ARMONK, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE: MBI), announced today that Adam T. Bergonzi has joined the company as Managing Director and Chief Risk Officer. Reporting to William C. Fallon, Chief Executive Officer, Mr. Bergonzi will be responsible for National’s risk management activities and its insured portfolio management function.
Mr. Bergonzi joins National with extensive experience in municipal credit analysis and a deep familiarity with the bond insurance industry. He was most recently Chief Risk Officer of Municipal and Infrastructure Assurance Corporation and prior to that was the Chief Credit Officer of Security Capital Assurance. Mr. Bergonzi previously spent 12 years at MBIA Insurance Corp. where he held positions of increasing responsibility in MBIA's insured portfolio management, new business, finance and corporate strategy areas.
Mr. Bergonzi holds a B.A. degree from Colgate University (cum laude) and received his J.D. from the New York Law School.
National Public Finance Guarantee Corporation, headquartered in Armonk, New York is the world’s largest U.S. public finance-only financial guarantee insurance company, with offices in New York and San Francisco. The company’s financial strength is highlighted by its $5.6 billion in claims-paying resources, $2.3 billion in statutory capital and strong embedded profitability from its $481 billion insured portfolio and $5.7 billion investment portfolio. National has insurance financial strength ratings of A with a developing outlook from Standard and Poor’s and Baa1 with a developing outlook from Moody’s Investors Service. Please visit National’s Web site at www.nationalpfg.com.
This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “intend,” “will likely result,” “looking forward” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These risks and uncertainties could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.