NEW YORK (Bloomberg) — MBIA Inc., the world’s largest bond insurer, said the president of its insurance business and the head of its structured finance group are leaving less than one month after the company announced a settlement with regulators.Neil Budnick, president of MBIA Insurance Corp., and Mark Zucker, head of Global Structured Finance, will pursue other interests, Armonk, New York-based MBIA said in a statement on Friday.

“The simultaneous departure of two senior executives raises a number of questions,” Morgan Stanley analyst Ken Zerbe wrote in a research note. “While it’s entirely possible that each felt it was simply the right time to pursue other opportunities, we can’t help but wonder if there were other reasons for their departure.”

Zerbe has an “equal weight” recommendation on MBIA’s shares.

On January 29, MBIA agreed to pay $75 million to end an investigation by the Securities and Exchange Commission, the New York Attorney General and the New York State Insurance Department into securities and accounting fraud related to the default of $256 million of hospital bonds it guaranteed. The company also agreed to have an independent consultant review the company.

The departures have nothing to do with the settlement or with a review of MBIA’s accounting and disclosure by the consultant, said Michael Ballinger, a company spokesman.

William Fallon, managing director and head of Corporate Strategy, will head Global Structured Finance. Gary Dunton, MBIA’s chief executive officer, will assume Budnick’s responsibilities. Charlie Williams, who headed investor relations, will retire. Dan McManus, an attorney in MBIA’s Public Finance Division, will take over as Chief Compliance Officer.

Willard Hill will head marketing and communications after a little more than a year as MBIA’s chief compliance officer.

The changes won’t affect MBIA’s ratings, said Thomas Abruzzo, an analyst with Fitch Ratings in New York who covers the bond insurance industry. MBIA’s insurance unit is rated AAA by Fitch while the holding company is rated AA, both with a “stable” outlook.

Abruzzo said he didn’t expect further issues to result from the consultant’s review. “It’s over and done,” he said.

Budnick came to MBIA from Standard & Poor’s healthcare group in 1984. He was named chief financial officer in 1998 and president of the insurance company in 2004. Zucker has headed structured finance since March 2000. Prior to joining MBIA, he was the chief credit officer of investment banking at Rabobank International.

C. Edward Chaplin became chief financial officer of the company in May after Nicholas Ferreri stepped down for personal reasons which the company said had nothing to do with the investigation.