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Financial Guarantees in Force (Notes) | 12 Months Ended
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Dec. 31, 2022
Guarantees [Abstract] |
Financial Guarantees in Force | 7. FINANCIAL GUARANTEES IN FORCE Legacy 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 include 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 policies insuring the Sitka Senior Secured Notes as defined in Note 1. Background and Business Description. The gross par amount of financial guarantees outstanding was $27,551 and $34,122 at December 31, 2022 and 2021, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $22,613 and $28,020 at December 31, 2022 and 2021, respectively. As of December 31, 2022, the aggregate amount of financial guarantee insured par ceded to reinsurers under reinsurance agreements was $4,938 with the largest reinsurer accounting for $2,187 or 7.9% of gross par outstanding at December 31, 2022. As of December 31, 2022 and 2021, the legacy financial guarantee portfolio consisted of the types of guaranteed bonds as shown in the following table:
Net Par Outstanding December 31, (1) | 2022 |  | 2021
Public Finance: |  |  |
Housing revenue (2) | $ | 5,491 |  |  | $ | 5,610 |
Lease and tax-backed revenue | 1,979 |  |  | 3,196 |
General obligation | 1,301 |  |  | 1,612 |
Other | 1,776 |  |  | 1,942 |
Total Public Finance | 10,547 |  |  | 12,360 |
Structured Finance: |  |  |
Mortgage-backed and home equity | 1,930 |  |  | 2,724 |
Investor-owned utilities | 1,103 |  |  | 1,556 |
Other | 579 |  |  | 624 |
Total Structured Finance | 3,612 |  |  | 4,904 |
International Finance: |  |  |
Sovereign/sub-sovereign | 4,077 |  |  | 5,141 |
Investor-owned and public utilities | 2,583 |  |  | 3,283 |
Asset-backed and other | 1,083 |  |  | 1,276 |
Transportation | 711 |  |  | 1,056 |
Total International Finance | 8,454 |  |  | 10,756 |
Total | $ | 22,613 |  |  | $ | 28,020 |
(1)Net Par Outstanding includes 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 bond. (2)Includes $5,400 and $5,490 of Military Housing net par at December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the financial guaranteed portfolio by location of risk was as outlined in the table below:
Net Par Outstanding December 31, | 2022 |  | 2021
United States | $ | 14,159 |  |  | $ | 17,264 |
United Kingdom | 7,223 |  |  | 9,255 |
Italy | 644 |  |  | 718 |
Austria | 310 |  |  | 343 |
Australia | 259 |  |  | 203 |
France | 14 |  |  | 219 |
Other international | 4 |  |  | 18 |
Total | $ | 22,613 |  |  | $ | 28,020 |
Gross financial guarantees in force (principal and interest) were $44,734 and $54,272 at December 31, 2022 and 2021, respectively. Net financial guarantees in force (after giving effect to reinsurance) were $34,975 and $42,653 as of December 31, 2022 and 2021, respectively. In the United States, no state accounted for more than 10% of the total net par outstanding at December 31, 2022. The highest single insured risk represented 3.6% of the total 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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