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Mbia Executive Compensation (FY25)

MBI · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
William Fallon
Latest say-on-pay support
=
May 2, 2024
Chief executive pay ratio
◇
To the median employee
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Data as of October 27, 2026Latest filing (DEF 14A): March 23, 2026
11 filings cited on this page
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245 figures on this page: 237 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — William Fallon: $3,904,488 → $4,285,215 (9.8% higher)
Say-on-pay support: 95.0% → 80.7% (14.3 points lower)
CEO pay ratio: 15:1 → 14:1 (6.7% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Mbia's chief executive and what were they paid?
William Fallon, Chief Executive Officer, received $4,285,215 in total compensation for fiscal 2025. Compared with the $3,904,488 reported for fiscal 2024, Fallon's total was 9.8% higher.
What was Mbia's say-on-pay result?
The say-on-pay proposal drew 80.7% of votes cast for or against in favor at the meeting held May 2, 2024 for fiscal 2023.
Which companies are in Mbia's peer group?
Companies named in the disclosed peer group include Ambac Financial, American Coastal Insurance Corporation, Assured Guaranty, Employers Holdings and Global Indemnity Limited, among others.
What is Mbia's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 14:1, against median employee compensation of $298,850.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Fallon
Chief Executive Officer
◇—◇—◇—◇◇
Anthony McKiernan
Former EVP and Chief Financial Officer
◇—◇—◇—◇◇
Adam Bergonzi
AVP and National’s Chief Risk Officer
◇—◇—◇—◇◇
Daniel Avitabile
AVP and MBIA Insurance’s President and Chief Risk Officer
◇—◇—◇—◇◇
Christopher Young
AVP and National’s Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Fallon
Chief Executive Officer
◇—◇—◇—◇◇
Anthony McKiernan
Former EVP and Chief Financial Officer
◇—◇—◇—◇◇
Adam Bergonzi
AVP and National’s Chief Risk Officer
◇—◇—◇—◇◇
Christopher Young
AVP and National’s Chief Financial Officer
◇—◇—◇—◇◇
Daniel Avitabile
AVP and MBIA Insurance’s President and Chief Risk Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Fallon
Chief Executive Officer
◇—◇—◇—◇◇
Anthony McKiernan
Former EVP and Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Adam Bergonzi
AVP and National’s Chief Risk Officer
◇—◇—◇—◇◇
Christopher Young
AVP and National’s Chief Financial Officer
◇—◇—◇—◇◇
Daniel Avitabile
AVP and MBIA Insurance’s President and Chief Risk Officer
◇—◇—◇—◇◇
Joseph Schachinger
EVP, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Fallon
Chief Executive Officer
◇—◇—◇—◇◇
Adam Bergonzi
AVP and National's Chief Risk Officer
◇—◇—◇—◇◇
Christopher Young
AVP and National's Chief Financial Officer
◇—◇—◇—◇◇
Daniel Avitabile
AVP and MBIA Insurance's President and Chief Risk Officer
◇—◇—◇—◇◇
Joseph Schachinger
EVP, Chief Financial Officer and Treasurer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Adam T. BergonziRSU◇——◇——◇
Adam T. BergonziRSU◇——◇——◇
Christopher H. YoungRSU◇——◇——◇
Christopher H. YoungRSU◇——◇——◇
Daniel M. AvitabileRSU◇——◇——◇
Daniel M. AvitabileRSU◇——◇——◇
Joseph R. SchachingerRSU◇——◇——◇
William C. FallonRSU◇——◇——◇
William C. FallonRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
William FallonRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Adam BergonziRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Daniel AvitabileRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Joseph SchachingerRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven J. Gilbert
Board chair
◇◇————◇
Diane L. Dewbrey
◇◇————◇
Richard C. Vaughan
◇◇————◇
Theodore Shasta
◇◇————◇
Janice L. Innis-Thompson
◇◇————◇
William C. Fallon served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Restricted Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Ambac Financial OSG
  • American Coastal Insurance Corporation ACIC
  • Assured Guaranty AGO
  • Employers Holdings EIG
  • Global Indemnity Limited GBLI
  • Greenlight Capital Re GLRE
  • HCI Group HCI
  • James River Group Holdings JRVR
  • Kinsale Capital Group KNSL
  • MGIC Investment MTG
  • ProAssurance Corp. PRA
  • RLI Corp. RLI
  • SiriusPoint Ltd. SPNT
  • Universal Insurance Holdings UVE
  • White Mountains Insurance WTM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2023May 2, 2024=◇◇◇
2022May 3, 2023=◇◇◇
2021May 3, 2022=◇◇◇
2020May 5, 2021=◇◇◇
2019May 5, 2020=◇◇◇
2018May 1, 2019=◇◇◇
2017May 2, 2018=◇◇◇
2016May 3, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- William Fallon (Chief Executive Officer), FY2025 total compensation $4,285,215 (base salary $900,000) [exec_comp, SEC accession 0000814585-26-000048, filed 2026-03-23]

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What this page does not include

Everything above is a fact Mbia disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Mbia sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
245 figures on this page: 237 cited to the filing that reported them, 8 calculated from figures it prints.
237 cited to the filing
8 calculated from the filing

Documents cited

  1. 0000814585-26-000048
    Grants of plan-based awards in 2025 · Independent Directors’ compensation · Outstanding equity awards as of December 31, 2025 · Summary compensation table for 2025
  2. 0001193125-25-061326
    Summary compensation table for 2024
  3. 0000950170-24-054508
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-24-073824
    Summary compensation table for 2023
  5. 0001193125-23-136552
    Proposal 2: Approval of Compensation Paid to Named Executive Officers.
  6. 0001193125-22-142332
    Item 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  7. 0001193125-21-155025
    Item 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  8. 0001193125-20-136290
    Item 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  9. 0001193125-19-137090
    Item 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  10. 0001193125-18-154410
    Item 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  11. 0001193125-17-161038
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “Mbia executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MBI (accessed 2026).
Short form: data: Velarion

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11 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Mbia discloses

The companies named in MBI's own disclosed peer group.

Ambac FinancialAmerican Coastal Insurance CorporationAssured GuarantyEmployers HoldingsGlobal Indemnity LimitedGreenlight Capital ReHCI GroupJames River Group HoldingsKinsale Capital GroupMGIC InvestmentProAssurance Corp.RLI Corp.SiriusPoint Ltd.Universal Insurance HoldingsWhite Mountains Insurance

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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