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Loss and Loss Adjustment Expense Reserves (Tables)
 6 Months Ended
Jun. 30, 2023
Text Block [Abstract]  
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries
     
          
      
          
      
          
      
          
  
 
  
As of June 30, 2023
 
As of December 31, 2022
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
   
$
71
 
  
$
118
 
  
$
107
 
  
$
154
 
International and Structured Finance Insurance:
                                 
Before VIE eliminations
   
 
32
 
  
 
401
 
  
 
32
 
  
 
488
 
VIE eliminations
   
 
(3
) 
  
 
(158
) 
  
 
(2
) 
  
 
(203
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total international and structured
fi
nance insurance
   
 
29
 
  
 
243
 
  
 
30
 
  
 
285
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
   
$
100
 
  
$
361
 
  
$
137
 
  
$
439
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 Six Months Ended June 30, 2023
 
 
 
 
Gross Loss
and LAE
Reserves as of
December 31,
2022
 
 
Loss and
LAE
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
June 30,

2023
 
 
$439
 
 
 
$(87)
 
 
 
$8
 
 
 
$(1)
 
 
 
$1
 
 
 
$1
 
 
 
$361
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Includes changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable
          
          
          
          
          
          
 
  
 
  
Changes in Insurance Loss Recoverable
 
 
 
  
 
  
for the Six Months Ended June 30,

2023
 
 
In millions
  
Gross

Recoverable as of

December 31,

2022
  
Collections

for Cases
 
Accretion

of
Recoveries
  
Changes in

Discount

Rates
  
Changes in

Assumptions
 
Gross

Recoverable as

of

June 30, 2023
Insurance loss recoverable
   
$
137
 
   
$
(5
) 
  
$
2
 
   
$
-  
 
   
$
(34
) 
  
$
100
 
    
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
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 June 30, 2023:
 
          
          
          
          
          
 
  
Surveillance Categories
$ in millions
  
Caution
List
Low
  
Caution
List
Medium
  
Caution
List
High
  
Classified

List
  
Total
Number of policies
   
 
39
 
   
 
1
 
   
 
-
 
   
 
98
 
   
 
138
 
Number of issues
(1)
   
 
14
 
   
 
1
 
   
 
-
 
   
 
78
 
   
 
93
 
Remaining weighted average contract period (in years)
   
 
5.7
 
   
 
0.5
 
   
 
-
 
   
 
6.6
 
   
 
6.2
 
Gross insured contractual payments outstanding:
(2)
                                             
Principal
   
$
1,431
 
   
$
2
 
   
$
-
 
   
$
1,371
 
   
$
2,804
 
Interest
   
 
1,716
 
   
 
-
 
   
 
-
 
   
 
519
 
   
 
2,235
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total
   
$
3,147
 
   
$
2
 
   
$
-
 
   
$
1,890
 
   
$
5,039
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Gross Claim Liability
(3)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
550
 
   
$
550
 
Less:
                                             
Gross Potential Recoveries
(4)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
155
 
   
 
155
 
Discount, net
(5)
   
 
-
 
   
 
-
 
   
 
-
 
   
 
136
 
   
 
136
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Net claim liability (recoverable)
   
$
-
 
   
$
-
 
   
$
-
 
   
$
259
 
   
$
259
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Unearned premium revenue
   
$
10
 
   
$
-
 
   
$
-
 
   
$
8
 
   
$
18
 
Reinsurance recoverable on paid and unpaid losses
(6)
                                       
$
4
 
 
(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
,
2022
:
 
          
          
          
          
          
 
  
Surveillance Categories
$ in millions
  
Caution
List
Low
  
Caution
List
Medium
  
Caution
List
High
  
Classified

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.