MBIA, a provider of financial guarantee insurance and other forms of credit protection, has announced that in connection with its plan to realign and refine its business and risk strategies, the company will eliminate 48 positions.

All of the position eliminations will occur within the company’s insurance operations. The company will redeploy many of the employees into different jobs including into its asset management business, which is unaffected by the workforce realignment.

Jay Brown, chairman and CEO of MBIA, said: As we move toward rebuilding an unquestioned balance sheet, restoring credibility with investors and customers, and transforming the firm’s legal, capital and operational structure for the long-term, a difficult but necessary part of this transformation is workforce realignment.