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Companies MBIA INC

MBIA (MBI): executive pay, fiscal 2025

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CEO total pay$4,285,215CEO William Fallon · source
Say-on-pay support80.66%Latest vote · source
CEO vs. named peers33rd pct.Of 15 peer CEOs
CEO pay ratio14:1To the median employee · source

CEO pay, last three years

  • $17,140,688FY2023
  • $3,904,488FY2024
  • $4,285,215FY2025

CEO total pay was $4,285,215 in fiscal 2025, up from $3,904,488 in fiscal 2024.

FY2025: salary $900,000 · bonus $0 · stock awards $1,676,815 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
William Fallon$900,000$0$1,676,815$0$1,416,000$0$292,400$4,285,215
Chief Executive Officer
Adam Bergonzi500,0000798,4820708,0000186,5002,192,982
AVP and National's Chief Risk Officer
Christopher Young375,0000556,5180472,0000125,7671,529,285
AVP and National's Chief Financial Officer
Daniel Avitabile375,0000556,5180472,0000110,7671,514,285
AVP and MBIA Insurance's President and Chief Risk Officer
Joseph Schachinger370,8330250,0000560,5000111,1801,292,513
EVP, Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
William Fallon$4,285,215$3,904,488$17,140,688↑ +380,727
Adam Bergonzi2,192,9821,976,3968,484,363↑ +216,586
Christopher Young1,529,2851,336,1915,686,018↑ +193,094
Daniel Avitabile1,514,2851,328,6915,526,018↑ +185,594
Joseph Schachinger1,292,513880,710—↑ +411,803

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policy—
Anti-hedging—
Anti-pledging—
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christopher YoungRSU2025-12-31——4,402—$31,518
Adam BergonziRSU2025-03-04——136,612—750,000
Daniel AvitabileRSU2025-03-04——95,628—525,000
Christopher YoungRSU2025-03-04——95,628—525,000
William FallonRSU2025-12-31——14,220—101,815
William FallonRSU2025-03-04——286,885—1,575,000
Daniel AvitabileRSU2025-12-31——4,402—31,518
Adam BergonziRSU2025-12-31——6,771—48,482
Joseph SchachingerRSU2025-03-04——45,537—250,000

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher Young$556,518$0$00.0%
Adam Bergonzi798,482000.0%
Daniel Avitabile556,518000.0%
William Fallon1,676,815000.0%
Joseph Schachinger250,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Daniel AvitabilePSU2,571—$18,408
Adam BergonziPSU3,559—25,482
Joseph SchachingerRSU6,657—47,664
Daniel AvitabileRSU7,212—51,638
Joseph SchachingerRSU7,507—53,750
Daniel AvitabileRSU8,133—58,232
William FallonPSU8,305—59,464
Adam BergonziRSU9,986—71,500
Adam BergonziRSU11,261—80,629
Joseph SchachingerRSU12,039—86,199
Daniel AvitabileRSU13,042—93,381
Daniel AvitabilePSU14,262—102,116
Adam BergonziPSU19,747—141,389
Adam BergonziRSU20,064—143,658
Joseph SchachingerRSU23,184—165,997
William FallonRSU23,302—166,842
Daniel AvitabilePSU25,191—180,368
William FallonRSU26,276—188,136
Adam BergonziPSU38,753—277,471
William FallonRSU42,135—301,687
Joseph SchachingerRSU45,537—326,045
William FallonPSU46,077—329,911
Daniel AvitabileRSU75,348—539,492
William FallonPSU81,383—582,702
Daniel AvitabileRSU95,628—684,696
Adam BergonziRSU115,920—829,987
Adam BergonziRSU136,612—978,142
William FallonRSU243,431—1,742,966
William FallonRSU286,885—2,054,097
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Steven J. GilbertIndependent · Board Chair$263,000$100,000——$0$363,000
Diane L. DewbreyIndependent138,000100,000——0238,000
Richard C. VaughanIndependent138,000100,000——0238,000
Theodore ShastaIndependent138,000100,000——0238,000
Janice L. Innis-ThompsonIndependent · Compensation · Audit · Finance and Risk · Compensation & Governance113,000100,000——0213,000
William C. FallonEmployee director · Executive—————0

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$100,000
Per board meeting fee$2,000
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$5

Total cost of the board

ComponentFY2025
Cash retainers and fees$790,000
Equity awards (grant-date value)$500,000
All other compensation$0
Total cost of the board$1,290,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names MBIA as a peer

Companies that benchmark against MBI

No companies currently name MBI as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies MBIA INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including MBIA INC.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Assured Guaranty2025Dominic Frederico$1,250,000$9,413,231$0$2,510,955$13,841,716
2Ambac Financial2025Claude LeBlanc900,0006,108,7421,467,000945,00010,356,228
3SiriusPoint Ltd.2025Scott Egan1,169,7404,134,12301,600,1599,824,137
4MGIC Investment2025Timothy Mattke1,050,0004,881,78302,236,2388,369,392
5HCI Group2025Paresh Patel950,0000008,236,000
6White Mountains Insurance2025G. Manning Rountree600,0005,954,61801,200,0008,064,309
7RLI Corp.2025Craig Kliethermes677,5960831,8056,075,3197,691,732
8Kinsale Capital Group2025Michael Kehoe1,250,0002,749,589007,423,891
9ProAssurance Corp.2024Edward L. Rand, Jr.1,029,2312,593,35502,496,0006,226,834
10Universal Insurance Holdings2025Stephen Donaghy1,000,0001,750,01402,406,8445,240,829
11MBIA INC2025William Fallon900,0001,676,81501,416,0004,285,215
12Global Indemnity Limited2025Joseph Brown1,000,000—494,50004,001,790
13Greenlight Capital Re2025Greg Richardson800,0001,200,00001,304,0003,314,610
14Employers Holdings2025Katherine Antonello881,0422,012,6640242,0003,261,998
15James River Group Holdings2025Frank D'Orazio990,791966,6180934,8912,930,288
16American Coastal Insurance Corporation2025B. Bradford Martz681,042787,500262,500945,0002,811,555

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
MBIA INCnot disclosednot disclosednot disclosednot disclosed
Ambac Financial84.0%PSU 70 · RSU 30NoMeridian Compensation Partners, LLC
American Coastal Insurance Corporationnot disclosednot disclosedNoPay Governance LLC
Assured Guarantynot disclosedPSU 60 · RSU 40Yes — TSR relative to Russell Midcap Index - Financials 55th percentileFW Cook
Employers Holdings25%PSU 65 · RSU 35NoCAP
Global Indemnity Limitednot disclosednot disclosedNonot disclosed
Greenlight Capital Renot disclosednot disclosedNoMercer
HCI Groupnot disclosedRSU 100not disclosednot disclosed
James River Group Holdingsnot disclosedPSU 50 · RSU 50NoAon
Kinsale Capital Groupnot disclosedRSU 100not disclosedSemler Brossy
MGIC Investmentnot disclosedPSU 60 · RSU 40NoNot named — referred to only as 'the Compensation Consultant' throughout the CD&A
ProAssurance Corp.200%PSU 50 · RSU 50NoF.W. Cook
RLI Corp.not disclosedOption 100not disclosedLockton Financial Advisors, LLC
SiriusPoint Ltd.151.3%PSU 75 · RSU 25NoMercer
Universal Insurance Holdings160.5%PSU 50 · RSU 50Nonot disclosed
White Mountains Insurance200%PSU 50 · RSU 50Nonot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-0226,130,1536,263,619176,21680.66%Passed
20232023-05-0332,921,8051,719,96996,74795.03%Passed
20222022-05-0333,558,0561,294,627376,19996.29%Passed
20212021-05-0535,343,376930,408540,35397.44%Passed
20202020-05-0557,248,4451,390,552181,51997.63%Passed
20192019-05-0143,369,88521,731,4772,980,31666.62%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20242024-05-0280.66%a
20232023-05-0395.03%b
20222022-05-0396.29%c

a. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.

b. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.

c. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)14 : 1
CEO total compensation—
Median employee compensation$298,850
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (57 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, William Fallon. DEF 14A, filed 2026-03-23. Section “Summary compensation table for 2025” · page 31. As printed: 4,285,215. View filing ↗
  • Section 01, Adam Bergonzi. DEF 14A, filed 2026-03-23. Section “Summary compensation table for 2025” · page 31. As printed: 2,192,982. View filing ↗
  • Section 01, Christopher Young. DEF 14A, filed 2026-03-23. Section “Summary compensation table for 2025” · page 31. As printed: 1,529,285. View filing ↗
  • Section 01, Daniel Avitabile. DEF 14A, filed 2026-03-23. Section “Summary compensation table for 2025” · page 31. As printed: 1,514,285. View filing ↗
  • Section 01, Joseph Schachinger. DEF 14A, filed 2026-03-23. Section “Summary compensation table for 2025” · page 31. As printed: 1,292,513. View filing ↗
  • Section 03, Christopher Young RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Adam Bergonzi RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Daniel Avitabile RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Young RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, William Fallon RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, William Fallon RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Daniel Avitabile RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Adam Bergonzi RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Schachinger RSU. DEF 14A, filed 2026-03-23. Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-23. Section “CEO Pay Ratio”. As printed: 14 : 1. View filing ↗
  • Section 08, Steven J. Gilbert. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 363,000. View filing ↗
  • Section 08, Diane L. Dewbrey. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 238,000. View filing ↗
  • Section 08, Richard C. Vaughan. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 238,000. View filing ↗
  • Section 08, Theodore Shasta. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 238,000. View filing ↗
  • Section 08, Janice L. Innis-Thompson. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 213,000. View filing ↗
  • Section 08, William C. Fallon. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-07. Item 5.07 · say-on-pay result. As reported: 80.66% (votes for as printed: 26,130,153 (80.66%)). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-05-05. Item 5.07 · say-on-pay result. As reported: 95.03% (votes for as printed: 32,921,805). View filing ↗
  • Section 06, 2022 vote. Form 8-K, filed 2022-05-05. Item 5.07 · say-on-pay result. As reported: 96.29% (votes for as printed: 33,558,056 (96.28%)). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 790,000 + equity 500,000 + all other 0 = 1,290,000, summed across the director compensation table rows.
  • Assured Guaranty, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Assured Guaranty's own proxy. As printed: 13,841,716. View filing ↗
  • Ambac Financial, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Ambac Financial's own proxy. As printed: 10,356,228. View filing ↗
  • SiriusPoint Ltd., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in SiriusPoint Ltd.'s own proxy. As printed: 9,824,137. View filing ↗
  • MGIC Investment, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in MGIC Investment's own proxy. As printed: 8,369,392. View filing ↗
  • HCI Group, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in HCI Group's own proxy. As printed: 8,236,000. View filing ↗
  • White Mountains Insurance, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in White Mountains Insurance's own proxy. As printed: 8,064,309. View filing ↗
  • RLI Corp., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in RLI Corp.'s own proxy. As printed: 7,691,732. View filing ↗
  • Kinsale Capital Group, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Kinsale Capital Group's own proxy. As printed: 7,423,891. View filing ↗
  • ProAssurance Corp., Section 10b CEO total. DEF 14A, filed 2025-04-11. CEO total compensation as printed in ProAssurance Corp.'s own proxy. As printed: 6,226,834. View filing ↗
  • Universal Insurance Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Universal Insurance Holdings's own proxy. As printed: 5,240,829. View filing ↗
  • MBIA INC (subject), Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in MBIA INC's own proxy. As printed: 4,285,215. View filing ↗
  • Global Indemnity Limited, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Global Indemnity Limited's own proxy. As printed: 4,001,790. View filing ↗
  • Greenlight Capital Re, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Greenlight Capital Re's own proxy. As printed: 3,314,610. View filing ↗
  • Employers Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Employers Holdings's own proxy. As printed: 3,261,998. View filing ↗
  • James River Group Holdings, Section 10b CEO total. DEF 14A, filed 2026-09-16. CEO total compensation as printed in James River Group Holdings's own proxy. As printed: 2,930,288. View filing ↗
  • American Coastal Insurance Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in American Coastal Insurance Corporation's own proxy. As printed: 2,811,555. View filing ↗
  • Section 10a, Universal Insurance Holdings reciprocity. DEF 14A. Universal Insurance Holdings's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, HCI Group reciprocity. DEF 14A. HCI Group's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, ProAssurance Corp. reciprocity. DEF 14A. ProAssurance Corp.'s most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, MGIC Investment reciprocity. DEF 14A. MGIC Investment's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, RLI Corp. reciprocity. DEF 14A. RLI Corp.'s most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, Global Indemnity Limited reciprocity. DEF 14A. Global Indemnity Limited's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, James River Group Holdings reciprocity. DEF 14A. James River Group Holdings's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, American Coastal Insurance Corporation reciprocity. DEF 14A. American Coastal Insurance Corporation's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, Greenlight Capital Re reciprocity. DEF 14A. Greenlight Capital Re's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, Ambac Financial reciprocity. DEF 14A. Ambac Financial's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, SiriusPoint Ltd. reciprocity. DEF 14A. SiriusPoint Ltd.'s most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, White Mountains Insurance reciprocity. DEF 14A. White Mountains Insurance's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, Assured Guaranty reciprocity. DEF 14A. Assured Guaranty's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
  • Section 10a, Employers Holdings reciprocity. DEF 14A. Employers Holdings's most recent proxy was read; its disclosed peer group does not include MBIA INC. View filing ↗
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