MBIA Inc. said yesterday that David H. Elliott, president and chief executive officer, will assume the additional post of chairman, effective Jan. 1.

William O. Bailey, chairman since the company was formed in 1986, will continue as a member of the board.

Elliott, 51, began his insurance career in 1969 with the Aetna Life and Casualty Co. He was elected vice president of the public policy issues analysis department in 1979 and vice president of the financial guaranty department in 1983.

Bailey also worked for Aetna, beginning in 1954 and rising to the rank of vice chairman in 1987.

In other news yesterday, MBIA, Inc. said it increased its quarterly dividend 24%, to 26 cents per share from 21 cents.

The dividend is payable Oct. 15 to shareholders of record on Sept. 20.

In a statement announcing the move, Elliott said MBIA has increased its dividend every year since the dividend was established in 1987.

"This increase reflects the company's continuing record of earnings growth, its strong financial position, and the favorable outlook for our business." Elliott said.

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