4 minus Line 10)		(14,729,350)	164,269,739	94,295,210
		Cash from Investments
12.	Proceeds from investments sold, matured or repaid:
	12.1	Bonds		72,831,839	105,378,857	775,082,368
	12.2	Stocks		0	0	0
	12.3	Mortgage loans		0	0	0
	12.4	Real estate		0	0	0
	12.5	Other invested assets		0	0	0
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments		3,864	(698)	10,838
	12.7	Miscellaneous proceeds		3,734,430	41,009	6,889
	12.8	Total investment proceeds (Lines 12.1 to 12.7)		76,570,134	105,419,168	775,100,095
13.	Cost of investments acquired (long-term only):
	13.1	Bonds		85,023,713	238,343,702	349,888,758
	13.2	Stocks		0	0	23,359,774
	13.3	Mortgage loans		0	0	0
	13.4	Real estate		0	0	0
	13.5	Other invested assets		0	0	0
	13.6	Miscellaneous applications		22	0	242,245
	13.7	Total investments acquired (Lines 13.1 to 13.6)		85,023,735	238,343,702	373,490,776
14.	Net increase/(decrease) in contract loans and premium notes		0	0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)		(8,453,601)	(132,924,534)	401,609,319
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes		0	0	0
	16.2	Capital and paid in surplus, less treasury stock		0	0	(1)
	16.3	Borrowed funds		0	0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities			0	0
	16.5	Dividends to stockholders		0	0	647,245,000
	16.6	Other cash provided (applied)		(547,985)	(1,624,601)	(51,733,704)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5	(547,985)	(1,624,601)	(698,978,705)
	plus Line 16.6)
		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	(23,730,935)	29,720,604	(203,074,175)
18.	Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		107,020,675	310,094,850	310,094,850
	19.2	End of period (Line 18 plus Line 19.1)		83,289,739	339,815,454	107,020,675

STATEMENT AS OF MARCH 31, 2024 OF THE NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

NOTES TO THE FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies and Going Concern

Accounting Practices
The statutory financial statements of National Public Finance Guarantee Corporation ("National" or "the Company") are presented on the basis of accounting practices prescribed or permitted by the New York State Department of Financial Services ("NYSDFS"). The NYSDFS recognizes only statutory accounting practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and determining its solvency under the New York Insurance Law ("NYIL"). The National Association of Insurance Commissioners ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of New York. The Superintendent of the NYSDFS has the right to permit other specific practices that deviate from prescribed practices.
Effective January 1, 2010, National was granted a permitted practice by the NYSDFS to reset its unassigned funds (surplus) to zero by netting its negative unassigned surplus of $1.6 billion against its gross paid-in and contributed surplus as summarized in the table below. Total policyholders' surplus was not impacted by this permitted practice.
A reconciliation of National's net income and capital and surplus between NAIC SAP and practices permitted by the NYSDFS is shown below:

			F/S		F/S			March 31,			December 31,
in thousands	SSAP#	Page		Line			2024			2023
NET INCOME
(1)	Net income (loss), state basis (Page 4, Line 20, Columns 1 & 3)	XXX	XXX		XXX	$	(11,001)	$	(142,055)
(2)	State prescribed practices that are an increase/(decrease) from NAIC SAP:							-			-
(3)	State permitted practices that are an increase/(decrease) from NAIC SAP:							-			-
(4)	NAIC SAP basis (1-2-3=4)	XXX	XXX		XXX	$	(11,001)	$	(142,055)
SURPLUS

(5)	Policyholders' surplus, state basis (Page 3, Line 37, Columns 1 & 2)	XXX	XXX		XXX	$	748,596	$	763,399
(6)	State prescribed practices that are an increase/(decrease) from NAIC SAP:							-			-
(7)	State permitted practices that are an increase/(decrease) from NAIC SAP:
	Gross paid in and contributed surplus		3	34			(1,623,146)			(1,623,146)
	Unassigned funds (surplus)		3	35			1,623,146			1,623,146
(8)	NAIC SAP basis (5-6-7=8)	XXX	XXX		XXX	$	748,596	$	763,399

Accounting Policy
1. No significant change.

1. 1. No significant change.
2. Going Concern
  National has prepared the Company's statutory financial statements on the basis that the Company is able to continue as a going concern. There are no conditions or events, considered in the aggregate, that raised substantial doubt about the Company's ability to continue as a going concern within one year after the publication of these financial statements.
Accounting Changes and Correction of Errors Accounting Changes
There were no accounting changes as of March 31, 2024. Correction of Errors
There were no correction of errors as of March 31, 2024.
Business Combinations and Goodwill Not applicable.
Discontinued Operations Not applicable.
Investments
1. Loan-BackedSecurities

STATEMENT AS OF MARCH 31, 2024 OF THE NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

NOTES TO THE FINANCIAL STATEMENTS

Prepayment assumptions for loan-backed and structured securities were obtained from an independent third-party data service or internal estimates.
- (3) Not applicable as National did not recognize any Other-Than-Temporary Impairment ("OTTI") for loan-backed and structured securities for the three months ended March 31, 2024.

The following table sets forth the gross unrealized losses of the Company's loan-backed and structured securities as of March 31, 2024. The table has segregated loan-backed and structured securities that have been in a continuous unrealized loss position for less than twelve months from those that have been in a continuous unrealized loss position for twelve months or longer.

In thousands	As of March 31, 2024
a. The aggregate amount of unrealized losses:
	Less than 12 Months	$	(112)
	12 Months or Longer	$	(22,217)

The aggregate related fair value of securities with unrealized losses:

Less than 12 Months	$	28,985
12 Months or Longer	$	253,788

1. National has concluded the unrealized losses in loan-backed and structured securities were not other-than-temporary considering the circumstances that gave rise to the unrealized losses, along with National's ability and intent to hold these securities to maturity or until such time as to recover an amount equal to their amortized cost. For further details refer to "Note 1. Summary of Significant Accounting Policies" Section C (2) in the Notes to Financial Statements included in National's Annual Statement for the year ended December 31, 2023.
Dollar Repurchase Agreements and/or Securities Lending Transactions
1. Not applicable.
Repurchase Agreements Transactions Accounted for as Secured Borrowing
1. National maintains an Asset Swap with MBIA Inc. Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as secured borrowings and are recorded at contract value plus accrued interest. The Asset Swap facility requires each of these agreements to be fully collateralized, with assets having an aggregate fair value in excess of the securities borrowed. The borrower of the securities is permitted to sell or repledge those securities. Under the facility, National loans government and agency securities to MBIA Inc. in exchange for assets rated BBB or higher, and the fair value of the securities held as collateral by National is in excess of the fair value of the securities pledged as collateral to MBIA Inc. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of decline in the fair value of the pledged collateral under these transactions, additional collateral is obtained or the contract value of the facility is adjusted.
2. Type of Repo Trades Used

		First	Second	Third	Fourth
		Quarter	Quarter	Quarter	Quarter
a.	Bilateral (YES/NO)	YES
b.	Tri-Party (YES/NO)	NO

Original (Flow) & Residual Maturity

	First	Second	Third	Fourth
In thousands	Quarter	Quarter	Quarter	Quarter
a. Maximum Amount

Open - No Maturity
Overnight
2 Days to 1 Week
> 1 Week to 1 Month

5	> 1	Month to 3 Months	32,000	-	-	-
6	> 3	Months to 1 Year
7	> 1 Year
b. Ending Balance
1	Open - No Maturity
2	Overnight
3	2 Days to 1 Week
4	> 1 Week to 1 Month
5	> 1	Month to 3 Months	32,000	-	-	-

1. > 3 Months to 1 Year
2. > 1 Year
There were no securities sold and/or acquired that resulted in a default.
Securities "Sold" Under Repo - Secured Borrowing

		First	Second	Third	Fourth
In thousands	Quarter	Quarter	Quarter	Quarter
a. Maximum Amount
1 BACV		XXX	XXX	XXX	XXX

6.1

STATEMENT AS OF MARCH 31, 2024 OF THE NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

NOTES TO THE FINANCIAL STATEMENTS

2	Nonadmitted - Subset of BACV	XXX	XXX	XXX	XXX
3	Fair Value	32,746	-	-	-
b. Ending Balance
1	BACV	37,606	-	-	-
2	Nonadmitted - Subset of BACV	XXX	XXX	XXX	XXX
3	Fair Value	31,832	-	-	-

Securities Sold Under Repo - Secured Borrowing by NAIC Designation
ENDING BALANCE

		(1)		(2)	(3)	(4)
In thousands	None		NAIC 1	NAIC 2	NAIC 3
a.	Bonds - BACV			37,606
b.	Bonds - FV			31,832
c.	LB & SS - BACV
d.	LB & SS - FV
e.	Preferred Stock - BACV
f.	Preferred Stock - FV
g. Common Stock
h. Mortgage Loans - BACV
i. Mortgage Loans - FV
j.	Real Estate - BACV
k.	Real Estate - FV
l.	Derivatives - BACV
m.	Derivatives - FV
n.	Other Invested Assets - BACV
o	Other Invested Assets - FV
p.	Total Assets - BACV		-	37,606	-	-
q.	Total Assets - FV
	-	31,832	-	-
ENDING BALANCE
		(5)		(6)	(7)	(8)
In thousands	NAIC 4		NAIC 5	NAIC 6	Nonadmitted

Bonds - BACV
Bonds - FV
LB & SS - BACV
LB & SS - FV
Preferred Stock - BACV
Preferred Stock - FV
Common Stock
Mortgage Loans - BACV

Mortgage Loans - FV
Real Estate - BACV

k.	Real Estate - FV
l.	Derivatives - BACV
m.	Derivatives - FV

Other Invested Assets - BACV o Other Invested Assets - FV

p.	Total Assets - BACV	-	-	-	-
q.	Total Assets - FV
-	-	-	-

Collateral Received - Secured Borrowing

	First	Second		Third		Fourth
In thousands	Quarter	Quarter		Quarter		Quarter
a. Maximum Amount
1 Cash	32,000		-		-	-

2 Securities (FV)

b. Ending Balance

1 Cash

32,000

2 Securities (FV)
Cash & Non-Cash Collateral Received - Secured Borrowing by NAIC Designation
ENDING BALANCE

	(1)	(2)	(3)	(4)
In thousands	None	NAIC 1	NAIC 2	NAIC 3
a. Cash	32,000

Bonds - FV
LB & SS - FV
Preferred Stock - FV
Common Stock

f. Mortgage Loans - FV

Real Estate - FV
Derivatives - FV

i.	Other Invested Assets - FV
j.	Total Collateral Assets - FV	32,000	-	-	-

ENDING BALANCE

In thousands

a. Cash

(5)

NAIC 4

(6)

NAIC 5

(7)

NAIC 6

(8)

Does not

Qualify

as Admitted

6.2

STATEMENT AS OF MARCH 31, 2024 OF THE NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

NOTES TO THE FINANCIAL STATEMENTS

Bonds - FV
LB & SS - FV
Preferred Stock - FV
Common Stock

f. Mortgage Loans - FV

Real Estate - FV
Derivatives - FV

i.	Other Invested Assets - FV
j.	Total Collateral Assets - FV	-	-	-	-

Allocation of Aggregate Collateral by Remaining Contractual Maturity

	Fair
In thousands	Value
a. Overnight and Continuous
b. 30 Days or Less
c. 31 to 90 Days	32,000
d. > 90 Days

(10) Allocation of Aggregate Collateral Reinvested by Remaining Contractual Maturity

	Amortized	Fair
In thousands	Cost	Value

1. 30 Days or Less
2. 31 to 60 Days
3. 61 to 90 Days
4. 91 to 120 Days
5. 121 to 180 Days
6. 181 to 365 Days
7. 1 to 2 Years
8. 2 to 3 Years
9. > 3 Years
Liability to Return Collateral - Secured Borrowing (Total)

	First	Second		Third		Fourth
In thousands	Quarter	Quarter		Quarter		Quarter
a. Maximum Amount
1 Cash (Collateral - All)	32,000		-		-	-

2 Securities Collateral (FV) b. Ending Balance

1 Cash (Collateral - All)

32,000

2 Securities Collateral (FV)
Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing
1. National maintains an Asset Swap with MBIA Inc. Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as secured borrowings and are recorded at contract value plus accrued interest. The Asset Swap facility requires each of these agreements to be fully collateralized, with assets having an aggregate fair value in excess of the securities borrowed. The borrower of the securities is permitted to sell or repledge those securities. Under the facility, National loans government and agency securities to MBIA Inc. in exchange for assets rated BBB or higher, and the fair value of the securities held as collateral by National is in excess of the fair value of the securities pledged as collateral to MBIA Inc. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of decline in the fair value of the pledged collateral under these transactions, additional collateral is obtained or the contract value of the facility is adjusted.
2. Type of Repo Trades Used

		First	Second	Third	Fourth
		Quarter	Quarter	Quarter	Quarter
a.	Bilateral (YES/NO)	YES
b.	Tri-Party (YES/NO)	NO

Original (Flow) & Residual Maturity

	First	Second	Third	Fourth
In thousands	Quarter	Quarter	Quarter	Quarter

a. Maximum Amount

Open - No Maturity
Overnight
2 Days to 1 Week
> 1 Week to 1 Month

5	> 1	Month to 3 Months	32,000	-	-	-
6	> 3	Months to 1 Year
7	> 1 Year
b. Ending Balance
1	Open - No Maturity
2	Overnight
3	2 Days to 1 Week
4	> 1 Week to 1 Month
5	> 1	Month to 3 Months		32,000	-	-	-

6.3

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Disclaimer

MBIA Incorporated published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 22:14:47 UTC.

Market Closed - Nyse Other stock markets 04:00:02 2024-06-07 pm EDT			5-day change	1st Jan Change
5.4 ^USD	-2.35%		-4.42%	-11.76%

May. 31	Keefe Bruyette & Woods Trims MBIA's Price Target to $6.50 From $7.50, Maintains Market Perform Rating	MT
May. 10	Transcript : MBIA Inc., Q1 2024 Earnings Call, May 10, 2024

Keefe Bruyette & Woods Trims MBIA's Price Target to $6.50 From $7.50, Maintains Market Perform Rating	May. 31	MT
Transcript : MBIA Inc., Q1 2024 Earnings Call, May 10, 2024	May. 10
Tranche Update on MBIA Inc.'s Equity Buyback Plan announced on May 9, 2023.	May. 09	CI
MBIA Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 09	CI
MBIA Inc. Announces Management Changes	May. 02	CI
Keefe Bruyette & Woods Adjusts MBIA's Price Target to $7.50 From $9, Maintains Market Perform Rating	Apr. 01	MT
MBIA Inc. Announces CFO Changes Effective April 30, 2024	Mar. 07	CI
Transcript : MBIA Inc., Q4 2023 Earnings Call, Feb 29, 2024	Feb. 29
Tranche Update on MBIA Inc.'s Equity Buyback Plan announced on May 9, 2023.	Feb. 28	CI
MBIA Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 28	CI
North American Morning Briefing : Investors Await -2-	Dec. 11	DJ
Sector Update: Financial Stocks Rise Late Afternoon	Dec. 08	MT
MBIA Shares Extend Gains After Declaring Extraordinary Cash Dividend, Reporting Dividends From Unit	Dec. 08	MT
Top Midday Gainers	Dec. 08	MT
Sector Update: Financial Stocks Higher Friday Afternoon	Dec. 08	MT
Wall Street Set to Open Lower Friday; Employment Growth Tops Forecasts	Dec. 08	MT
November Payrolls Post Bigger Gain Than Expected as Exchange-Traded Funds, Equity Futures Slide Pre-Bell	Dec. 08	MT
Investors Look Ahead to Economic Indicators as US Futures Trend Lower in Friday's Premarket	Dec. 08	MT
Roth MKM Downgrades MBIA to Neutral From Buy, Price Target is $15	Dec. 08	MT
Top Premarket Gainers	Dec. 08	MT
MBIA Shares Soar After Declaring Extraordinary Cash Dividend, Reporting Dividends From Unit	Dec. 08	MT
MBIA Inc. Declares Extraordinary Cash Dividend on Common Stock, Payable on December 22, 2023	Dec. 07	CI
Keefe, Bruyette & Woods Trims Price Target on MBIA to $9 From $10, Maintains Market Perform Rating	Nov. 17	MT
Transcript : MBIA Inc., Q3 2023 Earnings Call, Nov 03, 2023	Nov. 03
Tranche Update on MBIA Inc.'s Equity Buyback Plan announced on May 9, 2023.	Nov. 02	CI

	1st Jan change	Capi.
MBIA INC.	-11.76%	277M
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THE TRAVELERS COMPANIES	+11.79%	48.76B
THE ALLSTATE CORPORATION	+17.92%	43.56B
ARCH CAPITAL GROUP LTD.	+35.41%	37.61B
MS&AD INSURANCE GROUP HOLDINGS, INC.	+69.69%	31.77B
INTACT FINANCIAL CORPORATION	+12.11%	29.63B
FAIRFAX FINANCIAL HOLDINGS LIMITED	+27.75%	25.69B
SAMPO OYJ	+1.99%	21.91B

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