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Outstanding Exposure (Tables)
 3 Months Ended
Mar. 31, 2024
Outstanding Exposure Disclosure [Abstract]  
Debt Service Outstanding
Financial Guaranty Portfolio
Debt Service and Par Outstanding
As of March 31, 2024 As of December 31, 2023
  GrossNet GrossNet
 (in millions)
Debt Service
Public finance$383,723 $383,648 $386,494 $386,419 
Structured finance11,627 11,201 11,543 11,217 
Total financial guaranty$395,350 $394,849 $398,037 $397,636 
Par Outstanding
Public finance$238,188 $238,132 $239,352 $239,296 
Structured finance10,438 10,012 10,183 9,857 
Total financial guaranty$248,626 $248,144 $249,535 $249,153 
Financial Guaranty Portfolio by Internal Rating
Financial Guaranty Portfolio by Internal Rating
As of March 31, 2024
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S		Structured Finance
Non-U.S		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$27 — %$2,058 4.3 %$762 8.8 %$454 33.2 %$3,301 1.3 %
AA17,872 9.5 3,336 6.9 5,591 64.7 84 6.1 26,883 10.8 
A103,551 54.5 12,740 26.4 816 9.5 738 53.9 117,845 47.5 
BBB65,326 34.4 28,998 60.1 505 5.8 93 6.8 94,922 38.3 
BIG3,119 1.6 1,105 2.3 969 11.2 — — 5,193 2.1 
Total net par outstanding$189,895 100.0 %$48,237 100.0 %$8,643 100.0 %$1,369 100.0 %$248,144 100.0 %

Financial Guaranty Portfolio by Internal Rating
As of December 31, 2023 
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S		Structured Finance
Non-U.S		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$110 0.1 %$2,062 4.2 %$867 10.0 %$465 38.0 %$3,504 1.4 %
AA17,883 9.4 3,379 6.9 4,517 52.3 89 7.3 25,868 10.4 
A102,945 54.1 12,968 26.5 1,639 19.0 571 46.6 118,123 47.4 
BBB66,080 34.7 29,467 60.1 574 6.7 100 8.1 96,221 38.6 
BIG3,271 1.7 1,131 2.3 1,035 12.0 — — 5,437 2.2 
Total net par outstanding$190,289 100.0 %$49,007 100.0 %$8,632 100.0 %$1,225 100.0 %$249,153 100.0 %
Schedule of BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of March 31, 2024
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$1,249 $926 $944 $3,119 189,895 
Non-U.S. public finance 1,105 — — 1,105 48,237 
Public finance2,354 926 944 4,224 238,132 
Structured finance:
U.S. RMBS17 36 825 878 1,684 
Other structured finance— 25 66 91 8,328 
Structured finance17 61 891 969 10,012 
Total$2,371 $987 $1,835 $5,193 $248,144 

Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2023
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$1,257 $926 $1,088 $3,271 $190,289 
Non-U.S. public finance 1,131 — — 1,131 49,007 
Public finance2,388 926 1,088 4,402 239,296 
Structured finance:
U.S. RMBS22 36 883 941 1,774 
Other structured finance— 27 67 94 8,083 
Structured finance22 63 950 1,035 9,857 
Total$2,410 $989 $2,038 $5,437 $249,153 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of March 31, 2024
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$2,356 $15 $2,371 91 2 93 
BIG 2977 10 987 12 2 14 
BIG 31,808 27 1,835 109 7 116 
Total BIG$5,141 $52 $5,193 212 11 223 
 Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2023
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$2,394 $16 $2,410 95 2 97 
BIG 2979 10 989 13 2 15 
BIG 32,010 28 2,038 109 7 116 
Total BIG$5,383 $54 $5,437 217 11 228 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
The following table shows the scheduled amortization of the obligations of the Puerto Rico authorities and public corporations that the Company insures. The Company guarantees payment of interest and principal when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis, although in certain circumstances it may elect to do so. In the event that obligors default on their obligations, the Company would only be required to pay the shortfall between the debt service due in any given period and the amount paid by the obligors.
Amortization Schedule of Puerto Rico
Net Par Outstanding and Net Debt Service Outstanding
As of March 31, 2024
Scheduled Net Par AmortizationScheduled Net Debt Service Amortization
(in millions)
2024 (April 1 - June 30)$— $3 
2024 (July 1 - September 30)110 131 
2024 (October 1 - December 31)— 3 
Subtotal 2024110 137 
202584 124 
2026140 177 
2027120 151 
202881 106 
2029-2033197 281 
2034-2038132 170 
2039-204197 106 
Total$961 $1,252 
The following tables provide information on financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance
BIG Transaction Loss Summary
As of March 31, 2024  
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)91 12 109 212 212 
Remaining weighted-average period (in years)9.415.76.99.79.7
Outstanding exposure:    
Par$2,362 $977 $1,817 $5,156 $5,141 
Interest1,098 893 657 2,648 2,644 
Total (2)$3,460 $1,870 $2,474 $7,804 $7,785 
Expected cash outflows (inflows) $171 $187 $1,472 $1,830 $1,820 
Potential recoveries (3)(363)(77)(1,219)(1,659)(1,650)
Subtotal(192)110 253 171 170 
Discount53 (23)(12)18 18 
Expected losses to be paid (recovered)$(139)$87 $241 $189 $188 
Deferred premium revenue$96 $62 $136 $294 $294 
Reserves (salvage)$(175)$45 $137 $7 $7 
 
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2023 
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)95 13 109 217 217 
Remaining weighted-average period (in years)9.615.97.59.910.0
Outstanding exposure: 
Par$2,400 $979 $2,019 $5,398 $5,383 
Interest1,126 896 818 2,840 2,836 
Total (2)$3,526 $1,875 $2,837 $8,238 $8,219 
Expected cash outflows (inflows) $176 $187 $1,585 $1,948 $1,938 
Potential recoveries (3)(376)(78)(1,214)(1,668)(1,659)
Subtotal(200)109 371 280 279 
Discount56 (22)(53)(19)(19)
Expected losses to be paid (recovered)$(144)$87 $318 $261 $260 
Deferred premium revenue$100 $63 $142 $305 $305 
Reserves (salvage)$(181)$45 $209 $73 $72 
____________________
(1)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)Includes amounts related to FG VIEs.
(3)Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Gross Par and Gross Debt Service Outstanding
The following tables show the Company’s insured exposure to various authorities and public corporations of Puerto Rico.

Puerto Rico
Gross Par and Gross Debt Service Outstanding
Gross Par OutstandingGross Debt Service Outstanding
As ofAs of
 March 31, 2024December 31, 2023March 31, 2024December 31, 2023
 (in millions)
Exposure to Puerto Rico$976 $1,120 $1,270 $1,526 
Schedule of Geographic Exposure of Net Par Outstanding
Puerto Rico
Net Par Outstanding
As of
March 31, 2024December 31, 2023
 (in millions)
Defaulted Puerto Rico Exposures
PREPA$624 $624 
Total Defaulted624 624 
Resolved Puerto Rico Exposures (1)
Puerto Rico Highways and Transportation Authority (PRHTA) (Transportation revenue)
204 244 
PRHTA (Highway revenue)24 128 
Total Resolved228 372 
Non-Defaulting Puerto Rico Exposures (2)
Municipal Finance Agency (MFA)
108 108 
Puerto Rico Aqueduct and Sewer Authority (PRASA) and University of Puerto Rico (U of PR)1 1 
Total Non-Defaulting109 109 
Total net exposure to Puerto Rico$961 $1,105 
____________________
(1)    Resolved pursuant to the 2022 Puerto Rico Resolutions (as defined below). In January 2024, $144 million of the remaining PRHTA net par was paid down. All of the Toll Bonds (as defined below) received from the PRHTA under the 2022 Puerto Rico Resolutions for the insured PRHTA bonds have been sold or redeemed; therefore, the remaining amounts owed for such insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of the PRHTA. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.
(2)    All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.
Schedule of Non-Financial Guaranty Exposure
Specialty Business
As of March 31, 2024 As of December 31, 2023
Gross ExposureNet ExposureGross ExposureNet Exposure
(in millions)
Insurance securitizations (1)$1,398 $1,067 $1,370 $1,043 
Aircraft residual value insurance355 200 355 200 
Other guaranties2,001 2,001 2,057 2,057 
____________________
(1)    Insurance securitizations exposure is projected to reach $1.5 billion gross in 2025 and $1.2 billion net in 2026.