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Reinsurance and Other Monoline Exposures (Tables)
 6 Months Ended
Jun. 30, 2015
Insurance [Abstract]  
Effects of Reinsurance on Statement of Operations
Effect of Reinsurance on Statement of Operations

 
Second Quarter
 
Six Months
 
2015

2014
 
2015

2014
 
(in millions)
Premiums Written:
 
 
 
 
 
 
 
Direct
$
23

 
$
17

 
$
52

 
$
48

Assumed
(1
)
 
0

 
2

 
(1
)
Ceded
2

 
2

 
2

 
(22
)
Net
$
24

 
$
19

 
$
56

 
$
25

Premiums Earned:
 
 
 
 
 
 
 
Direct
$
224

 
$
147

 
$
372

 
$
287

Assumed
12

 
9

 
22

 
20

Ceded
(17
)
 
(20
)
 
(33
)
 
(39
)
Net
$
219

 
$
136

 
$
361

 
$
268

Loss and LAE:
 
 
 
 
 
 
 
Direct
$
186

 
$
70

 
$
212

 
$
104

Assumed
19

 
9

 
12

 
15

Ceded
(17
)
 
(22
)
 
(18
)
 
(21
)
Net
$
188

 
$
57

 
$
206

 
$
98
Exposure by Reinsurer
Exposure by Reinsurer
  
 
 
Ratings at
 
Par Outstanding (1)
 
 
August 5, 2015
 
As of June 30, 2015
Reinsurer
 
Moody’s
Reinsurer
Rating
 
S&P
Reinsurer
Rating
 
Ceded Par
Outstanding
 
Second-to-
Pay Insured
Par
Outstanding
 
Assumed Par
Outstanding
 
 
(dollars in millions)
American Overseas Reinsurance Company Limited (f/k/a Ram Re)
 
WR (2)

WR

$
6,006


$
—


$
30

Tokio Marine & Nichido Fire Insurance Co., Ltd.
 
Aa3 (3)

AA- (3)

4,768


—


—

Syncora Guarantee Inc.
 
WR

WR

3,671


1,612


160

Mitsui Sumitomo Insurance Co. Ltd.
 
A1

A+ (3)

1,927


—


—

ACA Financial Guaranty Corp.
 
NR (4)

WR

745


19


—

Ambac
 
WR

WR

117


4,725


12,320

Swiss Reinsurance Co.
 
Aa3

AA-

25


—


—

NPFGC (5)
 
A3

AA-

—


5,680


5,391

MBIA
 
(6)

(6)

—


2,704


469

Financial Guaranty Insurance Co.
 
WR

WR

—


1,797


690

Ambac Assurance Corp. Segregated Account
 
NR

NR

—


100


903

CIFG Assurance North America Inc.
 
WR

WR

—


102


3,914

Other
 
Various

Various

196


853


138

Total
 
 
 
 
 
$
17,455

 
$
17,592

 
$
24,015

____________________
(1)
Includes par related to insured credit derivatives.
  
(2)    Represents “Withdrawn Rating.”
 
(3)    The Company benefits from trust arrangements that satisfy the triple-A credit requirement of S&P and/or Moody’s.

(4)    Represents “Not Rated.”

(5)
NPFGC is also rated AA+ by KBRA.

(6)
MBIA includes subsidiaries MBIA Insurance Corp. rated B by S&P and B2 by Moody's and MBIA U.K. Insurance Ltd. rated B by S&P and Ba2 by Moody’s.
Amounts Due (To) From Reinsurers
Amounts Due (To) From Reinsurers
As of June 30, 2015
 
 
Assumed
Premium, net
of Commissions
 
Ceded
Premium, net
of Commissions
 
Assumed
Expected
Loss and LAE
 
Ceded
Expected
Loss and LAE
 
(in millions)
American Overseas Reinsurance Company Limited (f/k/a Ram Re)
$
—

 
$
(7
)
 
$
—

 
$
15

Tokio Marine & Nichido Fire Insurance Co., Ltd.
—

 
(12
)
 
—

 
51

Syncora Guarantee Inc.
—

 
(28
)
 
—

 
8

Mitsui Sumitomo Insurance Co. Ltd.
—

 
(3
)
 
—

 
19

Swiss Reinsurance Co.
—

 
(2
)
 
—

 
—

Ambac
43

 
—

 
(17
)
 
—

Ambac Assurance Corp. Segregated Account
11

 
—

 
(70
)
 
—

CIFG Assurance North America Inc.
—

 
—

 
(20
)
 
—

MBIA
5

 
—

 
(11
)
 
—

NPFGC
6

 
—

 
(10
)
 
—

Financial Guaranty Insurance Co.
4

 
—

 
(7
)
 
—

Other
2

 
(3
)
 
—

 
—

Total
$
71

 
$
(55
)
 
$
(135
)
 
$
93