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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2012
Schedule Of Geographical Distribution Of Insurance In Force |
|  | As of December 31, |
In billions |  | 2012 |  |  | 2011 |
|  |  |  |  | % of |  |  |  |  |  | % of |
|  | Insurance |  |  | Insurance |  |  | Insurance |  |  | Insurance |
Geographic Location |  | in Force |  |  | in Force |  |  | in Force |  |  | in Force |
California |  | $ | 104.7 |  |  |  | 15.4% |  |  | $ | 125.0 |  |  |  | 14.9% |
New York |  |  | 48.7 |  |  |  | 7.2% |  |  |  | 62.3 |  |  |  | 7.4% |
Florida |  |  | 36.8 |  |  |  | 5.4% |  |  |  | 47.9 |  |  |  | 5.7% |
Texas |  |  | 33.9 |  |  |  | 5.0% |  |  |  | 41.7 |  |  |  | 5.0% |
Illinois |  |  | 33.3 |  |  |  | 4.9% |  |  |  | 41.2 |  |  |  | 4.9% |
New Jersey |  |  | 24.1 |  |  |  | 3.6% |  |  |  | 30.3 |  |  |  | 3.6% |
Michigan |  |  | 17.6 |  |  |  | 2.6% |  |  |  | 21.1 |  |  |  | 2.5% |
Washington |  |  | 15.9 |  |  |  | 2.3% |  |  |  | 22.8 |  |  |  | 2.7% |
Pennsylvania |  |  | 14.5 |  |  |  | 2.1% |  |  |  | 18.5 |  |  |  | 2.2% |
Colorado |  |  | 11.1 |  |  |  | 1.6% |  |  |  | 13.5 |  |  |  | 1.6% |
Subtotal |  |  | 340.6 |  |  |  | 50.1% |  |  |  | 424.3 |  |  |  | 50.5% |
Nationally diversified |  |  | 80.0 |  |  |  | 11.8% |  |  |  | 102.4 |  |  |  | 12.2% |
Other states |  |  | 183.7 |  |  |  | 27.1% |  |  |  | 225.8 |  |  |  | 26.9% |
Total United States |  |  | 604.3 |  |  |  | 89.0% |  |  |  | 752.5 |  |  |  | 89.6% |
Internationally diversified |  |  | 18.9 |  |  |  | 2.8% |  |  |  | 28.9 |  |  |  | 3.4% |
Country specific |  |  | 55.9 |  |  |  | 8.2% |  |  |  | 58.7 |  |  |  | 7.0% |
Total non-United States |  |  | 74.8 |  |  |  | 11.0% |  |  |  | 87.6 |  |  |  | 10.4% |
Total |  | $ | 679.1 |  |  |  | 100.0% |  |  | $ | 840.1 |  |  |  | 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 |
|  | As of December 31, |
In billions |  | 2012 |  |  | 2011 |
|  |  |  |  | % of |  |  |  |  |  | % of |
|  | Insurance |  |  | Insurance |  |  | Insurance |  |  | Insurance |
Bond type |  | in Force |  |  | in Force |  |  | in Force |  |  | in Force |
Global public finance—United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligation |  | $ | 187.5 |  |  |  | 27.6% |  |  | $ | 234.3 |  |  |  | 27.9% |
General obligation—lease |  |  | 41.7 |  |  |  | 6.1% |  |  |  | 51.7 |  |  |  | 6.2% |
Municipal utilities |  |  | 97.1 |  |  |  | 14.3% |  |  |  | 117.0 |  |  |  | 13.9% |
Tax-backed |  |  | 71.9 |  |  |  | 10.6% |  |  |  | 86.3 |  |  |  | 10.3% |
Transportation |  |  | 52.1 |  |  |  | 7.7% |  |  |  | 68.3 |  |  |  | 8.1% |
Higher education |  |  | 30.3 |  |  |  | 4.5% |  |  |  | 36.9 |  |  |  | 4.4% |
Health care |  |  | 12.1 |  |  |  | 1.8% |  |  |  | 16.9 |  |  |  | 2.0% |
Military housing |  |  | 19.0 |  |  |  | 2.8% |  |  |  | 19.4 |  |  |  | 2.3% |
Investor-owned utilities (1) |  |  | 8.7 |  |  |  | 1.3% |  |  |  | 11.5 |  |  |  | 1.4% |
Municipal housing |  |  | 7.2 |  |  |  | 1.0% |  |  |  | 9.4 |  |  |  | 1.1% |
Student loans |  |  | 0.7 |  |  |  | 0.1% |  |  |  | 2.1 |  |  |  | 0.3% |
Other (2) |  |  | 2.6 |  |  |  | 0.4% |  |  |  | 2.8 |  |  |  | 0.3% |
Total United States |  |  | 530.9 |  |  |  | 78.2% |  |  |  | 656.6 |  |  |  | 78.2% |
Global public finance—non-United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
International utilities |  |  | 16.2 |  |  |  | 2.4% |  |  |  | 16.2 |  |  |  | 1.9% |
Sovereign-related and sub-sovereign (3) |  |  | 18.4 |  |  |  | 2.7% |  |  |  | 18.6 |  |  |  | 2.2% |
Transportation |  |  | 14.2 |  |  |  | 2.1% |  |  |  | 15.0 |  |  |  | 1.8% |
Local governments(4) |  |  | 0.5 |  |  |  | 0.1% |  |  |  | 0.5 |  |  |  | 0.1% |
Health care |  |  | 0.1 |  |  |  | 0.0% |  |  |  | 0.1 |  |  |  | 0.0% |
Tax-backed |  |  | 0.2 |  |  |  | 0.0% |  |  |  | 0.2 |  |  |  | 0.0% |
Total non-United States |  |  | 49.6 |  |  |  | 7.3% |  |  |  | 50.6 |  |  |  | 6.0% |
Total global public finance |  |  | 580.5 |  |  |  | 85.5% |  |  |  | 707.2 |  |  |  | 84.2% |
Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations (5) |  |  | 57.6 |  |  |  | 8.5% |  |  |  | 78.7 |  |  |  | 9.4% |
Mortgage-backed residential |  |  | 17.1 |  |  |  | 2.5% |  |  |  | 21.1 |  |  |  | 2.5% |
Mortgage-backed commercial |  |  | 3.8 |  |  |  | 0.6% |  |  |  | 4.4 |  |  |  | 0.5% |
Consumer asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto loans |  |  | — |  |  |  | 0.0% |  |  |  | 0.7 |  |  |  | 0.1% |
Student loans |  |  | 1.2 |  |  |  | 0.2% |  |  |  | 1.7 |  |  |  | 0.2% |
Manufactured housing |  |  | 2.0 |  |  |  | 0.3% |  |  |  | 2.2 |  |  |  | 0.3% |
Other consumer asset-backed |  |  | 0.1 |  |  |  | 0.0% |  |  |  | 0.2 |  |  |  | 0.0% |
Corporate asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aircraft portfolio lease securitizations |  |  | 2.5 |  |  |  | 0.4% |  |  |  | 3.2 |  |  |  | 0.4% |
Secured airline equipment securitization |  |  | 2.4 |  |  |  | 0.3% |  |  |  | 3.2 |  |  |  | 0.3% |
Other operating assets |  |  | 0.5 |  |  |  | 0.1% |  |  |  | 0.7 |  |  |  | 0.1% |
Structured insurance securitizations |  |  | 6.1 |  |  |  | 0.9% |  |  |  | 7.5 |  |  |  | 0.9% |
Franchise assets |  |  | 0.9 |  |  |  | 0.1% |  |  |  | 1.3 |  |  |  | 0.2% |
Intellectual Property |  |  | — |  |  |  | 0.0% |  |  |  | 1.9 |  |  |  | 0.2% |
Future flow |  |  | 0.2 |  |  |  | 0.0% |  |  |  | 0.4 |  |  |  | 0.0% |
Other corporate asset-backed |  |  | 4.2 |  |  |  | 0.6% |  |  |  | 5.7 |  |  |  | 0.7% |
Total global structured finance |  |  | 98.6 |  |  |  | 14.5% |  |  |  | 132.9 |  |  |  | 15.8% |
Total |  | $ | 679.1 |  |  |  | 100.0% |  |  | $ | 840.1 |  |  |  | 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 Company's Reinsurance Agreements For U.S. Public Finance And Structured Finance And International Insurance Operations |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurers |  | Standard & Poor’s Rating (Status) |  | Moody’s Rating (Status) |  | Ceded Par Outstanding |  |  | Letters of Credit/Trust Accounts |  |  | Reinsurance Recoverable (1) |
Assured Guaranty Corp. |  | AA- (Stable Outlook) |  | Aa3 (Ratings Under Review) |  | $ | 2,437 |  |  | $ | — |  |  | $ | 14 |
Assured Guaranty Re Ltd. |  | AA- (Stable Outlook) |  | A1 (Ratings Under Review) |  |  | 506 |  |  |  | 5 |  |  |  | — |
Overseas Private Investment Corporation |  | AA+ (Negative Outlook) |  | Aaa (Negative Outlook) |  |  | 353 |  |  |  | — |  |  |  | — |
Export Development Canada |  | AAA (Stable Outlook) |  | Aaa (Stable Outlook) |  |  | 59 |  |  |  | 1 |  |  |  | — |
Others |  | A+ or above |  | A2 or above |  |  | 65 |  |  |  | 2 |  |  |  | — |
Total |  |  |  |  |  | $ | 3,420 |  |  | $ | 8 |  |  | $ | 14 |
(1)—Total reinsurance recoverable of $14 million comprised recoverables on paid and unpaid losses of $1 million and $13 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 |  | 2012 |  |  | 2011 |  |  | 2010 |
Net premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 489 |  |  | $ | 505 |  |  | $ | 516 |
Assumed |  |  | 130 |  |  |  | 112 |  |  |  | 106 |
Gross |  |  | 619 |  |  |  | 617 |  |  |  | 622 |
Ceded |  |  | (14) |  |  |  | (12) |  |  |  | (28) |
Net |  | $ | 605 |  |  | $ | 605 |  |  | $ | 594 |

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