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Guarantees In Force | 12 Months Ended
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Dec. 31, 2011
Guarantees In Force [Abstract] |
Guarantees In Force | 6 GUARANTEES IN FORCE The gross par amount of financial guarantees outstanding was $296,463,000 and $345,127,000 at December 31, 2011 and 2010, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $272,504,000 and $318,854,000 at December 31, 2011 and 2010, respectively. As of December 31, 2011 and 2010, the guarantee portfolio was diversified by type of guaranteed bond as shown in the following table:
|  | Net Par Amount Outstanding |
|  | 2011 |  |  | 2010 |
Public Finance: |  |  |  |  |  |  |  |
Lease and tax-backed revenue |  | $ | 59,864,000 |  |  | $ | 65,843,000 |
General obligation |  |  | 42,959,000 |  |  |  | 48,241,000 |
Utility revenue |  |  | 22,529,000 |  |  |  | 26,360,000 |
Transportation revenue |  |  | 18,945,000 |  |  |  | 20,722,000 |
Higher education |  |  | 13,618,000 |  |  |  | 15,279,000 |
Housing revenue |  |  | 8,823,000 |  |  |  | 9,878,000 |
Health care revenue |  |  | 7,824,000 |  |  |  | 9,603,000 |
Other |  |  | 2,255,000 |  |  |  | 3,423,000 |
Total Public Finance |  |  | 176,817,000 |  |  |  | 199,349,000 |
Structured Finance: |  |  |  |  |  |  |  |
Mortgage-backed and home equity |  |  | 23,164,000 |  |  |  | 27,488,000 |
Investor-owned utilities |  |  | 9,049,000 |  |  |  | 10,685,000 |
Other CDOs |  |  | 8,060,000 |  |  |  | 11,463,000 |
Student loan |  |  | 7,824,000 |  |  |  | 11,408,000 |
Asset-backed |  |  | 4,732,000 |  |  |  | 10,005,000 |
Other |  |  | 2,316,000 |  |  |  | 2,750,000 |
Total Structured Finance |  |  | 55,145,000 |  |  |  | 73,799,000 |
International Finance: |  |  |  |  |  |  |  |
Investor-owned and public utilities |  |  | 10,510,000 |  |  |  | 10,861,000 |
Asset-backed |  |  | 9,560,000 |  |  |  | 10,738,000 |
Sovereign/sub-sovereign |  |  | 7,282,000 |  |  |  | 7,119,000 |
Transportation |  |  | 5,914,000 |  |  |  | 6,744,000 |
Other CDOs |  |  | 4,375,000 |  |  |  | 6,775,000 |
Mortgage-backed and home equity |  |  | 1,397,000 |  |  |  | 1,898,000 |
Other |  |  | 1,504,000 |  |  |  | 1,571,000 |
Total International Finance |  |  | 40,542,000 |  |  |  | 45,706,000 |
Total |  | $ | 272,504,000 |  |  | $ | 318,854,000 |
Ambac's total outstanding "asset-backed" exposures within both Structured Finance and International Finance are comprised of the following bond types as of December 31, 2011 and December 31, 2010:
Business Mix by Net Par |  | December 31, 2011 |  |  | December 31, 2010 |
Commercial ABS |  | $ | 13,472,000 |  |  | $ | 17,813,000 |
Consumer ABS |  |  | 820,000 |  |  |  | 2,930,000 |
Total |  | $ | 14,292,000 |  |  | $ | 20,743,000 |
As of December 31, 2011 and 2010, the International Finance guaranteed portfolio is shown in the following table by location of risk:
|  | Net Par Amount Outstanding |
|  | 2011 |  |  | 2010 |
United Kingdom |  | $ | 22,317,000 |  |  | $ | 22,215,000 |
Australia |  |  | 5,176,000 |  |  |  | 6,292,000 |
Italy |  |  | 3,346,000 |  |  |  | 3,674,000 |
Austria |  |  | 956,000 |  |  |  | 999,000 |
Germany |  |  | 619,000 |  |  |  | 692,000 |
Internationally diversified(1) |  |  | 5,318,000 |  |  |  | 7,793,000 |
Other international |  |  | 2,810,000 |  |  |  | 4,041,000 |
Total International Finance |  | $ | 40,542,000 |  |  | $ | 45,706,000 |
(1) | Internationally diversified obligations represent pools of geographically diversified exposures which includes significant components of domestic exposure.
Gross financial guarantees in force (principal and interest) was $474,305,000 and $554,700,000 at December 31, 2011 and 2010, respectively. Net financial guarantees in force (after giving effect to reinsurance) was $433,484,000 and $509,429,000 as of December 31, 2011 and 2010, respectively. In the United States, California, New York and Florida were the states with the highest aggregate net par amounts in force, accounting for 13.3%, 6.7% and 5.1% of the total at December 31, 2011, respectively. No other state accounted for more than 5%. The highest single insured risk represented 1.1% of the aggregate net par amount guaranteed.

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