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Loss and Loss Adjustment Expense Reserves (Tables)
 9 Months Ended
Sep. 30, 2019
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
                                 
   
As of September 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
  $
945
     $
438
    $
571
     $
551
  
VIE eliminations
   
- 
      
(64
)    
-
      
-
  
Total U.S. public finance insurance
   
945
      
374
     
571
      
551
  
International and Structured Finance Insurance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Before VIE eliminations
(1)
    
1,389
      
797
      
1,461
      
668
  
VIE eliminations
(1)
    
(491
)
    
(312
 )    
(437
)    
(254
)
Total international and structured finance insurance
   
898
      
485
      
1,024
      
414
  
Total
  $
1,843
     $
859
    $
1,595
     $
965
  
 
(1) - Includes loan repurchase commitments of $478 million and $418 million as of September 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 Nine Months Ended September 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
September 30,
2019
(1)
$
965
 
 
 
 
 
 
 $
(425
 )  
     
 
 
 $
14
   
   
 
   
 $
(59
 )  
     
 
 
 $
369
   
    
 
  
 $
24
   
   
 
   
 $
(23
 )  
 
 
     
 $
 
(6
)
 
 
   
  
       
 $
859
 
 
(1) - Amounts are net of expected recoveries of unpaid claims.    
Schedule Of Insurance Loss Recoverable
                                                                                                                                                           
 
      
Changes in Insurance Loss Recoverable for the
Nine Months Ended September 30, 2019
    
In millions
  
Gross
Reserve as of
December 31,
2018
 
Collections
for Cases
 
Accretion
of
Recoveries
  
Changes in
Discount
Rates
 
Changes in
Assumptions
(1)
  
Other
(2)
  
Gross
Reserve

as of
September 30,
2019
Insurance loss recoverable
   $
1,595
     $
(110
 )   $
27
     $
87
     $
216
     $
28
     $
1,843
  
 
 
(1) - Includes amounts related to paid claims and LAE that are expected to be recovered in the future.
(2) - Primarily changes in amount and timing of collections.
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
    
46
      
19
      
-
      
216
      
281
Number of issues
(1)
    
13
      
5
      
-
      
97
      
115
Remaining weighted average contract period (in years)
    
7.2
      
7.2
      
-
      
8.0
      
7.7
Gross insured contractual payments outstanding:
(2)
    
 
      
 
      
 
      
 
      
 
Principal
   $
1,625
     $
256
     $
-
     $
3,850
     $
5,731
Interest
    
2,173
      
117
      
-
      
1,669
      
3,959
Total
   $
3,798
     $
373
     $
-
     $
5,519
     $
 
 
9,690
Gross Claim Liability
(3)
   $
-
     $
-
     $
-
     $
944
     $
944
Less:
    
 
      
 
      
 
      
 
      
 
Gross Potential Recoveries
(4)
    
-
      
-
      
-
      
2,321
      
2,321
Discount, net
(5)
    
-
      
-
      
-
      
(417
 )    
(417)
Net claim liability (recoverable)
   $
-
     $
-
     $
-
     $
(960
 )   $
(960)
Unearned premium revenue
   $
7
     $
3
     $
-
     $
39
     $
49
Reinsurance recoverable on paid and unpaid losses
(6)
    
 
      
 
      
 
      
 
     $
16
(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
$ in millions
  
Caution
List
Low
  
Caution
List
Medium
  
Caution
List
High
  
Classified
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.