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Monday, November 09, 2009

MBIA Reports Quarterly Net Loss Of $727.8 Mln

By Alistair Barr

MarketWatch Pulse

SAN FRANCISCO -- MBIA Inc. reported a third-quarter net loss to common shareholders of $727.8 million, or $3.50 a share, late Monday. That compares to a net loss of $806.5 million, or $3.42 a share, in the same period a year earlier. The net loss in the latest quarter was driven by an $810.2 million pre-tax unrealized loss on insured credit derivatives, $238.8 million in pre-tax loss and loss-adjustment expenses mainly from the company's insured exposures to second-lien mortgage loan securitizations, and $171.4 million in pre-tax realized losses and other-than-temporary impairments on investments, MBIA explained. "The third quarter's loss is a reminder that the impact of this recession continues to be felt throughout the economy," Chief Financial Officer Chuck Chaplin said in a statement. "Incurred losses in our insurance business were above expectations and the same housing-related performance trends drove our asset losses and impairments."

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