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Loss and Loss Adjustment Expense Reserves (Tables)
 6 Months Ended
Jun. 30, 2019
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
 
  
As of June 30, 2019
   
As of December 31, 2018
 
In millions
 
Balance Sheet Line Item
   
Balance Sheet Line Item
 
  
Insurance
loss
recoverable
   
Loss and
LAE
reserves 
(2)
    
Insurance
loss
recoverable
   
Loss
and LAE
reserves 
(2)
  
U.S. Public Finance Insurance
   
     
     
     
 
Before VIE eliminations
 
$
659
   
$
577
   
$
571
   
$
551
 
VIE eliminations
   
-
     
(49)
      
-
     
-
 
 
                                
Total U.S. public finance insurance
   
659
     
528
      
571
     
551
 
International and Structured Finance Insurance:
   
     
     
   
Before VIE eliminations
(1)
    
1,404
     
764
     
1,461
     
668
 
VIE eliminations
(1)
    
(440)
      
(294)
      
(437)
      
(254)
  
                                 
Total international and structured finance insurance
   
964
     
470
     
1,024
     
414
 
                                 
Total
 
$
1,623
   
$
998
    
$
1,595
   
$
965
 
                                 
 
(1) - Includes loan repurchase commitments of $
428
million and $
418
million as of June 30, 2019 and December 31, 2018, respectively.
(2) - Amounts are net of expected recoveries.
Schedule Of Loss And Loss Adjustment Expenses Reserves
                                                                     
In millions
   
Changes in Loss and LAE Reserves for the Six Months Ended June 30, 2019
   
 
Gross Loss
and LAE
Reserves as of
December 31,
2018
(1)
    
Loss
Payments
   
Accretion
of
Claim
Liability
Discount
   
Changes in
Discount
Rates
   
Changes in
Assumptions
   
Changes in
Unearned
Premium
Revenue
   
Changes in
LAE
Reserves
   
Other
   
Gross Loss
and LAE
Reserves as of
June 30,
2019
(1)
  
$
965
    
$
(92)
    
$
10
    
$
(29)
    
$
135
    
$
21
    
$
(13
 )  
$
1
    
$
998
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Amounts are net of expected recoveries of unpaid claims.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule Of Insurance Loss Recoverable
                                                         
 
   
Changes in Insurance Loss Recoverable 
for the
Six Months Ended June 30, 2019
    
   
In millions
 
Gross
Reserve as of
December 31,
2018
   
Collections
for Cases
   
Accretion
of
Recoveries
   
Changes in
Discount
Rates
   
Changes in
Assumptions
   
Other
(1)
    
Gross
Reserve
as of
June 30,
2019
 
Insurance loss recoverable
 
$
1,595
   
$
(88)
    
$
19
   
$
54
   
$
33
(2)
 
  
$
10
    
$
1,623
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Primarily changes in amount and timing of collections.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) - Includes amounts related to paid claims and LAE that are expected to be recovered in the future.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule Of Financial Guarantees And Related Claim Liability
                                         
 
Surveillance Categories
 
$ in millions
 
Caution
List
Low
   
Caution
List
Medium
   
Caution
List
High
   
Classified
List
   
Total
 
Number of policies
   
45
     
19
     
-
     
224
     
288
 
Number of issues 
(1)
    
13
     
5
     
-
     
96
     
114
 
Remaining weighted average contract period (in years)
   
6.5
     
7.5
     
-
      
7.6
     
7.3
 
Gross insured contractual payments outstanding:
(2)
    
     
     
     
     
 
Principal
  $
1,492
    $
256
    $
-
    $
4,167
    $
5,915
 
Interest
   
2,050
     
118
     
-
     
1,767
     
3,935
 
                                         
Total
 
$
3,542
   
$
374
   
$
-
   
$
5,934
   
$
9,850
 
                                         
Gross Claim Liability 
(3)
  
$
-
   
$
-
   
$
-
   
$
1,131
   
$
1,131
 
Less:
   
     
     
     
     
 
Gross Potential Recoveries 
(4)
    
-
     
-
     
-
     
2,230
     
2,230
 
Discount, net 
(5)
    
-
     
-
     
-
     
(486)
      
(486)
  
                                         
Net claim liability (recoverable)
 
$
-
   
$
-
   
$
-
   
$
(613)
    
$
(613)
  
                                         
Unearned premium revenue
 
$
5
   
$
3
   
$
-
   
$
40
   
$
48
 
Reinsurance recoverable on paid and unpaid losses 
(6)
    
     
     
     
   
$
20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2018:
                                         
  
Surveillance Categories
 
  
Caution
   
Caution
   
Caution
   
   
 
  
List
   
List
   
List
   
Classified
   
 
$ in millions
 
Low
    
Medium
   
High
   
List
   
Total
 
Number of policies
    
50
      
18
      
-
      
233 
      
301 
  
Number of issues
(1)
    
16
      
4
      
-
      
102 
      
122 
  
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)
   $
-
     $
-
     $
-
     $
1,085 
     $
1,085 
  
Less:
    
     
     
     
     
 
Gross Potential Recoveries
(4)
    
-
      
-
      
-
      
2,363 
      
2,363 
  
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.