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Outstanding Exposure (Tables)
 3 Months Ended
Mar. 31, 2025
Outstanding Exposure Disclosure [Abstract]  
Debt Service Outstanding
Financial Guaranty Portfolio
Debt Service and Par Outstanding
As of March 31, 2025 As of December 31, 2024
  GrossNet GrossNet
 (in millions)
Debt Service
Public finance$407,005 $406,933 $403,789 $403,718 
Structured finance12,629 12,203 12,674 12,248 
Total financial guaranty$419,634 $419,136 $416,463 $415,966 
Par Outstanding
Public finance$252,586 $252,531 $250,429 $250,375 
Structured finance11,486 11,060 11,603 11,177 
Total financial guaranty$264,072 $263,591 $262,032 $261,552 
Financial Guaranty Portfolio by Internal Rating
Financial Guaranty Portfolio by Internal Rating
As of March 31, 2025
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$24 — %$2,050 4.1 %$503 6.0 %$487 18.1 %$3,064 1.2 %
AA17,579 8.7 2,906 5.8 5,242 62.6 62 2.3 25,789 9.8 
A113,268 56.0 12,226 24.4 1,019 12.2 2,060 76.7 128,573 48.8 
BBB69,500 34.3 26,317 52.5 728 8.7 78 2.9 96,623 36.6 
BIG2,046 1.0 6,615 13.2 881 10.5 — — 9,542 3.6 
Total net par outstanding$202,417 100.0 %$50,114 100.0 %$8,373 100.0 %$2,687 100.0 %$263,591 100.0 %

Financial Guaranty Portfolio by Internal Rating
As of December 31, 2024 
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$25 — %$2,074 4.2 %$512 6.1 %$470 17.3 %$3,081 1.2 %
AA17,664 8.8 2,854 5.8 5,386 63.7 58 2.1 25,962 9.9 
A111,502 55.5 13,046 26.5 952 11.3 2,117 77.7 127,617 48.8 
BBB69,096 34.3 24,828 50.5 707 8.3 79 2.9 94,710 36.2 
BIG2,888 1.4 6,398 13.0 896 10.6 — — 10,182 3.9 
Total net par outstanding$201,175 100.0 %$49,200 100.0 %$8,453 100.0 %$2,724 100.0 %$261,552 100.0 %
Schedule of BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of March 31, 2025
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$904 $511 $631 $2,046 $202,417 
Non-U.S. public finance 6,076 539 — 6,615 50,114 
Public finance6,980 1,050 631 8,661 252,531 
Structured finance:
U.S. RMBS99 29 677 805 1,474 
Other structured finance— 20 56 76 9,586 
Structured finance99 49 733 881 11,060 
Total$7,079 $1,099 $1,364 $9,542 $263,591 

Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2024
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$2,119 $137 $632 $2,888 $201,175 
Non-U.S. public finance 5,879 519 — 6,398 49,200 
Public finance7,998 656 632 9,286 250,375 
Structured finance:
U.S. RMBS104 29 686 819 1,507 
Other structured finance— 21 56 77 9,670 
Structured finance104 50 742 896 11,177 
Total$8,102 $706 $1,374 $10,182 $261,552 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of March 31, 2025
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$7,052 $27 $7,079 91 3 94 
BIG 21,095 4 1,099 13 1 14 
BIG 31,364 — 1,364 96 3 99 
Total BIG$9,511 $31 $9,542 200 7 207 
 Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2024
 Net Par Outstanding
Number of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$8,074 $28 $8,102 98 3 101 
BIG 2702 4 706 12 1 13 
BIG 31,374 — 1,374 97 3 100 
Total BIG$10,150 $32 $10,182 207 7 214 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments
The following tables provide information on financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance
BIG Transaction Loss Summary
As of March 31, 2025
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)91 13 96 200 200 
Remaining weighted-average period (in years)18.612.05.916.516.6
Outstanding exposure:    
Par$7,058 $1,095 $1,372 $9,525 $9,511 
Interest6,443 769 400 7,612 7,610 
Total (2)$13,501 $1,864 $1,772 $17,137 $17,121 
Expected cash outflows (inflows) $4,140 $425 $1,312 $5,877 $5,868 
Potential recoveries (3)(4,306)(304)(1,129)(5,739)(5,730)
Subtotal(166)121 183 138 138 
Discount11 — (17)(6)(6)
Expected losses to be paid (recovered)$(155)$121 $166 $132 $132 
Deferred premium revenue$266 $57 $113 $436 $436 
Reserves (salvage)$(241)$68 $77 $(96)$(95)
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2024
 GrossNet Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)98 12 97 207 207 
Remaining weighted-average period (in years)18.68.86.116.616.6
Outstanding exposure: 
Par$8,080 $702 $1,382 $10,164 $10,150 
Interest7,546 371 421 8,338 8,335 
Total (2)$15,626 $1,073 $1,803 $18,502 $18,485 
Expected cash outflows (inflows) $4,016 $342 $1,307 $5,665 $5,656 
Potential recoveries (3)(4,201)(293)(1,132)(5,626)(5,616)
Subtotal(185)49 175 39 40 
Discount43 29 (23)49 49 
Expected losses to be paid (recovered)$(142)$78 $152 $88 $89 
Deferred premium revenue$333 $49 $116 $498 $498 
Reserves (salvage)$(226)$35 $62 $(129)$(128)
____________________
(1)A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)Includes amounts related to FG VIEs.
(3)Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Schedule of Non-Financial Guaranty Exposure
The Company also guarantees specialty business with risk profiles similar to those of its structured finance exposures written in financial guaranty form.

Specialty Business
As of March 31, 2025 As of December 31, 2024
Gross ExposureNet ExposureGross ExposureNet Exposure
(in millions)
Diversified real estate (1)$2,004 $2,004 $2,004 $2,004 
Insurance reserve financings and securitizations 1,495 1,169 1,449 1,126 
Pooled corporate obligations836 836 868 868 
Aircraft residual value insurance147 87 147 87 
____________________
(1)    Excess-of-loss guaranty of a minimum amount of billed rent on a diversified portfolio of real estate properties with an internal rating of AAA that matures in 2044. This guaranty is accounted for in accordance with Accounting Standards Codification (ASC) 460, Guarantees.