MBIA Inc., parent of MBIA Insurance Corp., yesterday withdrew from the Association of Financial Guaranty Insurers, saying it no longer shared the trade association's view of what is best for the bond insurance industry.

"It has become clear that MBIA and the other members of AFGI no longer share a common vision for the industry," said newly hired chief executive officer Joseph " Jay" Brown, in a statement. "It is up to us to shape our future in a way that we believe is most responsive to the markets, our policyholders and our owners, and we must do so without the constraints of participation in an industry association that does not always share our views."

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