Loss and Loss Adjustment Expense Reserves (Tables)

12 Months Ended

Dec. 31, 2022

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Present Value Of The Probability-Weighted Future Claim Payments And Recoveries

	As of December 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	$	107	$	154	$	1,054	$	425
International and Structured Finance Insurance:
Before VIE eliminations		32		488		244		687
VIE eliminations		(2)		(203)		(2)		(218)
Total international and structured finance insurance		30		285		242		469
Total	$	137	$	439	$	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 Year Ended December 31, 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 December 31, 2022
$        894	$	(960)	$	21	$	(102)	$	570	$	16	$	439

(1)—Amount is net of recoveries received.

(2)—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, 2021
Gross Loss and LAE Reserves as of December 31, 2020	Loss Payments		Accretion of Claim Liability Discount		Changes in Discount Rates		Changes in Assumptions(1)		Changes in Unearned Premium Revenue		Gross Loss and LAE Reserves as of December 31, 2021
$990	$	(302)	$	15	$	(40)	$	226	$	5	$	894

(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, 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 December 31, 2022
Insurance loss recoverable	$	1,296	$	(1,608)	$	7	$	(22)	$	464	$	137
			Changes in Insurance Loss Recoverable for the Year Ended December 31, 2021
In millions	Gross Recoverable as of December 31, 2020		Collections for Cases		Accretion of Recoveries		Changes in Discount Rates		Changes in Assumptions		Gross Recoverable as of December 31, 2021
Insurance loss recoverable	$	1,677	$	(266)	$	15	$	25	$	(155)	$	1,296

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, 2022:

	Surveillance Categories
	Caution		Caution		Caution
	List		List		List		Classified
$ in millions	Low		Medium		High		List		Total
Number of policies		57		3		—		101		161
Number of issues(1)		17		2		—		80		99
Remaining weighted average contract period (in years)		5.7		2.4		—		7.2		6.4
Gross insured contractual payments outstanding:(2)
Principal	$	1,723	$	4	$	—	$	1,458	$	3,185
Interest		1,905		1		—		602		2,508
Total	$	3,628	$	5	$	—	$	2,060	$	5,693
Gross Claim Liability(3)	$	—	$	—	$	—	$	677	$	677
Less:
Gross Potential Recoveries(4)		—		—		—		198		198
Discount, net(5)		—		—		—		179		179
Net claim liability (recoverable)	$	—	$	—	$	—	$	300	$	300
Unearned premium revenue	$	11	$	—	$	—	$	9	$	20
Reinsurance recoverable on paid and unpaid losses (6)									$	10

(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.