PURCHASE, N.Y.--(BUSINESS WIRE)--National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that Thomas J. Weyl will join the company as Managing Director and Head of New Business Development. Mr. Weyl will be responsible for leading National’s marketing and new business generation efforts in the U.S. public finance market. Mr. Weyl joins National from Barclays Capital Inc., where he served as Director of Municipal Research and was responsible for the municipal credit strategy and research efforts of the firm.
“We’re pleased to welcome Tom to the company at this critical time as we seek to reestablish National as a leader in the new business marketplace,” said Bill Fallon, National’s Chief Executive Officer. “We’re confident that his background in the financial markets and extensive experience in the public finance sector will help us grow our insured portfolio while maintaining National’s pricing and credit standards.”
Prior to Barclays Capital, Mr. Weyl spent 16 years at Eaton Vance Management where he served as Director of Municipal Research. Earlier in his career, he held various positions at GE Capital, Van Kampen Merritt Investment Advisory Corp., MBIA and Smith Barney. Mr. Weyl has also served in a number of prominent industry roles, including Chairperson of the National Federation of Municipal Analysts, the Investment Company Institute’s representative to the Government Accounting Standards Advisory Council and as a member of the Society of Municipal Analysts. Mr. Weyl holds B.S. and MBA degrees from the State University of New York at Albany.
Mr. Weyl is expected to assume his position at National by the end of the year.
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, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan, including the ability to maintain high stable ratings for National and generate investor demand for National’s financial guarantees; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying 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, 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.
National Public Finance Guarantee Corporation, headquartered in Purchase, New York is the world’s largest U.S. public finance-only financial guarantee insurance company, with offices in New York and San Francisco. Please visit National’s website at www.nationalpfg.com.