Loss and Loss Adjustment Expense Reserves (Tables)

12 Months Ended

Dec. 31, 2018

Present Value Of The Probability-Weighted Future Claim Payments And Recoveries

			As of December 31, 2018				As of December 31, 2017
In millions			Balance Sheet Line Item				Balance Sheet Line Item

			Insurance loss recoverable		Loss and LAE reserves		Insurance loss recoverable		Loss and LAE reserves


U.S. Public Finance Insurance			$	571	$	551	$	333	$	512

International and Structured Finance Insurance:
	Before VIE eliminations⁽¹⁾			1,430		637		1,478		710
	VIE eliminations⁽¹⁾			(437)		(254)		(1,300)		(243)
		Total international and structured finance insurance		993		383		178		467

	Total		$	1,564	$	934	$	511	$	979
		_________________
		(1) - Includes loan repurchase commitments of $418 million and $407 million as of December 31, 2018 and 2017, respectively.

Schedule Of Loss And Loss Adjustment Expenses Reserves

In millions

Changes in Loss and LAE Reserves for the Year Ended December 31, 2018

Gross Loss

and LAE

Accretion

Changes in

and LAE

Reserves as of

of Claim

Changes in

Unearned

Changes in

Reserves as of

December 31,

Loss

Liability

Discount

Changes in

Premium

LAE

December 31,

2017

Payments

Discount

Rates

Assumptions

Revenue

Reserves

2018

979

(354)

261

(6)

934

In millions

Changes in Loss and LAE Reserves for the Year Ended December 31, 2017

Gross Loss

and LAE

Accretion

Changes in

and LAE

Reserves as of

of Claim

Changes in

Unearned

Changes in

Reserves as of

December 31,

Loss

Liability

Discount

Changes in

Premium

LAE

December 31,

2016

Payments⁽¹⁾

Discount

Rates

Assumptions

Revenue

Reserves

Other⁽²⁾

2017

541

(1,069)

661

(30)

843

979

____________

(1) - Includes payments made to satisfy the Zohar II Claim.

(2) - Primarily changes in the amount to satisfy the Zohar II Claim.

Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses

			Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses
			for the Year Ended December 31, 2018
	Gross															Gross
	Reserve															Reserve
	as of				Accretion		Changes in					Changes in				as of
	December 31,		Collections		of		Discount		Changes in			LAE				December 31,
In millions	2017		for Cases		Recoveries		Rates		Assumptions			Recoveries		Other⁽¹⁾		2018
Insurance loss recoverable	$	511	$	(56)	$	25	$	(13)	$	1,099	⁽²⁾	$	-	$	(2)	$	1,564
Recoveries on unpaid losses⁽³⁾		35		-		1		(1)		(8)			(8)		-		19
Total	$	546	$	(56)	$	26	$	(14)	$	1,091		$	(8)	$	(2)	$	1,583
____________
(1) - Primarily changes in amount and timing of collections.
(2) - Includes amounts which have been paid and are expected to be recovered in the future.
(3) - Excludes certain Puerto Rico recoveries which have been netted against reserves.

					Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses
					for the Year Ended December 31, 2017
		Gross														Gross
		Reserve														Reserve
		as of				Accretion		Changes in				Changes in				as of
		December 31,		Collections		of		Discount		Changes in		LAE				December 31,
In millions		2016		for Cases		Recoveries		Rates		Assumptions		Recoveries		Other⁽¹⁾		2017

	Insurance loss recoverable	$	504	$	(124)	$	10	$	2	$	113	$	-	$	6	$	511
	Recoveries on unpaid losses⁽²⁾		79		-		1		1		(45)		(1)		-		35
Total		$	583	$	(124)	$	11	$	3	$	68	$	(1)	$	6	$	546
____________
(1) - Primarily changes in amount and timing of collections.
(2) - Excludes certain Puerto Rico recoveries which have been netted against reserves.

Schedule Of Financial Guarantees And Related Claim Liability

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					50		18		-		232		300
Number of issues⁽¹⁾					16		4		-		101		121
Remaining weighted average contract
	period (in years)				6.7		8.0		-		9.7		8.9
Gross insured contractual payments
	outstanding:⁽²⁾
		Principal		$	1,604	$	249	$	-	$	5,353	$	7,206
		Interest			2,118		123		-		5,414		7,655
			Total	$	3,722	$	372	$	-	$	10,767	$	14,861
Gross Claim Liability⁽³⁾				$	-	$	-	$	-	$	977	$	977
Less:
	Gross Potential Recoveries⁽⁴⁾				-		-		-		2,255		2,255
	Discount, net⁽⁵⁾				-		-		-		(670)		(670)
Net claim liability (recoverable)				$	-	$	-	$	-	$	(608)	$	(608)
Unearned premium revenue				$	5	$	4	$	-	$	63	$	72
Reinsurance recoverable on paid and unpaid losses⁽⁶⁾												$	21
__________
(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.

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					89		5		1		280		375
Number of issues⁽¹⁾					20		4		1		119		144
Remaining weighted average contract
	period (in years)				7.4		4.3		8.7		9.7		8.9
Gross insured contractual payments
	outstanding:⁽²⁾
		Principal		$	2,764	$	13	$	104	$	6,083	$	8,964
		Interest			2,676		3		46		5,756		8,481
			Total	$	5,440	$	16	$	150	$	11,839	$	17,445
Gross Claim Liability⁽³⁾				$	-	$	-	$	-	$	1,082	$	1,082
Less:
	Gross Potential Recoveries⁽⁴⁾				-		-		-		782		782
	Discount, net⁽⁵⁾				-		-		-		(178)		(178)
Net claim liability (recoverable)				$	-	$	-	$	-	$	478	$	478
Unearned premium revenue				$	9	$	-	$	4	$	77	$	90
Reinsurance recoverable on paid and unpaid losses⁽⁶⁾												$	17
__________
(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.