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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2017
Insurance in Force [Abstract] |
Insurance in force by geographic location |
|  |  |  | As of December 31, |
| $ in billions |  | 2017 |  | 2016 |
|  |  |  |  |  | % of |  |  |  | % of |
|  |  |  | Insurance |  | Insurance |  | Insurance |  | Insurance |
| Geographic Location |  | in Force |  | in Force |  | in Force |  | in Force |
| California |  | $ | 30.3 |  | 19.6% |  | $ | 42.7 |  | 18.1% |
| Illinois |  |  | 13.1 |  | 8.5% |  |  | 15.4 |  | 6.5% |
| New York |  |  | 9.3 |  | 6.0% |  |  | 16.6 |  | 7.0% |
| Puerto Rico |  |  | 8.2 |  | 5.3% |  |  | 8.6 |  | 3.6% |
| New Jersey |  |  | 7.6 |  | 4.9% |  |  | 11.5 |  | 4.9% |
| Texas |  |  | 6.1 |  | 3.9% |  |  | 9.1 |  | 3.9% |
| Hawaii |  |  | 4.5 |  | 2.9% |  |  | 5.2 |  | 2.2% |
| Virginia |  |  | 4.2 |  | 2.7% |  |  | 5.2 |  | 2.2% |
| Florida |  |  | 3.8 |  | 2.5% |  |  | 8.7 |  | 3.7% |
| Oregon |  |  | 3.6 |  | 2.3% |  |  | 4.2 |  | 1.8% |
|  | Subtotal |  |  | 90.7 |  | 58.6% |  |  | 127.2 |  | 53.9% |
| Nationally Diversified |  |  | 15.7 |  | 10.1% |  |  | 20.4 |  | 8.6% |
| Other states |  |  | 37.0 |  | 23.9% |  |  | 57.9 |  | 24.6% |
|  | Total United States |  |  | 143.4 |  | 92.6% |  |  | 205.5 |  | 87.1% |
| Internationally Diversified |  |  | 0.4 |  | 0.3% |  |  | 0.5 |  | 0.2% |
| Country specific |  |  | 11.1 |  | 7.1% |  |  | 29.9 |  | 12.7% |
|  | Total non-United States |  |  | 11.5 |  | 7.4% |  |  | 30.4 |  | 12.9% |
| Total |  | $ | 154.9 |  | 100.0% |  | $ | 235.9 |  | 100.0% |
Insurance in force by bond type |
|  |  |  |  |  |  | As of December 31, |
| $ in billions |  | 2017 |  | 2016 |
|  |  |  |  |  |  | Insurance |  | Gross Par |  | Insurance |  | Gross Par |
| Bond type |  | in Force |  | Amount |  | in Force |  | Amount |
| Global public finance - United States: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | General obligation (1) |  | $ | 42.8 |  | $ | 22.9 |  | $ | 64.6 |  | $ | 38.3 |
|  | General obligation - lease |  |  | 5.1 |  |  | 3.8 |  |  | 12.2 |  |  | 8.7 |
|  | Municipal utilities |  |  | 17.7 |  |  | 11.8 |  |  | 26.1 |  |  | 17.4 |
|  | Tax-backed |  |  | 26.5 |  |  | 12.4 |  |  | 33.0 |  |  | 16.7 |
|  | Transportation |  |  | 15.2 |  |  | 6.9 |  |  | 21.7 |  |  | 11.1 |
|  | Higher education |  |  | 3.2 |  |  | 2.1 |  |  | 6.8 |  |  | 4.5 |
|  | Health care |  |  | 2.6 |  |  | 1.8 |  |  | 4.2 |  |  | 2.7 |
|  | Military housing |  |  | 16.3 |  |  | 7.3 |  |  | 16.8 |  |  | 7.4 |
|  | Investor-owned utilities (2) |  |  | 3.1 |  |  | 2.0 |  |  | 3.7 |  |  | 2.3 |
|  | Municipal housing |  |  | 0.4 |  |  | 0.3 |  |  | 0.7 |  |  | 0.4 |
|  | Other (3) |  |  | 1.1 |  |  | 0.6 |  |  | 1.7 |  |  | 0.9 |
|  |  |  | Total United States |  |  | 134.0 |  |  | 71.9 |  |  | 191.5 |  |  | 110.4 |
| Global public finance - non-United States: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | International utilities |  |  | 1.7 |  |  | 1.4 |  |  | 10.1 |  |  | 6.5 |
|  | Sovereign-related and sub-sovereign (4) |  |  | 3.8 |  |  | 2.7 |  |  | 11.3 |  |  | 7.5 |
|  | Transportation |  |  | 4.5 |  |  | 3.6 |  |  | 7.1 |  |  | 5.2 |
|  | Other (5) |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |  |  | 0.2 |
|  |  |  | Total non-United States |  |  | 10.2 |  |  | 7.8 |  |  | 28.8 |  |  | 19.4 |
|  |  |  |  | Total global public finance |  |  | 144.2 |  |  | 79.7 |  |  | 220.3 |  |  | 129.8 |
| Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations (6) |  |  | 0.5 |  |  | 0.4 |  |  | 2.7 |  |  | 2.6 |
|  | Mortgage-backed residential |  |  | 4.7 |  |  | 3.6 |  |  | 6.3 |  |  | 4.7 |
|  | Mortgage-backed commercial |  |  | 0.7 |  |  | 0.3 |  |  | 0.7 |  |  | 0.3 |
|  | Consumer asset-backed |  |  | 0.9 |  |  | 0.7 |  |  | 1.2 |  |  | 0.9 |
|  | Corporate asset-backed (7) |  |  | 3.9 |  |  | 2.3 |  |  | 4.7 |  |  | 2.9 |
|  |  |  | Total global structured finance |  |  | 10.7 |  |  | 7.3 |  |  | 15.6 |  |  | 11.4 |
|  |  |  |  | Total |  | $ | 154.9 |  | $ | 87.0 |  | $ | 235.9 |  | $ | 141.2 |
| ___________________ |
| (1) - Includes general obligation unlimited and limited (property) tax bonds, general fund obligation bonds and pension obligation bonds of states, cities, counties, schools and special districts. |
| (2) - Includes investor owned utilities, industrial development and pollution control revenue bonds. |
| (3) - Includes certain non-profit enterprises, stadium related financing and student loans. |
| (4) - 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. |
| (5) - Includes municipal owned entities backed by sponsoring local government and tax backed transactions. |
| (6) - Includes a transaction (represented by structured pools of CRE assets) that does not include typical CDO structuring characteristics, such as tranched credit risk, cash flow |
| waterfalls, or interest and over-collateralization coverage tests. |
| (7) - As of December 31, 2017, includes structured insurance securitizations of $2.3 billion and $1.1 billion of insurance in force and gross par amount, respectively. As of December 31, 2016, includes structured insurance securitizations of $2.6 billion and $1.3 billion of insurance in force and gross par amount, 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) | $ | 1,321 |  | $ | 27 |  | $ | 3
|  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |
Assured Guaranty Corp. |  | AA |  | A3 |  | 1,031 |  |  | - |  |  | 3
|  | (Stable Outlook) |  | (Stable Outlook) |  |  |  |  |  |  |  |
Overseas Private |  | AA+ |  | Aaa |  | 281 |  |  | - |  |  | -
Investment Corporation |  | (Stable Outlook) |  | (Stable Outlook) |  |  |  |  |  |  |  |
Others |  | A+ or above |  | WR(2) |  | 91 |  |  | 3 |  |  | -
Total |  |  |  |  | $ | 2,724 |  | $ | 30 |  | $ | 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 |  | 2017 |  | 2016 |  | 2015 |
| Net premiums earned: |  |  |  |  |  |  |  |  |  |
|  | Direct |  | $ | 205 |  | $ | 305 |  | $ | 379 |
|  | Assumed |  |  | 2 |  |  | 2 |  |  | 2 |
|  |  | Gross |  |  | 207 |  |  | 307 |  |  | 381 |
|  | Ceded |  |  | (6) |  |  | (7) |  |  | (9) |
|  |  | Net |  | $ | 201 |  | $ | 300 |  | $ | 372 |

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