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v3.20.1

Loss and Loss Adjustment Expense Reserves (Tables) | 3 Months Ended
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Mar. 31, 2020
Text Block [Abstract] |
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries |
|  | As of March 31, 2020 |  | As of December 31, 2019
In millions |  | Balance Sheet Line Item |  | Balance Sheet Line Item
|  | Insurance loss recoverable |  | Loss and LAE reserves (2) |  | Insurance loss recoverable |  | Loss and LAE reserves (2) |
U.S. Public Finance Insurance |  | $ | 954 |  |  | $ | 451 |  |  | $ | 911 |  |  | $ | 432 |
International and Structured Finance Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Before VIE eliminations (1) |  |  | 1,181 |  |  |  | 799 |  |  |  | 1,286 |  |  |  | 749 |
VIE eliminations (1) |  |  | (528 | ) |  |  | (284 | ) |  |  | (503 | ) |  |  | (280 | )
Total international and structured finance insurance |  |  | 653 |  |  |  | 515 |  |  |  | 783 |  |  |  | 469 |
Total |  | $ | 1,607 |  |  | $ | 966 |  |  | $ | 1,694 |  |  | $ | 901 |
(1) - | Includes loan repurchase commitments of $506 million and $486 million as of March 31, 2020 and December 31, 2019, respectively.
(2) - | Amounts are net of expected recoveries.
Schedule Of Loss And Loss Adjustment Expenses Reserves |
In millions |  |  | Changes in Loss and LAE Reserves for the Three Months Ended March 31, 2020 |  |  |  |
Gross Loss and LAE Reserves as of December 31, 2019 (1) |  |  | Loss Payments |  |  | Accretion of Claim Liability Discount |  |  | Changes in Discount Rates |  |  | Changes in Assumptions |  |  | Changes in Unearned Premium Revenue |  |  | Other |  |  | Gross Loss and LAE Reserves as of March 31, 2020 (1) |
$ | 901 |  |  | $ | (68 | ) |  | $ | 4 |  |  | $ | (98 | ) |  | $ | 222 |  |  | $ | 6 |  |  |  | (1 | ) |  | $ | 966 |
(1) - | Amounts are net of expected recoveries of unpaid claims.
Schedule Of Insurance Loss Recoverable |
|  |  |  |  | Changes in Insurance Loss Recoverable |  |  |  |
|  |  |  |  | for the Three Months Ended March 31, 2020 |  |  |  |
In millions |  | Gross Reserve as of December 31, 2019 |  |  | Collections for Cases |  |  | Accretion of Recoveries |  |  | Changes in Discount Rates |  |  | Changes in Assumptions (1) |  |  | Other (2) |  |  | Gross Reserve as of March 31, 2020 |
Insurance loss recoverable |  | $ | 1,694 |  |  | $ | (8 | ) |  | $ | 7 |  |  | $ | 157 |  |  | $ | (241 | ) |  | $ | (2 | ) |  | $ | 1,607 |
(1) - | Includes amounts related to paid claims and LAE that are expected to be recovered in the future.
(2) - | Primarily changes in amount and timing of collections.
Schedule Of Financial Guarantees And Related Claim Liability | The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of March 31, 2020:
|  | Surveillance Categories |
$ in millions |  | Caution List Low |  |  | Caution List Medium |  |  | Caution List High |  |  | Classified List |  |  | Total |
Number of policies |  |  | 42 |  |  |  | 18 |  |  |  | - |  |  |  | 219 |  |  |  | 279 |
Number of issues (1) |  |  | 12 |  |  |  | 5 |  |  |  | - |  |  |  | 99 |  |  |  | 116 |
Remaining weighted average contract period (in years) |  |  | 6.6 |  |  |  | 7.1 |  |  |  | - |  |  |  | 7.7 |  |  |  | 7.4 |
Gross insured contractual payments outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 1,192 |  |  | $ | 224 |  |  | $ | - |  |  | $ | 3,736 |  |  | $ | 5,152 |
Interest |  |  | 1,914 |  |  |  | 99 |  |  |  | - |  |  |  | 1,566 |  |  |  | 3,579 |
Total |  | $ | 3,106 |  |  | $ | 323 |  |  | $ | - |  |  | $ | 5,302 |  |  | $ | 8,731 |
Gross Claim Liability (3) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,068 |  |  | $ | 1,068 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Potential Recoveries (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,781 |  |  |  | 1,781 |
Discount, net (5) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (91 | ) |  |  | (91 | )
Net claim liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (622 | ) |  | $ | (622 | )
Unearned premium revenue |  | $ | 6 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 38 |  |  | $ | 47 |
Reinsurance recoverable on paid and unpaid losses (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13 |
(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.
The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2019:
|  | Surveillance Categories |
$ in millions |  | Caution List Low |  |  | Caution List Medium |  |  | Caution List High |  |  | Classified List |  |  | Total |
Number of policies |  |  | 45 |  |  |  | 19 |  |  |  | - |  |  |  | 212 |  |  |  | 276 |
Number of issues (1) |  |  | 13 |  |  |  | 5 |  |  |  | - |  |  |  | 94 |  |  |  | 112 |
Remaining weighted average contract period (in years) |  |  | 7.3 |  |  |  | 7.2 |  |  |  | - |  |  |  | 7.9 |  |  |  | 7.7 |
Gross insured contractual payments outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 1,546 |  |  | $ | 248 |  |  | $ | - |  |  | $ | 3,794 |  |  | $ | 5,588 |
Interest |  |  | 2,107 |  |  |  | 110 |  |  |  | - |  |  |  | 1,668 |  |  |  | 3,885 |
Total |  | $ | 3,653 |  |  | $ | 358 |  |  | $ | - |  |  | $ | 5,462 |  |  | $ | 9,473 |
Gross Claim Liability (3) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 965 |  |  | $ | 965 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Potential Recoveries (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,184 |  |  |  | 2,184 |
Discount, net (5) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (453 | ) |  |  | (453 | )
Net claim liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (766 | ) |  | $ | (766 | )
Unearned premium revenue |  | $ | 6 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 39 |  |  | $ | 48 |
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.

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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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