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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2011
Business Segments [Abstract] |
Summary Of Company's Operations |
|  | Year Ended December 31, 2011 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  |  |  |  | Consolidated |
Revenues(1) |  | $ | 599 |  |  | $ | 319 |  |  | $ | 26 |  |  | $ | 4 |  |  | $ | 90 |  |  | $ | — |  |  |  |  |  |  | $ | 1,038 |
Realized gains and other settlements on insured derivatives |  |  | 2 |  |  |  | (2,373 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (2,371 | )
Unrealized gains (losses) on insured derivatives |  |  | — |  |  |  | (441 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (441 | )
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 96 |  |  |  | 58 |  |  |  | — |  |  |  | 23 |  |  |  | (276 | ) |  |  | — |  |  |  |  |  |  |  | (99 | )
Net investment losses related to other-than-temporary impairments |  |  | — |  |  |  | (62 | ) |  |  | — |  |  |  | (8 | ) |  |  | (31 | ) |  |  | — |  |  |  |  |  |  |  | (101 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 2 |  |  |  |  |  |  |  | 26 |
Other net realized gains (losses) |  |  | (31 | ) |  |  | 1 |  |  |  | — |  |  |  | 25 |  |  |  | 4 |  |  |  | — |  |  |  |  |  |  |  | (1 | )
Revenues of consolidated VIEs |  |  | — |  |  |  | 361 |  |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | — |  |  |  |  |  |  |  | 392 |
Inter-segment revenues(2) |  |  | 79 |  |  |  | 91 |  |  |  | 41 |  |  |  | 152 |  |  |  | (23 | ) |  |  | (340 | ) |  |  |  |  |  |  | — |
Total revenues |  |  | 745 |  |  |  | (2,046 | ) |  |  | 67 |  |  |  | 196 |  |  |  | (181 | ) |  |  | (338 | ) |  |  |  |  |  |  | (1,557 | )
Loss and loss adjustment expense |  |  | 4 |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (80 | )
Operating expenses |  |  | 52 |  |  |  | 166 |  |  |  | 58 |  |  |  | 92 |  |  |  | 3 |  |  |  | — |  |  |  |  |  |  |  | 371 |
Interest expense |  |  | — |  |  |  | 133 |  |  |  | — |  |  |  | 58 |  |  |  | 109 |  |  |  | — |  |  |  |  |  |  |  | 300 |
Expenses of consolidated VIEs |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  |  |  |  |  | 91 |
Inter-segment expenses(2) |  |  | 114 |  |  |  | 124 |  |  |  | 6 |  |  |  | 22 |  |  |  | 95 |  |  |  | (361 | ) |  |  |  |  |  |  | — |
Total expenses |  |  | 170 |  |  |  | 409 |  |  |  | 64 |  |  |  | 172 |  |  |  | 228 |  |  |  | (361 | ) |  |  |  |  |  |  | 682 |
Income (loss) before taxes |  | $ | 575 |  |  | $ | (2,455 | ) |  | $ | 3 |  |  | $ | 24 |  |  | $ | (409 | ) |  | $ | 23 |  |  |  |  |  |  | $ | (2,239 | )
Identifiable assets |  | $ | 7,848 |  |  | $ | 19,985 |  |  | $ | 53 |  |  | $ | 829 |  |  | $ | 5,203 |  |  | $ | (7,045 | ) |  |  | (3 | ) |  | $ | 26,873 |
(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment fees and other fees. (2)—Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivable and payables. (3)—Consists of intercompany reinsurance balances, repurchase agreements and loans.
|  | Year Ended December 31, 2010 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  |  |  |  | Consolidated |
Revenues(1) |  | $ | 601 |  |  | $ | 463 |  |  | $ | 30 |  |  | $ | 4 |  |  | $ | 113 |  |  | $ | — |  |  |  |  |  |  | $ | 1,211 |
Realized gains and other settlements on insured derivatives |  |  | 1 |  |  |  | (163 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (162 | )
Unrealized gains (losses) on insured derivatives |  |  | — |  |  |  | (607 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (607 | )
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 55 |  |  |  | 135 |  |  |  | 2 |  |  |  | (28 | ) |  |  | (76 | ) |  |  | — |  |  |  |  |  |  |  | 88 |
Net investment losses related to other-than-temporary impairments |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | — |  |  |  |  |  |  |  | (64 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35 |  |  |  | — |  |  |  |  |  |  |  | 35 |
Other net realized gains (losses) |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 29 |
Revenues of consolidated VIEs |  |  | — |  |  |  | 246 |  |  |  | — |  |  |  | — |  |  |  | 96 |  |  |  | 22 |  |  |  |  |  |  |  | 364 |
Inter-segment revenues(2) |  |  | 93 |  |  |  | 113 |  |  |  | 38 |  |  |  | 94 |  |  |  | (18 | ) |  |  | (320 | ) |  |  |  |  |  |  | — |
Total revenues |  |  | 750 |  |  |  | 211 |  |  |  | 70 |  |  |  | 70 |  |  |  | 91 |  |  |  | (298 | ) |  |  |  |  |  |  | 894 |
Loss and loss adjustment expense |  |  | 73 |  |  |  | 159 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 232 |
Operating expenses |  |  | 43 |  |  |  | 149 |  |  |  | 64 |  |  |  | 89 |  |  |  | 4 |  |  |  | — |  |  |  |  |  |  |  | 349 |
Interest expense |  |  | — |  |  |  | 135 |  |  |  | — |  |  |  | 65 |  |  |  | 125 |  |  |  | — |  |  |  |  |  |  |  | 325 |
Expenses of consolidated VIEs |  |  | — |  |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  |  |  |  |  | 83 |
Inter-segment expenses(2) |  |  | 104 |  |  |  | 135 |  |  |  | 7 |  |  |  | 14 |  |  |  | 60 |  |  |  | (320 | ) |  |  |  |  |  |  | — |
Total expenses |  |  | 220 |  |  |  | 642 |  |  |  | 71 |  |  |  | 168 |  |  |  | 208 |  |  |  | (320 | ) |  |  |  |  |  |  | 989 |
Income (loss) before taxes |  | $ | 530 |  |  | $ | (431 | ) |  | $ | (1 | ) |  | $ | (98 | ) |  | $ | (117 | ) |  | $ | 22 |  |  |  |  |  |  | $ | (95 | )
Identifiable assets |  | $ | 8,436 |  |  | $ | 23,980 |  |  | $ | 54 |  |  | $ | 653 |  |  | $ | 6,432 |  |  | $ | (7,276 | ) |  |  | (3) |  |  | $ | 32,279 |
(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment fees and other fees. (2)—Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivable and payables. (3)—Consists of intercompany reinsurance balances, repurchase agreements and loans.
|  | Year Ended December 31, 2009 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  |  |  |  | Consolidated |
Revenues(1) |  | $ | 638 |  |  | $ | 593 |  |  | $ | 32 |  |  | $ | 4 |  |  | $ | 193 |  |  | $ | — |  |  |  |  |  |  | $ | 1,460 |
Realized gains and other settlements on insured derivatives |  |  | 1 |  |  |  | (167 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (166 | )
Unrealized gains (losses) on insured derivatives |  |  | — |  |  |  | 1,650 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 1,650 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 23 |  |  |  | 59 |  |  |  | — |  |  |  | (3) |  |  |  | 146 |  |  |  | — |  |  |  |  |  |  |  | 225 |
Net investment losses related to other-than-temporary impairments |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | (352 | ) |  |  | — |  |  |  |  |  |  |  | (361 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 4 |  |  |  | 203 |  |  |  | 5 |  |  |  |  |  |  |  | 225 |
Other net realized gains (losses) |  |  | — |  |  |  | (64 | ) |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  |  |  |  |  | (60 | )
Revenues of consolidated VIEs |  |  | — |  |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  |  |  |  |  | (19 | )
Inter-segment revenues(2) |  |  | 146 |  |  |  | 177 |  |  |  | 22 |  |  |  | 19 |  |  |  | (3 | ) |  |  | (361 | ) |  |  |  |  |  |  | — |
Total revenues |  |  | 808 |  |  |  | 2,194 |  |  |  | 54 |  |  |  | 24 |  |  |  | 230 |  |  |  | (356 | ) |  |  |  |  |  |  | 2,954 |
Loss and loss adjustment expense |  |  | 94 |  |  |  | 770 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 864 |
Operating expenses |  |  | 38 |  |  |  | 260 |  |  |  | 48 |  |  |  | 24 |  |  |  | 27 |  |  |  | — |  |  |  |  |  |  |  | 397 |
Interest expense |  |  | — |  |  |  | 136 |  |  |  | — |  |  |  | 69 |  |  |  | 169 |  |  |  | — |  |  |  |  |  |  |  | 374 |
Expenses of consolidated VIEs |  |  | — |  |  |  | 88 |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  |  |  |  |  | 102 |
Inter-segment expenses(2) |  |  | 125 |  |  |  | 116 |  |  |  | 1 |  |  |  | — |  |  |  | 116 |  |  |  | (358 | ) |  |  |  |  |  |  | — |
Total expenses |  |  | 257 |  |  |  | 1,370 |  |  |  | 49 |  |  |  | 93 |  |  |  | 326 |  |  |  | (358 | ) |  |  |  |  |  |  | 1,737 |
Income (loss) before income taxes |  | $ | 551 |  |  | $ | 824 |  |  | $ | 5 |  |  | $ | (69 | ) |  | $ | (96 | ) |  | $ | 2 |  |  |  |  |  |  | $ | 1,217 |
Identifiable assets |  | $ | 8,184 |  |  | $ | 16,447 |  |  | $ | 125 |  |  | $ | 1,276 |  |  | $ | 8,092 |  |  | $ | (8,423 | ) |  |  | (3) |  |  | $ | 25,701 |
(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment fees and other fees. (2)—Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivable and payables. (3)—Consists of intercompany reinsurance balances, repurchase agreements and loans.
Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk |
|  | Years Ended December 31, |
In millions |  | 2011 |  |  | 2010 |  |  | 2009 |
Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 545 |  |  | $ | 555 |  |  | $ | 661 |
United Kingdom |  |  | 37 |  |  |  | 35 |  |  |  | 29 |
Europe (excluding United Kingdom) |  |  | 29 |  |  |  | 23 |  |  |  | 21 |
Internationally diversified |  |  | 33 |  |  |  | 41 |  |  |  | 83 |
Central and South America |  |  | 36 |  |  |  | 40 |  |  |  | 41 |
Asia |  |  | 15 |  |  |  | 9 |  |  |  | 17 |
Other |  |  | 13 |  |  |  | 11 |  |  |  | 16 |
Total |  | $ | 708 |  |  | $ | 714 |  |  | $ | 868 |
Summary Of Segments Wind-Down Operations |
|  | Year Ended December 31, 2011 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 90 |  |  | $ | — |  |  | $ | — |  |  | $ | 90 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (276 | ) |  |  | — |  |  |  | — |  |  |  | (276 | )
Net investment losses related to other-than-temporary impairments |  |  | (31 | ) |  |  | — |  |  |  | — |  |  |  | (31 | )
Net gains (losses) on extinguishment of debt |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Other net realized gains (losses) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | 11 |  |  |  | 20 |  |  |  | — |  |  |  | 31 |
Inter-segment revenues(2) |  |  | (19 | ) |  |  | (4 | ) |  |  | — |  |  |  | (23 | )
Total revenues |  |  | (197 | ) |  |  | 16 |  |  |  | — |  |  |  | (181 | )
Operating expenses |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Interest expense |  |  | 109 |  |  |  | — |  |  |  | — |  |  |  | 109 |
Expenses of consolidated VIEs |  |  | 2 |  |  |  | 19 |  |  |  | — |  |  |  | 21 |
Inter-segment expenses(2) |  |  | 29 |  |  |  | 66 |  |  |  | — |  |  |  | 95 |
Total expenses |  |  | 143 |  |  |  | 85 |  |  |  | — |  |  |  | 228 |
Income (loss) before taxes |  | $ | (340 | ) |  | $ | (69 | ) |  | $ | — |  |  | $ | (409 | )
Identifiable assets |  | $ | 3,752 |  |  | $ | 1,531 |  |  | $ | (80 | ) |  | $ | 5,203 |
(1)—Represents the sum of third-party interest income, investment management services fees and other fees. (2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  | Year Ended December 31, 2010 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 109 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 113 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (76 | ) |  |  | — |  |  |  | — |  |  |  | (76 | )
Net investment losses related to other-than-temporary impairments |  |  | (59 | ) |  |  | — |  |  |  | — |  |  |  | (59 | )
Net gains (losses) on extinguishment of debt |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 35 |
Other net realized gains (losses) |  |  | 0 |  |  |  | — |  |  |  | — |  |  |  | 0 |
Revenues of consolidated VIEs |  |  | 44 |  |  |  | 52 |  |  |  | — |  |  |  | 96 |
Inter-segment revenues(2) |  |  | (13 | ) |  |  | (4 | ) |  |  | (1 | ) |  |  | (18 | )
Total revenues |  |  | 40 |  |  |  | 52 |  |  |  | (1 | ) |  |  | 91 |
Operating expenses |  |  | 5 |  |  |  | (1 | ) |  |  | — |  |  |  | 4 |
Interest expense |  |  | 125 |  |  |  | — |  |  |  | — |  |  |  | 125 |
Expenses of consolidated VIEs |  |  | 0 |  |  |  | 19 |  |  |  | — |  |  |  | 19 |
Inter-segment expenses(2) |  |  | 58 |  |  |  | 3 |  |  |  | (1 | ) |  |  | 60 |
Total expenses |  |  | 188 |  |  |  | 21 |  |  |  | (1 | ) |  |  | 208 |
Income (loss) before taxes |  | $ | (148 | ) |  | $ | 31 |  |  | $ | — |  |  | $ | (117 | )
Identifiable assets |  | $ | 5,125 |  |  | $ | 1,565 |  |  | $ | (258 | ) |  | $ | 6,432 |
(1)—Represents the sum of third-party interest income, investment management services fees and other fees. (2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  | Year Ended December 31, 2009 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 192 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 193 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 146 |  |  |  | — |  |  |  | — |  |  |  | 146 |
Net investment losses related to other-than-temporary impairments |  |  | (352 | ) |  |  | — |  |  |  | — |  |  |  | (352 | )
Net gains (losses) on extinguishment of debt |  |  | 203 |  |  |  | — |  |  |  | — |  |  |  | 203 |
Other net realized gains (losses) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | (13 | ) |  |  | 52 |  |  |  | — |  |  |  | 39 |
Inter-segment revenues(2) |  |  | (1 | ) |  |  | (3 | ) |  |  | 1 |  |  |  | (3 | )
Total revenues |  |  | 179 |  |  |  | 50 |  |  |  | 1 |  |  |  | 230 |
Operating expenses |  |  | 25 |  |  |  | 2 |  |  |  | — |  |  |  | 27 |
Interest expense |  |  | 169 |  |  |  | — |  |  |  | — |  |  |  | 169 |
Expenses of consolidated VIEs |  |  | 0 |  |  |  | 14 |  |  |  | — |  |  |  | 14 |
Inter-segment expenses(2) |  |  | 112 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 116 |
Total expenses |  |  | 306 |  |  |  | 21 |  |  |  | (1 | ) |  |  | 326 |
Income (loss) before taxes |  | $ | (127 | ) |  | $ | 29 |  |  | $ | 2 |  |  | $ | (96 | )
Identifiable assets |  | $ | 6,191 |  |  | $ | 1,992 |  |  | $ | (91 | ) |  | $ | 8,092 |
(1)—Represents the sum of third-party interest income, investment management services fees and other fees. (2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

X
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