Assured Guaranty Ltd(NYSE:AGO) 
Assured Guaranty Ltd., through its subsidiaries, provides credit protection products to public finance, infrastructure, and structured finance markets in the United States and internationally. The company operates in two segments, Insurance and Asset Management. It offers financial guaranty insuranc...
Website: http://www.assuredguaranty.com
Founded: 2003
Full Time Employees: 441
Sector: Financial Services
Industry: Insurance-Specialty
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At a glance:
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Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2018-03-31 | 2009-03-31 | 2008-03-31 | 2007-03-31 | 2006-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | |||||||||||||||||||||||||||||||
net earned premiums | 82,000,000 | 106,000,000 | 94,000,000 | 89,000,000 | 91,000,000 | 103,000,000 | 97,000,000 | 84,000,000 | 119,000,000 | 83,000,000 | 95,000,000 | 85,000,000 | 81,000,000 | 109,000,000 | 89,000,000 | 82,000,000 | 214,000,000 | 107,000,000 | 102,000,000 | 102,000,000 | 103,000,000 | 154,000,000 | 107,000,000 | 121,000,000 | 103,000,000 | 123,000,000 | 145,000,000 | 148,446,000 | 46,833,000 | 53,870,000 | |
net investment income | 92,000,000 | 89,000,000 | 94,000,000 | 89,000,000 | 87,000,000 | 93,000,000 | 82,000,000 | 81,000,000 | 84,000,000 | 95,000,000 | 100,000,000 | 89,000,000 | 81,000,000 | 78,000,000 | 67,000,000 | 62,000,000 | 62,000,000 | 65,000,000 | 66,000,000 | 68,000,000 | 70,000,000 | 68,000,000 | 71,000,000 | 78,000,000 | 80,000,000 | 88,000,000 | 101,000,000 | 43,601,000 | 36,574,000 | 31,482,000 | |
net realized investment gains | -15,000,000 | -8,000,000 | -10,000,000 | -6,000,000 | -16,000,000 | 7,000,000 | -6,000,000 | 8,000,000 | 6,000,000 | -9,000,000 | -9,000,000 | -2,000,000 | -17,000,000 | -14,000,000 | -28,000,000 | 3,000,000 | 11,000,000 | 3,000,000 | 4,000,000 | -3,000,000 | 6,000,000 | 13,000,000 | 4,000,000 | -5,000,000 | 16,000,000 | -5,000,000 | 627,000 | ||||
fair value gains on derivatives | 2,000,000 | ||||||||||||||||||||||||||||||
fair value gains on committed capital securities | 6,000,000 | 11,000,000 | 8,000,000 | -1,000,000 | 2,000,000 | 2,000,000 | -3,000,000 | 1,000,000 | -10,000,000 | -20,000,000 | 1,000,000 | -16,000,000 | 12,000,000 | 1,000,000 | 10,000,000 | 1,000,000 | -3,000,000 | -6,000,000 | -19,000,000 | -25,000,000 | 48,000,000 | ||||||||||
gains on financial guaranty variable interest entities | -5,000,000 | ||||||||||||||||||||||||||||||
fair value gains on consolidated investment vehicles | 9,000,000 | 39,000,000 | 17,000,000 | 4,000,000 | 19,000,000 | 15,000,000 | 21,000,000 | 11,000,000 | 22,000,000 | 28,000,000 | -4,000,000 | 6,000,000 | 58,000,000 | -8,000,000 | 8,000,000 | 3,000,000 | 14,000,000 | 74,000,000 | 16,000,000 | 21,000,000 | 16,000,000 | 4,000,000 | 18,000,000 | 31,000,000 | -12,000,000 | ||||||
foreign exchange gains on remeasurement | -19,000,000 | 3,000,000 | -23,000,000 | 79,000,000 | 37,000,000 | -70,000,000 | 55,000,000 | -12,000,000 | 44,000,000 | -39,000,000 | 28,000,000 | 20,000,000 | 69,000,000 | -80,000,000 | -71,000,000 | -30,000,000 | -1,000,000 | -27,000,000 | 5,000,000 | 59,000,000 | 40,000,000 | 2,000,000 | -62,000,000 | ||||||||
fair value gains on trading securities | 6,000,000 | 2,000,000 | 8,000,000 | 2,000,000 | 1,000,000 | 9,000,000 | 17,000,000 | 26,000,000 | 32,000,000 | 4,000,000 | 40,000,000 | -2,000,000 | -4,000,000 | -8,000,000 | -18,000,000 | ||||||||||||||||
asset management revenues | 94,000,000 | ||||||||||||||||||||||||||||||
other income | 9,000,000 | 24,000,000 | 11,000,000 | 22,000,000 | 19,000,000 | 1,000,000 | 12,000,000 | 9,000,000 | 1,000,000 | 23,000,000 | 6,000,000 | 5,000,000 | 27,000,000 | 3,000,000 | -1,000,000 | 10,000,000 | -1,000,000 | 6,000,000 | 9,000,000 | 14,000,000 | 5,000,000 | 2,000,000 | 7,000,000 | -9,000,000 | 13,000,000 | 20,568,000 | 8,536,000 | 601,000 | |||
total revenues | 261,000,000 | 277,000,000 | 207,000,000 | 281,000,000 | 345,000,000 | 156,000,000 | 269,000,000 | 202,000,000 | 245,000,000 | 327,000,000 | 403,000,000 | 360,000,000 | 283,000,000 | 292,000,000 | 41,000,000 | 90,000,000 | 300,000,000 | 263,000,000 | 212,000,000 | 196,000,000 | 177,000,000 | 379,000,000 | 268,000,000 | 372,000,000 | 96,000,000 | 206,000,000 | 293,000,000 | 243,066,000 | 75,359,000 | ||
yoy | -24.35% | 77.56% | -23.05% | 39.11% | 40.82% | -52.29% | -33.25% | -43.89% | -13.43% | 11.99% | 882.93% | 300.00% | -5.67% | 11.03% | -80.66% | -54.08% | 69.49% | -30.61% | -20.90% | -47.31% | 84.38% | 83.98% | -8.53% | 53.04% | 173.36% | ||||||
qoq | -5.78% | 33.82% | -26.33% | -18.55% | 121.15% | -42.01% | 33.17% | -17.55% | -25.08% | -18.86% | 11.94% | 27.21% | -3.08% | 612.20% | -54.44% | -70.00% | 14.07% | 24.06% | 8.16% | 10.73% | -53.30% | 41.42% | -27.96% | 287.50% | -53.40% | -29.69% | 20.54% | ||||
expenses | |||||||||||||||||||||||||||||||
loss and loss adjustment expenses | 17,000,000 | 18,000,000 | -30,000,000 | 28,000,000 | 40,000,000 | 28,000,000 | -51,000,000 | -2,000,000 | -1,000,000 | 3,000,000 | 100,000,000 | 55,000,000 | 4,000,000 | 45,000,000 | -75,000,000 | -11,000,000 | 57,000,000 | -166,000,000 | -68,000,000 | -16,000,000 | 30,000,000 | 73,000,000 | 73,000,000 | 37,000,000 | 20,000,000 | 30,000,000 | -18,000,000 | 79,754,000 | 55,138,000 | ||
benefit expense for annuity reinsurance contracts | 7,000,000 | ||||||||||||||||||||||||||||||
interest expense | 22,000,000 | 22,000,000 | 22,000,000 | 23,000,000 | 22,000,000 | 23,000,000 | 22,000,000 | 23,000,000 | 23,000,000 | 23,000,000 | 24,000,000 | 22,000,000 | 21,000,000 | 21,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 23,000,000 | 23,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 22,000,000 | 22,000,000 | 24,000,000 | 5,821,000 | 5,821,000 | 6,033,000 | |
amortization of deferred acquisition costs | 5,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 3,000,000 | 6,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 5,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 3,000,000 | 5,000,000 | ||||
employee compensation and benefit expenses | 63,000,000 | 49,000,000 | 50,000,000 | 50,000,000 | 60,000,000 | 49,000,000 | 47,000,000 | 48,000,000 | 58,000,000 | 52,000,000 | 47,000,000 | 70,000,000 | 82,000,000 | 69,000,000 | 57,000,000 | 59,000,000 | 73,000,000 | 57,000,000 | 59,000,000 | 54,000,000 | 60,000,000 | 61,000,000 | 57,000,000 | 46,000,000 | 64,000,000 | ||||||
asset management expenses | 68,000,000 | ||||||||||||||||||||||||||||||
other operating expenses | 45,000,000 | 43,000,000 | 44,000,000 | 45,000,000 | 42,000,000 | 35,000,000 | 44,000,000 | 41,000,000 | 39,000,000 | 47,000,000 | 44,000,000 | 71,000,000 | 55,000,000 | 47,000,000 | 37,000,000 | 41,000,000 | 42,000,000 | 44,000,000 | 38,000,000 | 40,000,000 | 57,000,000 | 69,000,000 | 41,000,000 | 42,000,000 | 45,000,000 | 65,000,000 | 65,000,000 | 32,318,000 | 28,638,000 | 20,703,000 | |
total expenses | 227,000,000 | 138,000,000 | 92,000,000 | 151,000,000 | 169,000,000 | 141,000,000 | 67,000,000 | 113,000,000 | 125,000,000 | 128,000,000 | 219,000,000 | 221,000,000 | 165,000,000 | 185,000,000 | 43,000,000 | 112,000,000 | 196,000,000 | -41,000,000 | 230,000,000 | 105,000,000 | 171,000,000 | 229,000,000 | 196,000,000 | 150,000,000 | 154,000,000 | 120,000,000 | 76,000,000 | 142,969,000 | 103,395,000 | 35,032,000 | |
income before income taxes and equity in earnings of investees | 34,000,000 | 139,000,000 | 115,000,000 | 130,000,000 | 176,000,000 | 15,000,000 | 202,000,000 | 89,000,000 | 120,000,000 | 199,000,000 | 184,000,000 | 118,000,000 | 20,000,000 | -2,000,000 | 104,000,000 | 304,000,000 | -18,000,000 | 91,000,000 | 6,000,000 | ||||||||||||
equity in earnings of investees | 31,000,000 | 26,000,000 | 20,000,000 | 3,000,000 | 53,000,000 | 15,000,000 | 18,000,000 | 5,000,000 | 24,000,000 | 3,000,000 | 18,000,000 | 2,000,000 | -7,750,000 | -20,000,000 | -11,000,000 | 28,000,000 | 23,000,000 | 34,000,000 | 9,000,000 | ||||||||||||
income before income taxes | 65,000,000 | 165,000,000 | 135,000,000 | 133,000,000 | 229,000,000 | 30,000,000 | 220,000,000 | 94,000,000 | 144,000,000 | 202,000,000 | 202,000,000 | 144,000,000 | 120,000,000 | 99,000,000 | -22,000,000 | -22,000,000 | 93,000,000 | 332,000,000 | 5,000,000 | 125,000,000 | 15,000,000 | 174,000,000 | 79,000,000 | 222,000,000 | -62,000,000 | 86,000,000 | 217,000,000 | ||||
less: provision for income taxes | -20,000,000 | 23,000,000 | 21,000,000 | 27,000,000 | 44,000,000 | 22,000,000 | 44,000,000 | 13,000,000 | 31,000,000 | 21,000,000 | 43,000,000 | 23,000,000 | -1,500,000 | -27,000,000 | 18,000,000 | ||||||||||||||||
net income | 85,000,000 | 138,000,000 | 114,000,000 | 106,000,000 | 185,000,000 | 22,000,000 | 176,000,000 | 81,000,000 | 113,000,000 | 379,000,000 | 159,000,000 | 126,000,000 | 97,000,000 | 82,000,000 | 5,000,000 | -25,000,000 | 75,000,000 | 282,000,000 | 20,000,000 | 102,000,000 | 15,000,000 | 149,000,000 | 89,000,000 | 188,000,000 | -58,000,000 | 69,000,000 | 197,000,000 | 85,489,000 | 38,951,000 | ||
yoy | -54.05% | 527.27% | -35.23% | 30.86% | 63.72% | -94.20% | 10.69% | -35.71% | 16.49% | 362.20% | 3080.00% | -604.00% | 29.33% | -70.92% | -75.00% | -124.51% | 400.00% | 89.26% | -77.53% | -45.74% | -125.86% | 115.94% | -54.82% | 119.91% | 77.15% | ||||||
qoq | -38.41% | 21.05% | 7.55% | -42.70% | 740.91% | -87.50% | 117.28% | -28.32% | -70.18% | 138.36% | 26.19% | 29.90% | 18.29% | 1540.00% | -120.00% | -133.33% | -73.40% | 1310.00% | -80.39% | 580.00% | -89.93% | 67.42% | -52.66% | -424.14% | -184.06% | -64.97% | 130.44% | ||||
net income margin % | 32.57% | 49.82% | 55.07% | 37.72% | 53.62% | 14.10% | 65.43% | 40.10% | 46.12% | 115.90% | 39.45% | 35.00% | 34.28% | 28.08% | 12.20% | -27.78% | 25.00% | 107.22% | 9.43% | 52.04% | 8.47% | 39.31% | 33.21% | 50.54% | -60.42% | 33.50% | 67.24% | 35.17% | NaN% | 51.69% | |
less: noncontrolling interest | -3,000,000 | ||||||||||||||||||||||||||||||
net income attributable to assured guaranty ltd. | 88,000,000 | 119,000,000 | 105,000,000 | 103,000,000 | 176,000,000 | 18,000,000 | 171,000,000 | 78,000,000 | 109,000,000 | 376,000,000 | 157,000,000 | 125,000,000 | 81,000,000 | 94,000,000 | 11,000,000 | -47,000,000 | 66,000,000 | 263,000,000 | 17,000,000 | 98,000,000 | 11,000,000 | 148,000,000 | 86,000,000 | 183,000,000 | -55,000,000 | ||||||
earnings per share: | |||||||||||||||||||||||||||||||
basic | 1.94 | 2.57 | 2.2 | 2.1 | 3.49 | 0.44 | 3.23 | 1.43 | 1.94 | 6.43 | 2.65 | 2.09 | 1.37 | 1.48 | 0.18 | -0.74 | 1 | 3.62 | 0.22 | 1.31 | 0.14 | 1.77 | 1.03 | 2.11 | -0.59 | 0.71 | 1.71 | 0.94 | -2.11 | 0.58 | |
diluted | 1.91 | 2.53 | 2.18 | 2.08 | 3.44 | 0.43 | 3.17 | 1.41 | 1.89 | 6.31 | 2.6 | 2.06 | 1.34 | 1.46 | 0.18 | -0.74 | 0.98 | 3.57 | 0.22 | 1.29 | 0.14 | 1.76 | 1.02 | 2.1 | -0.59 | 0.7 | 1.68 | 0.93 | -2.11 | 0.57 | |
fair value gains on credit derivatives | 11,000,000 | 5,000,000 | 1,000,000 | 104,000,000 | 5,000,000 | 3,000,000 | 6,000,000 | 10,000,000 | -1,000,000 | 9,000,000 | 91,000,000 | 15,000,000 | 31,000,000 | -48,000,000 | 9,000,000 | -3,000,000 | -27,000,000 | 21,000,000 | |||||||||||||
fair value gains on financial guaranty variable interest entities | 3,000,000 | 2,000,000 | 1,000,000 | -7,000,000 | -1,000,000 | -3,000,000 | 10,000,000 | 6,000,000 | -3,000,000 | -5,000,000 | -5,000,000 | 11,000,000 | 10,000,000 | 6,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | -2,000,000 | 1,000,000 | -9,000,000 | 4,000,000 | 4,000,000 | |||||||||
less: noncontrolling interests | 5,250,000 | 9,000,000 | 3,000,000 | 9,000,000 | 4,000,000 | 5,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 16,000,000 | -12,000,000 | -6,000,000 | 22,000,000 | 9,000,000 | 19,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 1,000,000 | 3,000,000 | 5,000,000 | -3,000,000 | |||||||
asset management fees | 27,000,000 | 26,000,000 | 22,000,000 | 16,000,000 | 21,000,000 | 34,000,000 | 23,000,000 | 20,000,000 | 21,000,000 | 24,000,000 | 29,000,000 | 17,000,000 | 20,000,000 | 23,000,000 | |||||||||||||||||
gain on sale of asset management subsidiaries | 7,000,000 | 255,000,000 | |||||||||||||||||||||||||||||
income before income taxes and equity in earnings (losses) of investees | 139,000,000 | -22,000,000 | |||||||||||||||||||||||||||||
equity in earnings (losses) of investees | 5,000,000 | ||||||||||||||||||||||||||||||
less: benefit for income taxes | 18,000,000 | 3,000,000 | 2,000,000 | -15,000,000 | 23,000,000 | ||||||||||||||||||||||||||
loss on extinguishment of debt | 175,000,000 | ||||||||||||||||||||||||||||||
commutation gain | |||||||||||||||||||||||||||||||
net change in fair value of credit derivatives | -33,000,000 | -19,000,000 | 61,000,000 | -3,000,000 | 100,000,000 | -77,000,000 | 5,000,000 | 34,000,000 | 47,561,000 | ||||||||||||||||||||||
provision for income taxes | |||||||||||||||||||||||||||||||
commutation gains | 38,000,000 | 1,000,000 | |||||||||||||||||||||||||||||
income before income taxes and equity in net earnings of investees | 59,000,000 | 72,000,000 | 222,000,000 | -58,000,000 | 86,000,000 | ||||||||||||||||||||||||||
equity in net earnings of investees | 750,000 | 7,000,000 | -4,000,000 | ||||||||||||||||||||||||||||
benefit for income taxes | 5,000,000 | -10,000,000 | 34,000,000 | -4,000,000 | 17,000,000 | ||||||||||||||||||||||||||
foreign exchange gain on remeasurement | -21,000,000 | ||||||||||||||||||||||||||||||
fair value gains on equity investments | |||||||||||||||||||||||||||||||
other-than-temporary impairment losses | -11,000,000 | ||||||||||||||||||||||||||||||
less: portion of other-than-temporary impairment loss recognized in other comprehensive income | -3,000,000 | ||||||||||||||||||||||||||||||
net impairment loss | -8,000,000 | ||||||||||||||||||||||||||||||
other net realized investment gains | 3,000,000 | ||||||||||||||||||||||||||||||
net change in fair value of credit derivatives: | |||||||||||||||||||||||||||||||
realized gains and other settlements | 2,000,000 | ||||||||||||||||||||||||||||||
net unrealized gains | 32,000,000 | ||||||||||||||||||||||||||||||
bargain purchase gain and settlement of pre-existing relationships | |||||||||||||||||||||||||||||||
current | -37,000,000 | 11,575,000 | 10,113,000 | 3,671,000 | |||||||||||||||||||||||||||
deferred | 57,000,000 | 3,033,000 | |||||||||||||||||||||||||||||
total benefit for income taxes | 20,000,000 | 14,608,000 | |||||||||||||||||||||||||||||
dividends per share | 0.16 | 0.045 | 0.045 | 0.04 | |||||||||||||||||||||||||||
change in fair value of credit derivatives | |||||||||||||||||||||||||||||||
realized gains and other settlements on credit derivatives | 20,579,000 | 27,617,000 | |||||||||||||||||||||||||||||
unrealized gains on credit derivatives | 26,982,000 | ||||||||||||||||||||||||||||||
profit commission expense | 255,000 | 1,180,000 | 1,613,000 | ||||||||||||||||||||||||||||
acquisition costs | 23,421,000 | 11,883,000 | 10,811,000 | ||||||||||||||||||||||||||||
income before benefit for income taxes | 100,097,000 | ||||||||||||||||||||||||||||||
other comprehensive loss, net of taxes | |||||||||||||||||||||||||||||||
unrealized holding losses on fixed maturity securities arising during the period | |||||||||||||||||||||||||||||||
reclassification adjustment for realized losses (gains) included in net income | 17,075,000 | ||||||||||||||||||||||||||||||
change in net unrealized gains on fixed maturity securities | 7,373,000 | ||||||||||||||||||||||||||||||
change in cumulative translation adjustment | 357,000 | 29,000 | |||||||||||||||||||||||||||||
change in cash flow hedge | |||||||||||||||||||||||||||||||
comprehensive income | 84,370,000 | -174,248,000 | 38,411,000 | ||||||||||||||||||||||||||||
gross written premiums | 175,802,000 | 72,540,000 | |||||||||||||||||||||||||||||
ceded premiums | |||||||||||||||||||||||||||||||
net written premiums | 169,692,000 | 68,382,000 | |||||||||||||||||||||||||||||
increase in net unearned premium reserves | |||||||||||||||||||||||||||||||
unrealized losses on credit derivatives | |||||||||||||||||||||||||||||||
income before (benefit) benefit from income taxes | |||||||||||||||||||||||||||||||
reclassification adjustment for realized (gains) losses included in net income | |||||||||||||||||||||||||||||||
net realized investment losses | |||||||||||||||||||||||||||||||
unrealized gains on derivative financial instruments | |||||||||||||||||||||||||||||||
income before benefit from income taxes | 40,327,000 | ||||||||||||||||||||||||||||||
total benefit from income taxes | 1,376,000 | ||||||||||||||||||||||||||||||
reclassification adjustment for realized losses included in net income | 221,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-09-30 | 2018-03-31 | 2012-03-31 | 2011-09-30 | 2009-06-30 | 2009-03-31 | 2008-09-30 | 2008-06-30 | 2008-03-31 | 2007-06-30 | 2007-03-31 | 2006-12-31 | 2006-09-30 | 2006-06-30 | 2005-12-31 | 2005-09-30 | 2005-06-30 | 2005-03-31 |
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assets | |||||||||||||||||||||||||||||||||||||||||||
investments: | |||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 63 and 54 | 6,875,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, trading, at fair value | 127,000,000 | 124,000,000 | 136,000,000 | 137,000,000 | 137,000,000 | 147,000,000 | 163,000,000 | 221,000,000 | 272,000,000 | 318,000,000 | 350,000,000 | 340,000,000 | 300,000,000 | 303,000,000 | 393,000,000 | 87,000,000 | 174,000,000 | ||||||||||||||||||||||||||
short-term investments, at fair value | 768,000,000 | 903,000,000 | 1,332,000,000 | 939,000,000 | 1,158,000,000 | 1,221,000,000 | 1,487,000,000 | 1,717,000,000 | 1,649,000,000 | 1,661,000,000 | 1,426,000,000 | 1,650,000,000 | 1,273,000,000 | 810,000,000 | 1,177,000,000 | 863,000,000 | 585,000,000 | 1,225,000,000 | 694,000,000 | 851,000,000 | 1,142,000,000 | 751,000,000 | 873,268,000 | ||||||||||||||||||||
other invested assets | 1,136,000,000 | 1,091,000,000 | 1,012,000,000 | 995,000,000 | 960,000,000 | 926,000,000 | 912,000,000 | 882,000,000 | 875,000,000 | 829,000,000 | 765,000,000 | 146,000,000 | 140,000,000 | 133,000,000 | 130,000,000 | 150,000,000 | 152,000,000 | 181,000,000 | 260,000,000 | 237,000,000 | 211,000,000 | 214,000,000 | 113,000,000 | 122,000,000 | 121,000,000 | 57,000,000 | 103,000,000 | 203,900,000 | 297,975,000 | ||||||||||||||
total investments | 8,906,000,000 | 8,487,000,000 | 8,758,000,000 | 8,569,000,000 | 8,670,000,000 | 8,663,000,000 | 8,846,000,000 | 8,826,000,000 | 8,887,000,000 | 9,115,000,000 | 8,808,000,000 | 8,624,000,000 | 8,582,000,000 | 8,365,000,000 | 8,480,000,000 | 8,496,000,000 | 9,067,000,000 | 9,608,000,000 | 9,617,000,000 | 4,584,227,000 | 3,793,012,000 | 3,530,677,000 | 3,705,443,000 | 3,308,663,000 | 2,485,765,000 | 2,488,370,000 | 2,465,135,000 | 2,379,441,000 | 2,239,887,000 | 2,249,823 | 2,255,333,000 | 2,197,948,000 | 2,146,927,000 | ||||||||||
cash | 312,000,000 | 388,000,000 | 157,000,000 | 301,000,000 | 177,000,000 | 121,000,000 | 147,000,000 | 92,000,000 | 115,000,000 | 97,000,000 | 108,000,000 | 114,000,000 | 118,000,000 | 107,000,000 | 131,000,000 | 138,000,000 | 119,000,000 | 120,000,000 | 101,000,000 | 144,000,000 | 95,000,000 | 162,000,000 | 223,000,000 | 293,000,000 | 139,000,000 | 229,000,000 | 114,000,000 | 182,003,000 | 173,260,000 | ||||||||||||||
premiums receivable, net of commissions payable, net of allowance for credit losses of 3 and 3 | 1,543,000,000 | ||||||||||||||||||||||||||||||||||||||||||
funds withheld, at fair value | 296,000,000 | ||||||||||||||||||||||||||||||||||||||||||
deferred acquisition costs | 197,000,000 | 192,000,000 | 190,000,000 | 185,000,000 | 181,000,000 | 176,000,000 | 172,000,000 | 169,000,000 | 164,000,000 | 161,000,000 | 158,000,000 | 155,000,000 | 151,000,000 | 147,000,000 | 142,000,000 | 139,000,000 | 135,000,000 | 131,000,000 | 129,000,000 | 126,000,000 | 124,000,000 | 119,000,000 | 118,000,000 | 116,000,000 | 113,000,000 | 107,000,000 | 100,000,000 | 129,015,000 | 230,983,000 | 374,087,000 | 382,525,000 | 292,121,000 | 284,580,000 | 272,674,000 | 224,813,000 | 220,413,000 | 217,029,000 | 210,184,000 | 205,307,000 | 193,442 | 190,034,000 | 188,194,000 | 192,199,000 |
salvage and subrogation recoverable | 437,000,000 | 449,000,000 | 453,000,000 | 382,000,000 | 389,000,000 | 396,000,000 | 412,000,000 | 293,000,000 | 295,000,000 | 298,000,000 | 282,000,000 | 266,000,000 | 258,000,000 | 257,000,000 | 385,000,000 | 502,000,000 | 529,000,000 | 801,000,000 | 1,148,000,000 | 986,000,000 | 977,000,000 | 991,000,000 | 961,000,000 | 795,000,000 | 820,000,000 | 725,000,000 | 430,000,000 | 367,343,000 | 360,161,000 | ||||||||||||||
financial guaranty variable interest entities’ assets | 201,000,000 | 212,000,000 | 211,000,000 | 147,000,000 | 156,000,000 | 160,000,000 | 167,000,000 | 328,000,000 | 327,000,000 | 414,000,000 | 415,000,000 | 416,000,000 | |||||||||||||||||||||||||||||||
assets of consolidated investment vehicles | 175,000,000 | 136,000,000 | 121,000,000 | 119,000,000 | 101,000,000 | 359,000,000 | 378,000,000 | 377,000,000 | 366,000,000 | 330,000,000 | 5,055,000,000 | 5,118,000,000 | 5,493,000,000 | 5,336,000,000 | 5,456,000,000 | 5,700,000,000 | 5,271,000,000 | 4,371,000,000 | 3,547,000,000 | 2,956,000,000 | 1,913,000,000 | 1,539,000,000 | 1,669,000,000 | 645,000,000 | |||||||||||||||||||
other assets | 743,000,000 | 701,000,000 | 679,000,000 | 695,000,000 | 689,000,000 | 746,000,000 | 686,000,000 | 698,000,000 | 713,000,000 | 700,000,000 | 549,000,000 | 580,000,000 | 557,000,000 | 597,000,000 | 606,000,000 | 561,000,000 | 481,000,000 | 470,000,000 | 421,000,000 | 439,000,000 | 443,000,000 | 440,000,000 | 486,000,000 | 513,000,000 | 593,000,000 | 517,000,000 | 507,000,000 | 337,953,000 | 243,070,000 | 39,682,000 | 35,303,000 | 21,989,000 | 74,346,000 | 66,756,000 | 29,652,000 | 27,604,000 | 26,229,000 | 21,961,000 | 17,428,000 | 17,694 | 17,972,000 | 21,001,000 | 17,965,000 |
total assets | 12,635,000,000 | 12,176,000,000 | 12,101,000,000 | 12,095,000,000 | 11,938,000,000 | 11,901,000,000 | 12,291,000,000 | 12,088,000,000 | 12,168,000,000 | 12,539,000,000 | 11,944,000,000 | 16,852,000,000 | 16,778,000,000 | 16,843,000,000 | 16,660,000,000 | 16,960,000,000 | 17,845,000,000 | 18,208,000,000 | 17,614,000,000 | 17,226,000,000 | 16,018,000,000 | 15,334,000,000 | 14,695,000,000 | 14,780,000,000 | 13,745,000,000 | 13,367,000,000 | 14,019,000,000 | 18,504,813,000 | 18,404,995,000 | 6,495,739,000 | 5,588,328,000 | 4,442,684,000 | 4,527,588,000 | 4,062,032,000 | 2,972,491,000 | 2,953,059,000 | 2,935,340,000 | 2,844,849,000 | 2,735,438,000 | 2,676,471 | 2,766,742,000 | 2,771,564,000 | 2,709,678,000 |
liabilities | |||||||||||||||||||||||||||||||||||||||||||
unearned premium reserve | 3,613,000,000 | 3,625,000,000 | 3,663,000,000 | 3,675,000,000 | 3,671,000,000 | 3,719,000,000 | 3,631,000,000 | 3,662,000,000 | 3,612,000,000 | 3,658,000,000 | 3,600,000,000 | 3,648,000,000 | 3,631,000,000 | 3,620,000,000 | 3,596,000,000 | 3,585,000,000 | 3,596,000,000 | 3,716,000,000 | 3,716,000,000 | 3,704,000,000 | 3,718,000,000 | 3,735,000,000 | 3,762,000,000 | 3,742,000,000 | 3,706,000,000 | 3,334,000,000 | 3,395,000,000 | 5,839,223,000 | 6,111,822,000 | ||||||||||||||
loss and loss adjustment expense reserve | 310,000,000 | 309,000,000 | 308,000,000 | 315,000,000 | 294,000,000 | 268,000,000 | 253,000,000 | 294,000,000 | 307,000,000 | 376,000,000 | 361,000,000 | 349,000,000 | 291,000,000 | 296,000,000 | 882,000,000 | 716,000,000 | 718,000,000 | 869,000,000 | 981,000,000 | 1,064,000,000 | 1,058,000,000 | 1,088,000,000 | 982,000,000 | 1,076,000,000 | 1,050,000,000 | 1,007,000,000 | 1,299,000,000 | 954,475,000 | 670,743,000 | ||||||||||||||
future policy benefits for annuity reinsurance contracts | 475,000,000 | ||||||||||||||||||||||||||||||||||||||||||
policyholder account balances for annuity reinsurance contracts | 263,000,000 | ||||||||||||||||||||||||||||||||||||||||||
long-term debt | 1,705,000,000 | 1,704,000,000 | 1,702,000,000 | 1,701,000,000 | 1,700,000,000 | 1,699,000,000 | 1,698,000,000 | 1,696,000,000 | 1,695,000,000 | 1,694,000,000 | 1,693,000,000 | 1,677,000,000 | 1,676,000,000 | 1,675,000,000 | 1,675,000,000 | 1,674,000,000 | 1,673,000,000 | 1,673,000,000 | 1,671,000,000 | 1,720,000,000 | 1,225,000,000 | 1,224,000,000 | 1,223,000,000 | 1,222,000,000 | 1,221,000,000 | 1,234,000,000 | 1,281,000,000 | 1,034,667,000 | 1,041,653,000 | 516,974,000 | 197,367,000 | 197,359,000 | 197,344 | 197,337,000 | 197,330,000 | 197,323,000 | |||||||
financial guaranty variable interest entities’ liabilities | 194,000,000 | 198,000,000 | 202,000,000 | ||||||||||||||||||||||||||||||||||||||||
other liabilities | 511,000,000 | 551,000,000 | 532,000,000 | 473,000,000 | 453,000,000 | 498,000,000 | 496,000,000 | 410,000,000 | 430,000,000 | 435,000,000 | 393,000,000 | 456,000,000 | 402,000,000 | 457,000,000 | 440,000,000 | 419,000,000 | 496,000,000 | 569,000,000 | 526,000,000 | 579,000,000 | 509,000,000 | 556,000,000 | 502,000,000 | 480,000,000 | 405,000,000 | 433,000,000 | 315,000,000 | 422,694,000 | 436,602,000 | 169,116,000 | 66,910,000 | 71,558,000 | 136,672,000 | 80,302,000 | 36,507,000 | 38,009,000 | 39,016,000 | 33,923,000 | 24,936,000 | 56,714 | 56,219,000 | 50,545,000 | 42,418,000 |
total liabilities | 7,071,000,000 | 6,387,000,000 | 6,364,000,000 | 6,366,000,000 | 6,281,000,000 | 6,348,000,000 | 6,509,000,000 | 6,493,000,000 | 6,486,000,000 | 6,774,000,000 | 6,643,000,000 | 11,397,000,000 | 11,363,000,000 | 11,551,000,000 | 11,486,000,000 | 11,392,000,000 | 11,829,000,000 | 11,708,000,000 | 11,218,000,000 | 10,653,000,000 | 9,525,000,000 | 8,629,000,000 | 8,078,000,000 | 8,271,000,000 | 7,472,000,000 | 6,715,000,000 | 7,235,000,000 | 14,322,295,000 | 13,638,280,000 | 4,140,820,000 | 3,562,735,000 | 2,352,736,000 | 2,285,193,000 | 2,569,362,000 | 1,277,708,000 | 1,258,763,000 | 1,284,579,000 | 1,087,958,000 | 1,052,660,000 | 1,014,958 | 1,133,098,000 | 1,152,056,000 | 1,172,008,000 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||
common shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||
retained earnings | 5,821,000,000 | 5,830,000,000 | 5,836,000,000 | 5,859,000,000 | 5,903,000,000 | 5,878,000,000 | 5,957,000,000 | 5,929,000,000 | 6,014,000,000 | 6,070,000,000 | 5,815,000,000 | 5,732,000,000 | 5,638,000,000 | 5,577,000,000 | 5,579,000,000 | 5,672,000,000 | 5,878,000,000 | 5,990,000,000 | 5,924,000,000 | 6,056,000,000 | 6,055,000,000 | 6,143,000,000 | 6,143,000,000 | 6,109,000,000 | 6,100,000,000 | 6,331,000,000 | 6,102,000,000 | 1,208,380,000 | 1,866,664,000 | 622,369,000 | 738,831,000 | 885,978,000 | 953,460,000 | 412,384,000 | 965,803,000 | 935,726,000 | 896,947,000 | 857,121,000 | 821,826,000 | 747,691 | 711,770,000 | 674,832,000 | 610,329,000 |
accumulated other comprehensive income, net of tax of | -280,000,000 | -168,000,000 | -179,000,000 | -227,000,000 | -314,000,000 | -385,000,000 | -231,000,000 | -392,000,000 | -387,000,000 | -359,000,000 | -565,000,000 | -458,000,000 | -420,000,000 | ||||||||||||||||||||||||||||||
deferred equity compensation | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 4,400,000 | 3,500,000 | ||||||||||||||
total shareholders’ equity attributable to assured guaranty ltd. | 5,542,000,000 | 5,663,000,000 | 5,658,000,000 | 5,633,000,000 | 5,590,000,000 | 5,495,000,000 | 5,728,000,000 | 5,539,000,000 | 5,629,000,000 | 5,713,000,000 | 5,252,000,000 | 5,276,000,000 | 5,220,000,000 | 5,064,000,000 | 4,929,000,000 | 5,304,000,000 | 5,802,000,000 | 6,292,000,000 | 6,300,000,000 | 6,503,000,000 | 6,430,000,000 | 6,643,000,000 | 6,549,000,000 | 6,444,000,000 | 6,240,000,000 | ||||||||||||||||||
non-redeemable noncontrolling interest | 22,000,000 | 126,000,000 | |||||||||||||||||||||||||||||||||||||||||
total shareholders’ equity | 5,564,000,000 | 5,789,000,000 | 5,737,000,000 | 5,729,000,000 | 5,657,000,000 | 5,553,000,000 | 5,782,000,000 | 5,595,000,000 | 5,682,000,000 | 5,765,000,000 | 5,301,000,000 | 5,455,000,000 | 5,415,000,000 | 5,292,000,000 | 5,153,000,000 | 5,547,000,000 | 5,995,000,000 | 6,478,000,000 | 6,375,000,000 | 6,552,000,000 | 6,472,000,000 | 6,684,000,000 | 6,596,000,000 | 6,489,000,000 | 6,265,000,000 | 6,652,000,000 | 6,784,000,000 | 4,182,518,000 | 4,766,715,000 | 2,354,919,000 | 2,025,593,000 | 2,089,948,000 | 2,242,395,000 | 1,492,670,000 | 1,694,783,000 | 1,694,296,000 | 1,650,761,000 | 1,756,891,000 | 1,682,778,000 | 1,661,513 | 1,633,644,000 | 1,619,508,000 | 1,537,670,000 |
total liabilities and shareholders’ equity | 12,635,000,000 | 12,176,000,000 | 12,101,000,000 | 12,095,000,000 | 11,938,000,000 | 11,901,000,000 | 12,291,000,000 | 12,088,000,000 | 12,168,000,000 | 12,539,000,000 | 11,944,000,000 | 16,852,000,000 | 16,778,000,000 | 13,367,000,000 | 14,019,000,000 | 18,504,813,000 | 18,404,995,000 | 6,495,739,000 | 5,588,328,000 | 4,442,684,000 | 4,527,588,000 | 4,062,032,000 | 2,972,491,000 | 2,953,059,000 | 2,935,340,000 | 2,844,849,000 | 2,735,438,000 | 2,676,471 | 2,766,742,000 | 2,771,564,000 | 2,709,678,000 | ||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 54 and 60 | 6,369,000,000 | 6,278,000,000 | |||||||||||||||||||||||||||||||||||||||||
premiums receivable, net of commissions payable, net of allowance for credit losses of 3 and – | 1,572,000,000 | ||||||||||||||||||||||||||||||||||||||||||
premiums receivable, net of commissions payable | 1,583,000,000 | 1,631,000,000 | 1,568,000,000 | 1,551,000,000 | 1,513,000,000 | 1,472,000,000 | 1,450,000,000 | 1,468,000,000 | 1,376,000,000 | 1,417,000,000 | 1,346,000,000 | 1,298,000,000 | 1,178,000,000 | 1,235,000,000 | 1,335,000,000 | 1,372,000,000 | 1,378,000,000 | 1,373,000,000 | 1,359,000,000 | 1,372,000,000 | 1,321,000,000 | 1,294,000,000 | 1,233,000,000 | 844,000,000 | 944,000,000 | ||||||||||||||||||
financial guaranty variable interest entities’ assets, at fair value | 145,000,000 | 145,000,000 | 236,000,000 | 264,000,000 | 307,000,000 | 260,000,000 | 271,000,000 | 287,000,000 | 281,000,000 | 296,000,000 | 314,000,000 | 318,000,000 | 368,000,000 | 469,000,000 | 651,000,000 | 2,827,652,000 | 3,005,380,000 | ||||||||||||||||||||||||||
financial guaranty variable interest entities’ liabilities, at fair value | 159,000,000 | 163,000,000 | 164,000,000 | 392,000,000 | 393,000,000 | 399,000,000 | 554,000,000 | 542,000,000 | 699,000,000 | 704,000,000 | 715,000,000 | 251,000,000 | 282,000,000 | 335,000,000 | 289,000,000 | ||||||||||||||||||||||||||||
nonredeemable noncontrolling interests | 79,000,000 | 96,000,000 | 67,000,000 | 58,000,000 | 54,000,000 | 56,000,000 | 53,000,000 | 52,000,000 | 49,000,000 | 179,000,000 | 195,000,000 | 228,000,000 | 224,000,000 | 243,000,000 | 193,000,000 | 186,000,000 | 75,000,000 | 49,000,000 | 42,000,000 | 41,000,000 | 47,000,000 | 45,000,000 | 25,000,000 | ||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 47 and 60 | 6,498,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 45 and 60 | 6,415,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 60 and 77 | 6,369,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 66 and 77 | 6,284,000,000 | ||||||||||||||||||||||||||||||||||||||||||
credit derivative liabilities, at fair value | 39,000,000 | 38,000,000 | 43,000,000 | 53,000,000 | 50,000,000 | 58,000,000 | 150,000,000 | 163,000,000 | 195,000,000 | 148,000,000 | 157,000,000 | 156,000,000 | 137,000,000 | 157,000,000 | 124,000,000 | 103,000,000 | 162,000,000 | 163,000,000 | 265,000,000 | ||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 69 and 77 | 6,006,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 67 and 77 | 6,091,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 77 and 65 | 6,307,000,000 | ||||||||||||||||||||||||||||||||||||||||||
goodwill and other intangible assets | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 163,000,000 | 166,000,000 | 169,000,000 | 172,000,000 | 175,000,000 | 178,000,000 | 181,000,000 | 184,000,000 | 203,000,000 | 206,000,000 | 209,000,000 | 212,000,000 | |||||||||||||||||||||||||||
liabilities of consolidated investment vehicles | 4,000,000 | 4,000,000 | 4,460,000,000 | 4,458,000,000 | 4,625,000,000 | 4,447,000,000 | 4,568,000,000 | 4,854,000,000 | 4,436,000,000 | 3,886,000,000 | 3,109,000,000 | 2,573,000,000 | 1,590,000,000 | 1,092,000,000 | 1,236,000,000 | 431,000,000 | |||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 86 and 65 | 6,267,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 79 and 65 | 6,488,000,000 | ||||||||||||||||||||||||||||||||||||||||||
assets held for sale | 221,000,000 | 227,000,000 | |||||||||||||||||||||||||||||||||||||||||
liabilities held for sale | 50,000,000 | 51,000,000 | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 69 and 65 | 6,869,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 65 and 42 | 7,119,000,000 | ||||||||||||||||||||||||||||||||||||||||||
redeemable noncontrolling interests | 21,000,000 | 21,000,000 | 21,000,000 | 22,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | |||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of (84) and 60 | -515,000,000 | ||||||||||||||||||||||||||||||||||||||||||
total liabilities, redeemable noncontrolling interests and shareholders’ equity | 16,843,000,000 | 16,660,000,000 | 16,960,000,000 | 17,845,000,000 | 18,208,000,000 | 17,614,000,000 | 17,226,000,000 | 16,018,000,000 | 15,334,000,000 | 14,695,000,000 | 14,780,000,000 | 13,745,000,000 | |||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 57 and 42 | 6,780,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of (100) and 60 | -652,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 51 and 42 | 7,396,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of (61) and 60 | -370,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 47 and 42 | 8,156,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of (12) and 60 | -78,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 42 and 78 | 8,202,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 60 and 89 | 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of 35 and 78 | 8,663,000,000 | ||||||||||||||||||||||||||||||||||||||||||
financial guaranty variable interest entities’ liabilities with recourse, at fair value | 281,000,000 | 296,000,000 | 301,000,000 | 316,000,000 | 336,000,000 | 332,000,000 | 312,000,000 | 388,000,000 | 598,000,000 | 2,365,177,000 | 2,575,548,000 | ||||||||||||||||||||||||||||||||
financial guaranty variable interest entities’ liabilities without recourse, at fair value | 20,000,000 | 24,000,000 | 17,000,000 | 17,000,000 | 19,000,000 | 20,000,000 | 82,000,000 | 105,000,000 | 110,000,000 | 1,085,618,000 | 1,133,025,000 | ||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 74 and 89 | 374,000,000 | ||||||||||||||||||||||||||||||||||||||||||
investment portfolio: | |||||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, at fair value | 8,819,000,000 | 8,687,000,000 | 8,773,000,000 | 8,556,000,000 | 8,630,000,000 | 8,568,000,000 | 9,277,000,000 | 10,297,000,000 | |||||||||||||||||||||||||||||||||||
short-term investments at fair value | 1,087,000,000 | 701,000,000 | 858,000,000 | 821,000,000 | 933,000,000 | ||||||||||||||||||||||||||||||||||||||
total investment portfolio | 10,143,000,000 | 9,599,000,000 | 9,838,000,000 | 9,527,000,000 | 9,573,000,000 | 9,622,000,000 | 10,476,000,000 | 11,151,000,000 | 11,312,201,000 | 11,262,484,000 | |||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 84 and 89 | 445,000,000 | ||||||||||||||||||||||||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 68 and 89 | 373,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 89 and 71 | 498,000,000 | ||||||||||||||||||||||||||||||||||||||||||
redeemable noncontrolling interests in consolidated investment vehicles | 21,000,000 | 20,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||||||
common stock | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,825,000 | 1,822,000 | 1,344,000 | 901,000 | 909,000 | 909,000 | 801,000 | 678,000 | 677,000 | 675,000 | 731,000 | 732,000 | 748 | 749,000 | 749,000 | 752,000 | ||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 78 and 71 | 404,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 69 and 71 | 333,000,000 | ||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 34 and 71 | 138,000,000 | ||||||||||||||||||||||||||||||||||||||||||
credit derivative liabilities | 214,000,000 | 237,000,000 | 2,416,268,000 | 1,495,312,000 | 957,752,000 | 706,768,000 | 465,942,000 | 342,375,000 | 885,698,000 | ||||||||||||||||||||||||||||||||||
additional paid-in capital | 466,000,000 | 2,569,526,000 | 2,567,668,000 | 1,733,997,000 | 1,284,093,000 | 1,281,958,000 | 1,279,182,000 | 1,027,895,000 | 719,297,000 | 716,550,000 | 711,256,000 | 856,243,000 | 855,258,000 | 881,998 | 885,431,000 | 884,389,000 | 888,951,000 | ||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 77 and 38 | 319,000,000 | ||||||||||||||||||||||||||||||||||||||||||
ceded unearned premium reserve | 122,000,000 | 631,398,000 | 747,457,000 | ||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 51 and 89 | 214,000,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed maturity securities, available-for-sale, at fair value | 10,204,938,000 | 10,091,241,000 | |||||||||||||||||||||||||||||||||||||||||
short term investments, at fair value | 903,363,000 | ||||||||||||||||||||||||||||||||||||||||||
premiums receivable, net of ceding commissions payable | 1,018,672,000 | 987,115,000 | |||||||||||||||||||||||||||||||||||||||||
reinsurance recoverable on unpaid losses | 152,898,000 | 47,976,000 | |||||||||||||||||||||||||||||||||||||||||
credit derivative assets | 463,556,000 | 467,252,000 | 146,350,000 | 149,798,000 | 179,979,000 | 176,432,000 | 4,061,000 | ||||||||||||||||||||||||||||||||||||
deferred tax asset | 1,031,805,000 | 676,198,000 | 209,109,000 | 117,560,000 | |||||||||||||||||||||||||||||||||||||||
current income tax receivable | 50,317,000 | 203,659,000 | |||||||||||||||||||||||||||||||||||||||||
reinsurance balances payable | 204,173,000 | 173,575,000 | 33,754,000 | 22,673,000 | 9,890,000 | 7,603,000 | 3,998,000 | 2,846,000 | 2,743,000 | 7,199,000 | 2,069,000 | 1,409,000 | 3,724 | 17,879,000 | 21,862,000 | 28,999,000 | |||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 149,205 and 135,344 | 398,387,000 | ||||||||||||||||||||||||||||||||||||||||||
current income tax payable | |||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax benefit of 114,226 and 18,341 in 2011 and 2010 | 327,061,000 | ||||||||||||||||||||||||||||||||||||||||||
fixed maturity securities, at fair value | 3,413,257,000 | 3,176,178,000 | 3,160,606,000 | 3,167,972,000 | 2,815,671,000 | 2,422,614,000 | 2,391,702,000 | 2,331,071,000 | 2,210,011,000 | 2,069,156,000 | 2,133,997 | 2,192,519,000 | 2,076,842,000 | 2,083,399,000 | |||||||||||||||||||||||||||||
short-term investments, at cost which approximates fair value | 1,170,970,000 | 616,834,000 | 370,071,000 | 537,471,000 | 492,992,000 | 63,151,000 | 96,668,000 | 134,064,000 | 169,430,000 | 170,731,000 | 115,826 | 62,814,000 | 121,106,000 | 63,528,000 | |||||||||||||||||||||||||||||
cash and cash equivalents | 8,507,000 | 19,328,000 | 7,864,000 | 10,124,000 | 8,378,000 | 23,743,000 | 5,714,000 | 4,785,000 | 15,656,000 | 29,197,000 | 6,190 | 7,065,000 | 4,748,000 | 21,723,000 | |||||||||||||||||||||||||||||
accrued investment income | 31,477,000 | 34,310,000 | 36,393,000 | 31,954,000 | 28,886,000 | 25,771,000 | 23,617,000 | 24,195,000 | 22,569,000 | 22,653,000 | 22,676 | 22,681,000 | 21,448,000 | 23,130,000 | |||||||||||||||||||||||||||||
prepaid reinsurance premiums | 23,121,000 | 23,655,000 | 19,934,000 | 20,651,000 | 17,533,000 | 11,010,000 | 9,513,000 | 7,500,000 | 8,956,000 | 12,442,000 | 12,478 | 12,894,000 | 13,803,000 | 14,280,000 | |||||||||||||||||||||||||||||
reinsurance recoverable on ceded losses | 4,533,000 | 7,763,000 | 6,074,000 | 7,285,000 | 8,299,000 | 10,444,000 | 10,596,000 | 10,889,000 | 9,397,000 | 11,293,000 | 12,350 | 107,220,000 | 112,351,000 | 118,332,000 | |||||||||||||||||||||||||||||
premiums receivable | 752,892,000 | 748,414,000 | 51,866,000 | 25,840,000 | 23,890,000 | 38,708,000 | 36,188,000 | 41,565,000 | 33,280,000 | 42,182,000 | 33,011 | 33,369,000 | 28,507,000 | 42,732,000 | |||||||||||||||||||||||||||||
goodwill | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417,000 | 85,417 | 85,417,000 | 85,417,000 | 85,417,000 | |||||||||||||||||||||||||||||
current income taxes receivable | 26,351,000 | 19,297,000 | 6,853,000 | 7,644,000 | 3,005 | ||||||||||||||||||||||||||||||||||||||
salvage recoverable | 199,828,000 | 120,515,000 | 38,035,000 | 73,064,000 | |||||||||||||||||||||||||||||||||||||||
committed capital securities, at fair value | 10,158,000 | 70,728,000 | 32,635,000 | ||||||||||||||||||||||||||||||||||||||||
unearned premium reserves | 2,222,717,000 | 2,153,312,000 | 1,231,842,000 | 1,207,385,000 | 1,014,160,000 | 693,385,000 | 661,034,000 | 644,496,000 | 619,737,000 | 601,930,000 | 537,149 | 527,925,000 | 530,151,000 | 548,735,000 | |||||||||||||||||||||||||||||
reserves for losses and loss adjustment expenses | 200,287,000 | 222,555,000 | 165,943,000 | 204,026,000 | 177,709,000 | 108,813,000 | 120,967,000 | 120,600,000 | 116,914,000 | 114,636,000 | 121,219 | 201,214,000 | 206,352,000 | 218,425,000 | |||||||||||||||||||||||||||||
profit commissions payable | 10,220,000 | 7,751,000 | 8,984,000 | 10,749,000 | 11,369,000 | 17,886,000 | 16,754,000 | 35,994,000 | 30,979,000 | 29,616,000 | 52,993 | 47,303,000 | 45,421,000 | 43,881,000 | |||||||||||||||||||||||||||||
funds held by company under reinsurance contracts | 30,000,000 | 30,962,000 | 29,490,000 | 29,206,000 | 28,953,000 | 25,029,000 | 24,661,000 | 21,412,000 | 20,338,000 | 20,339,000 | 19,186 | 55,125,000 | 53,771,000 | 52,399,000 | |||||||||||||||||||||||||||||
accumulated other comprehensive income | 1,768,000 | 8,844,000 | 51,590,000 | 9,005,000 | 41,343,000 | 41,883,000 | 42,796,000 | 4,962,000 | 45,832 | 52,943,000 | 77,494,000 | 56,716,000 | |||||||||||||||||||||||||||||||
current income taxes payable | 4,578,000 | 10,305,000 | 6,505,000 | 7,196,000 | |||||||||||||||||||||||||||||||||||||||
senior notes | 197,452,000 | 197,434,000 | 197,425,000 | 197,416,000 | 197,391,000 | 197,383,000 | 197,375,000 | ||||||||||||||||||||||||||||||||||||
series a enhanced junior subordinated debentures | 149,774,000 | 149,760,000 | 149,752,000 | 149,745,000 | 149,723,000 | 149,716,000 | 149,708,000 | ||||||||||||||||||||||||||||||||||||
deferred income taxes | 82,317,000 | 32,452,000 | 237,475,000 | 17,479,000 | 21,106,000 | 39,906,000 | 44,855,000 | 24,328,000 | 26,629 | 17,703,000 | 18,217,000 | 39,828,000 | |||||||||||||||||||||||||||||||
receivables for securities sold | 38,086,000 | 9,650,000 | |||||||||||||||||||||||||||||||||||||||||
payables for securities purchased | 21,893,000 | 12,140,000 | |||||||||||||||||||||||||||||||||||||||||
liability for tax basis step-up adjustment | 9,707,000 | 10,453,000 | 10,453,000 | 14,990,000 | 15,177,000 | 19,756,000 | |||||||||||||||||||||||||||||||||||||
unrealized gains on derivative financial instruments | 37,168,000 | 45,627,000 | 52,596,000 | 51,135,000 | 52,338,000 | 40,385 | 34,757,000 | 34,471,000 | 46,973,000 | ||||||||||||||||||||||||||||||||||
unrealized losses on derivative financial instruments | 18,196,000 | 9,432,000 | 6,687,000 | 6,599,000 | 6,211,000 | ||||||||||||||||||||||||||||||||||||||
unearned stock grant compensation | |||||||||||||||||||||||||||||||||||||||||||
treasury stock | |||||||||||||||||||||||||||||||||||||||||||
current income taxes | 12,393,000 | 28,407,000 | |||||||||||||||||||||||||||||||||||||||||
loss recovery receivable | 63,676,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2018-03-31 | 2012-03-31 | 2011-09-30 | 2009-06-30 | 2009-03-31 | 2008-09-30 | 2008-06-30 | 2008-03-31 | 2007-06-30 | 2007-03-31 | 2006-12-31 | 2006-09-30 | 2005-12-31 | 2005-09-30 | 2005-06-30 | 2005-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net cash flows from operating activities | 190,000,000 | 39,000,000 | 55,000,000 | 78,000,000 | 87,000,000 | 46,000,000 | 17,000,000 | 58,000,000 | -74,000,000 | 203,000,000 | -178,000,000 | 124,000,000 | 312,000,000 | -631,000,000 | -54,000,000 | -902,000,000 | -892,000,000 | -145,000,000 | -843,000,000 | -483,000,000 | -466,000,000 | -189,000,000 | -219,000,000 | -281,000,000 | -164,000,000 | 27,000,000 | 398,218,000 | 35,763,000 | 167,017,000 | 38,559,000 | 182,317,000 | 149,045,000 | 61,539,000 | 30,003,000 | 79,991,000 | 90,221,000 | 94,608,000 | 13,385,000 | 57,181,000 | ||
cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
purchases | -286,000,000 | -355,000,000 | -472,000,000 | -410,000,000 | -344,000,000 | -386,000,000 | -361,000,000 | -286,000,000 | -321,000,000 | -82,000,000 | -168,000,000 | -65,000,000 | -225,000,000 | -92,000,000 | -99,000,000 | -112,000,000 | -68,000,000 | -211,000,000 | -237,000,000 | -392,000,000 | -396,000,000 | -524,000,000 | -229,000,000 | -349,000,000 | -278,000,000 | -411,000,000 | |||||||||||||||
sales | 93,000,000 | 91,000,000 | 106,000,000 | 211,000,000 | 216,000,000 | 74,000,000 | 87,000,000 | 129,000,000 | 359,000,000 | 95,000,000 | 73,000,000 | 239,000,000 | 455,000,000 | 157,000,000 | 207,000,000 | 296,000,000 | 57,000,000 | 206,000,000 | -4,000,000 | 106,000,000 | 120,000,000 | 152,000,000 | 137,000,000 | 404,000,000 | 86,000,000 | 409,000,000 | 189,346,000 | 143,412,000 | 430,744,000 | 274,260,000 | 149,351,000 | 134,111,000 | 118,392,000 | 231,106,000 | 212,870,000 | 65,441,000 | 158,656,000 | -524,549,434 | 136,634,000 | 219,129,000 | 169,515,000 |
maturities and paydowns | 153,000,000 | 170,000,000 | 680,000,000 | 236,000,000 | 188,000,000 | 276,000,000 | 175,000,000 | 237,000,000 | 165,000,000 | 218,000,000 | 230,000,000 | 169,000,000 | 129,000,000 | 97,000,000 | 196,000,000 | 210,000,000 | 179,000,000 | 391,000,000 | 258,000,000 | 274,000,000 | 225,000,000 | 236,000,000 | 269,000,000 | 156,000,000 | 217,000,000 | ||||||||||||||||
short-term investments with original maturities of over three months: | |||||||||||||||||||||||||||||||||||||||||
net sales (purchases) of short-term investments with original maturities of less than three months | 141,000,000 | 429,000,000 | -394,000,000 | 224,000,000 | 67,000,000 | 265,000,000 | 230,000,000 | -66,000,000 | 8,000,000 | -234,000,000 | 207,000,000 | -385,000,000 | -460,000,000 | 375,000,000 | -315,000,000 | -277,000,000 | 656,000,000 | -535,000,000 | 392,000,000 | -387,000,000 | 120,000,000 | 15,000,000 | -72,000,000 | 112,000,000 | 375,000,000 | ||||||||||||||||
sales of fixed-maturity securities, trading | 0 | 0 | 0 | 8,000,000 | 0 | 92,000,000 | 69,000,000 | 72,000,000 | 53,000,000 | ||||||||||||||||||||||||||||||||
maturities and paydowns of fixed-maturity securities, trading | 2,000,000 | 14,000,000 | 9,000,000 | 2,000,000 | 3,000,000 | 16,000,000 | |||||||||||||||||||||||||||||||||||
paydowns of financial guaranty variable interest entities’ assets | 4,000,000 | 6,000,000 | 5,000,000 | 5,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 74,000,000 | 7,000,000 | 7,000,000 | 30,000,000 | 26,000,000 | 18,000,000 | ||||||||||||||||||||||||||||
purchases of and contributions to other invested assets | -27,000,000 | -65,000,000 | -22,000,000 | -60,000,000 | -13,000,000 | -16,000,000 | -32,000,000 | -15,000,000 | -56,000,000 | ||||||||||||||||||||||||||||||||
sales of and return of capital from other invested assets | 43,000,000 | 5,000,000 | 16,000,000 | 13,000,000 | 10,000,000 | 6,000,000 | 2,000,000 | 16,000,000 | 17,000,000 | ||||||||||||||||||||||||||||||||
assured life reinsurance, ltd. acquisition, net of cash acquired | -145,000,000 | ||||||||||||||||||||||||||||||||||||||||
issuance of a loan | -40,000,000 | ||||||||||||||||||||||||||||||||||||||||
other | -92,000,000 | -2,000,000 | -3,000,000 | -4,000,000 | -15,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | -89,000,000 | 0 | 0 | -1,000,000 | -54,000,000 | 0 | -1,000,000 | -1,000,000 | 24,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | 1,000,000 | 0 | -2,000,000 | -9,000,000 | -14,000,000 | 51,607,000 | 7,875,000 | -14,763,762 | 8,625,000 | -88,000 | 6,242,000 | ||||||||||
net cash flows from investing activities | -60,000,000 | 363,000,000 | -73,000,000 | 217,000,000 | 134,000,000 | 236,000,000 | 204,000,000 | 87,000,000 | 253,000,000 | 103,000,000 | 311,000,000 | -34,000,000 | -94,000,000 | 612,000,000 | 70,000,000 | 208,000,000 | 850,000,000 | -146,000,000 | 425,000,000 | -381,000,000 | 125,000,000 | -118,000,000 | 173,000,000 | 344,000,000 | 389,000,000 | 126,000,000 | |||||||||||||||
cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||
dividends paid | -19,000,000 | -15,000,000 | -17,000,000 | -17,000,000 | -19,000,000 | -16,000,000 | -16,000,000 | -17,000,000 | -19,000,000 | -16,000,000 | -16,000,000 | -17,000,000 | -18,000,000 | -15,000,000 | -16,000,000 | -16,000,000 | -17,000,000 | -15,000,000 | -16,000,000 | -17,000,000 | -18,000,000 | -16,000,000 | -16,000,000 | -17,000,000 | -20,000,000 | -18,000,000 | |||||||||||||||
repurchases of common shares | -75,000,000 | -131,000,000 | -118,000,000 | -131,000,000 | -120,000,000 | -90,000,000 | -131,000,000 | -152,000,000 | -129,000,000 | -109,000,000 | -64,000,000 | -24,000,000 | -2,000,000 | -100,000,000 | -97,000,000 | -151,000,000 | -152,000,000 | -191,000,000 | -140,000,000 | -88,000,000 | -77,000,000 | ||||||||||||||||||||
net paydowns of financial guaranty variable interest entities’ liabilities | -3,000,000 | -3,000,000 | -5,000,000 | -4,000,000 | -4,000,000 | -218,000,000 | -5,000,000 | -4,000,000 | -148,000,000 | -8,000,000 | -127,000,000 | -5,000,000 | -9,000,000 | -7,000,000 | -27,000,000 | -24,000,000 | -41,000,000 | -15,000,000 | -15,000,000 | -10,000,000 | -13,000,000 | -14,000,000 | -11,000,000 | -17,000,000 | -35,000,000 | -33,000,000 | |||||||||||||||
payments related to tax withholding for share-based compensation | -20,000,000 | 0 | 0 | -6,000,000 | -28,000,000 | 0 | |||||||||||||||||||||||||||||||||||
distributions to noncontrolling interest from consolidated investment vehicles | -97,000,000 | ||||||||||||||||||||||||||||||||||||||||
net cash flows from financing activities | -214,000,000 | -149,000,000 | -140,000,000 | -157,000,000 | -170,000,000 | -324,000,000 | -159,000,000 | -173,000,000 | -327,000,000 | -137,000,000 | -200,000,000 | -37,000,000 | -296,000,000 | -43,000,000 | -4,000,000 | 669,000,000 | -10,000,000 | 394,000,000 | 363,000,000 | 814,000,000 | 389,000,000 | 195,000,000 | -21,000,000 | 189,000,000 | -180,000,000 | -181,000,000 | -3,955,000 | ||||||||||||||
effect of foreign exchange rate changes | -2,000,000 | 2,000,000 | -3,000,000 | 5,000,000 | 3,000,000 | -4,000,000 | 3,000,000 | 0 | -1,000,000 | 1,000,000 | 1,000,000 | -2,000,000 | -4,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | 4,000,000 | 0 | 0 | -7,000,000 | 1,000,000 | ||||||||||||||||||||
increase in cash and cash equivalents and restricted cash | -86,000,000 | 255,000,000 | -161,000,000 | 143,000,000 | 54,000,000 | -46,000,000 | 65,000,000 | -28,000,000 | -149,000,000 | 171,000,000 | -69,000,000 | 54,000,000 | -77,000,000 | -64,000,000 | 8,000,000 | ||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at beginning of period | 419,000,000 | 0 | 0 | 0 | 128,000,000 | 0 | 0 | 0 | 286,000,000 | 0 | 0 | 0 | 207,000,000 | 0 | 0 | ||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at end of period | 333,000,000 | 255,000,000 | -161,000,000 | 143,000,000 | 182,000,000 | -46,000,000 | 65,000,000 | -28,000,000 | 137,000,000 | 171,000,000 | -69,000,000 | 54,000,000 | 130,000,000 | -64,000,000 | 8,000,000 | ||||||||||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||
net income | -170,004,000 | 85,489,000 | -63,340,000 | 545,216,000 | -169,209,000 | 32,805,000 | 38,951,000 | 42,436,000 | 37,902,000 | -150,094,552 | 39,185,000 | 66,750,000 | 44,348,000 | ||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||
non-cash interest and operating expenses | 3,747,000 | 4,795,000 | 2,876,000 | 3,159,000 | 7,612,000 | 4,980,000 | 6,582,000 | 3,855,000 | 3,775,000 | -5,130,938 | 1,789,000 | 1,856,000 | 1,493,000 | ||||||||||||||||||||||||||||
net amortization of premium (discount) on investments | |||||||||||||||||||||||||||||||||||||||||
provision for deferred income taxes | |||||||||||||||||||||||||||||||||||||||||
net realized investment losses | 4,888,000 | 17,110,000 | 1,540,000 | 279,000 | 55,000 | -72,000 | |||||||||||||||||||||||||||||||||||
equity in losses of investees | |||||||||||||||||||||||||||||||||||||||||
fair value losses on committed capital securities | |||||||||||||||||||||||||||||||||||||||||
fair value losses on trading securities | |||||||||||||||||||||||||||||||||||||||||
gain on sale of asset management subsidiaries | |||||||||||||||||||||||||||||||||||||||||
change in premiums receivable, net of premiums and commissions payable | |||||||||||||||||||||||||||||||||||||||||
change in unearned premium reserve | |||||||||||||||||||||||||||||||||||||||||
change in loss and loss adjustment expense reserve and salvage and subrogation recoverable | |||||||||||||||||||||||||||||||||||||||||
change in current income taxes | 9,670,000 | -16,955,441 | -16,014,000 | ||||||||||||||||||||||||||||||||||||||
change in credit derivative assets and liabilities | |||||||||||||||||||||||||||||||||||||||||
distributions from equity method investments | |||||||||||||||||||||||||||||||||||||||||
cash flows from consolidated investment vehicles: | |||||||||||||||||||||||||||||||||||||||||
purchases of securities | |||||||||||||||||||||||||||||||||||||||||
sales of securities | |||||||||||||||||||||||||||||||||||||||||
maturities and paydowns of securities | |||||||||||||||||||||||||||||||||||||||||
proceeds from (purchases of) money market funds | |||||||||||||||||||||||||||||||||||||||||
other changes in consolidated investment vehicles | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available for sale: | |||||||||||||||||||||||||||||||||||||||||
paydowns on financial guaranty variable interest entities’ assets | 13,000,000 | 14,000,000 | 16,000,000 | ||||||||||||||||||||||||||||||||||||||
net proceeds from sale of assets and liabilities held for sale | |||||||||||||||||||||||||||||||||||||||||
issuance of long-term debt, net of issuance costs | 0 | 0 | 394,000,000 | ||||||||||||||||||||||||||||||||||||||
redemptions and purchases of debt, including make-whole payment | |||||||||||||||||||||||||||||||||||||||||
repayment of warehouse financing debt | 0 | 0 | -14,000,000 | -152,000,000 | -38,000,000 | -14,000,000 | -476,000,000 | -311,000,000 | -274,000,000 | -476,000,000 | |||||||||||||||||||||||||||||||
distributions to noncontrolling interests from consolidated investment vehicles | 0 | -7,000,000 | 0 | -3,000,000 | 0 | -8,000,000 | -2,000,000 | -70,000,000 | -7,000,000 | -3,000,000 | -10,000,000 | -6,000,000 | -2,000,000 | ||||||||||||||||||||||||||||
purchases to cover securities sold short | |||||||||||||||||||||||||||||||||||||||||
proceeds from securities sold short | |||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of collateralized loan obligations | 0 | 0 | 1,001,000,000 | 371,000,000 | 1,197,000,000 | 947,000,000 | 380,000,000 | 752,000,000 | 377,000,000 | -1,000,000 | |||||||||||||||||||||||||||||||
repayment of collateralized loan obligations | 0 | 0 | 0 | -1,000,000 | 0 | -372,000,000 | -459,000,000 | -363,000,000 | |||||||||||||||||||||||||||||||||
proceeds from issuance of warehouse financing debt | 109,000,000 | 91,000,000 | 576,000,000 | 215,000,000 | 330,000,000 | 462,000,000 | 329,000,000 | 217,000,000 | |||||||||||||||||||||||||||||||||
contributions from noncontrolling interests to consolidated investment vehicles | 22,000,000 | 17,000,000 | 32,000,000 | 3,000,000 | 6,000,000 | ||||||||||||||||||||||||||||||||||||
borrowing (payment) under credit facility | |||||||||||||||||||||||||||||||||||||||||
sale of asset management subsidiaries, net of cash | |||||||||||||||||||||||||||||||||||||||||
redemption of debt | |||||||||||||||||||||||||||||||||||||||||
borrowing (payment) under credit facilities | 0 | 26,000,000 | -30,000,000 | ||||||||||||||||||||||||||||||||||||||
benefit for deferred income taxes | 3,033,000 | -4,187,000 | 9,517,000 | ||||||||||||||||||||||||||||||||||||||
equity in (earnings) losses of investees | |||||||||||||||||||||||||||||||||||||||||
fair value losses (gains) on committed capital securities | |||||||||||||||||||||||||||||||||||||||||
fair value losses (gains) on trading securities | |||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, trading: | |||||||||||||||||||||||||||||||||||||||||
purchases of other invested assets | -70,000,000 | -113,000,000 | -5,000,000 | -10,000,000 | -14,000,000 | -3,000,000 | -3,000,000 | -5,000,000 | -35,000,000 | -9,000,000 | -3,000,000 | -32,000,000 | |||||||||||||||||||||||||||||
sales and return of capital of other invested assets | 13,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 9,000,000 | 45,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||
change in loss and loss adjustment expense reserve | |||||||||||||||||||||||||||||||||||||||||
supplemental cash flow information | |||||||||||||||||||||||||||||||||||||||||
income taxes paid | |||||||||||||||||||||||||||||||||||||||||
interest paid on long-term debt | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash activities: | |||||||||||||||||||||||||||||||||||||||||
puerto rico salvage | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, received as salvage | 610,000,000 | ||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, available-for-sale, ceded to a reinsurer | 27,000,000 | ||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, trading, received as salvage | 184,000,000 | ||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities, trading, ceded to a reinsurer | 6,000,000 | ||||||||||||||||||||||||||||||||||||||||
debt securities of financial guaranty variable interest entities received as salvage | 54,000,000 | ||||||||||||||||||||||||||||||||||||||||
contributions from noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||
distributions to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||
reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | |||||||||||||||||||||||||||||||||||||||||
cash | 119,000,000 | 19,000,000 | -43,000,000 | 154,000,000 | 139,000,000 | ||||||||||||||||||||||||||||||||||||
restricted cash | 12,000,000 | 1,000,000 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||
cash of financial guaranty variable interest entities | |||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents of consolidated investment vehicles | 158,000,000 | ||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at the end of period | 289,000,000 | ||||||||||||||||||||||||||||||||||||||||
return of capital from and sales of other invested assets | 1,000,000 | 3,000,000 | 31,000,000 | ||||||||||||||||||||||||||||||||||||||
redemptions and purchases of debt, including make-whole | |||||||||||||||||||||||||||||||||||||||||
borrowings under credit facilities | 45,000,000 | ||||||||||||||||||||||||||||||||||||||||
paydown of long-term debt | 0 | 0 | -1,000,000 | -21,000,000 | -19,000,000 | ||||||||||||||||||||||||||||||||||||
investing activities | |||||||||||||||||||||||||||||||||||||||||
fixed-maturity securities: | |||||||||||||||||||||||||||||||||||||||||
financing activities | |||||||||||||||||||||||||||||||||||||||||
payments under credit facilities | -1,000,000 | ||||||||||||||||||||||||||||||||||||||||
increase in cash and restricted cash | -53,000,000 | -56,000,000 | -50,000,000 | 48,000,000 | -108,000,000 | -67,000,000 | 252,000,000 | 38,000,000 | -27,000,000 | ||||||||||||||||||||||||||||||||
cash and restricted cash at beginning of period | 342,000,000 | 0 | 0 | 298,000,000 | 0 | 0 | 0 | 183,000,000 | 144,000,000 | ||||||||||||||||||||||||||||||||
cash and restricted cash at end of period | 289,000,000 | -56,000,000 | -50,000,000 | 346,000,000 | -108,000,000 | -67,000,000 | 252,000,000 | 221,000,000 | 117,000,000 | ||||||||||||||||||||||||||||||||
reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||||||||||||||
equity in earnings of investees | |||||||||||||||||||||||||||||||||||||||||
acquisitions, net of cash acquired | |||||||||||||||||||||||||||||||||||||||||
sales of financial guaranty variable interest entities’ assets | |||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash investing activities: | |||||||||||||||||||||||||||||||||||||||||
purchases of fixed-maturity securities | |||||||||||||||||||||||||||||||||||||||||
sales of fixed-maturity securities | |||||||||||||||||||||||||||||||||||||||||
cash paid (received) during the period for: | |||||||||||||||||||||||||||||||||||||||||
income taxes | 10,000,000 | 2,000,000 | 82,366,000 | 21,350,000 | -14,514,000 | 0 | 20,200,000 | 500,000 | 8,051,000 | 8,400,000 | -2,600,000 | ||||||||||||||||||||||||||||||
interest on long-term debt | 10,000,000 | 32,000,000 | 9,000,000 | ||||||||||||||||||||||||||||||||||||||
reconciliation of cash and restricted cash to the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||||||||||||||
cash of consolidated investment vehicles | -10,000,000 | 93,000,000 | 82,000,000 | ||||||||||||||||||||||||||||||||||||||
short-term investments with maturities of over three months: | |||||||||||||||||||||||||||||||||||||||||
contributions from noncontrolling interests to investment vehicles | 5,000,000 | 3,000,000 | 19,000,000 | 3,000,000 | 43,000,000 | 23,000,000 | |||||||||||||||||||||||||||||||||||
distributions to noncontrolling interests from investment vehicles | -2,000,000 | -6,000,000 | -24,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||
operating activities: | |||||||||||||||||||||||||||||||||||||||||
change in ceded unearned premium reserve | |||||||||||||||||||||||||||||||||||||||||
other changes in investment vehicles | |||||||||||||||||||||||||||||||||||||||||
proceeds from borrowing by warehouse | |||||||||||||||||||||||||||||||||||||||||
repayment of warehouse loans and equity | |||||||||||||||||||||||||||||||||||||||||
purchases of fixed-maturity investments | |||||||||||||||||||||||||||||||||||||||||
sales of fixed-maturity investments | |||||||||||||||||||||||||||||||||||||||||
reconciliation of cash and restricted cash to the consolidated balance sheets: | |||||||||||||||||||||||||||||||||||||||||
cash and restricted cash at the end of period | 252,000,000 | 221,000,000 | |||||||||||||||||||||||||||||||||||||||
sales of financial guaranty variable interest entities' assets | |||||||||||||||||||||||||||||||||||||||||
repurchases of common stock | -40,000,000 | -164,000,000 | -116,000,000 | -100,000,000 | |||||||||||||||||||||||||||||||||||||
net proceeds from paydowns on financial guaranty variable interest entities’ assets | 18,000,000 | 37,000,000 | 33,000,000 | 137,595,000 | |||||||||||||||||||||||||||||||||||||
net proceeds from sales of financial guaranty variable interest entities' assets | |||||||||||||||||||||||||||||||||||||||||
proceeds from sales and return of capital of other invested assets | |||||||||||||||||||||||||||||||||||||||||
proceeds from sales of other invested assets | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
net proceeds from sales of financial guaranty variable interest entities’ assets | |||||||||||||||||||||||||||||||||||||||||
1. | |||||||||||||||||||||||||||||||||||||||||
maturities | 225,000,000 | 253,488,000 | 497,429,000 | 2,000,000 | 3,500,000 | 3,000,000 | 100,000 | 3,250,000 | 5,979,000 | 6,020,000 | 200,000 | 2,000,000 | -13,985,325 | 1,000,000 | |||||||||||||||||||||||||||
net sales (purchases) of short-term investments | -116,000,000 | ||||||||||||||||||||||||||||||||||||||||
acquisition of mbia uk, net of cash acquired | |||||||||||||||||||||||||||||||||||||||||
repurchases of common stock to pay withholding taxes | -12,000,000 | ||||||||||||||||||||||||||||||||||||||||
proceeds from option exercises | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
interest | 21,000,000 | 12,082,000 | 46,300,000 | 0 | 11,667,000 | 210,000 | 0 | ||||||||||||||||||||||||||||||||||
net cash flows from (used in) operating activities | 75,256,000 | ||||||||||||||||||||||||||||||||||||||||
fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
net cash flows from (used in) investing activities | 106,713,000 | ||||||||||||||||||||||||||||||||||||||||
share activity under option and incentive plans | |||||||||||||||||||||||||||||||||||||||||
repayment of long-term debt | |||||||||||||||||||||||||||||||||||||||||
net cash flows from (used in) financing activities | |||||||||||||||||||||||||||||||||||||||||
effect of exchange rate changes | 2,736,000 | 80,000 | 43,000 | 340,000 | 168,000 | -166,000 | -18,000 | ||||||||||||||||||||||||||||||||||
increase in cash | |||||||||||||||||||||||||||||||||||||||||
cash at beginning of period | 214,544,000 | ||||||||||||||||||||||||||||||||||||||||
cash at end of period | 182,003,000 | ||||||||||||||||||||||||||||||||||||||||
public finance | 786,373,000 | ||||||||||||||||||||||||||||||||||||||||
structured finance | 130,802,000 | ||||||||||||||||||||||||||||||||||||||||
total financial guaranty | 917,175,000 | ||||||||||||||||||||||||||||||||||||||||
assets | |||||||||||||||||||||||||||||||||||||||||
total investment portfolio | |||||||||||||||||||||||||||||||||||||||||
premiums receivable, net of ceding commissions payable | |||||||||||||||||||||||||||||||||||||||||
ceded unearned premium reserve | |||||||||||||||||||||||||||||||||||||||||
deferred acquisition costs | |||||||||||||||||||||||||||||||||||||||||
reinsurance recoverable on unpaid losses | |||||||||||||||||||||||||||||||||||||||||
salvage and subrogation recoverable | |||||||||||||||||||||||||||||||||||||||||
credit derivative assets | |||||||||||||||||||||||||||||||||||||||||
deferred tax asset | |||||||||||||||||||||||||||||||||||||||||
financial guaranty variable interest entities’ assets, at fair value | |||||||||||||||||||||||||||||||||||||||||
other assets | |||||||||||||||||||||||||||||||||||||||||
total assets | |||||||||||||||||||||||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
unearned premium reserve | |||||||||||||||||||||||||||||||||||||||||
loss and loss adjustment expense reserve | |||||||||||||||||||||||||||||||||||||||||
reinsurance balances payable | |||||||||||||||||||||||||||||||||||||||||
long-term debt | |||||||||||||||||||||||||||||||||||||||||
credit derivative liabilities | |||||||||||||||||||||||||||||||||||||||||
current income tax payable | |||||||||||||||||||||||||||||||||||||||||
financial guaranty variable interest entities’ liabilities with recourse, at fair value | |||||||||||||||||||||||||||||||||||||||||
financial guaranty variable interest entities’ liabilities without recourse, at fair value | |||||||||||||||||||||||||||||||||||||||||
other liabilities | |||||||||||||||||||||||||||||||||||||||||
total liabilities | |||||||||||||||||||||||||||||||||||||||||
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||
common stock | |||||||||||||||||||||||||||||||||||||||||
additional paid-in capital | |||||||||||||||||||||||||||||||||||||||||
retained earnings | |||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income, net of tax provision | |||||||||||||||||||||||||||||||||||||||||
deferred equity compensation | |||||||||||||||||||||||||||||||||||||||||
total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
total liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
operating activities | |||||||||||||||||||||||||||||||||||||||||
net amortization of (discount) premium on fixed maturity securities | |||||||||||||||||||||||||||||||||||||||||
accretion of discount on premium receivable | |||||||||||||||||||||||||||||||||||||||||
unrealized losses (gains) on credit derivatives | |||||||||||||||||||||||||||||||||||||||||
fair value gain on committed capital securities | |||||||||||||||||||||||||||||||||||||||||
change in deferred acquisition costs | 8,438,000 | 7,927,000 | |||||||||||||||||||||||||||||||||||||||
change in accrued investment income | 578,000 | 84,000 | |||||||||||||||||||||||||||||||||||||||
change in premiums receivable | -1,950,000 | 3,912,000 | -2,520,000 | 5,377,000 | -7,442,192 | -4,862,000 | |||||||||||||||||||||||||||||||||||
change in prepaid reinsurance premiums | 534,000 | 1,826,000 | 1,456,000 | 3,486,000 | -2,307,274 | 909,000 | 477,000 | 924,000 | |||||||||||||||||||||||||||||||||
change in unearned premium reserves | 69,405,000 | 91,945,000 | 24,457,000 | 193,225,000 | 126,989,000 | 32,351,000 | 16,538,000 | 24,759,000 | 17,807,000 | -6,638,122 | -2,226,000 | -18,584,000 | 27,464,000 | ||||||||||||||||||||||||||||
change in reserves for losses and loss adjustment expenses | 13,870,000 | 444,000 | -12,265,000 | 32,108,000 | |||||||||||||||||||||||||||||||||||||
change in profit commissions payable | |||||||||||||||||||||||||||||||||||||||||
change in funds held by company under reinsurance contracts | 279,000 | 284,000 | 253,000 | 3,599,000 | 368,000 | 3,249,000 | 1,074,000 | -1,000 | 1,354,000 | 1,372,000 | 1,631,000 | ||||||||||||||||||||||||||||||
tax benefit for stock options exercised | 6,000 | ||||||||||||||||||||||||||||||||||||||||
other changes in credit derivatives assets and liabilities | 13,853,000 | ||||||||||||||||||||||||||||||||||||||||
(purchases) sales of short-term investments | |||||||||||||||||||||||||||||||||||||||||
net cash flows used in investing activities | |||||||||||||||||||||||||||||||||||||||||
net proceeds from issuance of common stock | |||||||||||||||||||||||||||||||||||||||||
net proceeds from issuance of equity units | |||||||||||||||||||||||||||||||||||||||||
increase in cash and cash equivalents | 7,023,000 | 1,746,000 | 330,000 | -13,541,000 | 4,745,000 | ||||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 12,305,000 | 0 | 0 | 8,048,000 | 0 | 4,785,000 | 0 | 0 | 0 | 16,978,000 | ||||||||||||||||||||||||||||||
cash and cash equivalents at end of period | -10,821,000 | 19,328,000 | -2,260,000 | 1,746,000 | 8,378,000 | 18,029,000 | 5,714,000 | -13,541,000 | 2,317,000 | -16,975,000 | 21,723,000 | ||||||||||||||||||||||||||||||
supplementary cash flow information | |||||||||||||||||||||||||||||||||||||||||
cash paid during the period for: | |||||||||||||||||||||||||||||||||||||||||
unrealized (gains) losses on credit derivatives | |||||||||||||||||||||||||||||||||||||||||
change in current income taxes receivable | 26,005,000 | ||||||||||||||||||||||||||||||||||||||||
other changes in credit derivative assets and liabilities | 7,573,000 | ||||||||||||||||||||||||||||||||||||||||
equity offering costs | |||||||||||||||||||||||||||||||||||||||||
net cash flows used in financing activities | |||||||||||||||||||||||||||||||||||||||||
cash (received)/paid during the period for: | |||||||||||||||||||||||||||||||||||||||||
net amortization of premium on fixed maturity securities | 105,000 | 1,117,000 | 1,178,000 | 1,159,000 | 267,000 | 1,742,000 | 1,417,000 | -5,198,974 | 1,746,000 | 1,787,000 | 1,673,000 | ||||||||||||||||||||||||||||||
sales (purchases) of short-term investments | 33,677,000 | 37,722,000 | -112,962,989 | 58,292,000 | -57,578,000 | 112,309,000 | |||||||||||||||||||||||||||||||||||
net proceeds from common stock issuance | -7,000 | ||||||||||||||||||||||||||||||||||||||||
debt issue costs | |||||||||||||||||||||||||||||||||||||||||
benefit from deferred income taxes | 7,326,000 | ||||||||||||||||||||||||||||||||||||||||
net realized investment (gains) losses | |||||||||||||||||||||||||||||||||||||||||
sales of short-term investments | -44,335,000 | 62,142,000 | |||||||||||||||||||||||||||||||||||||||
unrealized losses on credit derivatives | 256,420,000 | ||||||||||||||||||||||||||||||||||||||||
change in liability for tax basis step-up adjustment | |||||||||||||||||||||||||||||||||||||||||
tax benefit from employee stock options | 41,000 | 96,000 | |||||||||||||||||||||||||||||||||||||||
change in unrealized losses (gains) on derivative financial instruments | 17,223,000 | 9,714,000 | -9,140,484 | ||||||||||||||||||||||||||||||||||||||
repayment of notes assumed during formation transactions | |||||||||||||||||||||||||||||||||||||||||
increase increase in cash and cash equivalents | 929,000 | ||||||||||||||||||||||||||||||||||||||||
goodwill impairment | |||||||||||||||||||||||||||||||||||||||||
change in unrealized (gains) losses on derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||
change in due from affiliate | |||||||||||||||||||||||||||||||||||||||||
change in value of reinsurance business assumed | |||||||||||||||||||||||||||||||||||||||||
net proceeds from sale of subsidiary | |||||||||||||||||||||||||||||||||||||||||
proceeds from employee stock purchase plan | |||||||||||||||||||||||||||||||||||||||||
net proceeds from issuance of series a enhanced junior subordinated debentures | |||||||||||||||||||||||||||||||||||||||||
net proceeds from issuance of senior notes | |||||||||||||||||||||||||||||||||||||||||
repayment of note payable | |||||||||||||||||||||||||||||||||||||||||
proceeds from cash flow hedge | |||||||||||||||||||||||||||||||||||||||||
decrease in cash and cash equivalents | |||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of year | |||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents at end of year | |||||||||||||||||||||||||||||||||||||||||
change in loss recovery receivable | |||||||||||||||||||||||||||||||||||||||||
net realized investment gains | |||||||||||||||||||||||||||||||||||||||||
share activity under options and incentive plans | |||||||||||||||||||||||||||||||||||||||||
change in unrealized losses(gains) on derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||
change in unrealized gains on derivative financial instruments |