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Loss and Loss Adjustment Expense Reserves (Tables)
 9 Months Ended
Sep. 30, 2022
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
 
                                                                     
    
As of September 30, 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
   
$
242
 
  
$
688
 
  
$
1,054
 
  
$
425
 
International and Structured Finance Insurance:
 
                        
Before VIE eliminations
   
 
33
 
  
 
568
 
  
 
244
 
  
 
687
 
VIE eliminations
   
 
(2
) 
  
 
(209
) 
  
 
(2
) 
  
 
(218
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total international and structured finance insurance
   
 
31
 
  
 
359
 
  
 
242
 
  
 
469
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
   
$
273
 
  
$
1,047
 
  
$
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 Nine Months Ended September 30, 2022
 
 
 
 
Gross Loss
and LAE
Reserves as of
December 31,
2021
 
 
Net Loss and
LAE Payments
(1)
 
 
Accretion
of

Claim
Liability
Discount
 
 
Changes in
Discount Rates
 
 
Changes in
Assumptions
(2)
 
 
Changes in

Unearned
Premium
Revenue
 
 
Gross Loss

and

LAE

Reserves as of
September 30, 2022
 
  $894       $(332)       $15       $(88)       $555       $3       $1,047  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(1) - Amount is net of recoveries received on claims not yet paid.
(2) - 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,
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
September 30, 2022
Insurance loss recoverable
   
$
1,296
 
   
$
(1,438
) 
  
$
5
 
   
$
(22
) 
  
$
432
 
   
$
273
 
    
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
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, 2022:
 
                                                                                      
    
Surveillance Categories
$ in millions
   
Caution
List
Low
   
Caution
List
Medium
   
Caution
List
High
   
Classified
List
   
Total
Number of policies
   
 
58
 
   
 
3
 
   
 
-
 
   
 
165
 
   
 
226
 
Number of issues
(1)
   
 
18
 
   
 
2
 
   
 
-
 
   
 
85
 
   
 
105
 
Remaining weighted average contract period (in years)
   
 
5.7
 
   
 
1.9
 
   
 
-
 
   
 
8.6
 
   
 
7.3
 
Gross insured contractual payments outstanding:
(2)
                                             
Principal
   
$
1,800
 
   
$
5
 
   
$
-
 
   
$
2,166
 
   
$
3,971
 
Interest
   
 
1,997
 
   
 
1
 
   
 
-
 
   
 
991
 
   
 
2,989
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total
   
$
3,797
 
   
$
6
 
   
$
-
 
   
$
3,157
 
   
$
6,960
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Gross Claim Liability
(3)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
1,338
 
   
$
1,338
 
Less:
                                             
Gross Potential Recoveries
(4)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
335
 
   
 
335
 
Discount, net
(5)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
224
 
   
 
224
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Net claim liability (recoverable)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
779
 
   
$
779
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Unearned premium revenue
   
$
12
 
   
$
-
 
   
$
-
 
   
$
23
 
   
$
35
 
Reinsurance recoverable on paid and unpaid losses
(6)
                                       
$
16
 
 
(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.