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

 
Third Quarter
 
Nine Months
 
2015

2014
 
2015

2014
 
(in millions)
Premiums Written:
 
 
 
 
 
 
 
Direct
$
41

 
$
52

 
$
93

 
$
100

Assumed
(1
)
 
(5
)
 
1

 
(6
)
Ceded
0

 
0

 
2

 
(22
)
Net
$
40

 
$
47

 
$
96

 
$
72

Premiums Earned:
 
 
 
 
 
 
 
Direct
$
224

 
$
151

 
$
596

 
$
438

Assumed
7

 
12

 
29

 
32

Ceded
(18
)
 
(19
)
 
(51
)
 
(58
)
Net
$
213

 
$
144

 
$
574

 
$
412

Loss and LAE:
 
 
 
 
 
 
 
Direct
$
111

 
$
(58
)
 
$
323

 
$
46

Assumed
23

 
11

 
35

 
26

Ceded
(22
)
 
3

 
(40
)
 
(18
)
Net
$
112

 
$
(44
)
 
$
318

 
$
54
Exposure by Reinsurer
Exposure by Reinsurer
  
 
 
Ratings at
 
Par Outstanding (1)
 
 
November 4, 2015
 
As of September 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

$
5,480


$
—


$
30

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

A+ (3)

4,426


—


—

Syncora Guarantee Inc.
 
WR

WR

3,505


1,538


159

Mitsui Sumitomo Insurance Co. Ltd.
 
A1

A+ (3)

1,854


—


—

ACA Financial Guaranty Corp.
 
NR (4)

WR

714


19


—

Ambac
 
WR

WR

117


4,370


11,633

National (5)
 
A3

AA-

—


5,448


5,259

MBIA
 
(6)

(6)

—


2,584


449

Financial Guaranty Insurance Co.
 
WR

WR

—


1,551


674

Ambac Assurance Corp. Segregated Account
 
NR

NR

—


95


888

CIFG Assurance North America Inc.
 
WR

WR

—


96


3,663

Other
 
Various

Various

215


821


134

Total
 
 
 
 
 
$
16,311

 
$
16,522

 
$
22,889

____________________
(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(2)    Represents “Withdrawn Rating.”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)
National 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 September 30, 2015
 
 
Assumed
Premium, net
of Commissions
 
Ceded
Premium, net
of Commissions
 
Assumed
Expected
Loss to be Paid
 
Ceded
Expected
Loss to be Paid
 
(in millions)
American Overseas Reinsurance Company Limited (f/k/a Ram Re)
$
—

 
$
(7
)
 
$
—

 
$
25

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

 
(11
)
 
—

 
56

Syncora Guarantee Inc.
—

 
(26
)
 
—

 
6

Mitsui Sumitomo Insurance Co. Ltd.
—

 
(3
)
 
—

 
23

Ambac
42

 
—

 
(13
)
 
—

Ambac Assurance Corp. Segregated Account
11

 
—

 
(68
)
 
—

CIFG Assurance North America Inc.
—

 
—

 
(48
)
 
—

MBIA
5

 
—

 
(10
)
 
—

National
6

 
—

 
(7
)
 
—

Financial Guaranty Insurance Co.
4

 
—

 
(10
)
 
—

Other
1

 
(5
)
 
—

 
—

Total
$
69

 
$
(52
)
 
$
(156
)
 
$
110