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Reinsurance and Other Monoline Exposures (Tables)
 3 Months Ended
Mar. 31, 2016
Insurance [Abstract]  
Effects of Reinsurance on Statement of Operations
Effect of Reinsurance on Statement of Operations

 
First Quarter
 
2016

2015
 
(in millions)
Premiums Written:
 
 
 
Direct
$
21

 
$
29

Assumed
(2
)
 
3

Ceded
(17
)
 
0

Net
$
2

 
$
32

Premiums Earned:
 
 
 
Direct
$
190

 
$
148

Assumed
8

 
10

Ceded
(15
)
 
(16
)
Net
$
183

 
$
142

Loss and LAE:
 
 
 
Direct
$
109

 
$
26

Assumed
(14
)
 
(7
)
Ceded
(5
)
 
(1
)
Net
$
90

 
$
18
Exposure by Reinsurer
Exposure by Reinsurer
  
 
 
Ratings at
 
Par Outstanding (1)
 
 
May 3, 2016
 
As of March 31, 2016
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 (2)
 
WR (3)

WR

$
4,960


$
—


$
30

Tokio Marine & Nichido Fire Insurance Co., Ltd. (2)
 
Aa3 (4)

A+ (4)

4,171


—


—

Syncora Guarantee Inc. (2)
 
WR

WR

2,411


1,319


700

Mitsui Sumitomo Insurance Co. Ltd. (2)
 
A1

A+ (4)

1,718


—


—

ACA Financial Guaranty Corp.
 
NR (5)

WR

700


38


—

Ambac
 
WR

WR

117


3,892


9,589

National (6)
 
A3

AA-

—


5,139


5,065

MBIA
 
(7)

(7)

—


1,591


428

FGIC
 
(8)

(8)

—


1,437


636

Ambac Assurance Corp. Segregated Account
 
NR

NR

—


86


823

CIFG Assurance North America Inc.
 
WR

WR

—


43


2,784

Other (2)
 
Various

Various

76


776


128

Total
 
 
 
 
 
$
14,153

 
$
14,321

 
$
20,183

____________________
(1)
Includes par related to insured credit derivatives.
  
(2)
The total collateral posted by all non-affiliated reinsurers required or agreeing to post collateral as of March 31, 2016 was approximately $436 million.

(3)    Represents “Withdrawn Rating.”
 
(4)    The Company benefits from trust arrangements that satisfy the triple-A credit requirement of S&P and/or Moody’s.

(5)    Represents “Not Rated.”

(6)
Rated AA+ by KBRA.

(7)
MBIA includes subsidiaries MBIA Insurance Corp. rated B by S&P and B3 by Moody's and MBIA U.K. Insurance Ltd. rated BB by S&P and Ba2 by Moody’s.

(8)
FGIC includes subsidiaries Financial Guaranty Insurance Company and FGIC UK Limited both of which had their ratings withdrawn by rating agencies.
Amounts Due (To) From Reinsurers
Amounts Due (To) From Reinsurers
As of March 31, 2016
 
 
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
$
—

 
$
(6
)
 
$
—

 
$
25

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

 
(11
)
 
—

 
44

Syncora Guarantee Inc.
15

 
(21
)
 
—

 
5

Mitsui Sumitomo Insurance Co. Ltd.
—

 
(3
)
 
—

 
18

Ambac
39

 
—

 
(3
)
 
—

National
6

 
—

 
(4
)
 
—

MBIA
5

 
—

 
(10
)
 
—

FGIC
4

 
—

 
(15
)
 
—

Ambac Assurance Corp. Segregated Account
10

 
—

 
(46
)
 
—

CIFG Assurance North America Inc.
0

 
—

 
(63
)
 
—

Other
—

 
(12
)
 
—

 
—

Total
$
79

 
$
(53
)
 
$
(141
)
 
$
92