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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2014
Insurance in Force [Abstract] |
Insurance in force by geographic location |
|  |  |  | As of December 31, |
| $ in billions |  | 2014 |  | 2013 |
|  |  |  |  |  | % of |  |  |  | % of |
|  |  |  | Insurance |  | Insurance |  | Insurance |  | Insurance |
| Geographic Location |  | in Force |  | in Force |  | in Force |  | in Force |
| California |  | $ | 73.8 |  | 16.9% |  | $ | 88.7 |  | 16.0% |
| New York |  |  | 29.8 |  | 6.8% |  |  | 38.1 |  | 6.9% |
| Illinois |  |  | 25.4 |  | 5.8% |  |  | 29.6 |  | 5.3% |
| Florida |  |  | 24.1 |  | 5.5% |  |  | 29.2 |  | 5.3% |
| Texas |  |  | 21.1 |  | 4.8% |  |  | 28.0 |  | 5.0% |
| New Jersey |  |  | 16.8 |  | 3.9% |  |  | 20.2 |  | 3.6% |
| Michigan |  |  | 12.3 |  | 2.8% |  |  | 15.3 |  | 2.8% |
| Puerto Rico |  |  | 10.1 |  | 2.3% |  |  | 10.9 |  | 2.0% |
| Pennsylvania |  |  | 9.3 |  | 2.1% |  |  | 11.8 |  | 2.1% |
| Washington |  |  | 9.1 |  | 2.1% |  |  | 11.5 |  | 2.1% |
|  | Subtotal |  |  | 231.8 |  | 53.0% |  |  | 283.3 |  | 51.1% |
| Nationally diversified |  |  | 38.9 |  | 8.9% |  |  | 53.6 |  | 9.7% |
| Other states |  |  | 123.6 |  | 28.2% |  |  | 155.8 |  | 28.1% |
|  | Total United States |  |  | 394.3 |  | 90.1% |  |  | 492.7 |  | 88.9% |
| Internationally diversified |  |  | 2.8 |  | 0.6% |  |  | 12.8 |  | 2.3% |
| Country specific |  |  | 40.7 |  | 9.3% |  |  | 48.8 |  | 8.8% |
|  | Total non-United States |  |  | 43.5 |  | 9.9% |  |  | 61.6 |  | 11.1% |
| Total |  | $ | 437.8 |  | 100.0% |  | $ | 554.3 |  | 100.0% |
Insurance in force by bond type |
|  |  |  |  |  |  | As of December 31, |
| $ in billions |  | 2014 |  | 2013 |
|  |  |  |  |  |  |  |  | % of |  |  |  | % of |
|  |  |  |  |  |  | Insurance |  | Insurance |  | Insurance |  | Insurance |
| Bond type |  | in Force |  | in Force |  | in Force |  | in Force |
| Global public finance ¾ United States: |  |  |  |  |  |  |  |  |  |  |
|  | General obligation |  | $ | 122.8 |  | 28.0% |  | $ | 153.5 |  | 27.7% |
|  | General obligation ¾ lease |  |  | 27.9 |  | 6.4% |  |  | 34.1 |  | 6.2% |
|  | Municipal utilities |  |  | 60.5 |  | 13.8% |  |  | 78.0 |  | 14.1% |
|  | Tax-backed |  |  | 53.6 |  | 12.2% |  |  | 66.1 |  | 11.9% |
|  | Transportation |  |  | 38.4 |  | 8.8% |  |  | 46.2 |  | 8.3% |
|  | Higher education |  |  | 19.5 |  | 4.5% |  |  | 24.1 |  | 4.3% |
|  | Health care |  |  | 8.4 |  | 1.9% |  |  | 9.5 |  | 1.7% |
|  | Military housing |  |  | 18.4 |  | 4.2% |  |  | 19.2 |  | 3.5% |
|  | Investor-owned utilities (1) |  |  | 6.1 |  | 1.4% |  |  | 7.2 |  | 1.3% |
|  | Municipal housing |  |  | 3.6 |  | 0.8% |  |  | 4.8 |  | 0.9% |
|  | Other (2) |  |  | 2.4 |  | 0.6% |  |  | 3.0 |  | 0.5% |
|  |  |  | Total United States |  |  | 361.6 |  | 82.6% |  |  | 445.7 |  | 80.4% |
| Global public finance ¾ non-United States: |  |  |  |  |  |  |  |  |  |  |
|  |  | International utilities |  |  | 13.4 |  | 3.1% |  |  | 15.9 |  | 2.9% |
|  |  | Sovereign-related and sub-sovereign (3) |  |  | 15.5 |  | 3.5% |  |  | 17.3 |  | 3.1% |
|  |  | Transportation |  |  | 9.7 |  | 2.2% |  |  | 12.2 |  | 2.2% |
|  |  | Local governments (4) |  |  | 0.3 |  | 0.1% |  |  | 0.4 |  | 0.1% |
|  |  | Tax-backed |  |  | 0.2 |  | 0.0% |  |  | 0.2 |  | 0.0% |
|  |  |  | Total non-United States |  |  | 39.1 |  | 8.9% |  |  | 46.0 |  | 8.3% |
|  |  |  |  | Total global public finance |  |  | 400.7 |  | 91.5% |  |  | 491.7 |  | 88.7% |
| Global structured finance: |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations (5) |  |  | 14.7 |  | 3.4% |  |  | 31.7 |  | 5.7% |
|  | Mortgage-backed residential |  |  | 9.9 |  | 2.3% |  |  | 12.4 |  | 2.2% |
|  | Mortgage-backed commercial |  |  | 1.1 |  | 0.3% |  |  | 1.6 |  | 0.3% |
|  | Consumer asset-backed |  |  | 1.9 |  | 0.4% |  |  | 2.8 |  | 0.5% |
|  | Corporate asset-backed (6) |  |  | 9.5 |  | 2.1% |  |  | 14.1 |  | 2.6% |
|  |  |  |  | Total global structured finance |  |  | 37.1 |  | 8.5% |  |  | 62.6 |  | 11.3% |
|  |  |  |  | Total |  | $ | 437.8 |  | 100.0% |  | $ | 554.3 |  | 100.0% |
| ___________________ |
| (1) - Includes investor owned utilities, industrial development and pollution control revenue bonds. |
| (2) - Includes certain non-profit enterprises, stadium related financing and student loans. |
| (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. |
| (6) - Includes $5.3 billion and $5.5 billion of structured insurance securitizations as of December 31, 2014 and 2013, respectively. |
Reinsurance agreements for insurance operations |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Standard & |  |  |  |  |  |  | Letters of |  |  |
|  | Poor's Rating |  | Moody's Rating |  | Ceded Par |  | Credit/ Trust |  | Reinsurance
Reinsurers |  | (Status) |  | (Status) |  | Outstanding |  | Accounts |  | Recoverable (1)
Assured Guaranty Re Ltd. |  | AA |  | Baa1 |  | $ | 3,634 |  | $ | 32 |  | $ | 1
|  | (Stable Outlook) |  | (Negative Outlook) |  |  |  |  |  |  |  |  |
Assured Guaranty Corp. |  | AA |  | A3 |  |  | 2,019 |  |  | - |  |  | 6
|  | (Stable Outlook) |  | (Negative Outlook) |  |  |  |  |  |  |  |  |
Overseas Private |  | AA+ |  | Aaa |  |  | 289 |  |  | - |  |  | -
Investment Corporation |  | (Stable Outlook) |  | (Stable Outlook) |  |  |  |  |  |  |  |  |
Others |  | A- or above |  | A2 or above |  |  | 145 |  |  | 2 |  |  | -
Total |  |  |  |  |  | $ | 6,087 |  | $ | 34 |  | $ | 7
_______________
(1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses.
Financial guarantee net premiums earned |
|  |  |  |  | Years Ended December 31, |
| In millions |  | 2014 |  | 2013 |  | 2012 |
| Net premiums earned: |  |  |  |  |  |  |  |  |  |
|  | Direct |  | $ | 407 |  | $ | 400 |  | $ | 489 |
|  | Assumed |  |  | 2 |  |  | 67 |  |  | 130 |
|  |  | Gross |  |  | 409 |  |  | 467 |  |  | 619 |
|  | Ceded |  |  | (12) |  |  | (10) |  |  | (14) |
|  |  | Net |  | $ | 397 |  | $ | 457 |  | $ | 605 |

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