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Loss and Loss Adjustment Expense Reserves (Tables)
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
 
 
  
As of December 31, 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
    $ 1,054      $ 425      $ 1,220      $ 469  
International and Structured Finance Insurance:

                          
Before VIE eliminations
(1)
      244        687        1,082        780  
VIE eliminations
(1)
      (2)        (218)        (625)        (259)  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total international and structured finance insurance
      242        469        457        521  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 1,296      $ 894      $ 1,677      $ 990  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)—Includes loan repurchase commitments of $604 million as of December 31, 2020.
(2)—Amounts are net of estimated recoveries of expected future claims.
Schedule Of Loss And Loss Adjustment Expenses Reserves
 
In millions
  
Changes in Loss and LAE Reserves for the Year Ended December 31, 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
 
  
Gross Loss
and LAE
Reserves as of
December 31,
2021
(1)
 
$
         990
  
$
(302)
 
  
$
15
 
  
$
(40)
 
  
$
226
 
  
$
5
 
  
$
894
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(1)—Includes changes in amount and timing of estimated payments and recoveries.
 
 
 
In millions
  
Changes in Loss and LAE Reserves for the Year Ended December 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
December 31,
2020
(1)
 
$
        
901
  
$
(441)
 
  
$
11
 
  
$
(86)
 
  
$
606
 
  
$
8
 
  
$
(9)
 
  
$
990
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)—Includes changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable
 
 
 
 
 
 
Changes in Insurance Loss Recoverable
for the Year Ended December 31, 2021
 
In millions
 
Gross
Reserve as of
December 31,
2020
 
 
Collections
for Cases
 
 
Accretion of
Recoveries
 
 
Changes in
Discount
Rates
 
 
Changes in
Assumptions
 
 
Gross
Reserve as of
December 31,
2021
 
Insurance loss recoverable
   $ 1,677     $ (266)     $ 15     $ 25     $ (155)     $ 1,296  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
 
 
 
Changes in Insurance Loss Recoverable
for the Year Ended December 31, 2020
 
In millions
 
Gross
Reserve as of
December 31,
2019
 
 
Collections
for Cases
 
 
Accretion of
Recoveries
 
 
Changes in
Discount
Rates
 
 
Changes in
Assumptions
 
 
Gross
Reserve as of
December 31,
2020
 
Insurance loss recoverable
   $ 1,694     $ (49)     $ 14     $ 115     $ (97)     $ 1,677  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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 December 31, 2021:
 
  
Surveillance Categories
 
 
  
Caution
 
  
Caution
 
  
Caution
 
  
 
 
  
 
 
 
  
List
 
  
List
 
  
List
 
  
Classified
 
  
 
 
$ in millions
  
Low
 
  
Medium
 
  
High
 
  
List
 
  
Total
 
Number of policies
      55        3        —        202        260  
Number of issues
(1)
      16        2        —        88        106  
Remaining weighted average contract period (in years)
      6.1        2.6        —        8.1        7.4  
Gross insured contractual payments outstanding:
(2)
                                             
Principal
    $ 1,366      $ 6      $ —      $ 2,719      $ 4,091  
Interest
      1,867        1        —        1,214        3,082  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 3,233      $ 7      $ —      $ 3,933      $ 7,173  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Gross Claim Liability
(3)
    $ —
 
  
 $ —
 
  
 $ —
 
  
 $ 1,051
 
  
 $ 1,051  
Less:
                                             
Gross Potential Recoveries
(4)
      —        —        —        1,498        1,498  
Discount, net
(5)
      —        —        —        (32)        (32)  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net claim liability (recoverable)
    $ —      $ —      $ —      $ (415)
 
    $ (415)
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Unearned premium revenue
    $ 8      $ —      $ —      $ 29      $ 37  
Reinsurance recoverable on paid and unpaid losses
(6)
                                        $ 7  
 
(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
 
 
  
Caution
 
  
Caution
 
  
Caution
 
  
 
 
  
 
 
 
  
List
 
  
List
 
  
List
 
  
Classified
 
  
 
 
$ in millions
  
Low
 
  
Medium
 
  
High
 
  
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.