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Financial Guarantees in Force | 12 Months Ended
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Dec. 31, 2013
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Financial Guarantees in Force | 7. FINANCIAL GUARANTEES IN FORCE Financial guarantees outstanding includes the exposures of policies that insure variable interest entities (“VIEs”) consolidated in accordance with ASC Topic 810, Consolidation. Financial guarantees outstanding excludes the exposures of policies that insure bonds which have been called, pre-refunded or refunded. The gross par amount of financial guarantees outstanding was $197,691,000 and $245,030,000 at December 31, 2013 and 2012, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $179,092,000 and $223,633,000 at December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, the guarantee portfolio was diversified by type of guaranteed bond as shown in the following table:
|  | Net Par Amount Outstanding |
|  | Successor Ambac |  |  | Predecessor Ambac |
|  | 2013 |  |  | 2012 |
Public Finance: |  |  |  |  |  |  |  |
Lease and tax-backed revenue |  | $ | 41,858,000 |  |  | $ | 50,415,000 |
General obligation |  |  | 29,115,000 |  |  |  | 34,623,000 |
Utility revenue |  |  | 14,933,000 |  |  |  | 18,651,000 |
Transportation revenue |  |  | 9,653,000 |  |  |  | 13,892,000 |
Higher education |  |  | 7,810,000 |  |  |  | 10,382,000 |
Housing revenue |  |  | 7,439,000 |  |  |  | 8,176,000 |
Health care revenue |  |  | 3,903,000 |  |  |  | 5,266,000 |
Other |  |  | 1,351,000 |  |  |  | 1,613,000 |
Total Public Finance |  |  | 116,062,000 |  |  |  | 143,018,000 |
Structured Finance: |  |  |  |  |  |  |  |
Mortgage-backed and home equity |  |  | 16,026,000 |  |  |  | 19,117,000 |
Investor-owned utilities |  |  | 5,881,000 |  |  |  | 7,071,000 |
Student loan |  |  | 4,357,000 |  |  |  | 5,411,000 |
Asset-backed(1) |  |  | 2,361,000 |  |  |  | 2,905,000 |
CDOs |  |  | 897,000 |  |  |  | 5,941,000 |
Other |  |  | 1,890,000 |  |  |  | 1,914,000 |
Total Structured Finance |  |  | 31,412,000 |  |  |  | 42,359,000 |
International Finance: |  |  |  |  |  |  |  |
Investor-owned and public utilities |  |  | 9,595,000 |  |  |  | 10,314,000 |
Sovereign/sub-sovereign |  |  | 7,394,000 |  |  |  | 7,289,000 |
Asset-backed(1) |  |  | 6,884,000 |  |  |  | 8,702,000 |
Transportation |  |  | 5,021,000 |  |  |  | 6,002,000 |
CDOs |  |  | 822,000 |  |  |  | 3,191,000 |
Mortgage-backed and home equity |  |  | 484,000 |  |  |  | 1,268,000 |
Other |  |  | 1,418,000 |  |  |  | 1,490,000 |
Total International Finance |  |  | 31,618,000 |  |  |  | 38,256,000 |
Total |  | $ | 179,092,000 |  |  | $ | 223,633,000 |
(1) | At December 31, 2013 and 2012, all asset-backed net par amounts outstanding relate to commercial asset-based transactions.
As of December 31, 2013 and 2012, the International Finance guaranteed portfolio is shown in the following table by location of risk:
|  | Net Par Amount Outstanding |
|  | Successor Ambac |  |  | Predecessor Ambac |
|  | 2013 |  |  | 2012 |
United Kingdom |  | $ | 21,282,000 |  |  | $ | 22,585,000 |
Australia |  |  | 3,331,000 |  |  |  | 4,820,000 |
Italy |  |  | 2,412,000 |  |  |  | 3,068,000 |
Austria |  |  | 967,000 |  |  |  | 943,000 |
New Zealand |  |  | 526,000 |  |  |  | 529,000 |
Internationally diversified(1) |  |  | 1,918,000 |  |  |  | 3,968,000 |
Other international |  |  | 1,182,000 |  |  |  | 2,343,000 |
Total International Finance |  | $ | 31,618,000 |  |  | $ | 38,256,000 |
(1) | Internationally diversified obligations represent pools of geographically diversified exposures which may include components of U.S. exposure.
Gross financial guarantees in force (principal and interest) was $312,710,000 and $385,803,000 at December 31, 2013 and 2012, respectively. Net financial guarantees in force (after giving effect to reinsurance) was $282,210,000 and $350,163,000 as of December 31, 2013 and 2012, respectively. In the United States, California, and New York were the states with the highest aggregate net par amounts in force, accounting for 14.3% and 6.5% of the total at December 31, 2013, respectively. No other state accounted for more than 5%. The highest single insured risk represented 1.5% of the aggregate net par amount guaranteed.

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- Definition The entire disclosure related to the insured financial guarantees in force. Includes information regarding principal and interest insured. Additionally provides further details as to the type of guaranteed bonds and geographic concentrations of risk. + References No definition available. + Details
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