$MBI
MBIA INC

2012 Q4 Form 10-K Financial Statement

#000119312514080397 Filed on March 03, 2014

View on sec.gov

Income Statement

Concept 2012 Q4 2011 Q4 2011
Revenue $732.0M -$1.167B -$1.557B
YoY Change -162.72% -235.07% -274.16%
Cost Of Revenue -$80.00M
YoY Change
Gross Profit -$1.477B
YoY Change
Gross Profit Margin
Selling, General & Admin $371.0M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$190.0M -$185.0M $371.0M
YoY Change 2.7% -185.25% -38.68%
Operating Profit -$1.848B
YoY Change
Interest Expense -$83.00M -$92.00M $300.0M
YoY Change -9.78% -3.16% -178.13%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $839.0M -$1.074B -$2.239B
YoY Change -178.12% -294.57% 2256.84%
Income Tax $203.0M -$448.0M -$920.0M
% Of Pretax Income 24.2%
Net Earnings $636.0M -$626.0M -$1.319B
YoY Change -201.6% -238.8% -2588.68%
Net Earnings / Revenue 86.89%
Basic Earnings Per Share -$6.85
Diluted Earnings Per Share $3.632M -$3.238M -$6.85
COMMON SHARES
Basic Shares Outstanding 193.7M shares 192.5M shares
Diluted Shares Outstanding 192.5M shares

Balance Sheet

Concept 2012 Q4 2011 Q4 2011
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $990.0M $633.0M $473.0M
Short-Term Investments
Other Short-Term Assets $88.00M $88.00M
YoY Change -9.28% -9.28%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.166B $3.166B
YoY Change 20.11% 20.11%
LONG-TERM ASSETS
Property, Plant & Equipment $69.00M $69.00M $69.00M
YoY Change 0.0% -2.82% -2.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.02B $18.98B $18.98B
YoY Change -26.13% -22.76% -22.75%
Other Assets $1.199B $1.745B $1.745B
YoY Change -31.29% 92.18% 92.18%
Total Long-Term Assets $23.71B $23.71B
YoY Change -20.02% -20.02%
TOTAL ASSETS
Total Short-Term Assets $3.166B $3.166B
Total Long-Term Assets $23.71B $23.71B
Total Assets $21.72B $26.87B $26.87B
YoY Change -19.16% -16.75% -16.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.000M $59.00M
YoY Change -96.1% -23.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.732B $14.13B $14.13B
YoY Change -87.74% -2.82% -2.82%
Other Long-Term Liabilities $3.341B $6.378B $6.258B
YoY Change -47.62% -29.13% -30.46%
Total Long-Term Liabilities $1.732B $20.51B $20.39B
YoY Change -91.55% -12.88% -13.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.000M $59.00M
Total Long-Term Liabilities $1.732B $20.51B $20.39B
Total Liabilities $18.53B $25.15B $25.15B
YoY Change -26.32% -14.55% -14.55%
SHAREHOLDERS EQUITY
Retained Earnings $2.039B $805.0M
YoY Change 153.29%
Common Stock $277.0M $275.0M
YoY Change 0.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.275B $2.276B
YoY Change -0.04%
Treasury Stock Shares 81.73M shares 81.75M shares
Shareholders Equity $3.173B $1.700B $1.723B
YoY Change
Total Liabilities & Shareholders Equity $21.72B $26.87B $26.87B
YoY Change -19.16% -16.75% -16.75%

Cashflow Statement

Concept 2012 Q4 2011 Q4 2011
OPERATING ACTIVITIES
Net Income $636.0M -$626.0M -$1.319B
YoY Change -201.6% -238.8% -2588.68%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$72.00M -$1.427B -$2.627B
YoY Change -94.95% 172.33% 177.7%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$2.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $1.091B $1.218B $4.012B
YoY Change -10.43% 3.92% -16.12%
Cash From Investing Activities $1.089B $1.216B $4.007B
YoY Change -10.44% 3.93% -16.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change 61.29%
Debt Paid & Issued, Net $65.00M
YoY Change -83.46%
Cash From Financing Activities -468.0M -395.0M -1.877B
YoY Change 18.48% -57.62% -46.45%
NET CHANGE
Cash From Operating Activities -72.00M -1.427B -2.627B
Cash From Investing Activities 1.089B 1.216B 4.007B
Cash From Financing Activities -468.0M -395.0M -1.877B
Net Change In Cash 549.0M -606.0M -497.0M
YoY Change -190.59% 111.89% -251.99%
FREE CASH FLOW
Cash From Operating Activities -$72.00M -$1.427B -$2.627B
Capital Expenditures -$2.000M -$2.000M $5.000M
Free Cash Flow -$70.00M -$1.425B -$2.632B
YoY Change -95.09% 172.99% 176.76%

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Inc. and Subsidiaries</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Notes to Consolidated Financial Statements</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Note 1: Business Developments and Risks and Uncertainties</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Summary</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc., together with its consolidated subsidiaries, (collectively, &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; or the &#8220;Company&#8221;) operates one of the largest financial guarantee insurance businesses in the industry and is a provider of asset management and advisory services. These activities are managed through three business segments: United States (&#8220;U.S.&#8221;) public finance insurance; structured finance and international insurance; and advisory services. The Company's U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation and its subsidiaries (&#8220;National&#8221;), its structured finance and international insurance business is primarily operated through </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Insurance Corporation and its subsidiaries (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.&#8221;), and its asset management and advisory services business is primarily operated through Cutwater Holdings, LLC and its subsidiaries (&#8220;Cutwater&#8221;). </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. and certain of its subsidiaries also manage certain other business activities, the results of which are reported in the corporate, asset/liability products, and conduit segments. The corporate segment includes revenues and expenses that arise from general corporate activities. While the asset/liability products and conduit businesses represent separate business segments, they may be referred to collectively as &#8220;wind-down operations&#8221; as the funding programs managed through those businesses are in wind-down. Refer to &#8220;Note 12: Business Segments</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; for further information about the Company's reporting segments.</font></p><p style='margin-top:13.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Business Developments</font></p><p style='margin-top:4.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">National Ratings and New Business Opportunities</font></p><p style='margin-top:4.5pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">National's ability to write new business and compete with other financial guarantors is largely dependent on the financial strength ratings assigned to National by major rating agencies. </font><font style="font-family:Times New Roman;font-size:10pt;">As a result of the settlement agreement with Bank of America Corporation and certain of its subsidiaries (collectively, &#8220;Bank of America&#8221;) described below </font><font style="font-family:Times New Roman;font-size:10pt;">under &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Bank of America Settlement&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">, the</font><font style="font-family:Times New Roman;font-size:10pt;"> repayment of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Insurance Corporation's secured loan from National (the &#8220;National Secured Loan&#8221;), in</font><font style="font-family:Times New Roman;font-size:10pt;"> 2013, National achieved multiple ratings upgrades from </font><font style="font-family:Times New Roman;font-size:10pt;">Standard&#160;&amp; Poor's Financial Services LLC (&#8220;S&amp;P&#8221;) ultimately achieving a rating of A with a stable outlook as of December 31, 2013. </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, </font><font style="font-family:Times New Roman;font-size:10pt;">Moody's Investors Service, Inc. (&#8220;Moody's&#8221;) upgraded National to Baa1 with a positive outlook. </font><font style="font-family:Times New Roman;font-size:10pt;">On February 1</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">, 2014, Moody's reaffirmed National's rating and outlook. The Company is seeking rating upgrades from the rating agencies and continues to consider obtaining ratings from additional rating agencies.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:4.5pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">National seeks to generate shareholder value through appropriate risk adjusted pricing; however, current market conditions and the competitive landscape may limit National's new business opportunities and its abilities to price and underwrite risk with attractive returns.&#160;Refer to &#8220;Risks and Uncertainties&#8221; below for a discussion of business risks related to National's strategy.</font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Inc. Liquidity</font></p><p style='margin-top:4.5pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc.'s liquidity resources support the Company's corporate and asset/liability products segments. </font><font style="font-family:Times New Roman;font-size:10pt;">The activities of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. consist of holding and managing investments, servicing outstanding corporate debt instruments, servicing investment agreements and medium-term notes (&#8220;MTNs&#8221;) issued by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. and its subsidiary, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Global Funding, LLC (&#8220;GFL&#8221;), posting collateral under financing and hedging arrangements and investment agreements, making payments and collateral postings related to interest rate and foreign exchange swaps, and paying operating expenses. The primary sources of cash within </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. used to meet its liquidity needs include available cash and liquid assets not subject to collateral posting requirements, scheduled principal and interest on assets held in its investment portfolio, dividends from subsidiaries, payments under the </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> group's tax sharing agreement (the &#8220;Tax Escrow Account&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">from subsidiaries of the Company once the payments become unrestricted, and the ability to raise third-party capital. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of December 31, 2013, the liquidity position of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc., which consists of the liquidity positions of its corporate and asset/liability products segments, was $</font><font style="font-family:Times New Roman;font-size:10pt;">359</font><font style="font-family:Times New Roman;font-size:10pt;"> million and comprised cash and liquid assets of $</font><font style="font-family:Times New Roman;font-size:10pt;">307</font><font style="font-family:Times New Roman;font-size:10pt;"> million available for general liquidity purposes, excluding the amounts held in escrow under its tax sharing agreement, and $</font><font style="font-family:Times New Roman;font-size:10pt;">52</font><font style="font-family:Times New Roman;font-size:10pt;"> million not pledged directly as collateral for its asset/liability products segment. As of December 31, 2012, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. had $</font><font style="font-family:Times New Roman;font-size:10pt;">239</font><font style="font-family:Times New Roman;font-size:10pt;"> million of cash and liquid assets comprising $</font><font style="font-family:Times New Roman;font-size:10pt;">170</font><font style="font-family:Times New Roman;font-size:10pt;"> million available for general corporate liquidity purposes, excluding the amounts held in escrow under its tax sharing agreement, and $</font><font style="font-family:Times New Roman;font-size:10pt;">69</font><font style="font-family:Times New Roman;font-size:10pt;"> million not pledged directly as collateral for its asset/liability products segment. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc.'s liquidity position has substantially improved during 2013 due to a </font><font style="font-family:Times New Roman;font-size:10pt;">dividend of $</font><font style="font-family:Times New Roman;font-size:10pt;">214</font><font style="font-family:Times New Roman;font-size:10pt;"> million declared and paid by National to </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. and the release of $</font><font style="font-family:Times New Roman;font-size:10pt;">115</font><font style="font-family:Times New Roman;font-size:10pt;"> million from the Tax Escrow Account. Subsequent to December 31, 2013, an additional </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">160</font><font style="font-family:Times New Roman;font-size:10pt;"> million was released to </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. from the Tax Escrow Account. T</font><font style="font-family:Times New Roman;font-size:10pt;">he Company expects that </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. will generate sufficient cash to satisfy its debt obligations and its general corporate needs over time from expected subsidiary dividends, additional anticipated releases from the Tax Escrow Account and by raising third-party capital.</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"></font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Operating Cost Reductions</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In order to better position the Company for future business opportunities, in the third quarter of 2013, the Company initiated cost reduction measures focused on its legal, consulting, staffing and head office occupancy costs. As a result, expenses for net compensation costs related to staff reductions totaled $</font><font style="font-family:Times New Roman;font-size:10pt;">18</font><font style="font-family:Times New Roman;font-size:10pt;"> million. These expenses are included in &#8220;Operating expenses&#8221; on the Company's consolidated statement of operations for the year ended December 31, 2013. These staff reductions reduced the Company's worldwide headcount by approximately </font><font style="font-family:Times New Roman;font-size:10pt;">21</font><font style="font-family:Times New Roman;font-size:10pt;">% compared with its headcount as of June 30, 2013. In addition, </font><font style="font-family:Times New Roman;font-size:10pt;">in connection with the </font><font style="font-family:Times New Roman;font-size:10pt;">anticipated sale of the office used in its operations, the Company recorded an impairment charge of $</font><font style="font-family:Times New Roman;font-size:10pt;">29</font><font style="font-family:Times New Roman;font-size:10pt;"> million on its Armonk, New York facility. This impairment charge is reflected in the results of </font><font style="font-family:Times New Roman;font-size:10pt;">the Company's U.S. public finance </font><font style="font-family:Times New Roman;font-size:10pt;">insurance </font><font style="font-family:Times New Roman;font-size:10pt;">segment and is </font><font style="font-family:Times New Roman;font-size:10pt;">reported within &#8220;Other net realized gains (losses)&#8221; on the Company's consolidated statement of operations for the year ended December 31, 2013. Refer to &#8220;Note 2: Significant Accounting Policies&#8221; for additional information about the Company's accounting for its office facility. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In addition to costs related to staffing and occupancy, during 2013, the Company incurred total expenses of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">9</font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;"> million related to settlement, consulting, and legal expenses associated with the resolution of the litigation matters and settlements discussed below. </font></p><p style='margin-top:13.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Corp. Strategic Initiatives</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company continued to execute its strategy to mitigate </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s high risk insurance exposure, primarily through the commutation of insurance policies, and </font><font style="font-family:Times New Roman;font-size:10pt;">to </font><font style="font-family:Times New Roman;font-size:10pt;">improve the liquidity position of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. During 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. commuted $</font><font style="font-family:Times New Roman;font-size:10pt;">20.0</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross par exposure, including the $</font><font style="font-family:Times New Roman;font-size:10pt;">7.4</font><font style="font-family:Times New Roman;font-size:10pt;"> billion and $</font><font style="font-family:Times New Roman;font-size:10pt;">4.2</font><font style="font-family:Times New Roman;font-size:10pt;"> billion commuted with Bank of America and Societe Generale, respectively, described below, primarily comprising structured commercial mortgage-backed securities (&#8220;CMBS&#8221;) pools, investment grade collateralized debt obligations (&#8220;CDOs&#8221;), asset-backed securities (&#8220;ABS&#8221;) CDOs, first-lien </font><font style="font-family:Times New Roman;font-size:10pt;">residential mortgage-backed securities (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">RMBS</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">, high yield corporate CDOs, commercial real estate (&#8220;CRE&#8221;) CDOs and structured insurance securities. </font><font style="font-family:Times New Roman;font-size:10pt;">Subsequent to December 31, 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. commuted an additional $</font><font style="font-family:Times New Roman;font-size:10pt;">3.0</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross insured exposure comprising structured CMBS pools</font><font style="font-family:Times New Roman;font-size:10pt;"> in which the reference CMBS were originally rated single-A</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The cost of the commutation in excess of the statutory loss reserves on the policies as of September 30, 2013 is reflected in </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s statutory accounts as of December 31, 2013. The cost reflected in the statutory financial statements includes </font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;"> fixed cash payment and the recognition of </font><font style="font-family:Times New Roman;font-size:10pt;">a contingent </font><font style="font-family:Times New Roman;font-size:10pt;">value that could be delivered in the future. Under </font><font style="font-family:Times New Roman;font-size:10pt;">accounting principles generally accepted in the United States of America (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">GAAP</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">, the commuted policies are accounted for as derivatives and carried at their fair values as of December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2013. The fair values of the Company's derivative liabilities for the commuted policies as of December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2013 exceeded the cost of the commutation. The difference between the fair values of the Company's derivative liabilities for the commuted policies and the estimated/projected aggregate cost of the commutation will be reflected in earnings in the first quarter of 2014, the period in which the commutation occurred. </font><font style="font-family:Times New Roman;font-size:10pt;">In connection with this commutation, on February 14, 2014, Moody's placed the current rating of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Insurance Corporation, B3 with a positive outlook, on review for upgrade. </font><font style="font-family:Times New Roman;font-size:10pt;">During 2012, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. commuted $</font><font style="font-family:Times New Roman;font-size:10pt;">13.4</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross insured exposure, primarily comprising structured CMBS </font><font style="font-family:Times New Roman;font-size:10pt;">pools,</font><font style="font-family:Times New Roman;font-size:10pt;"> CRE CDOs, investment grade CDOs, ABS CDOs, and subprime </font><font style="font-family:Times New Roman;font-size:10pt;">RMBS</font><font style="font-family:Times New Roman;font-size:10pt;"> transactions. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Below is a discussion of significant actions that occurred during 2013 related to </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s strategic initiatives.</font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Bank of America Settlement</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">May </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">2013</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc., together with its subsidiaries </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. and Nationa</font><font style="font-family:Times New Roman;font-size:10pt;">l</font><font style="font-family:Times New Roman;font-size:10pt;">, entered into a comprehensive settlement agreement and related agreements (the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) w</font><font style="font-family:Times New Roman;font-size:10pt;">ith Bank of America. </font><font style="font-family:Times New Roman;font-size:10pt;">Under the terms of the </font><font style="font-family:Times New Roman;font-size:10pt;">BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. receive</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> a payment of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">1.7</font><font style="font-family:Times New Roman;font-size:10pt;"> billion, consisting of $</font><font style="font-family:Times New Roman;font-size:10pt;">1.6</font><font style="font-family:Times New Roman;font-size:10pt;"> billion </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> cash</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and $</font><font style="font-family:Times New Roman;font-size:10pt;">13</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> million principal amount of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc.'s </font><font style="font-family:Times New Roman;font-size:10pt;">5.70</font><font style="font-family:Times New Roman;font-size:10pt;">% Senior Notes due 2034. In exchange for such payment, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. </font><font style="font-family:Times New Roman;font-size:10pt;">agreed to </font><font style="font-family:Times New Roman;font-size:10pt;">dismiss the litigation commenced in September </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">2008 against Countrywide Home Loans, Inc. (</font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Countrywide</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">), among other parties, and later amended to include claims against Bank of America, relating to breaches of representations and warranties on certain </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;">-insured securitizations sponsored by Countrywide. Bank of America and </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> also agreed to the commutation of all of the </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. policies held by Bank of America, which ha</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> a notional insured amount of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">7.4</font><font style="font-family:Times New Roman;font-size:10pt;"> billion</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> of which $</font><font style="font-family:Times New Roman;font-size:10pt;">6.</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;"> billion </font><font style="font-family:Times New Roman;font-size:10pt;">we</font><font style="font-family:Times New Roman;font-size:10pt;">re policies insuring credit default swaps</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;CDS&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> held by Bank of America referencing </font><font style="font-family:Times New Roman;font-size:10pt;">CRE exposures</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. ha</font><font style="font-family:Times New Roman;font-size:10pt;">s </font><font style="font-family:Times New Roman;font-size:10pt;">no further payment obligations under the commuted </font><font style="font-family:Times New Roman;font-size:10pt;">policies. The New York State Department of Financial Services (&#8220;NYSDFS&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) advised </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.</font><font style="font-family:Times New Roman;font-size:10pt;"> that the NYSDFS did not object to the BofA Settlement Agreement. The $1.6 billion of cash received in connection with the BofA Settlement Agreement is included in &#8220;Proceeds from recoveries and reinsurance&#8221; presented under the heading &#8220;Cash flows from operating activities&#8221; on the Company's consolidated statements of cash flows.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The payment from Bank of America, including the </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. </font><font style="font-family:Times New Roman;font-size:10pt;">notes</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">was </font><font style="font-family:Times New Roman;font-size:10pt;">used</font><font style="font-family:Times New Roman;font-size:10pt;"> by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.</font><font style="font-family:Times New Roman;font-size:10pt;"> to repay the outstanding balance and accrued interest on </font><font style="font-family:Times New Roman;font-size:10pt;">the National Secured Loan. T</font><font style="font-family:Times New Roman;font-size:10pt;">he</font><font style="font-family:Times New Roman;font-size:10pt;"> National S</font><font style="font-family:Times New Roman;font-size:10pt;">ecured </font><font style="font-family:Times New Roman;font-size:10pt;">L</font><font style="font-family:Times New Roman;font-size:10pt;">oan balance of $</font><font style="font-family:Times New Roman;font-size:10pt;">1.7</font><font style="font-family:Times New Roman;font-size:10pt;"> billion</font><font style="font-family:Times New Roman;font-size:10pt;"> as of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2013</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> reduced to approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">1.6 </font><font style="font-family:Times New Roman;font-size:10pt;">billion </font><font style="font-family:Times New Roman;font-size:10pt;">prior to the Bank of America settlement </font><font style="font-family:Times New Roman;font-size:10pt;">as a result of the receipt of $</font><font style="font-family:Times New Roman;font-size:10pt;">110</font><font style="font-family:Times New Roman;font-size:10pt;"> million in settlement of Flagstar Bank's put</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">back obligation. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the terms of the </font><font style="font-family:Times New Roman;font-size:10pt;">BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement, </font><font style="font-family:Times New Roman;font-size:10pt;">Blue Ridge Investments, </font><font style="font-family:Times New Roman;font-size:10pt;">L.L.C</font><font style="font-family:Times New Roman;font-size:10pt;">. (&#8220;Blue Ridge&#8221;), an affiliate of</font><font style="font-family:Times New Roman;font-size:10pt;"> Bank of America</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">receive</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">five-year warrant to purchase </font><font style="font-family:Times New Roman;font-size:10pt;">9.94</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million shares of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> common stock at a price of $</font><font style="font-family:Times New Roman;font-size:10pt;">9.59</font><font style="font-family:Times New Roman;font-size:10pt;"> per share. Bank of America </font><font style="font-family:Times New Roman;font-size:10pt;">also agreed to </font><font style="font-family:Times New Roman;font-size:10pt;">dismiss the litigation between the parties concerning the restructuring transactions announced by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> on February 18, 2009 (the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Transformation</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) and the litigation between the parties concerning the senior debt </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">onsent </font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">olicitation completed by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> in the fourth quarter of 2012. In addition, Bank of </font><font style="font-family:Times New Roman;font-size:10pt;">America </font><font style="font-family:Times New Roman;font-size:10pt;">agreed to</font><font style="font-family:Times New Roman;font-size:10pt;"> withdraw the purported &#8220;notice of default&#8221; it sent in connection</font><font style="font-family:Times New Roman;font-size:10pt;"> with such consent solicitation.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the terms of the BofA Settlement Agreement, the dismissals of the litigations referenced above </font><font style="font-family:Times New Roman;font-size:10pt;">were</font><font style="font-family:Times New Roman;font-size:10pt;"> initially filed on a &#8220;without prejudice&#8221; basis.&#160;The parties will refile such dismissals on a &#8220;with prejudice&#8221; basis provided that, within the one-year period following execution of the BofA Settlement Agreement, none of </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">claims released pursuant to the BofA Settlement Agreement are reinstated and neither party is required to make a payment on any such released claims.&#160;The Company views the likelihood of such an event as remote, and thus expects that the litigation dismissals will be filed on a &#8220;with prejudice&#8221; basis at the expiration of such one-year period.</font></p><p style='margin-top:4.5pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s policies insuring the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">RMBS securitizations originated by Countrywide will continue to be in full force and effect, and </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. will continue to make </font><font style="font-family:Times New Roman;font-size:10pt;">payment</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> of principal and interest </font><font style="font-family:Times New Roman;font-size:10pt;">if there are shortfalls </font><font style="font-family:Times New Roman;font-size:10pt;">when due under such policies. Bank of America will have no further representation and warranty liability with respect to the origination of the mortgage loans in the </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;">-insured Countrywide</font><font style="font-family:Times New Roman;font-size:10pt;"> and certain other</font><font style="font-family:Times New Roman;font-size:10pt;"> securitizations. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. also will retain the rights under its insurance policies to any excess spread</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(the difference between interest inflows on assets and interest outflows on liabilities) collected under these policies. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In addition, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Insurance </font><font style="font-family:Times New Roman;font-size:10pt;">Corp</font><font style="font-family:Times New Roman;font-size:10pt;">oration</font><font style="font-family:Times New Roman;font-size:10pt;"> entered into a $</font><font style="font-family:Times New Roman;font-size:10pt;">500</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million three-year secured revolving credit agreement with</font><font style="font-family:Times New Roman;font-size:10pt;"> Blue Ridge (the &#8220;Blue Ridge Secured Loan&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> During 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Insurance Corporation borrowed $</font><font style="font-family:Times New Roman;font-size:10pt;">70</font><font style="font-family:Times New Roman;font-size:10pt;"> million under this agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. used a portion of the proceeds from the sale of </font><font style="font-family:Times New Roman;font-size:10pt;">its claims against </font><font style="font-family:Times New Roman;font-size:10pt;">Residential Capital LLC and certain related entities (collectively, &#8220;ResCap&#8221;) to repay all outstanding borrowings plus accrued interest and related expenses under this loan and terminated the loan since the aggregate proceeds from the ResCap </font><font style="font-family:Times New Roman;font-size:10pt;">claims </font><font style="font-family:Times New Roman;font-size:10pt;">sale exceeded the Blue Ridge's commitment amount as per the terms of the Blue Ridge Secured Loan. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Pursuant to the anti-dilution provisions of warrants that were issued by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> to Warburg Pincus Private Equity X, L.P. and certain of its affiliates (&#8220;Warburg Pincus&#8221;) pursuant to </font><font style="font-family:Times New Roman;font-size:10pt;">an</font><font style="font-family:Times New Roman;font-size:10pt;"> Investment Agreement, dated as of December 10, 2007, as amended and restated as of February 6, 2008, by and between </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> and Warburg Pincus, the </font><font style="font-family:Times New Roman;font-size:10pt;">exercise</font><font style="font-family:Times New Roman;font-size:10pt;"> price under such warrants </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> decreased and the aggregate number of shares of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> common stock to be issued upon exercise of such warrants w</font><font style="font-family:Times New Roman;font-size:10pt;">as</font><font style="font-family:Times New Roman;font-size:10pt;"> increased, in each case as a result of the issuance of the warrant to B</font><font style="font-family:Times New Roman;font-size:10pt;">lue Ridge</font><font style="font-family:Times New Roman;font-size:10pt;">.&#160;The adjustments to the </font><font style="font-family:Times New Roman;font-size:10pt;">exercise</font><font style="font-family:Times New Roman;font-size:10pt;"> price and number of such underlying shares </font><font style="font-family:Times New Roman;font-size:10pt;">did </font><font style="font-family:Times New Roman;font-size:10pt;">not have a material dilutive effect on the </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> common stock.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, under the Investment Agreement, Warburg Pincus has certain gross up rights that are triggered in connection with the offering by the Company of any equity securities. As a settlement of any such gross up rights Warburg Pincus may have had under the Investment Agreement due to the issuance of the warrants to Blue Ridge, in August of 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> issued Warburg Pincus a five-year warrant to purchase </font><font style="font-family:Times New Roman;font-size:10pt;">1.91</font><font style="font-family:Times New Roman;font-size:10pt;"> million shares of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> common stock at an exercise price of $</font><font style="font-family:Times New Roman;font-size:10pt;">9.59</font><font style="font-family:Times New Roman;font-size:10pt;"> per share in exchange for Warburg Pincus delivering to the Company </font><font style="font-family:Times New Roman;font-size:10pt;">0.54</font><font style="font-family:Times New Roman;font-size:10pt;"> million shares of </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. common stock having a value of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;"> million based on the closing price of the Company's stock as of the close of business on July 23, 2013. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Residential Capital LLC Agreement and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">Claims </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;">Sale</font></p><p style='margin-top:4.5pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">December of 2013, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Insurance Corporation sold its claims and certain related rights (the &#8220;Claims&#8221;), as an unsecured creditor, against the bankruptcy estates of Residential Funding Company, LLC (&#8220;RFC&#8221;), GMAC Mortgage LLC (&#8220;GMAC&#8221;) and ResCap for an amount that modestly exceeds the recoveries recorded in respect to the Claims on </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s balance sheet as of September 30, 2013</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">As previously disclosed, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. had asserted contract claims (referred to as &#8220;put-back&#8221; claims) against RFC, GMAC and ResCap related to mortgage loans whose inclusion in insured securitizations failed to comply with representations and warranties. ResCap and its wholly-owned subsidiary companies, RFC and GMAC, each filed for bankruptcy protection in May of 2012. During the fourth quarter of 2013, ResCap settled litigation with its Junior Secured </font><font style="font-family:Times New Roman;font-size:10pt;">Noteholders</font><font style="font-family:Times New Roman;font-size:10pt;"> and a reorganization plan was approved in bankruptcy court. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s policies insuring the RMBS securitizations originated by ResCap will continue to be in full force and effect, and </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. will continue to m</font><font style="font-family:Times New Roman;font-size:10pt;">ake </font><font style="font-family:Times New Roman;font-size:10pt;">payments of principal and interest if there are shortfalls when due under such policies. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. also will retain the rights under its insurance policies to any excess spread collected under these policies. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Societe Generale Settlement</font></p><p style='margin-top:4.5pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In May of 2013, the Company entered into an agreement with Societe Generale pursuant to which </font><font style="font-family:Times New Roman;font-size:10pt;">the Company c</font><font style="font-family:Times New Roman;font-size:10pt;">ommuted $</font><font style="font-family:Times New Roman;font-size:10pt;">4.2</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross insured exposure comprising</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">ABS</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">CDOs, structured CMBS pools and CRE CDOs. The amount </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> paid to Societe Generale in consideration of commuting its insured exposure </font><font style="font-family:Times New Roman;font-size:10pt;">is </font><font style="font-family:Times New Roman;font-size:10pt;">consistent with </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2012</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">aggregate statutory loss reserves for the exposures commuted. Also, pursuant to the agreement, Societe Generale agreed to dismiss the litigation between the parties concerning the Transformation, which includes any appeals of the decision denying the Article 78 petition and the plenary case. </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;text-decoration:underline;margin-left:0px;">Transformation Litigation </font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Subsequent to the </font><font style="font-family:Times New Roman;font-size:10pt;">B</font><font style="font-family:Times New Roman;font-size:10pt;">ofA</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">S</font><font style="font-family:Times New Roman;font-size:10pt;">ettlement</font><font style="font-family:Times New Roman;font-size:10pt;"> Agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> and the Societe Generale settlement, all litigation brought originally by the group of eighteen domestic and international financial institutions relating to the establishment of National has been resolved. </font></p><p style='margin-top:13.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Risks and Uncertainties</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company's financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revise its estimates and assumptions or could cause actual results to differ from the Company's estimates. While the Company believes it continues to have sufficient capital and liquidity to meet all of its expected obligations, if one or more possible adverse outcomes were to be realized, its statutory capital, financial position, results of operations and cash flows could be materially and adversely affected. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company's financial statements and business objectives in future periods. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">National Ratings Upgrades</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The absence of higher ratings from S&amp;P and Moody's continues to adversely impact National's ability to write new insurance business. In order to write new business in the U.S. public finance market, the Company is seeking rating upgrades from the rating agencies </font><font style="font-family:Times New Roman;font-size:10pt;">because </font><font style="font-family:Times New Roman;font-size:10pt;">the Company believes the current ratings of National do not fully represent the financial strength of National when compared with other companies in its industry. The Company ex</font><font style="font-family:Times New Roman;font-size:10pt;">pects to achieve higher stable ratings for National that </font><font style="font-family:Times New Roman;font-size:10pt;">it believes are </font><font style="font-family:Times New Roman;font-size:10pt;">necessary to support writing new business</font><font style="font-family:Times New Roman;font-size:10pt;"> in accordance with its business plan</font><font style="font-family:Times New Roman;font-size:10pt;">, however, there is no assurance that it will be able to achieve such ratings and the timing of such ratings upgrades is uncertain. The Company is also considering obtaining ratings for National from additional rating agencies. </font><font style="font-family:Times New Roman;font-size:10pt;">The Company expects National will gain market acceptance and become a competitive financial guarantor once its ratings are further upgraded. </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">U.S. Public Finance Market Conditions</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The majority of National's new business is expected to be in the general obligation, tax-backed and revenue bond sectors.&#160;In recent years there have been significant amounts of insurable bonds that have been issued on an unwrapped basis, which present attractive secondary market opportunities and are within the Company's underwriting criteria. Nonetheless, as a result of intense competition and the diminished use of financial guarantee insurance in the municipal finance market, among other factors, there can be no assurance that National will be able to write business that generates attractive returns, even if it obtains its target ratings.</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">National's insured portfolio continued to perform satisfactorily on the whole, but it did experience increased stress, as a portion of the obligations that the Company insures were issued by some of the state and local governments </font><font style="font-family:Times New Roman;font-size:10pt;">and territories </font><font style="font-family:Times New Roman;font-size:10pt;">that remain under extreme financial and budgetary stress. In addition, some of these local governments have filed for protection under the United States Bankruptcy Code or have entered into state statutory proceedings established to assist municipalities in managing through periods of severe fiscal stress. This could lead to an increase in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of the Company's insured transactions. The Company monitors and analyzes each situation very closely, and the overall extent and duration of this stress is uncertain. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Inc. Liquidity </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">While </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc.'s liquidity position improved during 2013 and management believes that </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. has sufficient liquidity resources to meet all of its obligations for the foreseeable future, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. continues to have liquidity risk. If invested asset performance deteriorates or the flow of dividends from subsidiaries is interrupted and/or access to the capital markets is impaired, its liquidity position could be eroded over time. While the Company expects that </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. will generate sufficient cash to satisfy its debt obligations and its general corporate needs over time from distributions from its operating subsidiaries and by raising third-party capital, there can be no assurance that such sources will generate sufficient cash. In addition, a failure by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc. to settle liabilities that are also insured by </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. could result in claims on </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Corp. Insured Portfolio and Commutations </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The amount and timing of potential claims from </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.'s</font><font style="font-family:Times New Roman;font-size:10pt;"> second-lien RMBS and remaining insured CMBS pools are potentially volatile, as are the projected collections of excess spread and the remaining </font><font style="font-family:Times New Roman;font-size:10pt;">timing of the </font><font style="font-family:Times New Roman;font-size:10pt;">put-back recoverable</font><font style="font-family:Times New Roman;font-size:10pt;"> from Credit Suisse Securities (USA) LLC, </font><font style="font-family:Times New Roman;font-size:10pt;">DLJ</font><font style="font-family:Times New Roman;font-size:10pt;"> Mortgage Capital, Inc., and Select Portfolio Servicing Inc. (collectively, &#8220;Credit Suisse&#8221;). </font><font style="font-family:Times New Roman;font-size:10pt;">Further, the remaining insured portfolio, aside from these exposures, could deteriorate and result in </font><font style="font-family:Times New Roman;font-size:10pt;">additional significant </font><font style="font-family:Times New Roman;font-size:10pt;">loss reserves and claim payments. </font><font style="font-family:Times New Roman;font-size:10pt;">M</font><font style="font-family:Times New Roman;font-size:10pt;">anagement</font><font style="font-family:Times New Roman;font-size:10pt;">'s</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">expected liquidity and capital forecasts for </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.</font><font style="font-family:Times New Roman;font-size:10pt;">, which include expected put-back recoveries from Credit Suisse and excess spread recoveries, reflect adequate resources to </font><font style="font-family:Times New Roman;font-size:10pt;">pay expected claims</font><font style="font-family:Times New Roman;font-size:10pt;">. 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CY2012Q4 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Principal
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CY2012Q4 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Net Discount
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CY2012Q4 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Net Claim Liability
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CY2013 mbi Loss And Loss Adjustment Expense Collections Net Of Reinsurance And Payments
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CY2013 mbi Losses And Loss Adjustment Expense Payments Net Of Reinsurance
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CY2012 us-gaap Financial Guarantee Insurance Contracts Claim Liability Weighted Average Risk Free Discount Rate
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CY2013 mbi Increase Decrease In Loss Adjustment Expense Recoveries
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CollectionsForCasesWithRecoveries
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InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLosses
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CY2013Q4 mbi Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses
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CY2011Q4 mbi Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLosses
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CY2012 mbi Increase Decrease In Loss Adjustment Expense Recoveries
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013Q4 mbi Percentage Of Sector Specific Transactions Valued Using Bet Model
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0.08 pure
CY2013Q4 mbi Percentage Of Transactions Valued Using Corporate Spread
PercentageOfTransactionsValuedUsingCorporateSpread
0.48 pure
CY2013Q4 mbi Percentage Of Transactions Valued Using Spread Benchmark From Most Relevant Spread Source
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0.44 pure
CY2013Q4 mbi Percentage Of Transactions Valued Using Warf Sourced And Or Ratings Source Credit Spread
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CY2013Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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1200000000
CY2012Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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2900000000
CY2013Q4 mbi Fair Value Option Contractual Outstanding Principal Long Term Debt Instruments
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3787000000
CY2013Q4 mbi Impact Of Non Performance Risk On Insured Derivative Liability
ImpactOfNonPerformanceRiskOnInsuredDerivativeLiability
394000000
CY2012Q4 mbi Impact Of Non Performance Risk On Insured Derivative Liability
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4400000000
CY2013Q4 mbi Percentage Of Insured Credit Derivatives Value Under Direct Price Model And Dual Default Model
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0.02 pure
CY2013Q4 us-gaap Liabilities Fair Value Disclosure Recurring
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CY2013Q4 us-gaap Assets Fair Value Disclosure Recurring
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CY2012Q4 mbi Approximate Percentage Of Level3 Assets At Fair Value In Total Assets Measured At Fair Value
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0.29 pure
CY2012Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
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CY2013Q4 mbi Approximate Percentage Of Level3 Assets At Fair Value In Total Assets Measured At Fair Value
ApproximatePercentageOfLevel3AssetsAtFairValueInTotalAssetsMeasuredAtFairValue
0.22 pure
CY2013Q4 mbi Approximate Percentage Of Level3 Liabilities At Fair Value In Total Liabilities Measured At Fair Value
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CY2012Q4 mbi Approximate Percentage Of Level3 Liabilities At Fair Value In Total Liabilities Measured At Fair Value
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CY2013Q4 mbi Transfers Into And Out Of Level One
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157000000
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293000000
CY2012Q4 us-gaap Fair Value Option Aggregate Differences Long Term Debt Instruments
FairValueOptionAggregateDifferencesLongTermDebtInstruments
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CY2012Q4 mbi Fair Value Option Aggregate Fair Value Loans Receivable
FairValueOptionAggregateFairValueLoansReceivable
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CY2012Q4 us-gaap Fair Value Option Aggregate Differences Loans And Long Term Receivables
FairValueOptionAggregateDifferencesLoansAndLongTermReceivables
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CY2012Q4 mbi Fair Value Option Aggregate Fair Value Long Term Debt Instruments
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3659000000
CY2012Q4 mbi Fair Value Option Contractual Outstanding Principal Long Term Debt Instruments
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CY2012Q4 mbi Fair Value Option Contractual Outstanding Principal Loans Receivable
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CY2013Q4 us-gaap Fair Value Option Aggregate Differences Long Term Debt Instruments
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CY2013Q4 mbi Fair Value Option Contractual Outstanding Principal Loans Receivable
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CY2013Q4 us-gaap Fair Value Option Aggregate Differences Loans And Long Term Receivables
FairValueOptionAggregateDifferencesLoansAndLongTermReceivables
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CY2013Q4 mbi Fair Value Option Aggregate Fair Value Loans Receivable
FairValueOptionAggregateFairValueLoansReceivable
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CY2013Q4 mbi Fair Value Option Aggregate Fair Value Long Term Debt Instruments
FairValueOptionAggregateFairValueLongTermDebtInstruments
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CY2012Q4 mbi Transfers Into And Out Of Level One
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CY2013Q4 us-gaap Available For Sale Securities Amortized Cost
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CY2013Q4 us-gaap Held To Maturity Securities Fair Value
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CY2013Q4 mbi Available For Sale Cumulative Other Than Temporary Impairment Of Securities
AvailableForSaleCumulativeOtherThanTemporaryImpairmentOfSecurities
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CY2013Q4 mbi Held To Maturity Cumulative Other Than Temporary Impairment Of Securities
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CY2013Q4 mbi Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
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CY2013Q4 mbi Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
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CY2013Q4 us-gaap Available For Sale Securities
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CY2013Q4 us-gaap Held To Maturity Securities
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CY2012Q4 mbi Available For Sale Cumulative Other Than Temporary Impairment Of Securities
AvailableForSaleCumulativeOtherThanTemporaryImpairmentOfSecurities
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CY2012Q4 mbi Held To Maturity Cumulative Other Than Temporary Impairment Of Securities
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CY2012Q4 mbi Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
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CY2012Q4 mbi Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
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CY2012Q4 us-gaap Available For Sale Securities
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CY2012Q4 us-gaap Held To Maturity Securities
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CY2012Q4 mbi Held To Maturity Securities Accumulated Unrecognized Holding Gain
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CY2012Q4 us-gaap Security Owned And Pledged As Collateral Fair Value
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CY2013Q4 us-gaap Security Owned And Pledged As Collateral Fair Value
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CY2013Q4 mbi Cash Collateral For Investment Agreements
CashCollateralForInvestmentAgreements
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CY2012Q4 mbi Cash Collateral For Investment Agreements
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CY2013Q4 mbi Fair Value Of Securities On Deposit With Various Regulatory Authorities
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CY2012Q4 mbi Fair Value Of Securities On Deposit With Various Regulatory Authorities
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CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2013Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2013Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
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CY2013Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses Accumulated In Investments
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CY2013Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2013Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2013Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Accumulated In Investments
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CY2013Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments
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CY2013Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
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CY2012Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2012Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2012Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2012Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
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CY2012Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2012Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses Accumulated In Investments
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CY2012Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2012Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2012Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2012Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments
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152000000
CY2012Q4 mbi Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
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CY2012Q4 mbi Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Accumulated In Investments
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CY2013Q4 mbi Investment Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions
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CY2012Q4 mbi Investment Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions
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153 security
CY2013Q4 mbi Percentage Of Securities Book Value Exceeded Market Value
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CY2012 mbi Weighted Average Assumption For Measurement Of Expected Size Of Losses
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0.8767 pure
CY2011 mbi Weighted Average Assumption For Measurement Of Expected Size Of Losses
WeightedAverageAssumptionForMeasurementOfExpectedSizeOfLosses
0.554 pure
CY2012 mbi Weighted Average Assumption For Measurement Of Current Subordination Levels
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0 pure
CY2011 mbi Weighted Average Assumption For Measurement Of Current Subordination Levels
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0.0153 pure
CY2012 mbi Weighted Average Assumption For Measurement Of Prepayment Speed
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0.1193 pure
CY2011 mbi Weighted Average Assumption For Measurement Of Prepayment Speed
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0.1267 pure
CY2012Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2011Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2010Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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0
CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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CY2013 mbi Additions For Credit Loss Impairments Recognized In Prior Periods For Securities That Were Reimpaired With Non Credit Component In Current Period
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CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
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CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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CY2013Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2012 mbi Additions For Credit Loss Impairments Recognized In Prior Periods For Securities That Were Reimpaired With Non Credit Component In Current Period
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CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
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CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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CY2011 mbi Additions For Credit Loss Impairments Recognized In Prior Periods For Securities That Were Reimpaired With Non Credit Component In Current Period
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CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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CY2013 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
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CY2012 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
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CY2011 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
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CY2011 us-gaap Available For Sale Securities Gross Realized Gains
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CY2012 us-gaap Available For Sale Securities Gross Realized Gains
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196000000
CY2013 us-gaap Available For Sale Securities Gross Realized Gains
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CY2013 us-gaap Available For Sale Securities Gross Realized Losses
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CY2012 us-gaap Available For Sale Securities Gross Realized Losses
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CY2011 us-gaap Available For Sale Securities Gross Realized Losses
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104000000
CY2013 mbi Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
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P18Y
CY2012 mbi Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
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P23Y
CY2013Q4 mbi Guarantee Obligations Maximum Net Exposure
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24500000000
CY2013Q4 mbi Derivatives Ceded Under Reinsurance Agreements
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59000000
CY2012Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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285000000
CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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160000000
CY2013Q4 mbi Fair Value Of Credit Support Annexes
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4000000
CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Securities
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42000000
CY2013Q4 mbi Derivative Fair Value Of Derivative Asset Net Of Counterparty Netting
DerivativeFairValueOfDerivativeAssetNetOfCounterpartyNetting
13000000
CY2013Q4 mbi Derivative Fair Value Of Derivative Liability Net Of Counterparty Netting
DerivativeFairValueOfDerivativeLiabilityNetOfCounterpartyNetting
1200000000
CY2013Q4 mbi Derivative Asset Counterparty Netting Amount Fair Value
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42000000
CY2013Q4 mbi Other Assets And Derivative Assets Vie After Counterparty Netting And Embedded Reclass
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4000000
CY2013Q4 mbi Derivative Liability Counterparty Netting
DerivativeLiabilityCounterpartyNetting
42000000
CY2013Q4 invest Derivative Notional Amount
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2013 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
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CY2013 us-gaap Effective Income Tax Rate Continuing Operations
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2013 mbi Effective Income Tax Rate Reconciliation Mark To Market On Warrants
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CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2013 mbi Effective Income Taxrate Reconciliation Uncertain Tax Positions
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2012 mbi Effective Income Tax Rate Reconciliation Mark To Market On Warrants
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2012 mbi Effective Income Taxrate Reconciliation Uncertain Tax Positions
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CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2011 mbi Effective Income Tax Rate Reconciliation Mark To Market On Warrants
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CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2011 mbi Effective Income Taxrate Reconciliation Uncertain Tax Positions
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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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CY2013 mbi Maximum Percentage Of Notional Asset Swap
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0.05 pure
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CY2013Q4 mbi Transactions Guaranteed On Behalf Of Various Affiliates
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CY2012Q4 mbi Transactions Guaranteed On Behalf Of Various Affiliates
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CY2012Q4 us-gaap Participating Policies Amount In Force
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7132000000
CY2013Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
8000000
CY2013 us-gaap Direct Premiums Earned
DirectPremiumsEarned
400000000
CY2013 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
67000000
CY2013 mbi Gross Premium Earned Financial Guarantee Insurance Contracts
GrossPremiumEarnedFinancialGuaranteeInsuranceContracts
467000000
CY2013 us-gaap Ceded Premiums Earned
CededPremiumsEarned
10000000
CY2013 us-gaap Premiums Earned Net
PremiumsEarnedNet
457000000
CY2012 us-gaap Direct Premiums Earned
DirectPremiumsEarned
489000000
CY2012 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
130000000
CY2012 mbi Gross Premium Earned Financial Guarantee Insurance Contracts
GrossPremiumEarnedFinancialGuaranteeInsuranceContracts
619000000
CY2012 us-gaap Ceded Premiums Earned
CededPremiumsEarned
14000000
CY2012 us-gaap Premiums Earned Net
PremiumsEarnedNet
605000000
CY2011 us-gaap Direct Premiums Earned
DirectPremiumsEarned
505000000
CY2011 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
112000000
CY2011 mbi Gross Premium Earned Financial Guarantee Insurance Contracts
GrossPremiumEarnedFinancialGuaranteeInsuranceContracts
617000000
CY2011 us-gaap Ceded Premiums Earned
CededPremiumsEarned
12000000
CY2011 us-gaap Premiums Earned Net
PremiumsEarnedNet
605000000
CY2013 us-gaap Insurance Recoveries
InsuranceRecoveries
4000000
CY2012 us-gaap Insurance Recoveries
InsuranceRecoveries
4000000
CY2011 us-gaap Insurance Recoveries
InsuranceRecoveries
10000000
CY2013 mbi Incentive Stock Options And Non Qualified Stock Options Granted Price At Fair Value Of Common Stock Percentage
IncentiveStockOptionsAndNonQualifiedStockOptionsGrantedPriceAtFairValueOfCommonStockPercentage
1 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
449931 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2689542 shares
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
235050 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5963268 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2247862 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3715406 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1752311 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.0485
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.3382
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.6883
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
38.5120
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6425073 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
461805 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1751173 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
45.0174
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
50.8330
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.3330
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6650947 shares
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
225874 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2211878 shares
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.1713
CY2011 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.0000
CY2011 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
46.0164
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
46.1478
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20000000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y11M23D
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y3M29D
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32206222 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31927315 shares
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32628037 shares
CY2013 us-gaap Undistributed Earnings Allocated To Participating Securities
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5000000
CY2012 us-gaap Undistributed Earnings Allocated To Participating Securities
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32000000
CY2011 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
0
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
245000000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1202000000
CY2011 us-gaap Ceded Premiums Written
CededPremiumsWritten
3000000
CY2012 us-gaap Ceded Premiums Written
CededPremiumsWritten
2000000
CY2013 us-gaap Ceded Premiums Written
CededPremiumsWritten
2000000
CY2013 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
1000000
CY2013 us-gaap Direct Premiums Written
DirectPremiumsWritten
-40000000
CY2012 us-gaap Direct Premiums Written
DirectPremiumsWritten
17000000
CY2011 us-gaap Direct Premiums Written
DirectPremiumsWritten
-5000000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1319000000
CY2013 us-gaap Fair Value Adjustment Of Warrants
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0
CY2012 us-gaap Fair Value Adjustment Of Warrants
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0
CY2011 us-gaap Fair Value Adjustment Of Warrants
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0
CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
245000000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1202000000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-1319000000
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1241902 shares
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1062395 shares
CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2013 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2011 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012 mbi Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
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506714 shares
CY2011 mbi Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
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565819 shares
CY2013 mbi Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
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629896 shares
CY2013 mbi Scheduleofrevisedbasicanddilutedearningspersharetabletextblock
Scheduleofrevisedbasicanddilutedearningspersharetabletextblock
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 62px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 221px; text-align:left;border-color:#000000;min-width:221px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 133px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:133px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Years Ended December 31,</font></td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td colspan="5" style="width: 124px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:124px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">September 30, 2013 (unaudited)</font></td><td style="width: 9px; 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text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 59px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 49px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 5px; text-align:center;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 49px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 5px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:5px;">&#160;</td></tr><tr style="height: 16px"><td style="width: 10px; 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text-align:right;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 5px; text-align:right;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; text-align:right;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; text-align:right;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 5px; text-align:right;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 49px; text-align:right;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 5px; 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text-align:left;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 9px; text-align:right;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 5px; text-align:left;border-color:#000000;min-width:5px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 49px; text-align:left;border-color:#000000;min-width:49px;">&#160;</td><td style="width: 10px; text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 5px; 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2000000
CY2011 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
-2000000
CY2011 us-gaap Premiums Written Net
PremiumsWrittenNet
-10000000
CY2012 us-gaap Premiums Written Net
PremiumsWrittenNet
17000000
CY2013 us-gaap Premiums Written Net
PremiumsWrittenNet
-41000000
CY2013 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
-0.02 pure
CY2012 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
0.12 pure
CY2011 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
0.20 pure

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