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Insurance In Force (Tables)
 12 Months Ended
Dec. 31, 2014
Insurance in Force [Abstract]  
Insurance in force by geographic location
As of December 31,
$ in billions20142013
% of% of
InsuranceInsuranceInsuranceInsurance
Geographic Locationin Forcein Forcein Forcein Force
California$73.816.9%$88.716.0%
New York29.86.8%38.16.9%
Illinois25.45.8%29.65.3%
Florida24.15.5%29.25.3%
Texas21.14.8%28.05.0%
New Jersey16.83.9%20.23.6%
Michigan12.32.8%15.32.8%
Puerto Rico10.12.3%10.92.0%
Pennsylvania9.32.1%11.82.1%
Washington9.12.1%11.52.1%
Subtotal231.853.0%283.351.1%
Nationally diversified38.98.9%53.69.7%
Other states123.628.2%155.828.1%
Total United States394.390.1%492.788.9%
Internationally diversified2.80.6%12.82.3%
Country specific40.79.3%48.88.8%
Total non-United States43.59.9%61.611.1%
Total$437.8100.0%$554.3100.0%
Insurance in force by bond type
As of December 31,
$ in billions20142013
% of% of
InsuranceInsuranceInsuranceInsurance
Bond typein Forcein Forcein Forcein Force
Global public finance¾United States:
General obligation$122.828.0%$153.527.7%
General obligation¾lease27.96.4%34.16.2%
Municipal utilities60.513.8%78.014.1%
Tax-backed53.612.2%66.111.9%
Transportation38.48.8%46.28.3%
Higher education19.54.5%24.14.3%
Health care8.41.9%9.51.7%
Military housing18.44.2%19.23.5%
Investor-owned utilities (1)6.11.4%7.21.3%
Municipal housing3.60.8%4.80.9%
Other (2)2.40.6%3.00.5%
Total United States361.682.6%445.780.4%
Global public finance¾non-United States:
International utilities13.43.1%15.92.9%
Sovereign-related and sub-sovereign (3)15.53.5%17.33.1%
Transportation9.72.2%12.22.2%
Local governments (4)0.30.1%0.40.1%
Tax-backed0.20.0%0.20.0%
Total non-United States39.18.9%46.08.3%
Total global public finance400.791.5%491.788.7%
Global structured finance:
Collateralized debt obligations (5)14.73.4%31.75.7%
Mortgage-backed residential9.92.3%12.42.2%
Mortgage-backed commercial1.10.3%1.60.3%
Consumer asset-backed1.90.4%2.80.5%
Corporate asset-backed (6)9.52.1%14.12.6%
Total global structured finance37.18.5%62.611.3%
Total$437.8100.0%$554.3100.0%
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(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 $5.5 billion of structured insurance securitizations as of December 31, 2014 and 2013, respectively.
Reinsurance agreements for insurance operations
In millions
Standard &Letters of
Poor's RatingMoody's RatingCeded ParCredit/ TrustReinsurance
Reinsurers(Status)(Status)OutstandingAccountsRecoverable (1)
Assured Guaranty Re Ltd.AABaa1$ 3,634$ 32$ 1
(Stable Outlook)(Negative Outlook)
Assured Guaranty Corp.AAA3 2,019 - 6
(Stable Outlook)(Negative Outlook)
Overseas PrivateAA+Aaa 289 - -
Investment Corporation(Stable Outlook)(Stable Outlook)
OthersA- or aboveA2 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 millions201420132012
Net premiums earned:
Direct$407$400$489
Assumed267130
Gross409467619
Ceded(12)(10)(14)
Net$397$457$605