Search
 

MBIA Says N.Y. Block on Payment Does Not Spell Insolvency

Bond insurer MBIA Inc said on Thursday that New York's decision to prevent it from making an interest payment on a series of notes does not mean it cannot meet its financial obligations.

By Karen Freifeld, Reuters | Updated on January 17, 2013

NEW YORK (Reuters) – Bond insurer MBIA Inc said on Thursday that New York’s decision to prevent it from making an interest payment on a series of notes does not mean it cannot meet its financial obligations.

The decision “does not reflect MBIA Insurance’s current solvency or ability to pay claims to policyholders,” Marc Kasowitz, a lawyer for the insurer, wrote in a letter to a New York state judge.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.