MBIA Opens Representative Office in Milan

MBIA Insurance Corp., the world’s largest financial guarantor, announced it is opening a representative office of MBIA Assurance S.A. in Milan, Italy to meet growing market needs in Europe.

Luigi Stefano Cuttica, a vice president, is in charge of the new representative office, and will be responsible for developing the Italian and Greek markets. He joined the company from Mediobanca – Banca Di Credito Finanziario S.p.A. where he was an assistant director and worked on project finance in the infrastructure and transport sectors. Before joining Mediobanca, he spent almost four years in London working at Eurofin International. Mr. Cuttica is a graduate of Genoa University with a degree in economics.

MBIA sees Europe as a growth market. “With the European financial markets seeking funding in the private sector, issuers are demanding financial guarantees to improve their market access and attract a broader investor base,” commented MBIA Vice Chairman and Head of International Operations Jack Caouette. “In Italy and throughout Europe the demand for our guarantee is very strong. The new representative office in Italy will allow us to better serve our growing market in the region and strengthen our global franchise.”

The announcement said that the “demand for MBIA’s credit enhancement worldwide increased significantly in 2003. Adjusted direct premiums for MBIA’s Non-U.S. public and structured finance rose 82 percent to $662.1 million compared with $363.5 in 2002. MBIA has insured over $3.4 billion in Italian transactions, including Aeroporti di Roma, Autostrade (Toll Road Funding), Crediti Sanitari Regione Sicilia (Sicilian government obligations) and Banca Finconsumo.”