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Outstanding Exposure (Tables)
 9 Months Ended
Sep. 30, 2024
Outstanding Exposure Disclosure [Abstract]  
Debt Service Outstanding
Financial Guaranty Portfolio
Debt Service and Par Outstanding
As of September 30, 2024 As of December 31, 2023
  GrossNet GrossNet
 (in millions)
Debt Service
Public finance$400,188 $400,113 $386,494 $386,419 
Structured finance11,950 11,524 11,543 11,217 
Total financial guaranty$412,138 $411,637 $398,037 $397,636 
Par Outstanding
Public finance$247,976 $247,920 $239,352 $239,296 
Structured finance10,701 10,276 10,183 9,857 
Total financial guaranty$258,677 $258,196 $249,535 $249,153 
Financial Guaranty Portfolio by Internal Rating
Financial Guaranty Portfolio by Internal Rating
As of September 30, 2024
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S		Structured Finance
Non-U.S		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$26 — %$2,143 4.1 %$657 7.5 %$460 29.5 %$3,286 1.3 %
AA17,823 9.1 3,010 5.8 5,602 64.3 110 7.1 26,545 10.3 
A107,205 54.7 13,961 26.8 945 10.8 900 57.7 123,011 47.6 
BBB67,651 34.6 26,362 50.6 602 6.9 89 5.7 94,704 36.7 
BIG3,132 1.6 6,607 12.7 911 10.5 — — 10,650 4.1 
Total net par outstanding$195,837 100.0 %$52,083 100.0 %$8,717 100.0 %$1,559 100.0 %$258,196 100.0 %

Financial Guaranty Portfolio by Internal Rating
As of December 31, 2023 
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S		Structured Finance
Non-U.S		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$110 0.1 %$2,062 4.2 %$867 10.0 %$465 38.0 %$3,504 1.4 %
AA17,883 9.4 3,379 6.9 4,517 52.3 89 7.3 25,868 10.4 
A102,945 54.1 12,968 26.5 1,639 19.0 571 46.6 118,123 47.4 
BBB66,080 34.7 29,467 60.1 574 6.7 100 8.1 96,221 38.6 
BIG3,271 1.7 1,131 2.3 1,035 12.0 — — 5,437 2.2 
Total net par outstanding$190,289 100.0 %$49,007 100.0 %$8,632 100.0 %$1,225 100.0 %$249,153 100.0 %
Schedule of BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of September 30, 2024
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$1,342 $944 $846 $3,132 195,837 
Non-U.S. public finance 6,052 555 — 6,607 52,083 
Public finance7,394 1,499 846 9,739 247,920 
Structured finance:
U.S. RMBS91 29 711 831 1,546 
Other structured finance— 22 58 80 8,730 
Structured finance91 51 769 911 10,276 
Total$7,485 $1,550 $1,615 $10,650 $258,196 

Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2023
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$1,257 $926 $1,088 $3,271 $190,289 
Non-U.S. public finance 1,131 — — 1,131 49,007 
Public finance2,388 926 1,088 4,402 239,296 
Structured finance:
U.S. RMBS22 36 883 941 1,774 
Other structured finance— 27 67 94 8,083 
Structured finance22 63 950 1,035 9,857 
Total$2,410 $989 $2,038 $5,437 $249,153 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of September 30, 2024
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$7,456 $29 $7,485 102 2 104 
BIG 21,546 4 1,550 12 1 13 
BIG 31,615 — 1,615 100 4 104 
Total BIG$10,617 $33 $10,650 214 7 221 
 Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2023
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$2,394 $16 $2,410 95 2 97 
BIG 2979 10 989 13 2 15 
BIG 32,010 28 2,038 109 7 116 
Total BIG$5,383 $54 $5,437 217 11 228 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
The Company guarantees payment of interest and principal when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis, although in certain circumstances it may elect to do so. In the event that obligors default on their obligations, the Company would only be required to pay the shortfall between the debt service due in any given period and the amount paid by the obligors.
Amortization Schedule of Puerto Rico
Net Par Outstanding and Net Debt Service Outstanding
As of September 30, 2024
Scheduled Net Par AmortizationScheduled Net Debt Service Amortization
(in millions)
2024 (October 1 - December 31)$— $3 
2025 (January 1 - March 31)— 18 
2025 (April 1 - June 30)— 2 
2025 (July 1 - September 30)84 102 
2025 (October 1 - December 31)— 2 
Subtotal 202584 124 
2026140 177 
2027120 151 
202881 106 
2029-2033197 282 
2034-2038132 170 
2039-204197 106 
Total$851 $1,119 
The following tables provide information on financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance
BIG Transaction Loss Summary
As of September 30, 2024  
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)102 12 100 214 214 
Remaining weighted-average period (in years)19.312.77.117.017.0
Outstanding exposure:    
Par$7,463 $1,546 $1,622 $10,631 $10,617 
Interest7,131 1,214 598 8,943 8,940 
Total (2)$14,594 $2,760 $2,220 $19,574 $19,557 
Expected cash outflows (inflows) $4,056 $379 $1,320 $5,755 $5,746 
Potential recoveries (3)(4,272)(346)(1,145)(5,763)(5,753)
Subtotal(216)33 175 (8)(7)
Discount39 51 (14)76 76 
Expected losses to be paid (recovered)$(177)$84 $161 $68 $69 
Deferred premium revenue$199 $97 $121 $417 $417 
Reserves (salvage)$(256)$28 $68 $(160)$(159)
 
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2023 
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)95 13 109 217 217 
Remaining weighted-average period (in years)9.615.97.59.910.0
Outstanding exposure: 
Par$2,400 $979 $2,019 $5,398 $5,383 
Interest1,126 896 818 2,840 2,836 
Total (2)$3,526 $1,875 $2,837 $8,238 $8,219 
Expected cash outflows (inflows) $176 $187 $1,585 $1,948 $1,938 
Potential recoveries (3)(376)(78)(1,214)(1,668)(1,659)
Subtotal(200)109 371 280 279 
Discount56 (22)(53)(19)(19)
Expected losses to be paid (recovered)$(144)$87 $318 $261 $260 
Deferred premium revenue$100 $63 $142 $305 $305 
Reserves (salvage)$(181)$45 $209 $73 $72 
____________________
(1)A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)Includes amounts related to FG VIEs.
(3)Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Gross Par and Gross Debt Service Outstanding
The following tables show the Company’s insured exposure to various authorities and public corporations of Puerto Rico.

Puerto Rico
Gross Par and Gross Debt Service Outstanding
Gross Par OutstandingGross Debt Service Outstanding
As ofAs of
 September 30, 2024December 31, 2023September 30, 2024December 31, 2023
 (in millions)
Exposure to Puerto Rico (1)$865 $1,120 $1,136 $1,526 
____________________
(1)    Includes Puerto Rico Highways and Transportation Authority (PRHTA) exposure resolved pursuant to the 2022 Puerto Rico Resolutions (as defined below). The remaining amounts owed for the insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of the PRHTA.
Schedule of Geographic Exposure of Net Par Outstanding
Puerto Rico
Net Par Outstanding
As of
September 30, 2024December 31, 2023
 (in millions)
Defaulted Puerto Rico Exposures
PREPA$531 $624 
Total Defaulted531 624 
Resolved Puerto Rico Exposures (1)
PRHTA (Transportation revenue)
204 244 
PRHTA (Highway revenue)24 128 
Total Resolved228 372 
Non-Defaulting Puerto Rico Exposures (2)
Municipal Finance Agency (MFA)
91 108 
University of Puerto Rico (U of PR)1 1 
Total Non-Defaulting92 109 
Total net exposure to Puerto Rico$851 $1,105 
____________________
(1)    Resolved pursuant to the 2022 Puerto Rico Resolutions (as defined below). All of the Toll Bonds (as defined below) received from the PRHTA under the 2022 Puerto Rico Resolutions for the insured PRHTA bonds have been sold or redeemed; therefore, the remaining amounts owed for the insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of the PRHTA. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.
(2)    All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.
Schedule of Non-Financial Guaranty Exposure
Specialty Business
As of September 30, 2024 As of December 31, 2023
Gross ExposureNet ExposureGross ExposureNet Exposure
(in millions)
Insurance securitizations (1)$1,454 $1,124 $1,370 $1,043 
Diversified real estate (2)1,509 1,509 1,569 1,569 
Pooled corporate obligations694 694 488 488 
Aircraft residual value insurance308 176 355 200 
____________________
(1)    Insurance securitizations exposure is projected to reach $1.6 billion gross and $1.3 billion net in 2026.
(2)    Excess-of-loss guaranty of a minimum amount of billed rent on a diversified portfolio of real estate properties with an internal rating of AA that matures in 2042. This guaranty is accounted for in accordance with Accounting Standards Codification (ASC) 460, Guarantees.