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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2015
Insurance in Force [Abstract] |
Insurance in force by geographic location |
|  |  |  | As of December 31, |
| $ in billions |  | 2015 |  | 2014 |
|  |  |  |  |  | % of |  |  |  | % of |
|  |  |  | Insurance |  | Insurance |  | Insurance |  | Insurance |
| Geographic Location |  | in Force |  | in Force |  | in Force |  | in Force |
| California |  | $ | 55.5 |  | 17.0% |  | $ | 73.8 |  | 16.9% |
| New York |  |  | 23.4 |  | 7.1% |  |  | 29.8 |  | 6.8% |
| Illinois |  |  | 20.5 |  | 6.3% |  |  | 25.4 |  | 5.8% |
| Florida |  |  | 15.2 |  | 4.7% |  |  | 24.1 |  | 5.5% |
| Texas |  |  | 14.5 |  | 4.4% |  |  | 21.1 |  | 4.8% |
| New Jersey |  |  | 13.7 |  | 4.2% |  |  | 16.8 |  | 3.9% |
| Puerto Rico |  |  | 9.0 |  | 2.8% |  |  | 10.1 |  | 2.3% |
| Michigan |  |  | 8.3 |  | 2.5% |  |  | 12.3 |  | 2.8% |
| Colorado |  |  | 6.9 |  | 2.1% |  |  | 8.5 |  | 1.9% |
| Pennsylvania |  |  | 6.4 |  | 2.0% |  |  | 9.3 |  | 2.1% |
|  | Subtotal |  |  | 173.4 |  | 53.1% |  |  | 231.2 |  | 52.8% |
| Nationally diversified |  |  | 28.9 |  | 8.9% |  |  | 38.9 |  | 8.9% |
| Other states |  |  | 88.0 |  | 26.9% |  |  | 124.2 |  | 28.4% |
|  | Total United States |  |  | 290.3 |  | 88.9% |  |  | 394.3 |  | 90.1% |
| Internationally diversified |  |  | 1.1 |  | 0.3% |  |  | 2.8 |  | 0.6% |
| Country specific |  |  | 35.2 |  | 10.8% |  |  | 40.7 |  | 9.3% |
|  | Total non-United States |  |  | 36.3 |  | 11.1% |  |  | 43.5 |  | 9.9% |
| Total |  | $ | 326.6 |  | 100.0% |  | $ | 437.8 |  | 100.0% |
Insurance in force by bond type |
|  |  |  |  |  |  | As of December 31, |
| $ in billions |  | 2015 |  | 2014 |
|  |  |  |  |  |  |  |  | % of |  |  |  | % of |
|  |  |  |  |  |  | Insurance |  | Insurance |  | Insurance |  | Insurance |
| Bond type |  | in Force |  | in Force |  | in Force |  | in Force |
| Global public finance ¾ United States: |  |  |  |  |  |  |  |  |  |  |
|  | General obligation |  | $ | 89.4 |  | 27.4% |  | $ | 122.8 |  | 28.0% |
|  | General obligation ¾ lease |  |  | 20.0 |  | 6.1% |  |  | 27.9 |  | 6.4% |
|  | Municipal utilities |  |  | 41.8 |  | 12.8% |  |  | 60.5 |  | 13.8% |
|  | Tax-backed |  |  | 41.6 |  | 12.7% |  |  | 53.6 |  | 12.2% |
|  | Transportation |  |  | 28.9 |  | 8.8% |  |  | 38.4 |  | 8.8% |
|  | Higher education |  |  | 13.5 |  | 4.1% |  |  | 19.5 |  | 4.5% |
|  | Health care |  |  | 6.6 |  | 2.0% |  |  | 8.4 |  | 1.9% |
|  | Military housing |  |  | 17.3 |  | 5.3% |  |  | 18.4 |  | 4.2% |
|  | Investor-owned utilities (1) |  |  | 5.4 |  | 1.7% |  |  | 6.1 |  | 1.4% |
|  | Municipal housing |  |  | 1.5 |  | 0.5% |  |  | 3.6 |  | 0.8% |
|  | Other (2) |  |  | 1.5 |  | 0.5% |  |  | 2.4 |  | 0.6% |
|  |  |  | Total United States |  |  | 267.5 |  | 81.9% |  |  | 361.6 |  | 82.6% |
| Global public finance ¾ non-United States: |  |  |  |  |  |  |  |  |  |  |
|  |  | International utilities |  |  | 12.1 |  | 3.7% |  |  | 13.4 |  | 3.1% |
|  |  | Sovereign-related and sub-sovereign (3) |  |  | 13.7 |  | 4.2% |  |  | 15.5 |  | 3.5% |
|  |  | Transportation |  |  | 7.6 |  | 2.3% |  |  | 9.7 |  | 2.2% |
|  |  | Local governments (4) |  |  | 0.3 |  | 0.1% |  |  | 0.3 |  | 0.1% |
|  |  | Tax-backed |  |  | 0.2 |  | 0.1% |  |  | 0.2 |  | 0.0% |
|  |  |  | Total non-United States |  |  | 33.9 |  | 10.4% |  |  | 39.1 |  | 8.9% |
|  |  |  |  | Total global public finance |  |  | 301.4 |  | 92.3% |  |  | 400.7 |  | 91.5% |
| Global structured finance: |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations (5) |  |  | 6.4 |  | 1.9% |  |  | 14.7 |  | 3.4% |
|  | Mortgage-backed residential |  |  | 8.0 |  | 2.5% |  |  | 9.9 |  | 2.3% |
|  | Mortgage-backed commercial |  |  | 0.9 |  | 0.3% |  |  | 1.1 |  | 0.3% |
|  | Consumer asset-backed |  |  | 1.6 |  | 0.5% |  |  | 1.9 |  | 0.4% |
|  | Corporate asset-backed (6) |  |  | 8.3 |  | 2.5% |  |  | 9.5 |  | 2.1% |
|  |  |  | Total global structured finance |  |  | 25.2 |  | 7.7% |  |  | 37.1 |  | 8.5% |
|  |  |  |  | Total |  | $ | 326.6 |  | 100.0% |  | $ | 437.8 |  | 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 $5.1 billion and $5.3 billion of structured insurance securitizations as of December 31, 2015 and 2014, 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 |  | WR(2) | $ | 3,251 |  | $ | 30 |  | $ | -
|  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |
Assured Guaranty Corp. |  | AA |  | A3 |  | 1,673 |  |  | - |  |  | 6
|  | (Stable Outlook) |  | (Negative Outlook) |  |  |  |  |  |  |  |
Overseas Private |  | AA+ |  | Aaa |  | 250 |  |  | - |  |  | -
Investment Corporation |  | (Stable Outlook) |  | (Stable Outlook) |  |  |  |  |  |  |  |
Others |  | A- or above |  | A2 or above |  | 120 |  |  | 3 |  |  | -
Total |  |  |  |  | $ | 5,294 |  | $ | 33 |  | $ | 6
_______________
(1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses.
(2) - Represents a withdrawal of ratings.
Financial guarantee net premiums earned |
|  |  |  |  | Years Ended December 31, |
| In millions |  | 2015 |  | 2014 |  | 2013 |
| Net premiums earned: |  |  |  |  |  |  |  |  |  |
|  | Direct |  | $ | 379 |  | $ | 407 |  | $ | 400 |
|  | Assumed |  |  | 2 |  |  | 2 |  |  | 67 |
|  |  | Gross |  |  | 381 |  |  | 409 |  |  | 467 |
|  | Ceded |  |  | (9) |  |  | (12) |  |  | (10) |
|  |  | Net |  | $ | 372 |  | $ | 397 |  | $ | 457 |

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