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v3.19.1

Loss and Loss Adjustment Expense Reserves (Tables) | 3 Months Ended
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Mar. 31, 2019
Text Block [Abstract] |
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries |
|  |  | As of March 31, 2019 |  |  | As of December 31, 2018 |
In millions | Balance Sheet Line Item |  |  | Balance Sheet Line Item |
|  |  | Insurance loss recoverable |  | Loss and LAE reserves |  |  | Insurance loss recoverable |  | Loss and LAE reserves |
U.S. Public Finance Insurance |  |  |  |  |  |  |  |  |  |  |  |  |
| Before VIE eliminations | $ | 630 |  | $ | 478 |  |  | $ | 571 |  | $ | 551 |
| VIE eliminations |  | - |  |  | (75) |  |  |  | - |  |  | - |
|  | Total U.S. public finance insurance |  | 630 |  |  | 403 |  |  |  | 571 |  |  | 551 |
International and Structured Finance Insurance: |  |  |  |  |  |  |  |  |  |  |
| Before VIE eliminations(1) |  | 1,389 |  |  | 668 |  |  |  | 1,430 |  |  | 637 |
| VIE eliminations(1) |  | (436) |  |  | (265) |  |  |  | (437) |  |  | (254) |
|  | Total international and structured finance insurance |  | 953 |  |  | 403 |  |  |  | 993 |  |  | 383 |
| Total | $ | 1,583 |  | $ | 806 |  |  | $ | 1,564 |  | $ | 934 |
|  | _________________ |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (1) - Includes loan repurchase commitments of $420 million and $418 million as of March 31, 2019 and December 31, 2018, respectively. |
Schedule Of Loss And Loss Adjustment Expenses Reserves |
In millions |  | Changes in Loss and LAE Reserves for the Three Months Ended March 31, 2019 |  |  |
Gross Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Loss
and LAE |  |  |  | Accretion |  |  |  |  |  |  |  | Changes in |  |  |  |  | and LAE
Reserves as of |  |  |  | of Claim |  | Changes in |  |  |  | Unearned |  | Changes in |  | Reserves as of
December 31, |  | Loss |  | Liability |  | Discount |  | Changes in |  | Premium |  | LAE |  | March 31,
2018 |  | Payments |  | Discount |  | Rates |  | Assumptions |  | Revenue |  | Reserves |  | 2019
$ | 934 |  | $ | (84) |  | $ | 5 |  | $ | (27) |  | $ | (37) |  | $ | 24 |  | $ | (9) |  | $ | 806
Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses |
|  |  |  |  |  | Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses |  |  |
|  |  |  |  |  | for the Three Months Ended March 31, 2019 |  |  |
|  |  | Gross |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross
|  |  | Reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Reserve
|  |  | as of |  |  |  | Accretion |  | Changes in |  |  |  | Changes in |  |  |  | as of
|  |  | December 31, |  | Collections |  | of |  | Discount |  | Changes in |  | LAE |  |  |  | March 31,
In millions |  | 2018 |  | for Cases |  | Recoveries |  | Rates |  | Assumptions |  | Recoveries |  | Other(1) |  | 2019
Insurance loss recoverable |  | $ | 1,564 |  | $ | (58) |  | $ | 10 |  | $ | 28 |  | $ | 40 | (2) | $ | - |  | $ | (1) |  | $ | 1,583
Recoveries on unpaid losses (3) |  |  | 19 |  |  | - |  |  | - |  |  | 1 |  |  | (1) |  |  | - |  |  | - |  |  | 19
Total |  | $ | 1,583 |  | $ | (58) |  | $ | 10 |  | $ | 29 |  | $ | 39 |  | $ | - |  | $ | (1) |  | $ | 1,602
____________
(1) - Primarily changes in amount and timing of collections.
(2) - Includes amounts which have been paid and are expected to be recovered in the future.
(3) - Excludes certain Puerto Rico recoveries which have been netted against reserves.
Schedule Of Financial Guarantees And Related Claim Liability |
|  |  |  |  | Surveillance Categories
|  |  |  |  | Caution |  | Caution |  | Caution |  |  |  |  |  |
|  |  |  |  | List |  | List |  | List |  | Classified |  |  |
$ in millions |  | Low |  | Medium |  | High |  | List |  | Total
Number of policies |  |  | 47 |  |  | 18 |  |  | - |  |  | 229 |  |  | 294
Number of issues (1) |  |  | 15 |  |  | 4 |  |  | - |  |  | 99 |  |  | 118
Remaining weighted average contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| period (in years) |  |  | 6.6 |  |  | 7.8 |  |  | - |  |  | 7.6 |  |  | 7.4
Gross insured contractual payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Principal |  | $ | 1,527 |  | $ | 249 |  | $ | - |  | $ | 4,267 |  | $ | 6,043
|  | Interest |  |  | 2,068 |  |  | 122 |  |  | - |  |  | 1,781 |  |  | 3,971
|  |  | Total |  | $ | 3,595 |  | $ | 371 |  | $ | - |  | $ | 6,048 |  | $ | 10,014
Gross Claim Liability (3) |  | $ | - |  | $ | - |  | $ | - |  | $ | 928 |  | $ | 928
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Potential Recoveries (4) |  |  | - |  |  | - |  |  | - |  |  | 1,999 |  |  | 1,999
| Discount, net (5) |  |  | - |  |  | - |  |  | - |  |  | (300) |  |  | (300)
Net claim liability (recoverable) |  | $ | - |  | $ | - |  | $ | - |  | $ | (771) |  | $ | (771)
Unearned premium revenue |  | $ | 5 |  | $ | 4 |  | $ | - |  | $ | 41 |  | $ | 50
Reinsurance recoverable on paid and unpaid losses (6) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.
(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.
(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.
(6) - Included in "Other assets" on the Company's consolidated balance sheets.
|  |  |  |  | Surveillance Categories
|  |  |  |  | Caution |  | Caution |  | Caution |  |  |  |  |  |
|  |  |  |  | List |  | List |  | List |  | Classified |  |  |
$ in millions |  | Low |  | Medium |  | High |  | List |  | Total
Number of policies |  |  | 50 |  |  | 18 |  |  | - |  |  | 233 |  |  | 301
Number of issues (1) |  |  | 16 |  |  | 4 |  |  | - |  |  | 102 |  |  | 122
Remaining weighted average contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| period (in years) |  |  | 6.7 |  |  | 8.0 |  |  | - |  |  | 9.7 |  |  | 8.9
Gross insured contractual payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Principal |  | $ | 1,604 |  | $ | 249 |  | $ | - |  | $ | 5,353 |  | $ | 7,206
|  | Interest |  |  | 2,118 |  |  | 123 |  |  | - |  |  | 5,414 |  |  | 7,655
|  |  | Total |  | $ | 3,722 |  | $ | 372 |  | $ | - |  | $ | 10,767 |  | $ | 14,861
Gross Claim Liability (3) |  | $ | - |  | $ | - |  | $ | - |  | $ | 977 |  | $ | 977
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Potential Recoveries (4) |  |  | - |  |  | - |  |  | - |  |  | 2,255 |  |  | 2,255
| Discount, net (5) |  |  | - |  |  | - |  |  | - |  |  | (670) |  |  | (670)
Net claim liability (recoverable) |  | $ | - |  | $ | - |  | $ | - |  | $ | (608) |  | $ | (608)
Unearned premium revenue |  | $ | 5 |  | $ | 4 |  | $ | - |  | $ | 63 |  | $ | 72
Reinsurance recoverable on paid and unpaid losses (6) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21
__________
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.
(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.
(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.
(6) - Included in "Other assets" on the Company's consolidated balance sheets.

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- Definition Tabular disclosure of insured financial obligations with credit deterioration related to the claim liability on financial guarantee insurance contracts as of the end of each annual and interim reporting period detailing, at a minimum, the following for each surveillance category or grouping used to track and monitor the entity's insured financial obligations: (1) number of issued and outstanding financial guarantee insurance contracts; (2) remaining weighted average contract period; (3) insured contractual payments outstanding, segregating principal and interest; (4) gross claim liability; (5) gross potential recoveries; (6) net discount of both the claim liability and potential recoveries; (7) net claim liability; (8) reinsurance recoverable; and (9) unearned premium revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 55 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=99379334&loc=SL5751140-161288 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 9 -Subparagraph (a)(5), (b)(1) -URI http://asc.fasb.org/extlink&oid=99382878&loc=SL5749324-161292 + Details
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