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Financial Guarantees in Force (Notes) | 12 Months Ended
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Dec. 31, 2019
Guarantees [Abstract] |
Financial Guarantees in Force | 6. 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 includes the exposure of policies that insure capital appreciation bonds which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bonds. Financial guarantees outstanding exclude the exposures of policies that insure bonds which have been called, pre-refunded or refunded and excludes exposure of the policy that insures the notes issued by Ambac LSNI as defined in Note 1. Background and Business Description. The gross par amount of financial guarantees outstanding was $43,908 and $52,055 at December 31, 2019 and 2018, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $38,018 and $46,927 at December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the guarantee portfolio was diversified by type of guaranteed bond as shown in the following table:
Net Par Outstanding December 31, | 2019 |  | 2018
Public Finance: |  |  |
Housing revenue (1) | $ | 5,991 |  |  | $ | 6,159 |
Lease and tax-backed revenue | 5,102 |  |  | 7,565 |
General obligation | 3,011 |  |  | 4,214 |
Higher education | 885 |  |  | 1,168 |
Transportation revenue | 855 |  |  | 1,754 |
Utility revenue | 768 |  |  | 1,178 |
Other | 1,041 |  |  | 1,404 |
Total Public Finance | 17,653 |  |  | 23,442 |
Structured Finance: |  |  |
Mortgage-backed and home equity | 4,423 |  |  | 5,510 |
Investor-owned utilities | 1,675 |  |  | 1,754 |
Student loan | 769 |  |  | 934 |
Structured Insurance | 395 |  |  | 1,365 |
Asset-backed and other | 246 |  |  | 384 |
Total Structured Finance | 7,508 |  |  | 9,947 |
International Finance: |  |  |
Sovereign/sub-sovereign | 5,264 |  |  | 5,250 |
Investor-owned and public utilities | 4,436 |  |  | 4,499 |
Asset-backed and other | 1,625 |  |  | 2,176 |
Transportation | 1,532 |  |  | 1,613 |
Total International Finance | 12,857 |  |  | 13,538 |
Total | $ | 38,018 |  |  | $ | 46,927 |
(1) | Includes $5,654 and $5,759 of Military Housing net par at December 31, 2019 and 2018, respectively.
As of December 31, 2019 and 2018, the International Finance guaranteed portfolio by location of risk was as outlined in the table below:
Net Par Outstanding December 31, | 2019 |  | 2018
United Kingdom | $ | 10,593 |  |  | $ | 10,965 |
Italy | 767 |  |  | 811 |
Austria | 674 |  |  | 712 |
Australia | 382 |  |  | 384 |
France | 303 |  |  | 312 |
Other international (1) | 138 |  |  | 354 |
Total International Finance | $ | 12,857 |  |  | $ | 13,538 |
(1) | Other international may include components of U.S. exposure.
Gross financial guarantees in force (principal and interest) were $69,826 and $87,543 at December 31, 2019 and 2018, respectively. Net financial guarantees in force (after giving effect to reinsurance) were $58,245 and $77,972 as of December 31, 2019 and 2018, respectively. In the United States, California, Colorado and New York were the states with the highest aggregate net par amounts in force, accounting for 6.7%, 6.3% and 6.1% of the total at December 31, 2019, respectively. No other state accounted for more than 5.0%. The highest single insured risk represented 2.7% 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 guaranteed bonds and geographic concentrations of risk. + References No definition available. + Details
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