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Insurance In Force (Tables)
 12 Months Ended
Dec. 31, 2019
Insurance [Abstract]  
Insurance in force by geographic location
 
As of December 31,
 
$ in billions
 
2019
   
2018
 
  
 
  
% of
 
  
 
  
% of
 
  
Insurance
 
  
Insurance
 
  
Insurance
 
  
Insurance
 
Geographic Location
 
in Force
 
  
in Force
 
  
in Force
 
  
in Force
 
California
  $
22.4
     
20.9
 %   $
25.9
     
20.2
 %
Illinois
   
10.2
     
9.5
 %    
11.1
     
8.7
 %
New Jersey
   
6.0
     
5.6
 %    
6.8
     
5.3
 %
New York
   
4.7
     
4.4
 %    
5.9
     
4.6
 %
Hawaii
   
4.2
     
3.9
 %    
4.3
     
3.4
 %
Texas
   
4.0
     
3.7
 %    
4.3
     
3.4
 %
Virginia
   
3.6
     
3.3
 %    
3.7
     
2.9
 %
Puerto Rico
   
3.3
     
3.1
 %    
7.9
     
6.2
 %
Oregon
   
2.9
     
2.7
 %    
3.2
     
2.5
 %
Colorado
   
2.8
     
2.6
 %    
3.0
     
2.4
 %
                                 
Subtotal
   
64.1
     
59.7
 %    
76.1
     
59.5
 %
Nationally Diversified
   
11.8
     
11.0
 %    
13.5
     
10.5
 %
Other states
   
23.5
     
21.8
 %    
29.2
     
22.8
 %
                                 
Total United States
   
99.4
     
92.5
 %    
118.8
     
92.8
 %
                                 
Internationally Diversified
   
0.3
     
0.3
 %    
0.4
     
0.3
 %
Country specific
   
7.8
     
7.2
 %    
8.9
     
6.9
 %
                                 
Total
non-United
States
    
8.1
     
7.5
 %    
9.3
     
7.2
 %
                                 
Total
  $
 107.5
     
100.0
 %   $
128.1
     
100.0
 %
                                 
Insurance in force by bond type
 
As of December 31,
 
$ in billions
 
2019
   
2018
 
  
Insurance
 
  
Gross Par
 
  
Insurance
 
  
Gross Par
 
Bond type
 
in Force
 
  
Amount
 
  
in Force
 
  
Amount
 
Global public finance—United States:
   
     
     
 
 
 
 
 
 
 		  
 
General obligation
(1)
   $
29.1
    $
14.3
    $
34.2
    $
17.3
 
General obligation—lease
   
3.1
     
2.3
     
4.0
     
3.0
 
Municipal utilities
   
12.0
     
8.1
     
14.2
     
9.5
 
Tax-backed
   
17.7
     
9.2
     
24.0
     
11.2
 
Transportation
   
10.6
     
3.9
     
12.0
     
4.8
 
Higher education
   
2.2
     
1.5
     
2.5
     
1.7
 
Health care
   
1.4
     
1.0
     
1.7
     
1.2
 
Military housing
   
15.2
     
7.1
     
15.8
     
7.2
 
Investor-owned utilities
(2)
    
1.4
     
0.9
     
2.0
     
1.3
 
Municipal housing
   
0.2
     
0.1
     
0.3
     
0.2
 
Other
(3)
    
0.8
     
0.5
     
0.9
     
0.5
 
                                 
Total United States
   
93.7
     
48.9
     
111.6
     
57.9
 
                                 
Global public finance—
non-United
States:
    
     
     
     
 
International utilities
   
1.1
     
1.0
     
1.4
     
1.2
 
Sovereign-related and
 sub-sovereign
(4)
    
3.0
     
2.3
     
3.5
     
2.5
 
Transportation
   
2.7
     
2.3
     
3.0
     
2.5
 
Other
(5)
    
0.2
     
0.1
     
0.1
     
0.1
 
                                 
Total
non-United
States
    
7.0
     
5.7
     
8.0
     
6.3
 
 
                                
Total global public finance
   
100.7
     
54.6
     
119.6
     
64.2
 
                                 
Global structured finance:
   
     
     
     
 
Collateralized debt obligations
(6)
    
0.4
     
0.3
     
0.5
     
0.4
 
Mortgage-backed residential
   
2.5
     
1.8
     
3.4
     
2.5
 
Mortgage-backed commercial
   
0.5
     
0.2
     
0.6
     
0.3
 
Consumer asset-backed
   
0.4
     
0.3
     
0.5
     
0.4
 
Corporate asset-backed
(7)
    
3.0
     
1.7
     
3.5
     
2.0
 
                                 
Total global structured finance
   
6.8
     
4.3
     
8.5
     
5.6
 
                                 
Total
  $
 107.5
    $
 58.9
    $
128.1
    $
69.8
 
                                 
 
(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, 2019, includes structured insurance securitizations of $2.1 billion and $1.0 billion of insurance in force and gross par amount, respectively. 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.
 
Reinsurance agreements for insurance operations
In millions
 
 
  
 
  
 
  
 
  
 
  
Standard &
 
  
 
  
 
  
Letters of
 
  
Reinsurance
 
  
Poor’s Rating
 
  
Moody’s Rating
 
  
Ceded Par
 
  
Credit/Trust
 
  
Recoverable/
 
Reinsurers
 
(Status)
 
  
(Status)
 
  
Outstanding
 
  
Accounts
 
  
(Payable)
 (1)
 
Assured Guaranty Re Ltd.
   
AA
(Stable Outlook)
      
WR
(2)
     $
 725
    $
 29
     $
 4
  
Assured Guaranty Corp.
   
AA
(Stable Outlook)
      
A3
(Stable Outlook)
      
756
     
—
     
(4
 )
Overseas Private
Investment Corporation
 
 
 
AA+
(Stable Outlook)
 
 
 
Aaa
(Stable Outlook)
 
 
 
220
 
 
 
—
 
 
 
—
 
Others
   
A- or above
     
WR or above
(2)
      
60
     
3
      
—
 
                                         
Total
   
     
    $
 1,761
    $
 32
    $
 —
  
                                         
 
(1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received.
(2)—Represents a withdrawal of ratings.