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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2011
Insurance In Force [Abstract] |
Schedule Of Geographical Distribution Of Insurance In Force |
|  | As of December 31, |
In billions |  | 2011 |  |  | 2010 |
Geographic Location |  | Insurance in Force |  |  | % of Insurance in Force |  |  | Insurance in Force |  |  | % of Insurance in Force |
California |  | $ | 125.0 |  |  |  | 14.9% |  |  | $ | 144.5 |  |  |  | 14.1% |
New York |  |  | 62.3 |  |  |  | 7.4% |  |  |  | 73.4 |  |  |  | 7.2% |
Florida |  |  | 47.9 |  |  |  | 5.7% |  |  |  | 58.0 |  |  |  | 5.7% |
Texas |  |  | 41.7 |  |  |  | 5.0% |  |  |  | 49.7 |  |  |  | 4.8% |
Illinois |  |  | 41.2 |  |  |  | 4.9% |  |  |  | 46.1 |  |  |  | 4.5% |
New Jersey |  |  | 30.3 |  |  |  | 3.6% |  |  |  | 34.3 |  |  |  | 3.4% |
Washington |  |  | 22.8 |  |  |  | 2.7% |  |  |  | 26.9 |  |  |  | 2.6% |
Michigan |  |  | 21.1 |  |  |  | 2.5% |  |  |  | 24.3 |  |  |  | 2.4% |
Pennsylvania |  |  | 18.5 |  |  |  | 2.2% |  |  |  | 24.8 |  |  |  | 2.4% |
Massachusetts |  |  | 15.1 |  |  |  | 1.8% |  |  |  | 20.9 |  |  |  | 2.0% |
Subtotal |  |  | 425.9 |  |  |  | 50.7% |  |  |  | 502.9 |  |  |  | 49.1% |
Nationally diversified |  |  | 102.4 |  |  |  | 12.2% |  |  |  | 147.7 |  |  |  | 14.4% |
Other states |  |  | 224.2 |  |  |  | 26.7% |  |  |  | 268.5 |  |  |  | 26.2% |
Total United States |  |  | 752.5 |  |  |  | 89.6% |  |  |  | 919.1 |  |  |  | 89.7% |
Internationally diversified |  |  | 28.9 |  |  |  | 3.4% |  |  |  | 36.9 |  |  |  | 3.6% |
Country specific |  |  | 58.7 |  |  |  | 7.0% |  |  |  | 69.0 |  |  |  | 6.7% |
Total non-United States |  |  | 87.6 |  |  |  | 10.4 | % |  |  | 105.9 |  |  |  | 10.3 | %
Total |  | $ | 840.1 |  |  |  | 100.0 | % |  | $ | 1,025.0 |  |  |  | 100.0 | %
Schedule Of Insurance In Force By Type Of Bond, Excluding Transactions Guaranteed By MBIA Corp. On Behalf Of Various Investment Management Services Affiliated Companies | The insurance in force by type of bond, excluding transactions guaranteed by MBIA Corp. on behalf of various investment management services affiliated companies, is presented in the following table:
|  | As of December 31, |
In billions |  | 2011 |  |  | 2010 |
Bond Type |  | Insurance in Force |  |  | % of Insurance in Force |  |  | Insurance in Force |  |  | % of Insurance in Force |
Global public finance—United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligation |  | $ | 234.3 |  |  |  | 27.9 | % |  | $ | 278.7 |  |  |  | 27.2 | %
General obligation—lease |  |  | 51.7 |  |  |  | 6.2 | % |  |  | 60.2 |  |  |  | 5.9 | %
Municipal utilities |  |  | 117.0 |  |  |  | 13.9 | % |  |  | 138.8 |  |  |  | 13.5 | %
Tax-backed |  |  | 86.3 |  |  |  | 10.3 | % |  |  | 98.9 |  |  |  | 9.6 | %
Transportation |  |  | 68.3 |  |  |  | 8.1 | % |  |  | 84.5 |  |  |  | 8.2 | %
Higher education |  |  | 36.9 |  |  |  | 4.4 | % |  |  | 42.5 |  |  |  | 4.1 | %
Health care |  |  | 16.9 |  |  |  | 2.0 | % |  |  | 21.4 |  |  |  | 2.1 | %
Military housing |  |  | 19.4 |  |  |  | 2.3 | % |  |  | 20.5 |  |  |  | 2.0 | %
Investor-owned utilities(1) |  |  | 11.5 |  |  |  | 1.4 | % |  |  | 13.5 |  |  |  | 1.3 | %
Municipal housing |  |  | 9.4 |  |  |  | 1.1 | % |  |  | 11.0 |  |  |  | 1.1 | %
Student loans |  |  | 2.1 |  |  |  | 0.3 | % |  |  | 3.6 |  |  |  | 0.4 | %
Other(2) |  |  | 2.8 |  |  |  | 0.3 | % |  |  | 3.8 |  |  |  | 0.4 | %
Total United States |  |  | 656.6 |  |  |  | 78.2 | % |  |  | 777.4 |  |  |  | 75.8 | %
Global public finance—non-United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
International utilities |  |  | 16.2 |  |  |  | 1.9 | % |  |  | 18.6 |  |  |  | 1.8 | %
Sovereign-related and sub-sovereign(3) |  |  | 18.6 |  |  |  | 2.2 | % |  |  | 20.3 |  |  |  | 2.0 | %
Transportation |  |  | 15.0 |  |  |  | 1.8 | % |  |  | 15.9 |  |  |  | 1.6 | %
Local governments(4) |  |  | 0.5 |  |  |  | 0.1 | % |  |  | 0.6 |  |  |  | 0.1 | %
Health care |  |  | 0.1 |  |  |  | 0.0 | % |  |  | 0.0 |  |  |  | 0.0 | %
Tax backed |  |  | 0.2 |  |  |  | 0.0 | % |  |  | 0.2 |  |  |  | 0.0 | %
Total non-United States |  |  | 50.6 |  |  |  | 6.0 | % |  |  | 55.6 |  |  |  | 5.5 | %
Total global public finance |  |  | 707.2 |  |  |  | 84.2 | % |  |  | 833.0 |  |  |  | 81.3 | %
|  | As of December 31, |
In billions |  | 2011 |  |  | 2010 |
Bond Type |  | Insurance in Force |  |  | % of Insurance in Force |  |  | Insurance in Force |  |  | % of Insurance in Force |
Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations(5) |  |  | 78.7 |  |  |  | 9.4 | % |  |  | 123.5 |  |  |  | 12.1 | %
Mortgage-backed residential |  |  | 21.1 |  |  |  | 2.5 | % |  |  | 24.1 |  |  |  | 2.4 | %
Mortgage-backed commercial |  |  | 4.4 |  |  |  | 0.5 | % |  |  | 5.4 |  |  |  | 0.5 | %
Consumer asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  |  | 0.7 |  |  |  | 0.1 | % |  |  | 2.2 |  |  |  | 0.2 | %
Student loans |  |  | 1.7 |  |  |  | 0.2 | % |  |  | 1.9 |  |  |  | 0.2 | %
Manufactured housing |  |  | 2.2 |  |  |  | 0.3 | % |  |  | 2.5 |  |  |  | 0.2 | %
Other consumer asset-backed |  |  | 0.2 |  |  |  | 0.0 | % |  |  | 0.4 |  |  |  | 0.0 | %
Corporate asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aircraft portfolio lease securitizations |  |  | 3.2 |  |  |  | 0.4 | % |  |  | 4.5 |  |  |  | 0.4 | %
Rental car fleets |  |  | — |  |  |  | 0.0 | % |  |  | 0.3 |  |  |  | 0.0 | %
Secured airline equipment securitization (EETC) |  |  | 3.2 |  |  |  | 0.3 | % |  |  | 3.5 |  |  |  | 0.3 | %
Other operating assets |  |  | 0.7 |  |  |  | 0.1 | % |  |  | 0.9 |  |  |  | 0.1 | %
Structured insurance securitizations |  |  | 7.5 |  |  |  | 0.9 | % |  |  | 9.2 |  |  |  | 0.9 | %
Franchise assets |  |  | 1.3 |  |  |  | 0.2 | % |  |  | 1.6 |  |  |  | 0.2 | %
Intellectual property |  |  | 1.9 |  |  |  | 0.2 | % |  |  | 3.7 |  |  |  | 0.4 | %
Future flow |  |  | 0.4 |  |  |  | 0.0 | % |  |  | 1.2 |  |  |  | 0.1 | %
Other corporate asset-backed |  |  | 5.7 |  |  |  | 0.7 | % |  |  | 7.1 |  |  |  | 0.7 | %
Total global structured finance |  |  | 132.9 |  |  |  | 15.8 | % |  |  | 192.0 |  |  |  | 18.7 | %
Total |  | $ | 840.1 |  |  |  | 100.0 | % |  | $ | 1,025.0 |  |  |  | 100.0 | %
(1)—Includes investor owned utilities, industrial development and pollution control revenue bonds. (2)—Includes certain non-profit enterprises and stadium related financing. (3)—Includes regions, departments or their equivalent in each jurisdiction as well as sovereign owned entities that are supported by a sovereign state, region or department. (4)—Includes municipal owned entities backed by sponsoring local government. (5)—Includes transactions (represented by structured pools of primarily investment grade corporate credit risks or CRE assets) that do not include typical CDO structuring characteristics, such as tranched credit risk, cash flow waterfalls, or interest and over-collateralization coverage tests.
Summary Of The Company's Reinsurance Agreements For Its U.S. Public Finance And Structured Finance And International Insurance Operations |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Standard & Poor's Rating (Status) |  | Moody's Rating (Status) |  | Ceded Par Outstanding |  |  | LOC / Trust Accounts |  |  | Reinsurance Recoverable (1) |
Reinsurers |  |  |  |  |
Assured Guaranty Corp. |  | AA- (Stable Outlook) |  | Aa3 (Negative Outlook) |  | $ | 3,235 |  |  | $ | — |  |  | $ | 16 |
Assured Guaranty Re Ltd. |  | AA- (Stable Outlook) |  | A1 (Negative Outlook) |  |  | 542 |  |  |  | 5 |  |  |  | 0 |
Overseas Private Investment Corporation |  | AA+ (Negative Outlook) |  | Aaa (Negative Outlook) |  |  | 320 |  |  |  | — |  |  |  | — |
Export Development Canada |  | AAA (Stable) |  | Aaa (Stable) |  |  | 77 |  |  |  | 1 |  |  |  | — |
Others |  | A+ or above |  | A1 or above |  |  | 95 |  |  |  | 1 |  |  |  | 0 |
Total |  |  |  |  |  | $ | 4,269 |  |  | $ | 7 |  |  | $ | 16 |
(1)—Total | reinsurance recoverable of $16 million comprised recoverables on paid and unpaid losses of $1 million and $15 million, respectively.
Summary Of Components Of Financial Guarantee Net Premiums Earned, Including Premiums Assumed From And Ceded To Other Companies |
|  | Years Ended December 31, |
In millions |  | 2011 |  |  | 2010 |  |  | 2009 |
Net premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 505 |  |  | $ | 516 |  |  | $ | 726 |
Assumed |  |  | 112 |  |  |  | 106 |  |  |  | 107 |
Gross |  |  | 617 |  |  |  | 622 |  |  |  | 833 |
Ceded |  |  | (12 | ) |  |  | (28 | ) |  |  | (87 | )
Net |  | $ | 605 |  |  | $ | 594 |  |  | $ | 746 |

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