MBIA Inc. (MBIA) is a holding company. Through its subsidiary, the Company provides financial guarantee insurance to the United States public finance markets. The Company’s indirect, wholly owned subsidiary is National Public Finance Guarantee Corporation (National). The Company’s operating segments includes United States (U.S.) public finance insurance; international and structured finance insurance; corporate and advisory services. The U.S. public finance insurance business is operated through National Public Finance Guarantee Corporation and its subsidiaries (National). The international and structured finance insurance business is operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The asset management and advisory services business is operated through Cutwater Holdings, LLC and its subsidiaries (Cutwater). National’s guarantees insure municipal bonds, including tax-exempt and taxable indebtedness of the United States political subdivisions.