Insurance In Force (Tables)

12 Months Ended

Dec. 31, 2018

Insurance in force by geographic location

		As of December 31,
$ in billions		2018			2017
				% of			% of
		Insurance		Insurance	Insurance		Insurance
Geographic Location		in Force		in Force	in Force		in Force
California		$	25.9	20.2%	$	30.3	19.6%
Illinois			11.1	8.7%		13.1	8.5%
Puerto Rico			7.9	6.2%		8.2	5.3%
New Jersey			6.8	5.3%		7.6	4.9%
New York			5.9	4.6%		9.3	6.0%
Hawaii			4.3	3.4%		4.5	2.9%
Texas			4.3	3.4%		6.1	3.9%
Virginia			3.7	2.9%		4.2	2.7%
Oregon			3.2	2.5%		3.6	2.3%
Florida			3.1	2.4%		3.8	2.5%
	Subtotal		76.2	59.6%		90.7	58.6%
Nationally Diversified			13.5	10.5%		15.7	10.1%
Other states			29.1	22.7%		37.0	23.9%
	Total United States		118.8	92.8%		143.4	92.6%
Internationally Diversified			0.4	0.3%		0.4	0.3%
Country specific			8.9	6.9%		11.1	7.1%
	Total non-United States		9.3	7.2%		11.5	7.4%
Total		$	128.1	100.0%	$	154.9	100.0%

Insurance in force by bond type

				As of December 31,
$ in billions				2018				2017
				Insurance		Gross Par		Insurance		Gross Par
Bond type				in Force		Amount		in Force		Amount
Global public finance - United States:
	General obligation⁽¹⁾			$	34.2	$	17.3	$	42.8	$	22.9
	General obligation - lease				4.0		3.0		5.1		3.8
	Municipal utilities				14.2		9.5		17.7		11.8
	Tax-backed				24.0		11.2		26.5		12.4
	Transportation				12.0		4.8		15.2		6.9
	Higher education				2.5		1.7		3.2		2.1
	Health care				1.7		1.2		2.6		1.8
	Military housing				15.8		7.2		16.3		7.3
	Investor-owned utilities⁽²⁾				2.0		1.3		3.1		2.0
	Municipal housing				0.3		0.2		0.4		0.3
	Other⁽³⁾				0.9		0.5		1.1		0.6
		Total United States			111.6		57.9		134.0		71.9
Global public finance - non-United States:
	International utilities				1.4		1.2		1.7		1.4
	Sovereign-related and sub-sovereign⁽⁴⁾				3.5		2.5		3.8		2.7
	Transportation				3.0		2.5		4.5		3.6
	Other⁽⁵⁾				0.1		0.1		0.2		0.1
		Total non-United States			8.0		6.3		10.2		7.8
			Total global public finance		119.6		64.2		144.2		79.7

Global structured finance:
	Collateralized debt obligations⁽⁶⁾				0.5		0.4		0.5		0.4
	Mortgage-backed residential				3.4		2.5		4.7		3.6
	Mortgage-backed commercial				0.6		0.3		0.7		0.3
	Consumer asset-backed				0.5		0.4		0.9		0.7
	Corporate asset-backed⁽⁷⁾				3.5		2.0		3.9		2.3
		Total global structured finance			8.5		5.6		10.7		7.3
			Total	$	128.1	$	69.8	$	154.9	$	87.0
___________________
(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 certain non-profit enterprises, stadium related financing and student loans.
(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 and tax backed transactions.
(6) - Includes a transaction (represented by structured pools of CRE assets) that does not include typical CDO structuring characteristics, such as tranched credit risk, cash flow
waterfalls, or interest and over-collateralization coverage tests.
(7) - As of December 31, 2018, includes structured insurance securitizations of $2.2 billion and $1.0 billion of insurance in force and gross par amount, respectively. As of December 31, 2017, includes structured insurance securitizations of $2.3 billion and $1.1 billion of insurance in force and gross par amount, respectively.

Reinsurance agreements for insurance operations

In millions

Standard &

Letters of

Poor's Rating

Moody's Rating

Ceded Par

Credit/ Trust

Reinsurance

Reinsurers

(Status)

Outstanding

Accounts

Recoverable⁽¹⁾

Assured Guaranty Re Ltd.

WR⁽²⁾

1,009

(Stable Outlook)

Assured Guaranty Corp.

870

(Stable Outlook)

Overseas Private

AA+

Aaa

244

Investment Corporation

(Stable Outlook)

Others

A+ or above

WR⁽²⁾

Total

2,194

_______________

(1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses.

(2) - Represents a withdrawal of ratings.