Summary by Moomoo AI
MBIA Inc. reported a net loss of $56 million ($1.18 per share) for Q3 2024, compared to a net loss of $185 million ($3.94 per share) in Q3 2023. The quarter's results were primarily impacted by PREPA-related claims payments of $122 million in July 2024. Total revenues increased to $29 million from $8 million in Q3 2023, while total expenses decreased to $80 million from $193 million.National's statutory capital stood at $1.0 billion as of September 30, 2024, down from $1.1 billion at year-end 2023. The company's adjusted book value showed a negative $39.19 per share, compared to negative $32.56 at December 31, 2023. National maintained total claims-paying resources of $1.59 billion as of quarter-end.Following the First Circuit Court's reversal of prior PREPA rulings in June 2024, mediation was ordered and a stay on litigation was extended to January 31, 2025. National had $670 million of insured PREPA debt service outstanding as of September 30, 2024. The company continues to face challenges with its PREPA exposure as restructuring negotiations remain ongoing.
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