MBIA Inc.

Please say bye. Your program is about to begin. Welcome to the NBIA Inc. Third 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 Third Quarter 2024 Financial Results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, 10-Q, 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 companies' 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 10Qs, and other SEC filings, as our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10K and 10Qs, and 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. 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'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-Qs, which are available on our website at MVIA.com. 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 Schackinger will 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. For our third quarter 2024 financial results, our revenues and expenses both improved compared with last year's third quarter, which yielded a lower net loss than last year's third quarter. Revenues were higher largely due to lower losses related to variable interest entities associated with MBI Insurance Corp, and expenses were lower largely due to lower loss and loss adjustment expense associated with National's PREPA exposure. Regarding PREPA, Mediation has been extended to January 31st of next year. In the meanwhile, the parties in mediation are waiting for the decision from the First Circuit Court of Appeals as to whether they will rehear arguments regarding their ruling earlier this year that determined PREPA bondholders' rights included a lien on PREPA's net revenues. Given the uncertainty associated with the possible outcomes for National's PREPA bankruptcy claim in excess of $800 million, We expect that substantially reduced uncertainty regarding the PREPA outcome will likely be needed before we can restart the process to sell the company. Regarding the balance of National's insured portfolio, those credits have continued to perform generally consistent with our expectations. The gross part amount outstanding for National's insured portfolio has declined by approximately $2.5 billion from year end 2023 to about $26 billion at the end of the third quarter of this year. National's leverage ratio of gross part of statutory capital is 26 to 1 at the end of the third quarter of 2024. As of September 30, 2024, National had total claims-paying resources of $1.6 billion and statutory capital in surplus of $1 billion. Now Joe will provide additional comments about our financial results.