Municipal Bond Investors Assurance Corp. yesterday announced that David H. Elliott, president and chief operating officer, will take the additional title and responsibilities of chief executive officer of the municipal bond insurance firm as of Jan. 1, 1992.

Mr. Elliott has been with MBIA since its reorganization as a monoline insurance company in 1986. He succeeds William O. Bailey in the chief executive position. Mr. Bailey, meanwhile, will retain his role as chairman of MBIA's board of directors for a two-year period.

"There's a touch of sorrow in the move in that my very best friend will be giving up his post," Mr. Elliott said yesterday. Mr. Bailey "has made a tremendous contribution to MBIA, as well as to my education and everyone else's education around here."

Both Mr. Elliott and Mr. Bailey have been senior manager of the firm since the reorganization, and bothw ere with Aetna Life & Casualty Co. before then. The two have worked together since Mr. Elliott joined Aetna in 1969.

MBIA is the lending municipal bond insurer, capturing the most new-issue insured market share for nine straight year through 1990. This year, the firm is on track to make it 10 years in a row. The company backed more than $8.6 billion of long-term issues in the first half of 1991, or about 38% of the insured market.

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