Insurance In Force (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Insurance in force by geographic location

	As of December 31,
$ in billions	2020				2019
Geographic Location	Insurance in Force		% of Insurance in Force		Insurance in Force		% of Insurance in Force
California	$	20.0		21.9%	$	22.4		20.9%
Illinois		8.9		9.7%		10.2		9.5%
New Jersey		5.4		5.9%		6.0		5.6%
Hawaii		4.1		4.4%		4.2		3.9%
Texas		3.7		4.0%		4.0		3.7%
Virginia		3.2		3.6%		3.6		3.3%
New York		3.0		3.3%		4.7		4.4%
Puerto Rico		2.9		3.2%		3.3		3.1%
Oregon		2.7		2.9%		2.9		2.7%
Colorado		2.1		2.3%		2.8		2.6%
Subtotal		56.0		61.2%		64.1		59.7%
Nationally Diversified		8.7		9.5%		11.8		11.0%
Other states		19.8		21.7%		23.5		21.8%
Total United States		84.5		92.4%		99.4		92.5%
Internationally Diversified		0.3		0.3%		0.3		0.3%
Country specific		6.6		7.3%		7.8		7.2%
Total non-United States		6.9		7.6%		8.1		7.5%
Total	$	91.4		100.0%	$	107.5		100.0%

Insurance in force by bond type

	As of December 31,
$ in billions	2020				2019
Bond type	Insurance in Force		Gross Par Amount		Insurance in Force		Gross Par Amount
Global public finance—United States:
General obligation(1)	$	25.0	$	12.1	$	29.1	$	14.3
Tax-backed		15.7		7.9		17.7		9.2
Military housing		14.8		7.0		15.2		7.1
Municipal utilities		10.6		7.3		12.0		8.1
Transportation		9.2		3.0		10.6		3.9
General obligation—lease		2.4		1.9		3.1		2.3
Higher education		1.5		1.1		2.2		1.5
Health care		1.2		0.8		1.4		1.0
Investor-owned utilities(2)		0.9		0.6		1.4		0.9
Municipal housing		0.1		0.1		0.2		0.1
Other (3)		0.1		0.1		0.8		0.5
Total United States		81.5		41.9		93.7		48.9
Global public finance—non-United States:
Sovereign-related and sub-sovereign(4)		2.8		2.1		3.0		2.3
Transportation		2.1		1.8		2.7		2.3
International utilities		0.9		0.8		1.1		1.0
Other(5)		0.1		0.1		0.2		0.1
Total non-United States		5.9		4.8		7.0		5.7
Total global public finance		87.4		46.7		100.7		54.6
Global structured finance:
Mortgage-backed residential		2.0		1.5		2.5		1.8
Corporate asset-backed(6)		0.8		0.6		3.0		1.7
Mortgage-backed commercial		0.5		0.2		0.5		0.2
Collateralized debt obligations		0.4		0.3		0.4		0.3
Consumer asset-backed		0.3		0.3		0.4		0.3
Total global structured finance		4.0		2.9		6.8		4.3
Total	$	91.4	$	49.6	$	107.5	$	58.9

(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.

(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)—As of December 31, 2020, all remaining insurance in force and gross par relating to structured insurance securitizations was terminated. 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.

Reinsurance agreements for insurance operations

In millions
Reinsurers	Standard & Poor’s Rating (Status)		Moody’s Rating (Status)		Ceded Par Outstanding		Letters of Credit/Trust Accounts		Reinsurance Recoverable/ (Payable)(1)
Assured Guaranty Re Ltd.		AA		WR(2)	$	584	$	21	$	—
		(Stable Outlook)
Assured Guaranty Corp.		AA		A3		620		—		(37)
		(Stable Outlook)		(Stable Outlook)
Overseas Private		AA+		Aaa		221		—		—
Investment Corporation		(Stable Outlook)		(Stable Outlook)
Others		A+ or above		WR or above(2)		55		—		(1)
Total					$	1,480	$	21	$	(38)

(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.