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Insurance In Force (Tables)
 12 Months Ended
Dec. 31, 2015
Insurance in Force [Abstract]  
Insurance in force by geographic location
As of December 31,
$ in billions20152014
% of% of
InsuranceInsuranceInsuranceInsurance
Geographic Locationin Forcein Forcein Forcein Force
California$55.517.0%$73.816.9%
New York23.47.1%29.86.8%
Illinois20.56.3%25.45.8%
Florida15.24.7%24.15.5%
Texas14.54.4%21.14.8%
New Jersey13.74.2%16.83.9%
Puerto Rico9.02.8%10.12.3%
Michigan8.32.5%12.32.8%
Colorado6.92.1%8.51.9%
Pennsylvania6.42.0%9.32.1%
Subtotal173.453.1%231.252.8%
Nationally diversified28.98.9%38.98.9%
Other states88.026.9%124.228.4%
Total United States290.388.9%394.390.1%
Internationally diversified1.10.3%2.80.6%
Country specific35.210.8%40.79.3%
Total non-United States36.311.1%43.59.9%
Total$326.6100.0%$437.8100.0%
Insurance in force by bond type
As of December 31,
$ in billions20152014
% of% of
InsuranceInsuranceInsuranceInsurance
Bond typein Forcein Forcein Forcein Force
Global public finance¾United States:
General obligation$89.427.4%$122.828.0%
General obligation¾lease20.06.1%27.96.4%
Municipal utilities41.812.8%60.513.8%
Tax-backed41.612.7%53.612.2%
Transportation28.98.8%38.48.8%
Higher education13.54.1%19.54.5%
Health care6.62.0%8.41.9%
Military housing17.35.3%18.44.2%
Investor-owned utilities (1)5.41.7%6.11.4%
Municipal housing1.50.5%3.60.8%
Other (2)1.50.5%2.40.6%
Total United States267.581.9%361.682.6%
Global public finance¾non-United States:
International utilities12.13.7%13.43.1%
Sovereign-related and sub-sovereign (3)13.74.2%15.53.5%
Transportation7.62.3%9.72.2%
Local governments (4)0.30.1%0.30.1%
Tax-backed0.20.1%0.20.0%
Total non-United States33.910.4%39.18.9%
Total global public finance301.492.3%400.791.5%
Global structured finance:
Collateralized debt obligations (5)6.41.9%14.73.4%
Mortgage-backed residential8.02.5%9.92.3%
Mortgage-backed commercial0.90.3%1.10.3%
Consumer asset-backed1.60.5%1.90.4%
Corporate asset-backed (6)8.32.5%9.52.1%
Total global structured finance25.27.7%37.18.5%
Total$326.6100.0%$437.8100.0%
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(1) - Includes investor owned utilities, industrial development and pollution control revenue bonds.
(2) - Includes certain non-profit enterprises, stadium related financing and student loans.
(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.
(6) - Includes $5.1 billion and $5.3 billion of structured insurance securitizations as of December 31, 2015 and 2014, respectively.
Reinsurance agreements for insurance operations
In millions
Standard &Letters of
Poor's RatingMoody's RatingCeded ParCredit/ TrustReinsurance
Reinsurers(Status)(Status)OutstandingAccountsRecoverable (1)
Assured Guaranty Re Ltd.AAWR(2)$3,251$30$-
(Stable Outlook)
Assured Guaranty Corp.AAA31,673-6
(Stable Outlook)(Negative Outlook)
Overseas PrivateAA+Aaa250--
Investment Corporation(Stable Outlook)(Stable Outlook)
OthersA- or aboveA2 or above1203-
Total$5,294$33$6
_______________
(1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses.
(2) - Represents a withdrawal of ratings.
Financial guarantee net premiums earned
Years Ended December 31,
In millions201520142013
Net premiums earned:
Direct$379$407$400
Assumed2267
Gross381409467
Ceded(9)(12)(10)
Net$372$397$457