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Loss and Loss Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2022
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
 
          
          
          
          
 
  
As of March 31, 2022
 
As of December 31, 2021
In millions
  
Balance Sheet Line Item
 
Balance Sheet Line Item
 
  
Insurance
loss
recoverable
 
Loss and
LAE
reserves 
(1)
 
Insurance
loss
recoverable
 
Loss and
LAE
reserves 
(1)
U.S. Public Finance Insurance
   
$
128
 
  
$
460
 
  
$
1,054
 
  
$
425
 
International and Structured Finance Insurance:
                                 
Before VIE eliminations
   
 
240
 
  
 
635
 
  
 
244
 
  
 
687
 
VIE eliminations
   
 
(2
) 
  
 
(209
) 
  
 
(2
) 
  
 
(218
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total international and structured finance insurance
   
 
238
 
  
 
426
 
  
 
242
 
  
 
469
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
   
$
366
 
  
$
886
 
  
$
1,296
 
  
$
894
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) - 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 Three Months Ended March 31, 2022
 
 
Gross Loss
and LAE
Reserves as of
December 31,
2021
(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
March 31, 2022
(1)
$894   $(326)   $3   $(22)   $336   $1   $886
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) - 
Includes
 
changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable
 
          
          
          
          
          
          
 
  
 
  
Changes in Insurance Loss Recoverable
  
 
 
  
 
  
for the Three Months Ended March 31,
2022
  
 
In millions
  
Gross
Recoverable as of
December 31,
2021
  
Collections
for Cases
 
Accretion
of
Recoveries
  
Changes in
Discount
Rates
 
Changes in
Assumptions
  
Gross
Recoverable as of
March 31,
2022
Insurance loss recoverable
  
$
1,296
 
  
$
(1,197
) 
 
$
1
 
  
$
(18
) 
 
$
284
 
 
$
366
 
    
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
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, 2022: 
 
          
          
          
          
          
 
  
Surveillance Categories
$ in millions
  
Caution
List
Low
  
Caution
List
Medium
  
Caution
List
High
  
Classified
List
  
Total
Number of policies
   
 
55
 
   
 
3
 
   
 
-
 
   
 
174
 
   
 
232
 
Number of issues
(1)
   
 
16
 
   
 
2
 
   
 
-
 
   
 
87
 
   
 
105
 
Remaining weighted average contract period (in years)
   
 
6.0
 
   
 
2.3
 
   
 
-
 
   
 
8.5
 
   
 
7.6
 
Gross insured contractual payments outstanding:
(2)
                                             
Principal
   
$
1,325
 
   
$
6
 
   
$
-
 
   
$
2,321
 
   
$
3,652
 
Interest
   
 
1,825
 
   
 
1
 
   
 
-
 
   
 
1,053
 
   
 
2,879
 
Total
   
$
3,150
 
   
$
7
 
   
$
-
 
   
$
3,374
 
   
$
6,531
 
Gross Claim Liability
(3)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
1,118
 
   
$
1,118
 
Less:
                                             
Gross Potential Recoveries
(4)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
421
 
   
 
421
 
Discount, net
(5)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
187
 
   
 
187
 
Net claim liability (recoverable)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
510
 
   
$
510
 
Unearned premium revenue
   
$
8
 
   
$
-
 
   
$
-
 
   
$
25
 
   
$
33
 
Reinsurance recoverable on paid and unpaid losses
(6)
                                       
$
14
 
 
(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, 2021:

                                                                                      
    
Surveillance Categories
  
$ in millions
   
Caution
List
Low
     
Caution
List
Medium
     
Caution
List
High
     
Classified
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.