Mbia Inc's Comment on Competitors and Industry Peers
Our insurance companies compete with other monoline insurance companies, as
well as other forms of credit enhancement, in writing financial guarantee business.
We anticipate that for the foreseeable future virtually all of our new insurance
business will be written through National in the U.S. public finance sector.
Our ability to attract and compete for U.S. public finance financial guarantee
business is largely dependent on the financial strength ratings assigned to
National by the rating agencies. National is seeking rating upgrades from the
rating agencies and believes its current ratings do not fully represent the
financial strength of National when compared with other companies in its industry.
We expect to achieve high stable ratings for National that would be necessary
to support writing new business, but there is no assurance that we will be able
to achieve such ratings and the timing of such rating upgrades is uncertain.
There are currently two other bond insurers actively engaged in the U.S. public
finance insurance market, one of which was established in 2012. We have observed
increased competition for business among the active financial guarantors, and
opportunities to write new business with attractive returns may be limited.
In addition, the percentage of new public finance issuances with a financial
guarantee has decreased significantly since the financial crisis, and the inability
of financial guarantee insurers to maintain or achieve high ratings could diminish
acceptance of the product and enhance the appeal of other forms of credit enhancement.
Financial guarantee insurance competes with other forms of credit enhancement.
Commercial banks provide letters of credit as a means of credit enhancement
for municipal securities. In 2013, the use of letters of credit as an alternative
to financial guarantee insurance within the U.S. municipal market was far below
its peak in 2009; however, letters of credit have remained a presence in the
market. Direct lending by banks to municipal issuers also reduces demand for
credit enhancement. Other highly rated institutions, including pension funds
and government sponsored entities, also offer third-party credit enhancement
on municipal obligations. Financial guarantee insurance and other forms of credit
enhancement also compete in nearly all instances with the issuer’s alternative
of foregoing credit enhancement and paying a higher interest rate. If the interest
savings from insurance or another form of credit enhancement are not greater
than the cost of such credit enhancement, the issuer will generally choose to
issue bonds without third-party enhancement. All of these alternative forms
of credit enhancement or alternative executions could also affect our ability
to write new business with attractive returns.
We expect that MBIA Corp.’s credit ratings will continue to constrain
its ability to write new business in the near term. It continues to be uncertain
as to how or when the Company may re-engage in the structured finance and international
insurance markets.
Overall company Market Share Q3 2022 |
*Market share is calculated based on total revenue.
MBI's vs. Competition, Data
(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)
COMPANY NAME |
MARKET CAP (in millions of $) |
REVENUES (in millions of $) |
INCOME (in millions of $) |
EMPLOYEES |
Mbia Inc |
MBI |
647.92 |
124.00 |
-298.00 |
252 |
Aflac Incorporated |
AFL |
43,541 |
20,928.00 |
5,055.00 |
11,729 |
Allstate Corp |
ALL |
35,439 |
50,776.00 |
-270.00 |
46,290 |
American International Group Inc |
AIG |
45,520 |
58,938.00 |
15,195.00 |
46,000 |
Aon Plc |
AON |
68,670 |
12,446.00 |
2,853.00 |
50,000 |
Cincinnati Financial Corporation |
CINF |
18,273 |
6,766.00 |
-29.00 |
5,148 |
Lincoln National Corporation |
LNC |
6,125 |
19,193.00 |
-2,012.00 |
11,357 |
Metlife Inc |
MET |
56,278 |
73,671.00 |
2,423.00 |
49,000 |
Principal Financial Group inc |
PFG |
23,395 |
18,460.70 |
5,341.90 |
17,400 |
Prudential Financial Inc |
PRU |
37,437 |
63,140.00 |
336.00 |
51,511 |
Unum Group |
UNM |
8,242 |
11,964.40 |
1,194.30 |
10,300 |
The Hartford Financial Services Group Inc |
HIG |
24,299 |
22,162.00 |
1,934.00 |
19,500 |
Loews Corp |
L |
14,489 |
13,818.00 |
1,170.00 |
12,200 |
Genworth Financial Inc |
GNW |
2,909 |
7,348.00 |
729.00 |
5,300 |
Cigna Corporation |
CI |
92,678 |
180,453.00 |
6,681.00 |
73,700 |
International Bancshares Corporation |
IBOC |
2,967 |
588.38 |
251.35 |
2,822 |
Old National Bancorp |
ONB |
5,212 |
1,253.67 |
283.74 |
2,652 |
Trustmark Corp |
TRMK |
1,864 |
657.36 |
132.17 |
2,941 |
Leaf Group Ltd |
LEAF |
304 |
231.10 |
-4.48 |
0 |
Cno Financial Group Inc |
CNO |
2,933 |
3,678.00 |
469.20 |
3,500 |
Triple s Management Corporation |
GTS |
840 |
4,115.22 |
81.17 |
3,257 |
Atlantic American Corp |
AAME |
50 |
192.35 |
3.14 |
147 |
American National Group Inc |
ANAT |
5,109 |
4,299.31 |
639.89 |
4,736 |
Citizens Inc |
CIA |
128 |
235.19 |
28.13 |
620 |
Fbl Financial Group Inc |
FFG |
1,494 |
788.43 |
102.89 |
1,637 |
First Trinity Financial Corp |
FTFC |
0 |
63.78 |
5.44 |
9 |
National Security Group Inc. |
NSEC |
41 |
66.13 |
0.82 |
1 |
National Western Life Group Inc |
NWLI |
955 |
550.21 |
128.55 |
261 |
Utg Inc |
UTGN |
79 |
50.06 |
19.29 |
42 |
Voya Financial Inc |
VOYA |
7,357 |
6,046.00 |
803.00 |
0 |
China United Insurance Service Inc |
CUII |
106 |
99.86 |
16.96 |
2,239 |
Horace Mann Educators Corporation |
HMN |
1,508 |
1,354.90 |
118.00 |
1,350 |
United Fire Group Inc |
UFCS |
780 |
972.62 |
52.65 |
1,057 |
White Mountains Insurance Group ltd |
WTM |
0 |
1,158.80 |
690.90 |
2,973 |
Midwest Holding Inc |
MDWT |
64 |
37.47 |
1.06 |
0 |
Bank Of America Corporation |
BAC |
294,850 |
92,478.00 |
27,409.00 |
210,250 |
The Bank Of New York Mellon Corporation |
BK |
40,864 |
16,741.00 |
2,885.00 |
48,300 |
Truist Financial Corporation |
TFC |
67,465 |
22,495.00 |
6,254.00 |
59,000 |
Comerica Incorporated |
CMA |
9,878 |
3,262.00 |
1,029.00 |
7,870 |
Franklin Resources Inc |
BEN |
17,502 |
8,018.40 |
957.20 |
10,575 |
The Goldman Sachs Group Inc |
GS |
132,714 |
50,254.00 |
15,881.00 |
38,300 |
Huntington Bancshares Incorporated |
HBAN |
22,709 |
6,806.00 |
2,002.00 |
0 |
Price T Rowe Group Inc |
TROW |
29,814 |
6,925.90 |
1,893.60 |
7,678 |
Us Bancorp De |
USB |
73,037 |
22,733.00 |
6,586.00 |
69,651 |
Jpmorgan Chase and Co |
JPM |
412,013 |
120,592.00 |
35,222.00 |
256,692 |
Energy Transfer Lp |
ET |
41,168 |
88,032.00 |
5,662.00 |
0 |
Citigroup inc |
C |
102,095 |
74,486.00 |
17,068.00 |
200,000 |
Peoples United Financial Inc |
PBCT |
8,258 |
1,941.00 |
604.90 |
6,499 |
Invesco Ltd |
IVZ |
9,193 |
6,488.20 |
1,181.80 |
8,761 |
Legg Mason Inc |
LM |
523 |
2,882.95 |
304.49 |
2,979 |
Pnc Financial Services Group Inc |
PNC |
68,130 |
20,484.00 |
5,725.00 |
51,918 |
Synovus Financial Corp |
SNV |
6,379 |
2,117.38 |
752.53 |
4,511 |
Fifth Third Bancorp |
FITB |
26,290 |
7,718.00 |
2,372.00 |
20,168 |
Wells Fargo and Company |
WFC |
180,659 |
75,325.00 |
15,359.00 |
262,100 |
Morgan Stanley |
MS |
168,359 |
55,443.00 |
12,629.00 |
61,437 |
State Street Corp |
STT |
33,068 |
11,889.00 |
2,137.00 |
39,117 |
Regions Financial Corporation |
RF |
22,513 |
6,579.00 |
4,445.00 |
19,786 |
Bok Financial Corp |
BOKF |
6,869 |
1,754.60 |
469.09 |
4,789 |
Popular Inc |
BPOP |
5,234 |
3,011.90 |
1,050.15 |
7,810 |
Citizens Financial Group Inc |
CFG |
22,118 |
7,224.00 |
1,837.00 |
18,000 |
Cyngn Inc |
CYN |
40 |
-678.70 |
-160.10 |
3,570 |
East West Bancorp inc |
EWBC |
11,205 |
2,112.80 |
1,009.12 |
2,833 |
First Citizens Bancshares Inc |
FCNCA |
12,270 |
3,761.80 |
964.28 |
5,734 |
First Financial Bankshares Inc |
FFIN |
5,416 |
514.81 |
231.14 |
1,270 |
First Interstate Bancsystem Inc |
FIBK |
3,950 |
906.50 |
167.50 |
1,742 |
First Midwest Bancorp Inc |
FMBI |
2,447 |
729.14 |
176.87 |
1,790 |
Fnb Corp |
FNB |
5,129 |
1,297.00 |
399.00 |
2,747 |
Fulton Financial Corp |
FULT |
2,946 |
960.45 |
278.33 |
3,460 |
Glacier Bancorp Inc |
GBCI |
5,340 |
856.76 |
274.23 |
2,245 |
Great Western Bancorp Inc |
GWB |
1,715 |
503.03 |
203.26 |
1,475 |
Hilltop Holdings inc |
HTH |
2,208 |
1,401.24 |
157.51 |
5,300 |
First Internet Bancorp |
INBK |
246 |
119.44 |
41.67 |
152 |
Independent Bank Corp |
INDB |
3,748 |
642.26 |
188.47 |
1,051 |
Nbt Bancorp Inc |
NBTB |
1,779 |
497.62 |
153.18 |
1,721 |
Ofg Bancorp |
OFG |
1,402 |
564.97 |
153.15 |
1,466 |
Park National Corporation |
PRK |
2,094 |
457.26 |
147.77 |
1,793 |
Renasant Corp |
RNST |
2,117 |
595.55 |
156.85 |
1,996 |
Simmons First National Corp |
SFNC |
2,968 |
833.49 |
492.26 |
1,946 |
Svb Financial Group |
SIVB |
19,843 |
5,857.92 |
1,712.24 |
3,898 |
Santander Holdings Usa Inc. |
SOVxC |
0 |
9,412.96 |
2,616.57 |
15,150 |
Southstate Corp |
SSB |
6,240 |
1,509.96 |
459.39 |
2,058 |
S and t Bancorp Inc |
STBA |
1,445 |
341.56 |
117.73 |
1,067 |
Triumph Bancorp Inc |
TBK |
1,462 |
481.99 |
111.39 |
500 |
Union Bankshares Inc |
UNB |
118 |
48.23 |
34.55 |
0 |
United Bankshares Inc |
UBSI |
5,674 |
1,024.99 |
372.01 |
1,701 |
United Community Banks Inc |
UCBI |
3,615 |
778.12 |
239.84 |
1,883 |
Umb Financial Corp |
UMBF |
4,441 |
1,389.32 |
410.01 |
3,830 |
Valley National Bancorp |
VLY |
6,402 |
1,467.83 |
450.76 |
2,929 |
Westamerica Bancorporation |
WABC |
1,507 |
240.37 |
104.75 |
813 |
Western Alliance Bancorporation |
WAL |
8,697 |
2,322.50 |
1,010.30 |
1,446 |
Webster Financial Corporation |
WBS |
9,750 |
1,864.82 |
510.57 |
2,946 |
Wesbanco Inc |
WSBC |
2,277 |
593.44 |
194.05 |
1,633 |
Mma Capital Holdings Inc |
MMAC |
162 |
25.52 |
3.49 |
55 |
Alliancebernstein L p |
AB |
10,826 |
6,261.76 |
1,300.86 |
3,600 |
Associated Capital Group Inc |
AC |
850 |
-9.10 |
-49.38 |
72 |
Artisan Partners Asset Management Inc |
APAM |
2,382 |
1,082.33 |
289.75 |
370 |
Apollo Asset Management Inc. |
AAMPRA |
0 |
4,051.74 |
2,709.77 |
0 |
Ares Management Corporation |
ARES |
14,864 |
3,936.33 |
411.69 |
870 |
Blackrock Inc |
BLK |
117,151 |
18,427.00 |
5,319.00 |
16,350 |
Blackstone Inc |
BX |
74,272 |
12,576.27 |
5,185.94 |
2,060 |
Credit Suisse Group Ag |
CS |
9,063 |
22,696.00 |
-1,626.00 |
48,200 |
Carlyle Group Inc |
CG |
13,850 |
5,718.40 |
1,786.50 |
1,700 |
Cowen Inc |
COWN |
1,256 |
1,611.28 |
106.62 |
769 |
Diamond Hill Investment Group Inc |
DHIL |
578 |
136.77 |
38.69 |
126 |
Eaton Vance Corp |
EV |
9,130 |
1,730.37 |
133.33 |
1,473 |
Evercore Inc |
EVR |
5,378 |
3,063.49 |
728.60 |
1,400 |
Gamco Investors Inc. Et Al |
GBL |
389 |
283.11 |
74.89 |
168 |
Argentum 47 Inc |
GEQU |
4 |
0.09 |
-0.58 |
10 |
U S Global Investors Inc |
GROW |
49 |
16.89 |
3.23 |
40 |
Stonex Group Inc. |
SNEX |
1,749 |
50,386.00 |
142.30 |
0 |
Jmp Group Llc |
JMPNL |
0 |
168.01 |
10.76 |
0 |
Kkr and co. inc. |
KKR |
39,490 |
9,871.05 |
3,215.13 |
1,196 |
Lazard Ltd |
LAZ |
4,039 |
3,136.07 |
546.71 |
2,610 |
Medley Management Inc |
MDLY |
37 |
33.25 |
-18.23 |
80 |
Manning and Napier Inc. |
MN |
281 |
141.77 |
18.03 |
474 |
Noah Holdings Ltd |
NOAH |
719 |
1,400.01 |
204.95 |
2,688 |
Prime Global Capital Group Inc |
PGCG |
34 |
1.95 |
-0.06 |
13 |
Pzena Investment Management Inc |
PZN |
835 |
190.64 |
74.38 |
88 |
B Riley Financial Inc |
RILY |
1,396 |
1,010.76 |
-25.69 |
217 |
Silvercrest Asset Management Group Inc |
SAMG |
195 |
130.08 |
36.11 |
109 |
Stifel Financial Corp |
SF |
7,879 |
4,667.92 |
746.92 |
7,100 |
Safeguard Scientifics Inc |
SFE |
52 |
-3.16 |
-18.02 |
30 |
Virtus Investment Partners Inc |
VRTS |
1,721 |
929.17 |
142.81 |
426 |
Waddell and Reed Financial Inc |
WDR |
1,561 |
1,081.12 |
53.81 |
1,691 |
Wisdomtree Investments Inc |
WETF |
847 |
282.99 |
96.26 |
177 |
Westwood Holdings Group Inc |
WHG |
99 |
66.09 |
0.38 |
168 |
Wright Investors Service Holdings Inc |
IWSH |
3 |
0.00 |
-1.18 |
0 |
Gwg Holdings Inc |
GWGH |
60 |
30.77 |
-315.84 |
50 |
Sundance Strategies Inc |
SUND |
58 |
0.00 |
-2.96 |
3 |
Blucora Inc |
BCOR |
1,301 |
914.46 |
41.88 |
487 |
Wintrust Financial Corp |
WTFC |
5,751 |
1,795.26 |
463.62 |
0 |
Marsh and Mclennan Companies Inc |
MMC |
88,186 |
20,887.00 |
3,423.00 |
76,000 |
Berkshire Hathaway Inc |
BRKA |
498,856 |
295,722.00 |
-481.00 |
0 |
Partnerre Ltd |
PREJ |
0 |
7,399.54 |
702.17 |
0 |
Reinsurance Group Of America Incorporated |
RGA |
9,932 |
16,242.00 |
577.00 |
2,201 |
Amerinst Insurance Group Ltd |
AIGT |
0 |
2.49 |
-1.94 |
22 |
Arch Capital Group Ltd |
ACGL |
22,928 |
8,855.91 |
1,243.31 |
2,030 |
Enstar Group Ltd |
ESGR |
4,025 |
-1,087.82 |
-1,182.60 |
1,327 |
Essent Group Ltd |
ESNT |
4,756 |
1,027.70 |
864.97 |
366 |
Aspen Insurance Holdings Limited |
AHLPRC |
0 |
2,628.90 |
29.80 |
0 |
Aspira Women s Health Inc |
AWH |
52 |
7.88 |
-31.03 |
1,433 |
Axis Capital Holdings Ltd |
AXS |
5,128 |
5,081.01 |
379.48 |
1,225 |
Global Indemnity Group Llc |
GBLI |
418 |
662.05 |
21.99 |
460 |
Greenlight Capital Re Ltd |
GLRE |
311 |
545.55 |
79.04 |
30 |
Maiden Holdings Ltd |
MHLD |
210 |
73.48 |
67.47 |
204 |
Markel Corporation |
MKL |
24,348 |
11,222.69 |
64.28 |
10,600 |
Oxbridge Re Holdings Limited |
OXBR |
15 |
-6.89 |
-9.50 |
2 |
Everest Reinsurance Holdings Inc. |
RE |
13,463 |
11,187.75 |
709.20 |
1,603 |
Renaissancere Holdings Ltd |
RNR |
8,713 |
4,423.71 |
-1,564.87 |
376 |
Rli Corp |
RLI |
5,964 |
1,660.76 |
580.86 |
902 |
Siriuspoint Ltd |
SPNT |
1,183 |
1,830.00 |
-462.30 |
0 |
Alleghany Corp |
Y |
11,411 |
11,799.42 |
810.84 |
3,135 |
Mgic Investment Corp |
MTG |
4,390 |
1,174.39 |
875.01 |
800 |
Federal Agricultural Mortgage Corporation |
AGMA |
702 |
298.82 |
171.84 |
0 |
Arlington Asset Investment Corp |
AAIC |
90 |
52.76 |
4.87 |
0 |
Mr Cooper Group Inc |
COOP |
3,481 |
2,778.00 |
1,077.00 |
0 |
Nmi Holdings Inc |
NMIH |
1,994 |
515.31 |
280.49 |
243 |
Radian Group Inc |
RDN |
3,774 |
1,214.37 |
774.05 |
1,881 |
Cohen and Steers Inc |
CNS |
3,818 |
588.09 |
182.54 |
275 |
Hennessy Advisors Inc |
HNNA |
74 |
29.67 |
6.19 |
21 |
Lpl Financial Holdings Inc. |
LPLA |
18,279 |
8,023.60 |
516.45 |
3,410 |
Pjt Partners Inc |
PJT |
2,102 |
1,058.82 |
182.82 |
353 |
Drive Shack Inc |
DS |
16 |
302.57 |
-47.37 |
0 |
Viking Energy Group Inc |
VKIN |
35 |
59.74 |
-0.61 |
5 |
Ares Real Estate Income Trust inc |
ZDPFEX |
0 |
277.80 |
-2.88 |
1 |
SUBTOTAL |
3,516,889.72 |
1,920,099.22 |
260,890.48 |
2,142,042 |
|