As of December 31, 2011, MBIA Corp.’s statutory balance sheet reflected $1.6 billion in cash and invested assets including $534 million of cash, short-term investments and other highly liquid investments available to meet liquidity demands, and excluding amounts held by subsidiaries. This compares to $3.3 billion in cash and invested assets, including $1.2 billion of cash, short-term investments and other highly liquid investments as of December 31, 2010. The decrease in liquidity resources was partially driven by payments made to commute potentially volatile exposures. Some of the commutation payments made in the fourth quarter of 2011 were financed through a $1.1 billion five-year secured loan from National to MBIA Corp. The Company believes that MBIA Corp.’s liquidity resources, including expected cash inflows from its investment portfolio, will adequately provide for anticipated cash outflows.MBIA Corp. had statutory capital of $2.3 billion and claims-paying resources totaling $6.1 billion at December 31, 2011. Beginning with the fourth quarter of 2011, the Company changed its calculation of claims-paying resources to include salvage assets, including putback receivables, that it expects to be available to pay future claims.
MBIA Inc. Reports Fourth Quarter And Full Year 2011 Financial Results
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