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David Elliott Retires at MBIA Annual Meeting; CEO Jay Brown Replaces him as Chairman, Gary Dunton Named MBIA Inc. President.

ARMONK, N.Y.--(BUSINESS WIRE)--May 13, 1999--

MBIA Inc. (NYSE: MBI), the holding company for MBIA Insurance Corporation, said David H. Elliott retired as chairman at the annual meeting of shareholders held today. He becomes chairman of the executive committee of the board and continues to serve the company as a consultant.

Succeeding Mr. Elliott as chairman is Jay Brown, who also replaced him as chief executive of both companies in January. In addition, Gary C. Dunton was named president of MBIA Inc. Mr. Dunton remains president of MBIA Insurance Corporation and a member of the MBIA Inc. board.

The previously announced retirement marks a change in Mr. Elliott's quarter century of contribution to the founding and growth of the world's leading financial guarantee insurance company. This month, MBIA celebrates the 25th anniversary of its first insured issue. Mr. Elliott began serving as chairman of the Municipal Bond Insurance Association, the predecessor of MBIA, in the early 1970s while at The Aetna Casualty and Surety Company. Upon MBIA's incorporation in 1986, he was appointed president and chief operating officer. He became chief executive in 1992 and added the chairman title two years later. Mr. Elliott stepped down as chief executive in January.

"I've had a splendid time at the helm of this extraordinary company," Mr Elliott said. "But I turn it over to Jay Brown with complete confidence in him, the senior management team, our employees, and the future of our business. The talent, knowledge and experience residing in this company have never been deeper, and our prospects have never been brighter."

Mr. Brown said, "Seldom can an entire industry point to a person and say, 'We are what we are because of him.' With David, however, it's entirely appropriate. We cannot thank him sufficiently for his substantial contribution to the prosperity of shareholders, employees, state and local governments and their taxpayers, and the bond market. I am pleased that he has agreed to continue to serve MBIA shareholders and clients as a director and consultant."

Before joining MBIA as chief executive this year, Jay Brown was chairman of Talegen Holdings, Inc., formerly the insurance operations of Xerox Corporation, from 1992 to the completion of its divestiture in 1998. Previously, he rose through the ranks of Fireman's Fund Insurance Companies over 17 years to become chief executive. Mr. Brown has served as a director of MBIA since 1986, except for a short period in 1989-90.

Mr. Dunton joined MBIA in 1997 as president of its Investment Management and Financial Services division and chief investment officer of the company. Previously, he was president of the Family and Business Insurance Group of USF&G Insurance. Mr. Dunton also spent 12 years in senior positions with Aetna Life & Casualty Company in operations, finance and investments. At Aetna, he helped in the 1986 creation of MBIA in its present corporate form. He was a board member of MBIA from 1996-7, returning to the board earlier this year.

MBIA Inc., through its subsidiaries, is the world's preeminent financial guarantor and a leading provider of specialized financial services. MBIA provides innovative and cost-effective products and services that meet the credit enhancement, financial and investment needs of its public and private sector clients, domestically and internationally. MBIA Insurance Corporation has a financial strength rating of Triple-A from Moody's Investors Service, Standard & Poor's Ratings Services, Fitch IBCA and Japan Rating and Investment Information, Inc. Please visit MBIA's web site at
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Publication:Business Wire
Geographic Code:1USA
Date:May 13, 1999
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