MBIA Inc.

Welcome to the NBIA Inc. first quarter 2024 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, Ashley. Welcome to NBIA's conference call for our first quarter 2024 financial results. After the market closed yesterday, we issued and posted several items on our website, including our financial results, our 10Q, quarterly operating supplement, and statutory financial statements for both MBIA Insurance Corporation and the 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-Qs as they contain our most current disclosure 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-Qs, as well as our financial results report and our quarterly operating supplement. The recorded replay of today's call will become available on the NBIA website approximately two hours after the end of the call. Now, here is 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 statement. Risk factors are detailed in our 10-K and 10-Qs, 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 Joe Sachinger We'll provide introductory comments, and then a question and answer session will follow. Now, here is Bill Fallon.

Thanks, Greg. Good morning, everyone. Thanks for being with us today. Last month, we said goodbye to Anthony McKiernan, our CFO, who helped us navigate through some very difficult times and was instrumental on many projects that have been critical to NBIA. Anthony will be missed, and we wish him the very best in his future endeavors. Our first quarter 2024 results were relatively straightforward and relatively unchanged versus a year ago. Our new CFO, Joe Schackinger, will have more to say about these results shortly. In the meantime, our primary objectives continue to be focused on the resolution of our remaining Puerto Rico exposure and then restarting the process to sell the company. Regarding PREPA, National's remaining exposure to PREPA was $610 million of gross power insured at the end of the first quarter. The Title III Court held the confirmation hearing for PREPA's plan of adjustment in March of this year, and we await a ruling on that hearing, as well as rulings to be issued by the First Circuit Court regarding appeals being sought by bondholders opposing the current PREPA restructuring plan. Regarding the balance of National's insured portfolio, Those credits have continued to perform generally consistent with our expectations. The gross par amount outstanding for National's insured portfolio has declined by approximately $600 million from year end 2023 to $27.8 billion at the end of the first quarter of this year. National's leverage ratio of gross part of statutory capital remained unchanged from year end 2023 at 25 to 1. At the end of the first quarter, National had total claims-paying resources of $1.7 billion and statutory capital and surplus of $1.1 billion. Now Joe will provide additional comments about our financial results.