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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2020
Insurance [Abstract] |
Insurance in force by geographic location |
|  | As of December 31, |
$ in billions |  | 2020 |  |  | 2019 |
Geographic Location |  | Insurance in Force |  |  | % of Insurance in Force |  |  | Insurance in Force |  |  | % of Insurance in Force |
California |  | $ | 20.0 |  |  |  | 21.9% |  |  | $ | 22.4 |  |  |  | 20.9% |
Illinois |  |  | 8.9 |  |  |  | 9.7% |  |  |  | 10.2 |  |  |  | 9.5% |
New Jersey |  |  | 5.4 |  |  |  | 5.9% |  |  |  | 6.0 |  |  |  | 5.6% |
Hawaii |  |  | 4.1 |  |  |  | 4.4% |  |  |  | 4.2 |  |  |  | 3.9% |
Texas |  |  | 3.7 |  |  |  | 4.0% |  |  |  | 4.0 |  |  |  | 3.7% |
Virginia |  |  | 3.2 |  |  |  | 3.6% |  |  |  | 3.6 |  |  |  | 3.3% |
New York |  |  | 3.0 |  |  |  | 3.3% |  |  |  | 4.7 |  |  |  | 4.4% |
Puerto Rico |  |  | 2.9 |  |  |  | 3.2% |  |  |  | 3.3 |  |  |  | 3.1% |
Oregon |  |  | 2.7 |  |  |  | 2.9% |  |  |  | 2.9 |  |  |  | 2.7% |
Colorado |  |  | 2.1 |  |  |  | 2.3% |  |  |  | 2.8 |  |  |  | 2.6% |
Subtotal |  |  | 56.0 |  |  |  | 61.2% |  |  |  | 64.1 |  |  |  | 59.7% |
Nationally Diversified |  |  | 8.7 |  |  |  | 9.5% |  |  |  | 11.8 |  |  |  | 11.0% |
Other states |  |  | 19.8 |  |  |  | 21.7% |  |  |  | 23.5 |  |  |  | 21.8% |
Total United States |  |  | 84.5 |  |  |  | 92.4% |  |  |  | 99.4 |  |  |  | 92.5% |
Internationally Diversified |  |  | 0.3 |  |  |  | 0.3% |  |  |  | 0.3 |  |  |  | 0.3% |
Country specific |  |  | 6.6 |  |  |  | 7.3% |  |  |  | 7.8 |  |  |  | 7.2% |
Total non-United States |  |  | 6.9 |  |  |  | 7.6% |  |  |  | 8.1 |  |  |  | 7.5% |
Total |  | $ | 91.4 |  |  |  | 100.0% |  |  | $ | 107.5 |  |  |  | 100.0% |
Insurance in force by bond type |
|  | As of December 31, |
$ in billions |  | 2020 |  |  | 2019 |
Bond type |  | Insurance in Force |  |  | Gross Par Amount |  |  | Insurance in Force |  |  | Gross Par Amount |
Global public finance—United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligation (1) |  | $ | 25.0 |  |  | $ | 12.1 |  |  | $ | 29.1 |  |  | $ | 14.3 |
Tax-backed |  |  | 15.7 |  |  |  | 7.9 |  |  |  | 17.7 |  |  |  | 9.2 |
Military housing |  |  | 14.8 |  |  |  | 7.0 |  |  |  | 15.2 |  |  |  | 7.1 |
Municipal utilities |  |  | 10.6 |  |  |  | 7.3 |  |  |  | 12.0 |  |  |  | 8.1 |
Transportation |  |  | 9.2 |  |  |  | 3.0 |  |  |  | 10.6 |  |  |  | 3.9 |
General obligation—lease |  |  | 2.4 |  |  |  | 1.9 |  |  |  | 3.1 |  |  |  | 2.3 |
Higher education |  |  | 1.5 |  |  |  | 1.1 |  |  |  | 2.2 |  |  |  | 1.5 |
Health care |  |  | 1.2 |  |  |  | 0.8 |  |  |  | 1.4 |  |  |  | 1.0 |
Investor-owned utilities (2) |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 1.4 |  |  |  | 0.9 |
Municipal housing |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.1 |
Other (3) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.8 |  |  |  | 0.5 |
Total United States |  |  | 81.5 |  |  |  | 41.9 |  |  |  | 93.7 |  |  |  | 48.9 |
Global public finance—non-United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign-related and sub-sovereign (4) |  |  | 2.8 |  |  |  | 2.1 |  |  |  | 3.0 |  |  |  | 2.3 |
Transportation |  |  | 2.1 |  |  |  | 1.8 |  |  |  | 2.7 |  |  |  | 2.3 |
International utilities |  |  | 0.9 |  |  |  | 0.8 |  |  |  | 1.1 |  |  |  | 1.0 |
Other (5) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.1 |
Total non-United States |  |  | 5.9 |  |  |  | 4.8 |  |  |  | 7.0 |  |  |  | 5.7 |
Total global public finance |  |  | 87.4 |  |  |  | 46.7 |  |  |  | 100.7 |  |  |  | 54.6 |
Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed residential |  |  | 2.0 |  |  |  | 1.5 |  |  |  | 2.5 |  |  |  | 1.8 |
Corporate asset-backed (6) |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 3.0 |  |  |  | 1.7 |
Mortgage-backed commercial |  |  | 0.5 |  |  |  | 0.2 |  |  |  | 0.5 |  |  |  | 0.2 |
Collateralized debt obligations |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.3 |
Consumer asset-backed |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.3 |
Total global structured finance |  |  | 4.0 |  |  |  | 2.9 |  |  |  | 6.8 |  |  |  | 4.3 |
Total |  | $ | 91.4 |  |  | $ | 49.6 |  |  | $ | 107.5 |  |  | $ | 58.9 |
(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. (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)—As of December 31, 2020, all remaining insurance in force and gross par relating to structured insurance securitizations was terminated. As of December 31, 2019, includes structured insurance securitizations of $2.1 billion and $1.0 billion of insurance in force and gross par amount, respectively.
Reinsurance agreements for insurance operations |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurers |  | Standard & Poor’s Rating (Status) |  |  | Moody’s Rating (Status) |  |  | Ceded Par Outstanding |  |  | Letters of Credit/Trust Accounts |  |  | Reinsurance Recoverable/ (Payable) (1) |
Assured Guaranty Re Ltd. |  |  | AA |  |  |  | WR (2) |  |  | $ | 584 |  |  | $ | 21 |  |  | $ | — |
|  |  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assured Guaranty Corp. |  |  | AA |  |  |  | A3 |  |  |  | 620 |  |  |  | — |  |  |  | (37) |
|  |  | (Stable Outlook) |  |  |  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |  |  |  |
Overseas Private |  |  | AA+ |  |  |  | Aaa |  |  |  | 221 |  |  |  | — |  |  |  | — |
Investment Corporation |  |  | (Stable Outlook) |  |  |  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  |  | A + or above |  |  |  | WR or above (2) |  |  |  | 55 |  |  |  | — |  |  |  | (1) |
Total |  |  |  |  |  |  |  |  |  | $ | 1,480 |  |  | $ | 21 |  |  | $ | (38) |
(1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received. (2)—Represents a withdrawal of ratings.

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