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MBIA breaks streak of back-to-back quarterly profits with 3rd-quarter loss

From The Associated Press, November 9, 2009 - 4:32 PM

MBIA breaks streak of back-to-back quarterly profits with 3rd-quarter loss

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ARMONK, N.Y. (AP) - Bond insurer MBIA says losses on its coverage of risky investments have resulted in a loss for the third quarter, breaking two straight quarters of profits.

The Armonk, N.Y.-based company says it lost $727.8 million, or $3.50 per share, during the period ended Sept. 30. That compares with a wider loss of $806.5 million, or $3.42 per share, a year earlier.

The company says insurance and investment-related losses offset earnings from premiums and investment income.

Like others in its industry, MBIA has been hit hard in the past two years by losses on its coverage of risky financial instruments such as mortgage-backed securities.

In after-hours trading, MBIA shares fell 62 cents, or 13 percent, to $4.25.