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Loss and Loss Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2020
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
                                                                                         
 
  
As of March 31, 2020
  
As of December 31, 2019
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
   $
954
     $
451
     $
911
     $
432
 
International and Structured Finance Insurance:
    
 
      
 
      
 
      
 
  
Before VIE eliminations
(1)
    
1,181
      
799
      
1,286
      
749
  
VIE eliminations
(1)
    
(528
 )    
(284
 )    
(503
 )    
(280
 )
                                 
Total international and structured finance insurance
    
653
      
515
      
783
      
469
  
                                 
Total
   $
1,607
     $
966
     $
1,694
     $
901
  
                                 
 
 
 
 
 
(1) - Includes loan repurchase commitments of $506 million and $486 million as of March 31, 2020 and December 31, 2019, 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 Three Months Ended March 31, 2020
   
 
Gross Loss
and LAE
Reserves as of
December 31,
2019
(1)
 
  
Loss
Payments
 
  
Accretion
of Claim
Liability
Discount
 
  
Changes in
Discount
Rates
 
  
Changes in
Assumptions
 
  
Changes in
Unearned
Premium
Revenue
 
  
Other
 
  
Gross Loss
and LAE
Reserves as of
March 31,
2020
(1)
 
$
901
    $
(68
 )   $
4
    $
(98
 )   $
222
    $
6
     
(1
 )   $
966
 
                                                             
 
 
 
 
 
(1) - Amounts are net of expected recoveries of unpaid claims.
 
 
 
Schedule Of Insurance Loss Recoverable
                                                                                                                                                           
 
  
 
 
  
Changes in Insurance Loss Recoverable
    
 
 
 
  
 
 
  
for the Three Months Ended March 31, 2020
    
 
 
In millions
  
Gross
Reserve as of
December 31,
2019
 
  
Collections
for Cases
 
  
Accretion
of
Recoveries
 
  
Changes in
Discount
Rates
 
  
Changes in
Assumptions
(1)
 
  
Other
(2)
 
  
Gross
Reserve
as of
March 31,
2020
 
Insurance loss recoverable
   $
1,694
     $
(8
 )   $
7
     $
157
     $
(241
 )   $
(2
 )   $
1,607
  
                                                         
 
 
 
 
 
(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
The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of March 31, 2020:
                                                                                                               
 
  
Surveillance Categories
  
$ in millions
  
Caution
List
Low
 
  
Caution
List
Medium
 
  
Caution
List
High
 
  
Classified
List
 
  
Total
 
Number of policies
    
42
      
18
      
-
      
219
      
279
  
Number of issues
(1)
    
12
      
5
      
-
      
99
      
116
  
Remaining weighted average contract period (in years)
    
6.6
      
7.1
      
-
      
7.7
      
7.4
  
Gross insured contractual payments outstanding:
(2)
    
 
      
 
      
 
      
 
      
 
  
Principal
   $
1,192
     $
224
     $
-
     $
3,736
     $
5,152
  
Interest
    
1,914
      
99
      
-
      
1,566
      
3,579
  
                                         
Total
   $
3,106
     $
323
     $
-
     $
5,302
     $
8,731
  
                                         
Gross Claim Liability
(3)
   $
-
     $
-
     $
-
     $
1,068
     $
1,068
  
Less:
    
 
      
 
      
 
      
 
      
 
  
Gross Potential Recoveries
(4)
    
-
      
-
      
-
      
1,781
      
1,781
  
Discount, net
(5)
    
-
      
-
      
-
      
(91
 )    
(91
 )
                                         
Net claim liability (recoverable)
   $
-
     $
-
     $
-
     $
(622
 )   $
(622
 )
                                         
Unearned premium revenue
   $
6
     $
3
     $
-
     $
38
     $
47
  
Reinsurance recoverable on paid and unpaid losses
(6)
    
 
      
 
      
 
      
 
     $
13
  
 
 
 
(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, 2019:
                                                                                                               
 
  
Surveillance Categories
  
$ in millions
  
Caution
List
Low
 
  
Caution
List
Medium
 
  
Caution
List
High
 
  
Classified
List
 
  
Total
 
Number of policies
    
45
      
19
      
-
      
212
      
276
  
Number of issues
(1)
    
13
      
5
      
-
      
94
      
112
  
Remaining weighted average contract period (in years)
    
7.3
      
7.2
      
-
      
7.9
      
7.7
  
Gross insured contractual payments outstanding:
(2)
    
 
      
 
      
 
      
 
      
 
  
Principal
   $
1,546
     $
248
     $
-
     $
3,794
     $
5,588
  
Interest
    
2,107
      
110
      
-
      
1,668
      
3,885
  
                                         
Total
   $
3,653
     $
358
     $
-
     $
5,462
     $
9,473
  
                                         
Gross Claim Liability
(3)
   $
-
     $
-
     $
-
     $
965
     $
965
  
Less:
    
 
      
 
      
 
      
 
      
 
  
Gross Potential Recoveries
(4)
    
-
      
-
      
-
      
2,184
      
2,184
  
Discount, net
(5)
    
-
      
-
      
-
      
(453
 )    
(453
 )
                                         
Net claim liability (recoverable)
   $
-
     $
-
     $
-
     $
(766
 )   $
(766
 )
                                         
Unearned premium revenue
   $
6
     $
3
     $
-
     $
39
     $
48
  
Reinsurance recoverable on paid and unpaid losses
(6)
    
 
      
 
      
 
      
 
     $
19
  
 
 
 
(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.