$MBI
MBIA INC

2016 Form 10-K Financial Statement

#000119312517065856 Filed on March 01, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015
Revenue $294.0M $300.0M $853.0M
YoY Change -65.53% 38.89% -32.83%
Cost Of Revenue $220.0M $123.0M
YoY Change 78.86% -7.52%
Gross Profit $74.00M $730.0M
YoY Change -89.86% -35.8%
Gross Profit Margin 25.17% 85.58%
Selling, General & Admin $177.0M $190.0M
YoY Change -6.84% -20.5%
% of Gross Profit 239.19% 26.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $177.0M $98.00M $190.0M
YoY Change -6.84% -18.33% -20.5%
Operating Profit -$103.0M $540.0M
YoY Change -119.07% -39.87%
Interest Expense $197.0M -$60.00M $199.0M
YoY Change -1.01% -1.64% -5.24%
% of Operating Profit 36.85%
Other Income/Expense, Net
YoY Change
Pretax Income -$339.0M $139.0M $289.0M
YoY Change -217.3% 308.82% -54.91%
Income Tax -$1.000M $57.00M $109.0M
% Of Pretax Income 41.01% 37.72%
Net Earnings -$338.0M $82.00M $180.0M
YoY Change -287.78% 310.0% -68.37%
Net Earnings / Revenue -114.97% 27.33% 21.1%
Basic Earnings Per Share -$2.54 $1.06
Diluted Earnings Per Share -$2.54 $554.8K $1.06
COMMON SHARES
Basic Shares Outstanding 133.0M shares 153.0M shares 163.9M shares
Diluted Shares Outstanding 133.0M shares 164.9M shares

Balance Sheet

Concept 2016 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $163.0M $522.0M $464.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.248B $11.66B $11.66B
YoY Change -29.26% -1.35% -1.35%
Other Assets $1.525B $951.0M $951.0M
YoY Change 60.36% -48.03% -48.03%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $11.14B $14.84B $14.84B
YoY Change -24.93% -8.77% -8.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $5.504B $1.889B $8.413B
YoY Change -34.58% 4.36% 0.84%
Other Long-Term Liabilities $895.0M $575.0M $575.0M
YoY Change 55.65% -61.64% -61.64%
Total Long-Term Liabilities $6.399B $1.889B $8.988B
YoY Change -28.81% 4.36% -8.68%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $6.399B $1.889B $8.988B
Total Liabilities $7.898B $11.10B $11.10B
YoY Change -28.81% -10.05% -10.05%
SHAREHOLDERS EQUITY
Retained Earnings $3.038B
YoY Change 6.3%
Common Stock $282.0M
YoY Change 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.668B
YoY Change 13.1%
Treasury Stock Shares 130.3M shares
Shareholders Equity $3.239B $3.729B $3.741B
YoY Change
Total Liabilities & Shareholders Equity $11.14B $14.84B $14.84B
YoY Change -24.93% -8.89% -8.89%

Cashflow Statement

Concept 2016 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$338.0M $82.00M $180.0M
YoY Change -287.78% 310.0% -68.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$149.0M -$97.00M -$55.00M
YoY Change 170.91% -670.59% -83.48%
INVESTING ACTIVITIES
Capital Expenditures $1.000M $0.00 $3.000M
YoY Change -66.67% -100.0% -76.92%
Acquisitions
YoY Change
Other Investing Activities $8.000M $274.0M -$47.00M
YoY Change -117.02% -23.68% 4600.0%
Cash From Investing Activities $2.424B $274.0M $817.0M
YoY Change 196.7% -22.82% 0.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $110.0M $304.0M
YoY Change -63.82% 850.0%
Debt Paid & Issued, Net $0.00 $11.00M
YoY Change -100.0%
Cash From Financing Activities -$2.535B -128.0M -1.014B
YoY Change 150.0% -7.25% 13.68%
NET CHANGE
Cash From Operating Activities -$149.0M -97.00M -55.00M
Cash From Investing Activities $2.424B 274.0M 817.0M
Cash From Financing Activities -$2.535B -128.0M -1.014B
Net Change In Cash -$260.0M 49.00M -252.0M
YoY Change 3.17% -79.06% -38.98%
FREE CASH FLOW
Cash From Operating Activities -$149.0M -$97.00M -$55.00M
Capital Expenditures $1.000M $0.00 $3.000M
Free Cash Flow -$150.0M -$97.00M -$58.00M
YoY Change 158.62% -561.9% -83.24%

Facts In Submission

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<div><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Recent </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' >Accounting Developments</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Revenue from Contracts with Customers (Topic 606) (ASU 2014-09)</font><font style='font-family:Times New Roman;font-size:10pt;' > and </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Deferral of the Effective Date</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >(ASU 201</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >5</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >-</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >14</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In May of 2014, the FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic</font><font style='font-family:Times New Roman;font-size:10pt;' > 606).&#8221; ASU 2014-09 amends the accounting guidance for recognizing revenue for the transfer of goods or services from contracts with customers unless those contracts are within the scope of other accounting standards. ASU 2014-09 does not apply to financia</font><font style='font-family:Times New Roman;font-size:10pt;' >l guarantee insurance contracts within the scope of Topic 944, &#8220;Financial Services </font><font style='font-family:Times New Roman;font-size:10pt;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >Insurance.&#8221; In August of 2015, the FASB issued ASU 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606)</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10pt;' > Deferral of the Effective Date.</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; ASU 2015-14 defers the </font><font style='font-family:Times New Roman;font-size:10pt;' >effective date of ASU 2014-09 to interim and annual periods beginning January 1, 2018, and is applied on a retrospective or modified retrospective basis. The adoption of ASU 2014-09 is not expected to materially impact the Company&#8217;s consolidated financial </font><font style='font-family:Times New Roman;font-size:10pt;' >statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In January of 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments-Overall (Subtopic 825-10): Recognition </font><font style='font-family:Times New Roman;font-size:10pt;' >and Measurement of Financial Assets and Financial Liabilities.&#8221; ASU 2016-01 requires certain equity investments other than those accounted for under the equity method of accounting or result in consolidation of the investee to be measured at fair value wit</font><font style='font-family:Times New Roman;font-size:10pt;' >h changes in fair value recognized in net income, and permits an entity to measure equity investments that do not have readily determinable fair values at cost less any impairment plus or minus adjustments for certain changes in observable prices. An entit</font><font style='font-family:Times New Roman;font-size:10pt;' >y is also required to evaluate the need for a valuation allowance on a deferred tax asset related to </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities in combination with the entity&#8217;s other deferred tax assets. ASU 2016-01 requires an entity to present separately</font><font style='font-family:Times New Roman;font-size:10pt;' > in other comprehensive income the portion of the total change in the fair value of a liability that results from a change in the instrument-specific credit risk for financial liabilities that the entity has elected to measure at fair value in accordance w</font><font style='font-family:Times New Roman;font-size:10pt;' >ith the fair value option for financial instruments. ASU 2016-01 is effective for interim and annual periods beginning January 1, 2018, and is applied on a modified retrospective basis. Early adoption is not permitted with the exception of early applicatio</font><font style='font-family:Times New Roman;font-size:10pt;' >n of the guidance that requires separate presentation in other comprehensive income of the change in the instrument-specific credit risk for financial liabilities measured at fair value in accordance with the fair value option is permitted as of the beginn</font><font style='font-family:Times New Roman;font-size:10pt;' >ing of the fiscal year of adoption</font><font style='font-family:Times New Roman;font-size:10pt;' > of the standard</font><font style='font-family:Times New Roman;font-size:10pt;' >. The Company is evaluating the impact of adopting ASU 2016-01.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Leases (Topic 842) (ASU 2016-02)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In February of 2016, the FASB issued ASU 2016-02, &#8220;Leases (Topic 842)&#8221; that amends the accounting guidance fo</font><font style='font-family:Times New Roman;font-size:10pt;' >r leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as finance or operating leases, and to recognize assets and liabilities for the rights and obligations created by leasing transactions with lease terms more than twelve month</font><font style='font-family:Times New Roman;font-size:10pt;' >s. ASU 2016-02 substantially retains the criteria for classifying leasing transactions as finance or operating leases. For finance leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the lease p</font><font style='font-family:Times New Roman;font-size:10pt;' >ayments, and recognizes interest expense on the lease liability separately from the amortization of the right-of-use asset. For operating leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the </font><font style='font-family:Times New Roman;font-size:10pt;' >lease payments, and recognizes lease expense on a straight-line basis. ASU 2016-02 is effective for interim and annual periods beginning January 1, 2019 with early adoption permitted, and is applied on a modified retrospective basis. The adoption of ASU 20</font><font style='font-family:Times New Roman;font-size:10pt;' >16-02 is not expected to materially impact the Company&#8217;s consolidated financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In June of 2016, the FASB issued ASU 2016-13, &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; ASU 2016-13 requires financing receivables and other financial assets measured at amortized cost basis to be presented at the net amount expected to be</font><font style='font-family:Times New Roman;font-size:10pt;' > collected by recording an allowance for credit losses with changes in the allowance recorded as credit loss expense or reversal of credit loss expense based on management&#8217;s current estimate of expected credit losses each period. ASU 2016-13 does not apply</font><font style='font-family:Times New Roman;font-size:10pt;' > to credit losses on financial guarantee insurance contracts within the scope of Topic 944, &#8220;Financial Services-Insurance.&#8221; ASU 2016-13 also requires impairment relating to credit losses on </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities to be presented through an allowance for credi</font><font style='font-family:Times New Roman;font-size:10pt;' >t losses with changes in the allowance recorded in the period of the change as credit loss expense or reversal of credit loss expense. Any impairment amount not recorded through an allowance for credit losses on </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities is recorded through othe</font><font style='font-family:Times New Roman;font-size:10pt;' >r comprehensive income. ASU 2016-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted beginning January 1, 2019. ASU 2016-13 is applied on a modified retrospective basis except that prospective application </font><font style='font-family:Times New Roman;font-size:10pt;' >is applied to </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities with other-than-temporary impairments </font><font style='font-family:Times New Roman;font-size:10pt;' >(&#8220;OTTI&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >recognized before the date of adoption. The Company is evaluating the impact of adopting ASU 2016-13.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>
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0
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2.76
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P7Y4M24D
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1000000 USD
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413000000 USD
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220000000 USD
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0 USD
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3160000000 USD
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5000000 USD
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1.06
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MBI
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359000000 USD
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36000000 USD
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770000000 USD
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484000000 USD
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132000000 USD
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316000000 USD
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64000000 USD
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0 shares
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43000000 USD
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416000000 USD
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95000000 USD
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641000000 USD
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0 pure
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130000000 USD
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0.52 pure
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14000000 USD
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0 pure
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0 USD
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CY2016 us-gaap Revenues
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294000000 USD
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148000000 USD
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P17Y
CY2014 us-gaap Revenues
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1270000000 USD
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305000000 USD
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75000000 USD
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0 USD
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174000000 USD
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374000000 USD
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0.35 pure
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2661000000 USD
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41000000 USD
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430
CY2016Q4 mbi Cash And Money Market Securities Collateral For Investment Agreements
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6000000 USD
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34000000 USD
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CY2015 us-gaap Income Tax Expense Benefit
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5300000000 USD
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1000000 USD
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0.19 pure
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0.1 pure
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21000000 USD
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16000000 USD
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6.3703
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300000000 USD
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1 pure
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15968000000 USD
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28000000 USD
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CY2016 dei Document Fiscal Year Focus
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9500000000 USD
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1000000 USD
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4000000 USD
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0 pure
CY2016Q4 mbi Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Twenty First Year And Thereafter From Balance Sheet Date
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109000000 USD
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1622877 shares
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0.028 pure
CY2016Q4 mbi Other Assets And Derivative Assets Vie After Counterparty Netting And Embedded Reclass
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23000000 USD
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6160000000 USD
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174000000 USD
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1000000 USD
CY2014 us-gaap Income Tax Expense Benefit
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72000000 USD
CY2014 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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2000000 USD
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13000000 USD
CY2015 mbi Transfers Into And Out Of Level One
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0 USD
CY2016 dei Entity Registrant Name
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MBIA INC
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24000000 USD
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3741000000 USD
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31000000 USD
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239000000 USD
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0 pure
CY2016Q4 mbi Number Of Other Lawsuits
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0 Lawsuits
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0000814585
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12000000 USD
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94000000 USD
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169000000 USD
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17000000 USD
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CY2015 mbi Payments For Deconsolidation Of Variable Interest Entity
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0 USD
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903000000 USD
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77000000 USD
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390000000 USD
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409000000 USD
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14000000 USD
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10000000 USD
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526000000 USD
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49000000 USD
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19000000 USD
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7000000 USD
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0 USD
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680000000 USD
CY2016Q4 us-gaap Liabilities
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78000000 USD
CY2016 us-gaap Income Tax Expense Benefit
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2200000000 USD
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11000000 USD
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10000000 USD
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757000000 USD
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1145000000 USD
CY2015 mbi Payments For Net Realized Losses On Insured Derivatives Paid
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42000000 USD
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718000000 USD
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115000000 USD
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232000000 USD
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32000000 USD
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16000000 USD
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108000000 USD
CY2016 us-gaap Payments To Acquire Loans Receivable
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0 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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3000000 USD
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11000000 USD
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289000000 USD
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385000000 USD
CY2016Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Premium Expected To Be Collected
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506000000 USD
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82000000 USD
CY2016 us-gaap Proceeds From Notes Payable
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0 USD
CY2015Q4 us-gaap Participating Policies Amount In Force
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326600000000 USD
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016 mbi Expense From Transactions With Other Operating Segments Of Same Entity
ExpenseFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2016 us-gaap Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodPremiumReceivableWeightedAverageCollectionPeriod1
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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 1: Business Developments and Risks and Uncertainties</font></p><p style='text-align:left;margin-top:13pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Summary</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Inc., together with its consolidated subsidiaries, (collectively, &#8220;MBIA&#8221; or the &#8220;Company&#8221;) operates one of the largest financial guarantee insurance businesses in the industry. MBIA manages three operating segments: 1) United </font><font style='font-family:Times New Roman;font-size:10pt;' >States (&#8220;U.S.&#8221;) public finance insurance; 2) corporate; and 3) international and structured finance insurance.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company&#8217;s U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation (&#8220;National&#8221;) and</font><font style='font-family:Times New Roman;font-size:10pt;' > its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (&#8220;MBIA Corp.&#8221;). Unless otherwise indicated or the context </font><font style='font-family:Times New Roman;font-size:10pt;' >otherwise requires, references to &#8220;MBIA Corp.&#8221; are </font><font style='font-family:Times New Roman;font-size:10pt;' >(i) for </font><font style='font-family:Times New Roman;font-size:10pt;' >any references relating&#160;to the period ended January 10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;' >017, to MBIA Insurance Corporation, together with its subsidiaries, MBIA UK Insurance Limited (&#8220;MBIA UK&#8221;), and MBIA Mexico S.A. de C.V</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > (&#8220;MBIA Mexico&#8221;) and (ii) for any references relating&#160;to the per</font><font style='font-family:Times New Roman;font-size:10pt;' >iod after January 10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;' >017, to MBIA Insurance Corporation together </font><font style='font-family:Times New Roman;font-size:10pt;' >with </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Mexico.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Effective </font><font style='font-family:Times New Roman;font-size:10pt;' >on </font><font style='font-family:Times New Roman;font-size:10pt;' >January </font><font style='font-family:Times New Roman;font-size:10pt;' >10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2017, MBIA Corp.&#8217;s wholly</font><font style='font-family:Times New Roman;font-size:10pt;' >-</font><font style='font-family:Times New Roman;font-size:10pt;' >owned subsidiary, MBIA UK (Holdings) Limited (&#8220;MBIA UK Holdings&#8221;), sold its operating subsidiary, MBIA UK, to Assured G</font><font style='font-family:Times New Roman;font-size:10pt;' >uaranty Corp. (&#8220;Assured&#8221;), a subsidiary of Assured Guaranty Ltd. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer below for a further discussion of the sale of MBIA UK. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Prior to 2015, MBIA managed two other operating segments, advisory </font><font style='font-family:Times New Roman;font-size:10pt;' >services </font><font style='font-family:Times New Roman;font-size:10pt;' >and conduit. </font><font style='font-family:Times New Roman;font-size:10pt;' >The</font><font style='font-family:Times New Roman;font-size:10pt;' > advisory services segment was primar</font><font style='font-family:Times New Roman;font-size:10pt;' >ily operated through Cutwater Holdings, LLC and its subsidiaries (&#8220;Cutwater&#8221;). Effective on January 1, 2015, </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company </font><font style='font-family:Times New Roman;font-size:10pt;' >exited </font><font style='font-family:Times New Roman;font-size:10pt;' >its </font><font style='font-family:Times New Roman;font-size:10pt;' >advisory business through the sale of Cutwater</font><font style='font-family:Times New Roman;font-size:10pt;' > to a subsidiary of The Bank of New York Mellon Corporation</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >During the second</font><font style='font-family:Times New Roman;font-size:10pt;' > quarter of </font><font style='font-family:Times New Roman;font-size:10pt;' >2014, </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company dissolved its </font><font style='font-family:Times New Roman;font-size:10pt;' >conduit </font><font style='font-family:Times New Roman;font-size:10pt;' >segment through </font><font style='font-family:Times New Roman;font-size:10pt;' >liquidation of Meridian Funding Company, LLC (&#8220;Meridian&#8221;). Refer to &#8220;Note 12: Business Segments&#8221; for further information about the Company&#8217;s operating segments. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Business Developments</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Nati</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >onal Ratings and New Business Opportunities</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National&#8217;s ability to write new business and compete with other financial guarantors is largely dependent on the financial strength ratings assigned to National by the rating agencies. As of </font><font style='font-family:Times New Roman;font-size:10pt;' >December 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > National had the following ratings: </font><font style='font-family:Times New Roman;font-size:10pt;' >AA+ with a stable outlook by Kroll Bond Rating Agency; AA- with a stable outlook by Standard&#160;&amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;); and A3 with a negative outlook by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;). </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Natio</font><font style='font-family:Times New Roman;font-size:10pt;' >nal seeks to generate shareholder value through appropriate risk adjusted pricing; however, current market conditions and the competitive landscape may limit National&#8217;s new business opportunities and its abilities to price and underwrite risk with attracti</font><font style='font-family:Times New Roman;font-size:10pt;' >ve returns.&#160;Refer to &#8220;Risks and Uncertainties&#8221; below for a discussion of business risks related to National&#8217;s insured portfolio.</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Sale of MBIA UK </font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On January 10, 2017, MBIA UK Holdings sold its operating subsidiary, MBIA UK, and made a cash payment of $</font><font style='font-family:Times New Roman;font-size:10pt;' >23</font><font style='font-family:Times New Roman;font-size:10pt;' > million, to Assured in exchange for the receipt by MBIA UK Holdings of certain notes (&#8220;Zohar II Notes&#8221;) owned by Assured that were issued by Zohar II 2005-1, Limited (&#8220;Zohar II&#8221;) with an aggregate outstanding principal amount of $</font><font style='font-family:Times New Roman;font-size:10pt;' >347</font><font style='font-family:Times New Roman;font-size:10pt;' > million as of Decembe</font><font style='font-family:Times New Roman;font-size:10pt;' >r 31, 2016 (the &#8220;Sale Transaction&#8221;). In connection with the sale, the Company adjusted the carrying value of MBIA UK to its fair value less costs to sell and recorded a loss in 2016 that was recorded </font><font style='font-family:Times New Roman;font-size:10pt;' >in the results of the Company&#8217;s international and struct</font><font style='font-family:Times New Roman;font-size:10pt;' >ured finance insurance segment and included in &#8220;Other net realized gains (losses)&#8221; on the Company&#8217;s consolidated statement of operations.</font><font style='font-family:Times New Roman;font-size:10pt;' > Included in the loss calculation were items recorded in &#8220;Accumulated other comprehensive income (loss)&#8221; related to MBI</font><font style='font-family:Times New Roman;font-size:10pt;' >A UK. The following tables summarize</font><font style='font-family:Times New Roman;font-size:10pt;' > the Sale Transaction:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:9.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:309.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:309.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:13.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:78.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:78.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >As of </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:9.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >In millions</font></td><td style='width:13.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:78.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:78.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:6.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:11.25pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value of MBIA UK</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Total expected consideration for sale of MBIA UK</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:71.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >306</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font><sup><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:15.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Costs to sell</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(8)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:309.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:309.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Net fair value of MBIA UK, less costs to sell</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:71.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >298</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' >__________</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:71.25pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:20.25pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:414pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:414pt;' ><font style='font-family:Times New Roman;font-size:7pt;color:#000000;' >(1) - Amount includes the fair value of the Zohar II Notes received from the sale of MBIA UK less the cash payment of $23 million to Assured.</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:9.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:309.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:309.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:13.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:78.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:78.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >As of </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:9.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >In millions</font></td><td style='width:13.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:78.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:78.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:5.25pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:309.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:309.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:11.25pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Pre-tax loss on disposal of MBIA UK</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Difference between the carrying value and the fair value of MBIA UK</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:71.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(270)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font><sup><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Costs to sell</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:71.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(8)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:309.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:309.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Total pre-tax loss on adjusting MBIA UK to its fair value less costs to sell</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:71.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(278)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:15.75pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:321.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:321.75pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' >__________</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:71.25pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:71.25pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8pt;color:#000000;' ></font></td></tr><tr style='height:18pt;' ><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:414pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:414pt;' ><font style='font-family:Times New Roman;font-size:7pt;color:#000000;' >(1) - Includes $97 million of losses related to items that continue to be included in accumulated other comprehensive income (loss) until ultimate sale. </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Times New Roman;font-size:7pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:7pt;color:#000000;' ></font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Held for Sale Classification</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The assets and liabilities of MBIA UK were classified as held for sale as of December 31, 2016 and presented within &#8220;Assets held for sale&#8221; and &#8220;Liabilities held for sale&#8221; on the Company&#8217;s consolidated balance sheet. Income </font><font style='font-family:Times New Roman;font-size:10pt;' >(loss) before income taxes for MBIA UK was income of $</font><font style='font-family:Times New Roman;font-size:10pt;' >45</font><font style='font-family:Times New Roman;font-size:10pt;' > million, a loss of $</font><font style='font-family:Times New Roman;font-size:10pt;' >5</font><font style='font-family:Times New Roman;font-size:10pt;' > million, and income of $</font><font style='font-family:Times New Roman;font-size:10pt;' >71</font><font style='font-family:Times New Roman;font-size:10pt;' > million for the years ended December 31, 2016, 2015 and 2014, respectively. The following table summarizes the components of assets and liabilities he</font><font style='font-family:Times New Roman;font-size:10pt;' >ld for sale as of December 31, 2016:</font></p><p style='text-align:left;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:9.75pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:226.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:105pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:105pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >As of </font></td><td style='width:49.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:9.75pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >In millions</font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:105pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:105pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >December 31, 2016</font></td><td style='width:49.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Investments </font></td><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >466</font></td><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >73</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Premiums receivable </font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >267</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other assets</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >19</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Valuation allowance</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(270)</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total assets held for sale</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >555</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:5.25pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:226.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Liabilities</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Unearned premium revenue</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >304</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other liabilities </font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >42</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total liabilities held for sale</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >346</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA Corp. Financing </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Facility</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On January 10, 2017, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. consummated a financing facility (the &#8220;Facility&#8221;) with affiliates of certain holders of </font><font style='font-family:Times New Roman;font-size:10pt;' >14</font><font style='font-family:Times New Roman;font-size:10pt;' >% Fixed-to-Floating Rate Surplus Notes of MBIA Corp. (collectively, the &#8220;Senior Lenders&#8221;), and with </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Inc., pursuant to which the Senior Lenders have provided $</font><font style='font-family:Times New Roman;font-size:10pt;' >325</font><font style='font-family:Times New Roman;font-size:10pt;' > million of senior financing and MBIA Inc. has provide</font><font style='font-family:Times New Roman;font-size:10pt;' >d</font><font style='font-family:Times New Roman;font-size:10pt;' > $</font><font style='font-family:Times New Roman;font-size:10pt;' >38</font><font style='font-family:Times New Roman;font-size:10pt;' > million of subordinated financing to MZ Funding LLC (&#8220;MZ Funding&#8221;), a newly formed wholly-owned subsidiary of the Company, which i</font><font style='font-family:Times New Roman;font-size:10pt;' >n turn lent the proceeds of such financing to MBIA Corp. MBIA Corp. issued financial guarantee insurance policies insuring MZ Funding&#8217;s obligations to the Senior Lender and MBIA Inc. under the Facility. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer to &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 10: Debt</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; for further information about th</font><font style='font-family:Times New Roman;font-size:10pt;' >e Facility.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Risks and Uncertainties</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company&#8217;s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company to revise its estimates and assumptions or could cause actual results to differ from the Company&#8217;s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company&#8217;s financial s</font><font style='font-family:Times New Roman;font-size:10pt;' >tatements and business objectives in future periods. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >U.S. Public Finance Market Conditions</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National&#8217;s insured portfolio continued to perform satisfactorily against a backdrop of strengthening domestic economic activity. While a stable or growing economy </font><font style='font-family:Times New Roman;font-size:10pt;' >will generally benefit tax revenues and fees charged for essential municipal services which secure National&#8217;s insured bond portfolio, some state and local governments and territory obligors National insures remain under financial and budgetary stress. This</font><font style='font-family:Times New Roman;font-size:10pt;' > could lead to an increase in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of the Company&#8217;s insured transactions. The Company monitors and analyzes these situations and other stressed credits c</font><font style='font-family:Times New Roman;font-size:10pt;' >losely, and the overall extent and duration of this stress is uncertain. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In particular, the Commonwealth of </font><font style='font-family:Times New Roman;font-size:10pt;' >Puerto Rico </font><font style='font-family:Times New Roman;font-size:10pt;' >and certain of its instrumentalities (&#8220;Puerto Rico&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >is experiencing </font><font style='font-family:Times New Roman;font-size:10pt;' >significant </font><font style='font-family:Times New Roman;font-size:10pt;' >fiscal stress and constrained liquidity due to, among</font><font style='font-family:Times New Roman;font-size:10pt;' > other things, Puerto Rico&#8217;s structural budget imbalance, limited access to the capital markets, a stagnating local economy, net migration of people out of Puerto Rico and a high debt burden</font><font style='font-family:Times New Roman;font-size:10pt;' >. Although Puerto Rico has tried to address its challenges through</font><font style='font-family:Times New Roman;font-size:10pt;' > various fiscal policies, it continues to experience significant fiscal stress. </font><font style='font-family:Times New Roman;font-size:10pt;' >On July 1, 2016, Puerto Rico defaulted on scheduled debt service for certain National insured bonds and National paid gross claims in the aggregate of $</font><font style='font-family:Times New Roman;font-size:10pt;' >173</font><font style='font-family:Times New Roman;font-size:10pt;' > million as a result.</font><font style='font-family:Times New Roman;font-size:10pt;' > On January 1, 2017, Puerto Rico also defaulted on a scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $</font><font style='font-family:Times New Roman;font-size:10pt;' >24</font><font style='font-family:Times New Roman;font-size:10pt;' > million as a result. </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company </font><font style='font-family:Times New Roman;font-size:10pt;' >continue</font><font style='font-family:Times New Roman;font-size:10pt;' >s</font><font style='font-family:Times New Roman;font-size:10pt;' > to believe, based on </font><font style='font-family:Times New Roman;font-size:10pt;' >its</font><font style='font-family:Times New Roman;font-size:10pt;' > analysis of Puerto Rico&#8217;s fisc</font><font style='font-family:Times New Roman;font-size:10pt;' >al and structural circumstances, the details of </font><font style='font-family:Times New Roman;font-size:10pt;' >its</font><font style='font-family:Times New Roman;font-size:10pt;' > insured exposures, and </font><font style='font-family:Times New Roman;font-size:10pt;' >its </font><font style='font-family:Times New Roman;font-size:10pt;' >legal and contractual rights, that all of </font><font style='font-family:Times New Roman;font-size:10pt;' >National&#8217;s </font><font style='font-family:Times New Roman;font-size:10pt;' >insured Puerto Rico related debt</font><font style='font-family:Times New Roman;font-size:10pt;' >, and any claims National has made thereon, </font><font style='font-family:Times New Roman;font-size:10pt;' >will ultimately be substantially repaid.&#160;</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA C</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >orp. </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Insured Portfolio</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Corp.&#8217;s primary objectives are to satisfy claims of its policyholders, and to maximize future recoveries, if any, for its Senior Lenders and surplus note holders and, thereafter, its preferred stock holders. MBIA Corp. is </font><font style='font-family:Times New Roman;font-size:10pt;' >executing this strategy by reducing and mitigating potential losses on its insurance exposures and pursuing various actions focused on maximizing the collection of recoveries. The Company </font><font style='font-family:Times New Roman;font-size:10pt;' >does not expect to write new business in its international and struc</font><font style='font-family:Times New Roman;font-size:10pt;' >tured </font><font style='font-family:Times New Roman;font-size:10pt;' >finance insurance segment for the foreseeable future.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Corp.&#8217;s insured portfolio could deteriorate and result in additional significant loss reserves and claim payments. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp.&#8217;s ability to meet its obligations is limited by available liquidi</font><font style='font-family:Times New Roman;font-size:10pt;' >ty and its ability to </font><font style='font-family:Times New Roman;font-size:10pt;' >secure</font><font style='font-family:Times New Roman;font-size:10pt;' > additional </font><font style='font-family:Times New Roman;font-size:10pt;' >liquidity </font><font style='font-family:Times New Roman;font-size:10pt;' >through financing and other transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficient cash to meet its obligations. </font><font style='font-family:Times New Roman;font-size:10pt;' >During 2016, MBIA Corp. was particularly focused</font><font style='font-family:Times New Roman;font-size:10pt;' > on</font><font style='font-family:Times New Roman;font-size:10pt;' > ensuring its ability to cover any payment that might come due on the insurance policy it had written </font><font style='font-family:Times New Roman;font-size:10pt;' >insuring certain notes </font><font style='font-family:Times New Roman;font-size:10pt;' >issued by Zohar II</font><font style='font-family:Times New Roman;font-size:10pt;' > which matured on January 20, 2017 (the &#8220;Zohar II Maturity Date&#8221;), and on exercising its rights and remedies t</font><font style='font-family:Times New Roman;font-size:10pt;' >o seek reimbursement of the $</font><font style='font-family:Times New Roman;font-size:10pt;' >149</font><font style='font-family:Times New Roman;font-size:10pt;' > million claim (the &#8220;Zohar I Claim&#8221;) it paid in November of 2015 on its policy insuring the class A-1 and A-2 notes (the &#8220;Zohar I Insured Notes&#8221;) issued by </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar </font><font style='font-family:Times New Roman;font-size:10pt;' >collateralized debt obligation (&#8220;CDO&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >2003-1, Limited (&#8220;Zohar</font><font style='font-family:Times New Roman;font-size:10pt;' > I&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Payment of Zohar II Claim</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On the Zohar II Maturity Date, </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar II failed to pay the amounts due on the Zohar II Notes. Accordingly, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. was presented with a claim </font><font style='font-family:Times New Roman;font-size:10pt;' >of $</font><font style='font-family:Times New Roman;font-size:10pt;' >770</font><font style='font-family:Times New Roman;font-size:10pt;' > million (the &#8220;Zohar II Claim&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. was able to </font><font style='font-family:Times New Roman;font-size:10pt;' >satisfy the </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar II Claim </font><font style='font-family:Times New Roman;font-size:10pt;' >as a result of having completed the Sale Transaction and by borrowing from the Facility</font><font style='font-family:Times New Roman;font-size:10pt;' >, as described above, together with </font><font style='font-family:Times New Roman;font-size:10pt;' >using </font><font style='font-family:Times New Roman;font-size:10pt;' >approximately </font><font style='font-family:Times New Roman;font-size:10pt;' >$</font><font style='font-family:Times New Roman;font-size:10pt;' >60</font><font style='font-family:Times New Roman;font-size:10pt;' > million from </font><font style='font-family:Times New Roman;font-size:10pt;' >its own </font><font style='font-family:Times New Roman;font-size:10pt;' >resources. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA </font><font style='font-family:Times New Roman;font-size:10pt;' >Corp. will seek to recover</font><font style='font-family:Times New Roman;font-size:10pt;' > the payment it made</font><font style='font-family:Times New Roman;font-size:10pt;' > (plus interest and expenses) with respect to the Zohar II Claim, </font><font style='font-family:Times New Roman;font-size:10pt;' >and anticipates that </font><font style='font-family:Times New Roman;font-size:10pt;' >the primary source of the recovery w</font><font style='font-family:Times New Roman;font-size:10pt;' >ill come from the monetization of the assets of Zohar II, which include, among other things, loans made to, and equity interests in, companies purpo</font><font style='font-family:Times New Roman;font-size:10pt;' >rtedly controlled by the sponsor and former collateral manager of Zohar I and Zohar II (the &#8220;Zohar Sponsor&#8221;) (all the assets of </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar II, the &#8220;Zohar II Assets&#8221;). There can be no assurance, however, that the value of the Zohar II Assets will be sufficient t</font><font style='font-family:Times New Roman;font-size:10pt;' >o permit MBIA Corp. to recover all or substantially all of the payment it made on the Zohar II Claim. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Payment of Zohar I Claim</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In addition, MBIA Corp. insured the Zohar I Insured Notes, which matured on November 20, 2015. After Zohar I failed to pay the a</font><font style='font-family:Times New Roman;font-size:10pt;' >mounts </font><font style='font-family:Times New Roman;font-size:10pt;' >due, MBIA Corp. paid the Zohar I Claim. As a result, MBIA Corp. was entitled to seek reimbursement of such payment plus interest and expenses from Zohar I and/or to </font><font style='font-family:Times New Roman;font-size:10pt;' >exercise certain rights and remedies to seek recovery of such payment. In connection</font><font style='font-family:Times New Roman;font-size:10pt;' > with the exercise of its rights and remedies, MBIA Corp. directed the trustee for Zohar I to commence an auction (the &#8220;Auction&#8221;) of all of the assets of Zohar I, which occurred on December 21, 2016. MBIA Corp. was the winning bidder in the Auction, and </font><font style='font-family:Times New Roman;font-size:10pt;' >in</font><font style='font-family:Times New Roman;font-size:10pt;' > connection therewith, </font><font style='font-family:Times New Roman;font-size:10pt;' >acquired the </font><font style='font-family:Times New Roman;font-size:10pt;' >beneficial </font><font style='font-family:Times New Roman;font-size:10pt;' >ownership of the Zohar I assets, which</font><font style='font-family:Times New Roman;font-size:10pt;' > include loans made to, and equity interests in, companies purportedly controlled by the Zohar Sponsor (all the assets of Zohar I, the &#8220;Zohar I Assets&#8221;). Over time, MBIA C</font><font style='font-family:Times New Roman;font-size:10pt;' >orp. expects to acquire the legal ownership of the Zohar I Assets and recover all or substantially all of the payment it made (plus interest and expenses) with</font><font style='font-family:Times New Roman;font-size:10pt;' > regards to the Zohar I Claim. T</font><font style='font-family:Times New Roman;font-size:10pt;' >he primary source of recovery will come from monetization of the </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar I Assets, however there can be no assurance that the value of the Zohar I Assets will be sufficient to permit MBIA Corp. to recover all or substantially all of the payment it made on the Zohar I Claim.</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Corp. expects over time to recover a </font><font style='font-family:Times New Roman;font-size:10pt;' >substantial amount of the payments made on the Zohar I Claim and the Zohar II Claim. Failure to recover a substantial amount of such payments could impede its ability to make payments when due on other policies. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. believes that if the New York Sta</font><font style='font-family:Times New Roman;font-size:10pt;' >te Department of Financial Services (&#8220;NYSDFS&#8221;) concludes at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding und</font><font style='font-family:Times New Roman;font-size:10pt;' >er Article 74 of the New York Insurance Law (&#8220;NYIL&#8221;) and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation&#8217;s policyholders. The determination to commence such a proceeding or take other such </font><font style='font-family:Times New Roman;font-size:10pt;' >actions is within the exclusive control of the NYSDFS. </font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Given the separation of MBIA Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >and MBIA Corp. as distinct legal entities, the absence of any cross defaults between the entities and the lack of reliance by MBIA Inc. on MBIA Corp. for the receipt </font><font style='font-family:Times New Roman;font-size:10pt;' >of dividends, the Company does not believe that a rehabilitation or </font><font style='font-family:Times New Roman;font-size:10pt;' >liquidation proceeding with respect to MBIA </font><font style='font-family:Times New Roman;font-size:10pt;' >Insurance </font><font style='font-family:Times New Roman;font-size:10pt;' >Corp</font><font style='font-family:Times New Roman;font-size:10pt;' >oration</font><font style='font-family:Times New Roman;font-size:10pt;' > would have any significant liquidity impact on MBIA Inc. or result in a liquidation or similar proceeding of MBIA Mexico. </font><font style='font-family:Times New Roman;font-size:10pt;' >Such a proceeding could have material adverse consequences for MBIA Corp., including the termination of insured credit default swaps (&#8220;CDS&#8221;) and other derivative contracts for which counterparties may assert market-based claims, the acceleration of debt ob</font><font style='font-family:Times New Roman;font-size:10pt;' >ligations issued by affiliates and insured by MBIA Corp., the loss of control of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >RMBS Recoveries</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The amount and timing of projected collections from excess spread from reside</font><font style='font-family:Times New Roman;font-size:10pt;' >ntial mortgage-backed securities (&#8220;RMBS&#8221;) and the put-back recoverable from Credit Suisse </font><font style='font-family:Times New Roman;font-size:10pt;' >are uncertain. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer to &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 6: Loss and Loss Adjustment Expense Reserves</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; for inform</font><font style='font-family:Times New Roman;font-size:10pt;' >ation about MBIA Corp.&#8217;s loss reserves and recoveries. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Corporate Liquidity </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Based on the Company&#8217;s projections of National&#8217;s dividends, </font><font style='font-family:Times New Roman;font-size:10pt;' >additional anticipated releases under its tax sharing agreement and related tax escrow account (&#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Tax Escrow Account</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >and other cash inflows, the Company expects that MBIA Inc. will have sufficient cash to satisfy its debt service and general corporate needs. However, MBIA Inc. continues to have liquidity risk which could be triggered by deterioration in the performance o</font><font style='font-family:Times New Roman;font-size:10pt;' >f invested assets, interruption of or reduction in dividends or tax payments received from operating subsidiaries, impaired access to the capital markets, as well as other factors which cannot be anticipated at this time. Furthermore, failure by MBIA Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >to settle liabilities that are also insured by MBIA Corp. could result in claims on MBIA Corp.</font></p></div>
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131000000 USD
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CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.135 pure
CY2014 us-gaap Payments For Losses And Loss Adjustment Expense
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240000000 USD
CY2015 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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6000000 USD
CY2016 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2016Q4 mbi Transfers Into And Out Of Level One
TransfersIntoAndOutOfLevelOne
0 USD
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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933470 shares
CY2014 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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CY2014 us-gaap Direct Premiums Written
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CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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7000000 USD
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136000000 USD
CY2016 mbi Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Tax
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4000000 USD
CY2015 us-gaap Income Taxes Paid Net
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9000000 USD
CY2016 us-gaap Financial Guarantee Insurance Contracts Claim Liability Weighted Average Risk Free Discount Rate
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0.0207 pure
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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2424000000 USD
CY2016 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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260000000 USD
CY2015 us-gaap Repayments Of Other Long Term Debt
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116000000 USD
CY2016Q4 mbi Derivative Asset Counterparty Netting Amount Fair Value
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0 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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817000000 USD
CY2015 mbi Proceeds From Reinsurance And Recoveries
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85000000 USD
CY2016 us-gaap Proceeds From Insurance Settlement Operating Activities
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0 USD
CY2016Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Second Quarter Following The Balance Sheet Date
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16000000 USD
CY2014 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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1000000 USD
CY2016 us-gaap Premiums Written Net
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36000000 USD
CY2015Q4 us-gaap Liabilities Fair Value Disclosure Recurring
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2918000000 USD
CY2016 dei Entity Current Reporting Status
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Yes
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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61.5815
CY2015Q4 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Principal
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11160000000 USD
CY2016 dei Current Fiscal Year End Date
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67000000 USD
CY2016Q4 us-gaap Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
416000000 USD
CY2016 dei Document Type
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10-K
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398000000 USD
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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4.02
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98000000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016 us-gaap Comprehensive Income Net Of Tax
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CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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126000000 USD
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2015 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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3000000 USD
CY2016 mbi Increase Decrease In Insurance Loss Recoverable
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74000000 USD
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11000000 USD
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15000000 USD
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66000000 USD
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1784000000 USD
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2325300 shares
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89000000 USD
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3227000000 USD
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7000000 USD
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CY2015Q4 us-gaap Preferred Stock Shares Outstanding
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CY2016Q4 us-gaap Derivative Collateral Right To Reclaim Securities
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276000000 USD
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84000000 USD
CY2016Q4 us-gaap Summary Of Investments Other Than Investments In Related Parties Cost
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5648000000 USD
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2412000000 USD
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99000000 USD
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3239000000 USD
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84000000 USD
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105000000 USD
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175000000 USD
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62000000 USD
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CY2015 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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144000000 USD
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2200000000 USD
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CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
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0.37 pure
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83000000 USD
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171000000 USD
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CY2014 mbi Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Tax
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107000000 USD
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676000000 USD
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10000000 USD
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35000000 USD
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10000000 USD
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2000000 USD
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
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97000000 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
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0 USD
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9000000 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
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48000000 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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0 USD
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2000000 USD
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30000000 USD
CY2014 mbi Change In Unrealized Gain Loss On Investments
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0 USD
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29000000 USD
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1000000 USD
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CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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0 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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9000000 USD
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2000000 USD
CY2016 us-gaap Income Tax Effects Allocated Directly To Equity
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14000000 USD
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13000000 USD
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74000000 USD
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49000000 USD
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121000000 USD
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882439647 USD
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Yes
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No
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0.0182 pure
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237800 shares
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14.6689
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14.6689
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767406 shares
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222700 shares
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37500 shares
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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21000000 USD
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90000000 USD
CY2014 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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1000000 USD
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26000000 USD
CY2016Q4 mbi Aggregate Amount Insurance In Force Outstanding Ceded To Reinsurers
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7600000000 USD
CY2016Q4 mbi Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers
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4162000000 USD
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5000000 USD
CY2016 us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
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118000000 USD
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114000000 USD
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143000000 USD
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159000000 USD
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46000000 USD
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68000000 USD
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42000000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Policy Acquisition Cost
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56000000 USD
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