Exhibit 99.1

MBIA Has Reinitiated Its Share Repurchase Program

    ARMONK, N.Y.--(BUSINESS WIRE)--Feb. 27, 2003--MBIA Inc. (NYSE:
MBI) announced today that the company has reinitiated its share
repurchase program in light of current market conditions and the
trading levels of MBIA shares.
    The company had previously halted its share repurchases in
November upon becoming aware of significant short selling activity in
its stock.
    The company has approximately 3.4 million shares remaining in the
11.25 million share buyback program. Subject to changes in business
and market conditions, the company will likely repurchase the
remaining shares under the original Board authorization by the end of
2003.
    MBIA Inc., through its subsidiaries, is a leading financial
guarantor and provider of specialized financial services. MBIA's
innovative and cost-effective products and services meet the credit
enhancement, financial and investment needs of its public and private
sector clients, domestically and internationally. MBIA Inc.'s
principal operating subsidiary, MBIA Insurance Corporation, has a
financial strength rating of Triple-A from Moody's Investors Service,
Standard & Poor's Ratings Services, Fitch Ratings, and Rating and
Investment Information, Inc. Please visit MBIA's Web site at
http://www.mbia.com.

    CONTACT: MBIA
             Michael Ballinger, 914/765-3893