MBIA Inc. (MBI) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.096 developments regarding PREPA since our conference call last quarter, the path and timing 00:00:05.096 -- 00:00:10.001 for resolving PREPA's outstanding debt remains largely uncertain. 00:00:10.001 -- 00:00:14.165 While there have been rulings and decisions to support a more favorable outcome for PREPA 00:00:14.165 -- 00:00:15.567 bondholders, 00:00:15.567 -- 00:00:20.830 the bondholders and the oversight board appear far apart. 00:00:21.212 -- 00:00:25.697 Given the uncertainty associated with the possible outcomes for National's PREPA bankruptcy 00:00:25.697 -- 00:00:29.714 claim, which is in excess of $800 million, 00:00:29.714 -- 00:00:34.779 We continue to believe that the process to sell the company to maximize shareholder value 00:00:34.779 -- 00:00:40.503 will likely require substantially reducing the uncertainty regarding PREPA. 00:00:40.605 -- 00:00:44.009 Regarding the balance of Nationals Insured Portfolio, 00:00:44.009 -- 00:00:49.072 those credits have continued to perform generally consistent with our expectations. 00:00:49.354 -- 00:00:53.959 The gross par amount outstanding for Nationals Insured Portfolio has declined by approximately 00:00:53.959 -- 00:00:59.451 $3.1 billion from year end 2023 to about $25 00:00:59.451 -- 00:01:03.634 billion at the end of 2024. National's 00:01:04.299 -- 00:01:10.566 leverage ratio of gross part of statutory capital was 28 to 1 at the end of 2024. 00:01:12.012 -- 00:01:15.638 As of December 31, 2024, National 00:01:15.638 -- 00:01:20.807 had total claims-paying resources of $1.5 billion and statutory 00:01:20.807 -- 00:01:25.231 capital in surplus in excess of $900 million. 00:01:25.486 -- 00:01:30.450 Now Joe will provide additional comments about our financial results. 00:01:30....