Both MBIA Inc. and Ambac Financial Group, the holding companies for two of the market's largest bond insurers, released details of their first-quarter business activities in an effort to communicate with the market and assuage worried investors.

In a letter to shareholders Tuesday, MBIA chief executive officer Jay Brown said the company has not yet deployed the $1.1 billion in capital it raised for the bond insurer, MBIA Insurance Corp., and that it will choose to wait until it has determined the best legal and operating structure for the insurance company and "achieved a stable target capitalization level."

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