MBIA Inc. chief executive officer Jay Brown told investors Tuesday that the past two and a half years have proven the durability of his company’s balance sheet. Ambac Financial Group, by contrast, continued to warn that it may seek bankruptcy protection as early as 2011.

The two insurance holding companies, which reported second-quarter earnings Monday, were the largest municipal bond insurers before the financial crisis. Each suffered near-fatal losses when mortgage-related products they insured defaulted, causing each to pay out billions of ­dollars.

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