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Insurance In Force (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Insurance in force by geographic location
As of December 31, 2022, insurance in force, which represents principal and interest or other amounts owing on insured obligations, had an expected maturity through 2058. The distribution of MBIA Corp.’s and National’s combined insurance in force by geographic location, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, is presented in the following table:
 
    
As of December 31,
  
$ in billions
   
2022
     
2021
  
Geographic Location
   
Insurance
in Force
     
% of
Insurance
in Force
     
Insurance
in Force
     
% of
Insurance
in Force
  
California
    $ 14.8        21.8%      $ 16.8        21.4%  
Illinois
      7.5        11.0%        8.2        10.4%  
New Jersey
      4.1        6.1%        4.5        5.8%  
Hawaii
      3.8        5.6%        3.9        5.0%  
Virginia
      3.6        5.2%        3.0        3.9%  
Texas
      2.9        4.2%        3.1        4.0%  
Oregon
      2.0        3.0%        2.3        2.9%  
New York
      2.0        2.9%        2.4        3.0%  
Colorado
      1.8        2.7%        2.0        2.5%  
Georgia
      1.6        2.4%        1.9        2.4%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Subtotal
      44.1        64.9%        48.1        61.3%  
Nationally Diversified
      7.3        10.7%        7.5        9.6%  
Other states
      13.7        20.1%        18.1        23.0%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total United States
      65.1        95.7%        73.7        93.9%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Internationally Diversified
      0.2        0.4%        0.3        0.3%  
Country specific
      2.7        3.9%        4.5        5.8%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
non-United
States
      2.9        4.3%        4.8        6.1%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 68.0        100.0%      $ 78.5        100.0%  
    
 
 
     
 
 
     
 
 
     
 
 
  
Insurance in force by bond type
The insurance in force and insured gross par outstanding by type of bond, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, are presented in the following table:
 
    
As of December 31,
  
$ in billions
   
    2022    
     
    2021    
  
Bond type
   
Insurance
in Force
     
Gross Par
Amount
     
Insurance
in Force
     
Gross Par
Amount
  
Global public finance—United States:
                                    
General obligation
(1)
    $ 19.1      $ 9.1      $ 22.1      $ 10.7  
Military housing
      13.8        6.8        14.3        6.9  
Tax-backed
      12.2        5.6        14.2        6.8  
Municipal utilities
      7.6        5.2        8.7        6.0  
Transportation
      6.9        2.2        7.7        2.6  
General obligation—lease
      1.3        1.0        1.7        1.2  
Higher education
      1.1        0.8        1.3        1.0  
Health care
      0.8        0.6        1.0        0.7  
Investor-owned utilities
(2)
      0.5        0.3        0.6        0.5  
Other
(3)
      0.1        0.1        0.1        0.1  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total United States
      63.4        31.7        71.7        36.5  
    
 
 
     
 
 
     
 
 
     
 
 
  
Global public
finance—non-United
States:
                                    
Sovereign-related and
sub-sovereign
(4)
      1.5        1.2        2.0        1.6  
Transportation
      0.5        0.4        1.2        1.0  
International utilities
      —        —        0.5        0.5  
Other
(5)
      0.1        0.1        0.1        0.1  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
non-United
States
      2.1        1.7        3.8        3.2  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total global public finance
      65.5        33.4        75.5        39.7  
    
 
 
     
 
 
     
 
 
     
 
 
  
Global structured finance:
                                    
Mortgage-backed residential
      1.2        0.8        1.5        1.0  
Corporate asset-backed
      0.5        0.4        0.6        0.4  
Mortgage-backed commercial
      0.4        0.2        0.4        0.2  
Collateralized debt obligations
      0.2        0.2        0.3        0.2  
Consumer asset-backed
      0.2        0.1        0.2        0.2  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total global structured finance
      2.5        1.7        3.0        2.0  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 68.0      $ 35.1      $ 78.5      $ 41.7  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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, municipal housing 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.
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)
     $ 475      $ 18      $ 6  
       (Stable Outlook)                                     
Assured Guaranty Corp.
      AA        A2       372        —        3  
       (Stable Outlook)        (Stable Outlook)                            
Others
      A+ or above        WR
(2)
or above		       50        —        —  
                     
 
 
     
 
 
     
 
 
  
Total
                     $ 897      $ 18      $ 9  
                     
 
 
     
 
 
     
 
 
  
 
(1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on paid and unpaid losses net of paid and unpaid salvage due to reinsurers.
(2)—Represents a withdrawal of ratings.