Exhibit 99.1

Andrea Randolph Named Head of MBIA's Information Technology Division;
                     Robert T. Wheeler to Retire

    ARMONK, N.Y.--(BUSINESS WIRE)--Oct. 3, 2003--MBIA Inc. (NYSE: MBI)
announced that Andrea Randolph has been named head of the Information
Technology (IT) Division of MBIA Insurance Corporation. Ms. Randolph
will assume this position on January 1, 2004, upon the retirement of
Robert T. (Bob) Wheeler.
    "Since arriving at MBIA, Bob has done a superb job of upgrading
our IT systems on a global basis, building a strong IT team and
significantly reducing our overall IT expenses. He has played a unique
role and will be missed as he retires. Andrea has worked closely with
Bob for several years and has demonstrated strong leadership in the
department. We are pleased that she has accepted the challenge to
become our chief technology officer," said Jay Brown, MBIA's chairman.
    Ms. Randolph will become a member of MBIA's Executive Policy
Committee, responsible for directing and implementing the company's
global technology strategy. She will report to Neil G. Budnick, vice
chairman and chief financial officer.
    As a managing director in the IT Division, Ms. Randolph has
spearheaded the delivery of several major IT projects and systems in
recent years. Additionally, Ms. Randolph has played a key role in the
selection, management and training of many members of the IT staff.
Prior to coming to MBIA, Ms. Randolph had a series of increasingly
larger IT management roles at Aetna Insurance Company, where she
started her career, and with MetLife over a span of 20 years. Ms.
Randolph holds a B. S. degree from Gannon University.
    During his outstanding tenure with MBIA, Mr. Wheeler has
revitalized the Information Technology Division turning it into a high
performance unit providing significant business value through the
implementation of system-wide tool integration, security upgrades,
improved data access and streamlined work/process flows.
    Mr. Wheeler joined MBIA from Crum & Forster, a property and
casualty insurance company, where he served as chief information
officer for seven years. Previously, Mr. Wheeler spent 29 years at
Fireman's Fund Insurance Companies, where he held senior positions in
Commercial Business Systems and Reinsurance Control. Mr. Wheeler is a
graduate of Stanford University and has a Chartered Property Casualty
Underwriter designation.
    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 Inc.
             Liz James, 914-765-3889