Insurance In Force (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Insurance in force by geographic location

	As of December 31,
$ in billions	2021				2020
Geographic Location	Insurance in Force		% of Insurance in Force		Insurance in Force		% of Insurance in Force
California	$	16.8		21.4%	$	20.0		21.9%
Illinois		8.2		10.4%		8.9		9.7%
New Jersey		4.5		5.8%		5.4		5.9%
Hawaii		3.9		5.0%		4.1		4.4%
Texas		3.1		4.0%		3.7		4.0%
Virginia		3.0		3.9%		3.2		3.6%
Puerto Rico		2.7		3.4%		2.9		3.2%
New York		2.4		3.0%		3.0		3.3%
Oregon		2.3		2.9%		2.7		2.9%
Colorado		2.0		2.5%		2.1		2.3%
Subtotal		48.9		62.3%		56.0		61.2%
Nationally Diversified		7.5		9.6%		8.7		9.5%
Other states		17.3		22.0%		19.8		21.7%
Total United States		73.7		93.9%		84.5		92.4%
Internationally Diversified		0.3		0.3%		0.3		0.3%
Country specific		4.5		5.8%		6.6		7.3%
Total non-United States		4.8		6.1%		6.9		7.6%
Total	$	78.5		100.0%	$	91.4		100.0%

Insurance in force by bond type

	As of December 31,
$ in billions	2021				2020
Bond type	Insurance in Force		Gross Par Amount		Insurance in Force		Gross Par Amount
Global public finance—United States:
General obligation(1)	$	22.1	$	10.7	$	25.0	$	12.1
Military housing		14.3		6.9		14.8		7.0
Tax-backed		14.2		6.8		15.7		7.9
Municipal utilities		8.7		6.0		10.6		7.3
Transportation		7.7		2.6		9.2		3.0
General obligation—lease		1.7		1.2		2.4		1.9
Higher education		1.3		1.0		1.5		1.1
Health care		1.0		0.7		1.2		0.8
Investor-owned utilities(2)		0.6		0.5		0.9		0.6
Other(3)		0.1		0.1		0.1		0.1
Municipal housing		—		—		0.1		0.1
Total United States		71.7		36.5		81.5		41.9
Global public finance—non-United States:
Sovereign-related and sub-sovereign(4)		2.0		1.6		2.8		2.1
Transportation		1.2		1.0		2.1		1.8
International utilities		0.5		0.5		0.9		0.8
Other(5)		0.1		0.1		0.1		0.1
Total non-United States		3.8		3.2		5.9		4.8
Total global public finance		75.5		39.7		87.4		46.7
Global structured finance:
Mortgage-backed residential		1.5		1.0		2.0		1.5
Corporate asset-backed(6)		0.6		0.4		0.8		0.6
Mortgage-backed commercial		0.4		0.2		0.5		0.2
Collateralized debt obligations		0.3		0.2		0.4		0.3
Consumer asset-backed		0.2		0.2		0.3		0.3
Total global structured finance		3.0		2.0		4.0		2.9
Total	$	78.5	$	41.7	$	91.4	$	49.6

(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 stadium related financings and certain non-profit enterprises.

(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.

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)	$	503	$	15	$	(2)
		(Stable Outlook)
Assured Guaranty Corp.		AA		A3		463		—		(45)
		(Stable Outlook)		(Stable Outlook)
Others		A+ or above		WR(2) or above		51		—		(1)
Total					$	1,017	$	15	$	(48)

(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.