Q1 2024 MBIA Inc Earnings Call
Operator: 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.
Welcome to the MBIA, 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 MBIA. Please go ahead Sir.
Gregory R. Diamond: Thank you Ashley.
Gregory R. Diamond: Welcome to MBI'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, the 10-Q, Quarterly Operating Supplement, and Statutory Financial Statements for both NBIA Insurance Corporation and the National Public Finance Guarantee Corporation. We also posted updates to the listings of our insurance companies' insured portfolios.
Gregory R. Diamond: Welcome to Mbia's conference call for our first quarter 2024 financial results. After the market close yesterday, we issued and posted several items on our websites, including our financial results. Our 10-Q quarterly operating supplements and statutory financial statements for both MBIA Insurance Corporation, and the National Public Finance Guy.
Gregory R. Diamond: And she corporation.
Gregory R. Diamond: We also posted updates to the listings of our insurance companies insured portfolios.
Gregory R. Diamond: 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 disclosure about the company and its financial and operating results. Those documents also contain information that may not be addressed on today's call. For example, 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 results, the recorded replay of today's call will become available on the NBIA website approximately two hours after the end of the call.
Gregory R. Diamond: 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.
Gregory R. Diamond: We urge investors to read our read our 10-K and 10-Qs.
Gregory R. Diamond: As they contain our most current disclosure about the company and its financial and operating results.
Gregory R. Diamond: Those documents also contain information that may not be addressed on today's call.
Gregory R. Diamond: 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.
Gregory R. Diamond: The recorded replay of today's call will become available on the MBIA website approximately two hours after the end of the call.
Gregory R. Diamond: 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 statements. Risk factors are detailed in our 10-K and 10-Qs, which are available on our website at mbia.gov. The company cautioned not to place undue reliance on any such forward-looking statements.
Gregory R. Diamond: Now here's our safe Harbor disclosure statement.
Gregory R. Diamond: 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.
Gregory R. Diamond: 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 Schachinger will provide introductory comments, and then a question and answer session will follow. Now, here is Bill Fallon. Thanks, Greg.
Gregory R. Diamond: Risk factors are detailed in our 10-K and 10-Qs which are available on our website at MBIA Dot com.
Gregory R. Diamond: Company cautions not to place undue reliance on any such forward looking statements 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.
Gregory R. Diamond: For our call today, Bill Fallon and Joseph Atkins here.
Gregory R. Diamond: My introductory comments and then a question and answer session will follow now here is bill Fallon. Thanks, Greg.
William Charles Fallon: Thanks, Greg. Good morning, everyone.
William Charles Fallon: Morning, everyone, thanks for being with us today.
William Charles Fallon: Last month, we said goodbye to Anthony Mckiernan, our CFO.
William Charles Fallon: Thank you 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 in many projects that have been critical to NBIA. Anthony will be missed, and we wish him the very best in his future endeavors.
William Charles Fallon: It helped us navigate through some very difficult times and was instrumental in many projects that have been critical to MBIA.
William Charles Fallon: And then he will be missed and we wish him the very best in his future endeavors.
William Charles Fallon: Our first quarter 2024 results were relatively straightforward and relatively unchanged versus a year ago.
William Charles Fallon: Our first quarter 2024 results were relatively straightforward and relatively unchanged versus a year ago. Our new CFO, Joe Schachinger, 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 PAR insured at the end of the first quarter.
William Charles Fallon: Our new CFO, Joe Shacking here, well have more to say about these results shortly.
William Charles Fallon: 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.
William Charles Fallon: Regarding PREPA National's remaining exposure to PREPA with $610 million of gross par insured at the end of the first quarter.
William Charles Fallon: The title III Court held the confirmation hearing for purpose plan of adjustment in March of this year.
William Charles Fallon: The Title III Court held the confirmation hearing for PREPA's plan of adjustment in March of this year, and we await your 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 the nationals insured portfolio, those credits have continued to perform generally consistent with our expectations. The gross power amount outstanding for National's insured portfolio declined by approximately $600 million from year-end 2023 to $27.8 billion at the end of the first quarter of this year.
William Charles Fallon: We await a ruling on that hearing.
William Charles Fallon: As well as ruling to be issued by the first circuit Court regarding appeals being sought by bondholders opposing the current PREPA restructuring plan.
William Charles Fallon: Regarding the balance of nationals insured portfolio. Those credits have continued to perform generally consistent with our expectations.
William Charles Fallon: 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.
William Charles Fallon: National's leverage ratio gross par to statutory capital remain unchanged from year end 2023 at 25 to one.
William Charles Fallon: National's leverage ratio of the 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 surplus of $1.1 billion. Now Joe will provide additional comments about our finances.
William Charles Fallon: At the end of the first quarter National had total claims paying resources at $1 $7 billion in statutory capital and surplus of $1 $1 billion.
William Charles Fallon: Now Joe will provide additional comments about our financial results.
Joe Shacking: Thank you Bill and good morning, all I will begin with a review of our first quarter 2024, GAAP and non-GAAP results and then provide an overview of our statutory results.
Joseph Ralph Schachinger: Thank you, Bill, and good morning all. I will begin with a review of our first quarter twenty twenty four gap and non gap results and then provide an overview of our statutory results. The company reported a consolidated gap net loss of $86 million, or a negative $1.84 per share, for the first quarter of 2024 compared to a consolidated gap net loss of $93 million, or a negative $1.86 per share, for the first quarter of 2023.
Joe Shacking: The company reported a consolidated GAAP net loss of $86 million or a negative $1 84 per share for the first quarter of 2024 compared to a consolidated GAAP net loss of $93 million or a negative $1 86 per share.
Joe Shacking: For the first quarter of 2023.
The lower GAAP net loss this quarter was largely driven by lower losses from our discontinued operations.
Joseph Ralph Schachinger: The lower gap net loss this quarter was largely driven by lower losses from our discontinued operation. Our net loss from continuing operations of $87 million was slightly higher in the first quarter of 2024 compared with a net loss of $83 million in the same period in 2023, primarily as a result of. Higher Lawson, L.A. National, which largely related to pushing out the timing of the effective date of the PREPA plan to restructure its debt, and higher losses on variable interest entities at MBI Insurance Corp, most of which were reclassified from other comprehensive income and therefore neutral to total equity.
Joe Shacking: Our net loss from continuing operations of $87 million was slightly higher in the first quarter of 2024 compared with a net loss of $83 million in the same period in 2023, primarily as a result of.
Joe Shacking: Higher loss in LAE at National which largely related to pushing out the timing of the effective date of the PREPA plan to restructure its debt.
Joe Shacking: And higher losses on variable interest entities at MBIA insurance Corp, most of which were reclassified from other comprehensive income and therefore neutral to total equity.
Joe Shacking: These losses largely related to purchases of V. I E debt executed as part of a planned termination of MBIA insurance Corp's last material insured ABS CDO transaction.
Joseph Ralph Schachinger: These losses largely relate to purchases of VIE debt executed as part of a planned termination of MBI Insurance Corp's last material insured ABS CDO transact. These unfavorable variances were partly offset by foreign exchange gains on our euro medium term note liabilities in our corporate segment this quarter, compared to mark-to-market losses on interest rate swaps and foreign exchange losses on euro medium-term notes in our corporate segment in the first quarter of last, As a reminder, in the fourth quarter of 2023 and the first quarter of 2024, we terminated all of the swaps that were part of our holding company ALM business.
Joe Shacking: These unfavorable variances were partly offset by foreign exchange gains on our euro medium term note liabilities in our corporate segment this quarter.
Joe Shacking: <unk> to mark to market losses on interest rate swaps and foreign exchange losses on Euro medium term notes in our corporate segment in the first quarter of last year.
Joe Shacking: As a reminder, in the fourth quarter of 2023, and the first quarter of 2024, we terminated all of the swaps that were part of our holding company and business.
Joe Shacking: The company's adjusted net loss a non-GAAP measure.
Joseph Ralph Schachinger: The company's adjusted net loss, a non-gap measure, was 24 million dollars or a negative 52 cents per share for the first quarter of 2024 compared with an adjusted net loss of 1 million dollars or a negative 3 cents per share for the first quarter of 2023. The unfavorable change was primarily due to higher losses in LAE at national in the current quarter.
Joe Shacking: Was $24 million or a negative 52 cents per share for the first quarter of 2024, compared with an adjusted net loss of $1 million or.
Joe Shacking: A negative <unk> <unk> per share for the first quarter of 2023.
Joe Shacking: The unfavorable change was primarily due to higher loss in LAE at national in the current quarter.
Joe Shacking: MBIA, Inc. 's book value per share decreased $1.24 to a negative $33 80 per share as of March 31, 2024 versus a negative $32 56 per share as of December 31, two.
Joseph Ralph Schachinger: MBI Inc.'s book value per share decreased $1.24 to a negative $33.80 per share as of March 31, 2024, versus a negative $32.56 per share as of December 31, 2023, primarily due to the net loss for the court. Also included in MBI Inc.'s book value as of March 31, 2024 is a negative $45.44 per share of MBI Insurance Corp.'s book value, versus a negative I will now spend a few minutes on our corporate segment balance. The corporate segment, which primarily comprises the activities of the Holden Company and NBIA, Inc., had total assets of approximately $710 million as of March 31, 2024. Within this total are the following material assets.
Joe Shacking: <unk> thousand 23, primarily due to the net loss for the quarter.
Joe Shacking: Included in MBIA, Inc. 's book value as of March 31, 'twenty 'twenty four is a negative $45 44 per share of MBIA insurance Corp book value.
Joe Shacking: Versus a negative $44 91 per share as of December 31, 2023.
Joe Shacking: I will now spend a few minutes on our corporate segment balance sheet.
Joe Shacking: The corporate segment, which primarily comprises the activities of the holding company MBIA, Inc. Had total assets of approximately $710 million as of March 31 2024.
Within this total are the following material assets.
Joe Shacking: Unencumbered cash and liquid assets held by MBIA, Inc totaled $376 million compared with $411 million as of December 31, 2023.
Joseph Ralph Schachinger: Unencumbered cash and liquid assets held by NBIA Inc. totaled $376 million, compared with $411 million as of December 31, 2023. The decrease was largely due to spending approximately 36 million dollars on retiring GFL Euro denominated medium term note liabilities before their maturity. These purchases were executed at prices accretive to equity and will reduce euro exchange rate volatility within our results going forward.
The decrease was largely due to spending approximately $36 million on retiring GSL euro denominated medium term note liabilities before their maturities.
Joe Shacking: These purchases were executed at prices accretive to equity and will reduce euro exchange rate volatility within our results going forward.
Joe Shacking: I'll also note that subsequent to March 31, we spent an additional $26 million to retire GFS remaining near term euro denominated medium term note liabilities at a price accretive to equity.
Joseph Ralph Schachinger: I'll also note that subsequent to March 31st, we spent an additional $26 million to retire GFL's remaining near-term Euro-denominated medium-term note liabilities at a price accretive to equity, in addition to the unencumbered cash and liquid assets I mentioned. The corporate segment assets included approximately $230 million of assets at market value pledged to guaranteed investment contract holders. Turning to the insurance company's statutory results, National reported a statutory net loss of $11 million for the first quarter of 2024, compared to a statutory net income of $11 million for the first quarter of 2023.
Joe Shacking: In addition to the unencumbered cash and liquid assets I mentioned the.
Joe Shacking: The corporate segment assets included approximately $230 million of assets at market value pledged to guaranteed investment contract holders.
Joe Shacking: Turning to the insurance company's statutory results.
Joe Shacking: National reported a statutory net loss of $11 million for the first quarter of 2024.
Joe Shacking: Compared to statutory net income of $11 million for the first quarter of 2023.
Joe Shacking: The unfavorable variance was primarily driven by higher loss in LAE largely related to the estimated extension of the PREPA debt restructuring and to a lesser extent lower net investment income.
Joseph Ralph Schachinger: The unfavorable variance was primarily driven by higher losses in LEE, largely related to the estimated extension of the PREPA debt restructuring and, to a lesser extent, lower net investment. Net investment income in 2024 reflects lower invested assets due to the as of right and special dividends paid by National to NBIA Inc in the fourth quarter of 2023, which totaled almost $650 million. National statutory capital decreased by $18 million, largely due to its net loss for the quarter, and consistent with the year in 2023 was approximately $1.1 billion as of March 31, 2024.
Joe Shacking: Net investment income in 2024 reflects lower invested assets due to the as of right and special dividends paid by National to MBIA, Inc. In the fourth quarter of 2023, which totaled almost $650 million.
Joe Shacking: National's statutory capital decreased by $18 million largely due to its net loss for the quarter.
Joe Shacking: And consistent with year end 2023 was approximately $1 $1 billion as of March 31 2024.
Joe Shacking: Claims paying resources were $1 $7 billion also consistent with year end 2023.
Joseph Ralph Schachinger: Claims paying resources were $1.7 billion, also consistent with year-end 2023. As of March 31st, twenty twenty four National had a gross par outstanding of twenty seven point eight billion dollars, which is down about six hundred million dollars from year end twenty twenty three. Now we'll turn to MBI Insurance. NBI Insurance Corp. reported a statutory net loss of thirty five million dollars for the first quarter of twenty twenty four compared to a statutory net loss of twenty million dollars for the first quarter of twenty twenty three.
Joe Shacking: As of March 31, 2024 National had gross par outstanding of 27, $8 billion, which is down about $600 million from year end 2023.
Joe Shacking: Now I will turn to MBIA insurance Corp.
Speaker Change: MBIA Insurance Corp reported a statutory net loss of $35 million for the first quarter of 2024 compared to a statutory net loss of $20 million for the first quarter of 2023.
Speaker Change: Net losses in both periods were driven by loss in LAE on primarily Zohar related salvage.
Joseph Ralph Schachinger: Net losses in both periods were driven by a loss in LAE on primarily Zohar related South. As of March 31, 2024, the statutory capital of MBI Insurance Corp. was $119 million, down from $152 million a year in 2023, primarily due to the net loss for the current quarter. Claims paying resources totaled $468 million at March 31, 2024, compared to $504 million at year-end 2023. NBI Insurance Corp.'s insured gross par outstanding was $2.7 billion as of March 31, 2024, down about 5% from year-end 2023. And now, we will turn the call over to the operator to begin the question and answer session.
Speaker Change: As of March 31, 2024 statutory capital of MBIA Insurance Corp was $119 million down from $152 million at year end 2023, primarily due to the net loss for the current quarter.
Speaker Change: Claims paying resources totaled $468 million at March 31, 2024, compared to $504 million at year end 2023.
Speaker Change: MBIA insurance Corp's insured gross par outstanding was $2 $7 billion as of March 31, 2024 down about 5% from year end 2023.
And now we will turn the call over to the operator to begin the question and answer session.
Speaker Change: Okay.
Speaker Change: Certainly if you have a question at this time. Please press star one on your telephone keypad, if you wish to remove yourself from the queue Press star two we ask that when posing your question. Please pickup your handset to allow optimal sound quality.
Operator: Certainly. If you have a question at this time, please press star 1 on your telephone keypad. If you wish to remove yourself from the queue, press star 2. We ask that when asking your questions, you please pick up your handset to allow optimal sound quality. We'll take our first question from Tommy Mcjoynt with KBW, please go ahead.
We will take our first question from Tommy Ms Joint with K VW. Please go ahead.
Tommy: Hey, good morning, guys. Thanks for taking my question.
Thomas Patrick Mcjoynt: Hey, good morning guys. Thanks for taking my questions. You repurchased some medium-term notes during the quarter and after quarter end. Can you talk about your current liquidity profile at the holding company and your appetite and ability to continue repurchasing some of those liabilities? And should all those transactions be accretive? Yes, Tommy is some, I think, you know, after we did the dividend at the end of last year. The amount that went up to the holding company, depending on how you look at it, the dividend was 550 million.
Tommy: You repurchased some medium term notes during the quarter and post quarter end can you talk about your current liquidity profile at the holding company and your appetite and ability to continue repurchasing some of those liabilities and should all of those transactions to be accretive.
Speaker Change: Yes Tommy.
Unknown Speaker: Yes, Tommy is some I think, you know, after we did the dividend at the end of last year. The amount that went up to the holding company. The dividend was $550 million; we sent about $400 million out to the actual shareholders. So our liquidity, the holding company, is stronger than it's been in quite a while. And so, as we indicated on the last call, we continue to look for opportunities, whether it be buying debt or buying stock.
Tommy: I think you know.
Tommy: After we did the dividend at the end of last year the amount they went up to the holding company.
Tommy: Depending on how you look at the dividend was $550 million, we said about $400 million out to the actual shareholder so our liquidity at the holding company is stronger than it's been in quite a while and so as we've indicated on the last call. We continue to look for opportunities whether it be buying debt buying stock.
Tommy: In terms of how to use that liquidity. So we do have opportunities to do that it really is a matter of balancing all of those trade offs and looking for good opportunities whether they be near term that some of the longer maturities and it really just has to do with what the prices and therefore, what the interest rates are at any point in time. So we'll continue to look at.
Tommy: And we do believe that they are value, adding to our shareholders. When we do that.
Tommy: Thanks.
Unknown Speaker: Thanks, actually, and just one follow-up here. Between the investment agreements, the medium-term notes, and the unsecured notes on the holding company balance sheet, are all of those able to be repurchased or redeemed in the open market? Or do some of those have to wait until maturity?
Tommy: And just one follow up here between the investment agreements the medium term notes and unsecured notes on the holding company balance sheet are all of those able to be repurchased or redeemed in the open market or do some of those have to wait until maturity.
Joseph Ralph Schachinger: Yeah, this is Joe Schachinger. Good morning. The investment agreement
Joseph Ralph Schachinger: Yeah, this is Joe Schachinger. Good morning.
Tommy: Yes. This is Joe <unk>.
Tommy: <unk>.
Joe Shacking: The investment agreements do have to wait for maturity, there really no provisions to call those earlier.
Joseph Ralph Schachinger: The investment agreements do have to wait for maturity. There are really no provisions to call those earlier. However, as we've done in the past, we are able to purchase the medium-term notes and the ink unsecured debt. And, as Bill explained, we'll look to be opportunistic about getting those back at prices accretive to equity.
Joe Shacking: However, as we've done in the past we are able to purchase the medium term notes and the <unk>.
Joe Shacking: <unk> unsecured debt and as Bill explained well look to be opportunistic about.
Joe Shacking: Getting those back at prices accretive to equity.
Joe Shacking: And once again as a reminder that star one for your questions. We.
Operator: And once again, as a reminder, that's star number one for your questions. We'll take our next question from John Staley with Staley Capital Advisors. Please go ahead. Thank you.
Joe Shacking: We will take our next question from John Daly with Daily Capital Advisors. Please go ahead.
John Adolphus Staley: Thank you. Bill, I'm curious. Thank you. Thank you.
John Adolphus Staley: Thank you.
John Adolphus Staley: Bill I'm curious.
John Adolphus Staley: What do you think is contributing.
John Adolphus Staley: What do you think is contributing to the lack of an issuance of an opinion, particularly from Judge Swain? It just seems very appalling to me that this thing has been around for so long; I can't imagine what the hell's new. What are your comments on when this thing finally gets resolved?
John Adolphus Staley: Sure.
John Adolphus Staley: Correct.
John Adolphus Staley: The issuance of an opinion, particularly from judge Swain.
John Adolphus Staley: Okay.
Very puzzling to me.
Speaker Change: Thank you.
Speaker Change: For so long.
Speaker Change: Can't imagine what the Hell is new.
Speaker Change: But what are your comments on when this thing finally gets resolved.
William Charles Fallon: Yeah, good morning, John. As you know, I guess there's two things that we focused on, or we are focusing on. One was the hearing at the First Circuit. That took place, January 29th, I believe is when the hearing took place. So we're now more than three months past that. There is a view that Judge Swain is waiting for the First Circuit to issue its opinion before she issues the confirmation, and you know, unfortunately, we have had some experience over the years that it's just very difficult to predict when these opinions will be issued, so just like you were very focused on it.
Speaker Change: Yes, good morning, John.
Speaker Change: As you know.
Speaker Change: There's two things that we focused on what we are focusing on one was the hearing at the first circuit.
Speaker Change: That took place January 29th I believe it's one of the hearing took place. So we're now more than three months past that.
Speaker Change: There is a view that judge.
Speaker Change: Judge Swain is waiting for the first circuit to issue their opinion before sheet issues the confirmation.
Speaker Change: Unfortunately, we have some experience over the years, it's just very difficult to predict when these opinions will be issued so.
Speaker Change: Just like you, we're very focused on it.
William Charles Fallon: It could come any day, but I suppose we've been saying that now for over three months. So I can't tell you when it's going to happen, but you're focused on the right thing, which I think is the First Circuit and then Judge Swain.
Speaker Change: It could come any day, but I suppose we've been saying that now for over three months. So.
Unknown Speaker: Okay, and at what level do you become more active in buying stock back?
Speaker Change: I can't tell you when it's going to happen.
Speaker Change: But your focus on the right thing, which I think is the first circuit and then judge Swain.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: At what level.
Speaker Change: You become more active in buying stock back.
Unknown Speaker: Unknown Speaker As you know, we've done a lot of it out of national right now, national doesn't have capacity. But as I just mentioned, in response to the earlier caller, we continue to look at the holding company. And, you know, we'll continue to look at where the stock is trading, what the best use of that cash is, and what's best for our shareholders.
Speaker Change: As you know we've done a lot of it out of National right now Nashville have capacity, but as I just mentioned in response to the earlier caller.
We continue to look at it at the holding company.
Speaker Change: Yes.
Speaker Change: We'll continue to look at where the stock is trading what the best use of that cash is and whats best for our shareholders.
Unknown Speaker: Any filing would be done at the holding company level, and you have the capacity to do that.
Speaker Change: Does that.
Speaker Change: Brian would be done at the holding company level and you have to have capacity to do that.
Unknown Speaker: We do. We have authorization, and we have liquidity to do so. Okay.
Speaker Change: We do we have authorization and we have liquidity to do that.
Speaker Change: Okay.
Unknown Speaker: All right. Thank you.
Speaker Change: Alright, thank you.
Speaker Change: And again that is star and one for your questions. We will pause another moment to allow any further questions. Thank you.
Operator: And again, that is a star and one for your questions. We will pause another moment until any further questions come to you. And there appears to be no further questions at this time. I'll turn the call back over to the management for a closing remark.
Speaker Change: And there appears to be no further questions. At this time I will turn the call back over to management for closing remarks.
Management: Thank you Ashley and thanks to those of you listening to our call today. Please contact US directly if you have any additional questions. We also recommend that you visit our website at MBIA Dot com for additional information about the company.
Gregory R. Diamond: Thank you, Ashley. And thanks to those of you listening to our call today.
Gregory R. Diamond: Please contact us directly if you have any additional questions. We also recommend that you visit our website at mbia.com for additional information about the company. Thank you for your interest in MVIA. Good day and goodbye.
Thank you for your interest in MBIA, Good day and Goodbye.
Speaker Change: Thank you ladies and gentlemen, this does conclude today's MBIA first quarter 2024 financial results Conference call. You May now disconnect your line and have a wonderful day.
Operator: Thank you, ladies and gentlemen. This does conclude today's NBIA First Quarter 2024 Financial Results Conference Call. You may now disconnect your line and have a wonderful day.
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Okay.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Uh-huh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Hello, Matt.
Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Oh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Hum.
Speaker Change: Yeah.
Okay.
Speaker Change: Uh huh.
Speaker Change: Yes.