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Insurance In Force (Tables) | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Insurance in force by geographic location | As of December 31, 2022, insurance in force, which represents principal and interest or other amounts owing on insured obligations, had an expected maturity through 2058. The distribution of MBIA Corp.’s and National’s combined insurance in force by geographic location, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, is presented in the following table:
|  | As of December 31, |
$ in billions |  | 2022 |  |  | 2021 |
Geographic Location |  | Insurance in Force |  |  | % of Insurance in Force |  |  | Insurance in Force |  |  | % of Insurance in Force |
California |  | $ | 14.8 |  |  |  | 21.8% |  |  | $ | 16.8 |  |  |  | 21.4% |
Illinois |  |  | 7.5 |  |  |  | 11.0% |  |  |  | 8.2 |  |  |  | 10.4% |
New Jersey |  |  | 4.1 |  |  |  | 6.1% |  |  |  | 4.5 |  |  |  | 5.8% |
Hawaii |  |  | 3.8 |  |  |  | 5.6% |  |  |  | 3.9 |  |  |  | 5.0% |
Virginia |  |  | 3.6 |  |  |  | 5.2% |  |  |  | 3.0 |  |  |  | 3.9% |
Texas |  |  | 2.9 |  |  |  | 4.2% |  |  |  | 3.1 |  |  |  | 4.0% |
Oregon |  |  | 2.0 |  |  |  | 3.0% |  |  |  | 2.3 |  |  |  | 2.9% |
New York |  |  | 2.0 |  |  |  | 2.9% |  |  |  | 2.4 |  |  |  | 3.0% |
Colorado |  |  | 1.8 |  |  |  | 2.7% |  |  |  | 2.0 |  |  |  | 2.5% |
Georgia |  |  | 1.6 |  |  |  | 2.4% |  |  |  | 1.9 |  |  |  | 2.4% |
Subtotal |  |  | 44.1 |  |  |  | 64.9% |  |  |  | 48.1 |  |  |  | 61.3% |
Nationally Diversified |  |  | 7.3 |  |  |  | 10.7% |  |  |  | 7.5 |  |  |  | 9.6% |
Other states |  |  | 13.7 |  |  |  | 20.1% |  |  |  | 18.1 |  |  |  | 23.0% |
Total United States |  |  | 65.1 |  |  |  | 95.7% |  |  |  | 73.7 |  |  |  | 93.9% |
Internationally Diversified |  |  | 0.2 |  |  |  | 0.4% |  |  |  | 0.3 |  |  |  | 0.3% |
Country specific |  |  | 2.7 |  |  |  | 3.9% |  |  |  | 4.5 |  |  |  | 5.8% |
Total non-United States |  |  | 2.9 |  |  |  | 4.3% |  |  |  | 4.8 |  |  |  | 6.1% |
Total |  | $ | 68.0 |  |  |  | 100.0% |  |  | $ | 78.5 |  |  |  | 100.0% |
Insurance in force by bond type | The insurance in force and insured gross par outstanding by type of bond, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, are presented in the following table:
|  | As of December 31, |
$ in billions |  | 2022 |  |  | 2021 |
Bond type |  | Insurance in Force |  |  | Gross Par Amount |  |  | Insurance in Force |  |  | Gross Par Amount |
Global public finance—United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General obligation (1) |  | $ | 19.1 |  |  | $ | 9.1 |  |  | $ | 22.1 |  |  | $ | 10.7 |
Military housing |  |  | 13.8 |  |  |  | 6.8 |  |  |  | 14.3 |  |  |  | 6.9 |
Tax-backed |  |  | 12.2 |  |  |  | 5.6 |  |  |  | 14.2 |  |  |  | 6.8 |
Municipal utilities |  |  | 7.6 |  |  |  | 5.2 |  |  |  | 8.7 |  |  |  | 6.0 |
Transportation |  |  | 6.9 |  |  |  | 2.2 |  |  |  | 7.7 |  |  |  | 2.6 |
General obligation—lease |  |  | 1.3 |  |  |  | 1.0 |  |  |  | 1.7 |  |  |  | 1.2 |
Higher education |  |  | 1.1 |  |  |  | 0.8 |  |  |  | 1.3 |  |  |  | 1.0 |
Health care |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 1.0 |  |  |  | 0.7 |
Investor-owned utilities (2) |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 0.5 |
Other (3) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total United States |  |  | 63.4 |  |  |  | 31.7 |  |  |  | 71.7 |  |  |  | 36.5 |
Global public finance—non-United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign-related and sub-sovereign (4) |  |  | 1.5 |  |  |  | 1.2 |  |  |  | 2.0 |  |  |  | 1.6 |
Transportation |  |  | 0.5 |  |  |  | 0.4 |  |  |  | 1.2 |  |  |  | 1.0 |
International utilities |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Other (5) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total non-United States |  |  | 2.1 |  |  |  | 1.7 |  |  |  | 3.8 |  |  |  | 3.2 |
Total global public finance |  |  | 65.5 |  |  |  | 33.4 |  |  |  | 75.5 |  |  |  | 39.7 |
Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed residential |  |  | 1.2 |  |  |  | 0.8 |  |  |  | 1.5 |  |  |  | 1.0 |
Corporate asset-backed |  |  | 0.5 |  |  |  | 0.4 |  |  |  | 0.6 |  |  |  | 0.4 |
Mortgage-backed commercial |  |  | 0.4 |  |  |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.2 |
Collateralized debt obligations |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.2 |
Consumer asset-backed |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |
Total global structured finance |  |  | 2.5 |  |  |  | 1.7 |  |  |  | 3.0 |  |  |  | 2.0 |
Total |  | $ | 68.0 |  |  | $ | 35.1 |  |  | $ | 78.5 |  |  | $ | 41.7 |
(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 stadium related financings, municipal housing and certain non-profit enterprises. (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.
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) |  |  | $ | 475 |  |  | $ | 18 |  |  | $ | 6 |
|  |  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assured Guaranty Corp. |  |  | AA |  |  |  | A2 |  |  |  | 372 |  |  |  | — |  |  |  | 3 |
|  |  | (Stable Outlook) |  |  |  | (Stable Outlook) |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  |  | A+ or above |  |  |  | WR (2) or above |  |  |  | 50 |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | 897 |  |  | $ | 18 |  |  | $ | 9 |
(1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on paid and unpaid losses net of paid and unpaid salvage due to reinsurers. (2)—Represents a withdrawal of ratings.

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