John S. Pizzarelli Leaves MBIA; Thomas G. McLoughlin Named Head of Glo

    Business Editors/Financial Editors

    ARMONK, N.Y.--(BUSINESS WIRE)--Feb. 8, 2005--MBIA Inc. (NYSE:MBI) announced today that John S. Pizzarelli has left the Company to pursue other interests. Thomas G. McLoughlin has been named head of MBIA's Global Public Finance Division and will serve on the Company's Executive Policy Committee. MBIA's worldwide public finance business generated $719 million in adjusted direct premium in 2004.
    "John Pizzarelli had a long and productive career with MBIA," said Neil Budnick, President of MBIA Insurance Corp. "He helped guide the Company's Public Finance Division to its position as a leader in the financial guarantee industry. We wish him continued success.
    "Tom McLoughlin brings a wealth of industry and public sector experience to this position," continued Mr. Budnick. "His track record is outstanding, and we know he'll continue to be an important contributor as our global public franchise strengthens and grows."
    As division head, Mr. McLoughlin will be responsible for all financial guarantee insurance activities for municipal bonds, tax-exempt debt and infrastructure finance in the United States and internationally. Mr. McLoughlin, who was Managing Director, Global Transportation and Infrastructure Finance in MBIA's San Francisco office, will be based in Armonk.
    Mr. McLoughlin joined MBIA in 1994 from the Government Finance Group of Legg Mason, where he was Vice President. He served as an Assistant Director of the Government Finance Officers Association. Mr. McLoughlin began his career in municipal finance with Moody's Investors Service, and also served as a legislative aide in the New York State Senate and as a policy analyst with the U.S. Congress Office of Technology Assessment.
    Mr. Pizzarelli joined MBIA in 1985 as a municipal bond analyst in the Transportation and Higher Education Department. For ten years beginning in 1988, he was responsible for public finance activities in the Western Region of the United States. He was named head of MBIA's Global Public Finance Division in 1999, and became a member of the Executive Policy Committee in 2000.
    MBIA Inc., through its subsidiaries, is a leading financial guarantor and provider of specialized financial services. MBIA's innovative and cost-effective products and services meet the credit enhancement, financial and investment needs of its public and private sector clients, domestically and internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance Corporation, has a financial strength rating of Triple-A from Moody's Investors Service, Standard & Poor's Ratings Services, Fitch Ratings, and Rating and Investment Information, Inc. Please visit MBIA's Web site at http://www.mbia.com.

--30--NR/ny*

CONTACT: MBIA Inc. Michael Ballinger, 914-765-3893

KEYWORD: CALIFORNIA NEW YORK INDUSTRY KEYWORD: INSURANCE BANKING MANAGEMENT CHANGES SOURCE: MBIA Inc.

Copyright Business Wire 2005