Update: ABK and MBI (Bond Insurers)

MBIA just posted a 1Q profit! Shares up 28% in AH...ABK can run with it. Great trade, nailed that one!


Earnings Results - MBI:
MBIA Inc beats by $3.67 Reports Q1 (Mar) earnings of $3.34 per share, includes $1.6 bln in pre-tax unrealized net gains (mark-to-market) on insured credit derivatives, $3.67 better than the First Call consensus of ($0.33). Results also included $693.7 mln in pre-tax loss and loss adjustment expenses on insured exposures, primarily on second-lien mortgage exposures and $169.0 million in pre-tax realized losses in the co's Asset-Liability Management (ALM) asset portfolio reflecting the continued deterioration and stress in the credit market. Although no new business was written in the U.S. Public Finance Insurance segment in the first quarter, the existing book of business generated scheduled premiums earned of $113.7 million, up 84 percent from $61.9 mln in Q1 of 2008. The growth was the result of the previously announced reinsurance transaction with Financial Guaranty Insurance Corp. (FGIC) in 2008. Refunded premiums earned totaled $36.1 million in the first three months of 2009, up 470% from $6.3 million in the first quarter of 2008. The increase was driven by greater refunding activity by issuers seeking to restructure floating rate debt. While there was no new business written in the Structured Finance and International Insurance segment in the first quarter of 2009, the existing book of business generated $119.0 million in scheduled premiums earned, an increase of $24.9 million from $94.1 million in scheduled premiums earned in the first quarter of 2008.