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v3.23.3

Loss and Loss Adjustment Expense Reserves (Tables) | 9 Months Ended
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Sep. 30, 2023
Text Block [Abstract] |
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries | The Company’s loss and LAE reserves and recoveries before consolidated VIE eliminations, along with amounts that were eliminated as a result of consolidating VIEs for the international and structured finance insurance segment, which are included in the Company’s consolidated balance sheets as of September 30, 2023 and December 31, 2022 are presented in the following table:
|  |  | As of September 30, 2023 |  |  | As of December 31, 2022 |
In millions | Balance Sheet Line Item |  |  | Balance Sheet Line Item |
|  |  | Insurance loss recoverable |  |  | Loss and LAE reserves (1) |  |  | Insurance loss recoverable |  |  | Loss and LAE reserves (1) |
U.S. Public Finance Insurance | $ | 150 |  |  | $ | 228 |  |  | $ | 107 |  |  | $ | 154 |
International and Structured Finance Insurance: |  |  |  |  |  |  |  |  |  |  |
| Before VIE eliminations |  | 28 |  |  |  | 314 |  |  |  | 32 |  |  |  | 488 |
| VIE eliminations |  | (1 | ) |  |  | (92 | ) |  |  | (2 | ) |  |  | (203 | )
|  | Total international and structured finance insurance |  | 27 |  |  |  | 222 |  |  |  | 30 |  |  |  | 285 |
| Total | $ | 177 |  |  | $ | 450 |  |  | $ | 137 |  |  | $ | 439 |
(1) - Amounts are net of estimated recoveries of expected future claims.
Schedule Of Loss And Loss Adjustment Expenses Reserves |
In millions |  |  | Changes in Loss and LAE Reserves for the Nine Months Ended September 30, 2023 |  |  |  |
Gross Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Loss |
and LAE |  |  |  |  |  | Accretion |  |  |  |  |  |  |  |  | Changes in |  |  | and LAE |
Reserves as of |  |  | Loss |  |  | of Claim |  |  | Changes in |  |  |  |  |  | Unearned |  |  | Reserves as of |
December 31, |  |  | and LAE |  |  | Liability |  |  | Discount |  |  | Changes in |  |  | Premium |  |  | September 30, |
2022 |  |  | Payments |  |  | Discount |  |  | Rates |  |  | Assumptions (1) |  |  | Revenue |  |  | 2023 |
$ | 439 |  |  | $ | (210 | ) |  | $ | 9 |  |  | $ | (24 | ) |  | $ | 234 |  |  | $ | 2 |  |  | $ | 450 |
(1) - Includes changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable |
|  |  |  |  |  | Changes in Insurance Loss Recoverable |  |
|  |  |  |  |  | for the Nine Months Ended September 30, 2023 |  |
|  |  | Gross |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross |
|  |  | Recoverable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recoverable |
|  |  | as of |  |  |  |  |  | Accretion |  |  | Changes in |  |  |  |  |  | as of |
|  |  | December 31, |  |  | Collections |  |  | of |  |  | Discount |  |  | Changes in |  |  | September 30, |
In millions |  | 2022 |  |  | for Cases |  |  | Recoveries |  |  | Rates |  |  | Assumptions |  |  | 2023 |
Insurance loss recoverable |  | $ | 137 |  |  | $ | (7 | ) |  | $ | 3 |  |  | $ | 1 |  |  | $ | 43 |  |  | $ | 177 |
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 September 30, 2023:
|  |  |  |  | Surveillance Categories |
|  |  |  |  | Caution |  |  | Caution |  |  | Caution |  |  |  |  |  |  |
|  |  |  |  | List |  |  | List |  |  | List |  |  | Classified |  |  |  |
$ in millions |  | Low |  |  | Medium |  |  | High |  |  | List |  |  | Total |
Number of policies |  |  | 36 |  |  |  | 1 |  |  |  | - |  |  |  | 95 |  |  |  | 132 |
Number of issues (1) |  |  | 13 |  |  |  | 1 |  |  |  | - |  |  |  | 78 |  |  |  | 92 |
Remaining weighted average contract period (in years) |  |  | 5.6 |  |  |  | 0.3 |  |  |  | - |  |  |  | 7.0 |  |  |  | 6.3 |
Gross insured contractual payments outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Principal |  | $ | 1,411 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 1,255 |  |  | $ | 2,668 |
|  | Interest |  |  | 1,697 |  |  |  | - |  |  |  | - |  |  |  | 494 |  |  |  | 2,191 |
|  |  | Total |  | $ | 3,108 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 1,749 |  |  | $ | 4,859 |
Gross Claim Liability (3) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 653 |  |  | $ | 653 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Potential Recoveries (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 235 |  |  |  | 235 |
| Discount, net (5) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 147 |  |  |  | 147 |
Net claim liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 271 |  |  | $ | 271 |
Unearned premium revenue |  | $ | 9 |  |  | $ | - |  |  | $ | - |  |  | $ | 8 |  |  | $ | 17 |
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, 2022:
|  |  |  |  | Surveillance Categories |
|  |  |  |  | Caution |  |  | Caution |  |  | Caution |  |  |  |  |  |  |
|  |  |  |  | List |  |  | List |  |  | List |  |  | Classified |  |  |  |
$ in millions |  | Low |  |  | Medium |  |  | High |  |  | List |  |  | Total |
Number of policies |  |  | 57 |  |  |  | 3 |  |  |  | - |  |  |  | 101 |  |  |  | 161 |
Number of issues (1) |  |  | 17 |  |  |  | 2 |  |  |  | - |  |  |  | 80 |  |  |  | 99 |
| Remaining weighted average contract period (in years) |  |  | 5.7 |  |  |  | 2.4 |  |  |  | - |  |  |  | 7.2 |  |  |  | 6.4 |
Gross insured contractual payments outstanding: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Principal |  | $ | 1,723 |  |  | $ | 4 |  |  | $ | - |  |  | $ | 1,458 |  |  | $ | 3,185 |
|  | Interest |  |  | 1,905 |  |  |  | 1 |  |  |  | - |  |  |  | 602 |  |  |  | 2,508 |
|  |  | Total |  | $ | 3,628 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 2,060 |  |  | $ | 5,693 |
Gross Claim Liability (3) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 677 |  |  | $ | 677 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Potential Recoveries (4) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 198 |  |  |  | 198 |
| Discount, net (5) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 179 |  |  |  | 179 |
Net claim liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 300 |  |  | $ | 300 |
Unearned premium revenue |  | $ | 11 |  |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 20 |
Reinsurance recoverable on paid and unpaid losses (6) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10 |
(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 -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 55 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-34 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 9 -Subparagraph (a)(5), (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-9 + Details
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