Insurance In Force (Tables)

12 Months Ended

Dec. 31, 2012

Schedule Of Geographical Distribution Of Insurance In Force


	As of December 31,
In billions	2012				2011
			% of				% of
	Insurance		Insurance		Insurance		Insurance
Geographic Location	in Force		in Force		in Force		in Force
California	$	104.7		15.4%	$	125.0		14.9%
New York		48.7		7.2%		62.3		7.4%
Florida		36.8		5.4%		47.9		5.7%
Texas		33.9		5.0%		41.7		5.0%
Illinois		33.3		4.9%		41.2		4.9%
New Jersey		24.1		3.6%		30.3		3.6%
Michigan		17.6		2.6%		21.1		2.5%
Washington		15.9		2.3%		22.8		2.7%
Pennsylvania		14.5		2.1%		18.5		2.2%
Colorado		11.1		1.6%		13.5		1.6%

Subtotal		340.6		50.1%		424.3		50.5%
Nationally diversified		80.0		11.8%		102.4		12.2%
Other states		183.7		27.1%		225.8		26.9%

Total United States		604.3		89.0%		752.5		89.6%

Internationally diversified		18.9		2.8%		28.9		3.4%
Country specific		55.9		8.2%		58.7		7.0%

Total non-United States		74.8		11.0%		87.6		10.4%

Total	$	679.1		100.0%	$	840.1		100.0%

Schedule Of Insurance In Force By Type Of Bond, Excluding Transactions Guaranteed By MBIA Corp. On Behalf Of Various Investment Management Services Affiliated Companies


	As of December 31,
In billions	2012				2011
			% of				% of
	Insurance		Insurance		Insurance		Insurance
Bond type	in Force		in Force		in Force		in Force
Global public finance—United States:
General obligation	$	187.5		27.6%	$	234.3		27.9%
General obligation—lease		41.7		6.1%		51.7		6.2%
Municipal utilities		97.1		14.3%		117.0		13.9%
Tax-backed		71.9		10.6%		86.3		10.3%
Transportation		52.1		7.7%		68.3		8.1%
Higher education		30.3		4.5%		36.9		4.4%
Health care		12.1		1.8%		16.9		2.0%
Military housing		19.0		2.8%		19.4		2.3%
Investor-owned utilities ⁽¹⁾		8.7		1.3%		11.5		1.4%
Municipal housing		7.2		1.0%		9.4		1.1%
Student loans		0.7		0.1%		2.1		0.3%
Other ⁽²⁾		2.6		0.4%		2.8		0.3%

Total United States		530.9		78.2%		656.6		78.2%

Global public finance—non-United States:
International utilities		16.2		2.4%		16.2		1.9%
Sovereign-related and sub-sovereign ⁽³⁾		18.4		2.7%		18.6		2.2%
Transportation		14.2		2.1%		15.0		1.8%
Local governments⁽⁴⁾		0.5		0.1%		0.5		0.1%
Health care		0.1		0.0%		0.1		0.0%
Tax-backed		0.2		0.0%		0.2		0.0%

Total non-United States		49.6		7.3%		50.6		6.0%

Total global public finance		580.5		85.5%		707.2		84.2%


Global structured finance:
Collateralized debt obligations ⁽⁵⁾		57.6		8.5%		78.7		9.4%
Mortgage-backed residential		17.1		2.5%		21.1		2.5%
Mortgage-backed commercial		3.8		0.6%		4.4		0.5%
Consumer asset-backed:
Auto loans		—		0.0%		0.7		0.1%
Student loans		1.2		0.2%		1.7		0.2%
Manufactured housing		2.0		0.3%		2.2		0.3%
Other consumer asset-backed		0.1		0.0%		0.2		0.0%
Corporate asset-backed:
Operating assets:
Aircraft portfolio lease securitizations		2.5		0.4%		3.2		0.4%
Secured airline equipment securitization		2.4		0.3%		3.2		0.3%
Other operating assets		0.5		0.1%		0.7		0.1%
Structured insurance securitizations		6.1		0.9%		7.5		0.9%
Franchise assets		0.9		0.1%		1.3		0.2%
Intellectual Property		—		0.0%		1.9		0.2%
Future flow		0.2		0.0%		0.4		0.0%
Other corporate asset-backed		4.2		0.6%		5.7		0.7%

Total global structured finance		98.6		14.5%		132.9		15.8%

Total	$	679.1		100.0%	$	840.1		100.0%

(1)—Includes investor owned utilities, industrial development and pollution control revenue bonds.

(2)—Includes certain non-profit enterprises and stadium related financing.

(3)—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.

(4)—Includes municipal owned entities backed by sponsoring local government.

(5)—Includes transactions (represented by structured pools of primarily investment grade corporate credit risks or CRE assets) that do not include typical CDO structuring characteristics, such as tranched credit risk, cash flow waterfalls, or interest and over-collateralization coverage tests.

Summary Of Company's Reinsurance Agreements For U.S. Public Finance And Structured Finance And International Insurance Operations


In millions
Reinsurers	Standard & Poor’s Rating (Status)	Moody’s Rating (Status)	Ceded Par Outstanding		Letters of Credit/Trust Accounts		Reinsurance Recoverable⁽¹⁾
Assured Guaranty Corp.	AA- (Stable Outlook)	Aa3 (Ratings Under Review)	$	2,437	$	—	$	14
Assured Guaranty Re Ltd.	AA- (Stable Outlook)	A1 (Ratings Under Review)		506		5		—
Overseas Private Investment Corporation	AA+ (Negative Outlook)	Aaa (Negative Outlook)		353		—		—
Export Development Canada	AAA (Stable Outlook)	Aaa (Stable Outlook)		59		1		—
Others	A+ or above	A2 or above		65		2		—

Total			$	3,420	$	8	$	14

(1)—Total reinsurance recoverable of $14 million comprised recoverables on paid and unpaid losses of $1 million and $13 million, respectively.

Summary Of Components Of Financial Guarantee Net Premiums Earned, Including Premiums Assumed From And Ceded To Other Companies


	Years ended December 31,
In millions	2012		2011		2010
Net premiums earned:
Direct	$	489	$	505	$	516
Assumed		130		112		106

Gross		619		617		622
Ceded		(14)		(12)		(28)

Net	$	605	$	605	$	594