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Insurance In Force (Tables)
 12 Months Ended
Dec. 31, 2017
Insurance in Force [Abstract]  
Insurance in force by geographic location
As of December 31,
$ in billions20172016
% of% of
InsuranceInsuranceInsuranceInsurance
Geographic Locationin Forcein Forcein Forcein Force
California$30.319.6%$42.718.1%
Illinois13.18.5%15.46.5%
New York9.36.0%16.67.0%
Puerto Rico8.25.3%8.63.6%
New Jersey7.64.9%11.54.9%
Texas6.13.9%9.13.9%
Hawaii4.52.9%5.22.2%
Virginia4.22.7%5.22.2%
Florida3.82.5%8.73.7%
Oregon3.62.3%4.21.8%
Subtotal90.758.6%127.253.9%
Nationally Diversified15.710.1%20.48.6%
Other states37.023.9%57.924.6%
Total United States143.492.6%205.587.1%
Internationally Diversified0.40.3%0.50.2%
Country specific11.17.1%29.912.7%
Total non-United States11.57.4%30.412.9%
Total$154.9100.0%$235.9100.0%
Insurance in force by bond type
As of December 31,
$ in billions20172016
InsuranceGross ParInsuranceGross Par
Bond typein ForceAmount in ForceAmount
Global public finance - United States:
General obligation (1)$42.8$22.9$64.6$38.3
General obligation - lease5.13.812.28.7
Municipal utilities17.711.826.117.4
Tax-backed26.512.433.016.7
Transportation15.26.921.711.1
Higher education3.22.16.84.5
Health care2.61.84.22.7
Military housing16.37.316.87.4
Investor-owned utilities (2)3.12.03.72.3
Municipal housing0.40.30.70.4
Other (3)1.10.61.70.9
Total United States134.071.9191.5110.4
Global public finance - non-United States:
International utilities1.71.410.16.5
Sovereign-related and sub-sovereign (4)3.82.711.37.5
Transportation4.53.67.15.2
Other (5)0.20.10.30.2
Total non-United States10.27.828.819.4
Total global public finance144.279.7220.3129.8
Global structured finance:
Collateralized debt obligations (6)0.50.42.72.6
Mortgage-backed residential4.73.66.34.7
Mortgage-backed commercial0.70.30.70.3
Consumer asset-backed0.90.71.20.9
Corporate asset-backed (7)3.92.34.72.9
Total global structured finance10.77.315.611.4
Total$154.9$87.0$235.9$141.2
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(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 RatingMoody's RatingCeded ParCredit/ TrustReinsurance
Reinsurers(Status)(Status)OutstandingAccountsRecoverable (1)
Assured Guaranty Re Ltd.AAWR(2)$1,321$27$3
(Stable Outlook)
Assured Guaranty Corp.AAA31,031-3
(Stable Outlook)(Stable Outlook)
Overseas PrivateAA+Aaa281--
Investment Corporation(Stable Outlook)(Stable Outlook)
OthersA+ or aboveWR(2)913-
Total$2,724$30$6
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(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 millions201720162015
Net premiums earned:
Direct$205$305$379
Assumed222
Gross207307381
Ceded(6)(7)(9)
Net$201$300$372