Insurance in Force (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Insurance in force by geographic location

As of December 31, 2023, the Company's insurance in force 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		2023					2022
				% of					% of
		Insurance		Insurance			Insurance		Insurance
Geographic Location		in Force		in Force			in Force		in Force
California		$	13.4		22.0	%	$	14.8		21.8	%
Illinois			6.6		10.8	%		7.5		11.0	%
New Jersey			3.8		6.2	%		4.1		6.1	%
Hawaii			3.6		6.0	%		3.8		5.6	%
Virginia			3.4		5.6	%		3.6		5.2	%
Texas			2.7		4.4	%		2.9		4.2	%
Oregon			1.7		2.8	%		2.0		3.0	%
Colorado			1.7		2.8	%		1.8		2.7	%
New York			1.5		2.5	%		2.0		2.9	%
Georgia			1.5		2.4	%		1.6		2.4	%
	Subtotal		39.9		65.5	%		44.1		64.9	%
Nationally Diversified			6.7		11.1	%		7.3		10.7	%
Other states			11.8		19.4	%		13.7		20.1	%
	Total United States		58.4		96.0	%		65.1		95.7	%
Internationally Diversified			0.2		0.3	%		0.2		0.4	%
Country specific			2.3		3.7	%		2.7		3.9	%
	Total non-United States		2.5		4.0	%		2.9		4.3	%
Total		$	60.9		100.0	%	$	68.0		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				2023				2022
				Insurance		Gross Par		Insurance		Gross Par
Bond type				in Force		Amount		in Force		Amount
Global public finance - United States:
	General obligation (1)			$	16.8	$	8.0	$	19.1	$	9.1
	Military housing				13.2		6.6		13.8		6.8
	Tax-backed				11.0		4.9		12.2		5.6
	Transportation				6.5		2.1		6.9		2.2
	Municipal utilities				6.4		4.6		7.6		5.2
	General obligation - lease				1.0		0.7		1.3		1.0
	Higher education				1.0		0.7		1.1		0.8
	Health care				0.7		0.4		0.8		0.6
	Investor-owned utilities  (2)				0.4		0.3		0.5		0.3
	Other (3)				0.1		0.0		0.1		0.1
		Total United States			57.1		28.3		63.4		31.7
Global public finance - non-United States:
	Sovereign-related and sub-sovereign  (4)				1.3		1.0		1.5		1.2
	Transportation				0.4		0.4		0.5		0.4
	Other (5)				0.1		0.1		0.1		0.1
		Total non-United States			1.8		1.5		2.1		1.7
			Total global public finance		58.9		29.8		65.5		33.4
Global structured finance:
	Mortgage-backed residential				0.9		0.6		1.2		0.8
	Corporate asset-backed				0.5		0.4		0.5		0.4
	Mortgage-backed commercial				0.4		0.2		0.4		0.2
	Collateralized debt obligations				0.1		0.1		0.2		0.2
	Consumer asset-backed				0.1		0.1		0.2		0.1
		Total global structured finance			2.0		1.4		2.5		1.7
			Total	$	60.9	$	31.2	$	68.0	$	35.1

(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, tax backed and utility 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), Net(1)
Assured Guaranty Re Ltd.	AA	WR(2)	$	405	$	19	$	10
	(Stable Outlook)
Assured Guaranty Corp.	AA	A2		328		-		2
	(Stable Outlook)	(Stable Outlook)
Others	A or above	WR(2) or above		49		-		-
	(Stable Outlook)
Total			$	782	$	19	$	12

(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.