MBIA is a financial guarantee insurance company operating in run-off — it no longer writes new insurance policies and is focused entirely on managing its existing insured portfolios to completion. MBIA's core product was a financial guarantee policy, which provided bondholders with an unconditional guarantee of scheduled principal and interest payments even if the underlying bond issuer defaulted. These policies were sold across U.S. public finance and structured finance markets. MBIA operates through two main insurance subsidiaries: National Public Finance Guarantee, which insured U.S. municipal bonds and carries $22.3B of gross par outstanding across 1,137 policies, and MBIA Corp., which insured international public finance and structured finance obligations with $2.1B of gross par outstanding. In run-off, MBIA no longer earns meaningful new premiums; instead, it generates investment income from its insurance portfolios and manages holding company cash to service debt. The primary activity is surveillance and remediation of the existing insured portfolio — monitoring credits, enforcing creditor rights, and managing claims on defaulted bonds. When MBIA pays claims on a defaulted bond, it acquires subrogation rights to pursue recoveries. The dominant near-term issue is the unresolved bankruptcy of Puerto Rico's electric utility, PREPA, where National holds approximately $425M of gross par exposure. Management has stated that resolving PREPA is a prerequisite to pursuing a sale of the company, which it describes as the ultimate objective for shareholders.