Loss and Loss Adjustment Expense Reserves (Tables)

12 Months Ended

Dec. 31, 2024

Present Value Of The Probability-Weighted Future Claim Payments And Recoveries

The Company’s loss and LAE reserves and recoveries before consolidated VIE eliminations, along with amounts that were eliminated as a result of consolidating VIEs for the international and structured finance insurance segment, which are included in the Company’s consolidated balance sheets as of December 31, 2024 and 2023 are presented in the following table:

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Note 6: Loss and Loss Adjustment Expense Reserves (continued)


			As of December 31, 2024						As of December 31, 2023
In millions			Balance Sheet Line Item						Balance Sheet Line Item
			Insurance loss recoverable			Loss and LAE reserves (1)			Insurance loss recoverable			Loss and LAE reserves (1)
U.S. Public Finance Insurance			$	165		$	299		$	152		$	230
International and Structured Finance Insurance:
	Before VIE eliminations			23			238			32			335
	VIE eliminations			(3	)		(11	)		(1	)		(92	)
		Total international and structured finance insurance		20			227			31			243
	Total		$	185		$	526		$	183		$	473

(1) - Amounts are net of estimated recoveries of expected future claims.

Schedule Of Loss And Loss Adjustment Expenses Reserves


In millions		Changes in Loss and LAE Reserves for the Year Ended December 31, 2024
Gross Loss															Gross Loss
and LAE					Accretion							Changes in			and LAE
Reserves as of		Loss			of Claim		Changes in					Unearned			Reserves as of
December 31,		and LAE			Liability		Discount			Changes in		Premium			December 31,
2023		Payments			Discount		Rates			Assumptions (1)		Revenue			2024
$	473	$	(157	)	$	19	$	(19	)	$	212	$	(2	)	$	526

(1) - Includes changes in amount and timing of estimated payments and recoveries.


In millions		Changes in Loss and LAE Reserves for the Year Ended December 31, 2023
Gross Loss														Gross Loss
and LAE					Accretion							Changes in		and LAE
Reserves as of		Loss			of Claim		Changes in					Unearned		Reserves as of
December 31,		and LAE			Liability		Discount			Changes in		Premium		December 31,
2022		Payments			Discount		Rates			Assumptions (1)		Revenue		2023
$	439	$	(214	)	$	15	$	(4	)	$	235	$	2	$	473

(1) - includes changes in amount and timing of estimated payments and recoveries.

Schedule Of Insurance Loss Recoverable


			Changes in Insurance Loss Recoverable
			for the Year Ended December 31, 2024
	Gross											Gross
	Recoverable											Recoverable
	as of					Accretion		Changes in				as of
	December 31,		Collections			of		Discount		Changes in		December 31,
In millions	2023		for Cases			Recoveries		Rates		Assumptions		2024
Insurance loss recoverable	$	183	$	(16	)	$	7	$	-	$	11	$	185


				Changes in Insurance Loss Recoverable
				for the Year Ended December 31, 2023
	Gross												Gross
	Recoverable												Recoverable
	as of						Accretion		Changes in				as of
	December 31,		Collections				of		Discount		Changes in		December 31,
In millions	2022		for Cases				Recoveries		Rates		Assumptions		2023

Insurance loss recoverable	$	137	$		(8	)	$	6	$	-	$	48	$	183

Schedule of Financial Guarantees And Related Claim Liability

The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2024:


				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					29		-		-		90		119
Number of issues (1)					10		-		-		76		86
Remaining weighted average contract period (in years)					5.7		-		-		6.4		6.2
Gross insured contractual payments outstanding: (2)
		Principal		$	717	$	-	$	-	$	1,509	$	2,226
		Interest			1,307		-		-		569		1,876
			Total	$	2,024	$	-	$	-	$	2,078	$	4,102
Gross Claim Liability (3)				$	-	$	-	$	-	$	906	$	906
Less:
	Gross Potential Recoveries (4)				-		-		-		467		467
	Discount, net (5)				-		-		-		107		107
Net claim liability (recoverable)				$	-	$	-	$	-	$	332	$	332
Unearned premium revenue				$	4	$	-	$	-	$	9	$	13
Reinsurance recoverable on paid and unpaid losses (6)												$	16

(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.

(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.

(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.

(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.

(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.

(6) - Included in "Other assets" on the Company's consolidated balance sheets.

MBIA INC 10-K