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Loss and Loss Adjustment Expense Reserves (Tables)
 9 Months Ended
Sep. 30, 2021
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
 
                                                                     
    
As of September 30, 2021
  
As of December 31, 2020
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
   
$
1,286
 
  
$
386
 
  
$
1,220
 
  
$
469
 
International and Structured Finance Insurance:
                                 
Before VIE eliminations
(1)
   
 
254
 
  
 
682
 
  
 
1,082
 
  
 
780
 
VIE eliminations
(1)
   
 
(3
) 
  
 
(218
) 
  
 
(625
) 
  
 
(259
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total international and structured finance insurance
   
 
251
 
  
 
464
 
  
 
457
 
  
 
521
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
   
$
1,537
 
  
$
850
 
  
$
1,677
 
  
$
990
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
(1) - Includes loan repurchase commitments of $604 million as of December 31, 2020.
(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, 2021
    
Gross Loss and
LAE
Reserves as of
December 31,
2020
(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
September 30, 2021
(1)
$990   $(298)   $11   $(25)   $173   $3   $(4)   $850
               
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
(1) - Includes changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable
 
                                                                                                                        
         
Changes in Insurance Loss Recoverable
     
         
for the Nine Months Ended September 30, 2021
     
In millions
   
Gross
Reserve as of
December 31,
2020
   
Collections
for Cases
  
Accretion
of
Recoveries
   
Changes in
Discount
Rates
   
Changes in
Assumptions
(1)
  
Other
(2)
  
Gross
Reserve as of
September
30, 2021
Insurance loss recoverable
   
$
1,677
 
   
$
(74
) 
  
$
12
 
   
$
5
 
   
$
(80
) 
  
$
(3
 )   
$
1,537
 
    
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
 
(1) - Includes amounts related to paid claims.
(2) - Primarily changes in amount and timing of collections and LAE.
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 September 30, 2021:
 
                                                                                      
    
Surveillance Categories
  
$ in millions
   
Caution
List
Low
     
Caution
List
Medium
     
Caution
List
High
     
Classified
List
    
Total
  
Number of policies
   
 
58
 
   
 
3
 
   
 
-
 
   
 
203
 
  
 
264
 
Number of issues
(1)
   
 
17
 
   
 
2
 
   
 
-
 
   
 
89
 
  
 
108
 
Remaining weighted average contract period (in years)
   
 
5.9
 
   
 
2.2
 
   
 
-
 
   
 
8.4
 
  
 
7.5
 
Gross insured contractual payments outstanding:
(2)
                                            
Principal
   
$
1,480
 
   
$
7
 
   
$
-
 
   
$
2,741
 
  
$
4,228
 
Interest
   
 
1,952
 
   
 
1
 
   
 
-
 
   
 
1,240
 
  
 
3,193
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Total
   
$
3,432
 
   
$
8
 
   
$
-
 
   
$
3,981
 
  
$
7,421
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Gross Claim Liability
(3)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
897
 
  
$
897
 
Less:
                                            
Gross Potential Recoveries
(4)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
1,831
 
  
 
1,831
 
Discount, net
(5)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
(242
) 
  
 
(242
) 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Net claim liability (recoverable)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
(692
) 
  
$
(692
) 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Unearned premium revenue
   
$
8
 
   
$
-
 
   
$
-
 
   
$
30
 
  
$
38
 
Reinsurance recoverable on paid and unpaid losses
(6)
                                      
$
8
 
 
(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, 2020:
 
                                                                                      
    
Surveillance Categories
  
$ in millions
   
Caution
List
Low
     
Caution
List
Medium
     
Caution
List
High
     
Classified
List
    
Total
  
Number of policies
   
 
46
 
   
 
16
 
   
 
-
 
   
 
219
 
  
 
281
 
Number of issues
(1)
   
 
16
 
   
 
3
 
   
 
-
 
   
 
100
 
  
 
119
 
Remaining weighted average contract period (in years)
   
 
6.4
 
   
 
6.4
 
   
 
-
 
   
 
7.9
 
  
 
7.4
 
Gross insured contractual payments outstanding:
(2)
                                            
Principal
   
$
1,422
 
   
$
123
 
   
$
-
 
   
$
3,302
 
  
$
4,847
 
Interest
   
 
1,974
 
   
 
54
 
   
 
-
 
   
 
1,441
 
  
 
3,469
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Total
   
$
3,396
 
   
$
177
 
   
$
-
 
   
$
4,743
 
  
$
8,316
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Gross Claim Liability
(3)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
1,088
 
  
$
1,088
 
Less:
                                            
Gross Potential Recoveries
(4)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
1,947
 
  
 
1,947
 
Discount, net
(5)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
(173
) 
  
 
(173
) 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Net claim liability (recoverable)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
(686
) 
  
$
(686
) 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
  
Unearned premium revenue
   
$
10
 
   
$
-
 
   
$
-
 
   
$
35
 
  
$
45
 
Reinsurance recoverable on paid and unpaid losses
(6)
                                      
$
11
 
 
(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.