MBIA Inc.

Welcome to the NBIA Inc. Third 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, Brittany. Welcome to NBIA's conference call for our third quarter 2021 financial results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, 10Q, quarterly operating supplement, and statutory financial statements for both MBIA Insurance Corporation and National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance company's insured 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, as 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 current 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 last week's press announcement and in the financial result report that we posted on the MBIA website yesterday. Now here's 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 MVIA.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, Craig. Good morning, everyone. Thank you for being with us today. As has been the case for many quarters now, our focus and efforts remain on the Puerto Rico Title III proceedings. Since our last conference call, the schedule for restructuring the Puerto Rico GEO and PBA bonds has remained on track with the confirmation hearings beginning on Monday, November 8th and continuing on several dates through and including November 23rd. We expect the plan to be confirmed later this year and implemented early next year. which will be material development for the Commonwealth's emergence from bankruptcy. After the GEO and PBA plan is confirmed, the oversight board is expected to focus its attention on the HTA debt restructuring plan, which is scheduled to be filed with the court by the end of January of next year. Confirmation of that plan will also facilitate the Commonwealth's emergence from bankruptcy and resolve another significant amount of Nationals remaining Puerto Rico exposure. In light of this continued progress on our insured Puerto Rico credits, we modified our loss assumptions for our GO and PBA exposure. And we also sold $199 million, or 16%, of the principal amount of our PREPA-related bankruptcy claims. Anthony will provide additional details on both of these items. The commutation and acceleration of National's GO and PBA bonds And monetizing a portion of our PREPA claims will reduce uncertainty on our Puerto Rico exposure and move us closer to pursuing our strategic objectives, which may include, among other options, a potential sale of the company and or special distributions from National to NBIA Inc. Turning to National's other insured credits, the insured portfolio has continued to perform consistent with our expectations. The outstanding gross par of National's insured portfolio has further reduced. declining $37.7 billion at September 30th, 2021, down $4.1 billion from year-end 2020. At September 30th, 2021, National's leverage ratio of gross part of statutory capital was 19 to 1. Now, Anthony will provide additional comments about our third quarter financial results.