reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bonds. Financial guarantees outstanding exclude the exposures of policies that insure bonds which have been called, pre-refunded or refunded and excludes exposure of the policies insuring the Sitka Senior Secured Notes as defined in Note 1. Background and Business Description. The gross par amount of financial guarantees outstanding was $27,551 and $34,122 at

December 31, 2022 and 2021, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $22,613 and $28,020 at December 31, 2022 and 2021, respectively. As of December 31, 2022, the aggregate amount of financial guarantee insured par ceded to reinsurers under reinsurance agreements was $4,938 with the largest reinsurer accounting for $2,187 or 7.9% of gross par outstanding at December 31, 2022.

As of December 31, 2022 and 2021, the legacy financial guarantee portfolio consisted of the types of guaranteed bonds as shown in the following table:



Net Par Outstanding December 31, (1)	2022		2021
Public Finance:
Housing revenue (2)	$	5,491	$	5,610
Lease and tax-backed revenue	1,979		3,196
General obligation	1,301		1,612
Other	1,776		1,942
Total Public Finance	10,547		12,360
Structured Finance:
Mortgage-backed and home equity	1,930		2,724
Investor-owned utilities	1,103		1,556
Other	579		624
Total Structured Finance	3,612		4,904
International Finance:
Sovereign/sub-sovereign	4,077		5,141
Investor-owned and public utilities	2,583		3,283
Asset-backed and other	1,083		1,276
Transportation	711		1,056


Total International Finance	8,454		10,756
Total	$	22,613	$	28,020

(1)Net Par Outstanding includes capital appreciation bonds, which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bond.

(2)Includes $5,400 and $5,490 of Military Housing net par at December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the financial guaranteed portfolio by location of risk was as outlined in the table below:




Net Par Outstanding December 31,	2022		2021
United States	$	14,159	$	17,264
United Kingdom	7,223		9,255
Italy	644		718
Austria	310		343
Australia	259		203
France	14		219

Other international	4		18
Total	$	22,613	$	28,020

Gross financial guarantees in force (principal and interest) were $44,734 and $54,272 at December 31, 2022 and 2021, respectively. Net financial guarantees in force (after giving effect to reinsurance) were $34,975 and $42,653 as of December 31, 2022 and 2021, respectively.

In the United States, no state accounted for more than 10% of the total net par outstanding at December 31, 2022. The highest single insured risk represented 3.6% of the total net par amount guaranteed.