Maxon said it is the first third-party administrator in the state to offer the insurance, which is offered to employees of companies with self-funded insurance plans.

The coverage is underwritten by AIG Medical Excess, a specialty medical insurer, and covers costs related to transplants of the heart, lung, liver, intestine, kidney, pancreas, bone marrow and stem cells, Maxon said.

The insurance covers all transplant-related expenses, including physician, hospital and drug charges, when in-network resources are used, Maxon said. Coverage begins at patient evaluation and continues for a year after the surgery, it said.

S&P’s outlook for the troubled Armonk-based bond insurer is negative, S&P said.

“We assigned a negative outlook to MBIA due to its significant exposure to domestic nonprime mortgages and related exposures,” S&P credit analyst David Veno said in a statement.

Removal of the negative outlook, Veno said, “will depend on clarification of ultimate potential losses as well as future business prospects.”

The possibility of new regulations and the outcome of MBIA’s business decisions are also factors, he said.

Excluding the net gain of 2 cents a share, the Rye Brook insurer reported per-share earnings of 30 cents in the three months ending June 30, compared to 35 cents last year.

Revenues rose 77.3 percent to $1.3 billion, the company said, noting that excluding revenues from its MemberHealth business, acquired in September, revenues rose just 16.5 percent.

Moody’s downgraded MBIA’s rating two notches to A2. Moody’s also downgraded the rating for MBIA rival Ambac Financial Group Inc. one step to Aa.

The move, taken late Thursday, followed similar actions by Fitch Ratings and Standard & Poor’s.

“MBIA’s insured portfolio remains vulnerable to further economic deterioration,” Moody’s said in a statement. “The outlook for the ratings is negative, reflecting the material uncertainty about the firm’s strategy and the … likelihood of further adverse developments in its insurance portfolios or operations.”

MBIA has recorded heavy losses largely due to its exposure to the weak housing market and a troubled market for subprime mortgages to riskier borrowers.

For its part, MBIA said yesterday that it was “disappointed” by Moody’s decision, saying it was “baffled” by the ratings agency’s analysis.

“We believe the fundamentals of the company support a higher rating,” MBIA said.

MBIA shares ended the week’s trading down 86 cents to $5.59 each. The stock has fallen more than 91 percent in the last year.

As chairman, Sullivan oversees the statewide organization’s activities, serves on its executive committee and reports to its board of directors, IIABNY said.

Sullivan’s one-year term began May 9 when the association held its annual meeting at the Doral Arrowwood conference center in Rye Brook.

Sullivan has served in several capacities with IIABNY since 2003, the DeWitt, N.Y.-based trade group said.

The fee-only investment advisory firm has three employees.

The firm’s Web site is www.hudsonvalleywealth.com.

Debra Perry, who has served as a director of the company since 2004, was asked by the company to take the position, which will help the board’s credit-risk committee and Chairman and Chief Executive Joseph W. Brown “to refine and implement MBIA’s risk strategy for the global credit markets” as part of its 5-year restructuring plan, MBIA said.

The Armonk-based company has been hard hit by the subprime mortgage crisis.

Perry’s resignation from the board is effective today, MBIA said.

It isn’t known how much Perry will be paid in her new position. An MBIA spokesman didn’t immediately respond to a request for additional information.

As MBIA director, Perry earned nearly $156,000 in 2006.

Prior to joining MBIA, Perry worked for 12 years at bond-rating agency Moody’s Corp., serving as chief administrative officer and chief credit officer with responsibility over several rating groups.