MBIA Inc.

First Quarter 2021 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at NBIA. Please go ahead, sir.

Thank you, Maria. Welcome to NBIA's Conference Call for our First Quarter 2021 Financial Results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, PENQ, quarterly operating supplement, and statutory financial statements for both NBIA Insurance Corporation and National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance company's insurance portfolios. Regarding today's call, please note that anything said on the call is qualified by the information provided in the company's 10-K, 10-Q, and other SEC filings, and our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10-K and 10-Q as they contain our most recent disclosures about the company and its financial and operating results. Those documents also contain information that may not be addressed on today's call. The definitions and reconciliations of the non-GAAP terms included in our remarks today are also included in our 10-K and 10-Q as well as our financial results report and our quarterly operating supplement. The recorded replay of today's call will become available approximately two hours after the end of the call, and the information for accessing it is included in the press announcement and in the financial results we posted on our website yesterday. Now I'll read our safe harbor disclosure statement. Our remarks on today's conference call may contain forward-looking statements. Important factors such as general market conditions and the competitive environment could cause our actual results to differ materially from the projected results referenced in our forward-looking statements. Risk factors are detailed in our 10-K and 10-Q, which are available on our website at mbia.com. The company cautions not to place undue reliance on any such forward-looking statements. The company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate. For our call today, Bill Fallon and Anthony McKiernan will provide introductory comments and then a question and answer session will follow. Now, here is Bill Fallon.

Thanks, Greg. Good morning, everyone. Thank you for being with us today. We are pleased to have recently reached an agreement with the Oversight Board to resolve our Puerto Rico Highway and Transportation Authority exposure. This agreement means we will continue to support the Commonwealth's general obligation and public building authority plan support agreement. Following these agreements, restructuring frameworks are now in place to address practically all of our Puerto Rico exposure. The proposed timelines for confirmation of the plans incorporating these agreements suggest that each of these debt obligations could be resolved by early to late 2022. However, there can be no assurance that confirmation in those time frames will actually occur. While the oversight board's attention has been largely directed to the GO and HTA debt this year, we remain hopeful that the process for implementing the restructuring support agreement for PREPA will soon regain momentum as well. Regarding National's litigation against certain underwriters of some of its insured Puerto Rico debt, we continue to await a ruling on the defendant's motion to dismiss the case. Turning to the other credits in National's insured portfolio, most of these credits have continued to perform consistent with our expectations. The outstanding gross par of National's insured portfolio continues to reduce, declining to $40.5 billion at March 31, 2021. down $1.4 billion from year-end 2020. At March 31st, 2021, National's leverage ratio of gross part of statutory capital was 21 to 1. Now Anthony will provide additional comments about our first quarter financial results.