Assured Guaranty (AGO) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	7-May-14
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'ASSURED GUARANTY LTD	'
Entity Central Index Key	'0001273813	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	179,629,028
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Investment portfolio:	'		'
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $9,729 and $9,488)	$10,094		$9,711
Short-term investments, at fair value	720		904
Other invested assets	134		170
Total investment portfolio	10,948		10,785
Cash	219		184
Premiums receivable, net of commissions payable	863	[1]	876
Ceded unearned premium reserve	454		452
Deferred acquisition costs	122		124
Reinsurance recoverable on unpaid losses	37		36
Salvage and subrogation recoverable	241		174
Credit derivative assets	78		94
Deferred tax asset, net	637		688
Financial guaranty variable interest entities’ assets, at fair value	1,257		2,565
Other assets	250		309
Total assets	15,106		16,287
Liabilities and shareholders’ equity	'		'
Unearned premium reserve	4,504		4,595
Loss and loss adjustment expense reserve	636		592
Reinsurance balances payable, net	165		148
Long-term debt	812		816
Credit derivative liabilities	2,001		1,787
Current income tax payable	26		44
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	1,346		1,790
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	101		1,081
Other liabilities	306		319
Total liabilities	9,897		11,172
Commitments and contingencies (See Note 14)	'		'
Common stock ($0.01 par value, 500,000,000 shares authorized; 181,158,708 and 182,177,866 shares issued and outstanding)	2		2
Additional paid-in capital	2,434		2,466
Retained earnings	2,504		2,482
Accumulated other comprehensive income, net of tax of $117 and $71	264		160
Deferred equity compensation (320,193 and 320,193 shares)	5		5
Total shareholders’ equity	5,209		5,115
Total liabilities and shareholders’ equity	$15,106		$16,287
[1]	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Fixed maturity securities, available-for-sale, at fair value	$9,729	$9,488
Common stock Par Value (per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	181,158,708	182,177,866
Common stock, shares outstanding	181,158,708	182,177,866
Accumulated other comprehensive income, tax provision	$117	$71
Deferred equity compensation, shares	320,193	320,193

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Revenues	'		'
Net earned premiums	$132		$248
Net investment income	103		94
Net realized investment gains (losses):	'		'
Other-than-temporary impairment losses	-3		-1
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	2		4
Net impairment loss	-5		-5
Other net realized investment gains (losses)	7		33
Net realized investment gains (losses)	2		28
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	19		18
Net unrealized gains (losses)	-230	[1],[2]	-610	[1],[2]
Net change in fair value of credit derivatives	-211		-592
Fair value gains (losses) on committed capital securities	-9		-10
Fair value gains (losses) on financial guaranty variable interest entities	157		70
Other income (loss)	21		-14
Total revenues	195		-176
Expenses	'		'
Loss and loss adjustment expenses	41		-48
Amortization of deferred acquisition costs	5		3
Interest expense	20		21
Other operating expenses	60		60
Total expenses	126		36
Income (loss) before income taxes	69		-212
Provision (benefit) for income taxes	'		'
Current	21		55
Deferred	6		-123
Total provision (benefit) for income taxes	27		-68
Net income (loss)	$42		($144)
Earnings per share:	'		'
Basic (per share)	$0.23		($0.74)
Diluted (per share)	$0.23		($0.74)
Dividends per share	$0.11		$0.10
[1]	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
[2]	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income (loss)	$42	($144)
Unrealized holding gains (losses) arising during the period on:	'	'
Investments with no other-than-temporary impairment, net of tax provision (benefit) of $41 and $(19)	94	-50
Investments with other-than-temporary impairment, net of tax provision (benefit) of $3 and $(8)	8	-16
Unrealized holding gains (losses) arising during the period, net of tax	102	-66
Less: reclassification adjustment for gains (losses) included in net income (loss), net of tax provision (benefit) of $(1) and $(2)	-2	-3
Change in net unrealized gains on investments	104	-63
Other, net of tax provision	0	-5
Other comprehensive income (loss)	104	-68
Comprehensive income (loss)	$146	($212)

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Investments with no other-than-temporary impairment, tax provision (benefit)	$41	($19)
Investments with other-than-temporary impairment, tax provision (benefit)	3	-8
Reclassification adjustment for gains (losses) included in net income (loss), tax provision (benefit)	($1)	($2)

Consolidated_Statement_of_Shar

Consolidated Statement of Shareholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Deferred Equity Compensation
In Millions, except Share data, unless otherwise specified
Balance at Dec. 31, 2013	$5,115	$2	$2,466	$2,482	$160	$5
Balance (in shares) at Dec. 31, 2013	'	182,177,866	'	'	'	'
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'
Net income (loss)	42	'	'	42	'	'
Dividends ($0.11 per share)	-20	'	'	-20	'	'
Common stock repurchases (in shares)	'	-1,350,443	'	'	'	'
Common stock repurchases	-35	0	-35	'	'	'
Share-based compensation and other (in shares)	'	331,285	'	'	'	'
Share-based compensation and other	3	0	3	'	'	0
Other comprehensive income	104	'	'	'	104	'
Balance at Mar. 31, 2014	$5,209	$2	$2,434	$2,504	$264	$5
Balance (in shares) at Mar. 31, 2014	'	181,158,708	'	'	'	'

Consolidated_Statement_of_Shar1

Consolidated Statement of Shareholders' Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Stockholders' Equity [Abstract]	'	'
Dividends, per share (in dollars per share)	$0.11	$0.10

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Net cash flows provided by (used in) operating activities	$101	($14)
Fixed-maturity securities:	'	'
Purchases	-517	-510
Sales	155	183
Maturities	148	283
Net sales (purchases) of short-term investments	184	88
Proceeds from paydowns on financial guaranty variable interest entities’ assets	286	138
Other	19	55
Net cash flows provided by (used in) investing activities	275	237
Financing activities	'	'
Dividends paid	-20	-19
Repurchases of common stock	-35	-39
Share activity under option and incentive plans	0	-2
Paydowns of financial guaranty variable interest entities’ liabilities	-281	-167
Repayment of long-term debt	-6	-6
Net cash flows provided by (used in) financing activities	-342	-233
Effect of exchange rate changes	1	-3
Increase (decrease) in cash	35	-13
Cash at beginning of period	184	138
Cash at end of period	219	125
Cash paid (received) during the period for:	'	'
Income taxes	37	32
Interest	$8	$9

Business_and_Basis_of_Presenta

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Business and Basis of Presentation	'
	Business and Basis of Presentation
	Business
	Assured Guaranty Ltd. (“AGL” and, together with its subsidiaries, “Assured Guaranty” or the “Company”) is a Bermuda-based holding company that provides, through its operating subsidiaries, credit protection products to the United States (“U.S.”) and international public finance (including infrastructure) and structured finance markets. The Company applies its credit underwriting judgment, risk management skills and capital markets experience to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. If an obligor defaults on a scheduled payment due on an obligation, including a scheduled principal or interest payment (“Debt Service”), the Company is required under its unconditional and irrevocable financial guaranty to pay the amount of the shortfall to the holder of the obligation. Obligations insured by the Company include bonds issued by U.S. state or municipal governmental authorities; notes issued to finance international infrastructure projects; and asset-backed securities issued by special purpose entities. The Company markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities as well as to investors in such obligations. The Company guarantees obligations issued principally in the U.S. and the United Kingdom ("U.K"). The Company also guarantees obligations issued in other countries and regions, including Australia and Western Europe.
	In the past, the Company had sold credit protection by issuing policies that guaranteed payment obligations under credit derivatives, primarily credit default swaps ("CDS"). Financial guaranty contracts accounted for as credit derivatives are generally structured such that the circumstances giving rise to the Company’s obligation to make loss payments are similar to those for financial guaranty insurance contracts. The Company’s credit derivative transactions are governed by International Swaps and Derivative Association, Inc. (“ISDA”) documentation. The Company has not entered into any new CDS in order to sell credit protection since the beginning of 2009, when regulatory guidelines were issued that limited the terms under which such protection could be sold. The capital and margin requirements applicable under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) also contributed to the Company not entering into such new CDS since 2009. The Company actively pursues opportunities to terminate existing CDS, which have the effect of reducing future fair value volatility in income and/or reducing rating agency capital charges.
	Basis of Presentation
	The unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and, in the opinion of management, reflect all adjustments that are of a normal recurring nature, necessary for a fair statement of the financial condition, results of operations and cash flows of the Company and its consolidated financial guaranty variable interest entities (“FG VIEs”) for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited interim consolidated financial statements are as of March 31, 2014 and cover the three-month period ended March 31, 2014 ("First Quarter 2014") and the three-month period ended March 31, 2013 ("First Quarter 2013"). Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but is not required for interim reporting purposes, has been condensed or omitted. The year-end balance sheet data was derived from audited financial statements.
	The unaudited interim consolidated financial statements include the accounts of AGL, its direct and indirect subsidiaries (collectively, the “Subsidiaries”) and its consolidated FG VIEs. Intercompany accounts and transactions between and among all consolidated entities have been eliminated. Certain prior year balances have been reclassified to conform to the current year’s presentation.
	These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements included in AGL’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the U.S. Securities and Exchange Commission (the “SEC”).
	The Company's principal insurance company subsidiaries are:
	•	Assured Guaranty Municipal Corp. ("AGM"), domiciled in New York;
	•	Municipal Assurance Corp. ("MAC"), domiciled in New York;
	•	Assured Guaranty Corp. ("AGC"), domiciled in Maryland;
	•	Assured Guaranty (Europe) Ltd. ("AGE"), organized in the United Kingdom; and
	•	Assured Guaranty Re Ltd. (“AG Re”), domiciled in Bermuda.
	The Company’s organizational structure includes various holding companies, two of which — Assured Guaranty US Holdings Inc. (“AGUS”) and Assured Guaranty Municipal Holdings Inc. (“AGMH”) — have public debt outstanding. See Note 15, Long Term Debt and Credit Facilities.

Rating_Actions_and_Quarterly_D

Rating Actions and Quarterly Developments	3 Months Ended
	Mar. 31, 2014
Business Changes, Risks, Uncertainties and Accounting Developments [Abstract]	'
Rating Actions and Quarterly Developments	'
	Rating Actions and Quarterly Developments
	Rating Actions
	On March 18, 2014, Standard & Poor's Ratings Services ("S&P") upgraded the financial strength ratings of all of AGL's insurance subsidiaries to AA (stable outlook) from AA- (stable outlook). The most recent rating action of Moody's Investors Service, Inc. ("Moody's") was on February 10, 2014, when it affirmed the financial strength ratings of AGM, AGC and AG Re, and affirmed the outlooks on AGM's and AGC's ratings at stable but changed the outlook on AG Re's rating to negative. Kroll Bond Rating Agency's most recent action was to assign a financial strength rating of AA+ (stable outlook) to MAC on July 22, 2013. In the last several years, S&P and Moody's have changed, multiple times, their financial strength ratings of the Company's insurance subsidiaries, or changed the outlook on such ratings. There can be no assurance that the rating agencies will not take negative action on the Company’s financial strength ratings in the future.
	When a rating agency assigns a public rating to a financial obligation guaranteed by one of AGL’s insurance company subsidiaries, it generally awards that obligation the same rating it has assigned to the financial strength of the AGL subsidiary that provides the guaranty. Investors in products insured by AGL’s insurance company subsidiaries frequently rely on ratings published by nationally recognized statistical rating organizations (“NRSROs”) because such ratings influence the trading value of securities and form the basis for many institutions’ investment guidelines as well as individuals’ bond purchase decisions. Therefore, the Company manages its business with the goal of achieving high financial strength ratings. However, the methodologies and models used by NRSROs differ, presenting conflicting goals that may make it inefficient or impractical to reach the highest rating level. The methodologies and models are not fully transparent, contain subjective elements and data (such as assumptions about future market demand for the Company’s products) and change frequently. Ratings are subject to continuous review and revision or withdrawal at any time. If the financial strength ratings of one (or more) of the Company’s insurance subsidiaries were reduced below current levels, the Company expects it could have adverse effects on the impacted subsidiary's future business opportunities as well as the premiums the impacted subsidiary could charge for its insurance policies. For a discussion of other effects of rating actions on the Company, see the following:
	•	Note 5, Expected Loss to be Paid
	•	Note 8, Financial Guaranty Contracts Accounted for as Credit Derivatives
	•	Note 13, Reinsurance and Other Monoline Exposures
	•	Note 15, Long Term Debt and Credit Facilities (regarding the impact on the Company's insured leveraged lease transactions)
	Quarterly Developments
	•	Repurchase of Common Shares: The Company repurchased approximately 1.4 million common shares in First Quarter 2014. See Note 17, Shareholders' Equity, for more information.
	•	Reinsurance: The Company entered into commutation agreements to reassume previously ceded business. See Note 13, Reinsurance and Other Monoline Exposures.

Outstanding_Exposure

Outstanding Exposure	3 Months Ended
	Mar. 31, 2014
Outstanding Exposure Disclosure	'
Outstanding Exposure	'
	Outstanding Exposure
	The Company’s financial guaranty contracts are written in either insurance or credit derivative form, but collectively are considered financial guaranty contracts. The Company seeks to limit its exposure to losses by underwriting obligations that are investment grade at inception, diversifying its insured portfolio and maintaining rigorous subordination or collateralization requirements on structured finance obligations. The Company also has utilized reinsurance by ceding business to third-party reinsurers. The Company provides financial guaranties with respect to debt obligations of special purpose entities, including variable interest entities ("VIEs"). Some of these VIEs are consolidated as described in Note 9, Consolidated Variable Interest Entities. The outstanding par and Debt Service amounts presented below include outstanding exposures on VIEs whether or not they are consolidated.
	The Company has issued financial guaranty insurance policies on public finance obligations and structured finance obligations. Public finance obligations insured by the Company consist primarily of general obligation bonds supported by the taxing powers of U.S. state or municipal governmental authorities, as well as tax-supported bonds, revenue bonds and other obligations supported by covenants from state or municipal governmental authorities or other municipal obligors to impose and collect fees and charges for public services or specific infrastructure projects. The Company also includes within public finance obligations those obligations backed by the cash flow from leases or other revenues from projects serving substantial public purposes, including utilities, toll roads, health care facilities and government office buildings. Structured finance obligations insured by the Company are generally issued by special purpose entities and backed by pools of assets having an ascertainable cash flow or market value or other specialized financial obligations.
	Surveillance Categories
	The Company segregates its insured portfolio into investment grade and below-investment-grade ("BIG") surveillance categories to facilitate the appropriate allocation of resources to monitoring and loss mitigation efforts and to aid in establishing the appropriate cycle for periodic review for each exposure. BIG exposures include all exposures with internal credit ratings below BBB-. The Company’s internal credit ratings are based on internal assessments of the likelihood of default and loss severity in the event of default. Internal credit ratings are expressed on a ratings scale similar to that used by the rating agencies and are generally reflective of an approach similar to that employed by the rating agencies, except that the Company's internal credit ratings focus on future performance rather than lifetime performance.
	The Company monitors its investment grade credits to determine whether any new credits need to be internally downgraded to BIG. The Company refreshes its internal credit ratings on individual credits in quarterly, semi-annual or annual cycles based on the Company’s view of the credit’s quality, loss potential, volatility and sector. Ratings on credits in sectors identified as under the most stress or with the most potential volatility are reviewed every quarter. The Company’s credit ratings on assumed credits are based on the Company’s reviews of low-rated credits or credits in volatile sectors, unless such information is not available, in which case, the ceding company’s credit rating of the transactions are used. The Company models the performance of many of its structured finance transactions as part of its periodic internal credit rating review of them. The Company models most assumed residential mortgage-backed security ("RMBS") credits with par above $1 million, as well as certain RMBS credits below that amount.
	Credits identified as BIG are subjected to further review to determine the probability of a loss. See Note 5, Expected Loss to be Paid, for additional information. Surveillance personnel then assign each BIG transaction to the appropriate BIG surveillance category based upon whether a future loss is expected and whether a claim has been paid. For surveillance purposes, the Company calculates present value using a constant discount rate of 5%. (A risk-free rate is used for calculating the expected loss for financial statement purposes.)
	More extensive monitoring and intervention is employed for all BIG surveillance categories, with internal credit ratings reviewed quarterly. The Company expects “future losses” on a transaction when the Company believes there is at least a 50% chance that, on a present value basis, it will pay more claims over the future of that transaction than it will have reimbursed. The three BIG categories are:
	•	BIG Category 1: Below-investment-grade transactions showing sufficient deterioration to make future losses possible, but for which none are currently expected.
	•	BIG Category 2: Below-investment-grade transactions for which future losses are expected but for which no claims (other than liquidity claims which is a claim that the Company expects to be reimbursed within one year) have yet been paid.
	•	BIG Category 3: Below-investment-grade transactions for which future losses are expected and on which claims (other than liquidity claims) have been paid.
	Components of Outstanding Exposure
	Unless otherwise noted, ratings disclosed herein on the Company's insured portfolio reflect its internal ratings. The Company classifies those portions of risks benefiting from reimbursement obligations collateralized by eligible assets held in trust in acceptable reimbursement structures as the higher of 'AA' or their current internal rating.
	Debt Service Outstanding
		Gross Debt Service						Net Debt Service
		Outstanding						Outstanding
		March 31,			December 31,			March 31,			December 31,
		2014			2013			2014			2013
		(in millions)
	Public finance	$	639,981		$	650,924		$	601,433		$	610,011
	Structured finance	81,195			86,456			75,535			80,524
	Total financial guaranty	$	721,176		$	737,380		$	676,968		$	690,535
	In addition to the amounts shown in the table above, the Company’s net mortgage guaranty insurance debt service was approximately $153 million as of March 31, 2014. The net mortgage guaranty insurance in force constitutes assumed excess of loss business written between 2004 and 2006 and comprises $145 million covering loans originated in Ireland and $8 million covering loans originated in the U.K.
	Financial Guaranty Portfolio by Internal Rating
	As of March 31, 2014
			Public Finance					Public Finance					Structured Finance						Structured Finance				Total
			U.S.					Non-U.S.					U.S						Non-U.S
	Rating		Net Par			%		Net Par			%		Net Par			%			Net Par		%		Net Par		%
	Category		Outstanding					Outstanding					Outstanding						Outstanding				Outstanding
			(dollars in millions)
	AAA		$	4,658		1.3	%	$	1,020		2.9	%	$	29,868		53.9	%		$	8,856	68.2	%	$	44,402	9.9	%
	AA		104,577			30.2		427			1.2		9,396			17			570		4.4		114,970		25.6
	A		187,433			54.1		9,595			27.6		2,340			4.2			661		5.1		200,029		44.4
	BBB		40,783			11.8		22,173			63.7		3,496			6.3			1,829		14.1		68,281		15.2
	BIG		8,977			2.6		1,611			4.6		10,293			18.6			1,062		8.2		21,943		4.9
	Total net par outstanding (excluding loss mitigation bonds)		$	346,428		100	%	$	34,826		100	%	$	55,393		100	%		$	12,978	100	%	$	449,625	100	%
	Loss Mitigation Bonds		32					—					1,204						—				1,236
	Net Par Outstanding (including loss mitigation bonds)		$	346,460				$	34,826				$	56,597					$	12,978			$	450,861
	Financial Guaranty Portfolio by Internal Rating
	As of December 31, 2013
			Public Finance					Public Finance					Structured Finance						Structured Finance				Total
			U.S.					Non-U.S.					U.S						Non-U.S
	Rating		Net Par			%		Net Par			%		Net Par			%			Net Par		%		Net Par		%
	Category		Outstanding					Outstanding					Outstanding						Outstanding				Outstanding
			(dollars in millions)
	AAA		$	4,998		1.4	%	$	1,016		3	%	$	32,317		54.9	%		$	9,684	69.1	%	$	48,015	10.5	%
	AA		107,503			30.5		422			1.2		9,431			16			577		4.1		117,933		25.7
	A		192,841			54.8		9,453			27.9		2,580			4.4			742		5.3		205,616		44.8
	BBB		37,745			10.7		21,499			63.2		3,815			6.4			1,946		13.9		65,005		14.1
	BIG		9,094			2.6		1,608			4.7		10,764			18.3			1,072		7.6		22,538		4.9
	Total net par outstanding (excluding loss mitigation bonds)		$	352,181		100	%	$	33,998		100	%	$	58,907		100	%		$	14,021	100	%	$	459,107	100	%
	Loss Mitigation Bonds		32					—					1,163						—				1,195
	Net Par Outstanding (including loss mitigation bonds)		$	352,213				$	33,998				$	60,070					$	14,021			$	460,302
	In accordance with the terms of certain credit derivative contracts, the referenced obligations in such contracts have been delivered to the Company and therefore are included in the investment portfolio. Such amounts are still included in the financial guaranty insured portfolio, and totaled $165 million and $195 million in gross par outstanding as of March 31, 2014 and December 31, 2013, respectively.
	In addition to amounts shown in the tables above, the Company had outstanding commitments to provide guaranties of $577 million for structured finance and $330 million for public finance obligations at March 31, 2014. The structured finance commitments include the unfunded component of pooled corporate and other transactions. Public finance commitments typically relate to primary and secondary public finance debt issuances. The expiration dates for the public finance commitments range between April 15, 2014 and February 25, 2017, with $206 million expiring prior to December 31, 2014. The commitments are contingent on the satisfaction of all conditions set forth in them and may expire unused or be canceled at the counterparty’s request. Therefore, the total commitment amount does not necessarily reflect actual future guaranteed amounts.
	Components of BIG Portfolio
	Components of BIG Net Par Outstanding
	(Insurance and Credit Derivative Form)
	As of March 31, 2014
		BIG Net Par Outstanding												Net Par			BIG Net Par as
																	a % of Total Net Par
		BIG 1			BIG 2			BIG 3			Total BIG			Outstanding			Outstanding
								(in millions)
First lien U.S. RMBS:
Prime first lien	$	77		$	289		$	29		$	395		$	528		0.1	%
Alt-A first lien	703			787			1,223			2,713			3,478			0.6
Option ARM	66			59			440			565			877			0.1
Subprime	227			860			769			1,856			5,921			0.4
Second lien U.S. RMBS:
Closed-end second lien	8			19			116			143			239			0
Home equity lines of credit (“HELOCs”)	1,480			19			235			1,734			1,982			0.4
Total U.S. RMBS	2,561			2,033			2,812			7,406			13,025			1.6
Trust preferred securities (“TruPS”)	1,235			343			—			1,578			4,826			0.4
Other structured finance	1,348			304			719			2,371			50,520			0.5
U.S. public finance	8,117			419			441			8,977			346,428			2
Non-U.S. public finance	989			622			—			1,611			34,826			0.4
Total	$	14,250		$	3,721		$	3,972		$	21,943		$	449,625		4.9	%
Components of BIG Net Par Outstanding
(Insurance and Credit Derivative Form)
As of December 31, 2013
	BIG Net Par Outstanding												Net Par			BIG Net Par as
																a % of Total Net Par
	BIG 1			BIG 2			BIG 3			Total BIG			Outstanding			Outstanding
							(in millions)
First lien U.S. RMBS:
Prime first lien	$	52		$	321		$	30		$	403		$	541		0.1	%
Alt-A first lien	656			1,137			935			2,728			3,590			0.6
Option ARM	71			60			467			598			937			0.1
Subprime	297			908			740			1,945			6,130			0.4
Second lien U.S. RMBS:
Closed-end second lien	8			20			118			146			244			0
HELOCs	1,499			20			378			1,897			2,279			0.4
Total U.S. RMBS	2,583			2,466			2,668			7,717			13,721			1.6
TruPS	1,587			135			—			1,722			4,970			0.4
Other structured finance	1,367			309			721			2,397			54,237			0.5
U.S. public finance	8,205			440			449			9,094			352,181			2
Non-U.S. public finance	1,009			599			—			1,608			33,998			0.4
Total	$	14,751		$	3,949		$	3,838		$	22,538		$	459,107		4.9	%
BIG Net Par Outstanding
and Number of Risks
As of March 31, 2014
		Net Par Outstanding									Number of Risks(2)
Description		Financial			Credit			Total			Financial		Credit		Total
		Guaranty			Derivative						Guaranty		Derivative
		Insurance(1)									Insurance(1)
		(dollars in millions)
BIG:
Category 1		$	12,242		$	2,008		$	14,250		193		24		217
Category 2		2,253			1,468			3,721			80		21		101
Category 3		2,872			1,100			3,972			109		27		136
Total BIG		$	17,367		$	4,576		$	21,943		382		72		454
BIG Net Par Outstanding
and Number of Risks
As of December 31, 2013
		Net Par Outstanding									Number of Risks(2)
Description		Financial			Credit			Total			Financial		Credit		Total
		Guaranty			Derivative						Guaranty		Derivative
		Insurance(1)									Insurance(1)
		(dollars in millions)
BIG:
Category 1		$	12,391		$	2,360		$	14,751		185		25		210
Category 2		2,323			1,626			3,949			80		21		101
Category 3		3,031			807			3,838			119		27		146
Total BIG		$	17,745		$	4,793		$	22,538		384		73		457
_____________________
(1)    Includes net par outstanding for FG VIEs.
-2	A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments.
Direct Economic Exposure to the Selected European Countries
Several European countries continue to experience significant economic, fiscal and/or political strains such that the likelihood of default on obligations with a nexus to those countries may be higher than the Company anticipated when such factors did not exist. The European countries where the Company believes heightened uncertainties exist are: Hungary, Ireland, Italy, Portugal and Spain (collectively, the “Selected European Countries”). The Company is closely monitoring its exposures in the Selected European Countries where it believes heightened uncertainties exist. The Company’s economic exposure to the Selected European Countries (based on par for financial guaranty contracts and notional amount for financial guaranty contracts accounted for as derivatives) is shown in the following table, net of ceded reinsurance.
Net Direct Economic Exposure to Selected European Countries(1)
As of March 31, 2014
	Hungary (2)			Ireland			Italy			Portugal (2)			Spain (2)			Total
Sovereign and sub-sovereign exposure:
Non-infrastructure public finance (3)	$	—		$	—		$	1,026		$	98		$	274		$	1,398
Infrastructure finance	370			—			18			12			156			556
Sub-total	370			—			1,044			110			430			1,954
Non-sovereign exposure:
Regulated utilities	—			—			235			—			—			235
RMBS	217			145			312			—			—			674
Sub-total	217			145			547			—			—			909
Total	$	587		$	145		$	1,591		$	110		$	430		$	2,863
Total BIG	$	587		$	—		$	—		$	110		$	429		$	1,126
____________________
-1	While the Company’s exposures are shown in U.S. dollars, the obligations the Company insures are in various currencies, including U.S. dollars and Euros. Included in the table above is $145 million of reinsurance assumed on a 2004 - 2006 pool of Irish residential mortgages that is part of the Company’s remaining legacy mortgage reinsurance business. One of the residential mortgage-backed securities included in the table above includes residential mortgages in both Italy and Germany, and only the portion of the transaction equal to the portion of the original mortgage pool in Italian mortgages is shown in the table.
-2	See Note 5, Expected Loss to be Paid.
-3	The exposure shown in the “Non-infrastructure public finance” category is from transactions backed by receivable payments from sub-sovereigns in Italy, Spain and Portugal. Sub-sovereign debt is debt issued by a governmental entity or government backed entity, or supported by such an entity, that is other than direct sovereign debt of the ultimate governing body of the country.
When the Company directly insures an obligation, it assigns the obligation to a geographic location or locations based on its view of the geographic location of the risk. For direct exposure this can be a relatively straight-forward determination as, for example, a debt issue supported by availability payments for a toll road in a particular country. The Company may also assign portions of a risk to more than one geographic location. The Company may also have direct exposures to the Selected European Countries in business assumed from unaffiliated monoline insurance companies. In the case of assumed business for direct exposures, the Company depends upon geographic information provided by the primary insurer.
The Company has excluded from the exposure tables above its indirect economic exposure to the Selected European Countries through policies it provides on (a) pooled corporate and (b) commercial receivables transactions. The Company considers economic exposure to a selected European Country to be indirect when the exposure relates to only a small portion of an insured transaction that otherwise is not related to a Selected European Country. The Company has reviewed transactions through which it believes it may have indirect exposure to the Selected European Countries that is material to the transaction and calculated total net indirect exposure to Selected European Counties in non-sovereign pooled corporate and non-sovereign commercial receivables to be $710 million and $89 million, respectively, based on the proportion of the insured par equal to the proportion of obligors identified as being domiciled in a Selected European Country.
Exposure to Puerto Rico
The Company insures general obligation bonds of the Commonwealth of Puerto Rico and various obligations of its related authorities and public corporations aggregating $5.3 billion net par. The Company rates $5.1 billion net par of that amount BIG. The following table shows estimated amortization of the general obligation bonds of Puerto Rico and various obligations of its related authorities and public corporations insured and rated BIG by the Company. The Company guarantees payments of interest and principal when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis. The column labeled “Estimated BIG Net Debt Service Amortization” shows the total amount of principal and interest due in the period indicated and represents the maximum net amount the Company would be required to pay on BIG Puerto Rico exposures in a given period, assuming the obligors paid nothing on all of those obligations in that period.
Amortization Schedule of BIG Net Par Outstanding
and BIG Net Debt Service Outstanding of Puerto Rico
As of March 31, 2014
		Estimated BIG Net Par Amortization			Estimated BIG Net Debt Service Amortization
		(in millions)
2014 (April 1 - June 30)		$	—		$	64
2014 (July 1 - September 30)		254			315
2014 (October 1 - December 31)		—			61
2015		364			601
2016		289			509
2017		208			415
2018		159			358
2019-2023		884			1,718
2024-2028		937			1,566
2029-2033		697			1,125
After 2033		1,281			1,574
Total		$	5,073		$	8,306
Recent announcements and actions by the Governor and his administration indicate officials of the Commonwealth are focused on measures to help Puerto Rico operate within its financial resources and maintain its access to the capital markets. All Puerto Rico credits insured by the Company are current on their debt service payments. Neither Puerto Rico nor its related authorities and public corporations are eligible debtors under Chapter 9 of the U.S. Bankruptcy Code. However, Puerto Rico faces high debt levels, a declining population and an economy that has been in recession since 2006. Puerto Rico has been operating with a structural budget deficit in recent years, and its two largest pension funds are significantly underfunded.

Financial_Guaranty_Insurance_P

Financial Guaranty Insurance Premiums	3 Months Ended
	Mar. 31, 2014
Financial Guaranty Insurance Premiums [Abstract]	'
Financial Guaranty Insurance Premiums	'
	Financial Guaranty Insurance Premiums
	The portfolio of outstanding exposures discussed in Note 3, Outstanding Exposure, includes financial guaranty contracts that meet the definition of insurance contracts as well as those that meet the definition of a derivative under GAAP. Amounts presented in this note relate only to financial guaranty insurance contracts. See Note 8, Financial Guaranty Contracts Accounted for as Credit Derivatives for amounts that relate to CDS.
	Net Earned Premiums
		First Quarter
		2014			2013
		(in millions)
	Scheduled net earned premiums	$	107		$	128
	Acceleration of net earned premiums	19			113
	Accretion of discount on net premiums receivable	6			7
	Net earned premiums(1)	$	132		$	248
	___________________
	-1	Excludes $17 million and $18 million for First Quarter 2014 and 2013, respectively, related to consolidated FG VIEs.
	Components of Unearned Premium Reserve
		As of March 31, 2014									As of December 31, 2013
		Gross			Ceded			Net(1)			Gross			Ceded			Net(1)
		(in millions)
	Deferred premium revenue:
	Financial guaranty insurance	$	4,567		$	472		$	4,095		$	4,647		$	470		$	4,177
	Other	5			—			5			5			—			5
	Deferred premium revenue	$	4,572		$	472		$	4,100		$	4,652		$	470		$	4,182
	Contra-paid	(68		)	(18		)	(50		)	(57		)	(18		)	(39		)
	Unearned premium reserve	$	4,504		$	454		$	4,050		$	4,595		$	452		$	4,143
	____________________
	-1	Excludes $137 million and $187 million of deferred premium revenue, and $49 million and $55 million of contra-paid related to FG VIEs as of March 31, 2014 and December 31, 2013, respectively.
	Gross Premium Receivable,
	Net of Commissions on Assumed Business
	Roll Forward
		First Quarter
		2014			2013
		(in millions)
	Beginning of period, December 31	$	876		$	1,005
	Gross premium written, net of commissions on assumed business	33			17
	Gross premiums received, net of commissions on assumed business	(53		)	(53		)
	Adjustments:
	Changes in the expected term	(3		)	1
	Accretion of discount, net of commissions on assumed business	7			9
	Foreign exchange translation	2			(23		)
	Other adjustments	1			0
	End of period, March 31 (1)	$	863		$	956
	____________________
	-1	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.
	Gains or losses due to foreign exchange rate changes relate to installment premium receivables denominated in currencies other than the U.S. dollar. Approximately 49% and 48% of installment premiums at March 31, 2014 and December 31, 2013 respectively, are denominated in currencies other than the U.S. dollar, primarily the Euro and British Pound Sterling.
	The timing and cumulative amount of actual collections may differ from expected collections in the tables below due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations and changes in expected lives.
	Expected Collections of
	Gross Premiums Receivable,
	Net of Commissions on Assumed Business
	(Undiscounted)
		As of
		31-Mar-14
		(in millions)
	2014 (April 1 - June 30)	$	46
	2014 (July 1 - September 30)	24
	2014 (October 1 – December 31)	26
	2015	95
	2016	86
	2017	79
	2018	71
	2019-2023	282
	2024-2028	176
	2029-2033	123
	After 2033	130
	Total(1)	$	1,138
	____________________
-1	Excludes expected cash collections on FG VIEs of $23 million.
Scheduled Net Earned Premiums
	As of March 31, 2014
	(in millions)
2014 (April 1 - June 30)	$	105
2014 (July 1 - September 30)	103
2014 (October 1–December 31)	99
2015	359
2016	335
2017	297
2018	271
2019 - 2023	1,058
2024 - 2028	676
2029 - 2033	412
After 2033	380
Total present value basis(1)	4,095
Discount	239
Total future value	$	4,334
____________________
-1	Excludes scheduled net earned premiums on consolidated FG VIEs of $137 million.
Selected Information for Policies Paid in Installments
	As of			As of
	31-Mar-14			31-Dec-13
	(dollars in millions)
Premiums receivable, net of commission payable	$	863		$	876
Gross deferred premium revenue	1,560			1,576
Weighted-average risk-free rate used to discount premiums	3.5		%	3.4		%
Weighted-average period of premiums receivable (in years)	9.4			9.4

Expected_Losses_to_be_Paid

Expected Losses to be Paid	3 Months Ended
	Mar. 31, 2014
Expected Losses [Abstract]	'
Expected Loss to be Paid	'
	Expected Loss to be Paid
	The following table presents a roll forward of the present value of net expected loss to be paid for all contracts, whether accounted for as insurance, credit derivatives or FG VIEs, by sector, after the benefit for net expected recoveries for contractual breaches of representations and warranties ("R&W"). The Company used weighted average risk-free rates for U.S. dollar denominated obligations, which ranged from 0.0% to 3.97% as of March 31, 2014 and 0.0% to 4.44% as of December 31, 2013.
	Net Expected Loss to be Paid
	After Net Expected Recoveries for Breaches of R&W
	Roll Forward by Sector
	First Quarter 2014
		Net Expected				Economic Loss				(Paid)				Net Expected
		Loss to be				Development				Recovered				Loss to be
		Paid as of								Losses(1)				Paid as of
		December 31, 2013(2)												March 31, 2014(2)
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	21			$	(3	)		$	—			$	18
	Alt-A first lien	304				8				(4		)		308
	Option ARM	(9		)		(15		)		(4		)		(28		)
	Subprime	304				(7		)		(2		)		295
	Total first lien	620				(17		)		(10		)		593
	Second lien:
	Closed-end second lien	(11		)		5				2				(4		)
	HELOCs	(116		)		2				5				(109		)
	Total second lien	(127		)		7				7				(113		)
	Total U.S. RMBS	493				(10		)		(3		)		480
	TruPS	51				(19		)		—				32
	Other structured finance	120				19				(1		)		138
	U.S. public finance	264				23				(6		)		281
	Non-U.S public finance	57				—				—				57
	Other insurance	(3		)		(1		)		—				(4		)
	Total	$	982			$	12			$	(10	)		$	984
	Net Expected Loss to be Paid
	After Net Expected Recoveries for Breaches of R&W
	Roll Forward by Sector
	First Quarter 2013
		Net Expected				Economic Loss				(Paid)				Net Expected
		Loss to be				Development				Recovered				Loss to be
		Paid as of								Losses(1)				Paid as of
		31-Dec-12												March 31, 2013
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	6			$	6			$	(1	)		$	11
	Alt-A first lien	315				9				(11		)		313
	Option ARM	(131		)		(138		)		(58		)		(327		)
	Subprime	242				25				(4		)		263
	Total first lien	432				(98		)		(74		)		260
	Second lien:
	Closed-end second lien	(39		)		1				17				(21		)
	HELOCs	(111		)		(3		)		(8		)		(122		)
	Total second lien	(150		)		(2		)		9				(143		)
	Total U.S. RMBS	282				(100		)		(65		)		117
	TruPS	27				(3		)		(1		)		23
	Other structured finance	312				(2		)		(3		)		307
	U.S. public finance	7				7				(23		)		(9		)
	Non-U.S public finance	52				10				—				62
	Other insurance	(3		)		(10		)		—				(13		)
	Total	$	677			$	(98	)		$	(92	)		$	487
	____________________
	-1	Net of ceded paid losses, whether or not such amounts have been settled with reinsurers. Ceded paid losses are typically settled 45 days after the end of the reporting period. Such amounts are recorded in reinsurance recoverable on paid losses included in other assets.
	-2	Includes expected loss adjustment expenses ("LAE") to be paid for mitigating claim liabilities of $29 million as of March 31, 2014 and $34 million as of December 31, 2013. The Company paid $6 million and $13 million in LAE for First Quarter 2014 and 2013, respectively.
	Net Expected Recoveries from
	Breaches of R&W Rollforward
	First Quarter 2014
		Future Net				R&W Development				R&W Recovered				Future Net
R&W Benefit as of			and Accretion of			During First Quarter 2014(1)				R&W Benefit as of
December 31, 2013			Discount							March 31, 2014
			During First Quarter 2014
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	4			$	(1	)		$	—			$	3
Alt-A first lien	274				3				(8		)		269
Option ARM	173				9				(30		)		152
Subprime	118				28				—				146
Total first lien	569				39				(38		)		570
Second lien:
Closed-end second lien	98				(3		)		—				95
HELOC	45				12				(1		)		56
Total second lien	143				9				(1		)		151
Total	$	712			$	48			$	(39	)		$	721
Net Expected Recoveries from
Breaches of R&W Rollforward
First Quarter 2013
	Future Net				R&W Development				R&W Recovered				Future Net
	R&W Benefit as of				and Accretion of				During First Quarter 2013(1)				R&W Benefit as of
	31-Dec-12				Discount								March 31, 2013
					During First Quarter 2013
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	4			$	—			$	—			$	4
Alt-A first lien	378				(8		)		(8		)		362
Option ARM	591				153				(54		)		690
Subprime	109				4				—				113
Total first lien	1,082				149				(62		)		1,169
Second lien:
Closed-end second lien	138				(9		)		(21		)		108
HELOC	150				17				(6		)		161
Total second lien	288				8				(27		)		269
Total	$	1,370			$	157			$	(89	)		$	1,438
____________________
-1	Gross amounts recovered were $41 million and $92 million for First Quarter 2014 and 2013, respectively.
The following tables present the present value of net expected loss to be paid for all contracts by accounting model, by sector and after the benefit for estimated and contractual recoveries for breaches of R&W.
Net Expected Loss to be Paid
By Accounting Model
As of March 31, 2014
	Financial				FG VIEs(1)				Credit				Total
	Guaranty								Derivatives
	Insurance
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	3			$	—			$	15			$	18
Alt-A first lien	212				19				77				308
Option ARM	(38		)		—				10				(28		)
Subprime	140				80				75				295
Total first lien	317				99				177				593
Second lien:
Closed-end second lien	(32		)		26				2				(4		)
HELOCs	(92		)		(17		)		—				(109		)
Total second lien	(124		)		9				2				(113		)
Total U.S. RMBS	193				108				179				480
TruPS	2				—				30				32
Other structured finance	176				—				(38		)		138
U.S. public finance	281				—				—				281
Non-U.S. public finance	56				—				1				57
Subtotal	$	708			$	108			$	172			988
Other													(4		)
Total													$	984
Net Expected Loss to be Paid
By Accounting Model
As of December 31, 2013
	Financial				FG VIEs(1)				Credit				Total
	Guaranty								Derivatives
	Insurance
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	3			$	—			$	18			$	21
Alt-A first lien	199				31				74				304
Option ARM	(18		)		(2		)		11				(9		)
Subprime	149				81				74				304
Total first lien	333				110				177				620
Second Lien:
Closed-end second lien	(34		)		25				(2		)		(11		)
HELOCs	(41		)		(75		)		—				(116		)
Total second lien	(75		)		(50		)		(2		)		(127		)
Total U.S. RMBS	258				60				175				493
TruPS	3				—				48				51
Other structured finance	161				—				(41		)		120
U.S. public finance	264				—				—				264
Non-U.S. public finance	55				—				2				57
Subtotal	$	741			$	60			$	184			985
Other													(3		)
Total													$	982
___________________
(1)    Refer to Note 9, Consolidated Variable Interest Entities.
The following tables present the net economic loss development for all contracts by accounting model, by sector and after the benefit for estimated and contractual recoveries for breaches of R&W.
Net Economic Loss Development
By Accounting Model
First Quarter 2014
	Financial				FG VIEs(1)				Credit				Total
	Guaranty								Derivatives(2)
	Insurance
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	—			$	—			$	(3	)		$	(3	)
Alt-A first lien	19				(12		)		1				8
Option ARM	(16		)		1				—				(15		)
Subprime	(8		)		(2		)		3				(7		)
Total first lien	(5		)		(13		)		1				(17		)
Second lien:
Closed-end second lien	(1		)		2				4				5
HELOCs	(56		)		58				—				2
Total second lien	(57		)		60				4				7
Total U.S. RMBS	(62		)		47				5				(10		)
TruPS	(1		)		—				(18		)		(19		)
Other structured finance	17				—				2				19
U.S. public finance	23				—				—				23
Non-U.S. public finance	—				—				—				—
Subtotal	$	(23	)		$	47			$	(11	)		13
Other													(1		)
Total													$	12
Net Economic Loss Development
By Accounting Model
First Quarter 2013
	Financial				FG VIEs(1)				Credit				Total
	Guaranty								Derivatives(2)
	Insurance
	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	—			$	—			$	6			$	6
Alt-A first lien	5				(1		)		5				9
Option ARM	(93		)		(37		)		(8		)		(138		)
Subprime	12				4				9				25
Total first lien	(76		)		(34		)		12				(98		)
Second lien:
Closed-end second lien	5				(3		)		(1		)		1
HELOCs	(7		)		4				—				(3		)
Total second lien	(2		)		1				(1		)		(2		)
Total U.S. RMBS	(78		)		(33		)		11				(100		)
TruPS	0				—				(3		)		(3		)
Other structured finance	(10		)		—				8				(2		)
U.S. public finance	7				—				—				7
Non-U.S. public finance	9				—				1				10
Subtotal	$	(72	)		$	(33	)		$	17			(88		)
Other													(10		)
Total													$	(98	)
_________________
(1)    Refer to Note 9, Consolidated Variable Interest Entities.
(2)    Refer to Note 8, Financial Guaranty Contracts Accounted for as Credit Derivatives.
Approach to Projecting Losses in U.S. RMBS
The Company projects losses on its insured U.S. RMBS on a transaction-by-transaction basis by projecting the performance of the underlying pool of mortgages over time and then applying the structural features (i.e., payment priorities and tranching) of the RMBS to the projected performance of the collateral over time. The resulting projected claim payments or reimbursements are then discounted using risk-free rates. For transactions where the Company projects it will receive recoveries from providers of R&W, it projects the amount of recoveries and either establishes a recovery for claims already paid or reduces its projected claim payments accordingly.
The further behind a mortgage borrower falls in making payments, the more likely it is that he or she will default. The rate at which borrowers from a particular delinquency category (number of monthly payments behind) eventually default is referred to as the “liquidation rate.” The Company derives its liquidation rate assumptions from observed roll rates, which are the rates at which loans progress from one delinquency category to the next and eventually to default and liquidation. The Company applies liquidation rates to the mortgage loan collateral in each delinquency category and makes certain timing assumptions to project near-term mortgage collateral defaults from loans that are currently delinquent.
Mortgage borrowers that are not more than one payment behind (generally considered performing borrowers) have demonstrated an ability and willingness to pay throughout the recession and mortgage crisis, and as a result are viewed as less likely to default than delinquent borrowers. Performing borrowers that eventually default will also need to progress through delinquency categories before any defaults occur. The Company projects how many of the currently performing loans will default and when they will default, by first converting the projected near term defaults of delinquent borrowers derived from liquidation rates into a vector of conditional default rates ("CDR"), then projecting how the conditional default rates will develop over time. Loans that are defaulted pursuant to the conditional default rate after the near-term liquidation of currently delinquent loans represent defaults of currently performing loans and projected re-performing loans. A conditional default rate is the outstanding principal amount of defaulted loans liquidated in the current month divided by the remaining outstanding amount of the whole pool of loans (or “collateral pool balance”). The collateral pool balance decreases over time as a result of scheduled principal payments, partial and whole principal prepayments, and defaults.
In order to derive collateral pool losses from the collateral pool defaults it has projected, the Company applies a loss severity. The loss severity is the amount of loss the transaction experiences on a defaulted loan after the application of net proceeds from the disposal of the underlying property. The Company projects loss severities by sector based on its experience to date. Further detail regarding the assumptions and variables the Company used to project collateral losses in its U.S. RMBS portfolio may be found below in the sections “U.S. First Lien RMBS Loss Projections: Alt-A First Lien, Option ARM, Subprime and Prime” and “U.S. Second Lien RMBS Loss Projections: HELOCs and Closed-End Second Lien” These variables are interrelated, difficult to predict and subject to considerable volatility. If actual experience differs from the Company’s assumptions, the losses incurred could be materially different from the estimate. The Company continues to update its evaluation of these exposures as new information becomes available.
The Company is in the process of enforcing claims for breaches of R&W regarding the characteristics of the loans included in the collateral pools. The Company calculates a credit from the RMBS issuer for such recoveries where the R&W were provided by an entity the Company believes to be financially viable and where the Company already has access or believes it will attain access to the underlying mortgage loan files. Where the Company has an agreement with an R&W provider (e.g., the Bank of America Agreement, the Deutsche Bank Agreement or the UBS Agreement) or where it is in advanced discussions on a potential agreement, that credit is based on the agreement or potential agreement. Where the Company does not have an agreement with the R&W provider but the Company believes the R&W provider to be economically viable, the Company estimates what portion of its past and projected future claims it believes will be reimbursed by that provider. Further detail regarding how the Company calculates these credits may be found under “Breaches of Representations and Warranties” below.
The Company projects the overall future cash flow from a collateral pool by adjusting the payment stream from the principal and interest contractually due on the underlying mortgages for (a) the collateral losses it projects as described above, (b) assumed voluntary prepayments and (c) servicer advances. The Company then applies an individual model of the structure of the transaction to the projected future cash flow from that transaction’s collateral pool to project the Company’s future claims and claim reimbursements for that individual transaction. Finally, the projected claims and reimbursements are discounted using risk-free rates. As noted above, the Company runs several sets of assumptions regarding mortgage collateral performance, or scenarios, and probability weights them.
The ultimate performance of the Company’s RMBS transactions remains highly uncertain, may differ from the Company's projections and may be subject to considerable volatility due to the influence of many factors, including the level and timing of loan defaults, changes in housing prices, results from the Company’s loss mitigation activities and other variables. The Company will continue to monitor the performance of its RMBS exposures and will adjust its RMBS loss projection assumptions and scenarios based on actual performance and management’s view of future performance.
First Quarter 2014 U.S. RMBS Loss Projections
The Company's RMBS loss projection methodology assumes that the housing and mortgage markets will continue improving. Each quarter the Company makes a judgment as to whether to change the assumptions it uses to make RMBS loss projections based on its observation during the quarter of the performance of its insured transactions (including early stage delinquencies, late stage delinquencies and, for first liens, loss severity) as well as the residential property market and economy in general. To the extent it observes changes, it makes a judgment as whether those changes are normal fluctuations or part of a trend. Based on such observations the Company chose to use the same general assumptions to project RMBS losses as of March 31, 2014 as it used as of December 31, 2013.
U.S. First Lien RMBS Loss Projections: Alt-A First Lien, Option ARM, Subprime and Prime
The majority of projected losses in first lien RMBS transactions are expected to come from non-performing mortgage loans (those that have been modified in the previous 12 months or are delinquent or in foreclosure or that have been foreclosed and so the RMBS issuer owns the underlying real estate). Changes in the amount of non-performing loans from the amount projected in the previous period are one of the primary drivers of loss development in this portfolio. In order to determine the number of defaults resulting from these delinquent and foreclosed loans, the Company applies a liquidation rate assumption to loans in each of various non-performing categories. The Company arrived at its liquidation rates based on data purchased from a third party provider and assumptions about how delays in the foreclosure process and loan modifications may ultimately affect the rate at which loans are liquidated. The following table shows liquidation assumptions for various non-performing categories.
First Lien Liquidation Rates
	31-Mar-14		31-Dec-13
Current Loans Modified in Previous 12 Months
Alt A and Prime	35%		35%
Option ARM	35		35
Subprime	35		35
30 – 59 Days Delinquent
Alt A and Prime	50		50
Option ARM	50		50
Subprime	45		45
60 – 89 Days Delinquent
Alt A and Prime	60		60
Option ARM	65		65
Subprime	50		50
90+ Days Delinquent
Alt A and Prime	75		75
Option ARM	70		70
Subprime	60		60
Bankruptcy
Alt A and Prime	60		60
Option ARM	60		60
Subprime	55		55
Foreclosure
Alt A and Prime	85		85
Option ARM	80		80
Subprime	70		70
Real Estate Owned
All	100		100
While the Company uses liquidation rates as described above to project defaults of non-performing loans (including current loans modified within the last 12 months), it projects defaults on presently current loans by applying a CDR trend. The start of that CDR trend is based on the defaults the Company projects will emerge from currently nonperforming loans. The total amount of expected defaults from the non-performing loans is translated into a constant CDR (i.e., the CDR plateau), which, if applied for each of the next 36 months, would be sufficient to produce approximately the amount of defaults that were calculated to emerge from the various delinquency categories. The CDR thus calculated individually on the delinquent collateral pool for each RMBS is then used as the starting point for the CDR curve used to project defaults of the presently performing loans.
In the base case, after the initial 36-month CDR plateau period, each transaction’s CDR is projected to improve over 12 months to an intermediate CDR (calculated as 20% of its CDR plateau); that intermediate CDR is held constant for 36 months and then trails off in steps to a final CDR of 5% of the CDR plateau. Under the Company’s methodology, defaults projected to occur in the first 36 months represent defaults that can be attributed to loans that were modified in the last 12 months or that are currently delinquent or in foreclosure, while the defaults projected to occur using the projected CDR trend after the first 36 month period represent defaults attributable to borrowers that are currently performing.
Another important driver of loss projections is loss severity, which is the amount of loss the transaction incurs on a loan after the application of net proceeds from the disposal of the underlying property. Loss severities experienced in first lien transactions have reached historic high levels, and the Company is assuming in the base case that these high levels generally will continue for another 18 months, except that in the case of subprime loans, the Company assumes the unprecedented 90% loss severity rate will continue for another nine months then drop to 80% for nine more months, in each case before following the ramp described below. The Company determines its initial loss severity based on actual recent experience. The Company’s initial loss severity assumptions for March 31, 2014 were the same as it used for December 31, 2013. The Company then assumes that loss severities begin returning to levels consistent with underwriting assumptions beginning after the initial 18 month period declining to 40% in the base case over 2.5 years.
The following table shows the range of key assumptions used in the calculation of expected loss to be paid for individual transactions for direct vintage 2004 - 2008 first lien U.S. RMBS.
Key Assumptions in Base Case Expected Loss Estimates
First Lien RMBS(1)
	As of					As of
	31-Mar-14					31-Dec-13
Alt-A First Lien
Plateau CDR	2.3	%	–	18.40%		2.8	%	–	18.40%
Intermediate CDR	0.5	%	–	3.70%		0.6	%	–	3.70%
Period until intermediate CDR	48 months					48 months
Final CDR	0.1	%	–	0.90%		0.1	%	–	0.90%
Initial loss severity	65%					65%
Initial conditional prepayment rate ("CPR")	0.9	%	–	33.90%		0	%	–	34.20%
Final CPR	15%					15%
Option ARM
Plateau CDR	3.8	%	–	16.80%		4.9	%	–	16.80%
Intermediate CDR	0.8	%	–	3.40%		1	%	–	3.40%
Period until intermediate CDR	48 months					48 months
Final CDR	0.2	%	–	0.80%		0.2	%	–	0.80%
Initial loss severity	65%					65%
Initial CPR	0.8	%	–	12.20%		0.4	%	–	13.10%
Final CPR	15%					15%
Subprime
Plateau CDR	5.9	%	–	16.30%		5.6	%	–	16.20%
Intermediate CDR	1.2	%	–	3.30%		1.1	%	–	3.20%
Period until intermediate CDR	48 months					48 months
Final CDR	0.3	%	–	0.80%		0.3	%	–	0.80%
Initial loss severity	90%					90%
Initial CPR	0	%	–	11.60%		0	%	–	15.70%
Final CPR	15%					15%
____________________
(1)                                Represents variables for most heavily weighted scenario (the “base case”).
The rate at which the principal amount of loans is voluntarily prepaid may impact both the amount of losses projected (since that amount is a function of the conditional default rate, the loss severity and the loan balance over time) as well as the amount of excess spread (the amount by which the interest paid by the borrowers on the underlying loan exceeds the amount of interest owed on the insured obligations). The assumption for the voluntarily CPR follows a similar pattern to that of the conditional default rate. The current level of voluntary prepayments is assumed to continue for the plateau period before gradually increasing over 12 months to the final CPR, which is assumed to be 15% in the base case. For transactions where the initial CPR is higher than the final CPR, the initial CPR is held constant. These assumptions are the same as those the Company used for December 31, 2013.
In estimating expected losses, the Company modeled and probability weighted sensitivities for first lien transactions by varying its assumptions of how fast a recovery is expected to occur. One of the variables used to model sensitivities was how quickly the conditional default rate returned to its modeled equilibrium, which was defined as 5% of the initial conditional default rate. The Company also stressed CPR and the speed of recovery of loss severity rates. The Company probability weighted a total of five scenarios (including its base case) as of March 31, 2014. The Company used a similar approach to establish its pessimistic and optimistic scenarios as of March 31, 2014 as it used as of December 31, 2013, increasing and decreasing the periods of stress from those used in the base case. In a somewhat more stressful environment than that of the base case, where the conditional default rate plateau was extended six months (to be 42 months long) before the same more gradual conditional default rate recovery and loss severities were assumed to recover over 4.5 rather than 2.5 years (and subprime loss severities were assumed to recover only to 60%), expected loss to be paid would increase from current projections by approximately $39 million for Alt-A first liens, $13 million for Option ARM, $93 million for subprime and $4 million for prime transactions.
In an even more stressful scenario where loss severities were assumed to rise and then recover over nine years and the initial ramp-down of the conditional default rate was assumed to occur over 15 months and other assumptions were the same as the other stress scenario, expected loss to be paid would increase from current projections by approximately $104 million for Alt-A first liens, $31 million for Option ARM, $138 million for subprime and $11 million for prime transactions. The Company also considered two scenarios where the recovery was faster than in its base case. In a scenario with a somewhat less stressful environment than the base case, where conditional default rate recovery was somewhat less gradual and the initial subprime loss severity rate was assumed to be 80% for 18 months and was assumed to recover to 40% over 2.5 years, expected loss to be paid would increase from current projections by approximately $1 million for Alt-A first lien and would decrease by $10 million for Option ARM, $25 million for subprime and $1 million for prime transactions. In an even less stressful scenario where the conditional default rate plateau was six months shorter (30 months, effectively assuming that liquidation rates would improve) and the conditional default rate recovery was more pronounced, (including an initial ramp-down of the conditional default rate over nine months), expected loss to be paid would decrease from current projections by approximately $36 million for Alt-A first lien, $28 million for Option ARM, $78 million for subprime and $4 million for prime transactions.
U.S. Second Lien RMBS Loss Projections: HELOCs and Closed-End Second Lien
The Company believes the primary variable affecting its expected losses in second lien RMBS transactions is the amount and timing of future losses in the collateral pool supporting the transactions. Expected losses are also a function of the structure of the transaction; the voluntary prepayment rate (typically also referred to as CPR of the collateral); the interest rate environment; and assumptions about the draw rate and loss severity.
The following table shows the range of key assumptions for the calculation of expected loss to be paid for individual transactions for direct vintage 2004 - 2008 second lien U.S. RMBS.
Key Assumptions in Base Case Expected Loss Estimates
Second Lien RMBS(1)
HELOC key assumptions		As of					As of
		31-Mar-14					31-Dec-13
Plateau CDR		1.9	%	–	7.30%		2.3	%	–	7.70%
Final CDR trended down to		0.4	%	–	3.20%		0.4	%	–	3.20%
Period until final CDR		34 months					34 months
Initial CPR		2.3	%	–	21.00%		2.7	%	–	21.50%
Final CPR		10%					10%
Loss severity		98%					98%
Closed-end second lien key assumptions		As of					As of
		31-Mar-14					31-Dec-13
Plateau CDR		6.7	%	–	15.50%		7.3	%	–	15.10%
Final CDR trended down to		3.5	%	–	9.10%		3.5	%	–	9.10%
Period until final CDR		34 months					34 months
Initial CPR		2.9	%	–	12.80%		3.1	%	–	12.00%
Final CPR		10%					10%
Loss severity		98%					98%
____________________
-1	Represents variables for most heavily weighted scenario (the “base case”).
In second lien transactions the projection of near-term defaults from currently delinquent loans is relatively straightforward because loans in second lien transactions are generally “charged off” (treated as defaulted) by the securitization’s servicer once the loan is 180 days past due. Most second lien transactions report the amount of loans in five monthly delinquency categories (i.e., 30-59 days past due, 60-89 days past due, 90-119 days past due, 120-149 days past due and 150-179 days past due). The Company estimates the amount of loans that will default over the next five months by calculating current representative liquidation rates (the percent of loans in a given delinquency status that are assumed to ultimately default) from selected representative transactions and then applying an average of the preceding twelve months’ liquidation rates to the amount of loans in the delinquency categories. The amount of loans projected to default in the first through fifth months is expressed as a CDR. The first four months’ CDR is calculated by applying the liquidation rates to the current period past due balances (i.e., the 150-179 day balance is liquidated in the first projected month, the 120-149 day balance is liquidated in the second projected month, the 90-119 day balance is liquidated in the third projected month and the 60-89 day balance is liquidated in the fourth projected month). For the fifth month the CDR is calculated using the average 30-59 day past due balances for the prior three months, adjusted as necessary to reflect one-time service events. The fifth month CDR is then used as the basis for the plateau period that follows the embedded five months of losses.
As of March 31, 2014, for the base case scenario, the CDR (the “plateau CDR”) was held constant for one month. Once the plateau period has ended, the CDR is assumed to gradually trend down in uniform increments to its final long-term steady state CDR. (The long-term steady state CDR is calculated as the constant CDR that would have yielded the amount of losses originally expected at underwriting.) In the base case scenario, the time over which the CDR trends down to its final CDR is 28 months. Therefore, the total stress period for second lien transactions is 34 months, comprising five months of delinquent data, a one month plateau period and 28 months of decrease to the steady state CDR. When a second lien loan defaults, there is generally a very low recovery. Based on current expectations of future performance, the Company assumes that it will only recover 2% of the collateral, the same as of December 31, 2013.
The rate at which the principal amount of loans is prepaid may impact both the amount of losses projected as well as the amount of excess spread. In the base case, the current CPR (based on experience of the most recent three quarters) is assumed to continue until the end of the plateau before gradually increasing to the final CPR over the same period the CDR decreases. For transactions where the initial CPR is higher than the final CPR, the initial CPR is held constant. The final CPR is assumed to be 10% for both HELOC and closed-end second lien transactions. This level is much higher than current rates for most transactions, but lower than the historical average, which reflects the Company’s continued uncertainty about the projected performance of the borrowers in these transactions. This pattern is consistent with how the Company modeled the CPR at December 31, 2013. To the extent that prepayments differ from projected levels it could materially change the Company’s projected excess spread and losses.
The Company uses a number of other variables in its second lien loss projections, including the spread between relevant interest rate indices, the loss severity, and HELOC draw rates (the amount of new advances provided on existing HELOCs expressed as a percentage of current outstanding advances). These variables have been relatively stable over the past several quarters and in the relevant ranges have less impact on the projection results than the variables discussed above. However, in a number of HELOC transactions the servicers have been modifying poorly performing loans from floating to fixed rates, and rising interest rates would negatively impact the excess spread available from these modified loans to support the transactions. In a number of HELOC transactions the servicers have been modifying poorly performing loans from floating to fixed rates, and as a result, rising interest rates would negatively impact the available excess spread available from these modified loans.  The Company incorporated these modifications in its assumptions.
In estimating expected losses, the Company modeled and probability weighted three possible CDR curves applicable to the period preceding the return to the long-term steady state CDR. The Company believes that the level of the elevated CDR and the length of time it will persist is the primary driver behind the likely amount of losses the collateral will suffer. The Company continues to evaluate the assumptions affecting its modeling results.
As of March 31, 2014, the Company’s base case assumed a one month CDR plateau and a 28 month ramp-down (for a total stress period of 34 months). The Company also modeled a scenario with a longer period of elevated defaults and another with a shorter period of elevated defaults and weighted them the same as of December 31, 2013. Increasing the CDR plateau to four months and increasing the ramp-down by five months to 33 months (for a total stress period of 42 months) would increase the expected loss by approximately $24 million for HELOC transactions and $2 million for closed-end second lien transactions. On the other hand, keeping the CDR plateau at one month but decreasing the length of the CDR ramp-down to 18 months (for a total stress period of 24 months) would decrease the expected loss by approximately $22 million for HELOC transactions and $2 million for closed-end second lien transactions.
Breaches of Representations and Warranties
Generally, when mortgage loans are transferred into a securitization, the loan originator(s) and/or sponsor(s) provide R&W that the loans meet certain characteristics, and a breach of such R&W often requires that the loan be repurchased from the securitization. In many of the transactions the Company insures, it is in a position to enforce these R&W provisions. Soon after the Company observed the deterioration in the performance of its insured RMBS following the deterioration of the residential mortgage and property markets, the Company began using internal resources as well as third party forensic underwriting firms and legal firms to pursue breaches of R&W on a loan-by-loan basis. Where a provider of R&W refused to honor its repurchase obligations, the Company sometimes chose to initiate litigation. See “Recovery Litigation” below. The Company's success in pursuing these strategies permitted the Company to enter into agreements with R&W providers under which those providers made payments to the Company, agreed to make payments to the Company in the future, and / or repurchased loans from the transactions, all in return for releases of related liability by the Company. Such agreements provide the Company with many of the benefits of pursuing the R&W claims on a loan by loan basis or through litigation, but without the related expense and uncertainty. The Company continues to pursue these strategies against R&W providers with which it does not yet have agreements.
Using these strategies, through March 31, 2014 the Company has caused entities providing R&Ws to pay or agree to pay approximately $3.7 billion (gross of reinsurance) in respect of their R&W liabilities for transactions in which the Company has provided insurance.
	(in millions)
Agreement amounts already received	$	2,716
Agreement amounts projected to be received in the future	402
Repurchase amounts paid into the relevant RMBS prior to settlement (1)	579
Total R&W payments, gross of reinsurance	$	3,697
____________________
-1	These amounts were paid into the relevant RMBS transactions (rather than to the Company as in most settlements) and distributed in accordance with the priority of payments set out in the relevant transaction documents. Because the Company may insure only a portion of the capital structure of a transaction, such payments will not necessarily directly benefit the Company dollar-for-dollar, especially in first lien transactions.
Based on this success, the Company has included in its net expected loss estimates as of March 31, 2014 an estimated net benefit related to breaches of R&W of $721 million, which includes $384 million from agreements with R&W providers and $337 million in transactions where the Company does not yet have such an agreement, all net of reinsurance.
Representations and Warranties Agreements (1)
	Agreement Date		Current Net Par Covered				Receipts to March 31, 2014 (net of reinsurance)				Estimated Future Receipts (net of reinsurance)				Eligible Assets Held in Trust (gross of reinsurance)
	(in millions)
Bank of America - First Lien	Apr-11		$	1,023			$	490			$	195			$	585
Bank of America - Second Lien	Apr-11		1,335				968				NA				NA
Deutsche Bank	May 2012 and October 2013		1,649				235				100				142
UBS	May-13		778				410				33				147
Others	Various		1,019				394				56				NA
Total			$	5,804			$	2,497			$	384			$	874
____________________
-1	This table relates to past and projected future recoveries under R&W and related agreements. Excluded from this table is the $337 million of future net recoveries the Company projects receiving from R&W counterparties in transactions with $1,379 million of net par outstanding as of March 31, 2014 not covered by current agreements. Also excluded from this table is $773 million of net par partially covered by agreements but for which the Company projects receiving additional amounts.
The Company's agreements with the counterparties specifically named in the table above required an initial payment to the Company to reimburse it for past claims as well as an obligation to reimburse it for a portion of future claims. The named counterparties placed eligible assets in trust to collateralize their future reimbursement obligations, and the amount of collateral they are required to post may be increased or decreased from time to time as determined by rating agency requirements. Reimbursement payments under these agreements are made either monthly or quarterly and have been made timely. With respect to the reimbursement for future claims:
•	Bank of America. Under the Company's agreement with Bank of America Corporation and certain of its subsidiaries (“Bank of America”), Bank of America agreed to reimburse the Company for 80% of claims on the first lien transactions covered by the agreement that the Company pays in the future, until the aggregate lifetime collateral losses (not insurance losses or claims) on those transactions reach $6.6 billion. As of March 31, 2014 aggregate lifetime collateral losses on those transactions was $3.9 billion, and the Company was projecting in its base case that such collateral losses would eventually reach $5.1 billion.
•	Deutsche Bank. Under the Company's May 2012 agreement with Deutsche Bank AG and certain of its affiliates (collectively, “Deutsche Bank”), Deutsche Bank agreed to reimburse the Company for certain claims it pays in the future on eight first and second lien transactions, including 80% of claims it pays on those transactions until the aggregate lifetime claims (before reimbursement) reach $319 million. As of March 31, 2014, the Company was projecting in its base case that such aggregate lifetime claims would remain below $319 million. In the event aggregate lifetime claims paid exceed $389 million, Deutsche Bank must reimburse Assured Guaranty for 85% of such claims paid (in excess of $389 million) until such claims paid reach $600 million.
The agreement also requires Deutsche Bank to reimburse AGC for future claims it pays on certain RMBS re-securitizations. The amount available for reimbursement of claim payments is based on a percentage of the losses that occur in certain uninsured tranches (“Uninsured Tranches”) within the eight transactions described above: 60% of losses on the Uninsured Tranches (up to $141 million of losses), 60% of such losses (for losses between $161 million and $185 million), and 100% of such losses (for losses from $185 million to $248 million). Losses on the Uninsured Tranches from $141 million to $161 million and above $248 million are not included in the calculation of AGC's reimbursement amount for re-securitization claim payments. As of March 31, 2014, the Company was projecting in its base case that losses on the Uninsured Tranches would be $153 million. Pursuant to the CDS termination on October 10, 2013 described below, a portion of Deutsche Bank's reimbursement obligation was applied to the terminated CDS. After giving effect to application of the portion of the reimbursement obligation to the terminated CDS, as well as to reimbursements related to other covered RMBS re-securitizations, and based on the Company's base case projections for losses on the Uninsured Tranches, the Company expects that $24 million will be available to reimburse AGC for re-securitization claim payments on the remaining re-securitizations. Except for the reimbursement obligation based on losses occurring on the Uninsured Tranches and the termination agreed to described below, the agreement with Deutsche Bank does not cover transactions where the Company has provided protection to Deutsche Bank on RMBS transactions in CDS form.
On October 10, 2013, the Company and Deutsche Bank terminated one below investment grade transaction under which the Company had provided credit protection to Deutsche Bank through a CDS. The transaction had a net par outstanding of $294 million at the time of termination. In connection with the termination, Assured Guaranty agreed to release to Deutsche Bank $60 million of assets held in trust that was in excess of the amount of assets required to be held in trust for regulatory and rating agency capital relief.
•	UBS. On May 6, 2013, the Company entered into an agreement with UBS Real Estate Securities Inc. and affiliates ("UBS") and a third party resolving the Company’s claims and liabilities related to specified RMBS transactions that were issued, underwritten or sponsored by UBS and insured by AGM or AGC under financial guaranty insurance policies. Under the agreement, UBS agreed to reimburse the Company for 85% of future losses on three first lien RMBS transactions.
The Company calculated an expected recovery of $337 million from breaches of R&W in transactions not covered by agreements with $1,379 million of net par outstanding as of March 31, 2014 and $773 million of net par partially covered by agreements but for which the Company projects receiving additional amounts. The Company did not incorporate any gain contingencies from potential litigation in its estimated repurchases. The amount the Company will ultimately recover related to such contractual R&W is uncertain and subject to a number of factors including the counterparty's ability to pay, the number and loss amount of loans determined to have breached R&W and, potentially, negotiated settlements or litigation recoveries. As such, the Company's estimate of recoveries is uncertain and actual amounts realized may differ significantly from these estimates. In arriving at the expected recovery from breaches of R&W not already covered by agreements, the Company considered the creditworthiness of the provider of the R&W, the number of breaches found on defaulted loans, the success rate in resolving these breaches across those transactions where material repurchases have been made and the potential amount of time until the recovery is realized. The calculation of expected recovery from breaches of such contractual R&W involved a variety of scenarios which ranged from the Company recovering substantially all of the losses it incurred due to violations of R&W to the Company realizing limited recoveries. These scenarios were probability weighted in order to determine the recovery incorporated into the Company's estimate of expected losses. This approach was used for both loans that had already defaulted and those assumed to default in the future. The Company adjusts the calculation of its expected recovery from breaches of R&W based on changing facts and circumstances with respect to each counterparty and transaction.
The Company uses the same RMBS projection scenarios and weightings to project its future R&W benefit as it uses to project RMBS losses on its portfolio. To the extent the Company increases its loss projections, the R&W benefit (whether pursuant to an R&W agreement or not) generally will also increase, subject to the agreement limits and thresholds described above. Similarly, to the extent the Company decreases its loss projections, the R&W benefit (whether pursuant to an R&W agreement or not) generally will also decrease, subject to the agreement limits and thresholds described above.
The Company accounts for the loss sharing obligations under the R&W agreements on financial guaranty insurance contracts as subrogation, offsetting the losses it projects by an R&W benefit from the relevant party for the applicable portion of the projected loss amount. Proceeds projected to be reimbursed to the Company on transactions where the Company has already paid claims are viewed as a recovery on paid losses. For transactions where the Company has not already paid claims, projected recoveries reduce projected loss estimates. In either case, projected recoveries have no effect on the amount of the Company's exposure. See Notes 7, Fair Value Measurement and 9, Consolidated Variable Interest Entities.
U.S. RMBS Risks with R&W Benefit
	Number of Risks (1) as of						Debt Service as of
	March 31, 2014			December 31, 2013			March 31, 2014				December 31, 2013
							(dollars in millions)
Prime first lien	1			1			$	36			$	38
Alt-A first lien	20			19			2,791				2,856
Option ARM	10			9			589				641
Subprime	5			5			985				998
Closed-end second lien	4			4			155				158
HELOC	5			4			141				320
Total	45			42			$	4,697			$	5,011
____________________
(1)                                 A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.
The following table provides a breakdown of the development and accretion amount in the roll forward of estimated recoveries associated with alleged breaches of R&W.
Components of R&W Development
	First Quarter
	2014				2013
	(in millions)
Change in recovery assumptions as the result of additional file review and recovery success	$	10			$	11
Estimated increase (decrease) in defaults that will result in additional (lower) breaches	0				1
Settlements and anticipated settlements	35				142
Accretion of discount on balance	3				3
Total	$	48			$	157
“XXX” Life Insurance Transactions
The Company’s $2.7 billion net par of XXX life insurance transactions as of March 31, 2014 include $598 million rated BIG. The BIG “XXX” life insurance reserve securitizations are based on discrete blocks of individual life insurance business. In each such transaction the monies raised by the sale of the bonds insured by the Company were used to capitalize a special purpose vehicle that provides reinsurance to a life insurer or reinsurer. The monies are invested at inception in accounts managed by third-party investment managers.
The BIG “XXX” life insurance transactions consist of two transactions, notes issued by each of Ballantyne Re p.l.c and Orkney Re II p.l.c. These transactions had material amounts of their assets invested in U.S. RMBS transactions. Based on its analysis of the information currently available, including estimates of future investment performance, and projected credit impairments on the invested assets and performance of the blocks of life insurance business at March 31, 2014, the Company’s projected net expected loss to be paid is $85 million. The overall increase of approximately $12 million in expected loss to be paid during First Quarter 2014 is due primarily to changes in lapse assumptions on the underlying life insurance policies in the Ballantyne Re p.l.c transaction and a decrease in the risk free rates used to discount the losses.
Student Loan Transactions
The Company has insured or reinsured $2.8 billion net par of student loan securitizations, of which $1.9 billion was issued by private issuers and classified as asset-backed and $0.9 billion was issued by public authorities and classified as public finance. Of these amounts, $204 million and $251 million, respectively, are rated BIG. The Company is projecting approximately $68 million of net expected loss to be paid in these portfolios. In general, the losses are due to: (i) the poor credit performance of private student loan collateral and high loss severities, or (ii) high interest rates on auction rate securities with respect to which the auctions have failed. The largest of these losses was approximately $28 million and related to a transaction backed by a pool of private student loans assumed by AG Re from another monoline insurer. The guaranteed bonds were issued as auction rate securities that now bear a high rate of interest due to the downgrade of the primary insurer’s financial strength rating. Further, the underlying loan collateral has performed below expectations. The overall increase of $4 million in net expected loss during First Quarter 2014 is primarily due to a decrease in the risk free rates used to discount the losses along with some deterioration in collateral performance.
Trust Preferred Securities Collateralized Debt Obligations
The Company has insured or reinsured $4.8 billion of net par (71% of which is in CDS form) of collateralized debt obligations (“CDOs”) backed by TruPS and similar debt instruments, or “TruPS CDOs.” Of the $4.8 billion, $1.6 billion is rated BIG. The underlying collateral in the TruPS CDOs consists of subordinated debt instruments such as TruPS issued by bank holding companies and similar instruments issued by insurance companies, real estate investment trusts (“REITs”) and other real estate related issuers.
The Company projects losses for TruPS CDOs by projecting the performance of the asset pools across several scenarios (which it weights) and applying the CDO structures to the resulting cash flows. At March 31, 2014, the Company has projected expected losses to be paid for TruPS CDOs of $32 million. The decrease of approximately $19 million in First Quarter 2014 was due primarily to improving collateral performance.
Selected U.S. Public Finance Transactions
The Company insures general obligation bonds of the Commonwealth of Puerto Rico and various obligations of its related authorities and public corporations aggregating $5.3 billion net par. The Company rates $5.1 billion net par of that amount BIG. Information regarding the Company's exposure to general obligations of Commonwealth of Puerto Rico and various obligations of its related authorities and public corporations, please refer "Puerto Rico Exposure" in Note 3, Outstanding Exposure.
Many U.S. municipalities and related entities continue to be under increased pressure, and a few have filed for protection under the U.S. Bankruptcy Code, entered into state processes designed to help municipalities in fiscal distress or otherwise indicated they may consider not meeting their obligations to make timely payments on their debts. Given some of these developments, and the circumstances surrounding each instance, the ultimate outcome cannot be certain and may lead to an increase in defaults on some of the Company's insured public finance obligations. The Company will continue to analyze developments in each of these matters closely. The municipalities whose obligations the Company has insured that have filed for protection under Chapter 9 of the U.S Bankruptcy Code and have not been resolved are: Detroit, Michigan and Stockton, California.
The Company has net par exposure to the City of Detroit, Michigan of $2.1 billion as of March 31, 2014. On July 18, 2013, the City of Detroit filed for bankruptcy under Chapter 9 of the U.S. Bankruptcy Code. Most of the Company's net par exposure relates to $1.0 billion of sewer revenue bonds and $784 million of water revenue bonds, both of which the Company rates BBB. Both the sewer and water systems provide services to areas that extend beyond the city limits, and the bonds are secured by a lien on "special revenues." The Company also has net par exposure of $146 million to the City's general obligation bonds (which are secured by a pledge of the unlimited tax, full faith, credit and resources of the City and the specific ad valorem taxes approved by the voters solely to pay debt service on the general obligation bonds) and $175 million of the City's Certificates of Participation (which are unsecured unconditional contractual obligations of the City), both of which the Company rates BIG. On April 9, 2014, the City and the Company reached a tentative settlement with respect to the treatment of the unlimited tax general obligation bonds insured by the Company. The agreement provides for the confirmation of both the secured status of such general obligation bonds and the existence of a valid lien on the City’s pledged property tax revenues, a finding that such revenues constitute “special revenues” under the U.S. Bankruptcy Code, and the provision of additional security for such general obligation bonds in the form of a statutory lien on, and intercept of, the City’s distributable state aid. After giving effect to post-petition payments made by Assured Guaranty on such general obligation bonds, the settlement results in a minimum ultimate recovery of approximately 74% on such general obligation bonds, with the ability to achieve a higher ultimate recovery rate over time if other debt creditors’ recoveries reach certain specified thresholds. The settlement is subject to a number of conditions, including confirmation of a plan of adjustment. The City has filed a proposed plan of adjustment and disclosure statement with the Bankruptcy Court, amended most recently on April 16, 2014.
On June 28, 2012, the City of Stockton, California filed for bankruptcy protection under Chapter 9 of the U.S. Bankruptcy Code. The Company's net exposure to the City's general fund is $119 million, consisting of pension obligation bonds. The Company also had exposure to lease obligation bonds; as of March 31, 2014, the Company owned all of such bonds and held them in its investment portfolio. As of March 31, 2014, the Company had paid $32 million in net claims. On October 3, 2013, the Company reached a tentative settlement with the City regarding the treatment of the bonds insured by the Company in the City's proposed plan of adjustment. Under the terms of the settlement, the Company will receive title to an office building, the ground lease of which secures the lease revenue bonds, and will also be entitled to certain fixed payments and certain variable payments contingent on the City's revenue growth. The settlement is subject to a number of conditions, including a sales tax increase (which was approved by voters on November 5, 2013), confirmation of a plan of adjustment that implements the terms of the settlement and definitive documentation. Pursuant to an order of the Bankruptcy Court, the City held a vote of its creditors on its proposed plan of adjustment; all but one of the classes polled voted to accept the plan. The court proceeding to determine whether to confirm the plan of adjustment is expected to begin in May 2014. The Company expects the plan to be confirmed and implemented during 2014.
The Company has $337 million of net par exposure to the Louisville Arena Authority. The bond proceeds were used to construct the KFC Yum Center, home to the University of Louisville men's and women's basketball teams. Actual revenues available for Debt Service are well below original projections, and under the Company's internal rating scale, the transaction is BIG.
The Company projects that its total future expected net loss across its troubled U.S. public finance credits as of March 31, 2014 will be $281 million. As of December 31, 2013 the Company was projecting a net expected loss of $264 million across its troubled U.S. public finance credits. The net increase of $17 million in expected loss was primarily attributable to negative developments with respect to the City of Detroit offset, in part, by the modest reduction in exposure to Puerto Rico.
Certain Selected European Country Transactions
The Company insures and reinsures credits with sub-sovereign exposure to various Spanish and Portuguese issuers where a Spanish and Portuguese sovereign default may cause the regions also to default. The Company's gross exposure to these Spanish and Portuguese credits is €435 million and €92 million, respectively and exposure net of reinsurance for Spanish and Portuguese credits is €312 million and €80 million, respectively. The Company rates most of these issuers in the BB category due to the financial condition of Spain and Portugal and their dependence on the sovereign. The Company's Hungary exposure is to infrastructure bonds dependent on payments from Hungarian governmental entities and covered mortgage bonds issued by Hungarian banks. The Company's gross exposure to these Hungarian credits is $623 million and its exposure net of reinsurance is $587 million, all of which all is rated BIG. The Company estimated net expected losses of $51 million related to these Spanish, Portuguese and Hungarian credits, which is largely unchanged from the amount reported as of December 31, 2013.
Manufactured Housing
The Company insures or reinsures a total of $248 million net par of securities backed by manufactured housing loans, of which $175 million is rated BIG. The Company has expected loss to be paid of $27 million as of March 31, 2014, up from $26 million as of December 31, 2013, due primarily to the decrease in risk free rates used to discount losses.
Infrastructure Finance
The Company has insured exposure of approximately $3.0 billion to infrastructure transactions with refinancing risk as to which the Company may need to make claim payments that it did not anticipate paying when the policies were issued. Although the Company may not experience ultimate loss on a particular transaction, the aggregate amount of the claim payments may be substantial and reimbursement may not occur for an extended time, if at all. These transactions generally involve long-term infrastructure projects that were financed by bonds that mature prior to the expiration of the project concession. The Company expected the cash flows from these projects to be sufficient to repay all of the debt over the life of the project concession, but also expected the debt to be refinanced in the market at or prior to its maturity. Due to market conditions, the Company may have to pay a claim when the debt matures, and then recover its payment from cash flows produced by the project in the future. The Company generally projects that in most scenarios it will be fully reimbursed for such payments. However, the recovery of the payments is uncertain and may take from 10 to 35 years, depending on the transaction and the performance of the underlying collateral. The Company estimates total claims for the remaining two largest transactions with significant refinancing risk, assuming no refinancing, and based on certain performance assumptions could be $1.8 billion on a gross basis; such claims would be payable from 2017 through 2022.
Recovery Litigation
RMBS Transactions
As of the date of this filing, AGM and AGC have lawsuits pending against providers of representations and warranties in U.S. RMBS transactions insured by them, seeking damages. In all the lawsuits, AGM and AGC have alleged breaches of R&W in respect of the underlying loans in the transactions, and failure to cure or repurchase defective loans identified by AGM and AGC to such persons.
•	Deutsche Bank: AGM has sued Deutsche Bank AG affiliates DB Structured Products, Inc. and ACE Securities Corp. in the Supreme Court of the State of New York on the ACE Securities Corp. Home Equity Loan Trust, Series 2006-GP1 second lien transaction.
•	Credit Suisse: AGM and AGC have sued DLJ Mortgage Capital, Inc. (“DLJ”) and Credit Suisse Securities (USA) LLC (“Credit Suisse”) on first lien U.S. RMBS transactions insured by them. Although DLJ and Credit Suisse successfully dismissed certain causes of action and claims for relief asserted in the complaint, the primary causes of action against DLJ for breach of R&W and breach of its repurchase obligations remained. On May 6, 2014, the Appellate Division, First Department unanimously reversed certain aspects of the partial dismissal by the Supreme Court of the State of New York of certain claims for relief by holding as a matter of law that AGM’s and AGC’s remedies for breach of R&W are not limited to the repurchase remedy. AGM and AGC had filed an amended complaint against DLJ and Credit Suisse (and added Credit Suisse First Boston Mortgage Securities Corp. as a defendant), asserting claims of fraud and material misrepresentation in the inducement of an insurance contract, in addition to their existing breach of contract claims. The defendants have filed a motion to dismiss certain aspects of the fraud claim against DLJ and Credit Suisse, all of the claims against Credit Suisse First Boston Mortgage Securities Corp., and AGM and AGC’s claims for compensatory damages in the form of all claims paid and to be paid by AGM and AGC. The motion to dismiss is currently pending.
On March 26, 2013, AGM filed a lawsuit against RBS Securities Inc., RBS Financial Products Inc. and Financial Asset Securities Corp. (collectively, “RBS”) in the United States District Court for the Southern District of New York on the Soundview Home Loan Trust 2007-WMC1 transaction. The complaint alleges that RBS made fraudulent misrepresentations to AGM regarding the quality of the underlying mortgage loans in the transaction and that RBS's misrepresentations induced AGM into issuing a financial guaranty insurance policy in respect of the Class II-A-1 certificates issued in the transaction. On July 19, 2013, AGM amended its complaint to add a claim under Section 3105 of the New York Insurance Law. On March 17, 2014, the court denied RBS' motion to dismiss AGM's fraudulent misrepresentation claims but granted its motion to dismiss the insurance law claim.
“XXX” Life Insurance Transactions
In December 2008, Assured Guaranty (UK) Ltd. (“AGUK”) filed an action against J.P. Morgan Investment Management Inc. (“JPMIM”), the investment manager in the Orkney Re II transaction, in the Supreme Court of the State of New York alleging that JPMIM engaged in breaches of fiduciary duty, gross negligence and breaches of contract based upon its handling of the investments of Orkney Re II. After AGUK’s claims were dismissed with prejudice in January 2010, AGUK was successful in its subsequent motions and appeals and, as of December 2011, all of AGUK’s claims for breaches of fiduciary duty, gross negligence and contract were reinstated in full. Separately, at the trial court level, discovery is ongoing.

Financial_Guaranty_Insurance_L

Financial Guaranty Insurance Losses	3 Months Ended
	Mar. 31, 2014
Financial Guaranty Insurance Losses [Abstract]	'
Financial Guaranty Insurance Losses	'
	Financial Guaranty Insurance Losses
	Insurance Contracts' Loss Information
	The following table provides balance sheet information on loss and LAE reserves and salvage and subrogation recoverable, net of reinsurance.
	Loss and LAE Reserve and Salvage and Subrogation Recoverable
	Net of Reinsurance
	Insurance Contracts
		As of March 31, 2014									As of December 31, 2013
		Loss and			Salvage and			Net Reserve (Recoverable)			Loss and			Salvage and			Net Reserve (Recoverable)
		LAE			Subrogation						LAE			Subrogation
		Reserve, net			Recoverable, net						Reserve, net			Recoverable, net
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	3		$	—		$	3		$	3		$	—		$	3
	Alt-A first lien	112			—			112			108			—			108
	Option ARM	19			57			(38		)	22			47			(25		)
	Subprime	135			1			134			143			2			141
	First lien	269			58			211			276			49			227
	Second lien:
	Closed-end second lien	5			43			(38		)	5			45			(40		)
	HELOC	6			117			(111		)	5			127			(122		)
	Second lien	11			160			(149		)	10			172			(162		)
	Total U.S. RMBS	280			218			62			286			221			65
	TruPS	1			—			1			2			—			2
	Other structured finance	159			5			154			145			6			139
	U.S. public finance	212			8			204			189			8			181
	Non-U.S. public finance	36			—			36			35			—			35
	Financial guaranty	688			231			457			657			235			422
	Other	1			5			(4		)	2			5			(3		)
	Subtotal	689			236			453			659			240			419
	Effect of consolidating FG VIEs	(90		)	(17		)	(73		)	(103		)	(85		)	(18		)
	Total (1)	$	599		$	219		$	380		$	556		$	155		$	401
	____________________
	-1	See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
	The following table reconciles the reported gross and ceded reserve and salvage and subrogation amount to the financial guaranty net reserves (salvage) in the financial guaranty BIG transaction loss summary tables.
	Components of Net Reserves (Salvage)
	Insurance Contracts
		As of			As of
		31-Mar-14			31-Dec-13
		(in millions)
	Loss and LAE reserve	$	636		$	592
	Reinsurance recoverable on unpaid losses	(37		)	(36		)
	Loss and LAE reserve, net	599			556
	Salvage and subrogation recoverable	(241		)	(174		)
	Salvage and subrogation payable(1)	22			19
	Salvage and subrogation recoverable, net	(219		)	(155		)
	Subtotal	380			401
	Other recoverables(2)	(17		)	(15		)
	Net reserves (salvage)	363			386
	Less: other (non-financial guaranty business)	(4		)	(3		)
	Net reserves (salvage)	$	367		$	389
	____________________
	-1	Recorded as a component of reinsurance balances payable.
	-2	R&W recoverables recorded in other assets on the consolidated balance sheet.
	Balance Sheet Classification of
	Net Expected Recoveries for Breaches of R&W
	Insurance Contracts
		As of March 31, 2014									As of December 31, 2013
		For all			Effect of			Reported on			For all			Effect of			Reported on
		Financial			Consolidating			Balance Sheet(1)			Financial			Consolidating			Balance Sheet(1)
		Guaranty			FG VIEs						Guaranty			FG VIEs
		Insurance									Insurance
		Contracts									Contracts
	(in millions)
Salvage and subrogation recoverable, net	$	126		$	—		$	126		$	122		$	(49	)	$	73
Loss and LAE reserve, net	378			(14		)	364			363			(24		)	339
____________________
-1	The remaining benefit for R&W is either recorded at fair value in FG VIE assets, or not recorded on the balance sheet until the total loss, net of R&W, exceeds unearned premium reserve.
The table below provides a reconciliation of net expected loss to be paid to net expected loss to be expensed. Expected loss to be paid differs from expected loss to be expensed due to: (1) the contra-paid which represent the payments that have been made but have not yet been expensed, (2) salvage and subrogation recoverable for transactions that are in a net recovery position where the Company has not yet received recoveries on claims previously paid (having the effect of reducing net expected loss to be paid by the amount of the previously paid claim and the expected recovery), but will have no future income effect (because the previously paid claims and the corresponding recovery of those claims will offset in income in future periods), and (3) loss reserves that have already been established (and therefore expensed but not yet paid).
Reconciliation of Net Expected Loss to be Paid and
Net Expected Loss to be Expensed
Financial Guaranty Insurance Contracts
	As of
	31-Mar-14
	(in millions)
Net expected loss to be paid	$	816
Less: net expected loss to be paid for FG VIEs	108
Total	708
Contra-paid, net	50
Salvage and subrogation recoverable, net of reinsurance	214
Loss and LAE reserve, net of reinsurance	(598		)
Other recoveries (1)	17
Net expected loss to be expensed (2)	$	391
____________________
-1	R&W recoverables recorded in other assets on the consolidated balance sheet.
-2	Excludes $84 million as of March 31, 2014, related to consolidated FG VIEs.
The following table provides a schedule of the expected timing of net expected losses to be expensed. The amount and timing of actual loss and LAE may differ from the estimates shown below due to factors such as refundings, accelerations, commutations, changes in expected lives and updates to loss estimates. This table excludes amounts related to FG VIEs, which are eliminated in consolidation.
Net Expected Loss to be Expensed
Insurance Contracts
	As of March 31, 2014
	(in millions)
2014 (April 1– June 30)	$	12
2014 (July 1– September 30)	11
2014 (October 1–December 31)	10
2015	42
2016	38
2017	31
2018	28
2019 - 2023	98
2024 - 2028	57
2029 - 2033	37
After 2033	27
Net expected loss to be expensed(1)	391
Discount	419
Total future value	$	810
____________________
-1	Consolidation of FG VIEs resulted in reductions of $84 million in net expected loss to be expensed which is on a present value basis.
The following table presents the loss and LAE recorded in the consolidated statements of operations by sector for insurance contracts. Amounts presented are net of reinsurance.
Loss and LAE
Reported on the
Consolidated Statements of Operations
	First Quarter
	2014			2013
Structured Finance:	(in millions)
U.S. RMBS:
First lien:
Prime first lien	$	0		$	—
Alt-A first lien	7			9
Option ARM	(8		)	(83		)
Subprime	(8		)	11
First lien	(9		)	(63		)
Second lien:
Closed-end second lien	—			20
HELOC	8			3
Second lien	8			23
Total U.S. RMBS	(1		)	(40		)
TruPS	(1		)	—
Other structured finance	16			(12		)
Structured finance	14			(52		)
Public Finance:
U.S. public finance	26			(4		)
Non-U.S. public finance	1			1
Public finance	27			(3		)
Subtotal	41			(55		)
Other	(1		)	—
Loss and LAE insurance contracts before FG VIE consolidation	40			(55		)
Effect of consolidating FG VIEs	1			7
Loss and LAE	$	41		$	(48	)
The following table provides information on financial guaranty insurance contracts categorized as BIG.
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of March 31, 2014
	BIG  Categories
	BIG 1						BIG 2						BIG 3						Total			Effect of			Total
																			BIG, Net			Consolidating
	Gross			Ceded			Gross			Ceded			Gross			Ceded						FG VIEs
	(dollars in millions)
Number of risks(1)	193			(74		)	80			(23		)	109			(32		)	382			—			382
Remaining weighted-average contract period (in years)	10.2			7.9			8.3			5.6			10			8.5			10.4			—			10.4
Outstanding exposure:
Principal	$	14,981		$	(2,739	)	$	2,412		$	(159	)	$	2,980		$	(108	)	$	17,367		$	—		$	17,367
Interest	7,836			(1,107		)	1,139			(52		)	1,197			(40		)	8,973			—			8,973
Total(2)	$	22,817		$	(3,846	)	$	3,551		$	(211	)	$	4,177		$	(148	)	$	26,340		$	—		$	26,340
Expected cash outflows (inflows)	$	1,901		$	(528	)	$	727		$	(33	)	$	1,695		$	(59	)	$	3,703		$	(358	)	$	3,345
Potential recoveries
Undiscounted R&W	(174		)	10			(108		)	4			(374		)	14			(628		)	15			(613		)
Other(3)	(1,780		)	506			(255		)	17			(302		)	18			(1,796		)	191			(1,605		)
Total potential recoveries	(1,954		)	516			(363		)	21			(676		)	32			(2,424		)	206			(2,218		)
Subtotal	(53		)	(12		)	364			(12		)	1,019			(27		)	1,279			(152		)	1,127
Discount	13			1			(120		)	3			(366		)	6			(463		)	44			(419		)
Present value of expected cash flows	$	(40	)	$	(11	)	$	244		$	(9	)	$	653		$	(21	)	$	816		$	(108	)	$	708
Deferred premium revenue	$	521		$	(93	)	$	148		$	(7	)	$	262		$	(17	)	$	814		$	(128	)	$	686
Reserves (salvage)(4)	$	(137	)	$	5		$	133		$	(5	)	$	458		$	(14	)	$	440		$	(73	)	$	367
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2013
	BIG Categories
	BIG 1						BIG 2						BIG 3						Total			Effect of			Total
																			BIG, Net			Consolidating
	Gross			Ceded			Gross			Ceded			Gross			Ceded						FG VIEs
	(dollars in millions)
Number of risks(1)	185			(72		)	80			(24		)	119			(34		)	384			—			384
Remaining weighted-average contract period (in years)	10.5			8.1			8.3			5.9			9.8			7.2			10.5			—			10.5
Outstanding exposure:
Principal	$	15,132		$	(2,741	)	$	2,483		$	(160	)	$	3,189		$	(158	)	$	17,745		$	—		$	17,745
Interest	8,114			(1,144		)	1,181			(53		)	1,244			(52		)	9,290			—			9,290
Total(2)	$	23,246		$	(3,885	)	$	3,664		$	(213	)	$	4,433		$	(210	)	$	27,035		$	—		$	27,035
Expected cash outflows (inflows)	$	1,853		$	(528	)	$	1,038		$	(40	)	$	1,681		$	(62	)	$	3,942		$	(690	)	$	3,252
Potential recoveries
Undiscounted R&W	(105		)	1			(201		)	8			(356		)	13			(640		)	72			(568		)
Other(3)	(1,774		)	513			(470		)	19			(351		)	19			(2,044		)	507			(1,537		)
Total potential recoveries	(1,879		)	514			(671		)	27			(707		)	32			(2,684		)	579			(2,105		)
Subtotal	(26		)	(14		)	367			(13		)	974			(30		)	1,258			(111		)	1,147
Discount	13			—			(126		)	3			(352		)	5			(457		)	51			(406		)
Present value of expected cash flows	$	(13	)	$	(14	)	$	241		$	(10	)	$	622		$	(25	)	$	801		$	(60	)	$	741
Deferred premium revenue	$	517		$	(90	)	$	163		$	(7	)	$	303		$	(27	)	$	859		$	(178	)	$	681
Reserves (salvage)(4)	$	(114	)	$	1		$	117		$	(4	)	$	420		$	(13	)	$	407		$	(18	)	$	389
____________________
-1	The ceded number of risks represents the number of risks for which the Company ceded a portion of its exposure.
-2	Includes BIG amounts related to FG VIEs.
-3	Includes excess spread and draws on HELOCs.
-4	See table “Components of net reserves (salvage).”
Ratings Impact on Financial Guaranty Business
A downgrade of one of the Company’s insurance subsidiaries may result in increased claims under financial guaranties issued by the Company, if the insured obligors were unable to pay.
For example, AGM has issued financial guaranty insurance policies in respect of the obligations of municipal obligors under interest rate swaps. Under the swaps, AGM insures periodic payments owed by the municipal obligors to the bank counterparties. Under certain of the swaps, AGM also insures termination payments that may be owed by the municipal obligors to the bank counterparties. If (i) AGM has been downgraded below the rating trigger set forth in a swap under which it has insured the termination payment, which rating trigger varies on a transaction by transaction basis; (ii) the municipal obligor has the right to cure by, but has failed in, posting collateral, replacing AGM or otherwise curing the downgrade of AGM; (iii) the transaction documents include as a condition that an event of default or termination event with respect to the municipal obligor has occurred, such as the rating of the municipal obligor being downgraded past a specified level, and such condition has been met; (iv) the bank counterparty has elected to terminate the swap; (v) a termination payment is payable by the municipal obligor; and (vi) the municipal obligor has failed to make the termination payment payable by it, then AGM would be required to pay the termination payment due by the municipal obligor, in an amount not to exceed the policy limit set forth in the financial guaranty insurance policy. At AGM's current financial strength ratings, if the conditions giving rise to the obligation of AGM to make a termination payment under the swap termination policies were all satisfied, then AGM could pay claims in an amount not exceeding approximately $104 million in respect of such termination payments. Taking into consideration whether the rating of the municipal obligor is below any applicable specified trigger, if the financial strength ratings of AGM were further downgraded below "A" by S&P or below "A2" by Moody's, and the conditions giving rise to the obligation of AGM to make a payment under the swap policies were all satisfied, then AGM could pay claims in an additional amount not exceeding approximately $290 million in respect of such termination payments.
As another example, with respect to variable rate demand obligations ("VRDOs") for which a bank has agreed to provide a liquidity facility, a downgrade of AGM or AGC may provide the bank with the right to give notice to bondholders that the bank will terminate the liquidity facility, causing the bondholders to tender their bonds to the bank. Bonds held by the bank accrue interest at a “bank bond rate” that is higher than the rate otherwise borne by the bond (typically the prime rate plus 2.00% — 3.00%, and capped at the lesser of 25% and the maximum legal limit). In the event the bank holds such bonds for longer than a specified period of time, usually 90-180 days, the bank has the right to demand accelerated repayment of bond principal, usually through payment of equal installments over a period of not less than five years. In the event that a municipal obligor is unable to pay interest accruing at the bank bond rate or to pay principal during the shortened amortization period, a claim could be submitted to AGM or AGC under its financial guaranty policy. As of March 31, 2014, AGM and AGC had insured approximately $7.0 billion net par of VRDOs, of which approximately $0.4 billion of net par constituted VRDOs issued by municipal obligors rated BBB- or lower pursuant to the Company’s internal rating. The specific terms relating to the rating levels that trigger the bank’s termination right, and whether it is triggered by a downgrade by one rating agency or a downgrade by all rating agencies then rating the insurer, vary depending on the transaction.
In addition, AGM may be required to pay claims in respect of AGMH’s former financial products business if Dexia SA and its affiliates, from which the Company had purchased AGMH and its subsidiaries, do not comply with their obligations following a downgrade of the financial strength rating of AGM. Most of the guaranteed investment contracts ("GICs") insured by AGM allow for the withdrawal of GIC funds in the event of a downgrade of AGM, unless the relevant GIC issuer posts collateral or otherwise enhances its credit. Most GICs insured by AGM allow for the termination of the GIC contract and a withdrawal of GIC funds at the option of the GIC holder in the event of a downgrade of AGM below a specified threshold, generally below A- by S&P or A3 by Moody’s, with no right of the GIC issuer to avoid such withdrawal by posting collateral or otherwise enhancing its credit. Each GIC contract stipulates the thresholds below which the GIC issuer must post eligible collateral, along with the types of securities eligible for posting and the collateralization percentage applicable to each security type. These collateralization percentages range from 100% of the GIC balance for cash posted as collateral to, typically, 108% for asset-backed securities. If the entire aggregate accreted GIC balance of approximately $2.6 billion as of March 31, 2014 were terminated, the assets of the GIC issuers (which had an aggregate accreted principal of approximately $3.9 billion and an aggregate market value of approximately $3.7 billion) would be sufficient to fund the withdrawal of the GIC funds.

Fair_Value_Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurement	'
	Fair Value Measurement
	The Company carries a significant portion of its assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The price represents the price available in the principal market for the asset or liability. If there is no principal market, then the price is based on a hypothetical market that maximizes the value received for an asset or minimizes the amount paid for a liability (i.e., the most advantageous market).
	Fair value is based on quoted market prices, where available. If listed prices or quotes are not available, fair value is based on either internally developed models that primarily use, as inputs, market-based or independently sourced market parameters, including but not limited to yield curves, interest rates and debt prices or with the assistance of an independent third-party using a discounted cash flow approach and the third party’s proprietary pricing models. In addition to market information, models also incorporate transaction details, such as maturity of the instrument and contractual features designed to reduce the Company’s credit exposure, such as collateral rights as applicable.
	Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, the Company’s creditworthiness and constraints on liquidity. As markets and products develop and the pricing for certain products becomes more or less transparent, the Company may refine its methodologies and assumptions. During First Quarter 2014, no changes were made to the Company’s valuation models that had or are expected to have, a material impact on the Company’s consolidated balance sheets or statements of operations and comprehensive income.
	The Company’s methods for calculating fair value produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
	The fair value hierarchy is determined based on whether the inputs to valuation techniques used to measure fair value are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Company estimates of market assumptions. The fair value hierarchy prioritizes model inputs into three broad levels as follows, with Level 1 being the highest and Level 3 the lowest. An asset or liability’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation.
	Level 1—Quoted prices for identical instruments in active markets. The Company generally defines an active market as a market in which trading occurs at significant volumes. Active markets generally are more liquid and have a lower bid-ask spread than an inactive market.
	Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and observable inputs other than quoted prices, such as interest rates or yield curves and other inputs derived from or corroborated by observable market inputs.
	Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation.
	Transfers between Levels 1, 2 and 3 are recognized at the end of the period when the transfer occurs. The Company reviews the classification between Levels 1, 2 and 3 quarterly to determine whether a transfer is necessary. During the periods presented, there were no transfers between Level 1, 2 and 3.
	Measured and Carried at Fair Value
	Fixed-Maturity Securities and Short-term Investments
	The fair value of bonds in the investment portfolio is generally based on prices received from third party pricing services or alternative pricing sources with reasonable levels of price transparency. The pricing services prepare estimates of fair value measurements using their pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data and industry and economic events. Benchmark yields have in many cases taken priority over reported trades for securities that trade less frequently or those that are distressed trades, and therefore may not be indicative of the market. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change or some market inputs may not be relevant. Additionally, the valuation of fixed-maturity investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value of an investment is not reflective of the price at which an actual transaction would occur.
	Short-term investments, that are traded in active markets, are classified within Level 1 in the fair value hierarchy and are based on quoted market prices. Securities such as discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their cost approximates fair value.
	Prices determined based on models where at least one significant model assumption or input is unobservable, are considered to be Level 3 in the fair value hierarchy. As of March 31, 2014, the Company used models to price 38 fixed-maturity securities, which was 7.3% or $787 million of the Company’s fixed-maturity securities and short-term investments at fair value. Certain Level 3 securities were priced with the assistance of an independent third-party. The pricing is based on a discounted cash flow approach using the third-party’s proprietary pricing models. The models use inputs such as projected prepayment speeds;  severity assumptions; recovery lag assumptions; estimated default rates (determined on the basis of an analysis of collateral attributes, historical collateral performance, borrower profiles and other features relevant to the evaluation of collateral credit quality); home price depreciation/appreciation rates based on macroeconomic forecasts and recent trading activity. The yield used to discount the projected cash flows is determined by reviewing various attributes of the bond including collateral type, weighted average life, sensitivity to losses, vintage, and convexity, in conjunction with market data on comparable securities. Significant changes to any of these inputs could materially change the expected timing of cash flows within these securities which is a significant factor in determining the fair value of the securities.
	Other Invested Assets
	Other invested assets include investments carried and measured at fair value on a recurring basis of $88 million, and include primarily short-term investments, fixed-maturity securities classified as trading and investments in two vehicles that invest in the global property catastrophe risk market.
	Other Assets
	Committed Capital Securities
	The fair value of committed capital securities ("CCS"), which is recorded in “other assets” on the consolidated balance sheets, represents the difference between the present value of remaining expected put option premium payments under AGC’s CCS (the “AGC CCS”) and AGM’s Committed Preferred Trust Securities (the “AGM CPS”) agreements, and the estimated present value that the Company would hypothetically have to pay currently for a comparable security (see Note 15, Long Term Debt and Credit Facilities). The AGC CCS and AGM CPS are carried at fair value with changes in fair value recorded on the consolidated statement of operations. The estimated current cost of the Company’s CCS is based on several factors, including broker-dealer quotes for the outstanding securities, the U.S. dollar forward swap curve, London Interbank Offered Rate ("LIBOR") curve projections and the term the securities are estimated to remain outstanding.
	Supplemental Executive Retirement Plans
	The Company classifies the fair value measurement of the assets of the Company's various supplemental executive retirement plans as either Level 1 or Level 2. The fair value of these assets is valued based on the observable published daily values of the underlying mutual fund included in the aforementioned plans (Level 1) or based upon the net asset value of the funds if a published daily value is not available (Level 2). The net asset values are based on observable information.
	Financial Guaranty Contracts Accounted for as Credit Derivatives
	The Company’s credit derivatives consist primarily of insured CDS contracts, and also include interest rate swaps that fall under derivative accounting standards requiring fair value accounting through the statement of operations. The Company does not enter into CDS with the intent to trade these contracts and the Company may not unilaterally terminate a CDS contract absent an event of default or termination event that entitles the Company to terminate (except for certain rare circumstances); however, the Company has mutually agreed with various counterparties to terminate certain CDS transactions. Such terminations generally are completed for an amount that approximates the present value of future premiums, not at fair value.
	The terms of the Company’s CDS contracts differ from more standardized credit derivative contracts sold by companies outside the financial guaranty industry. The non-standard terms include the absence of collateral support agreements or immediate settlement provisions. In addition, the Company employs relatively high attachment points and does not exit derivatives it sells or purchases for credit protection purposes, except under specific circumstances such as mutual agreements with counterparties. Management considers the non-standard terms of its credit derivative contracts in determining the fair value of these contracts.
	Due to the lack of quoted prices and other observable inputs for its instruments or for similar instruments, the Company determines the fair value of its credit derivative contracts primarily through internally developed, proprietary models that use both observable and unobservable market data inputs to derive an estimate of the fair value of the Company's contracts in its principal markets (see "Assumptions and Inputs"). There is no established market where financial guaranty insured credit derivatives are actively traded, therefore, management has determined that the exit market for the Company’s credit derivatives is a hypothetical one based on its entry market. Management has tracked the historical pricing of the Company’s deals to establish historical price points in the hypothetical market that are used in the fair value calculation. These contracts are classified as Level 3 in the fair value hierarchy since there is reliance on at least one unobservable input deemed significant to the valuation model, most importantly the Company’s estimate of the value of the non-standard terms and conditions of its credit derivative contracts and of the Company’s current credit standing.
	The Company’s models and the related assumptions are continuously reevaluated by management and enhanced, as appropriate, based upon improvements in modeling techniques and availability of more timely and relevant market information.
	The fair value of the Company’s credit derivative contracts represents the difference between the present value of remaining premiums the Company expects to receive or pay and the estimated present value of premiums that a financial guarantor of comparable credit-worthiness would hypothetically charge or pay for the same protection. The fair value of the Company’s credit derivatives depends on a number of factors, including notional amount of the contract, expected term, credit spreads, changes in interest rates, the credit ratings of referenced entities, the Company’s own credit risk and remaining contractual cash flows. The expected remaining contractual premium cash flows are the most readily observable inputs since they are based on the CDS contractual terms. Credit spreads capture the effect of recovery rates and performance of underlying assets of these contracts, among other factors. Consistent with previous years, market conditions at March 31, 2014 were such that market prices of the Company’s CDS contracts were not available.
	Management considers factors such as current prices charged for similar agreements, when available, performance of underlying assets, life of the instrument, and the nature and extent of activity in the financial guaranty credit derivative marketplace. The assumptions that management uses to determine the fair value may change in the future due to market conditions. Due to the inherent uncertainties of the assumptions used in the valuation models, actual experience may differ from the estimates reflected in the Company’s consolidated financial statements and the differences may be material.
	Assumptions and Inputs
	Listed below are various inputs and assumptions that are key to the establishment of the Company’s fair value for CDS contracts.
	·                  Gross spread.
	·                  The allocation of gross spread among:
	•	the profit the originator, usually an investment bank, realizes for putting the deal together and funding the transaction (“bank profit”);
	•	premiums paid to the Company for the Company’s credit protection provided (“net spread”); and
	•	the cost of CDS protection purchased by the originator to hedge their counterparty credit risk exposure to the Company (“hedge cost”).
	·      The weighted average life which is based on Debt Service schedules.
	The rates used to discount future expected premium cash flows ranged from 0.20% to 3.53% at March 31, 2014 and 0.21% to 3.88% at December 31, 2013.
	The Company obtains gross spreads on its outstanding contracts from market data sources published by third parties (e.g., dealer spread tables for the collateral similar to assets within the Company’s transactions), as well as collateral-specific spreads provided by trustees or obtained from market sources. If observable market credit spreads are not available or reliable for the underlying reference obligations, then market indices are used that most closely resemble the underlying reference obligations, considering asset class, credit quality rating and maturity of the underlying reference obligations. These indices are adjusted to reflect the non-standard terms of the Company’s CDS contracts. Market sources determine credit spreads by reviewing new issuance pricing for specific asset classes and receiving price quotes from their trading desks for the specific asset in question. Management validates these quotes by cross-referencing quotes received from one market source against quotes received from another market source to ensure reasonableness. In addition, the Company compares the relative change in price quotes received from one quarter to another, with the relative change experienced by published market indices for a specific asset class. Collateral specific spreads obtained from third-party, independent market sources are un-published spread quotes from market participants or market traders who are not trustees. Management obtains this information as the result of direct communication with these sources as part of the valuation process.
	With respect to CDS transactions for which there is an expected claim payment within the next twelve months, the allocation of gross spread reflects a higher allocation to the cost of credit rather than the bank profit component. In the current market, it is assumed that a bank would be willing to accept a lower profit on distressed transactions in order to remove these transactions from its financial statements.
	The following spread hierarchy is utilized in determining which source of gross spread to use, with the rule being to use CDS spreads where available. If not available, CDS spreads are either interpolated or extrapolated based on similar transactions or market indices.
	•	Actual collateral specific credit spreads (if up-to-date and reliable market-based spreads are available).
	•	Deals priced or closed during a specific quarter within a specific asset class and specific rating.
	•	Credit spreads interpolated based upon market indices.
	•	Credit spreads provided by the counterparty of the CDS.
	•	Credit spreads extrapolated based upon transactions of similar asset classes, similar ratings, and similar time to maturity.
	Information by Credit Spread Type (1)
		As of			As of
		31-Mar-14			31-Dec-13
	Based on actual collateral specific spreads	6	%		6	%
	Based on market indices	88	%		88	%
	Provided by the CDS counterparty	6	%		6	%
	Total	100	%		100	%
	____________________
	(1)    Based on par.
	Over time the data inputs can change as new sources become available or existing sources are discontinued or are no longer considered to be the most appropriate. It is the Company’s objective to move to higher levels on the hierarchy whenever possible, but it is sometimes necessary to move to lower priority inputs because of discontinued data sources or management’s assessment that the higher priority inputs are no longer considered to be representative of market spreads for a given type of collateral. This can happen, for example, if transaction volume changes such that a previously used spread index is no longer viewed as being reflective of current market levels.
	The Company interpolates a curve based on the historical relationship between the premium the Company receives when a credit derivative is closed to the daily closing price of the market index related to the specific asset class and rating of the deal. This curve indicates expected credit spreads at each indicative level on the related market index. For transactions with unique terms or characteristics where no price quotes are available, management extrapolates credit spreads based on a similar transaction for which the Company has received a spread quote from one of the first three sources within the Company’s spread hierarchy. This alternative transaction will be within the same asset class, have similar underlying assets, similar credit ratings, and similar time to maturity. The Company then calculates the percentage of relative spread change quarter over quarter for the alternative transaction. This percentage change is then applied to the historical credit spread of the transaction for which no price quote was received in order to calculate the transactions’ current spread. Counterparties determine credit spreads by reviewing new issuance pricing for specific asset classes and receiving price quotes from their trading desks for the specific asset in question. These quotes are validated by cross-referencing quotes received from one market source with those quotes received from another market source to ensure reasonableness.
	The premium the Company receives is referred to as the “net spread.” The Company’s pricing model takes into account not only how credit spreads on risks that it assumes affect pricing, but also how the Company’s own credit spread affects the pricing of its deals. The Company’s own credit risk is factored into the determination of net spread based on the impact of changes in the quoted market price for credit protection bought on the Company, as reflected by quoted market prices on CDS referencing AGC or AGM. For credit spreads on the Company’s name the Company obtains the quoted price of CDS contracts traded on AGC and AGM from market data sources published by third parties. The cost to acquire CDS protection referencing AGC or AGM affects the amount of spread on CDS deals that the Company retains and, hence, their fair value. As the cost to acquire CDS protection referencing AGC or AGM increases, the amount of premium the Company retains on a deal generally decreases. As the cost to acquire CDS protection referencing AGC or AGM decreases, the amount of premium the Company retains on a deal generally increases. In the Company’s valuation model, the premium the Company captures is not permitted to go below the minimum rate that the Company would currently charge to assume similar risks. This assumption can have the effect of mitigating the amount of unrealized gains that are recognized on certain CDS contracts. Given the current market conditions and the Company’s own credit spreads, approximately 24% and 61%, based on number of deals, of the Company's CDS contracts are fair valued using this minimum premium as of March 31, 2014 and December 31, 2013, respectively. The change period over period is driven by AGM's and AGC's credit spreads narrowing as a result of the recent S&P upgrades. As a result of this, the cost to hedge AGC's and AGM's name has declined significantly causing more transactions to price above previously established floor levels. The Company corroborates the assumptions in its fair value model, including the portion of exposure to AGC and AGM hedged by its counterparties, with independent third parties each reporting period. The current level of AGC’s and AGM’s own credit spread has resulted in the bank or deal originator hedging a significant portion of its exposure to AGC and AGM. This reduces the amount of contractual cash flows AGC and AGM can capture as premium for selling its protection.
	The amount of premium a financial guaranty insurance market participant can demand is inversely related to the cost of credit protection on the insurance company as measured by market credit spreads assuming all other assumptions remain constant. This is because the buyers of credit protection typically hedge a portion of their risk to the financial guarantor, due to the fact that the contractual terms of the Company's contracts typically do not require the posting of collateral by the guarantor. The extent of the hedge depends on the types of instruments insured and the current market conditions.
	A fair value resulting in a credit derivative asset on protection sold is the result of contractual cash inflows on in-force deals in excess of what a hypothetical financial guarantor could receive if it sold protection on the same risk as of the reporting date. If the Company were able to freely exchange these contracts (i.e., assuming its contracts did not contain proscriptions on transfer and there was a viable exchange market), it would be able to realize a gain representing the difference between the higher contractual premiums to which it is entitled and the current market premiums for a similar contract. The Company determines the fair value of its CDS contracts by applying the difference between the current net spread and the contractual net spread for the remaining duration of each contract to the notional value of its CDS contracts.
	Example
	Following is an example of how changes in gross spreads, the Company’s own credit spread and the cost to buy protection on the Company affect the amount of premium the Company can demand for its credit protection. The assumptions used in these examples are hypothetical amounts. Scenario 1 represents the market conditions in effect on the transaction date and Scenario 2 represents market conditions at a subsequent reporting date.
		Scenario 1						Scenario 2
	bps			% of Total			bps			% of Total
Original gross spread/cash bond price (in bps)	185						500
Bank profit (in bps)	115			62	%		50			10	%
Hedge cost (in bps)	30			16	%		440			88	%
The premium the Company receives per annum (in bps)	40			22	%		10			2	%
In Scenario 1, the gross spread is 185 basis points. The bank or deal originator captures 115 basis points of the original gross spread and hedges 10% of its exposure to AGC, when the CDS spread on AGC was 300 basis points (300 basis points × 10% =/font>30 basis points). Under this scenario the Company receives premium of 40 basis points, or 22% of the gross spread.
In Scenario 2, the gross spread is 500 basis points. The bank or deal originator captures 50 basis points of the original gross spread and hedges 25% of its exposure to AGC, when the CDS spread on AGC was 1,760 basis points (1,760 basis points × 25% =/font>440 basis points). Under this scenario the Company would receive premium of 10 basis points, or 2% of the gross spread. Due to the increased cost to hedge AGC’s name, the amount of profit the bank would expect to receive, and the premium the Company would expect to receive decline significantly.
In this example, the contractual cash flows (the Company premium received per annum above) exceed the amount a market participant would require the Company to pay in today’s market to accept its obligations under the CDS contract, thus resulting in an asset. This credit derivative asset is equal to the difference in premium rates discounted at the corresponding LIBOR over the weighted average remaining life of the contract multiplied by the par outstanding at a given point in time.
Strengths and Weaknesses of Model
The Company’s credit derivative valuation model, like any financial model, has certain strengths and weaknesses.
The primary strengths of the Company’s CDS modeling techniques are:
•	The model takes into account the transaction structure and the key drivers of market value. The transaction structure includes par insured, weighted average life, level of subordination and composition of collateral.
•	The model maximizes the use of market-driven inputs whenever they are available. The key inputs to the model are market-based spreads for the collateral, and the credit rating of referenced entities. These are viewed by the Company to be the key parameters that affect fair value of the transaction.
•	The model is a consistent approach to valuing positions. The Company has developed a hierarchy for market-based spread inputs that helps mitigate the degree of subjectivity during periods of high illiquidity.
The primary weaknesses of the Company’s CDS modeling techniques are:
•	There is no exit market or actual exit transactions. Therefore the Company’s exit market is a hypothetical one based on the Company’s entry market.
•	There is a very limited market in which to validate the reasonableness of the fair values developed by the Company’s model.
•	At March 31, 2014 and December 31, 2013, the markets for the inputs to the model were highly illiquid, which impacts their reliability.
•	Due to the non-standard terms under which the Company enters into derivative contracts, the fair value of its credit derivatives may not reflect the same prices observed in an actively traded market of credit derivatives that do not contain terms and conditions similar to those observed in the financial guaranty market.
These contracts were classified as Level 3 in the fair value hierarchy because there is a reliance on at least one unobservable input deemed significant to the valuation model, most significantly the Company's estimate of the value of non-standard terms and conditions of its credit derivative contracts and amount of protection purchased on AGC or AGM's name.
Fair Value Option on FG VIEs’ Assets and Liabilities
The Company elected the fair value option for all the FG VIEs’ assets and liabilities. See Note 9, Consolidated Variable Interest Entities.
The FG VIEs that are consolidated by the Company issued securities collateralized by first lien and second lien RMBS as well as loans and receivables. The lowest level input that is significant to the fair value measurement of these assets and liabilities was a Level 3 input (i.e. unobservable), therefore management classified them as Level 3 in the fair value hierarchy. Prices are generally determined with the assistance of an independent third-party. The pricing is based on a discounted cash flow approach and the third-party’s proprietary pricing models. The models to price the FG VIEs’ liabilities used, where appropriate, inputs such as estimated prepayment speeds; market values of the assets that collateralize the securities; estimated default rates (determined on the basis of an analysis of collateral attributes, historical collateral performance, borrower profiles and other features relevant to the evaluation of collateral credit quality); yields implied by market prices for similar securities; house price depreciation/appreciation rates based on macroeconomic forecasts and, for those liabilities insured by the Company, the benefit from the Company’s insurance policy guaranteeing the timely payment of principal and interest for the FG VIE tranches insured by the Company, taking into account the timing of the potential default and the Company’s own credit rating. The third-party also utilizes an internal model to determine an appropriate yield at which to discount the cash flows of the security, by factoring in collateral types, weighted-average lives, and other structural attributes specific to the security being priced. The expected yield is further calibrated by utilizing algorithms designed to aggregate market color, received by the third-party, on comparable bonds.
The fair value of the Company’s FG VIE assets is generally sensitive to changes related to estimated prepayment speeds; estimated default rates (determined on the basis of an analysis of collateral attributes such as: historical collateral performance, borrower profiles and other features relevant to the evaluation of collateral credit quality); discount rates implied by market prices for similar securities; and house price depreciation/appreciation rates based on macroeconomic forecasts. Significant changes to some of these inputs could materially change the market value of the FG VIE’s assets and the implied collateral losses within the transaction. In general, the fair value of the FG VIE asset is most sensitive to changes in the projected collateral losses, where an increase in collateral losses typically leads to a decrease in the fair value of FG VIE assets, while a decrease in collateral losses typically leads to an increase in the fair value of FG VIE assets. These factors also directly impact the fair value of the Company’s FG VIE liabilities.
The fair value of the Company’s FG VIE liabilities is also generally sensitive to changes relating to estimated prepayment speeds; market values of the underlying assets; estimated default rates (determined on the basis of an analysis of collateral attributes such as: historical collateral performance, borrower profiles and other features relevant to the evaluation of collateral credit quality); discount rates implied by market prices for similar securities; and house price depreciation/appreciation rates based on macroeconomic forecasts. In addition, the Company’s FG VIE liabilities with recourse are also sensitive to changes in the Company’s implied credit worthiness. Significant changes to any of these inputs could materially change the timing of expected losses within the insured transaction which is a significant factor in determining the implied benefit from the Company’s insurance policy guaranteeing the timely payment of principal and interest for the tranches of debt issued by the FG VIE that is insured by the Company. In general, extending the timing of expected loss payments by the Company into the future typically leads to a decrease in the value of the Company’s insurance and a decrease in the fair value of the Company’s FG VIE liabilities with recourse, while a shortening of the timing of expected loss payments by the Company typically leads to an increase in the value of the Company’s insurance and an increase in the fair value of the Company’s FG VIE liabilities with recourse.
Not Carried at Fair Value
Financial Guaranty Insurance Contracts
The fair value of the Company’s financial guaranty contracts accounted for as insurance was based on management’s estimate of what a similarly rated financial guaranty insurance company would demand to acquire the Company’s in-force book of financial guaranty insurance business. This amount was based on the pricing assumptions management has observed for portfolio transfers that have occurred in the financial guaranty market and included adjustments to the carrying value of unearned premium reserve for stressed losses, ceding commissions and return on capital. The significant inputs were not readily observable. The Company accordingly classified this fair value measurement as Level 3.
Long-Term Debt
The Company’s long-term debt, excluding notes payable, is valued by broker-dealers using third party independent pricing sources and standard market conventions. The market conventions utilize market quotations, market transactions for the Company’s comparable instruments, and to a lesser extent, similar instruments in the broader insurance industry. The fair value measurement was classified as Level 2 in the fair value hierarchy.
The fair value of the notes payable that are recorded within long-term debt was determined by calculating the present value of the expected cash flows. The Company determines discounted future cash flows using market driven discount rates and a variety of assumptions, including a projection of the LIBOR rate, prepayment and default assumptions, and AGM CDS spreads. The fair value measurement was classified as Level 3 in the fair value hierarchy because there is a reliance on significant unobservable inputs to the valuation model, including the discount rates, prepayment and default assumptions, loss severity and recovery on delinquent loans.
Other Invested Assets
The fair value of the other invested assets, which consist of assets acquired in refinancing transactions, was determined by calculating the present value of the expected cash flows. The Company uses a market approach to determine discounted future cash flows using market driven discount rates and a variety of assumptions, including a projection of the LIBOR rate and prepayment and default assumptions. The fair value measurement was classified as Level 3 in the fair value hierarchy because there is a reliance on significant unobservable inputs to the valuation model, including the discount rates, prepayment and default assumptions, loss severity and recovery on delinquent loans.
Other Assets and Other Liabilities
The Company’s other assets and other liabilities consist predominantly of accrued interest, receivables for securities sold and payables for securities purchased, the carrying values of which approximate fair value.
Financial Instruments Carried at Fair Value
Amounts recorded at fair value in the Company’s financial statements are presented in the tables below.
Fair Value Hierarchy of Financial Instruments Carried at Fair Value
As of March 31, 2014
					Fair Value Hierarchy
	Fair Value				Level 1				Level 2				Level 3
	(in millions)
Assets:
Investment portfolio, available-for-sale:
Fixed-maturity securities
Obligations of state and political subdivisions	$	5,249			$	—			$	5,211			$	38
U.S. government and agencies	701				—				701				—
Corporate securities	1,427				—				1,289				138
Mortgage-backed securities:
RMBS	1,171				—				812				359
Commercial mortgage-backed securities ("CMBS")	670				—				670				—
Asset-backed securities	554				—				302				252
Foreign government securities	322				—				322				—
Total fixed-maturity securities	10,094				—				9,307				787
Short-term investments	720				438				282				—
Other invested assets (1)	94				—				40				54
Credit derivative assets	78				—				—				78
FG VIEs’ assets, at fair value	1,257				—				—				1,257
Other assets	77				29				11				37
Total assets carried at fair value	$	12,320			$	467			$	9,640			$	2,213
Liabilities:
Credit derivative liabilities	$	2,001			$	—			$	—			$	2,001
FG VIEs’ liabilities with recourse, at fair value	1,346				—				—				1,346
FG VIEs’ liabilities without recourse, at fair value	101				—				—				101
Total liabilities carried at fair value	$	3,448			$	—			$	—			$	3,448
Fair Value Hierarchy of Financial Instruments Carried at Fair Value
As of December 31, 2013
					Fair Value Hierarchy
	Fair Value				Level 1				Level 2				Level 3
	(in millions)
Assets:
Investment portfolio, available-for-sale:
Fixed-maturity securities
Obligations of state and political subdivisions	$	5,079			$	—			$	5,043			$	36
U.S. government and agencies	700				—				700				—
Corporate securities	1,340				—				1,204				136
Mortgage-backed securities:
RMBS	1,122				—				832				290
CMBS	549				—				549				—
Asset-backed securities	608				—				340				268
Foreign government securities	313				—				313				—
Total fixed-maturity securities	9,711				—				8,981				730
Short-term investments	904				506				398				—
Other invested assets (1)	127				—				119				8
Credit derivative assets	94				—				—				94
FG VIEs’ assets, at fair value	2,565				—				—				2,565
Other assets	84				27				11				46
Total assets carried at fair value	$	13,485			$	533			$	9,509			$	3,443
Liabilities:
Credit derivative liabilities	$	1,787			$	—			$	—			$	1,787
FG VIEs’ liabilities with recourse, at fair value	1,790				—				—				1,790
FG VIEs’ liabilities without recourse, at fair value	1,081				—				—				1,081
Total liabilities carried at fair value	$	4,658			$	—			$	—			$	4,658
____________________
-1	Includes Level 3 mortgage loans that are recorded at fair value on a non-recurring basis.
Changes in Level 3 Fair Value Measurements
The table below presents a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during First Quarter 2014 and 2013.
Fair Value Level 3 Rollforward
Recurring Basis
First Quarter 2014
	Fixed-Maturity Securities
	Obligations					Corporate Securities					RMBS					Asset-					Other					FG VIEs’					Other					Credit					FG VIEs' Liabilities					FG VIEs’ Liabilities
	of State and															Backed					Invested					Assets at					Assets					Derivative					with					without
	Political															Securities					Assets					Fair										Asset					Recourse,					Recourse,
	Subdivisions																									Value										(Liability),					at Fair					at Fair
																																				net(5)					Value					Value
	(in millions)
Fair value as of December 31, 2013	$	36				$	136				$	290				$	268				$	2				$	2,565				$	46				$	(1,693	)			$	(1,790	)			$	(1,081	)
Total pretax realized and unrealized gains/(losses) recorded in:(1)
Net income (loss)	1			(2	)	3			(2	)	4			(2	)	7			(2	)	—					82			(3	)	(9		)	(4	)	(211		)	(6	)	(72		)	(3	)	(9		)	(3	)
Other comprehensive income (loss)	1					4					14					8					1					—					—					—					—					—
Purchases	—					—					53					—					45			(8	)	—					—					—					—					—
Settlements	—					(5		)			(15		)			(31		)			0					(286		)			—					(19		)			269					12
FG VIE consolidations	—					—					—					—					—					—					—					—					—					—
FG VIE deconsolidations	—					—					13					—					—					(1,104		)			—					—					247					977
Fair value as of March 31, 2014	$	38				$	138				$	359				$	252				$	48				$	1,257				$	37				$	(1,923	)			$	(1,346	)			$	(101	)
Change in unrealized gains/(losses) related to financial instruments held as of March 31, 2014	$	1				$	4				$	15				$	7				$	1				$	25				$	(9	)			$	(232	)			$	(28	)			$	(10	)
Fair Value Level 3 Rollforward
Recurring Basis
First Quarter 2013
	Fixed-Maturity Securities
	Obligations					RMBS					Asset-					Other					FG VIEs’					Other					Credit					FG VIEs' Liabilities					FG VIEs’ Liabilities
	of State and										Backed					Invested					Assets at					Assets					Derivative					with					without
	Political										Securities					Assets					Fair										Asset					Recourse,					Recourse,
	Subdivisions																				Value										(Liability),					at Fair					at Fair
																															net(5)					Value					Value
	(in millions)
Fair value as of December 31, 2012	$	35				$	219				$	306				$	1				$	2,688				$	36				$	(1,793	)			$	(2,090	)			$	(1,051	)
Total pretax realized and unrealized gains/(losses) recorded in:(1)
Net income (loss)	1			(2	)	5			(2	)	4			(2	)	0			(7	)	215			(3	)	(10		)	(4	)	(592		)	(6	)	(81		)	(3	)	(74		)	(3	)
Other comprehensive income (loss)	0					7					(22		)			0					—					—					—					—					—
Purchases	—					3					—					—					—					—					—					—					—
Settlements	(1		)			(11		)			(2		)			—					(138		)			—					(8		)			112					55
FG VIE consolidations	—					(2		)			—					—					48					—					—					(12		)			(37		)
Fair value as of March 31, 2013	$	35				$	221				$	286				$	1				$	2,813				$	26				$	(2,393	)			$	(2,071	)			$	(1,107	)
Change in unrealized gains/(losses) related to financial instruments held as of March 31, 2013	$	0				$	9				$	(22	)			$	0				$	199				$	(10	)			$	(611	)			$	(83	)			$	(94	)
______________
-1	Realized and unrealized gains (losses) from changes in values of Level 3 financial instruments represent gains (losses) from changes in values of those financial instruments only for the periods in which the instruments were classified as Level 3.
-2	Included in net realized investment gains (losses) and net investment income.
-3	Included in fair value gains (losses) on FG VIEs.
-4	Recorded in fair value gains (losses) on CCS.
-5	Represents net position of credit derivatives. The consolidated balance sheet presents gross assets and liabilities based on net counterparty exposure.
-6	Reported in net change in fair value of credit derivatives.
-7	Reported in other income.
(8)    Non cash transaction.
Level 3 Fair Value Disclosures
Quantitative Information About Level 3 Fair Value Inputs
At March 31, 2014
Financial Instrument Description		Fair Value at				Valuation		Significant Unobservable Inputs		Range
		March 31, 2014				Technique
		(in millions)
Assets:
Fixed-maturity securities:
Obligations of state and political subdivisions		$	38			Discounted		Rate of inflation		1		%	-	3.00%
						cash flow		Cash flow receipts		0.5		%	-	62.30%
								Yield		4.6		%		9.00%
								Collateral recovery period		4 months			-	34 years
Corporate		138				Discounted		Yield		8.00%
						cash flow
RMBS		359				Discounted		CPR		0.3		%	-	15.80%
						cash flow		CDR		4.1		%	-	25.80%
								Severity		48.1		%	-	101.80%
								Yield		2.6		%	-	8.70%
Asset-backed securities:
Investor owned utility		119				Discounted cash flow		Liquidation value (in millions)			$177		-	$274
								Years to liquidation		0 years			-	3 years
								Collateral recovery period		9 months			-	5 years
								Discount factor		7.00%
XXX life insurance transactions		133				Discounted		Yield		12.50%
						cash flow
Other invested assets		54				Discounted cash flow		Discount for lack of liquidity		10		%	-	20.00%
								Recovery on delinquent loans		20		%	-	60.00%
								Default rates		0		%	-	10.00%
								Loss severity		40		%	-	90.00%
								Prepayment speeds		6		%	-	15.00%
								Net asset value (per share)		$	1,010			$1,020
FG VIEs’ assets, at fair value		1,257				Discounted		CPR		0.3		%	-	11.80%
						cash flow		CDR		3		%	-	25.80%
								Loss severity		38.1		%	-	102.00%
								Yield		3.5		%	-	12.00%
Financial Instrument Description		Fair Value at			Valuation		Significant Unobservable Inputs		Range
		March 31, 2014			Technique
		(in millions)
Other assets		37			Discounted cash flow		Quotes from third party pricing		$	53		-	$57
							Term (years)		5 years
Liabilities:
Credit derivative liabilities, net		(1,923	)		Discounted		Year 1 loss estimates		0		%	-	48.00%
					cash flow		Hedge cost (in bps)		13.8			-	305
							Bank profit (in bps)		1			-	1,435.50
							Internal floor (in bps)		7			-	100
							Internal credit rating		AAA			-	CCC
FG VIEs’ liabilities, at fair value		(1,447	)		Discounted		CPR		0.3		%	-	11.80%
					cash flow		CDR		3		%	-	25.80%
							Loss severity		38.1		%	-	102.00%
							Yield		3.5		%	-	12.00%
Quantitative Information About Level 3 Fair Value Inputs
At December 31, 2013
Financial Instrument Description		Fair Value at				Valuation		Significant Unobservable Inputs		Range
		December 31, 2013				Technique
		(in millions)
Assets:
Fixed-maturity securities:
Obligations of state and political subdivisions		$	36			Discounted		Rate of inflation		1		%	-	3.00%
						cash flow		Cash flow receipts		0.5		%	-	60.90%
								Discount rates		4.6		%		9.00%
								Collateral recovery period		1 month			-	10 years
Corporate securities		136				Discounted		Yield		8.30%
						cash flow
RMBS		290				Discounted		CPR		1		%	-	15.80%
						cash flow		CDR		5		%	-	25.80%
								Severity		48.1		%	-	102.50%
								Yield		2.5		%	-	9.40%
Asset-backed securities:
Investor owned utility		141				Discounted cash flow		Liquidation value (in millions)			$195		-	$245
								Years to liquidation		0 years			-	3 years
								Collateral recovery period		12 months				6 years
								Discount factor		15.30%
XXX life insurance transactions		127				Discounted		Yield		12.50%
						cash flow
Other invested assets		8				Discounted cash flow		Discount for lack of liquidity		10		%	-	20.00%
								Recovery on delinquent loans		20		%	-	60.00%
								Default rates		1		%	-	10.00%
								Loss severity		40		%	-	90.00%
								Prepayment speeds		6		%	-	15.00%
FG VIEs’ assets, at fair value		2,565				Discounted		CPR		0.3		%	-	11.80%
						cash flow		CDR		3		%	-	25.80%
								Loss severity		37.5		%	-	102.00%
								Yield		3.5		%	-	10.20%
Financial Instrument Description		Fair Value at			Valuation		Significant Unobservable Inputs		Range
		December 31, 2013			Technique
		(in millions)
Other assets		46			Discounted cash flow		Quotes from third party pricing		$47		-	$53
							Term (years)		5 years
Liabilities:
Credit derivative liabilities, net		(1,693	)		Discounted		Year 1 loss estimates		0	%	-	48.00%
					cash flow		Hedge cost (in bps)		46.3		-	525
							Bank profit (in bps)		1		-	1,418.50
							Internal floor (in bps)		7		-	100
							Internal credit rating		AAA		-	BIG
FG VIEs’ liabilities, at fair value		(2,871	)		Discounted		CPR		0.3	%	-	11.80%
					cash flow		CDR		3	%	-	25.80%
							Loss severity		37.5	%	-	102.00%
							Yield		3.5	%	-	10.20%
The carrying amount and estimated fair value of the Company’s financial instruments are presented in the following table.
Fair Value of Financial Instruments
	As of								As of
	31-Mar-14								31-Dec-13
	Carrying				Estimated				Carrying				Estimated
	Amount				Fair Value				Amount				Fair Value
	(in millions)
Assets:
Fixed-maturity securities	$	10,094			$	10,094			$	9,711			$	9,711
Short-term investments	720				720				904				904
Other invested assets	113				116				147				155
Credit derivative assets	78				78				94				94
FG VIEs’ assets, at fair value	1,257				1,257				2,565				2,565
Other assets	181				181				179				179
Liabilities:
Financial guaranty insurance contracts(1)	3,693				5,644				3,783				5,128
Long-term debt	812				1,050				816				970
Credit derivative liabilities	2,001				2,001				1,787				1,787
FG VIEs’ liabilities with recourse, at fair value	1,346				1,346				1,790				1,790
FG VIEs’ liabilities without recourse, at fair value	101				101				1,081				1,081
Other liabilities	62				62				36				36
____________________
-1	Carrying amount includes the assets and liabilities related to financial guaranty insurance contract premiums, losses, and salvage and subrogation and other recoverables net of reinsurance.

Financial_Guaranty_Contracts_A

Financial Guaranty Contracts Accounted for as Credit Derivatives	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Financial Guaranty Contracts Accounted for as Credit Derivatives	'
	Financial Guaranty Contracts Accounted for as Credit Derivatives
	Credit Derivatives
	The Company has a portfolio of financial guaranty contracts that meet the definition of a derivative in accordance with GAAP (primarily CDS).
	Credit derivative transactions are governed by ISDA documentation and have different characteristics from financial guaranty insurance contracts. For example, the Company’s control rights with respect to a reference obligation under a credit derivative may be more limited than when the Company issues a financial guaranty insurance contract. In addition, there are more circumstances under which the Company may be obligated to make payments. Similar to a financial guaranty insurance contract, the Company would be obligated to pay if the obligor failed to make a scheduled payment of principal or interest in full. However, the Company may also be required to pay if the obligor became bankrupt or if the reference obligation were restructured if, after negotiation, those credit events are specified in the documentation for the credit derivative transactions. Furthermore, the Company may be required to make a payment due to an event that is unrelated to the performance of the obligation referenced in the credit derivative. If events of default or termination events specified in the credit derivative documentation were to occur, the non-defaulting or the non-affected party, which may be either the Company or the counterparty, depending upon the circumstances, may decide to terminate a credit derivative prior to maturity. In that case, the Company may be required to make a termination payment to its swap counterparty upon such termination. The Company may not unilaterally terminate a CDS contract; however, the Company on occasion has mutually agreed with various counterparties to terminate certain CDS transactions.
	Credit Derivative Net Par Outstanding by Sector
	The estimated remaining weighted average life of credit derivatives was 4.0 years at March 31, 2014 and 4.1 years at December 31, 2013. The components of the Company’s credit derivative net par outstanding are presented below.
	Credit Derivatives
	Subordination and Ratings
			As of March 31, 2014												As of December 31, 2013
	Asset Type		Net Par				Original			Current			Weighted		Net Par			Original		Current		Weighted
			Outstanding				Subordination(1)			Subordination(1)			Average		Outstanding			Subordination(1)		Subordination(1)		Average
													Credit									Credit
													Rating									Rating
			(dollars in millions)
	Pooled corporate obligations:
	Collateralized loan obligation/collateral bond obligations		$	17,634			32.4	%		36.1	%		AAA		$	19,323		32.4	%	34	%	AAA
	Synthetic investment grade pooled corporate		9,759				21.6			20.3			AAA		9,754			21.6		20		AAA
	Synthetic high yield pooled corporate		2,690				47.2			41.3			AAA		2,690			47.2		41.1		AAA
	TruPS CDOs		3,436				45.4			33.7			BB		3,554			45.5		32.9		BB+
	Market value CDOs of corporate obligations		1,807				23.6			30.6			AAA		2,000			24.4		30.5		AAA
	Total pooled corporate obligations		35,326				31.4			31.6			AAA		37,321			31.5		30.6		AAA
	U.S. RMBS:
	Option ARM and Alt-A first lien		2,520				19.1			7.6			BB-		2,609			19.2		8.6		BB-
	Subprime first lien		2,837				30.6			51.3			AA-		2,930			30.5		51.9		AA-
	Prime first lien		258				10.9			1.8			CCC		264			10.9		3.2		CCC
	Closed-end second lien and HELOCs		22				—			—			B-		23			—		—		B+
	Total U.S. RMBS		5,637				24.4			29.2			BBB		5,826			24.4		30.1		BBB
	CMBS		2,822				33.5			42.5			AAA		3,744			33.5		42.5		AAA
	Other		7,533				—			—			A-		7,591			—		—		A-
	Total		$	51,318									AA+		$	54,482						AA+
	____________________
	-1	Represents the sum of subordinate tranches and over-collateralization and does not include any benefit from excess interest collections that may be used to absorb losses.
	Except for TruPS CDOs, the Company’s exposure to pooled corporate obligations is highly diversified in terms of obligors and industries. Most pooled corporate transactions are structured to limit exposure to any given obligor and industry. The majority of the Company’s pooled corporate exposure consists of collateralized loan obligation (“CLO”) or synthetic pooled corporate obligations. Most of these CLOs have an average obligor size of less than 1% of the total transaction and typically restrict the maximum exposure to any one industry to approximately 10%. The Company’s exposure also benefits from embedded credit enhancement in the transactions which allows a transaction to sustain a certain level of losses in the underlying collateral, further insulating the Company from industry specific concentrations of credit risk on these deals.
	The Company’s TruPS CDO asset pools are generally less diversified by obligors and industries than the typical CLO asset pool. Also, the underlying collateral in TruPS CDOs consists primarily of subordinated debt instruments such as TruPS issued by bank holding companies and similar instruments issued by insurance companies, REITs and other real estate related issuers while CLOs typically contain primarily senior secured obligations. However, to mitigate these risks TruPS CDOs were typically structured with higher levels of embedded credit enhancement than typical CLOs.
	The Company’s exposure to “Other” CDS contracts is also highly diversified. It includes $2.5 billion of exposure to two pooled infrastructure transactions comprising diversified pools of international infrastructure project transactions and loans to regulated utilities. These pools were all structured with underlying credit enhancement sufficient for the Company to attach at AAA levels at origination. The remaining $5.0 billion of exposure in “Other” CDS contracts comprises numerous deals across various asset classes, such as commercial receivables, international RMBS, infrastructure, regulated utilities and consumer receivables. Of the total net par outstanding in the "Other" sector, $0.5 billion is rated BIG.
	Distribution of Credit Derivative Net Par Outstanding by Internal Rating
			As of March 31, 2014							As of December 31, 2013
	Ratings		Net Par				% of Total			Net Par				% of Total
			Outstanding							Outstanding
			(dollars in millions)
	AAA		$	35,157			68.5	%		$	38,244			70.2	%
	AA		3,660				7.1			3,648				6.7
	A		3,621				7.1			3,636				6.7
	BBB		4,304				8.4			4,161				7.6
	BIG		4,576				8.9			4,793				8.8
	Credit derivative net par outstanding		$	51,318			100	%		$	54,482			100	%
	Fair Value of Credit Derivatives
	Net Change in Fair Value of Credit Derivatives Gain (Loss)
		First Quarter
		2014				2013
		(in millions)
	Realized gains on credit derivatives (1)	$	20			$	28
	Net credit derivative losses (paid and payable) recovered and recoverable	(1		)		(10		)
	Realized gains (losses) and other settlements on credit derivatives	19				18
	Net change in unrealized gains (losses) on credit derivatives (2)	(230		)		(610		)
	Net change in fair value of credit derivatives	$	(211	)		$	(592	)
	____________________
	-1	Includes accelerations due to terminations of CDS contracts of $0.2 million and $1 million related to net par of $1.1 billion and $1.1 billion for First Quarter 2014 and First Quarter 2013, respectively.
	-2	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
	Net Change in Unrealized Gains (Losses) on Credit Derivatives By Sector
		First Quarter
	Asset Type	2014				2013
		(in millions)
Pooled corporate obligations	$	(58	)		$	(105	)
U.S. RMBS	(140		)		(457		)
CMBS	0				(3		)
Other	(32		)		(45		)
Total (1)	$	(230	)		$	(610	)
____________________
-1	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.
During First Quarter 2014, unrealized fair value losses were generated primarily in the U.S. RMBS prime first lien, Alt-A, Option ARM and subprime sectors, as well as pooled corporate obligations, due to wider implied net spreads. The wider implied net spreads were primarily a result of the decreased cost to buy protection in AGC’s name as the market cost of AGC’s credit protection decreased significantly during the period. These transactions were pricing at or above their floor levels (or the minimum rate at which the Company would consider assuming these risks based on historical experience); therefore when the cost of purchasing CDS protection on AGC, which management refers to as the CDS spread on AGC, decreased, the implied spreads that the Company would expect to receive on these transactions increased. The cost of AGM’s credit protection also decreased during First Quarter 2014 generating unrealized fair value losses on a XXX life insurance securitization transaction, due to wider implied net spreads. This did not have a significant impact on the remainder of AGM’s portfolio, as a significant portion of AGM’s policies continue to price at floor levels.
During First Quarter 2013, unrealized fair value losses were generated primarily in the U.S. RMBS sectors, as well as pooled corporate obligations, due to wider implied net spreads. The wider implied net spreads were primarily a result of the decreased cost to buy protection in AGC's name as the market cost of AGC's credit protection decreased significantly during the period. These transactions were pricing at or above their floor levels. To calculate the fair value of the CDS contracts, the Company matches the tenor of the CDS contracts in the Company's portfolio to the tenor of the CDS spread purchased in AGC's name. The cost of AGM's 5 Year and 1 Year credit protection also decreased during First Quarter 2013, but did not lead to significant fair value losses, as a significant portion of AGM policies continue to price at floor levels. First Quarter 2013 changes in fair value of credit derivatives in the Other category included a $20 million loss for guaranteed interest rate swaps identified during the quarter.
The impact of changes in credit spreads will vary based upon the volume, tenor, interest rates, and other market conditions at the time these fair values are determined. In addition, since each transaction has unique collateral and structural terms, the underlying change in fair value of each transaction may vary considerably. The fair value of credit derivative contracts also reflects the change in the Company’s own credit cost based on the price to purchase credit protection on AGC and AGM. The Company determines its own credit risk based on quoted CDS prices traded on the Company at each balance sheet date.
Five-Year CDS Spread
on AGC and AGM
Quoted price of CDS contract (in basis points)
	As of			As of			As of			As of
	31-Mar-14			31-Dec-13			31-Mar-13			31-Dec-12
AGC	291			460			397			678
AGM	305			525			380			536
One-Year CDS Spread
on AGC and AGM
Quoted price of CDS contract (in basis points)
	As of			As of			As of			As of
	31-Mar-14			31-Dec-13			31-Mar-13			31-Dec-12
AGC	55			185			59			270
AGM	70			220			60			257
Fair Value of Credit Derivatives
and Effect of AGC and AGM
Credit Spreads
	As of				As of
	31-Mar-14				31-Dec-13
	(in millions)
Fair value of credit derivatives before effect of AGC and AGM credit spreads	$	(3,095	)		$	(3,442	)
Plus: Effect of AGC and AGM credit spreads	1,172				1,749
Net fair value of credit derivatives	$	(1,923	)		$	(1,693	)
The fair value of CDS contracts at March 31, 2014, before considering the implications of AGC’s and AGM’s credit spreads, is a direct result of continued wide credit spreads in the fixed income security markets and ratings downgrades. The asset classes that remain most affected are 2005-2007 vintages of prime first lien, Alt-A, Option ARM, subprime RMBS deals as well as trust-preferred and pooled corporate securities. Comparing March 31, 2014 with December 31, 2013, there was a narrowing of spreads primarily related to Alt-A first lien, Option ARM, and subprime RMBS transactions, as well as the Company's pooled corporate obligations. This narrowing of spreads combined with the runoff of par outstanding and termination of securities, resulted in a gain of approximately $347 million, before taking into account AGC’s or AGM’s credit spreads.
Management believes that the trading level of AGC’s and AGM’s credit spreads over the past several years has been due to the correlation between AGC’s and AGM’s risk profile and the current risk profile of the broader financial markets and to increased demand for credit protection against AGC and AGM as the result of its financial guaranty volume, as well as the overall lack of liquidity in the CDS market. Offsetting the benefit attributable to AGC’s and AGM’s credit spread were higher credit spreads in the fixed income security markets. The higher credit spreads in the fixed income security market are due to the lack of liquidity in the high yield CDO, TruPS CDO, and CLO markets as well as continuing market concerns over the 2005-2007 vintages of RMBS.
The following table presents the fair value and the present value of expected claim payments or recoveries (i.e. net expected loss to be paid as described in Note 5) for contracts accounted for as derivatives.
Net Fair Value and Expected Losses In Excess of Premiums
of Credit Derivatives by Sector
		Fair Value of Credit Derivative								Present Value of Expected Claim
		Asset (Liability), net								(Payments) Recoveries In Excess of Premiums (1)
Asset Type		As of				As of				As of				As of
		31-Mar-14				31-Dec-13				31-Mar-14				31-Dec-13
		(in millions)
Pooled corporate obligations		$	(89	)		$	(30	)		$	(20	)		$	(35	)
U.S. RMBS		(1,448		)		(1,308		)		(154		)		(147		)
CMBS		(2		)		(2		)		—				—
Other		(384		)		(353		)		40				43
Total		$	(1,923	)		$	(1,693	)		$	(134	)		$	(139	)
____________________
(1)	Represents the expected claim payments (recoveries) in excess of the present value of future installment fees to be received of $39 million as of March 31, 2014 and $45 million as of December 31, 2013. Includes R&W benefit of $175 million as of March 31, 2014 and $180 million as of December 31, 2013.
Ratings Sensitivities of Credit Derivative Contracts
Within the Company’s insured CDS portfolio, the transaction documentation for approximately $1.6 billion in CDS gross par insured as of March 31, 2014 provides that a downgrade of AGC's financial strength rating below BBB- or Baa3 would constitute a termination event that would allow the relevant CDS counterparty to terminate the affected transactions. As of December 31, 2013 such amount was $1.7 billion. If the CDS counterparty elected to terminate the affected transactions, AGC could be required to make a termination payment (or may be entitled to receive a termination payment from the CDS counterparty). The Company does not believe that it can accurately estimate the termination payments AGC could be required to make if, as a result of any such downgrade, a CDS counterparty terminated the affected transactions. These payments could have a material adverse effect on the Company’s liquidity and financial condition.
The transaction documentation for approximately $9.8 billion in CDS gross par insured as of March 31, 2014 requires AGC and Assured Guaranty Re Overseas Ltd. ("AGRO") to post eligible collateral to secure its obligations to make payments under such contracts. Eligible collateral is generally cash or U.S. government or agency securities; eligible collateral other than cash is valued at a discount to the face amount. For approximately $9.5 billion of such contracts, AGC has negotiated caps such that the posting requirement cannot exceed a certain fixed amount, regardless of the mark-to-market valuation of the exposure or the financial strength ratings of AGC. For such contracts, AGC need not post on a cash basis more than $665 million, although the value of the collateral posted may exceed such fixed amount depending on the advance rate agreed with the counterparty for the particular type of collateral posted. For the remaining approximately $341 million of such contracts, AGC or AGRO could be required from time to time to post additional collateral without such cap based on movements in the mark-to-market valuation of the underlying exposure. As of March 31, 2014, the Company was posting approximately $669 million to secure obligations under its CDS exposure, of which approximately $54 million related to such $341 million of notional. As of December 31, 2013, the Company was posting approximately $677 million, of which approximately $62 million related to $347 million of notional where AGC or AGRO could be required to post additional collateral based on movements in the mark-to-market valuation of the underlying exposure.
Sensitivity to Changes in Credit Spread
The following table summarizes the estimated change in fair values on the net balance of the Company’s credit derivative positions assuming immediate parallel shifts in credit spreads on AGC and AGM and on the risks that they both assume.
Effect of Changes in Credit Spread
As of March 31, 2014
Credit Spreads(1)		Estimated Net				Estimated Change
		Fair Value				in Gain/(Loss)
		(Pre-Tax)				(Pre-Tax)
		(in millions)
100% widening in spreads		$	(3,936	)		$	(2,013	)
50% widening in spreads		(2,929		)		(1,006		)
25% widening in spreads		(2,426		)		(503		)
10% widening in spreads		(2,124		)		(201		)
Base Scenario		(1,923		)		—
10% narrowing in spreads		(1,737		)		186
25% narrowing in spreads		(1,457		)		466
50% narrowing in spreads		(991		)		932
____________________
-1	Includes the effects of spreads on both the underlying asset classes and the Company’s own credit spread.

Consolidated_Variable_Interest

Consolidated Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Consolidation of Variable Interest Entities [abstract]	'
Consolidated Variable Interest Entities	'
	Consolidated Variable Interest Entities
	The Company provides financial guaranties with respect to debt obligations of special purpose entities, including VIEs. AGC and AGM do not sponsor any VIEs when underwriting third party financial guaranty insurance or credit derivative transactions, nor has either of them acted as the servicer or collateral manager for any VIE obligations that it insures. The transaction structure generally provides certain financial protections to the Company. This financial protection can take several forms, the most common of which are overcollateralization, first loss protection (or subordination) and excess spread. In the case of overcollateralization (i.e., the principal amount of the securitized assets exceeds the principal amount of the structured finance obligations guaranteed by the Company), the structure allows defaults of the securitized assets before a default is experienced on the structured finance obligation guaranteed by the Company. In the case of first loss, the financial guaranty insurance policy only covers a senior layer of losses experienced by multiple obligations issued by special purpose entities, including VIEs. The first loss exposure with respect to the assets is either retained by the seller or sold off in the form of equity or mezzanine debt to other investors. In the case of excess spread, the financial assets contributed to special purpose entities, including VIEs, generate cash flows that are in excess of the interest payments on the debt issued by the special purpose entity. Such excess spread is typically distributed through the transaction’s cash flow waterfall and may be used to create additional credit enhancement, applied to redeem debt issued by the special purpose entities, including VIEs (thereby, creating additional overcollateralization), or distributed to equity or other investors in the transaction.
	AGC and AGM are not primarily liable for the debt obligations issued by the VIEs they insure and would only be required to make payments on these insured debt obligations in the event that the issuer of such debt obligations defaults on any principal or interest due. AGL’s and its Subsidiaries’ creditors do not have any rights with regard to the collateral supporting the debt issued by the FG VIEs. Proceeds from sales, maturities, prepayments and interest from such underlying collateral may only be used to pay Debt Service on VIE liabilities. Net fair value gains and losses on FG VIEs are expected to reverse to zero at maturity of the VIE debt, except for net premiums received and net claims paid by AGC or AGM under the financial guaranty insurance contract. The Company’s estimate of expected loss to be paid for FG VIEs is included in Note 5, Expected Loss to be Paid.
	As part of the terms of its financial guaranty contracts, the Company obtains certain protective rights with respect to the VIE that are triggered by the occurrence of certain events, such as failure to be in compliance with a covenant due to poor deal performance or a deterioration in a servicer or collateral manager's financial condition. At deal inception, the Company typically is not deemed to control a VIE; however, once a trigger event occurs, the Company's control of the VIE typically increases. The Company continuously evaluates its power to direct the activities that most significantly impact the economic performance of VIEs that have debt obligations insured by the Company and, accordingly, where the Company is obligated to absorb VIE losses or receive benefits that could potentially be significant to the VIE. The Company obtains protective rights under its insurance contracts that give the Company additional controls over a VIE if there is either deterioration of deal performance or in the financial health of the deal servicer. The Company is deemed to be the control party for certain VIEs under GAAP, typically when its protective rights give it the power to both terminate and replace the deal servicer, which are characteristics specific to the Company's financial guaranty contracts. If the protective rights that could make the Company the control party have not been triggered, then the VIE is not consolidated. If the Company is deemed no longer to have those protective rights, the transaction is deconsolidated. As of March 31, 2014 and December 31, 2013, the Company had issued financial guaranty contracts for approximately 950 and 1,000 VIEs, respectively, that it did not consolidate.
	Consolidated FG VIEs
	Number of FG VIE's Consolidated
		As of			As of
		31-Mar-14			31-Dec-13
	Beginning of the period	40			33
	Consolidated (1)	—			11
	Deconsolidated (1)	(7	)		(3	)
	Matured	(2	)		(1	)
	End of the period	31			40
	____________________
	-1	Net gain on deconsolidation was $120 million in First Quarter 2014, and a net loss on consolidation and deconsolidation was $7 million in 2013, and recorded in “fair value gains (losses) on FG VIEs” in the consolidated statement of operations.
	The total unpaid principal balance for the FG VIEs’ assets that were over 90 days or more past due was approximately $201 million at March 31, 2014 and $750 million at December 31, 2013. The aggregate unpaid principal of the FG VIEs’ assets was approximately $1,159 million greater than the aggregate fair value at March 31, 2014, excluding the effect of R&W settlements. The aggregate unpaid principal of the FG VIEs’ assets was approximately $1,940 million greater than the aggregate fair value at December 31, 2013, excluding the effect of R&W settlements. The change in the instrument-specific credit risk of the FG VIEs’ assets that was recorded in the consolidated statements of operations for First Quarter 2014 and First Quarter 2013 were gains of $58 million and $71 million, respectively.
	The unpaid principal for FG VIE liabilities with recourse was $1,783 million and $2,316 million as of March 31, 2014 and December 31, 2013, respectively. FG VIE liabilities with recourse will mature at various dates ranging from 2025 to 2038. The aggregate unpaid principal balance was approximately $954 million greater than the aggregate fair value of the FG VIEs’ liabilities as of March 31, 2014. The aggregate unpaid principal balance was approximately $1,611 million greater than the aggregate fair value of the FG VIEs' liabilities as of December 31, 2013.
	The table below shows the carrying value of the consolidated FG VIEs’ assets and liabilities in the consolidated financial statements, segregated by the types of assets that collateralize their respective debt obligations.
	Consolidated FG VIEs
	By Type of Collateral
		As of March 31, 2014							As of December 31, 2013
		Assets				Liabilities			Assets		Liabilities
		(in millions)
	With recourse:
	First lien	$	505			$	599		$	630	$	791
	Second lien	256				387			460		640
	Other	360				360			359		359
	Total with recourse	1,121				1,346			1,449		1,790
	Without recourse	136				101			1,116		1,081
	Total	$	1,257			$	1,447		$	2,565	$	2,871
	The consolidation of FG VIEs has a significant effect on net income and shareholder’s equity due to (1) changes in fair value gains (losses) on FG VIE assets and liabilities, (2) the elimination of premiums and losses related to the AGC and AGM FG VIE liabilities with recourse and (3) the elimination of investment balances related to the Company’s purchase of AGC and AGM insured FG VIE debt. Upon consolidation of a FG VIE, the related insurance and, if applicable, the related investment balances, are considered intercompany transactions and therefore eliminated. Such eliminations are included in the table below to present the full effect of consolidating FG VIEs.
	Effect of Consolidating FG VIEs on Net Income,
	Cash Flows From Operating Activities and Shareholders’ Equity
		First Quarter
		2014				2013
		(in millions)
	Net earned premiums	$	(17	)		$	(18	)
	Net investment income	(3		)		(3		)
	Net realized investment gains (losses)	0				1
	Fair value gains (losses) on FG VIEs	157				70
	Other income	(2		)		—
	Loss and LAE	(1		)		(7		)
	Effect on net income before tax provision	134				43
	Less: tax provision (benefit)	47				15
	Effect on net income (loss)	$	87			$	28
	Effect on cash flows from operating activities	$	(8	)		$	21
		As of				As of
		31-Mar-14				31-Dec-13
		(in millions)
	Effect on shareholders’ equity (decrease) increase	$	(87	)		$	(172	)
	Fair value gains (losses) on FG VIEs represent the net change in fair value on the consolidated FG VIEs’ assets and liabilities. During First Quarter 2014, the Company recorded a pre-tax net fair value gain of consolidated FG VIEs of $157 million. The primary driver of this gain, $120 million, was a result of the deconsolidation of seven VIEs. There was an additional gain of $37 million resulting from the Company exercising its option to accelerate two second lien RMBS VIEs. These two VIEs were treated as maturities during the period.
	For First Quarter 2013, the Company recorded a pre-tax fair value gain on FG VIEs of $70 million. The majority of this gain, approximately $64 million, was the result of a R&W benefit on two Flagstar policies recognized during the quarter. There was also price appreciation across all of the Company's FG VIE assets and liabilities as a result of the overall financial market continuing to improve in First Quarter 2013. The most significant price appreciation occurred in several HELOC transactions where the price appreciation was slightly greater on the FG VIE assets than on the FG VIE liabilities. This was a result of improved performance in the underlying collateral of these securities during the period.
	Non-Consolidated VIEs
	To date, the Company’s analyses have indicated that it does not have a controlling financial interest in any other VIEs and, as a result, they are not consolidated in the consolidated financial statements. The Company’s exposure provided through its financial guaranties with respect to debt obligations of special purpose entities is included within net par outstanding in Note 3, Outstanding Exposure.

Investments_and_Cash

Investments and Cash	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments and Cash	'
	Investments and Cash
	Net Investment Income and Realized Gains (Losses)
	Net investment income is a function of the yield that the Company earns on invested assets and the size of the portfolio. The investment yield is a function of market interest rates at the time of investment as well as the type, credit quality and maturity of the invested assets. Accrued investment income on fixed-maturity securities, short-term investments and assets acquired in refinancing transactions was $95 million and $93 million as of March 31, 2014 and December 31, 2013, respectively.
	Net Investment Income
		First Quarter
		2014			2013
		(in millions)
	Income from fixed-maturity securities managed by third parties	$	80		$	79
	Income from internally managed securities:
	Fixed maturities	20			16
	Other invested assets	5			1
	Gross investment income	105			96
	Investment expenses	(2		)	(2		)
	Net investment income	$	103		$	94
	Net Realized Investment Gains (Losses)
		First Quarter
		2014			2013
		(in millions)
	Gross realized gains on available-for-sale securities	$	4		$	6
	Gross realized gains on other assets in investment portfolio	5			33
	Gross realized losses on available-for-sale securities	(2		)	(4		)
	Gross realized losses on other assets in investment portfolio	0			(2		)
	Other-than-temporary impairment	(5		)	(5		)
	Net realized investment gains (losses)	$	2		$	28
	The following table presents the roll-forward of the credit losses of fixed-maturity securities for which the Company has recognized an other-than-temporary-impairment and where the portion of the fair value adjustment related to other factors was recognized in other comprehensive income ("OCI").
	Roll Forward of Credit Losses
	in the Investment Portfolio
		First Quarter
		2014			2013
		(in millions)
	Balance, beginning of period	$	80		$	64
	Additions for credit losses on securities for which an other-than-temporary-impairment was not previously recognized	1			1
	Additions for credit losses on securities for which an other-than-temporary-impairment was previously recognized	4			4
	Balance, end of period	$	85		$	69
	Investment Portfolio
	Fixed-Maturity Securities and Short-Term Investments
	by Security Type
	As of March 31, 2014
	Investment Category		Percent		Amortized			Gross		Gross			Estimated		AOCI(2)			Weighted
			of		Cost			Unrealized		Unrealized			Fair		Gain			Average
			Total(1)					Gains		Losses			Value		(Loss) on			Credit
															Securities			Quality
															with			(3)
															Other-Than-Temporary Impairment
			(dollars in millions)
	Fixed-maturity securities:
	Obligations of state and political subdivisions		48	%	$	4,982		$	281	$	(14	)	$	5,249	$	7		AA
	U.S. government and agencies		7		674			32		(5		)	701		—			AA+
	Corporate securities		13		1,382			55		(10		)	1,427		0			A
	Mortgage-backed securities(4):		0
	RMBS		11		1,182			44		(55		)	1,171		(31		)	A
	CMBS		6		656			16		(2		)	670		—			AAA
	Asset-backed securities		5		544			13		(3		)	554		3			BBB+
	Foreign government securities		3		309			14		(1		)	322		—			AA+
	Total fixed-maturity securities		93		9,729			455		(90		)	10,094		(21		)	AA-
	Short-term investments		7		720			0		0			720		—			AAA
	Total investment portfolio		100	%	$	10,449		$	455	$	(90	)	$	10,814	$	(21	)	AA-
	Fixed-Maturity Securities and Short-Term Investments
	by Security Type
	As of December 31, 2013
	Investment Category		Percent		Amortized			Gross		Gross			Estimated		AOCI			Weighted
			of		Cost			Unrealized		Unrealized			Fair		Gain			Average
			Total(1)					Gains		Losses			Value		(Loss) on			Credit
													Securities			Quality
													with			(3)
													Other-Than-Temporary Impairment
		(dollars in millions)
Fixed-maturity securities:
Obligations of state and political subdivisions		47	%	$	4,899		$	219	$	(39	)	$	5,079	$	4		AA
U.S. government and agencies		7		674			32		(6		)	700		—			AA+
Corporate securities		13		1,314			44		(18		)	1,340		0			A
Mortgage-backed securities(4):
RMBS		11		1,160			34		(72		)	1,122		(43		)	A
CMBS		5		536			17		(4		)	549		—			AAA
Asset-backed securities		6		605			10		(7		)	608		2			BBB+
Foreign government securities		3		300			14		(1		)	313		—			AA+
Total fixed-maturity securities		91		9,488			370		(147		)	9,711		(37		)	AA-
Short-term investments		9		904			0		0			904		—			AAA
Total investment portfolio		100	%	$	10,392		$	370	$	(147	)	$	10,615	$	(37	)	AA-
____________________
-1	Based on amortized cost.
-2	Accumulated OCI ("AOCI"). See also Note 17, Shareholders' Equity.
-3	Ratings in the tables above represent the lower of the Moody’s and S&P classifications except for bonds purchased for loss mitigation or risk management strategies, which use internal ratings classifications. The Company’s portfolio consists primarily of high-quality, liquid instruments.
-4	Government-agency obligations were approximately 45% of mortgage backed securities as of March 31, 2014 and 50% as of December 31, 2013 based on fair value.
The Company’s investment portfolio in tax-exempt and taxable municipal securities includes issuances by a wide number of municipal authorities across the U.S. and its territories. Securities rated lower than A-/A3 by S&P or Moody’s are not eligible to be purchased for the Company’s portfolio unless acquired for loss mitigation or risk management strategies.
The majority of the investment portfolio is managed by four outside managers. The Company has established detailed guidelines regarding credit quality, exposure to a particular sector and exposure to a particular obligor within a sector.
The following tables summarize, for all securities in an unrealized loss position, the aggregate fair value and gross unrealized loss by length of time the amounts have continuously been in an unrealized loss position.
Fixed-Maturity Securities
Gross Unrealized Loss by Length of Time
As of March 31, 2014
	Less than 12 months						12 months or more					Total
	Fair			Unrealized			Fair		Unrealized			Fair		Unrealized
	value			loss			value		loss			value		loss
	(dollars in millions)
Obligations of state and political subdivisions	$	458		$	(14	)	$	13	$	0		$	471	$	(14	)
U.S. government and agencies	175			(5		)	—		—			175		(5		)
Corporate securities	307			(9		)	10		(1		)	317		(10		)
Mortgage-backed securities:
RMBS	317			(13		)	155		(42		)	472		(55		)
CMBS	93			(2		)	—		—			93		(2		)
Asset-backed securities	21			0			44		(3		)	65		(3		)
Foreign government securities	59			(1		)	—		—			59		(1		)
Total	$	1,430		$	(44	)	$	222	$	(46	)	$	1,652	$	(90	)
Number of securities				307					30					337
Number of securities with other-than-temporary impairment				3					11					14
Fixed-Maturity Securities
Gross Unrealized Loss by Length of Time
As of December 31, 2013
	Less than 12 months						12 months or more					Total
	Fair			Unrealized			Fair		Unrealized			Fair		Unrealized
	value			loss			value		loss			value		loss
	(dollars in millions)
Obligations of state and political subdivisions	$	781		$	(39	)	$	5	$	0		$	786	$	(39	)
U.S. government and agencies	173			(6		)	—		—			173		(6		)
Corporate securities	401			(18		)	3		0			404		(18		)
Mortgage-backed securities:
RMBS	414			(21		)	186		(51		)	600		(72		)
CMBS	121			(4		)	—		—			121		(4		)
Asset-backed securities	196			(2		)	42		(5		)	238		(7		)
Foreign government securities	54			(1		)	1		0			55		(1		)
Total	$	2,140		$	(91	)	$	237	$	(56	)	$	2,377	$	(147	)
Number of securities				425					33					458
Number of securities with other-than-temporary impairment				13					11					24
Of the securities in an unrealized loss position for 12 months or more as of March 31, 2014, nine securities had unrealized losses greater than 10% of book value. The total unrealized loss for these securities as of March 31, 2014 was $38 million. The Company has determined that the unrealized losses recorded as of March 31, 2014 are yield related and not the result of other-than-temporary-impairment.
The amortized cost and estimated fair value of available-for-sale fixed maturity securities by contractual maturity as of March 31, 2014 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Distribution of Fixed-Maturity Securities
by Contractual Maturity
As of March 31, 2014
	Amortized			Estimated
	Cost			Fair Value
	(in millions)
Due within one year	$	301		$	304
Due after one year through five years	1,767			1,843
Due after five years through 10 years	2,375			2,481
Due after 10 years	3,448			3,625
Mortgage-backed securities:
RMBS	1,182			1,171
CMBS	656			670
Total	$	9,729		$	10,094
Under agreements with its cedants and in accordance with statutory requirements, the Company maintains fixed maturity securities and cash in trust accounts for the benefit of reinsured companies, which amounted to $397 million and $377 million as of March 31, 2014 and December 31, 2013, respectively, based on fair value. In addition, to fulfill state licensing requirements the Company has placed on deposit eligible securities of $19 million and $19 million as of March 31, 2014 and December 31, 2013, respectively, based on fair value.
The fair value of the Company’s pledged securities under credit derivative contracts totaled $669 million and $677 million as of March 31, 2014 and December 31, 2013, respectively.
No material investments of the Company were non-income producing for First Quarter 2014 and 2013, respectively.
Internally Managed Portfolio
The investment portfolio tables shown above include both assets managed externally and internally. In the table below, more detailed information is provided for the component of the total investment portfolio that is internally managed (excluding short-term investments). The internally managed portfolio, as defined below, represents approximately 9% and 9% of the investment portfolio, on a fair value basis as of March 31, 2014 and December 31, 2013, respectively. The internally managed portfolio consists primarily of the Company's investments in securities for (i) loss mitigation purposes, (ii) other risk management purposes and (iii) where the Company believes a particular security presents an attractive investment opportunity (the "trading portfolio").
One of the Company's strategies for mitigating losses has been to purchase securities it has insured that have expected losses, at discounted prices (assets purchased for loss mitigation purposes). In addition, the Company holds other invested assets that were obtained or purchased as part of negotiated settlements with insured counterparties or under the terms of our financial guaranties (other risk management assets).
Additional detail about the types and amounts of securities acquired by the Company for loss mitigation, other risk management and in the trading portfolio is set forth in the table below.
Internally Managed Portfolio
Carrying Value
	As of March 31,			As of December 31,
	2014			2013
	(in millions)
Assets purchased for loss mitigation purposes:
Fixed maturity securities:
Obligations of state and political subdivisions	$	30		$	28
RMBS	277			284
Asset-backed securities	133			127
Other invested assets	46			47
Other risk management assets:
Fixed maturity securities	401			322
Other	83			35
Trading portfolio (other invested assets)	4			88
Total	$	974		$	931

Insurance_Company_Regulatory_R

Insurance Company Regulatory Requirements	3 Months Ended
	Mar. 31, 2014
Insurance Company Regulatory Requirements [abstract]	'
Insurance Company Regulatory Requirements	'
	Insurance Company Regulatory Requirements
	Dividend Restrictions and Capital Requirements
	Under New York insurance law, AGM may only pay dividends out of "earned surplus", which is the portion of a company's surplus that represents the net earnings, gains or profits (after deduction of all losses) that have not been distributed to shareholders as dividends or transferred to stated capital or capital surplus, or applied to other purposes permitted by law, but does not include unrealized appreciation of assets. AGM may pay dividends without the prior approval of the NYSDFS that, together with all dividends declared or distributed by it during the preceding 12 months, does not exceed the lesser of 10% of its policyholders' surplus (as of the last annual or quarterly statement filed with the New York Superintendent of Financial Services ("New York Superintendent")) or 100% of its adjusted net investment income during that period. The aggregate amount available for AGM to distribute as dividends in 2014 without regulatory approval is estimated to be approximately $175 million. AGM did not distribute any dividends in First Quarter 2014.
	Under Maryland insurance law, AGC may, with prior notice to the Maryland Insurance Commissioner, pay an ordinary dividend that, together with all dividends paid in the prior 12 months, does not exceed 10% of its policyholders' surplus (as of the prior December 31) or 100% of its adjusted net investment income during that period. The aggregate amount available for AGC to distribute as ordinary dividends in 2014 will be approximately $69 million. AGC did not distribute any dividends in First Quarter 2014.
	MAC is subject to the same dividend limitations described above for AGM. The Company does not currently anticipate that MAC will distribute any dividends.
	As of March 31, 2014, AG Re had unencumbered assets of $201 million. AG Re maintains unencumbered assets for general corporate purposes, including the payment of dividends and for placing assets in trust for the benefit of cedants to reflect declines in the market value of previously posted assets or additional ceded reserves. Accordingly, the amount of unencumbered assets will fluctuate during a given quarter based upon factors including the market value of previously posted assets and additional ceded reserves, if any. AG Re is an insurance company registered and licensed under the Insurance Act 1978 of Bermuda, amendments thereto and related regulations. Based on regulatory capital requirements, AG Re currently has $600 million in excess capital and surplus. As a Class 3B insurer, AG Re is restricted from paying dividends or distributing capital by the following regulatory requirements:
	•	Dividends shall not exceed outstanding statutory surplus which is $276 million.
	•	Dividends on an annual basis shall not exceed 25% of its total statutory capital and statutory surplus (as set out in its previous year's financial statements) which is $280 million unless it files (at least seven days before payment of such dividends) with the Bermuda Monetary Authority an affidavit stating that it will continue to meet the required margins.
	•	Capital distributions on an annual basis shall not exceed 15% of its total statutory capital (as set out in its previous year's financial statements) which is $127 million, unless approval is granted by the Bermuda Monetary Authority.
	•	Dividends are limited by requirements that the subject company must at all times (i) maintain the minimum solvency margin and the Company's applicable enhanced capital requirements required under the Insurance Act of 1978 and (ii) have relevant assets in an amount at least equal to 75% of relevant liabilities, both as defined under the Insurance Act of 1978.
	U.K. company law prohibits each of AGE and AGUK from declaring a dividend to its shareholders unless it has “profits available for distribution.” The determination of whether a company has profits available for distribution is based on its accumulated realized profits less its accumulated realized losses. While the U.K. insurance regulatory laws impose no statutory restrictions on a general insurer's ability to declare a dividend, the Prudential Regulation Authority's capital requirements may in practice act as a restriction on dividends. The Company does not expect AGE or AGUK to distribute any dividends at this time.
	Dividends and Surplus Notes
	By Insurance Company Subsidiaries
		First Quarter
		2014		2013
		(in millions)
	Dividends paid by AG Re to AGL	$	62	$	40
	Repayment of surplus note by AGM to AGMH	25		25

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	Overview
	AGL, and its "Bermuda Subsidiaries," which consist of AG Re, AGRO, and Cedar Personnel Ltd., are not subject to any income, withholding or capital gains taxes under current Bermuda law. The Company has received an assurance from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, AGL and its Bermuda Subsidiaries will be exempt from taxation in Bermuda until March 31, 2035. AGL's U.S. and U.K. subsidiaries are subject to income taxes imposed by U.S. and U.K. authorities, respectively, and file applicable tax returns. In addition, AGRO, a Bermuda domiciled company and AGE, a U.K. domiciled company, have elected under Section 953(d) of the U.S. Internal Revenue Code to be taxed as a U.S. domestic corporation.
	In November 2013, AGL became tax resident in the U.K. although it will remain a Bermuda-based company and its administrative and head office functions will continue to be carried on in Bermuda. As a company that is not incorporated in the U.K., AGL currently intends to manage the affairs of AGL in such a way as to establish and maintain its status as a company that is tax resident in the U.K. As a U.K. tax resident company, AGL is required to file a corporation tax return with Her Majesty’s Revenue & Customs (“HMRC”).  AGL is subject to U.K. corporation tax in respect of its worldwide profits (both income and capital gains), subject to any applicable exemptions. The main rate of corporation tax is 23% currently; such rate fell 21% as of April 1, 2014 and will fall to 20% as of April 1, 2015.  AGL has also registered in the U.K. to report its Value Added Tax (“VAT”) liability.  The current rate of VAT is 20%. Assured Guaranty does not expect that becoming U.K. tax resident will result in any material change in the group’s overall tax charge.  Assured Guaranty expects that the dividends AGL receives from its direct subsidiaries will be exempt from U.K. corporation tax due to the exemption in section 931D of the U.K. Corporation Tax Act 2009.  In addition, any dividends paid by AGL to its shareholders should not be subject to any withholding tax in the U.K.  The U.K. government implemented a new tax regime for “controlled foreign companies” (“CFC regime”) effective January 1, 2013.  Assured Guaranty does not expect any profits of non-U.K. resident members of the group to be taxed under the CFC regime and has obtained a clearance from HMRC confirming this on the basis of current facts.
	For the periods beginning on July 1, 2009 and forward, AGMH files a consolidated federal income tax return with AGUS, AGC, AG Financial Products Inc. ("AGFP") and AG Analytics Inc. (“AGUS consolidated tax group”). Beginning on May 12, 2012, MAC also joined the the AGUS consolidated tax group. Assured Guaranty Overseas US Holdings Inc. and its subsidiaries AGRO and AG Intermediary Inc., file their own consolidated federal income tax return.
	Provision for Income Taxes
	The Company's provision for income taxes for interim financial periods is not based on an estimated annual effective rate due, for example, to the variability in fair value of its credit derivatives, which prevents the Company from projecting a reliable estimated annual effective tax rate and pretax income for the full year 2014. A discrete calculation of the provision is calculated for each interim period.
	The effective tax rates reflect the proportion of income recognized by each of the Company’s operating subsidiaries, with U.S. subsidiaries taxed at the U.S. marginal corporate income tax rate of 35%, U.K. subsidiaries taxed at the U.K. blended marginal corporate tax rate of 21.5% unless subject to U.S. tax by election or as a U.S. controlled foreign corporation, and no taxes for the Company’s Bermuda subsidiaries unless subject to U.S. tax by election or as a U.S. controlled foreign corporation. For periods subsequent to April 1, 2014, the U.K. corporation tax rate has been reduced to 21%, for the period April 1, 2013 to April 1, 2014 the U.K. corporation tax rate was 23% resulting in a blended tax rate of 21.5% in 2014, and prior to April 1, 2013, the U.K. corporation tax rate was 24% resulting in a blended tax rate of 23.25% in 2013. The Company’s overall corporate effective tax rate fluctuates based on the distribution of income across jurisdictions.
	A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.
	Effective Tax Rate Reconciliation
		First Quarter
		2014			2013
		(in millions)
	Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	38		$	(48	)
	Tax-exempt interest	(14		)	(14		)
	Change in liability for uncertain tax positions	1			(8		)
	Other	2			2
	Total provision (benefit) for income taxes	$	27		$	(68	)
	Effective tax rate	38.8		%	31.8		%
	The expected tax provision at statutory rates in taxable jurisdictions is calculated as the sum of pretax income in each jurisdiction multiplied by the statutory tax rate of the jurisdiction by which it will be taxed. Pretax income of the Company’s subsidiaries which are not U.S. or U.K. domiciled but are subject to U.S. or U.K. tax by election, establishment of tax residency or as controlled foreign corporations are included at the U.S. or U.K. statutory tax rate. Where there is a pretax loss in one jurisdiction and pretax income in another, the total combined expected tax rate may be higher or lower than any of the individual statutory rates.
	The following table presents pretax income and revenue by jurisdiction.
	Pretax Income (Loss) by Tax Jurisdiction
		First Quarter
		2014			2013
		(in millions)
	United States	$	113		$	(134	)
	Bermuda	(37		)	(78		)
	U.K.	(7		)	0
	Total	$	69		$	(212	)
	Revenue by Tax Jurisdiction
		First Quarter
		2014			2013
		(in millions)
	United States	$	195		$	(127	)
	Bermuda	1			(49		)
	U.K.	(1		)	0
	Total	$	195		$	(176	)
	Pretax income by jurisdiction may be disproportionate to revenue by jurisdiction to the extent that insurance losses incurred are disproportionate.
	Valuation Allowance
	The Company came to the conclusion that it is more likely than not that its net deferred tax asset will be fully realized after weighing all positive and negative evidence available as required under GAAP. The positive evidence that was considered included the cumulative operating income the Company has earned over the last three years, and the significant unearned premium income to be included in taxable income. The positive evidence outweighs any negative evidence that exists. As such, the Company believes that no valuation allowance is necessary in connection with this deferred tax asset. The Company will continue to analyze the need for a valuation allowance on a quarterly basis.
	Audits
	AGUS has open tax years with the U.S. Internal Revenue Service (“IRS”) for 2009 forward and is currently under audit for the 2009-2012 tax years. The IRS concluded its field work with respect to tax years 2006 through 2008 without adjustment. On February 20, 2013 the IRS notified AGUS that the Joint Committee on Taxation completed its review of the 2006 through 2008 tax years and has accepted the results of the IRS examination without exception. Assured Guaranty Oversees US Holdings Inc. has open tax years of 2009 forward. AGMH and subsidiaries have separate open tax years with the IRS of January 1, 2009 through the July 1, 2009 when they joined the AGUS consolidated group. The IRS concluded its field work with respect to tax year 2008 for AGMH and subsidiaries while members of the Dexia Holdings Inc. consolidated tax group without adjustment. The Company is indemnified by Dexia SA and Dexia Crédit Local S.A. for any potential liability associated with this audit of any periods prior to the Company's acquisition of AGMH on July 1, 2009. The Company's U.K. subsidiaries are not currently under examination and have open tax years of 2011 forward.
	Uncertain Tax Positions
	The Company's policy is to recognize interest and penalties related to uncertain tax positions in income tax expense and has accrued $0.3 million for First Quarter 2014 and $1 million for 2013. For First Quarter 2013, an amount of $9 million was released following the closing of an IRS audit. As of March 31, 2014 and December 31, 2013, the Company has accrued $3 million and $3 million of interest, respectively.
	The total amount of unrecognized tax benefits as of March 31, 2014 and December 31, 2013, that would affect the effective tax rate, if recognized, was $21 million and $20 million, respectively.

Reinsurance_and_Other_Monoline

Reinsurance and Other Monoline Exposures	3 Months Ended
	Mar. 31, 2014
Reinsurance and Other Monoline Exposures [abstract]	'
Reinsurance and Other Monoline Exposures	'
	Reinsurance and Other Monoline Exposures
	The Company assumes exposure on insured obligations (“Assumed Business”) and cedes portions of its exposure on obligations it has insured (“Ceded Business”) in exchange for premiums, net of ceding commissions. The Company has historically entered into ceded reinsurance contracts in order to obtain greater business diversification and reduce the net potential loss from large risks.
	Assumed and Ceded Business
	The Company assumes business from other monoline financial guaranty companies. Under these relationships, the Company assumes a portion of the ceding company’s insured risk in exchange for a premium. The Company may be exposed to risk in this portfolio in that the Company may be required to pay losses without a corresponding premium in circumstances where the ceding company is experiencing financial distress and is unable to pay premiums. The Company’s facultative and treaty agreements are generally subject to termination at the option of the ceding company:
	•	if the Company fails to meet certain financial and regulatory criteria and to maintain a specified minimum financial strength rating, or
	•	upon certain changes of control of the Company.
	Upon termination under these conditions, the Company may be required (under some of its reinsurance agreements) to return to the ceding company unearned premiums (net of ceding commissions) and loss reserves calculated on a statutory basis of accounting, attributable to reinsurance assumed pursuant to such agreements after which the Company would be released from liability with respect to the Assumed Business.
	Upon the occurrence of the conditions set forth in the first bullet above, whether or not an agreement is terminated, the Company may be required to obtain a letter of credit or alternative form of security to collateralize its obligation to perform under such agreement or it may be obligated to increase the level of ceding commission paid.
	The downgrade of the financial strength ratings of AG Re or of AGC gives certain reinsurance counterparties the right to recapture ceded business, which would lead to a reduction in the Company's unearned premium reserve and related earnings on such reserve. With respect to a significant portion of the Company's in-force financial guaranty assumed business, based on AG Re's and AGC's current ratings and subject to the terms of each reinsurance agreement, the third party ceding company may have the right to recapture assumed business ceded to AG Re and/or AGC, and in connection therewith, to receive payment from the assuming reinsurer of an amount equal to the reinsurer’s statutory unearned premium (net of ceding commissions) and statutory loss reserves (if any) associated with that business, plus, in certain cases, an additional ceding commission. As of March 31, 2014, if each third party company ceding business to AG Re and/or AGC had a right to recapture such business, and chose to exercise such right, the aggregate amounts that AG Re and AGC could be required to pay to all such companies would be approximately $283 million and $57 million, respectively.
	The Company has Ceded Business to non-affiliated companies to limit its exposure to risk. Under these relationships, the Company cedes a portion of its insured risk in exchange for a premium paid to the reinsurer. The Company remains primarily liable for all risks it directly underwrites and is required to pay all gross claims. It then seeks reimbursement from the reinsurer for its proportionate share of claims. The Company may be exposed to risk for this exposure if it were required to pay the gross claims and not be able to collect ceded claims from an assuming company experiencing financial distress. A number of the financial guaranty insurers to which the Company has ceded par have experienced financial distress and been downgraded by the rating agencies as a result. In addition, state insurance regulators have intervened with respect to some of these insurers. The Company’s ceded contracts generally allow the Company to recapture Ceded Business after certain triggering events, such as reinsurer downgrades.
	In First Quarter 2014, the Company entered into commutation agreements to reassume previously ceded business consisting of approximately $856 million par of almost exclusively U.S. public finance and European (predominantly UK) utility and infrastructure exposures outstanding as of February 28, 2014. For such reassumptions, the Company received the statutory unearned premium outstanding as of the commutation dates plus, in one case, a commutation premium. There were no commutations in First Quarter 2013.
	The following table presents the components of premiums and losses reported in the consolidated statement of operations and the contribution of the Company's Assumed and Ceded Businesses.
	Effect of Reinsurance on Statement of Operations
		First Quarter
		2014				2013
		(in millions)
	Premiums Written:
	Direct	$	31			$	19
	Assumed(1)	(1		)		(2		)
	Ceded	(24		)		(2		)
	Net	$	6			$	15
	Premiums Earned:
	Direct	$	140			$	267
	Assumed	11				13
	Ceded	(19		)		(32		)
	Net	$	132			$	248
	Loss and LAE:
	Direct	$	34			$	(27	)
	Assumed	6				(14		)
	Ceded	1				(7		)
	Net	$	41			$	(48	)
	____________________
	-1	Negative assumed premiums written were due to changes in expected Debt Service schedules.
	Reinsurer Exposure
	In addition to assumed and ceded reinsurance arrangements, the Company may also have exposure to some financial guaranty reinsurers (i.e., monolines) in other areas. Second-to-pay insured par outstanding represents transactions the Company has insured that were previously insured by other monolines. The Company underwrites such transactions based on the underlying insured obligation without regard to the primary insurer. Another area of exposure is in the investment portfolio where the Company holds fixed-maturity securities that are wrapped by monolines and whose value may decline based on the rating of the monoline. At March 31, 2014, based on fair value, the Company had fixed-maturity securities in its investment portfolio consisting of $435 million insured by National Public Finance Guarantee Corporation, $455 million insured by Ambac Assurance Corporation ("Ambac") and $29 million insured by other guarantors.
	Exposure by Reinsurer
			Ratings at				Par Outstanding
			May 5, 2014				As of March 31, 2014
	Reinsurer		Moody’s		S&P		Ceded Par			Second-to-			Assumed Par
			Reinsurer		Reinsurer		Outstanding(1)			Pay Insured			Outstanding
			Rating		Rating					Par
										Outstanding
			(dollars in millions)
	American Overseas Reinsurance Company Limited (f/k/a Ram Re)		WR (2)		WR		$	8,113		$	—		$	30
	Tokio Marine & Nichido Fire Insurance Co., Ltd.		Aa3 (3)		AA- (3)		6,273			—			—
	Radian Asset Assurance Inc.		Ba1		B+		4,696			24			987
	Syncora Guarantee Inc.		WR		WR		4,192			1,769			161
	Mitsui Sumitomo Insurance Co. Ltd.		A1		A+ (3)		2,139			—			—
	ACA Financial Guaranty Corp.		NR (5)		WR		809			3			8
	Federal Insurance Company		Aa2		AA		382			—			—
	Swiss Reinsurance Co.		Aa3		AA-		347			—			—
	Security Life of Denver Insurance Company		A3		A-		239			—			—
	Ambac (4)		WR		WR		85			6,013			17,578
	CIFG Assurance North America Inc.		WR		WR		—			114			4,883
	MBIA Inc.		-4		-4		—			10,208			7,221
	Financial Guaranty Insurance Co.		WR		WR		—			2,273			1,237
	Other		Various		Various		251			2,114			45
	Total						$	27,526		$	22,518		$	32,150
	____________________
	-1	Includes $3,038 million in ceded par outstanding related to insured credit derivatives.
	(2)    Represents “Withdrawn Rating.”
	(3)    The Company has structural collateral agreements satisfying the triple-A credit requirement of S&P and/or Moody’s.
	-4	MBIA Inc. includes various subsidiaries which are rated AA- and B by S&P and Baa1, B1 and B3 by Moody’s. Ambac includes policies in their general and segregated account.
-5	Represents “Not Rated.”
Amounts Due (To) From Reinsurers
As of March 31, 2014
	Assumed				Ceded			Assumed			Ceded
	Premium, net				Premium, net			Expected			Expected
	of Commissions				of Commissions			Loss and LAE			Loss and LAE
	(in millions)
American Overseas Reinsurance Company Limited	$	—			$	(9	)	$	—		$	7
Tokio Marine & Nichido Fire Insurance Co., Ltd.	—				(18		)	—			18
Radian Asset Assurance Inc.	—				(17		)	—			14
Syncora Guarantee Inc.	—				(39		)	—			1
Mitsui Sumitomo Insurance Co. Ltd.	—				(3		)	—			3
Federal Insurance Company	—				(17		)	—			—
Swiss Reinsurance Co.	—				(3		)	—			1
Security Life of Denver Insurance Company	—				(10		)	—			—
Ambac	66				—			(82		)	—
CIFG Assurance North America Inc.	—				—			(6		)	—
MBIA Inc.	13				—			(10		)	—
Financial Guaranty Insurance Co.	6				—			(104		)	—
Other	0				(25		)	—			—
Total	$	85			$	(141	)	$	(202	)	$	44
Excess of Loss Reinsurance Facility
AGC, AGM and MAC entered into an aggregate excess of loss reinsurance facility with a number of reinsurers, effective as of January 1, 2014. The facility covers losses occurring either from January 1, 2014 through December 31, 2021, or January 1, 2015 through December 31, 2022, at the option of AGC, AGM and MAC. It terminates on January 1, 2016, unless AGC, AGM and MAC choose to extend it. The facility covers certain U.S. public finance credits insured or reinsured by AGC, AGM and MAC as of September 30, 2013, excluding credits that were rated non-investment grade as of December 31, 2013 by Moody’s or S&P or internally by AGC, AGM or MAC and is subject to certain per credit limits. Among the credits excluded are those associated with the Commonwealth of Puerto Rico and its related authorities and public corporations. The facility attaches when AGC’s, AGM’s and MAC’s net losses (net of AGC’s and AGM's reinsurance (including from affiliates) and net of recoveries) exceed $1.5 billion in the aggregate. The facility covers a portion of the next $500 million of losses, with the reinsurers assuming pro rata in the aggregate $450 million of the $500 million of losses and AGC, AGM and MAC jointly retaining the remaining $50 million of losses. The reinsurers are required to be rated at least AA- or to post collateral sufficient to provide AGM, AGC and MAC with the same reinsurance credit as reinsurers rated AA-. AGM, AGC and MAC are obligated to pay the reinsurers their share of recoveries relating to losses during the coverage period in the covered portfolio. AGC, AGM and MAC have paid approximately $19 million of premiums during 2014 for the term January 1, 2014 through December 31, 2014 and deposited approximately $19 million of securities into trust accounts for the benefit of the reinsurers to be used to pay the premium for January 1, 2015 through December 31, 2015. This facility replaces the $435 million aggregate excess of loss reinsurance facility that AGC and AGM had entered into on January 22, 2012.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Legal Proceedings
	Litigation
	Lawsuits arise in the ordinary course of the Company’s business. It is the opinion of the Company’s management, based upon the information available, that the expected outcome of litigation against the Company, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position or liquidity, although an adverse resolution of litigation against the Company in a fiscal quarter or year could have a material adverse effect on the Company’s results of operations in a particular quarter or year.
	The Company establishes accruals for litigation and regulatory matters to the extent it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but if the matter is material, it is disclosed, including matters discussed below. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly, and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.
	In addition, in the ordinary course of their respective businesses, certain of the Company’s subsidiaries assert claims in legal proceedings against third parties to recover losses paid in prior periods. For example, as described in the "Recovery Litigation" section of Note 5, Expected Loss to be Paid, as of the date of this filing, AGC and AGM have filed complaints against certain sponsors and underwriters of RMBS securities that AGC or AGM had insured, alleging, among other claims, that such persons had breached R&W in the transaction documents, failed to cure or repurchase defective loans and/or violated state securities laws. The amounts, if any, the Company will recover in proceedings to recover losses are uncertain, and recoveries, or failure to obtain recoveries, in any one or more of these proceedings during any quarter or year could be material to the Company’s results of operations in that particular quarter or year.
	Proceedings Relating to the Company’s Financial Guaranty Business
	The Company receives subpoenas duces tecum and interrogatories from regulators from time to time.
	Beginning in July 2008, AGM and various other financial guarantors were named in complaints filed in the Superior Court for the State of California, City and County of San Francisco by a number of plaintiffs. Subsequently, plaintiffs' counsel filed amended complaints against AGM and AGC and added additional plaintiffs. These complaints alleged that the financial guaranty insurer defendants (i) participated in a conspiracy in violation of California's antitrust laws to maintain a dual credit rating scale that misstated the credit default risk of municipal bond issuers and created market demand for municipal bond insurance, (ii) participated in risky financial transactions in other lines of business that damaged each insurer's financial condition (thereby undermining the value of each of their guaranties), and (iii) failed to adequately disclose the impact of those transactions on their financial condition. In addition to their antitrust claims, various plaintiffs asserted claims for breach of the covenant of good faith and fair dealing, fraud, unjust enrichment, negligence, and negligent misrepresentation. At hearings held in July and October 2011 relating to AGM, AGC and the other defendants' demurrer, the court overruled the demurrer on the following claims: breach of contract, violation of California's antitrust statute and of its unfair business practices law, and fraud. The remaining claims were dismissed. On December 2, 2011, AGM, AGC and the other bond insurer defendants filed an anti-SLAPP ("Strategic Lawsuit Against Public Participation") motion to strike the complaints under California's Code of Civil Procedure. On July 9, 2013, the court entered its order denying in part and granting in part the bond insurers' motion to strike. As a result of the order, the causes of action that remain against AGM and AGC are: claims of breach of contract and fraud, brought by the City of San Jose, the City of Stockton, East Bay Municipal Utility District and Sacramento Suburban Water District, relating to the failure to disclose the impact of risky financial transactions on their financial condition; and a claim of breach of the unfair business practices law brought by The Jewish Community Center of San Francisco. On September 9, 2013, plaintiffs filed an appeal of the anti-SLAPP ruling on the California antitrust statute. On September 30, 2013, AGC, AGM and the other bond insurer defendants filed a notice of cross-appeal. The complaints generally seek unspecified monetary damages, interest, attorneys' fees, costs and other expenses. The Company cannot reasonably estimate the possible loss or range of loss, if any, that may arise from these lawsuits.
	On November 28, 2011, Lehman Brothers International (Europe) (in administration) (“LBIE”) sued AGFP, an affiliate of AGC which in the past had provided credit protection to counterparties under credit default swaps. AGC acts as the credit support provider of AGFP under these credit default swaps. LBIE’s complaint, which was filed in the Supreme Court of the State of New York, alleged that AGFP improperly terminated nine credit derivative transactions between LBIE and AGFP and improperly calculated the termination payment in connection with the termination of 28 other credit derivative transactions between LBIE and AGFP. With respect to the 28 credit derivative transactions, AGFP calculated that LBIE owes AGFP approximately $25 million, whereas LBIE asserted in the complaint that AGFP owes LBIE a termination payment of approximately $1.4 billion. LBIE is seeking unspecified damages. On February 3, 2012, AGFP filed a motion to dismiss certain of the counts in the complaint, and on March 15, 2013, the court granted AGFP's motion to dismiss the count relating to improper termination of the nine credit derivative transactions and denied AGFP's motion to dismiss the count relating to the remaining transactions. The Company cannot reasonably estimate the possible loss, if any, that may arise from this lawsuit.
	On November 19, 2012, Lehman Brothers Holdings Inc. (“LBHI”) and Lehman Brothers Special Financing Inc. (“LBSF") commenced an adversary complaint and claim objection in the United States Bankruptcy Court for the Southern District of New York against Credit Protection Trust 283 (“CPT 283”), FSA Administrative Services, LLC, as trustee for CPT 283, and AGM, in connection with CPT 283's termination of a CDS between LBSF and CPT 283. CPT 283 terminated the CDS as a consequence of LBSF failing to make a scheduled payment owed to CPT 283, which termination occurred after LBHI filed for bankruptcy but before LBSF filed for bankruptcy. The CDS provided that CPT 283 was entitled to receive from LBSF a termination payment in that circumstance of approximately $43.8 million (representing the economic equivalent of the future fixed payments CPT 283 would have been entitled to receive from LBSF had the CDS not been terminated), and CPT 283 filed proofs of claim against LBSF and LBHI (as LBSF's credit support provider) for such amount. LBHI and LBSF seek to disallow and expunge (as impermissible and unenforceable penalties) CPT 283's proofs of claim against LBHI and LBSF and recover approximately $67.3 million, which LBHI and LBSF allege was the mark-to-market value of the CDS to LBSF (less unpaid amounts) on the day CPT 283 terminated the CDS, plus interest, attorney's fees, costs and other expenses. On the same day, LBHI and LBSF also commenced an adversary complaint and claim objection against Credit Protection Trust 207 (“CPT 207”), FSA Administrative Services, LLC, as trustee for CPT 207, and AGM, in connection with CPT 207's termination of a CDS between LBSF and CPT 207. Similarly, the CDS provided that CPT 207 was entitled to receive from LBSF a termination payment in that circumstance of $492,555. LBHI and LBSF seek to disallow and expunge CPT 207's proofs of claim against LBHI and LBSF and recover approximately $1.5 million. AGM believes the terminations of the CDS and the calculation of the termination payment amounts were consistent with the terms of the ISDA master agreements between the parties. The Company cannot reasonably estimate the possible loss, if any, that may arise from this lawsuit.
	On September 25, 2013, Wells Fargo Bank, N.A., as trust administrator, filed an interpleader complaint in the U.S. District Court for the Southern District of New York against AGM, among others, relating to the right of AGM to be reimbursed from certain cashflows for principal claims paid on insured certificates issued in the MASTR Adjustable Rate Mortgages Trust 2007-3 securitization. The Company estimates that an adverse outcome to the interpleader proceeding could increase losses on the transaction by approximately $10 - $20 million, net of expected settlement payments and reinsurance in force.
	Proceedings Related to AGMH’s Former Financial Products Business
	The following is a description of legal proceedings involving AGMH’s former Financial Products Business. Although the Company did not acquire AGMH’s former Financial Products Business, which included AGMH’s former GIC business, medium term notes business and portions of the leveraged lease businesses, certain legal proceedings relating to those businesses are against entities that the Company did acquire. While Dexia SA and Dexia Crédit Local S.A., jointly and severally, have agreed to indemnify the Company against liability arising out of the proceedings described below in the “—Proceedings Related to AGMH’s Former Financial Products Business” section, such indemnification might not be sufficient to fully hold the Company harmless against any injunctive relief or civil or criminal sanction that is imposed against AGMH or its subsidiaries.
	Governmental Investigations into Former Financial Products Business
	AGMH and/or AGM have received subpoenas duces tecum and interrogatories or civil investigative demands from the Attorneys General of the States of Connecticut, Florida, Illinois, Massachusetts, Missouri, New York, Texas and West Virginia relating to their investigations of alleged bid rigging of municipal GICs. AGMH is responding to such requests. AGMH may receive additional inquiries from these or other regulators and expects to provide additional information to such regulators regarding their inquiries in the future. In addition,
	•	AGMH received a subpoena from the Antitrust Division of the Department of Justice in November 2006 issued in connection with an ongoing criminal investigation of bid rigging of awards of municipal GICs and other municipal derivatives; and
	•	AGM received a subpoena from the SEC in November 2006 related to an ongoing industry-wide investigation concerning the bidding of municipal GICs and other municipal derivatives,
	Pursuant to the subpoenas, AGMH has furnished to the Department of Justice and SEC records and other information with respect to AGMH’s municipal GIC business. The ultimate loss that may arise from these investigations remains uncertain.
	In addition AGMH had received a “Wells Notice” from the staff of the Philadelphia Regional Office of the SEC in February 2008 relating to the investigation concerning the bidding of municipal GICs and other municipal derivatives. The Wells Notice indicated that the SEC staff was considering recommending that the SEC authorize the staff to bring a civil injunctive action and/or institute administrative proceedings against AGMH, alleging violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and Section 17(a) of the Securities Act. On January 8, 2014, the SEC issued a letter stating that it had concluded the investigation as to AGMH and, based on the information it had as of such date, it did not intend to recommend an enforcement action by the SEC against AGMH.
	In July 2010, a former employee of AGM who had been involved in AGMH's former Financial Products Business was indicted along with two other persons with whom he had worked at Financial Guaranty Insurance Company. Such former employee and the other two persons were convicted on fraud conspiracy counts. After appeal, their convictions were reversed by a three-judge panel of the U.S. Court of Appeals for the Second Circuit in November 2013. In January 2014, the Department of Justice petitioned the U.S. Court of Appeals for the Second Circuit for a panel rehearing and a rehearing en banc of the appeal.
	Lawsuits Relating to Former Financial Products Business
	During 2008, nine putative class action lawsuits were filed in federal court alleging federal antitrust violations in the municipal derivatives industry, seeking damages and alleging, among other things, a conspiracy to fix the pricing of, and manipulate bids for, municipal derivatives, including GICs. These cases have been coordinated and consolidated for pretrial proceedings in the U.S. District Court for the Southern District of New York as MDL 1950, In re Municipal Derivatives Antitrust Litigation, Case No. 1:08-cv-2516 (“MDL 1950”).
	Five of these cases named both AGMH and AGM: (a) Hinds County, Mississippi v. Wachovia Bank, N.A.; (b) Fairfax County, Virginia v. Wachovia Bank, N.A.; (c) Central Bucks School District, Pennsylvania v. Wachovia Bank, N.A.; (d) Mayor and City Council of Baltimore, Maryland v. Wachovia Bank, N.A.; and (e) Washington County, Tennessee v. Wachovia Bank, N.A. In April 2009, the MDL 1950 court granted the defendants’ motion to dismiss on the federal claims, but granted leave for the plaintiffs to file an amended complaint. The Corrected Third Consolidated Amended Class Action Complaint, filed on October 9, 2013, lists neither AGM nor AGMH as a named defendant or a co-conspirator. The complaints in these lawsuits generally seek unspecified monetary damages, interest, attorneys’ fees and other costs. The Company cannot reasonably estimate the possible loss, if any, or range of loss that may arise from these lawsuits.
	Four of the cases named AGMH (but not AGM) and also alleged that the defendants violated California state antitrust law and common law by engaging in illegal bid-rigging and market allocation, thereby depriving the cities or municipalities of competition in the awarding of GICs and ultimately resulting in the cities paying higher fees for these products: (f) City of Oakland, California v. AIG Financial Products Corp.; (g) County of Alameda, California v. AIG Financial Products Corp.; (h) City of Fresno, California v. AIG Financial Products Corp.; and (i) Fresno County Financing Authority v. AIG Financial Products Corp. When the four plaintiffs filed a consolidated complaint in September 2009, the plaintiffs did not name AGMH as a defendant. However, the complaint does describe some of AGMH’s and AGM’s activities. The consolidated complaint generally seeks unspecified monetary damages, interest, attorneys’ fees and other costs. In April 2010, the MDL 1950 court granted in part and denied in part the named defendants’ motions to dismiss this consolidated complaint.
	In 2008, AGMH and AGM also were named in five non-class action lawsuits originally filed in the California Superior Courts alleging violations of California law related to the municipal derivatives industry: (a) City of Los Angeles, California v. Bank of America, N.A.; (b) City of Stockton, California v. Bank of America, N.A.; (c) County of San Diego, California v. Bank of America, N.A.; (d) County of San Mateo, California v. Bank of America, N.A.; and (e) County of Contra Costa, California v. Bank of America, N.A. Amended complaints in these actions were filed in September 2009, adding a federal antitrust claim and naming AGM (but not AGMH) and AGUS, among other defendants. These cases have been transferred to the Southern District of New York and consolidated with MDL 1950 for pretrial proceedings.
	In late 2009, AGM and AGUS, among other defendants, were named in six additional non-class action cases filed in federal court, which also have been coordinated and consolidated for pretrial proceedings with MDL 1950: (f) City of Riverside, California v. Bank of America, N.A.; (g) Sacramento Municipal Utility District v. Bank of America, N.A.; (h) Los Angeles World Airports v. Bank of America, N.A.; (i) Redevelopment Agency of the City of Stockton v. Bank of America, N.A.; (j) Sacramento Suburban Water District v. Bank of America, N.A.; and (k) County of Tulare, California v. Bank of America, N.A.
	The MDL 1950 court denied AGM and AGUS’s motions to dismiss these eleven complaints in April 2010. Amended complaints were filed in May 2010. On October 29, 2010, AGM and AGUS were voluntarily dismissed with prejudice from the Sacramento Municipal Utility District case only. The complaints in these lawsuits generally seek or sought unspecified monetary damages, interest, attorneys’ fees, costs and other expenses. The Company cannot reasonably estimate the possible loss, if any, or range of loss that may arise from the remaining lawsuits.
	In May 2010, AGM and AGUS, among other defendants, were named in five additional non-class action cases filed in federal court in California: (a) City of Richmond, California v. Bank of America, N.A. (filed on May 18, 2010, N.D. California); (b) City of Redwood City, California v. Bank of America, N.A. (filed on May 18, 2010, N.D. California); (c) Redevelopment Agency of the City and County of San Francisco, California v. Bank of America, N.A. (filed on May 21, 2010, N.D. California); (d) East Bay Municipal Utility District, California v. Bank of America, N.A. (filed on May 18, 2010, N.D. California); and (e) City of San Jose and the San Jose Redevelopment Agency, California v. Bank of America, N.A (filed on May 18, 2010, N.D. California). These cases have also been transferred to the Southern District of New York and consolidated with MDL 1950 for pretrial proceedings. In September 2010, AGM and AGUS, among other defendants, were named in a sixth additional non-class action filed in federal court in New York, but which alleges violation of New York’s Donnelly Act in addition to federal antitrust law: Active Retirement Community, Inc. d/b/a Jefferson’s Ferry v. Bank of America, N.A. (filed on September 21, 2010, E.D. New York), which has also been transferred to the Southern District of New York and consolidated with MDL 1950 for pretrial proceedings. In December 2010, AGM and AGUS, among other defendants, were named in a seventh additional non-class action filed in federal court in the Central District of California, Los Angeles Unified School District v. Bank of America, N.A., and in an eighth additional non-class action filed in federal court in the Southern District of New York, Kendal on Hudson, Inc. v. Bank of America, N.A. These cases also have been consolidated with MDL 1950 for pretrial proceedings. The complaints in these lawsuits generally seek unspecified monetary damages, interest, attorneys’ fees, costs and other expenses. The Company cannot reasonably estimate the possible loss, if any, or range of loss that may arise from these lawsuits.
	In January 2011, AGM and AGUS, among other defendants, were named in an additional non-class action case filed in federal court in New York, which alleges violation of New York’s Donnelly Act in addition to federal antitrust law: Peconic Landing at Southold, Inc. v. Bank of America, N.A. This case has been consolidated with MDL 1950 for pretrial proceedings. The complaint in this lawsuit generally seeks unspecified monetary damages, interest, attorneys’ fees, costs and other expenses. The Company cannot reasonably estimate the possible loss, if any, or range of loss that may arise from this lawsuit.
	In September 2009, the Attorney General of the State of West Virginia filed a lawsuit (Circuit Ct. Mason County, W. Va.) against Bank of America, N.A. alleging West Virginia state antitrust violations in the municipal derivatives industry, seeking damages and alleging, among other things, a conspiracy to fix the pricing of, and manipulate bids for, municipal derivatives, including GICs. An amended complaint in this action was filed in June 2010, adding a federal antitrust claim and naming AGM (but not AGMH) and AGUS, among other defendants. This case has been removed to federal court as well as transferred to the S.D.N.Y. and consolidated with MDL 1950 for pretrial proceedings. AGM and AGUS answered West Virginia's Second Amended Complaint on November 11, 2013. The complaint in this lawsuit generally seeks civil penalties, unspecified monetary damages, interest, attorneys’ fees, costs and other expenses. The Company cannot reasonably estimate the possible loss, if any, or range of loss that may arise from this lawsuit.

LongTerm_Debt_and_Credit_Facil

Long-Term Debt and Credit Facilities	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt and Credit Facilities	'
		Long-Term Debt and Credit Facilities
	The principal and carrying values of the Company’s long-term debt are presented in the table below.
	Principal and Carrying Amounts of Debt
		As of March 31, 2014				As of December 31, 2013
		Principal		Carrying		Principal		Carrying
				Value				Value
		(in millions)
	AGUS:
	7.0% Senior Notes	$	200	$	198	$	200	$	198
	Series A Enhanced Junior Subordinated Debentures	150		150		150		150
	Total AGUS	350		348		350		348
	AGMH:
	67/8% QUIBS	100		68		100		68
	6.25% Notes	230		138		230		138
	5.60% Notes	100		55		100		55
	Junior Subordinated Debentures	300		170		300		169
	Total AGMH	730		431		730		430
	AGM:
	AGM Notes Payable	29		33		34		38
	Total	$	1,109	$	812	$	1,114	$	816
	Recourse Credit Facilities
	2009 Strip Coverage Facility
	In connection with the Company's acquisition of AGMH and its subsidiaries from Dexia Holdings Inc., AGM agreed to retain the risks relating to the debt and strip policy portions of the leveraged lease business. The liquidity risk to AGM related to the strip policy portion of the leveraged lease business is mitigated by the strip coverage facility described below.
	In a leveraged lease transaction, a tax-exempt entity (such as a transit agency) transfers tax benefits to a tax-paying entity by transferring ownership of a depreciable asset, such as subway cars. The tax-exempt entity then leases the asset back from its new owner.
	If the lease is terminated early, the tax-exempt entity must make an early termination payment to the lessor. A portion of this early termination payment is funded from monies that were pre-funded and invested at the closing of the leveraged lease transaction (along with earnings on those invested funds). The tax-exempt entity is obligated to pay the remaining, unfunded portion of this early termination payment (known as the “strip coverage”) from its own sources. AGM issued financial guaranty insurance policies (known as “strip policies”) that guaranteed the payment of these unfunded strip coverage amounts to the lessor, in the event that a tax-exempt entity defaulted on its obligation to pay this portion of its early termination payment. AGM can then seek reimbursement of its strip policy payments from the tax-exempt entity, and can also sell the transferred depreciable asset and reimburse itself from the sale proceeds.
	Currently, all the leveraged lease transactions in which AGM acts as strip coverage provider are breaching a rating trigger related to AGM and are subject to early termination. However, early termination of a lease does not result in a draw on the AGM policy if the tax-exempt entity makes the required termination payment. If all the leases were to terminate early and the tax-exempt entities do not make the required early termination payments, then AGM would be exposed to possible liquidity claims on gross exposure of approximately $1.4 billion as of March 31, 2014. To date, none of the leveraged lease transactions that involve AGM has experienced an early termination due to a lease default and a claim on the AGM policy. It is difficult to determine the probability that AGM will have to pay strip provider claims or the likely aggregate amount of such claims. At March 31, 2014, approximately $1.4 billion of cumulative strip par exposure had been terminated since 2008 on a consensual basis. The consensual terminations have resulted in no claims on AGM.
	On July 1, 2009, AGM and Dexia Crédit Local S.A., acting through its New York Branch (“Dexia Crédit Local (NY)”), entered into a credit facility (the “Strip Coverage Facility”). Under the Strip Coverage Facility, Dexia Crédit Local (NY) agreed to make loans to AGM to finance all draws made by lessors on AGM strip policies that were outstanding as of November 13, 2008, up to the commitment amount. The commitment amount of the Strip Coverage Facility was $1 billion at closing of the Company's acquisition of AGMH, and is scheduled to amortize over time. On February 7, 2014, AGM reduced the maximum commitment amount by $460 million to approximately $500 million, after taking into account its experience with its exposure to leveraged lease transactions to date. The maximum commitment amount of the Strip Coverage Facility had amortized to approximately $499 million as of March 31, 2014.
	Fundings under this facility are subject to certain conditions precedent, and their repayment is collateralized by a security interest that AGM granted to Dexia Crédit Local (NY) in amounts that AGM recovers—from the tax-exempt entity, or from asset sale proceeds—following its payment of strip policy claims. The Strip Coverage Facility will terminate upon the earliest to occur of an AGM change of control, the reduction of the commitment amount to $0, and January 31, 2042.
	The Strip Coverage Facility’s financial covenants require that AGM and its subsidiaries maintain a maximum debt-to-capital ratio of 30% and maintain a minimum net worth of 75% of consolidated net worth as of July 1, 2009, plus, beginning July 1, 2015:
	•	the product of (i) 25% of the aggregate consolidated net income (or loss) for the period beginning July 2, 2009 and ending on June 30, 2014 or (ii) a fraction, the numerator of which is the commitment amount as of such date and the denominator of which is $1 billion, or
	•	zero, if the consolidated net worth of AGM and its subsidiaries as of June 30, 2014 is less than the sum of (i) 75% of consolidated net worth as of July 1, 2009 plus (ii) the product of (x) 25% of the aggregate consolidated net income (or loss) for the period beginning July 2, 2009 and ending on June 20, 2014 and (y) a fraction, the numerator of which is the commitment amount as of June 30, 2014 and the denominator of which is $1 billion.
	The Company is in compliance with all financial covenants as of March 31, 2014.
	The Strip Coverage Facility contains restrictions on AGM, including, among other things, in respect of its ability to incur debt, permit liens, pay dividends or make distributions, dissolve or become party to a merger or consolidation. Most of these restrictions are subject to exceptions. The Strip Coverage Facility has customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, bankruptcy or insolvency proceedings and cross-default to other debt agreements.
	As of March 31, 2014, no amounts were outstanding under this facility, nor have there been any borrowings during the life of this facility.
	Intercompany Credit Facility
	On October 25, 2013, AGL, as borrower, and AGUS, as lender, entered into a revolving credit facility pursuant to which AGL may, from time to time, borrow for general corporate purposes. Under the credit facility, AGUS committed to lend a principal amount not exceeding $225 million in the aggregate. Such commitment terminates on the October 25, 2018 (the “loan termination date”). The unpaid principal amount of each loan will bear interest at a fixed rate equal to 100% of the then applicable Federal short-term or mid-term interest rate, as the case may be, as determined under Internal Revenue Code Sec. 1274(d), and interest on all loans will be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. Accrued interest on all loans will be paid on the last day of each June and December, beginning on December 31, 2013, and at maturity.  AGL must repay the then unpaid principal amounts of the loans by the third anniversary of the loan termination date. No amounts are currently outstanding under the credit facility.
	Committed Capital Securities
	On April 8, 2005, AGC entered into separate agreements (the “Put Agreements”) with four custodial trusts (each, a “Custodial Trust”) pursuant to which AGC may, at its option, cause each of the Custodial Trusts to purchase up to $50 million of perpetual preferred stock of AGC (the “AGC Preferred Stock”). The custodial trusts were created as a vehicle for providing capital support to AGC by allowing AGC to obtain immediate access to new capital at its sole discretion at any time through the exercise of the put option. If the put options were exercised, AGC would receive $200 million in return for the issuance of its own perpetual preferred stock, the proceeds of which may be used for any purpose, including the payment of claims. The put options have not been exercised through the date of this filing.
	Distributions on the AGC CCS are determined pursuant to an auction process. On April 7, 2008 this auction process failed, thereby increasing the annualized rate on the AGC CCS to one-month LIBOR plus 250 basis points. Distributions on the AGC preferred stock will be determined pursuant to the same process.
	In June 2003, $200 million of “AGM CPS”, money market preferred trust securities, were issued by trusts created for the primary purpose of issuing the AGM CPS, investing the proceeds in high-quality commercial paper and selling put options to AGM, allowing AGM to issue the trusts non-cumulative redeemable perpetual preferred stock (the “AGM Preferred Stock”) of AGM in exchange for cash. There are four trusts, each with an initial aggregate face amount of $50 million. These trusts hold auctions every 28 days, at which time investors submit bid orders to purchase AGM CPS. If AGM were to exercise a put option, the applicable trust would transfer the portion of the proceeds attributable to principal received upon maturity of its assets, net of expenses, to AGM in exchange for AGM Preferred Stock. AGM pays a floating put premium to the trusts, which represents the difference between the commercial paper yield and the winning auction rate (plus all fees and expenses of the trust). If an auction does not attract sufficient clearing bids, however, the auction rate is subject to a maximum rate of one-month LIBOR plus 200 basis points for the next succeeding distribution period. Beginning in August 2007, the AGM CPS Securities required the maximum rate for each of the relevant trusts. AGM continues to have the ability to exercise its put option and cause the related trusts to purchase AGM Preferred Stock. The trusts provide AGM access to new capital at its sole discretion through the exercise of the put options. As of March 31, 2014 the put option had not been exercised. The Company does not consider itself to be the primary beneficiary of the trusts. See Note 7, Fair Value Measurement, –Other Assets–Committed Capital Securities, for a fair value measurement discussion.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share
	Computation of Earnings Per Share
		First Quarter
		2014		2013
		(in millions, except per share amounts)
	Basic earnings per share ("EPS"):
	Net income (loss) attributable to AGL	$	42	$	(144	)
	Less: Distributed and undistributed income (loss) available to nonvested shareholders	0		0
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, basic	$	42	$	(144	)
	Basic shares	182.1		193.9
	Basic EPS	$	0.23	$	(0.74	)
	Diluted EPS:
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, basic	$	42	$	(144	)
	Plus: Re-allocation of undistributed income (loss) available to nonvested shareholders of AGL and subsidiaries	—		—
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, diluted	$	42	$	(144	)
	Basic shares	182.1		193.9
	Effect of dilutive securities:
	Options and restricted stock awards	1		—
	Diluted shares	183.1		193.9
	Diluted EPS	$	0.23	$	(0.74	)
	Potentially dilutive securities excluded from computation of EPS because of antidilutive effect	1.5		5.1

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Equity	'
	Other Comprehensive Income
	The following tables present the changes in each component of accumulated other comprehensive income and the effect of significant reclassifications out of AOCI on the respective line items in net income.
	Changes in Accumulated Other Comprehensive Income by Component
	First Quarter 2014
		Net Unrealized			Net Unrealized			Cumulative			Cash Flow Hedge			Total Accumulated
		Gains (Losses) on			Gains (Losses) on			Translation						Other
		Investments with no Other-Than-Temporary Impairment			Investments with Other-Than-Temporary Impairment			Adjustment						Comprehensive
														Income
		(in millions)
	Balance, December 31, 2013	$	178		$	(24	)	$	(3	)	$	9		$	160
	Other comprehensive income (loss) before reclassified	94			8			1			—			103
	Amounts reclassified from AOCI to:
	Other net realized investment gains (losses)	(2		)	5			—			—			3
	Interest expense	—			—			—			0			0
	Total before tax	(2		)	5			—			0			3
	Tax (provision) benefit	1			(2		)	—			(1		)	(2		)
	Total amount reclassified from AOCI, net of tax	(1		)	3			—			(1		)	1
	Net current period other comprehensive income	93			11			1			(1		)	104
	Balance, March 31, 2014	$	271		$	(13	)	$	(2	)	$	8		$	264
	First Quarter 2013
		Net Unrealized			Net Unrealized			Cumulative			Cash Flow Hedge			Total Accumulated
		Gains (Losses) on			Gains (Losses) on			Translation						Other
		Investments with no Other-Than-Temporary Impairment			Investments with Other-Than-Temporary Impairment			Adjustment						Comprehensive
														Income
		(in millions)
	Balance, December 31, 2012	$	517		$	(5	)	$	(6	)	$	9		$	515
	Other comprehensive income (loss) before reclassified	(50		)	(16		)	(5		)	—			(71		)
	Amounts reclassified from AOCI to:
	Other net realized investment gains (losses)	(1		)	6			—			—			5
	Interest expense	—			—			—			0			0
	Total before tax	(1		)	6			—			0			5
	Tax (provision) benefit	—			(2		)	—			0			(2		)
	Total amount reclassified from AOCI, net of tax	(1		)	4			—			0			3
	Net current period other comprehensive income	(51		)	(12		)	(5		)	0			(68		)
	Balance, March 31, 2013	$	466		$	(17	)	$	(11	)	$	9		$	447
	Share Repurchase
	Under the $400 million share repurchase authorization approved in November 2013, the Company repurchased 1.4 million common shares in First Quarter 2014 for $35 million at an average price of $25.92 per share. On a year-to-date basis through May 7, 2014, the Company has repurchased a total of 3.0 million common shares for $75 million at an average price of $25.19 per share. In First Quarter 2013, the Company repurchased approximately 1.9 million common shares for $39 million at an average price of $20.46 per share.
	Related Party
	On March 19, 2014, funds associated with WL Ross & Co. LLC and its affiliates (collectively, the “WLR Funds”) and AGL director Wilbur L. Ross, Jr. sold an aggregate of 4,000,000 shares. The WLR Funds and Mr. Ross currently own approximately 6% of Assured Guaranty's total common shares outstanding.

Subsidiary_Information

Subsidiary Information	3 Months Ended
	Mar. 31, 2014
Subsidiary Information [abstract]	'
Subsidiary Information	'
	Subsidiary Information
	The following tables present the condensed consolidating financial information for AGUS and AGMH, wholly-owned subsidiaries of AGL, which have issued publicly traded debt securities (see Note 15, Long-Term Debt and Credit Facilities) as of March 31, 2014 and December 31, 2013 and for First Quarter 2014 and 2013. The information for AGUS and AGMH presents its subsidiaries on the equity method of accounting.
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF MARCH 31, 2014
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	ASSETS
	Total investment portfolio and cash	$	36		$	186		$	61		$	11,184		$	(300	)	$	11,167
	Investment in subsidiaries	5,158			4,360			3,769			304			(13,591		)	—
	Premiums receivable, net of commissions payable	—			—			—			997			(134		)	863
	Ceded unearned premium reserve	—			—			—			1,582			(1,128		)	454
	Deferred acquisition costs	—			—			—			194			(72		)	122
	Reinsurance recoverable on unpaid losses	—			—			—			187			(150		)	37
	Credit derivative assets	—			—			—			510			(432		)	78
	Deferred tax asset, net	—			108			—			618			(89		)	637
	Intercompany receivable	—			—			—			90			(90		)	—
	Financial guaranty variable interest entities’ assets, at fair value	—			—			—			1,257			—			1,257
	Other	20			9			35			603			(176		)	491
	TOTAL ASSETS	$	5,214		$	4,663		$	3,865		$	17,526		$	(16,162	)	$	15,106
	LIABILITIES AND SHAREHOLDERS’ EQUITY
	Unearned premium reserves	$	—		$	—		$	—		$	5,611		$	(1,107	)	$	4,504
	Loss and LAE reserve	—			—			—			791			(155		)	636
	Long-term debt	—			348			431			33			—			812
	Intercompany payable	—			90			—			300			(390		)	—
	Credit derivative liabilities	—			—			—			2,433			(432		)	2,001
	Deferred tax liabilities, net	—			—			95			—			(95		)	—
	Financial guaranty variable interest entities’ liabilities, at fair value	—			—			—			1,447			—			1,447
	Other	5			14			21			762			(305		)	497
	TOTAL LIABILITIES	5			452			547			11,377			(2,484		)	9,897
	TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,209			4,211			3,318			5,845			(13,374		)	5,209
	Noncontrolling interest	—			—			—			304			(304		)	—
	TOTAL SHAREHOLDERS' EQUITY	5,209			4,211			3,318			6,149			(13,678		)	5,209
	TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,214		$	4,663		$	3,865		$	17,526		$	(16,162	)	$	15,106
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF DECEMBER 31, 2013
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	ASSETS
	Total investment portfolio and cash	$	33		$	186		$	42		$	11,008		$	(300	)	$	10,969
	Investment in subsidiaries	5,066			4,191			3,574			289			(13,120		)	—
	Premiums receivable, net of commissions payable	—			—			—			1,025			(149		)	876
	Ceded unearned premium reserve	—			—			—			1,598			(1,146		)	452
	Deferred acquisition costs	—			—			—			198			(74		)	124
	Reinsurance recoverable on unpaid losses	—			—			—			170			(134		)	36
	Credit derivative assets	—			—			—			482			(388		)	94
	Deferred tax asset, net	—			97			—			681			(90		)	688
	Intercompany receivable	—			—			—			90			(90		)	—
	Financial guaranty variable interest entities’ assets, at fair value	—			—			—			2,565			—			2,565
	Other	23			17			31			638			(226		)	483
	TOTAL ASSETS	$	5,122		$	4,491		$	3,647		$	18,744		$	(15,717	)	$	16,287
	LIABILITIES AND SHAREHOLDERS’ EQUITY
	Unearned premium reserves	$	—		$	—		$	—		$	5,720		$	(1,125	)	$	4,595
	Loss and LAE reserve	—			—			—			733			(141		)	592
	Long-term debt	—			348			430			38			—			816
	Intercompany payable	—			90			—			300			(390		)	—
	Credit derivative liabilities	—			—			—			2,175			(388		)	1,787
	Deferred tax liabilities, net	—			—			95			—			(95		)	—
	Financial guaranty variable interest entities’ liabilities, at fair value	—			—			—			2,871			—			2,871
	Other	7			7			16			853			(372		)	511
TOTAL LIABILITIES	7			445			541			12,690			(2,511		)	11,172
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,115			4,046			3,106			5,765			(12,917		)	5,115
Noncontrolling interest	—			—			—			289			(289		)	—
TOTAL SHAREHOLDERS’ EQUITY	5,115			4,046			3,106			6,054			(13,206		)	5,115
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,122		$	4,491		$	3,647		$	18,744		$	(15,717	)	$	16,287
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2014
(in millions)
	Assured			AGUS			AGMH			Other			Consolidating			Assured
	Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
	(Parent)															(Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	131		$	1		$	132
Net investment income	0			0			0			105			(2		)	103
Net realized investment gains (losses)	0			—			0			4			(2		)	2
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			19			0			19
Net unrealized gains (losses)	—			—			—			(230		)	—			(230		)
Net change in fair value of credit derivatives	—			—			—			(211		)	0			(211		)
Other	—			—			—			169			—			169
TOTAL REVENUES	0			0			0			198			(3		)	195
EXPENSES
Loss and LAE	—			—			—			39			2			41
Amortization of deferred acquisition costs	—			—			—			6			(1		)	5
Interest expense	—			7			13			5			(5		)	20
Other operating expenses	8			0			0			53			(1		)	60
TOTAL EXPENSES	8			7			13			103			(5		)	126
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(8		)	(7		)	(13		)	95			2			69
Total (provision) benefit for income taxes	—			2			5			(33		)	(1		)	(27		)
Equity in net earnings of subsidiaries	50			87			169			8			(314		)	—
NET INCOME (LOSS)	$	42		$	82		$	161		$	70		$	(313	)	$	42
Less: noncontrolling interest	—			—			—			8			(8		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	42		$	82		$	161		$	62		$	(305	)	$	42
COMPREHENSIVE INCOME (LOSS)	$	146		$	165		$	212		$	258		$	(635	)	$	146
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2013
(in millions)
	Assured			AGUS			AGMH			Other			Consolidating			Assured
	Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
	(Parent)															(Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	246		$	2		$	248
Net investment income	0			0			0			99			(5		)	94
Net realized investment gains (losses)	0			—			0			28			—			28
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			18			—			18
Net unrealized gains (losses)	—			—			—			(610		)	—			(610		)
Net change in fair value of credit derivatives	—			—			—			(592		)	—			(592		)
Other	—			—			—			47			(1		)	46
TOTAL REVENUES	0			0			0			(172		)	(4		)	(176		)
EXPENSES
Loss and LAE	—			—			—			(44		)	(4		)	(48		)
Amortization of deferred acquisition costs	—			—			—			8			(5		)	3
Interest expense	—			7			13			6			(5		)	21
Other operating expenses	5			0			—			58			(3		)	60
TOTAL EXPENSES	5			7			13			28			(17		)	36
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(5		)	(7		)	(13		)	(200		)	13			(212		)
Total (provision) benefit for income taxes	—			3			5			65			(5		)	68
Equity in net earnings of subsidiaries	(139		)	(82		)	162			—			59			—
NET INCOME (LOSS)	$	(144	)	$	(86	)	$	154		$	(135	)	$	67		$	(144	)
COMPREHENSIVE INCOME (LOSS)	$	(212	)	$	(137	)	$	117		$	(253	)	$	273		$	(212	)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
(in millions)
	Assured			AGUS			AGMH			Other			Consolidating			Assured
	Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
	(Parent)															(Consolidated)
Net cash flows provided by (used in) operating activities	$	58		$	0		$	(6	)	$	111		$	(62	)	$	101
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(1		)	(3		)	(513		)	—			(517		)
Sales	—			—			—			155			—			155
Maturities	—			—			—			148			—			148
Sales (purchases) of short-term investments, net	(3		)	—			(16		)	203			—			184
Net proceeds from financial guaranty variable entities’ assets	—			—			—			286			—			286
Investment in subsidiary	—			—			25			—			(25		)	—
Other	—			—			—			19			—			19
Net cash flows provided by (used in) investing activities	(3		)	(1		)	6			298			(25		)	275
Cash flows from financing activities
Return of capital	—			—			—			(25		)	25			—
Dividends paid	(20		)	—			—			(62		)	62			(20		)
Repurchases of common stock	(35		)	—			—			—			—			(35		)
Share activity under option and incentive plans	0			—			—			—			—			0
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(281		)	—			(281		)
Payment of long-term debt	—			—			—			(6		)	—			(6		)
Net cash flows provided by (used in) financing activities	(55		)	—			—			(374		)	87			(342		)
Effect of exchange rate changes	—			—			—			1			—			1
Increase (decrease) in cash	—			(1		)	—			36			—			35
Cash at beginning of period	0			67			0			117			—			184
Cash at end of period	$	0		$	66		$	0		$	153		$	—		$	219
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2013
(in millions)
	Assured			AGUS			AGMH			Other			Consolidating			Assured
	Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
	(Parent)															(Consolidated)
Net cash flows provided by (used in) operating activities	$	36		$	1		$	(6	)	$	(5	)	$	(40	)	$	(14	)
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(1		)	—			(509		)	—			(510		)
Sales	40			—			7			136			—			183
Maturities	18			—			1			264			—			283
Sales (purchases) of short-term investments, net	(34		)	—			(27		)	149			—			88
Net proceeds from financial guaranty variable entities’ assets	—			—			—			138			—			138
Investment in subsidiary	—			—			25			—			(25		)	—
Other	—			—			—			55			—			55
Net cash flows provided by (used in) investing activities	24			(1		)	6			233			(25		)	237
Cash flows from financing activities
Return of capital	—			—			—			(25		)	25			—
Dividends paid	(19		)	—			—			(40		)	40			(19		)
Repurchases of common stock	(39		)	—			—			—			—			(39		)
Share activity under option and incentive plans	(2		)	—			—			—			—			(2		)
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(167		)	—			(167		)
Payment of long-term debt	—			—			—			(6		)	—			(6		)
Net cash flows provided by (used in) financing activities	(60		)	—			—			(238		)	65			(233		)
Effect of exchange rate changes	—			—			—			(3		)	—			(3		)
Increase (decrease) in cash	—			—			—			(13		)	—			(13		)
Cash at beginning of period	—			13			0			125			—			138
Cash at end of period	$	—		$	13		$	0		$	112		$	—		$	125

Business_and_Basis_of_Presenta1

Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
New Accounting Pronouncements	'
	The Company’s organizational structure includes various holding companies, two of which — Assured Guaranty US Holdings Inc. (“AGUS”) and Assured Guaranty Municipal Holdings Inc. (“AGMH”) — have public debt outstanding. See Note 15, Long Term Debt and Credit Facilities.
Fair Value of Financial Instruments	'
	The Company carries a significant portion of its assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The price represents the price available in the principal market for the asset or liability. If there is no principal market, then the price is based on a hypothetical market that maximizes the value received for an asset or minimizes the amount paid for a liability (i.e., the most advantageous market).
	Fair value is based on quoted market prices, where available. If listed prices or quotes are not available, fair value is based on either internally developed models that primarily use, as inputs, market-based or independently sourced market parameters, including but not limited to yield curves, interest rates and debt prices or with the assistance of an independent third-party using a discounted cash flow approach and the third party’s proprietary pricing models. In addition to market information, models also incorporate transaction details, such as maturity of the instrument and contractual features designed to reduce the Company’s credit exposure, such as collateral rights as applicable.
	Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, the Company’s creditworthiness and constraints on liquidity. As markets and products develop and the pricing for certain products becomes more or less transparent, the Company may refine its methodologies and assumptions. During First Quarter 2014, no changes were made to the Company’s valuation models that had or are expected to have, a material impact on the Company’s consolidated balance sheets or statements of operations and comprehensive income.
	The Company’s methods for calculating fair value produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
	The fair value hierarchy is determined based on whether the inputs to valuation techniques used to measure fair value are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Company estimates of market assumptions. The fair value hierarchy prioritizes model inputs into three broad levels as follows, with Level 1 being the highest and Level 3 the lowest. An asset or liability’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation.
	Level 1—Quoted prices for identical instruments in active markets. The Company generally defines an active market as a market in which trading occurs at significant volumes. Active markets generally are more liquid and have a lower bid-ask spread than an inactive market.
	Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and observable inputs other than quoted prices, such as interest rates or yield curves and other inputs derived from or corroborated by observable market inputs.
	Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation.
	Transfers between Levels 1, 2 and 3 are recognized at the end of the period when the transfer occurs. The Company reviews the classification between Levels 1, 2 and 3 quarterly to determine whether a transfer is necessary. During the periods presented, there were no transfers between Level 1, 2 and 3.
Consolidation, Variable Interest Entity	'
	As part of the terms of its financial guaranty contracts, the Company obtains certain protective rights with respect to the VIE that are triggered by the occurrence of certain events, such as failure to be in compliance with a covenant due to poor deal performance or a deterioration in a servicer or collateral manager's financial condition. At deal inception, the Company typically is not deemed to control a VIE; however, once a trigger event occurs, the Company's control of the VIE typically increases. The Company continuously evaluates its power to direct the activities that most significantly impact the economic performance of VIEs that have debt obligations insured by the Company and, accordingly, where the Company is obligated to absorb VIE losses or receive benefits that could potentially be significant to the VIE. The Company obtains protective rights under its insurance contracts that give the Company additional controls over a VIE if there is either deterioration of deal performance or in the financial health of the deal servicer. The Company is deemed to be the control party for certain VIEs under GAAP, typically when its protective rights give it the power to both terminate and replace the deal servicer, which are characteristics specific to the Company's financial guaranty contracts. If the protective rights that could make the Company the control party have not been triggered, then the VIE is not consolidated.

Outstanding_Exposure_Tables

Outstanding Exposure (Tables)	3 Months Ended
	Mar. 31, 2014
Outstanding Exposure Disclosure	'
Debt Service Outstanding	'
	Debt Service Outstanding
		Gross Debt Service						Net Debt Service
		Outstanding						Outstanding
		March 31,			December 31,			March 31,			December 31,
		2014			2013			2014			2013
		(in millions)
	Public finance	$	639,981		$	650,924		$	601,433		$	610,011
	Structured finance	81,195			86,456			75,535			80,524
	Total financial guaranty	$	721,176		$	737,380		$	676,968		$	690,535
Financial Guaranty Portfolio by Internal Rating	'
	Financial Guaranty Portfolio by Internal Rating
	As of March 31, 2014
			Public Finance					Public Finance					Structured Finance						Structured Finance				Total
			U.S.					Non-U.S.					U.S						Non-U.S
	Rating		Net Par			%		Net Par			%		Net Par			%			Net Par		%		Net Par		%
	Category		Outstanding					Outstanding					Outstanding						Outstanding				Outstanding
			(dollars in millions)
	AAA		$	4,658		1.3	%	$	1,020		2.9	%	$	29,868		53.9	%		$	8,856	68.2	%	$	44,402	9.9	%
	AA		104,577			30.2		427			1.2		9,396			17			570		4.4		114,970		25.6
	A		187,433			54.1		9,595			27.6		2,340			4.2			661		5.1		200,029		44.4
	BBB		40,783			11.8		22,173			63.7		3,496			6.3			1,829		14.1		68,281		15.2
	BIG		8,977			2.6		1,611			4.6		10,293			18.6			1,062		8.2		21,943		4.9
	Total net par outstanding (excluding loss mitigation bonds)		$	346,428		100	%	$	34,826		100	%	$	55,393		100	%		$	12,978	100	%	$	449,625	100	%
	Loss Mitigation Bonds		32					—					1,204						—				1,236
	Net Par Outstanding (including loss mitigation bonds)		$	346,460				$	34,826				$	56,597					$	12,978			$	450,861
	Financial Guaranty Portfolio by Internal Rating
	As of December 31, 2013
			Public Finance					Public Finance					Structured Finance						Structured Finance				Total
			U.S.					Non-U.S.					U.S						Non-U.S
	Rating		Net Par			%		Net Par			%		Net Par			%			Net Par		%		Net Par		%
	Category		Outstanding					Outstanding					Outstanding						Outstanding				Outstanding
			(dollars in millions)
	AAA		$	4,998		1.4	%	$	1,016		3	%	$	32,317		54.9	%		$	9,684	69.1	%	$	48,015	10.5	%
	AA		107,503			30.5		422			1.2		9,431			16			577		4.1		117,933		25.7
	A		192,841			54.8		9,453			27.9		2,580			4.4			742		5.3		205,616		44.8
	BBB		37,745			10.7		21,499			63.2		3,815			6.4			1,946		13.9		65,005		14.1
	BIG		9,094			2.6		1,608			4.7		10,764			18.3			1,072		7.6		22,538		4.9
	Total net par outstanding (excluding loss mitigation bonds)		$	352,181		100	%	$	33,998		100	%	$	58,907		100	%		$	14,021	100	%	$	459,107	100	%
	Loss Mitigation Bonds		32					—					1,163						—				1,195
	Net Par Outstanding (including loss mitigation bonds)		$	352,213				$	33,998				$	60,070					$	14,021			$	460,302
Financial Guaranty Exposures (Insurance and Credit Derivative Form)	'
	(Insurance and Credit Derivative Form)
	As of March 31, 2014
		BIG Net Par Outstanding												Net Par			BIG Net Par as
																	a % of Total Net Par
		BIG 1			BIG 2			BIG 3			Total BIG			Outstanding			Outstanding
								(in millions)
	First lien U.S. RMBS:
	Prime first lien	$	77		$	289		$	29		$	395		$	528		0.1	%
	Alt-A first lien	703			787			1,223			2,713			3,478			0.6
	Option ARM	66			59			440			565			877			0.1
	Subprime	227			860			769			1,856			5,921			0.4
	Second lien U.S. RMBS:
	Closed-end second lien	8			19			116			143			239			0
	Home equity lines of credit (“HELOCs”)	1,480			19			235			1,734			1,982			0.4
	Total U.S. RMBS	2,561			2,033			2,812			7,406			13,025			1.6
	Trust preferred securities (“TruPS”)	1,235			343			—			1,578			4,826			0.4
	Other structured finance	1,348			304			719			2,371			50,520			0.5
	U.S. public finance	8,117			419			441			8,977			346,428			2
	Non-U.S. public finance	989			622			—			1,611			34,826			0.4
	Total	$	14,250		$	3,721		$	3,972		$	21,943		$	449,625		4.9	%
	Components of BIG Net Par Outstanding
	(Insurance and Credit Derivative Form)
	As of December 31, 2013
		BIG Net Par Outstanding												Net Par			BIG Net Par as
																	a % of Total Net Par
		BIG 1			BIG 2			BIG 3			Total BIG			Outstanding			Outstanding
								(in millions)
	First lien U.S. RMBS:
	Prime first lien	$	52		$	321		$	30		$	403		$	541		0.1	%
	Alt-A first lien	656			1,137			935			2,728			3,590			0.6
	Option ARM	71			60			467			598			937			0.1
	Subprime	297			908			740			1,945			6,130			0.4
	Second lien U.S. RMBS:
	Closed-end second lien	8			20			118			146			244			0
	HELOCs	1,499			20			378			1,897			2,279			0.4
	Total U.S. RMBS	2,583			2,466			2,668			7,717			13,721			1.6
	TruPS	1,587			135			—			1,722			4,970			0.4
	Other structured finance	1,367			309			721			2,397			54,237			0.5
	U.S. public finance	8,205			440			449			9,094			352,181			2
	Non-U.S. public finance	1,009			599			—			1,608			33,998			0.4
	Total	$	14,751		$	3,949		$	3,838		$	22,538		$	459,107		4.9	%
Net Par Outstanding for Below Investment Grade Credits	'
	BIG Net Par Outstanding
	and Number of Risks
	As of March 31, 2014
			Net Par Outstanding									Number of Risks(2)
	Description		Financial			Credit			Total			Financial		Credit		Total
			Guaranty			Derivative						Guaranty		Derivative
			Insurance(1)									Insurance(1)
			(dollars in millions)
	BIG:
	Category 1		$	12,242		$	2,008		$	14,250		193		24		217
	Category 2		2,253			1,468			3,721			80		21		101
	Category 3		2,872			1,100			3,972			109		27		136
	Total BIG		$	17,367		$	4,576		$	21,943		382		72		454
	BIG Net Par Outstanding
	and Number of Risks
	As of December 31, 2013
			Net Par Outstanding									Number of Risks(2)
	Description		Financial			Credit			Total			Financial		Credit		Total
			Guaranty			Derivative						Guaranty		Derivative
			Insurance(1)									Insurance(1)
			(dollars in millions)
	BIG:
	Category 1		$	12,391		$	2,360		$	14,751		185		25		210
	Category 2		2,323			1,626			3,949			80		21		101
	Category 3		3,031			807			3,838			119		27		146
	Total BIG		$	17,745		$	4,793		$	22,538		384		73		457
	_____________________
	(1)    Includes net par outstanding for FG VIEs.
	-2	A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments.
Net Direct Economic Exposure to Selected European Countries	'
	Net Direct Economic Exposure to Selected European Countries(1)
	As of March 31, 2014
		Hungary (2)			Ireland			Italy			Portugal (2)			Spain (2)			Total
	Sovereign and sub-sovereign exposure:
	Non-infrastructure public finance (3)	$	—		$	—		$	1,026		$	98		$	274		$	1,398
	Infrastructure finance	370			—			18			12			156			556
	Sub-total	370			—			1,044			110			430			1,954
	Non-sovereign exposure:
	Regulated utilities	—			—			235			—			—			235
	RMBS	217			145			312			—			—			674
	Sub-total	217			145			547			—			—			909
	Total	$	587		$	145		$	1,591		$	110		$	430		$	2,863
	Total BIG	$	587		$	—		$	—		$	110		$	429		$	1,126
	____________________
	-1	While the Company’s exposures are shown in U.S. dollars, the obligations the Company insures are in various currencies, including U.S. dollars and Euros. Included in the table above is $145 million of reinsurance assumed on a 2004 - 2006 pool of Irish residential mortgages that is part of the Company’s remaining legacy mortgage reinsurance business. One of the residential mortgage-backed securities included in the table above includes residential mortgages in both Italy and Germany, and only the portion of the transaction equal to the portion of the original mortgage pool in Italian mortgages is shown in the table.
	-2	See Note 5, Expected Loss to be Paid.
	-3	The exposure shown in the “Non-infrastructure public finance” category is from transactions backed by receivable payments from sub-sovereigns in Italy, Spain and Portugal. Sub-sovereign debt is debt issued by a governmental entity or government backed entity, or supported by such an entity, that is other than direct sovereign debt of the ultimate governing body of the country.
Amortization Schedule of BIG Net Par Outstanding and BIG Net Debt Service Outstanding of Puerto Rico	'
	Amortization Schedule of BIG Net Par Outstanding
	and BIG Net Debt Service Outstanding of Puerto Rico
	As of March 31, 2014
			Estimated BIG Net Par Amortization			Estimated BIG Net Debt Service Amortization
			(in millions)
	2014 (April 1 - June 30)		$	—		$	64
	2014 (July 1 - September 30)		254			315
	2014 (October 1 - December 31)		—			61
	2015		364			601
	2016		289			509
	2017		208			415
	2018		159			358
	2019-2023		884			1,718
	2024-2028		937			1,566
	2029-2033		697			1,125
	After 2033		1,281			1,574
	Total		$	5,073		$	8,306

Financial_Guaranty_Insurance_P1

Financial Guaranty Insurance Premiums (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Guaranty Insurance Premiums [Abstract]	'
Financial Guaranty Insurance Contracts, Net Earned Premiums	'
	Net Earned Premiums
		First Quarter
		2014			2013
		(in millions)
	Scheduled net earned premiums	$	107		$	128
	Acceleration of net earned premiums	19			113
	Accretion of discount on net premiums receivable	6			7
	Net earned premiums(1)	$	132		$	248
	___________________
	-1	Excludes $17 million and $18 million for First Quarter 2014 and 2013, respectively, related to consolidated FG VIEs.
Financial Guaranty Insurance Contracts, Net Unearned Premium Reserve	'
	Components of Unearned Premium Reserve
		As of March 31, 2014									As of December 31, 2013
		Gross			Ceded			Net(1)			Gross			Ceded			Net(1)
		(in millions)
	Deferred premium revenue:
	Financial guaranty insurance	$	4,567		$	472		$	4,095		$	4,647		$	470		$	4,177
	Other	5			—			5			5			—			5
	Deferred premium revenue	$	4,572		$	472		$	4,100		$	4,652		$	470		$	4,182
	Contra-paid	(68		)	(18		)	(50		)	(57		)	(18		)	(39		)
	Unearned premium reserve	$	4,504		$	454		$	4,050		$	4,595		$	452		$	4,143
	____________________
	-1	Excludes $137 million and $187 million of deferred premium revenue, and $49 million and $55 million of contra-paid related to FG VIEs as of March 31, 2014 and December 31, 2013, respectively.
Financial Guaranty Insurance Contracts, Premium Receivable Activity	'
	Gross Premium Receivable,
	Net of Commissions on Assumed Business
	Roll Forward
		First Quarter
		2014			2013
		(in millions)
	Beginning of period, December 31	$	876		$	1,005
	Gross premium written, net of commissions on assumed business	33			17
	Gross premiums received, net of commissions on assumed business	(53		)	(53		)
	Adjustments:
	Changes in the expected term	(3		)	1
	Accretion of discount, net of commissions on assumed business	7			9
	Foreign exchange translation	2			(23		)
	Other adjustments	1			0
	End of period, March 31 (1)	$	863		$	956
	____________________
	-1	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.
Financial Guaranty Insurance Contracts, Premium Receivable Premium Expected to be Collected	'
	Expected Collections of
	Gross Premiums Receivable,
	Net of Commissions on Assumed Business
	(Undiscounted)
		As of
		31-Mar-14
		(in millions)
	2014 (April 1 - June 30)	$	46
	2014 (July 1 - September 30)	24
	2014 (October 1 – December 31)	26
	2015	95
	2016	86
	2017	79
	2018	71
	2019-2023	282
	2024-2028	176
	2029-2033	123
	After 2033	130
	Total(1)	$	1,138
	____________________
	-1	Excludes expected cash collections on FG VIEs of $23 million.
Schedule of Net Earned Premiums Financial Guaranty Contracts	'
	Scheduled Net Earned Premiums
		As of March 31, 2014
		(in millions)
	2014 (April 1 - June 30)	$	105
	2014 (July 1 - September 30)	103
	2014 (October 1–December 31)	99
	2015	359
	2016	335
	2017	297
	2018	271
	2019 - 2023	1,058
	2024 - 2028	676
	2029 - 2033	412
	After 2033	380
	Total present value basis(1)	4,095
	Discount	239
	Total future value	$	4,334
	____________________
	-1	Excludes scheduled net earned premiums on consolidated FG VIEs of $137 million.
Financial Guaranty Insurance Contracts, Policies Paid in Installments	'
	Selected Information for Policies Paid in Installments
		As of			As of
		31-Mar-14			31-Dec-13
		(dollars in millions)
	Premiums receivable, net of commission payable	$	863		$	876
	Gross deferred premium revenue	1,560			1,576
	Weighted-average risk-free rate used to discount premiums	3.5		%	3.4		%
	Weighted-average period of premiums receivable (in years)	9.4			9.4

Expected_Losses_to_be_Paid_Tab

Expected Losses to be Paid (Tables)	3 Months Ended
	Mar. 31, 2014
Expected Losses [Abstract]	'
Net Expected Loss to be Paid After Net Expected Recoveries for Breaches of R&W Rollforward	'
	Net Expected Loss to be Paid
	After Net Expected Recoveries for Breaches of R&W
	Roll Forward by Sector
	First Quarter 2014
		Net Expected				Economic Loss				(Paid)				Net Expected
		Loss to be				Development				Recovered				Loss to be
		Paid as of								Losses(1)				Paid as of
		December 31, 2013(2)												March 31, 2014(2)
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	21			$	(3	)		$	—			$	18
	Alt-A first lien	304				8				(4		)		308
	Option ARM	(9		)		(15		)		(4		)		(28		)
	Subprime	304				(7		)		(2		)		295
	Total first lien	620				(17		)		(10		)		593
	Second lien:
	Closed-end second lien	(11		)		5				2				(4		)
	HELOCs	(116		)		2				5				(109		)
	Total second lien	(127		)		7				7				(113		)
	Total U.S. RMBS	493				(10		)		(3		)		480
	TruPS	51				(19		)		—				32
	Other structured finance	120				19				(1		)		138
	U.S. public finance	264				23				(6		)		281
	Non-U.S public finance	57				—				—				57
	Other insurance	(3		)		(1		)		—				(4		)
	Total	$	982			$	12			$	(10	)		$	984
	Net Expected Loss to be Paid
	After Net Expected Recoveries for Breaches of R&W
	Roll Forward by Sector
	First Quarter 2013
		Net Expected				Economic Loss				(Paid)				Net Expected
		Loss to be				Development				Recovered				Loss to be
		Paid as of								Losses(1)				Paid as of
		31-Dec-12												March 31, 2013
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	6			$	6			$	(1	)		$	11
	Alt-A first lien	315				9				(11		)		313
	Option ARM	(131		)		(138		)		(58		)		(327		)
	Subprime	242				25				(4		)		263
	Total first lien	432				(98		)		(74		)		260
	Second lien:
	Closed-end second lien	(39		)		1				17				(21		)
	HELOCs	(111		)		(3		)		(8		)		(122		)
	Total second lien	(150		)		(2		)		9				(143		)
	Total U.S. RMBS	282				(100		)		(65		)		117
	TruPS	27				(3		)		(1		)		23
	Other structured finance	312				(2		)		(3		)		307
	U.S. public finance	7				7				(23		)		(9		)
	Non-U.S public finance	52				10				—				62
	Other insurance	(3		)		(10		)		—				(13		)
	Total	$	677			$	(98	)		$	(92	)		$	487
	____________________
	-1	Net of ceded paid losses, whether or not such amounts have been settled with reinsurers. Ceded paid losses are typically settled 45 days after the end of the reporting period. Such amounts are recorded in reinsurance recoverable on paid losses included in other assets.
	-2	Includes expected loss adjustment expenses ("LAE") to be paid for mitigating claim liabilities of $29 million as of March 31, 2014 and $34 million as of December 31, 2013. The Company paid $6 million and $13 million in LAE for First Quarter 2014 and 2013, respectively.
Net Expected Recoveries from Breaches of R&W Rollforward	'
	Net Expected Recoveries from
	Breaches of R&W Rollforward
	First Quarter 2014
		Future Net				R&W Development				R&W Recovered				Future Net
		R&W Benefit as of				and Accretion of				During First Quarter 2014(1)				R&W Benefit as of
		December 31, 2013				Discount								March 31, 2014
						During First Quarter 2014
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	4			$	(1	)		$	—			$	3
	Alt-A first lien	274				3				(8		)		269
	Option ARM	173				9				(30		)		152
	Subprime	118				28				—				146
	Total first lien	569				39				(38		)		570
	Second lien:
	Closed-end second lien	98				(3		)		—				95
	HELOC	45				12				(1		)		56
	Total second lien	143				9				(1		)		151
	Total	$	712			$	48			$	(39	)		$	721
	Net Expected Recoveries from
	Breaches of R&W Rollforward
	First Quarter 2013
		Future Net				R&W Development				R&W Recovered				Future Net
		R&W Benefit as of				and Accretion of				During First Quarter 2013(1)				R&W Benefit as of
		31-Dec-12				Discount								March 31, 2013
						During First Quarter 2013
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	4			$	—			$	—			$	4
	Alt-A first lien	378				(8		)		(8		)		362
	Option ARM	591				153				(54		)		690
	Subprime	109				4				—				113
	Total first lien	1,082				149				(62		)		1,169
	Second lien:
	Closed-end second lien	138				(9		)		(21		)		108
	HELOC	150				17				(6		)		161
	Total second lien	288				8				(27		)		269
	Total	$	1,370			$	157			$	(89	)		$	1,438
	____________________
	-1	Gross amounts recovered were $41 million and $92 million for First Quarter 2014 and 2013, respectively.
Net Expected Loss to be Paid by Accounting Model	'
	The following tables present the present value of net expected loss to be paid for all contracts by accounting model, by sector and after the benefit for estimated and contractual recoveries for breaches of R&W.
	Net Expected Loss to be Paid
	By Accounting Model
	As of March 31, 2014
		Financial				FG VIEs(1)				Credit				Total
		Guaranty								Derivatives
		Insurance
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	3			$	—			$	15			$	18
	Alt-A first lien	212				19				77				308
	Option ARM	(38		)		—				10				(28		)
	Subprime	140				80				75				295
	Total first lien	317				99				177				593
	Second lien:
	Closed-end second lien	(32		)		26				2				(4		)
	HELOCs	(92		)		(17		)		—				(109		)
	Total second lien	(124		)		9				2				(113		)
	Total U.S. RMBS	193				108				179				480
	TruPS	2				—				30				32
	Other structured finance	176				—				(38		)		138
	U.S. public finance	281				—				—				281
	Non-U.S. public finance	56				—				1				57
	Subtotal	$	708			$	108			$	172			988
	Other													(4		)
	Total													$	984
	Net Expected Loss to be Paid
	By Accounting Model
	As of December 31, 2013
		Financial				FG VIEs(1)				Credit				Total
		Guaranty								Derivatives
		Insurance
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	3			$	—			$	18			$	21
	Alt-A first lien	199				31				74				304
	Option ARM	(18		)		(2		)		11				(9		)
	Subprime	149				81				74				304
	Total first lien	333				110				177				620
	Second Lien:
	Closed-end second lien	(34		)		25				(2		)		(11		)
	HELOCs	(41		)		(75		)		—				(116		)
	Total second lien	(75		)		(50		)		(2		)		(127		)
	Total U.S. RMBS	258				60				175				493
	TruPS	3				—				48				51
	Other structured finance	161				—				(41		)		120
	U.S. public finance	264				—				—				264
	Non-U.S. public finance	55				—				2				57
	Subtotal	$	741			$	60			$	184			985
	Other													(3		)
	Total													$	982
	___________________
	(1)    Refer to Note 9, Consolidated Variable Interest Entities.
Net Economic Loss Development by Accounting Model	'
	The following tables present the net economic loss development for all contracts by accounting model, by sector and after the benefit for estimated and contractual recoveries for breaches of R&W.
	Net Economic Loss Development
	By Accounting Model
	First Quarter 2014
		Financial				FG VIEs(1)				Credit				Total
		Guaranty								Derivatives(2)
		Insurance
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	—			$	—			$	(3	)		$	(3	)
	Alt-A first lien	19				(12		)		1				8
	Option ARM	(16		)		1				—				(15		)
	Subprime	(8		)		(2		)		3				(7		)
	Total first lien	(5		)		(13		)		1				(17		)
	Second lien:
	Closed-end second lien	(1		)		2				4				5
	HELOCs	(56		)		58				—				2
	Total second lien	(57		)		60				4				7
	Total U.S. RMBS	(62		)		47				5				(10		)
	TruPS	(1		)		—				(18		)		(19		)
	Other structured finance	17				—				2				19
	U.S. public finance	23				—				—				23
	Non-U.S. public finance	—				—				—				—
	Subtotal	$	(23	)		$	47			$	(11	)		13
	Other													(1		)
	Total													$	12
	Net Economic Loss Development
	By Accounting Model
	First Quarter 2013
		Financial				FG VIEs(1)				Credit				Total
		Guaranty								Derivatives(2)
		Insurance
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	—			$	—			$	6			$	6
	Alt-A first lien	5				(1		)		5				9
	Option ARM	(93		)		(37		)		(8		)		(138		)
	Subprime	12				4				9				25
	Total first lien	(76		)		(34		)		12				(98		)
	Second lien:
	Closed-end second lien	5				(3		)		(1		)		1
	HELOCs	(7		)		4				—				(3		)
	Total second lien	(2		)		1				(1		)		(2		)
	Total U.S. RMBS	(78		)		(33		)		11				(100		)
	TruPS	0				—				(3		)		(3		)
	Other structured finance	(10		)		—				8				(2		)
	U.S. public finance	7				—				—				7
	Non-U.S. public finance	9				—				1				10
	Subtotal	$	(72	)		$	(33	)		$	17			(88		)
	Other													(10		)
	Total													$	(98	)
	_________________
	(1)    Refer to Note 9, Consolidated Variable Interest Entities.
	(2)    Refer to Note 8, Financial Guaranty Contracts Accounted for as Credit Derivatives.
Schedule of Estimated Expected Losses Assumptions First Lien RMBS	'
	Key Assumptions in Base Case Expected Loss Estimates
	First Lien RMBS(1)
		As of					As of
		31-Mar-14					31-Dec-13
	Alt-A First Lien
	Plateau CDR	2.3	%	–	18.40%		2.8	%	–	18.40%
	Intermediate CDR	0.5	%	–	3.70%		0.6	%	–	3.70%
	Period until intermediate CDR	48 months					48 months
	Final CDR	0.1	%	–	0.90%		0.1	%	–	0.90%
	Initial loss severity	65%					65%
	Initial conditional prepayment rate ("CPR")	0.9	%	–	33.90%		0	%	–	34.20%
	Final CPR	15%					15%
	Option ARM
	Plateau CDR	3.8	%	–	16.80%		4.9	%	–	16.80%
	Intermediate CDR	0.8	%	–	3.40%		1	%	–	3.40%
	Period until intermediate CDR	48 months					48 months
	Final CDR	0.2	%	–	0.80%		0.2	%	–	0.80%
	Initial loss severity	65%					65%
	Initial CPR	0.8	%	–	12.20%		0.4	%	–	13.10%
	Final CPR	15%					15%
	Subprime
	Plateau CDR	5.9	%	–	16.30%		5.6	%	–	16.20%
	Intermediate CDR	1.2	%	–	3.30%		1.1	%	–	3.20%
	Period until intermediate CDR	48 months					48 months
	Final CDR	0.3	%	–	0.80%		0.3	%	–	0.80%
	Initial loss severity	90%					90%
	Initial CPR	0	%	–	11.60%		0	%	–	15.70%
	Final CPR	15%					15%
	____________________
	(1)                                Represents variables for most heavily weighted scenario (the “base case”).
	First Lien Liquidation Rates
		31-Mar-14		31-Dec-13
	Current Loans Modified in Previous 12 Months
	Alt A and Prime	35%		35%
	Option ARM	35		35
	Subprime	35		35
	30 – 59 Days Delinquent
	Alt A and Prime	50		50
	Option ARM	50		50
	Subprime	45		45
	60 – 89 Days Delinquent
	Alt A and Prime	60		60
	Option ARM	65		65
	Subprime	50		50
	90+ Days Delinquent
	Alt A and Prime	75		75
	Option ARM	70		70
	Subprime	60		60
	Bankruptcy
	Alt A and Prime	60		60
	Option ARM	60		60
	Subprime	55		55
	Foreclosure
	Alt A and Prime	85		85
	Option ARM	80		80
	Subprime	70		70
	Real Estate Owned
	All	100		100
Schedule of Estimated Expected Losses Assumptions Second Lien RMBS	'
	Key Assumptions in Base Case Expected Loss Estimates
	Second Lien RMBS(1)
	HELOC key assumptions		As of					As of
			31-Mar-14					31-Dec-13
	Plateau CDR		1.9	%	–	7.30%		2.3	%	–	7.70%
	Final CDR trended down to		0.4	%	–	3.20%		0.4	%	–	3.20%
	Period until final CDR		34 months					34 months
	Initial CPR		2.3	%	–	21.00%		2.7	%	–	21.50%
	Final CPR		10%					10%
	Loss severity		98%					98%
	Closed-end second lien key assumptions		As of					As of
			31-Mar-14					31-Dec-13
	Plateau CDR		6.7	%	–	15.50%		7.3	%	–	15.10%
	Final CDR trended down to		3.5	%	–	9.10%		3.5	%	–	9.10%
	Period until final CDR		34 months					34 months
	Initial CPR		2.9	%	–	12.80%		3.1	%	–	12.00%
	Final CPR		10%					10%
	Loss severity		98%					98%
	____________________
	-1	Represents variables for most heavily weighted scenario (the “base case”).
Schedule of Representation and Warranty Reinsurance Agreement Amounts	'
		(in millions)
	Agreement amounts already received	$	2,716
	Agreement amounts projected to be received in the future	402
	Repurchase amounts paid into the relevant RMBS prior to settlement (1)	579
	Total R&W payments, gross of reinsurance	$	3,697
	____________________
	-1	These amounts were paid into the relevant RMBS transactions (rather than to the Company as in most settlements) and distributed in accordance with the priority of payments set out in the relevant transaction documents. Because the Company may insure only a portion of the capital structure of a transaction, such payments will not necessarily directly benefit the Company dollar-for-dollar, especially in first lien transactions.
Schedule of Representations and Warranties Agreements	'
	Representations and Warranties Agreements (1)
		Agreement Date		Current Net Par Covered				Receipts to March 31, 2014 (net of reinsurance)				Estimated Future Receipts (net of reinsurance)				Eligible Assets Held in Trust (gross of reinsurance)
		(in millions)
	Bank of America - First Lien	Apr-11		$	1,023			$	490			$	195			$	585
	Bank of America - Second Lien	Apr-11		1,335				968				NA				NA
	Deutsche Bank	May 2012 and October 2013		1,649				235				100				142
	UBS	May-13		778				410				33				147
	Others	Various		1,019				394				56				NA
	Total			$	5,804			$	2,497			$	384			$	874
	____________________
	-1	This table relates to past and projected future recoveries under R&W and related agreements. Excluded from this table is the $337 million of future net recoveries the Company projects receiving from R&W counterparties in transactions with $1,379 million of net par outstanding as of March 31, 2014 not covered by current agreements. Also excluded from this table is $773 million of net par partially covered by agreements but for which the Company projects receiving additional amounts.
Schedule of Insured Financial Obligations with Credit Deterioration Estimated Benefit from Recoveries of Representation and Warranty Breaches Risks	'
	U.S. RMBS Risks with R&W Benefit
		Number of Risks (1) as of						Debt Service as of
		March 31, 2014			December 31, 2013			March 31, 2014				December 31, 2013
								(dollars in millions)
	Prime first lien	1			1			$	36			$	38
	Alt-A first lien	20			19			2,791				2,856
	Option ARM	10			9			589				641
	Subprime	5			5			985				998
	Closed-end second lien	4			4			155				158
	HELOC	5			4			141				320
	Total	45			42			$	4,697			$	5,011
	____________________
	(1)                                 A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.
Schedule of Insured Financial Obligations with Credit Deterioration, Estimated Benefit from Recoveries of Representation and Warranty Breaches Development and Accretion	'
	The following table provides a breakdown of the development and accretion amount in the roll forward of estimated recoveries associated with alleged breaches of R&W.
	Components of R&W Development
		First Quarter
		2014				2013
		(in millions)
	Change in recovery assumptions as the result of additional file review and recovery success	$	10			$	11
	Estimated increase (decrease) in defaults that will result in additional (lower) breaches	0				1
	Settlements and anticipated settlements	35				142
	Accretion of discount on balance	3				3
	Total	$	48			$	157

Financial_Guaranty_Insurance_L1

Financial Guaranty Insurance Losses (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Guaranty Insurance Losses [Abstract]	'
Loss and LAE Reserve, Net of Reinsurance and Salvage and Subrogation Recoverable	'
	The following table provides balance sheet information on loss and LAE reserves and salvage and subrogation recoverable, net of reinsurance.
	Loss and LAE Reserve and Salvage and Subrogation Recoverable
	Net of Reinsurance
	Insurance Contracts
		As of March 31, 2014									As of December 31, 2013
		Loss and			Salvage and			Net Reserve (Recoverable)			Loss and			Salvage and			Net Reserve (Recoverable)
		LAE			Subrogation						LAE			Subrogation
		Reserve, net			Recoverable, net						Reserve, net			Recoverable, net
		(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	3		$	—		$	3		$	3		$	—		$	3
	Alt-A first lien	112			—			112			108			—			108
	Option ARM	19			57			(38		)	22			47			(25		)
	Subprime	135			1			134			143			2			141
	First lien	269			58			211			276			49			227
	Second lien:
	Closed-end second lien	5			43			(38		)	5			45			(40		)
	HELOC	6			117			(111		)	5			127			(122		)
	Second lien	11			160			(149		)	10			172			(162		)
	Total U.S. RMBS	280			218			62			286			221			65
	TruPS	1			—			1			2			—			2
	Other structured finance	159			5			154			145			6			139
	U.S. public finance	212			8			204			189			8			181
	Non-U.S. public finance	36			—			36			35			—			35
	Financial guaranty	688			231			457			657			235			422
	Other	1			5			(4		)	2			5			(3		)
	Subtotal	689			236			453			659			240			419
	Effect of consolidating FG VIEs	(90		)	(17		)	(73		)	(103		)	(85		)	(18		)
	Total (1)	$	599		$	219		$	380		$	556		$	155		$	401
	____________________
	-1	See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
Components of Net Reserves (Salvage)	'
	The following table reconciles the reported gross and ceded reserve and salvage and subrogation amount to the financial guaranty net reserves (salvage) in the financial guaranty BIG transaction loss summary tables.
	Components of Net Reserves (Salvage)
	Insurance Contracts
		As of			As of
		31-Mar-14			31-Dec-13
		(in millions)
	Loss and LAE reserve	$	636		$	592
	Reinsurance recoverable on unpaid losses	(37		)	(36		)
	Loss and LAE reserve, net	599			556
	Salvage and subrogation recoverable	(241		)	(174		)
	Salvage and subrogation payable(1)	22			19
	Salvage and subrogation recoverable, net	(219		)	(155		)
	Subtotal	380			401
	Other recoverables(2)	(17		)	(15		)
	Net reserves (salvage)	363			386
	Less: other (non-financial guaranty business)	(4		)	(3		)
	Net reserves (salvage)	$	367		$	389
	____________________
	-1	Recorded as a component of reinsurance balances payable.
	-2	R&W recoverables recorded in other assets on the consolidated balance sheet.
Balance Sheet Classification of R&W benefits, Net of Reinsurance	'
	Balance Sheet Classification of
	Net Expected Recoveries for Breaches of R&W
	Insurance Contracts
		As of March 31, 2014									As of December 31, 2013
		For all			Effect of			Reported on			For all			Effect of			Reported on
		Financial			Consolidating			Balance Sheet(1)			Financial			Consolidating			Balance Sheet(1)
		Guaranty			FG VIEs						Guaranty			FG VIEs
		Insurance									Insurance
		Contracts									Contracts
		(in millions)
	Salvage and subrogation recoverable, net	$	126		$	—		$	126		$	122		$	(49	)	$	73
	Loss and LAE reserve, net	378			(14		)	364			363			(24		)	339
	____________________
	-1	The remaining benefit for R&W is either recorded at fair value in FG VIE assets, or not recorded on the balance sheet until the total loss, net of R&W, exceeds unearned premium reserve.
Reconciliation of Net Expected Loss to be Paid and Net Expected Loss to be Expensed	'
	Reconciliation of Net Expected Loss to be Paid and
	Net Expected Loss to be Expensed
	Financial Guaranty Insurance Contracts
		As of
		31-Mar-14
		(in millions)
	Net expected loss to be paid	$	816
	Less: net expected loss to be paid for FG VIEs	108
	Total	708
	Contra-paid, net	50
	Salvage and subrogation recoverable, net of reinsurance	214
	Loss and LAE reserve, net of reinsurance	(598		)
	Other recoveries (1)	17
	Net expected loss to be expensed (2)	$	391
	____________________
	-1	R&W recoverables recorded in other assets on the consolidated balance sheet.
	-2	Excludes $84 million as of March 31, 2014, related to consolidated FG VIEs.
Net Expected Loss to be Expensed Insurance Contracts	'
	The following table provides a schedule of the expected timing of net expected losses to be expensed. The amount and timing of actual loss and LAE may differ from the estimates shown below due to factors such as refundings, accelerations, commutations, changes in expected lives and updates to loss estimates. This table excludes amounts related to FG VIEs, which are eliminated in consolidation.
	Net Expected Loss to be Expensed
	Insurance Contracts
		As of March 31, 2014
		(in millions)
	2014 (April 1– June 30)	$	12
	2014 (July 1– September 30)	11
	2014 (October 1–December 31)	10
	2015	42
	2016	38
	2017	31
	2018	28
	2019 - 2023	98
	2024 - 2028	57
	2029 - 2033	37
	After 2033	27
	Net expected loss to be expensed(1)	391
	Discount	419
	Total future value	$	810
	____________________
	-1	Consolidation of FG VIEs resulted in reductions of $84 million in net expected loss to be expensed which is on a present value basis.
Loss and LAE Reported on the Consolidated Statements of Operations	'
	The following table presents the loss and LAE recorded in the consolidated statements of operations by sector for insurance contracts. Amounts presented are net of reinsurance.
	Loss and LAE
	Reported on the
	Consolidated Statements of Operations
		First Quarter
		2014			2013
	Structured Finance:	(in millions)
	U.S. RMBS:
	First lien:
	Prime first lien	$	0		$	—
	Alt-A first lien	7			9
	Option ARM	(8		)	(83		)
	Subprime	(8		)	11
	First lien	(9		)	(63		)
	Second lien:
	Closed-end second lien	—			20
	HELOC	8			3
	Second lien	8			23
	Total U.S. RMBS	(1		)	(40		)
	TruPS	(1		)	—
	Other structured finance	16			(12		)
	Structured finance	14			(52		)
	Public Finance:
	U.S. public finance	26			(4		)
	Non-U.S. public finance	1			1
	Public finance	27			(3		)
	Subtotal	41			(55		)
	Other	(1		)	—
	Loss and LAE insurance contracts before FG VIE consolidation	40			(55		)
	Effect of consolidating FG VIEs	1			7
	Loss and LAE	$	41		$	(48	)
Financial Guaranty Insurance BIG Transaction Loss Summary	'
	The following table provides information on financial guaranty insurance contracts categorized as BIG.
	Financial Guaranty Insurance
	BIG Transaction Loss Summary
	As of March 31, 2014
		BIG  Categories
		BIG 1						BIG 2						BIG 3						Total			Effect of			Total
																				BIG, Net			Consolidating
		Gross			Ceded			Gross			Ceded			Gross			Ceded						FG VIEs
		(dollars in millions)
	Number of risks(1)	193			(74		)	80			(23		)	109			(32		)	382			—			382
	Remaining weighted-average contract period (in years)	10.2			7.9			8.3			5.6			10			8.5			10.4			—			10.4
	Outstanding exposure:
	Principal	$	14,981		$	(2,739	)	$	2,412		$	(159	)	$	2,980		$	(108	)	$	17,367		$	—		$	17,367
	Interest	7,836			(1,107		)	1,139			(52		)	1,197			(40		)	8,973			—			8,973
	Total(2)	$	22,817		$	(3,846	)	$	3,551		$	(211	)	$	4,177		$	(148	)	$	26,340		$	—		$	26,340
	Expected cash outflows (inflows)	$	1,901		$	(528	)	$	727		$	(33	)	$	1,695		$	(59	)	$	3,703		$	(358	)	$	3,345
	Potential recoveries
	Undiscounted R&W	(174		)	10			(108		)	4			(374		)	14			(628		)	15			(613		)
	Other(3)	(1,780		)	506			(255		)	17			(302		)	18			(1,796		)	191			(1,605		)
	Total potential recoveries	(1,954		)	516			(363		)	21			(676		)	32			(2,424		)	206			(2,218		)
	Subtotal	(53		)	(12		)	364			(12		)	1,019			(27		)	1,279			(152		)	1,127
	Discount	13			1			(120		)	3			(366		)	6			(463		)	44			(419		)
	Present value of expected cash flows	$	(40	)	$	(11	)	$	244		$	(9	)	$	653		$	(21	)	$	816		$	(108	)	$	708
	Deferred premium revenue	$	521		$	(93	)	$	148		$	(7	)	$	262		$	(17	)	$	814		$	(128	)	$	686
	Reserves (salvage)(4)	$	(137	)	$	5		$	133		$	(5	)	$	458		$	(14	)	$	440		$	(73	)	$	367
	Financial Guaranty Insurance
	BIG Transaction Loss Summary
	As of December 31, 2013
		BIG Categories
		BIG 1						BIG 2						BIG 3						Total			Effect of			Total
																				BIG, Net			Consolidating
		Gross			Ceded			Gross			Ceded			Gross			Ceded						FG VIEs
		(dollars in millions)
	Number of risks(1)	185			(72		)	80			(24		)	119			(34		)	384			—			384
	Remaining weighted-average contract period (in years)	10.5			8.1			8.3			5.9			9.8			7.2			10.5			—			10.5
	Outstanding exposure:
	Principal	$	15,132		$	(2,741	)	$	2,483		$	(160	)	$	3,189		$	(158	)	$	17,745		$	—		$	17,745
	Interest	8,114			(1,144		)	1,181			(53		)	1,244			(52		)	9,290			—			9,290
	Total(2)	$	23,246		$	(3,885	)	$	3,664		$	(213	)	$	4,433		$	(210	)	$	27,035		$	—		$	27,035
	Expected cash outflows (inflows)	$	1,853		$	(528	)	$	1,038		$	(40	)	$	1,681		$	(62	)	$	3,942		$	(690	)	$	3,252
	Potential recoveries
	Undiscounted R&W	(105		)	1			(201		)	8			(356		)	13			(640		)	72			(568		)
	Other(3)	(1,774		)	513			(470		)	19			(351		)	19			(2,044		)	507			(1,537		)
	Total potential recoveries	(1,879		)	514			(671		)	27			(707		)	32			(2,684		)	579			(2,105		)
	Subtotal	(26		)	(14		)	367			(13		)	974			(30		)	1,258			(111		)	1,147
	Discount	13			—			(126		)	3			(352		)	5			(457		)	51			(406		)
	Present value of expected cash flows	$	(13	)	$	(14	)	$	241		$	(10	)	$	622		$	(25	)	$	801		$	(60	)	$	741
	Deferred premium revenue	$	517		$	(90	)	$	163		$	(7	)	$	303		$	(27	)	$	859		$	(178	)	$	681
	Reserves (salvage)(4)	$	(114	)	$	1		$	117		$	(4	)	$	420		$	(13	)	$	407		$	(18	)	$	389
	____________________
	-1	The ceded number of risks represents the number of risks for which the Company ceded a portion of its exposure.
	-2	Includes BIG amounts related to FG VIEs.
	-3	Includes excess spread and draws on HELOCs.
	-4	See table “Components of net reserves (salvage).”

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Information by Credit Spread Type	'
	Information by Credit Spread Type (1)
		As of			As of
		31-Mar-14			31-Dec-13
	Based on actual collateral specific spreads	6	%		6	%
	Based on market indices	88	%		88	%
	Provided by the CDS counterparty	6	%		6	%
	Total	100	%		100	%
	____________________
	(1)    Based on par.
Schedule of example effects of change in gross spreads, company's own credit spread and cost to buy protection on the on the Company affect the amount of premium the company can demand for credit protection	'
		Scenario 1						Scenario 2
		bps			% of Total			bps			% of Total
	Original gross spread/cash bond price (in bps)	185						500
	Bank profit (in bps)	115			62	%		50			10	%
	Hedge cost (in bps)	30			16	%		440			88	%
	The premium the Company receives per annum (in bps)	40			22	%		10			2	%
Fair Value Hierarchy of Financial Instruments Carried at Fair Value	'
	Fair Value Hierarchy of Financial Instruments Carried at Fair Value
	As of March 31, 2014
						Fair Value Hierarchy
		Fair Value				Level 1				Level 2				Level 3
		(in millions)
	Assets:
	Investment portfolio, available-for-sale:
	Fixed-maturity securities
	Obligations of state and political subdivisions	$	5,249			$	—			$	5,211			$	38
	U.S. government and agencies	701				—				701				—
	Corporate securities	1,427				—				1,289				138
	Mortgage-backed securities:
	RMBS	1,171				—				812				359
	Commercial mortgage-backed securities ("CMBS")	670				—				670				—
	Asset-backed securities	554				—				302				252
	Foreign government securities	322				—				322				—
	Total fixed-maturity securities	10,094				—				9,307				787
	Short-term investments	720				438				282				—
	Other invested assets (1)	94				—				40				54
	Credit derivative assets	78				—				—				78
	FG VIEs’ assets, at fair value	1,257				—				—				1,257
	Other assets	77				29				11				37
	Total assets carried at fair value	$	12,320			$	467			$	9,640			$	2,213
	Liabilities:
	Credit derivative liabilities	$	2,001			$	—			$	—			$	2,001
	FG VIEs’ liabilities with recourse, at fair value	1,346				—				—				1,346
	FG VIEs’ liabilities without recourse, at fair value	101				—				—				101
	Total liabilities carried at fair value	$	3,448			$	—			$	—			$	3,448
	Fair Value Hierarchy of Financial Instruments Carried at Fair Value
	As of December 31, 2013
						Fair Value Hierarchy
		Fair Value				Level 1				Level 2				Level 3
		(in millions)
	Assets:
	Investment portfolio, available-for-sale:
	Fixed-maturity securities
	Obligations of state and political subdivisions	$	5,079			$	—			$	5,043			$	36
	U.S. government and agencies	700				—				700				—
	Corporate securities	1,340				—				1,204				136
	Mortgage-backed securities:
	RMBS	1,122				—				832				290
	CMBS	549				—				549				—
	Asset-backed securities	608				—				340				268
	Foreign government securities	313				—				313				—
	Total fixed-maturity securities	9,711				—				8,981				730
	Short-term investments	904				506				398				—
	Other invested assets (1)	127				—				119				8
	Credit derivative assets	94				—				—				94
	FG VIEs’ assets, at fair value	2,565				—				—				2,565
	Other assets	84				27				11				46
	Total assets carried at fair value	$	13,485			$	533			$	9,509			$	3,443
	Liabilities:
	Credit derivative liabilities	$	1,787			$	—			$	—			$	1,787
	FG VIEs’ liabilities with recourse, at fair value	1,790				—				—				1,790
	FG VIEs’ liabilities without recourse, at fair value	1,081				—				—				1,081
	Total liabilities carried at fair value	$	4,658			$	—			$	—			$	4,658
	____________________
	-1	Includes Level 3 mortgage loans that are recorded at fair value on a non-recurring basis.
Fair Value Level 3 Roll Forward	'
	The table below presents a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during First Quarter 2014 and 2013.
	Fair Value Level 3 Rollforward
	Recurring Basis
	First Quarter 2014
		Fixed-Maturity Securities
		Obligations					Corporate Securities					RMBS					Asset-					Other					FG VIEs’					Other					Credit					FG VIEs' Liabilities					FG VIEs’ Liabilities
		of State and															Backed					Invested					Assets at					Assets					Derivative					with					without
		Political															Securities					Assets					Fair										Asset					Recourse,					Recourse,
		Subdivisions																									Value										(Liability),					at Fair					at Fair
																																					net(5)					Value					Value
		(in millions)
	Fair value as of December 31, 2013	$	36				$	136				$	290				$	268				$	2				$	2,565				$	46				$	(1,693	)			$	(1,790	)			$	(1,081	)
	Total pretax realized and unrealized gains/(losses) recorded in:(1)
	Net income (loss)	1			(2	)	3			(2	)	4			(2	)	7			(2	)	—					82			(3	)	(9		)	(4	)	(211		)	(6	)	(72		)	(3	)	(9		)	(3	)
	Other comprehensive income (loss)	1					4					14					8					1					—					—					—					—					—
	Purchases	—					—					53					—					45			(8	)	—					—					—					—					—
	Settlements	—					(5		)			(15		)			(31		)			0					(286		)			—					(19		)			269					12
	FG VIE consolidations	—					—					—					—					—					—					—					—					—					—
	FG VIE deconsolidations	—					—					13					—					—					(1,104		)			—					—					247					977
	Fair value as of March 31, 2014	$	38				$	138				$	359				$	252				$	48				$	1,257				$	37				$	(1,923	)			$	(1,346	)			$	(101	)
	Change in unrealized gains/(losses) related to financial instruments held as of March 31, 2014	$	1				$	4				$	15				$	7				$	1				$	25				$	(9	)			$	(232	)			$	(28	)			$	(10	)
	Fair Value Level 3 Rollforward
	Recurring Basis
	First Quarter 2013
		Fixed-Maturity Securities
		Obligations					RMBS					Asset-					Other					FG VIEs’					Other					Credit					FG VIEs' Liabilities					FG VIEs’ Liabilities
		of State and										Backed					Invested					Assets at					Assets					Derivative					with					without
		Political										Securities					Assets					Fair										Asset					Recourse,					Recourse,
		Subdivisions																				Value										(Liability),					at Fair					at Fair
																																net(5)					Value					Value
		(in millions)
	Fair value as of December 31, 2012	$	35				$	219				$	306				$	1				$	2,688				$	36				$	(1,793	)			$	(2,090	)			$	(1,051	)
	Total pretax realized and unrealized gains/(losses) recorded in:(1)
	Net income (loss)	1			(2	)	5			(2	)	4			(2	)	0			(7	)	215			(3	)	(10		)	(4	)	(592		)	(6	)	(81		)	(3	)	(74		)	(3	)
	Other comprehensive income (loss)	0					7					(22		)			0					—					—					—					—					—
	Purchases	—					3					—					—					—					—					—					—					—
	Settlements	(1		)			(11		)			(2		)			—					(138		)			—					(8		)			112					55
	FG VIE consolidations	—					(2		)			—					—					48					—					—					(12		)			(37		)
	Fair value as of March 31, 2013	$	35				$	221				$	286				$	1				$	2,813				$	26				$	(2,393	)			$	(2,071	)			$	(1,107	)
	Change in unrealized gains/(losses) related to financial instruments held as of March 31, 2013	$	0				$	9				$	(22	)			$	0				$	199				$	(10	)			$	(611	)			$	(83	)			$	(94	)
	______________
	-1	Realized and unrealized gains (losses) from changes in values of Level 3 financial instruments represent gains (losses) from changes in values of those financial instruments only for the periods in which the instruments were classified as Level 3.
	-2	Included in net realized investment gains (losses) and net investment income.
	-3	Included in fair value gains (losses) on FG VIEs.
	-4	Recorded in fair value gains (losses) on CCS.
	-5	Represents net position of credit derivatives. The consolidated balance sheet presents gross assets and liabilities based on net counterparty exposure.
	-6	Reported in net change in fair value of credit derivatives.
	-7	Reported in other income.
	(8)    Non cash transaction.
Schedule of Quantitative Information About Level 3 Fair Value Measurements	'
	Quantitative Information About Level 3 Fair Value Inputs
	At March 31, 2014
	Financial Instrument Description		Fair Value at				Valuation		Significant Unobservable Inputs		Range
			March 31, 2014				Technique
			(in millions)
	Assets:
	Fixed-maturity securities:
	Obligations of state and political subdivisions		$	38			Discounted		Rate of inflation		1		%	-	3.00%
							cash flow		Cash flow receipts		0.5		%	-	62.30%
									Yield		4.6		%		9.00%
									Collateral recovery period		4 months			-	34 years
	Corporate		138				Discounted		Yield		8.00%
							cash flow
	RMBS		359				Discounted		CPR		0.3		%	-	15.80%
							cash flow		CDR		4.1		%	-	25.80%
									Severity		48.1		%	-	101.80%
									Yield		2.6		%	-	8.70%
	Asset-backed securities:
	Investor owned utility		119				Discounted cash flow		Liquidation value (in millions)			$177		-	$274
									Years to liquidation		0 years			-	3 years
									Collateral recovery period		9 months			-	5 years
									Discount factor		7.00%
	XXX life insurance transactions		133				Discounted		Yield		12.50%
							cash flow
	Other invested assets		54				Discounted cash flow		Discount for lack of liquidity		10		%	-	20.00%
									Recovery on delinquent loans		20		%	-	60.00%
									Default rates		0		%	-	10.00%
									Loss severity		40		%	-	90.00%
									Prepayment speeds		6		%	-	15.00%
									Net asset value (per share)		$	1,010			$1,020
	FG VIEs’ assets, at fair value		1,257				Discounted		CPR		0.3		%	-	11.80%
							cash flow		CDR		3		%	-	25.80%
									Loss severity		38.1		%	-	102.00%
									Yield		3.5		%	-	12.00%
	Financial Instrument Description		Fair Value at			Valuation		Significant Unobservable Inputs		Range
			March 31, 2014			Technique
			(in millions)
	Other assets		37			Discounted cash flow		Quotes from third party pricing		$	53		-	$57
								Term (years)		5 years
	Liabilities:
	Credit derivative liabilities, net		(1,923	)		Discounted		Year 1 loss estimates		0		%	-	48.00%
						cash flow		Hedge cost (in bps)		13.8			-	305
								Bank profit (in bps)		1			-	1,435.50
								Internal floor (in bps)		7			-	100
								Internal credit rating		AAA			-	CCC
	FG VIEs’ liabilities, at fair value		(1,447	)		Discounted		CPR		0.3		%	-	11.80%
						cash flow		CDR		3		%	-	25.80%
								Loss severity		38.1		%	-	102.00%
								Yield		3.5		%	-	12.00%
	Quantitative Information About Level 3 Fair Value Inputs
	At December 31, 2013
	Financial Instrument Description		Fair Value at				Valuation		Significant Unobservable Inputs		Range
			December 31, 2013				Technique
			(in millions)
	Assets:
	Fixed-maturity securities:
	Obligations of state and political subdivisions		$	36			Discounted		Rate of inflation		1		%	-	3.00%
							cash flow		Cash flow receipts		0.5		%	-	60.90%
									Discount rates		4.6		%		9.00%
									Collateral recovery period		1 month			-	10 years
	Corporate securities		136				Discounted		Yield		8.30%
							cash flow
	RMBS		290				Discounted		CPR		1		%	-	15.80%
						cash flow		CDR		5		%	-	25.80%
								Severity		48.1		%	-	102.50%
								Yield		2.5		%	-	9.40%
Asset-backed securities:
Investor owned utility		141				Discounted cash flow		Liquidation value (in millions)			$195		-	$245
								Years to liquidation		0 years			-	3 years
								Collateral recovery period		12 months				6 years
								Discount factor		15.30%
XXX life insurance transactions		127				Discounted		Yield		12.50%
						cash flow
Other invested assets		8				Discounted cash flow		Discount for lack of liquidity		10		%	-	20.00%
								Recovery on delinquent loans		20		%	-	60.00%
								Default rates		1		%	-	10.00%
								Loss severity		40		%	-	90.00%
								Prepayment speeds		6		%	-	15.00%
FG VIEs’ assets, at fair value		2,565				Discounted		CPR		0.3		%	-	11.80%
						cash flow		CDR		3		%	-	25.80%
								Loss severity		37.5		%	-	102.00%
								Yield		3.5		%	-	10.20%
Financial Instrument Description		Fair Value at			Valuation		Significant Unobservable Inputs		Range
		December 31, 2013			Technique
		(in millions)
Other assets		46			Discounted cash flow		Quotes from third party pricing		$47		-	$53
							Term (years)		5 years
Liabilities:
Credit derivative liabilities, net		(1,693	)		Discounted		Year 1 loss estimates		0	%	-	48.00%
					cash flow		Hedge cost (in bps)		46.3		-	525
							Bank profit (in bps)		1		-	1,418.50
							Internal floor (in bps)		7		-	100
							Internal credit rating		AAA		-	BIG
FG VIEs’ liabilities, at fair value		(2,871	)		Discounted		CPR		0.3	%	-	11.80%
					cash flow		CDR		3	%	-	25.80%
							Loss severity		37.5	%	-	102.00%
							Yield		3.5	%	-	10.20%
T
Fair Value of Financial Instruments	'
	The carrying amount and estimated fair value of the Company’s financial instruments are presented in the following table.
	Fair Value of Financial Instruments
		As of								As of
		31-Mar-14								31-Dec-13
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
		(in millions)
	Assets:
	Fixed-maturity securities	$	10,094			$	10,094			$	9,711			$	9,711
	Short-term investments	720				720				904				904
	Other invested assets	113				116				147				155
	Credit derivative assets	78				78				94				94
	FG VIEs’ assets, at fair value	1,257				1,257				2,565				2,565
	Other assets	181				181				179				179
	Liabilities:
	Financial guaranty insurance contracts(1)	3,693				5,644				3,783				5,128
	Long-term debt	812				1,050				816				970
	Credit derivative liabilities	2,001				2,001				1,787				1,787
	FG VIEs’ liabilities with recourse, at fair value	1,346				1,346				1,790				1,790
	FG VIEs’ liabilities without recourse, at fair value	101				101				1,081				1,081
	Other liabilities	62				62				36				36
	____________________
	-1	Carrying amount includes the assets and liabilities related to financial guaranty insurance contract premiums, losses, and salvage and subrogation and other recoverables net of reinsurance.

Financial_Guaranty_Contracts_A1

Financial Guaranty Contracts Accounted for as Credit Derivatives (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Credit Derivatives Net Par Outstanding	'
	Credit Derivatives
	Subordination and Ratings
			As of March 31, 2014												As of December 31, 2013
	Asset Type		Net Par				Original			Current			Weighted		Net Par			Original		Current		Weighted
			Outstanding				Subordination(1)			Subordination(1)			Average		Outstanding			Subordination(1)		Subordination(1)		Average
													Credit									Credit
													Rating									Rating
			(dollars in millions)
	Pooled corporate obligations:
	Collateralized loan obligation/collateral bond obligations		$	17,634			32.4	%		36.1	%		AAA		$	19,323		32.4	%	34	%	AAA
	Synthetic investment grade pooled corporate		9,759				21.6			20.3			AAA		9,754			21.6		20		AAA
	Synthetic high yield pooled corporate		2,690				47.2			41.3			AAA		2,690			47.2		41.1		AAA
	TruPS CDOs		3,436				45.4			33.7			BB		3,554			45.5		32.9		BB+
	Market value CDOs of corporate obligations		1,807				23.6			30.6			AAA		2,000			24.4		30.5		AAA
	Total pooled corporate obligations		35,326				31.4			31.6			AAA		37,321			31.5		30.6		AAA
	U.S. RMBS:
	Option ARM and Alt-A first lien		2,520				19.1			7.6			BB-		2,609			19.2		8.6		BB-
	Subprime first lien		2,837				30.6			51.3			AA-		2,930			30.5		51.9		AA-
	Prime first lien		258				10.9			1.8			CCC		264			10.9		3.2		CCC
	Closed-end second lien and HELOCs		22				—			—			B-		23			—		—		B+
	Total U.S. RMBS		5,637				24.4			29.2			BBB		5,826			24.4		30.1		BBB
	CMBS		2,822				33.5			42.5			AAA		3,744			33.5		42.5		AAA
	Other		7,533				—			—			A-		7,591			—		—		A-
	Total		$	51,318									AA+		$	54,482						AA+
	____________________
	-1	Represents the sum of subordinate tranches and over-collateralization and does not include any benefit from excess interest collections that may be used to absorb losses.
Distribution of Credit Derivative Net Par Outstanding by Internal Rating	'
	Distribution of Credit Derivative Net Par Outstanding by Internal Rating
			As of March 31, 2014							As of December 31, 2013
	Ratings		Net Par				% of Total			Net Par				% of Total
			Outstanding							Outstanding
			(dollars in millions)
	AAA		$	35,157			68.5	%		$	38,244			70.2	%
	AA		3,660				7.1			3,648				6.7
	A		3,621				7.1			3,636				6.7
	BBB		4,304				8.4			4,161				7.6
	BIG		4,576				8.9			4,793				8.8
	Credit derivative net par outstanding		$	51,318			100	%		$	54,482			100	%
Net Change in Fair Value of Credit Derivatives	'
	Net Change in Fair Value of Credit Derivatives Gain (Loss)
		First Quarter
		2014				2013
		(in millions)
	Realized gains on credit derivatives (1)	$	20			$	28
	Net credit derivative losses (paid and payable) recovered and recoverable	(1		)		(10		)
	Realized gains (losses) and other settlements on credit derivatives	19				18
	Net change in unrealized gains (losses) on credit derivatives (2)	(230		)		(610		)
	Net change in fair value of credit derivatives	$	(211	)		$	(592	)
	____________________
	-1	Includes accelerations due to terminations of CDS contracts of $0.2 million and $1 million related to net par of $1.1 billion and $1.1 billion for First Quarter 2014 and First Quarter 2013, respectively.
	-2	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
Net Change in Unrealized Gains (Losses) on Credit Derivatives By Sector	'
	Net Change in Unrealized Gains (Losses) on Credit Derivatives By Sector
		First Quarter
	Asset Type	2014				2013
		(in millions)
	Pooled corporate obligations	$	(58	)		$	(105	)
	U.S. RMBS	(140		)		(457		)
	CMBS	0				(3		)
	Other	(32		)		(45		)
	Total (1)	$	(230	)		$	(610	)
	____________________
	-1	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.
CDS Spread on AGC and AGM	'
	Five-Year CDS Spread
	on AGC and AGM
	Quoted price of CDS contract (in basis points)
		As of			As of			As of			As of
		31-Mar-14			31-Dec-13			31-Mar-13			31-Dec-12
	AGC	291			460			397			678
	AGM	305			525			380			536
	One-Year CDS Spread
	on AGC and AGM
	Quoted price of CDS contract (in basis points)
		As of			As of			As of			As of
		31-Mar-14			31-Dec-13			31-Mar-13			31-Dec-12
	AGC	55			185			59			270
	AGM	70			220			60			257
Components of Credit Derivative Assets (Liabilities)	'
	Fair Value of Credit Derivatives
	and Effect of AGC and AGM
	Credit Spreads
		As of				As of
		31-Mar-14				31-Dec-13
		(in millions)
	Fair value of credit derivatives before effect of AGC and AGM credit spreads	$	(3,095	)		$	(3,442	)
	Plus: Effect of AGC and AGM credit spreads	1,172				1,749
	Net fair value of credit derivatives	$	(1,923	)		$	(1,693	)
Net Fair Value and Expected Losses of Credit Derivatives by Sector	'
	Net Fair Value and Expected Losses In Excess of Premiums
	of Credit Derivatives by Sector
			Fair Value of Credit Derivative								Present Value of Expected Claim
			Asset (Liability), net								(Payments) Recoveries In Excess of Premiums (1)
	Asset Type		As of				As of				As of				As of
			31-Mar-14				31-Dec-13				31-Mar-14				31-Dec-13
			(in millions)
	Pooled corporate obligations		$	(89	)		$	(30	)		$	(20	)		$	(35	)
	U.S. RMBS		(1,448		)		(1,308		)		(154		)		(147		)
	CMBS		(2		)		(2		)		—				—
	Other		(384		)		(353		)		40				43
	Total		$	(1,923	)		$	(1,693	)		$	(134	)		$	(139	)
	____________________
	(1)	Represents the expected claim payments (recoveries) in excess of the present value of future installment fees to be received of $39 million as of March 31, 2014 and $45 million as of December 31, 2013. Includes R&W benefit of $175 million as of March 31, 2014 and $180 million as of December 31, 2013.
Effect of Changes in Credit Spread	'
	Effect of Changes in Credit Spread
	As of March 31, 2014
	Credit Spreads(1)		Estimated Net				Estimated Change
			Fair Value				in Gain/(Loss)
			(Pre-Tax)				(Pre-Tax)
			(in millions)
	100% widening in spreads		$	(3,936	)		$	(2,013	)
	50% widening in spreads		(2,929		)		(1,006		)
	25% widening in spreads		(2,426		)		(503		)
	10% widening in spreads		(2,124		)		(201		)
	Base Scenario		(1,923		)		—
	10% narrowing in spreads		(1,737		)		186
	25% narrowing in spreads		(1,457		)		466
	50% narrowing in spreads		(991		)		932
	____________________
	-1	Includes the effects of spreads on both the underlying asset classes and the Company’s own credit spread.

Consolidated_Variable_Interest1

Consolidated Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Consolidation of Variable Interest Entities [abstract]	'
Number of Consolidated FG VIE's	'
	Number of FG VIE's Consolidated
		As of			As of
		31-Mar-14			31-Dec-13
	Beginning of the period	40			33
	Consolidated (1)	—			11
	Deconsolidated (1)	(7	)		(3	)
	Matured	(2	)		(1	)
	End of the period	31			40
	____________________
	-1	Net gain on deconsolidation was $120 million in First Quarter 2014, and a net loss on consolidation and deconsolidation was $7 million in 2013, and recorded in “fair value gains (losses) on FG VIEs” in the consolidated statement of operations.
Consolidated FG VIEs By Type of Collateral	'
	Consolidated FG VIEs
	By Type of Collateral
		As of March 31, 2014							As of December 31, 2013
		Assets				Liabilities			Assets		Liabilities
		(in millions)
	With recourse:
	First lien	$	505			$	599		$	630	$	791
	Second lien	256				387			460		640
	Other	360				360			359		359
	Total with recourse	1,121				1,346			1,449		1,790
	Without recourse	136				101			1,116		1,081
	Total	$	1,257			$	1,447		$	2,565	$	2,871
Effect of Consolidating FG VIEs on Net Income and Shareholder's Equity	'
	Effect of Consolidating FG VIEs on Net Income,
	Cash Flows From Operating Activities and Shareholders’ Equity
		First Quarter
		2014				2013
		(in millions)
	Net earned premiums	$	(17	)		$	(18	)
	Net investment income	(3		)		(3		)
	Net realized investment gains (losses)	0				1
	Fair value gains (losses) on FG VIEs	157				70
	Other income	(2		)		—
	Loss and LAE	(1		)		(7		)
	Effect on net income before tax provision	134				43
	Less: tax provision (benefit)	47				15
	Effect on net income (loss)	$	87			$	28
	Effect on cash flows from operating activities	$	(8	)		$	21
		As of				As of
		31-Mar-14				31-Dec-13
		(in millions)
	Effect on shareholders’ equity (decrease) increase	$	(87	)		$	(172	)

Investments_and_Cash_Tables

Investments and Cash (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Net Investment Income	'
	Net Investment Income
		First Quarter
		2014			2013
		(in millions)
	Income from fixed-maturity securities managed by third parties	$	80		$	79
	Income from internally managed securities:
	Fixed maturities	20			16
	Other invested assets	5			1
	Gross investment income	105			96
	Investment expenses	(2		)	(2		)
	Net investment income	$	103		$	94
Net Realized Investment Gains (Losses)	'
	Net Realized Investment Gains (Losses)
		First Quarter
		2014			2013
		(in millions)
	Gross realized gains on available-for-sale securities	$	4		$	6
	Gross realized gains on other assets in investment portfolio	5			33
	Gross realized losses on available-for-sale securities	(2		)	(4		)
	Gross realized losses on other assets in investment portfolio	0			(2		)
	Other-than-temporary impairment	(5		)	(5		)
	Net realized investment gains (losses)	$	2		$	28
Roll Forward of Credit Losses in the Investment Portfolio	'
	Roll Forward of Credit Losses
	in the Investment Portfolio
		First Quarter
		2014			2013
		(in millions)
	Balance, beginning of period	$	80		$	64
	Additions for credit losses on securities for which an other-than-temporary-impairment was not previously recognized	1			1
	Additions for credit losses on securities for which an other-than-temporary-impairment was previously recognized	4			4
	Balance, end of period	$	85		$	69
Fixed Maturity Securities and Short Term Investments by Security Type	'
	Fixed-Maturity Securities and Short-Term Investments
	by Security Type
	As of March 31, 2014
	Investment Category		Percent		Amortized			Gross		Gross			Estimated		AOCI(2)			Weighted
			of		Cost			Unrealized		Unrealized			Fair		Gain			Average
			Total(1)					Gains		Losses			Value		(Loss) on			Credit
															Securities			Quality
															with			(3)
															Other-Than-Temporary Impairment
			(dollars in millions)
	Fixed-maturity securities:
	Obligations of state and political subdivisions		48	%	$	4,982		$	281	$	(14	)	$	5,249	$	7		AA
	U.S. government and agencies		7		674			32		(5		)	701		—			AA+
	Corporate securities		13		1,382			55		(10		)	1,427		0			A
	Mortgage-backed securities(4):		0
	RMBS		11		1,182			44		(55		)	1,171		(31		)	A
	CMBS		6		656			16		(2		)	670		—			AAA
	Asset-backed securities		5		544			13		(3		)	554		3			BBB+
	Foreign government securities		3		309			14		(1		)	322		—			AA+
	Total fixed-maturity securities		93		9,729			455		(90		)	10,094		(21		)	AA-
	Short-term investments		7		720			0		0			720		—			AAA
	Total investment portfolio		100	%	$	10,449		$	455	$	(90	)	$	10,814	$	(21	)	AA-
	Fixed-Maturity Securities and Short-Term Investments
	by Security Type
	As of December 31, 2013
	Investment Category		Percent		Amortized			Gross		Gross			Estimated		AOCI			Weighted
			of		Cost			Unrealized		Unrealized			Fair		Gain			Average
			Total(1)					Gains		Losses			Value		(Loss) on			Credit
															Securities			Quality
															with			(3)
															Other-Than-Temporary Impairment
			(dollars in millions)
	Fixed-maturity securities:
	Obligations of state and political subdivisions		47	%	$	4,899		$	219	$	(39	)	$	5,079	$	4		AA
	U.S. government and agencies		7		674			32		(6		)	700		—			AA+
	Corporate securities		13		1,314			44		(18		)	1,340		0			A
	Mortgage-backed securities(4):
	RMBS		11		1,160			34		(72		)	1,122		(43		)	A
	CMBS		5		536			17		(4		)	549		—			AAA
	Asset-backed securities		6		605			10		(7		)	608		2			BBB+
	Foreign government securities		3		300			14		(1		)	313		—			AA+
	Total fixed-maturity securities		91		9,488			370		(147		)	9,711		(37		)	AA-
	Short-term investments		9		904			0		0			904		—			AAA
	Total investment portfolio		100	%	$	10,392		$	370	$	(147	)	$	10,615	$	(37	)	AA-
	____________________
	-1	Based on amortized cost.
	-2	Accumulated OCI ("AOCI"). See also Note 17, Shareholders' Equity.
	-3	Ratings in the tables above represent the lower of the Moody’s and S&P classifications except for bonds purchased for loss mitigation or risk management strategies, which use internal ratings classifications. The Company’s portfolio consists primarily of high-quality, liquid instruments.
	-4	Government-agency obligations were approximately 45% of mortgage backed securities as of March 31, 2014 and 50% as of December 31, 2013 based on fair value.
Fixed Maturity Securities Gross Unrealized Loss by Length of Time	'
	Fixed-Maturity Securities
	Gross Unrealized Loss by Length of Time
	As of March 31, 2014
		Less than 12 months						12 months or more					Total
		Fair			Unrealized			Fair		Unrealized			Fair		Unrealized
		value			loss			value		loss			value		loss
		(dollars in millions)
	Obligations of state and political subdivisions	$	458		$	(14	)	$	13	$	0		$	471	$	(14	)
	U.S. government and agencies	175			(5		)	—		—			175		(5		)
	Corporate securities	307			(9		)	10		(1		)	317		(10		)
	Mortgage-backed securities:
	RMBS	317			(13		)	155		(42		)	472		(55		)
	CMBS	93			(2		)	—		—			93		(2		)
	Asset-backed securities	21			0			44		(3		)	65		(3		)
	Foreign government securities	59			(1		)	—		—			59		(1		)
	Total	$	1,430		$	(44	)	$	222	$	(46	)	$	1,652	$	(90	)
	Number of securities				307					30					337
	Number of securities with other-than-temporary impairment				3					11					14
	Fixed-Maturity Securities
	Gross Unrealized Loss by Length of Time
	As of December 31, 2013
		Less than 12 months						12 months or more					Total
		Fair			Unrealized			Fair		Unrealized			Fair		Unrealized
		value			loss			value		loss			value		loss
		(dollars in millions)
	Obligations of state and political subdivisions	$	781		$	(39	)	$	5	$	0		$	786	$	(39	)
	U.S. government and agencies	173			(6		)	—		—			173		(6		)
	Corporate securities	401			(18		)	3		0			404		(18		)
	Mortgage-backed securities:
	RMBS	414			(21		)	186		(51		)	600		(72		)
	CMBS	121			(4		)	—		—			121		(4		)
	Asset-backed securities	196			(2		)	42		(5		)	238		(7		)
	Foreign government securities	54			(1		)	1		0			55		(1		)
	Total	$	2,140		$	(91	)	$	237	$	(56	)	$	2,377	$	(147	)
	Number of securities				425					33					458
	Number of securities with other-than-temporary impairment				13					11					24
	O
Distribution of Fixed Maturity Securities by Contractual Maturity	'
	Distribution of Fixed-Maturity Securities
	by Contractual Maturity
	As of March 31, 2014
		Amortized			Estimated
		Cost			Fair Value
		(in millions)
	Due within one year	$	301		$	304
	Due after one year through five years	1,767			1,843
	Due after five years through 10 years	2,375			2,481
	Due after 10 years	3,448			3,625
	Mortgage-backed securities:
	RMBS	1,182			1,171
	CMBS	656			670
	Total	$	9,729		$	10,094
Carrying Value of Bonds Acquired or Obtained for Loss Mitigations Purposes	'
	Internally Managed Portfolio
	Carrying Value
		As of March 31,			As of December 31,
		2014			2013
		(in millions)
	Assets purchased for loss mitigation purposes:
	Fixed maturity securities:
	Obligations of state and political subdivisions	$	30		$	28
	RMBS	277			284
	Asset-backed securities	133			127
	Other invested assets	46			47
	Other risk management assets:
	Fixed maturity securities	401			322
	Other	83			35
	Trading portfolio (other invested assets)	4			88
	Total	$	974		$	931

Insurance_Company_Regulatory_R1

Insurance Company Regulatory Requirements (Tables)	3 Months Ended
	Mar. 31, 2014
Insurance Company Regulatory Requirements [abstract]	'
Schedule of Dividends Paid by Insurance Company Subsidiaries	'
	Dividends and Surplus Notes
	By Insurance Company Subsidiaries
		First Quarter
		2014		2013
		(in millions)
	Dividends paid by AG Re to AGL	$	62	$	40
	Repayment of surplus note by AGM to AGMH	25		25

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Effective Tax Rate Reconciliation	'
	Effective Tax Rate Reconciliation
		First Quarter
		2014			2013
		(in millions)
	Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	38		$	(48	)
	Tax-exempt interest	(14		)	(14		)
	Change in liability for uncertain tax positions	1			(8		)
	Other	2			2
	Total provision (benefit) for income taxes	$	27		$	(68	)
	Effective tax rate	38.8		%	31.8		%
Pretax Income (Loss) by Tax Jurisdiction	'
	Pretax Income (Loss) by Tax Jurisdiction
		First Quarter
		2014			2013
		(in millions)
	United States	$	113		$	(134	)
	Bermuda	(37		)	(78		)
	U.K.	(7		)	0
	Total	$	69		$	(212	)
Revenue by Tax Jurisdiction	'
	Revenue by Tax Jurisdiction
		First Quarter
		2014			2013
		(in millions)
	United States	$	195		$	(127	)
	Bermuda	1			(49		)
	U.K.	(1		)	0
	Total	$	195		$	(176	)

Reinsurance_and_Other_Monoline1

Reinsurance and Other Monoline Exposures (Tables)	3 Months Ended
	Mar. 31, 2014
Reinsurance and Other Monoline Exposures [abstract]	'
Direct, assumed, and ceded premium and loss and LAE amounts	'
	Effect of Reinsurance on Statement of Operations
		First Quarter
		2014				2013
		(in millions)
	Premiums Written:
	Direct	$	31			$	19
	Assumed(1)	(1		)		(2		)
	Ceded	(24		)		(2		)
	Net	$	6			$	15
	Premiums Earned:
	Direct	$	140			$	267
	Assumed	11				13
	Ceded	(19		)		(32		)
	Net	$	132			$	248
	Loss and LAE:
	Direct	$	34			$	(27	)
	Assumed	6				(14		)
	Ceded	1				(7		)
	Net	$	41			$	(48	)
	____________________
	-1	Negative assumed premiums written were due to changes in expected Debt Service schedules.
Exposure by Reinsurer	'
	Exposure by Reinsurer
			Ratings at				Par Outstanding
			May 5, 2014				As of March 31, 2014
	Reinsurer		Moody’s		S&P		Ceded Par			Second-to-			Assumed Par
			Reinsurer		Reinsurer		Outstanding(1)			Pay Insured			Outstanding
			Rating		Rating					Par
										Outstanding
			(dollars in millions)
	American Overseas Reinsurance Company Limited (f/k/a Ram Re)		WR (2)		WR		$	8,113		$	—		$	30
	Tokio Marine & Nichido Fire Insurance Co., Ltd.		Aa3 (3)		AA- (3)		6,273			—			—
	Radian Asset Assurance Inc.		Ba1		B+		4,696			24			987
	Syncora Guarantee Inc.		WR		WR		4,192			1,769			161
	Mitsui Sumitomo Insurance Co. Ltd.		A1		A+ (3)		2,139			—			—
	ACA Financial Guaranty Corp.		NR (5)		WR		809			3			8
	Federal Insurance Company		Aa2		AA		382			—			—
	Swiss Reinsurance Co.		Aa3		AA-		347			—			—
	Security Life of Denver Insurance Company		A3		A-		239			—			—
	Ambac (4)		WR		WR		85			6,013			17,578
	CIFG Assurance North America Inc.		WR		WR		—			114			4,883
	MBIA Inc.		-4		-4		—			10,208			7,221
	Financial Guaranty Insurance Co.		WR		WR		—			2,273			1,237
	Other		Various		Various		251			2,114			45
	Total						$	27,526		$	22,518		$	32,150
	____________________
	-1	Includes $3,038 million in ceded par outstanding related to insured credit derivatives.
	(2)    Represents “Withdrawn Rating.”
	(3)    The Company has structural collateral agreements satisfying the triple-A credit requirement of S&P and/or Moody’s.
	-4	MBIA Inc. includes various subsidiaries which are rated AA- and B by S&P and Baa1, B1 and B3 by Moody’s. Ambac includes policies in their general and segregated account.
	-5	Represents “Not Rated.”
Amounts Due (To) From Reinsurers	'
	Amounts Due (To) From Reinsurers
	As of March 31, 2014
		Assumed				Ceded			Assumed			Ceded
		Premium, net				Premium, net			Expected			Expected
		of Commissions				of Commissions			Loss and LAE			Loss and LAE
		(in millions)
	American Overseas Reinsurance Company Limited	$	—			$	(9	)	$	—		$	7
	Tokio Marine & Nichido Fire Insurance Co., Ltd.	—				(18		)	—			18
	Radian Asset Assurance Inc.	—				(17		)	—			14
	Syncora Guarantee Inc.	—				(39		)	—			1
	Mitsui Sumitomo Insurance Co. Ltd.	—				(3		)	—			3
	Federal Insurance Company	—				(17		)	—			—
	Swiss Reinsurance Co.	—				(3		)	—			1
	Security Life of Denver Insurance Company	—				(10		)	—			—
	Ambac	66				—			(82		)	—
	CIFG Assurance North America Inc.	—				—			(6		)	—
	MBIA Inc.	13				—			(10		)	—
	Financial Guaranty Insurance Co.	6				—			(104		)	—
	Other	0				(25		)	—			—
	Total	$	85			$	(141	)	$	(202	)	$	44

LongTerm_Debt_and_Credit_Facil1

Long-Term Debt and Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Principal and Carrying Amounts of Debt	'
	Principal and Carrying Amounts of Debt
		As of March 31, 2014				As of December 31, 2013
		Principal		Carrying		Principal		Carrying
				Value				Value
		(in millions)
	AGUS:
	7.0% Senior Notes	$	200	$	198	$	200	$	198
	Series A Enhanced Junior Subordinated Debentures	150		150		150		150
	Total AGUS	350		348		350		348
	AGMH:
	67/8% QUIBS	100		68		100		68
	6.25% Notes	230		138		230		138
	5.60% Notes	100		55		100		55
	Junior Subordinated Debentures	300		170		300		169
	Total AGMH	730		431		730		430
	AGM:
	AGM Notes Payable	29		33		34		38
	Total	$	1,109	$	812	$	1,114	$	816

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted earnings per share	'
	Computation of Earnings Per Share
		First Quarter
		2014		2013
		(in millions, except per share amounts)
	Basic earnings per share ("EPS"):
	Net income (loss) attributable to AGL	$	42	$	(144	)
	Less: Distributed and undistributed income (loss) available to nonvested shareholders	0		0
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, basic	$	42	$	(144	)
	Basic shares	182.1		193.9
	Basic EPS	$	0.23	$	(0.74	)
	Diluted EPS:
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, basic	$	42	$	(144	)
	Plus: Re-allocation of undistributed income (loss) available to nonvested shareholders of AGL and subsidiaries	—		—
	Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries, diluted	$	42	$	(144	)
	Basic shares	182.1		193.9
	Effect of dilutive securities:
	Options and restricted stock awards	1		—
	Diluted shares	183.1		193.9
	Diluted EPS	$	0.23	$	(0.74	)
	Potentially dilutive securities excluded from computation of EPS because of antidilutive effect	1.5		5.1

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Schedule of changes in each component of accumulated other comprehensive income	'
	The following tables present the changes in each component of accumulated other comprehensive income and the effect of significant reclassifications out of AOCI on the respective line items in net income.
	Changes in Accumulated Other Comprehensive Income by Component
	First Quarter 2014
		Net Unrealized			Net Unrealized			Cumulative			Cash Flow Hedge			Total Accumulated
		Gains (Losses) on			Gains (Losses) on			Translation						Other
		Investments with no Other-Than-Temporary Impairment			Investments with Other-Than-Temporary Impairment			Adjustment						Comprehensive
														Income
		(in millions)
	Balance, December 31, 2013	$	178		$	(24	)	$	(3	)	$	9		$	160
	Other comprehensive income (loss) before reclassified	94			8			1			—			103
	Amounts reclassified from AOCI to:
	Other net realized investment gains (losses)	(2		)	5			—			—			3
	Interest expense	—			—			—			0			0
	Total before tax	(2		)	5			—			0			3
	Tax (provision) benefit	1			(2		)	—			(1		)	(2		)
	Total amount reclassified from AOCI, net of tax	(1		)	3			—			(1		)	1
	Net current period other comprehensive income	93			11			1			(1		)	104
	Balance, March 31, 2014	$	271		$	(13	)	$	(2	)	$	8		$	264
	First Quarter 2013
		Net Unrealized			Net Unrealized			Cumulative			Cash Flow Hedge			Total Accumulated
		Gains (Losses) on			Gains (Losses) on			Translation						Other
		Investments with no Other-Than-Temporary Impairment			Investments with Other-Than-Temporary Impairment			Adjustment						Comprehensive
														Income
		(in millions)
	Balance, December 31, 2012	$	517		$	(5	)	$	(6	)	$	9		$	515
	Other comprehensive income (loss) before reclassified	(50		)	(16		)	(5		)	—			(71		)
	Amounts reclassified from AOCI to:
	Other net realized investment gains (losses)	(1		)	6			—			—			5
	Interest expense	—			—			—			0			0
	Total before tax	(1		)	6			—			0			5
	Tax (provision) benefit	—			(2		)	—			0			(2		)
	Total amount reclassified from AOCI, net of tax	(1		)	4			—			0			3
	Net current period other comprehensive income	(51		)	(12		)	(5		)	0			(68		)
	Balance, March 31, 2013	$	466		$	(17	)	$	(11	)	$	9		$	447
	Share Repurchase
	Under the $400 million share repurchase authorization approved in November 2013, the Company repurchased 1.4 million common shares in First Quarter 2014 for $35 million at an average price of $25.92 per share. On a year-to-date basis through May 7, 2014, the Company has repurchased a total of 3.0 million common shares for $75 million at an average price of $25.19 per share. In First Quarter 2013, the Company repurchased approximately 1.9 million common shares for $39 million at an average price of $20.46 per share.
	Related Party
	On March 19, 2014, funds associated with WL Ross & Co. LLC and its affiliates (collectively, the “WLR Funds”) and AGL director Wilbur L. Ross, Jr. sold an aggregate of 4,000,000 shares. The WLR Funds and Mr. Ross currently own approximately 6% of Assured Guaranty's total common shares outstanding.

Subsidiary_Information_Tables

Subsidiary Information (Tables)	3 Months Ended
	Mar. 31, 2014
Subsidiary Information [abstract]	'
Condensed Consolidating Balance Sheet	'
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF MARCH 31, 2014
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	ASSETS
	Total investment portfolio and cash	$	36		$	186		$	61		$	11,184		$	(300	)	$	11,167
	Investment in subsidiaries	5,158			4,360			3,769			304			(13,591		)	—
	Premiums receivable, net of commissions payable	—			—			—			997			(134		)	863
	Ceded unearned premium reserve	—			—			—			1,582			(1,128		)	454
	Deferred acquisition costs	—			—			—			194			(72		)	122
	Reinsurance recoverable on unpaid losses	—			—			—			187			(150		)	37
	Credit derivative assets	—			—			—			510			(432		)	78
	Deferred tax asset, net	—			108			—			618			(89		)	637
	Intercompany receivable	—			—			—			90			(90		)	—
	Financial guaranty variable interest entities’ assets, at fair value	—			—			—			1,257			—			1,257
	Other	20			9			35			603			(176		)	491
	TOTAL ASSETS	$	5,214		$	4,663		$	3,865		$	17,526		$	(16,162	)	$	15,106
	LIABILITIES AND SHAREHOLDERS’ EQUITY
	Unearned premium reserves	$	—		$	—		$	—		$	5,611		$	(1,107	)	$	4,504
	Loss and LAE reserve	—			—			—			791			(155		)	636
	Long-term debt	—			348			431			33			—			812
	Intercompany payable	—			90			—			300			(390		)	—
	Credit derivative liabilities	—			—			—			2,433			(432		)	2,001
	Deferred tax liabilities, net	—			—			95			—			(95		)	—
	Financial guaranty variable interest entities’ liabilities, at fair value	—			—			—			1,447			—			1,447
	Other	5			14			21			762			(305		)	497
	TOTAL LIABILITIES	5			452			547			11,377			(2,484		)	9,897
	TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,209			4,211			3,318			5,845			(13,374		)	5,209
	Noncontrolling interest	—			—			—			304			(304		)	—
	TOTAL SHAREHOLDERS' EQUITY	5,209			4,211			3,318			6,149			(13,678		)	5,209
	TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,214		$	4,663		$	3,865		$	17,526		$	(16,162	)	$	15,106
	CONDENSED CONSOLIDATING BALANCE SHEET
	AS OF DECEMBER 31, 2013
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	ASSETS
	Total investment portfolio and cash	$	33		$	186		$	42		$	11,008		$	(300	)	$	10,969
	Investment in subsidiaries	5,066			4,191			3,574			289			(13,120		)	—
	Premiums receivable, net of commissions payable	—			—			—			1,025			(149		)	876
	Ceded unearned premium reserve	—			—			—			1,598			(1,146		)	452
	Deferred acquisition costs	—			—			—			198			(74		)	124
	Reinsurance recoverable on unpaid losses	—			—			—			170			(134		)	36
	Credit derivative assets	—			—			—			482			(388		)	94
	Deferred tax asset, net	—			97			—			681			(90		)	688
	Intercompany receivable	—			—			—			90			(90		)	—
	Financial guaranty variable interest entities’ assets, at fair value	—			—			—			2,565			—			2,565
	Other	23			17			31			638			(226		)	483
	TOTAL ASSETS	$	5,122		$	4,491		$	3,647		$	18,744		$	(15,717	)	$	16,287
	LIABILITIES AND SHAREHOLDERS’ EQUITY
	Unearned premium reserves	$	—		$	—		$	—		$	5,720		$	(1,125	)	$	4,595
	Loss and LAE reserve	—			—			—			733			(141		)	592
	Long-term debt	—			348			430			38			—			816
	Intercompany payable	—			90			—			300			(390		)	—
	Credit derivative liabilities	—			—			—			2,175			(388		)	1,787
	Deferred tax liabilities, net	—			—			95			—			(95		)	—
	Financial guaranty variable interest entities’ liabilities, at fair value	—			—			—			2,871			—			2,871
	Other	7			7			16			853			(372		)	511
	TOTAL LIABILITIES	7			445			541			12,690			(2,511		)	11,172
	TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,115			4,046			3,106			5,765			(12,917		)	5,115
Noncontrolling interest	—			—			—			289			(289		)	—
TOTAL SHAREHOLDERS’ EQUITY	5,115			4,046			3,106			6,054			(13,206		)	5,115
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,122		$	4,491		$	3,647		$	18,744		$	(15,717	)	$	16,287
Condensed Consolidating Statement of Operations and Comprehensive Income	'
	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
	AND COMPREHENSIVE INCOME
	FOR THE THREE MONTHS ENDED MARCH 31, 2014
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	REVENUES
	Net earned premiums	$	—		$	—		$	—		$	131		$	1		$	132
	Net investment income	0			0			0			105			(2		)	103
	Net realized investment gains (losses)	0			—			0			4			(2		)	2
	Net change in fair value of credit derivatives:
	Realized gains (losses) and other settlements	—			—			—			19			0			19
	Net unrealized gains (losses)	—			—			—			(230		)	—			(230		)
	Net change in fair value of credit derivatives	—			—			—			(211		)	0			(211		)
	Other	—			—			—			169			—			169
	TOTAL REVENUES	0			0			0			198			(3		)	195
	EXPENSES
	Loss and LAE	—			—			—			39			2			41
	Amortization of deferred acquisition costs	—			—			—			6			(1		)	5
	Interest expense	—			7			13			5			(5		)	20
	Other operating expenses	8			0			0			53			(1		)	60
	TOTAL EXPENSES	8			7			13			103			(5		)	126
	INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(8		)	(7		)	(13		)	95			2			69
	Total (provision) benefit for income taxes	—			2			5			(33		)	(1		)	(27		)
	Equity in net earnings of subsidiaries	50			87			169			8			(314		)	—
	NET INCOME (LOSS)	$	42		$	82		$	161		$	70		$	(313	)	$	42
	Less: noncontrolling interest	—			—			—			8			(8		)	—
	NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	42		$	82		$	161		$	62		$	(305	)	$	42
	COMPREHENSIVE INCOME (LOSS)	$	146		$	165		$	212		$	258		$	(635	)	$	146
	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
	AND COMPREHENSIVE INCOME
	FOR THE THREE MONTHS ENDED MARCH 31, 2013
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	REVENUES
	Net earned premiums	$	—		$	—		$	—		$	246		$	2		$	248
	Net investment income	0			0			0			99			(5		)	94
	Net realized investment gains (losses)	0			—			0			28			—			28
	Net change in fair value of credit derivatives:
	Realized gains (losses) and other settlements	—			—			—			18			—			18
	Net unrealized gains (losses)	—			—			—			(610		)	—			(610		)
	Net change in fair value of credit derivatives	—			—			—			(592		)	—			(592		)
	Other	—			—			—			47			(1		)	46
	TOTAL REVENUES	0			0			0			(172		)	(4		)	(176		)
	EXPENSES
	Loss and LAE	—			—			—			(44		)	(4		)	(48		)
	Amortization of deferred acquisition costs	—			—			—			8			(5		)	3
	Interest expense	—			7			13			6			(5		)	21
	Other operating expenses	5			0			—			58			(3		)	60
	TOTAL EXPENSES	5			7			13			28			(17		)	36
	INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(5		)	(7		)	(13		)	(200		)	13			(212		)
	Total (provision) benefit for income taxes	—			3			5			65			(5		)	68
	Equity in net earnings of subsidiaries	(139		)	(82		)	162			—			59			—
	NET INCOME (LOSS)	$	(144	)	$	(86	)	$	154		$	(135	)	$	67		$	(144	)
	COMPREHENSIVE INCOME (LOSS)	$	(212	)	$	(137	)	$	117		$	(253	)	$	273		$	(212	)
Condensed Consolidating Statement of Cash Flows	'
	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
	FOR THE THREE MONTHS ENDED MARCH 31, 2014
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	Net cash flows provided by (used in) operating activities	$	58		$	0		$	(6	)	$	111		$	(62	)	$	101
	Cash flows from investing activities
	Fixed-maturity securities:
	Purchases	—			(1		)	(3		)	(513		)	—			(517		)
	Sales	—			—			—			155			—			155
	Maturities	—			—			—			148			—			148
	Sales (purchases) of short-term investments, net	(3		)	—			(16		)	203			—			184
	Net proceeds from financial guaranty variable entities’ assets	—			—			—			286			—			286
	Investment in subsidiary	—			—			25			—			(25		)	—
	Other	—			—			—			19			—			19
	Net cash flows provided by (used in) investing activities	(3		)	(1		)	6			298			(25		)	275
	Cash flows from financing activities
	Return of capital	—			—			—			(25		)	25			—
	Dividends paid	(20		)	—			—			(62		)	62			(20		)
	Repurchases of common stock	(35		)	—			—			—			—			(35		)
	Share activity under option and incentive plans	0			—			—			—			—			0
	Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(281		)	—			(281		)
	Payment of long-term debt	—			—			—			(6		)	—			(6		)
	Net cash flows provided by (used in) financing activities	(55		)	—			—			(374		)	87			(342		)
	Effect of exchange rate changes	—			—			—			1			—			1
	Increase (decrease) in cash	—			(1		)	—			36			—			35
	Cash at beginning of period	0			67			0			117			—			184
	Cash at end of period	$	0		$	66		$	0		$	153		$	—		$	219
	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
	FOR THE THREE MONTHS ENDED MARCH 31, 2013
	(in millions)
		Assured			AGUS			AGMH			Other			Consolidating			Assured
		Guaranty Ltd.			(Issuer)			(Issuer)			Entities			Adjustments			Guaranty Ltd.
		(Parent)															(Consolidated)
	Net cash flows provided by (used in) operating activities	$	36		$	1		$	(6	)	$	(5	)	$	(40	)	$	(14	)
	Cash flows from investing activities
	Fixed-maturity securities:
	Purchases	—			(1		)	—			(509		)	—			(510		)
	Sales	40			—			7			136			—			183
	Maturities	18			—			1			264			—			283
	Sales (purchases) of short-term investments, net	(34		)	—			(27		)	149			—			88
	Net proceeds from financial guaranty variable entities’ assets	—			—			—			138			—			138
	Investment in subsidiary	—			—			25			—			(25		)	—
	Other	—			—			—			55			—			55
	Net cash flows provided by (used in) investing activities	24			(1		)	6			233			(25		)	237
	Cash flows from financing activities
	Return of capital	—			—			—			(25		)	25			—
	Dividends paid	(19		)	—			—			(40		)	40			(19		)
	Repurchases of common stock	(39		)	—			—			—			—			(39		)
	Share activity under option and incentive plans	(2		)	—			—			—			—			(2		)
	Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(167		)	—			(167		)
	Payment of long-term debt	—			—			—			(6		)	—			(6		)
	Net cash flows provided by (used in) financing activities	(60		)	—			—			(238		)	65			(233		)
	Effect of exchange rate changes	—			—			—			(3		)	—			(3		)
	Increase (decrease) in cash	—			—			—			(13		)	—			(13		)
	Cash at beginning of period	—			13			0			125			—			138
	Cash at end of period	$	—		$	13		$	0		$	112		$	—		$	125

Business_and_Basis_of_Presenta2

Business and Basis of Presentation (Details)	Mar. 31, 2014
	Company
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Number of holding companies having public debt outstanding	2

Rating_Actions_and_Quarterly_D1

Rating Actions and Quarterly Developments (Details) (Common Stock)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Common Stock	'	'
Class of Stock [Line Items]	'	'
Share repurchase program, number of shares repurchased during period	1,400,000	1,900,000

Outstanding_Exposure_Surveilla

Outstanding Exposure - Surveillance Categories and Debt Service Outstanding (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Financial guarantee obligations	'	'
Minimum amount assumed principal amount for internal rating	$1,000,000	'
Probability of paying more claims than being reimbursed (as a percent)	50.00%	'
Constant discount rate (as a percent)	5.00%	'
Maximum period of liquidity claims (in years)	'1 year	'
Gross Debt Service Outstanding	721,176,000,000	737,380,000,000
Net Debt Service Outstanding	676,968,000,000	690,535,000,000
Mortgage guaranty insurance	153,000,000	'
Public finance	'	'
Financial guarantee obligations	'	'
Gross Debt Service Outstanding	639,981,000,000	650,924,000,000
Net Debt Service Outstanding	601,433,000,000	610,011,000,000
Structured finance	'	'
Financial guarantee obligations	'	'
Gross Debt Service Outstanding	81,195,000,000	86,456,000,000
Net Debt Service Outstanding	75,535,000,000	80,524,000,000
Public finance Ireland	'	'
Financial guarantee obligations	'	'
Mortgage guaranty insurance	145,000,000	'
Public finance UK	'	'
Financial guarantee obligations	'	'
Mortgage guaranty insurance	$8,000,000	'

Outstanding_Exposure_Financial

Outstanding Exposure - Financial Guaranty Portfolio by Internal Rating (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

In Millions, unless otherwise specified

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Structured finance

Public finance

Public finance

Public finance

AAA

AAA

AAA

AAA

AAA

AAA

AAA

AAA

AAA

AAA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

A

A

A

A

A

A

A

A

A

A

BBB

BBB

BBB

BBB

BBB

BBB

BBB

BBB

BBB

BBB

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Loss Mitigation Bonds [Member]

Minimum

Maximum

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Structured Finance U.S.

Structured Finance U.S.

Structured Finance Non-U.S.

Structured Finance Non-U.S.

Financial guarantee obligations

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Net Par Amount Outstanding

$449,625

$459,107

$346,428

$352,181

$34,826

$33,998

$55,393

$58,907

$12,978

$14,021

'

'

'

'

$44,402

$48,015

$4,658

$4,998

$1,020

$1,016

$29,868

$32,317

$8,856

$9,684

$114,970

$117,933

$104,577

$107,503

$427

$422

$9,396

$9,431

$570

$577

$200,029

$205,616

$187,433

$192,841

$9,595

$9,453

$2,340

$2,580

$661

$742

$68,281

$65,005

$40,783

$37,745

$22,173

$21,499

$3,496

$3,815

$1,829

$1,946

$21,943

$22,538

$8,977

$9,094

$1,611

$1,608

$10,293

$10,764

$1,062

$1,072

'

'

'

'

'

'

'

'

'

'

Insured Financial Obligations Outstanding Principal Amount

450,861

460,302

346,460

352,213

34,826

33,998

56,597

60,070

12,978

14,021

'

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'

1,236

1,195

32

32

0

0

1,204

1,163

0

0

% of Total Net Par Outstanding

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

'

'

'

'

9.90%

10.50%

1.30%

1.40%

2.90%

3.00%

53.90%

54.90%

68.20%

69.10%

25.60%

25.70%

30.20%

30.50%

1.20%

1.20%

17.00%

16.00%

4.40%

4.10%

44.40%

44.80%

54.10%

54.80%

27.60%

27.90%

4.20%

4.40%

5.10%

5.30%

15.20%

14.10%

11.80%

10.70%

63.70%

63.20%

6.30%

6.40%

14.10%

13.90%

4.90%

4.90%

2.60%

2.60%

4.60%

4.70%

18.60%

18.30%

8.20%

7.60%

'

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Securities purchased to settle credit derivative contracts

165

195

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Outstanding commitments to provide guaranties

'

'

'

'

'

'

'

'

'

'

577

330

'

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Expiration date for insured financial obligation commitments

'

'

'

'

'

'

'

'

'

'

'

'

15-Apr-14

25-Feb-17

'

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Outstanding commitments to provide guaranties, amount expiring prior to December 31, 2012

'

'

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'

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'

'

'

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'

$206

'

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Outstanding_Exposure_Financial1

Outstanding Exposure - Financial Guaranty Exposures and Below-Investment-Grade Credits (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Financial guarantee obligations	'		'
Net Par Amount Outstanding	$449,625		$459,107
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	51,318		54,482
Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	21,943		22,538
% of Total Net Par Outstanding	4.90%		4.90%
Financial Guaranty Contracts Accounted for as Insurance Outstanding Principal Amount	17,367	[1]	17,745	[1]
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	4,576		4,793
Financial Guaranty Contracts Accounted for as Insurance Number of Contracts	382	[1],[2]	384	[1],[2]
Financial Guaranty Contracts Accounted for as Credit Derivatives Number of Contracts	72	[2]	73	[2]
Insured Financial Obligations Number of Contracts	454	[2]	457	[2]
Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	14,250		14,751
Category 1 | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	14,250		14,751
Financial Guaranty Contracts Accounted for as Insurance Outstanding Principal Amount	12,242	[1]	12,391	[1]
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	2,008		2,360
Financial Guaranty Contracts Accounted for as Insurance Number of Contracts	193	[1],[2]	185	[1],[2]
Financial Guaranty Contracts Accounted for as Credit Derivatives Number of Contracts	24	[2]	25	[2]
Insured Financial Obligations Number of Contracts	217	[2]	210	[2]
Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	3,721		3,949
Category 2 | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	3,721		3,949
Financial Guaranty Contracts Accounted for as Insurance Outstanding Principal Amount	2,253	[1]	2,323	[1]
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	1,468		1,626
Financial Guaranty Contracts Accounted for as Insurance Number of Contracts	80	[1],[2]	80	[1],[2]
Financial Guaranty Contracts Accounted for as Credit Derivatives Number of Contracts	21	[2]	21	[2]
Insured Financial Obligations Number of Contracts	101	[2]	101	[2]
Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	3,972		3,838
Category 3 | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	3,972		3,838
Financial Guaranty Contracts Accounted for as Insurance Outstanding Principal Amount	2,872	[1]	3,031	[1]
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	1,100		807
Financial Guaranty Contracts Accounted for as Insurance Number of Contracts	109	[1],[2]	119	[1],[2]
Financial Guaranty Contracts Accounted for as Credit Derivatives Number of Contracts	27	[2]	27	[2]
Insured Financial Obligations Number of Contracts	136	[2]	146	[2]
Prime first lien	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	528		541
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	258		'
Prime first lien | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	395		403
% of Total Net Par Outstanding	0.10%		0.10%
Prime first lien | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	77		52
Prime first lien | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	289		321
Prime first lien | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	29		30
Alt-A first lien	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	3,478		3,590
Alt-A first lien | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	2,713		2,728
% of Total Net Par Outstanding	0.60%		0.60%
Alt-A first lien | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	703		656
Alt-A first lien | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	787		1,137
Alt-A first lien | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,223		935
Option ARM	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	877		937
Option ARM | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	565		598
% of Total Net Par Outstanding	0.10%		0.10%
Option ARM | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	66		71
Option ARM | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	59		60
Option ARM | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	440		467
Subprime	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	5,921		6,130
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	2,837		'
Subprime | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,856		1,945
% of Total Net Par Outstanding	0.40%		0.40%
Subprime | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	227		297
Subprime | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	860		908
Subprime | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	769		740
Close ended second lien	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	239		244
Close ended second lien | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	143		146
% of Total Net Par Outstanding	0.00%		0.00%
Close ended second lien | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	8		8
Close ended second lien | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	19		20
Close ended second lien | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	116		118
HELOCs	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,982		2,279
HELOCs | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,734		1,897
% of Total Net Par Outstanding	0.40%		0.40%
HELOCs | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,480		1,499
HELOCs | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	19		20
HELOCs | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	235		378
U.S. RMBS	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	13,025		13,721
Financial Guaranty Contracts Accounted for as Credit Derivatives Outstanding Principal Amount	5,637		'
U.S. RMBS | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	7,406		7,717
% of Total Net Par Outstanding	1.60%		1.60%
U.S. RMBS | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	2,561		2,583
U.S. RMBS | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	2,033		2,466
U.S. RMBS | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	2,812		2,668
TruPS	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	4,826		4,970
TruPS | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,578		1,722
% of Total Net Par Outstanding	0.40%		0.40%
TruPS | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,235		1,587
TruPS | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	343		135
TruPS | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	0		0
Other structured finance	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	50,520		54,237
Other structured finance | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	2,371		2,397
% of Total Net Par Outstanding	0.50%		0.50%
Other structured finance | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,348		1,367
Other structured finance | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	304		309
Other structured finance | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	719		721
Public Finance U.S.	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	346,428		352,181
Public Finance U.S. | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	8,977		9,094
% of Total Net Par Outstanding	2.00%		2.00%
Public Finance U.S. | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	8,117		8,205
Public Finance U.S. | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	419		440
Public Finance U.S. | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	441		449
Public Finance Non-U.S.	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	34,826		33,998
Public Finance Non-U.S. | Below investment grade (BIG)	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	1,611		1,608
% of Total Net Par Outstanding	0.40%		0.40%
Public Finance Non-U.S. | Category 1	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	989		1,009
Public Finance Non-U.S. | Category 2	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	622		599
Public Finance Non-U.S. | Category 3	'		'
Financial guarantee obligations	'		'
Net Par Amount Outstanding	$0		$0
[1]	Includes net par outstanding for FG VIEs.
[2]	A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments.

Outstanding_Exposure_Net_Direc

Outstanding Exposure - Net Direct Economic Exposure to Selected European Countries (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	$2,863	[1]
Hungary	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	587	[1],[2]
Ireland	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	145	[1]
Italy	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,591	[1]
Portugal	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	110	[1],[2]
Spain	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	430	[1],[2]
Sovereign and sub-sovereign exposure	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,954	[1]
Sovereign and sub-sovereign exposure | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,398	[1],[3]
Sovereign and sub-sovereign exposure | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	556	[1]
Sovereign and sub-sovereign exposure | Hungary	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	370	[1],[2]
Sovereign and sub-sovereign exposure | Hungary | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2],[3]
Sovereign and sub-sovereign exposure | Hungary | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	370	[1],[2]
Sovereign and sub-sovereign exposure | Ireland	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1]
Sovereign and sub-sovereign exposure | Ireland | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[3]
Sovereign and sub-sovereign exposure | Ireland | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1]
Sovereign and sub-sovereign exposure | Italy	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,044	[1]
Sovereign and sub-sovereign exposure | Italy | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,026	[1],[3]
Sovereign and sub-sovereign exposure | Italy | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	18	[1]
Sovereign and sub-sovereign exposure | Portugal	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	110	[1],[2]
Sovereign and sub-sovereign exposure | Portugal | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	98	[1],[2],[3]
Sovereign and sub-sovereign exposure | Portugal | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	12	[1],[2]
Sovereign and sub-sovereign exposure | Spain	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	430	[1],[2]
Sovereign and sub-sovereign exposure | Spain | Non-infrastructure public finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	274	[1],[2],[3]
Sovereign and sub-sovereign exposure | Spain | Infrastructure finance	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	156	[1],[2]
Non-sovereign exposure	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	909	[1]
Non-sovereign exposure | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	235	[1]
Non-sovereign exposure | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	674	[1]
Non-sovereign exposure | Hungary	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	217	[1],[2]
Non-sovereign exposure | Hungary | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Hungary | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	217	[1],[2]
Non-sovereign exposure | Ireland	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	145	[1]
Non-sovereign exposure | Ireland | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1]
Non-sovereign exposure | Ireland | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	145	[1]
Non-sovereign exposure | Italy	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	547	[1]
Non-sovereign exposure | Italy | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	235	[1]
Non-sovereign exposure | Italy | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	312	[1]
Non-sovereign exposure | Portugal	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Portugal | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Portugal | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Spain	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Spain | Regulated utilities	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Non-sovereign exposure | Spain | RMBS	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1],[2]
Below investment grade (BIG)	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	1,126	[1]
Below investment grade (BIG) | Hungary	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	587	[1],[2]
Below investment grade (BIG) | Ireland	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1]
Below investment grade (BIG) | Italy	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	0	[1]
Below investment grade (BIG) | Portugal	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	110	[1],[2]
Below investment grade (BIG) | Spain	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	429	[1],[2]
Europe [Member] | Pooled corporate obligations	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	710
Europe [Member] | Commercial Receivable [Member]	'
Financial guarantee obligations	'
Net Economic Exposure to Selected European Countries	$89
[1]	While the Company’s exposures are shown in U.S. dollars, the obligations the Company insures are in various currencies, including U.S. dollars and Euros. Included in the table above is $145 million of reinsurance assumed on a 2004 - 2006 pool of Irish residential mortgages that is part of the Company’s remaining legacy mortgage reinsurance business. One of the residential mortgage-backed securities included in the table above includes residential mortgages in both Italy and Germany, and only the portion of the transaction equal to the portion of the original mortgage pool in Italian mortgages is shown in the table.
[2]	See Note 5, Expected Loss to be Paid.
[3]	The exposure shown in the “Non-infrastructure public finance” category is from transactions backed by receivable payments from sub-sovereigns in Italy, Spain and Portugal. Sub-sovereign debt is debt issued by a governmental entity or government backed entity, or supported by such an entity, that is other than direct sovereign debt of the ultimate governing body of the country.

Outstanding_Exposure_Amortizat

Outstanding Exposure - Amortization Schedule of BIG Net Par Outstanding and BIG Net Debt Service Outstanding of Puerto Rico (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
In Millions, unless otherwise specified			Below investment grade (BIG)	Below investment grade (BIG)	Puerto Rico	Puerto Rico	Puerto Rico	Puerto Rico
					pension_fund	Sovereign Debt [Member]	Below investment grade (BIG)	Below investment grade (BIG)
Guarantor Obligations [Line Items]	'	'	'	'	'	'	'	'
Number of Pension Funds Significantly Underfunded	'	'	'	'	2	'	'	'
Insured Financial Obligations Outstanding Principal Amount	$450,861	$460,302	'	'	'	$5,300	'	'
Estimated Net Par Amortization [Abstract]	'	'	'	'	'	'	'	'
2014 (October 1 - December 31)	'	'	'	'	'	'	0	'
2014 (July 1- September 30)	'	'	'	'	'	'	254	'
2014 (April 1 - June 30)	'	'	'	'	'	'	0	'
2015	'	'	'	'	'	'	364	'
2016	'	'	'	'	'	'	289	'
2017	'	'	'	'	'	'	208	'
2018	'	'	'	'	'	'	159	'
2019-2023	'	'	'	'	'	'	884	'
2024-2028	'	'	'	'	'	'	937	'
2029-2033	'	'	'	'	'	'	697	'
After 2033	'	'	'	'	'	'	1,281	'
Total	449,625	459,107	21,943	22,538	5,300	'	5,073	5,100
Insured Financial Obligations, Maturities of Outstanding Contractual Payments [Abstract]	'	'	'	'	'	'	'	'
2014 (April 1 - June 30)	'	'	'	'	'	'	64	'
2014 (July 1 - September 30)	'	'	'	'	'	'	315	'
2014 (October 1 - December 31)	'	'	'	'	'	'	61	'
2015	'	'	'	'	'	'	601	'
2016	'	'	'	'	'	'	509	'
2017	'	'	'	'	'	'	415	'
2018	'	'	'	'	'	'	358	'
2019-2023	'	'	'	'	'	'	1,718	'
2024-2028	'	'	'	'	'	'	1,566	'
2029-2033	'	'	'	'	'	'	1,125	'
After 2033	'	'	'	'	'	'	1,574	'
Total	$676,968	$690,535	'	'	'	'	$8,306	'

Financial_Guaranty_Insurance_P2

Financial Guaranty Insurance Premiums - Net Earned Premiums (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Financial Guaranty Insurance Premiums [Line Items]	'		'
Accretion of discount on net premiums receivable	($7)		($9)
Net earned premiums	132		248
Net earned premiums, consolidated FG VIEs	17		18
Financial guaranty insurance	'		'
Financial Guaranty Insurance Premiums [Line Items]	'		'
Scheduled net earned premiums	107		128
Acceleration of net earned premiums	19		113
Accretion of discount on net premiums receivable	6		7
Net earned premiums	$132	[1]	$248	[1]
[1]	Excludes $17 million and $18 million for First Quarter 2014 and 2013, respectively, related to consolidated FG VIEs.

Financial_Guaranty_Insurance_P3

Financial Guaranty Insurance Premiums - Components of Unearned Premium Reserve (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Financial Guaranty Insurance Premiums [Line Items]	'		'
Deferred premium revenue, gross	$4,572		$4,652
Deferred premium revenue, ceded	472		470
Deferred premium revenue, net	4,100	[1]	4,182	[1]
Unearned premium reserve	4,504		4,595
Prepaid Reinsurance Premiums	454		452
Unearned Premiums, Net	4,050	[1]	4,143	[1]
Total net unearned premium reserve related to FG VIE	137		187
Contra-paid related to FG and VIEs	49		55
Financial guaranty insurance	'		'
Financial Guaranty Insurance Premiums [Line Items]	'		'
Deferred premium revenue, gross	4,567		4,647
Deferred premium revenue, ceded	472		470
Deferred premium revenue, net	4,095	[1]	4,177	[1]
Contra-paid, gross	-68		-57
Contra-paid, ceded	-18		-18
Contra-paid, net	-50	[1]	-39	[1]
Other	'		'
Financial Guaranty Insurance Premiums [Line Items]	'		'
Unearned premium reserve	5		5
Prepaid Reinsurance Premiums	0		0
Unearned Premiums, Net	$5	[1]	$5	[1]
[1]	Excludes $137 million and $187 million of deferred premium revenue, and $49 million and $55 million of contra-paid related to FG VIEs as of March 31, 2014 and December 31, 2013, respectively.

Gross_Premium_Receivable_Net_o

- Gross Premium Receivable, Net of Commissions on Assumed Business Roll Forward (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013	Dec. 31, 2012
Gross Premium Receivable Net of Ceding Commissions [Roll Forward]	'		'		'	'
Beginning of period, December 31	$876		$1,005		'	'
Gross premium written, net of commissions on assumed business	33		17		'	'
Gross premiums received, net of commissions on assumed business	-53		-53		'	'
Changes in the expected term	-3		1		'	'
Accretion of discount, net of commissions on assumed business	7		9		'	'
Foreign exchange translation	2		-23		'	'
Other adjustments	1		0		'	'
Balance end of period	863	[1]	956	[1]	'	'
Gross premium receivable, net of ceding commissions of consolidated FG VIEs	$18		'		'	$28
Percentage of installment premiums denominated in foreign currencies	49.00%		'		48.00%	'
[1]	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.

Financial_Guaranty_Insurance_P4

Financial Guaranty Insurance Premiums - Expected Collections of Gross Premiums Receivable, Net of Commissions on Assumed Business (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Financial Guaranty Insurance Premiums [Line Items]	'
Cash collections on FG VIEs	$23
Financial guaranty insurance	'
Financial Guaranty Insurance Premiums [Line Items]	'
2014 (April 1 - June 30)	46
2014 (July 1 - September 30)	24
2014 (October 1 - December 31)	26
2015	95
2016	86
2017	79
2018	71
2019-2023	282
2024-2028	176
2029-2033	123
After 2033	130
Total	$1,138	[1]
[1]	Excludes expected cash collections on FG VIEs of $23 million.

Financial_Guaranty_Insurance_P5

Financial Guaranty Insurance Premiums - Scheduled Net Earned Premiums Financial Guaranty Insurance Contracts (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Financial Guaranty Insurance Premiums [Line Items]	'
Reduction in future scheduled amortization of deferred premium revenue due to consolidating FG VIEs	$137
Financial guaranty insurance	'
Financial Guaranty Insurance Premiums [Line Items]	'
2014 (April 1 - June 30)	105
2014 (July 1 - September 30)	103
2014 (October 1 - December 31)	99
2015	359
2016	335
2017	297
2018	271
2019-2023	1,058
2024-2028	676
2029-2033	412
After 2033	380
Total present value basis	4,095	[1]
Discount	239
Total future value	$4,334
[1]	Excludes scheduled net earned premiums on consolidated FG VIEs of $137 million

Financial_Guaranty_Insurance_P6

Financial Guaranty Insurance Premiums - Selected Information for Policies Paid in Installments (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013	Mar. 31, 2013		Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified							Policies Paid in Installments	Policies Paid in Installments
Financial Guaranty Insurance Premiums [Line Items]	'		'	'		'	'	'
Premiums receivable, net of commissions payable	$863	[1]	$876	$956	[1]	$1,005	$863	$876
Gross deferred premium revenue	$4,572		$4,652	'		'	$1,560	$1,576
Weighted-average risk-free rate used to discount premiums (as a percent)	'		'	'		'	3.50%	3.40%
Weighted-average period of premiums receivable (in years)	'		'	'		'	'9 years 4 months 24 days	'9 years 4 months 24 days
[1]	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.

Expected_Losses_to_be_Paid_Net

Expected Losses to be Paid - Net Expected Loss to be Paid Before Recoveries for Breaches of R&W Roll Forward by Sector (Details) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Prime first lien

Prime first lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

Total first lien

Total first lien

Close ended second lien

Close ended second lien

HELOCs

HELOCs

Second lien

Second lien

U.S. RMBS

U.S. RMBS

TruPS

TruPS

Structured finance

Structured finance

Public Finance U.S.

Public Finance U.S.

Public Finance Non-U.S.

Public Finance Non-U.S.

Other

Other

Minimum

Minimum

Maximum

Maximum

Guarantor Obligations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discount factor (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

0.00%

3.97%

4.44%

Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning of Period, Net Expected Loss to be Paid After Recoveries for R&W

$982

[1]

$677

'

$21

[1]

$6

$304

[1]

$315

($9)

[1]

($131)

$304

[1]

$242

$620

[1]

$432

($11)

[1]

($39)

($116)

[1]

($111)

($127)

[1]

($150)

$493

[1]

$282

$51

[1]

$27

$120

[1]

$312

$264

[1]

$7

$57

[1]

$52

($3)

[1]

($3)

'

'

'

'

Net Expected Loss Development After Recoveries for R&W

12

-98

'

-3

6

8

9

-15

-138

-7

25

-17

-98

5

1

2

-3

7

-2

-10

-100

-19

-3

19

-2

23

7

0

10

-1

-10

'

'

'

'

(Paid) Recovered Losses

-10

[2]

-92

[2]

'

0

[2]

-1

[2]

-4

[2]

-11

[2]

-4

[2]

-58

[2]

-2

[2]

-4

[2]

-10

[2]

-74

[2]

2

[2]

17

[2]

5

[2]

-8

[2]

7

[2]

9

[2]

-3

[2]

-65

[2]

0

[2]

-1

[2]

-1

[2]

-3

[2]

-6

[2]

-23

[2]

0

[2]

0

[2]

0

[2]

0

[2]

'

'

'

'

End of Period, Net Expected Loss to be Paid After Recoveries for R&W

984

[1]

487

'

18

[1]

11

308

[1]

313

-28

[1]

-327

295

[1]

263

593

[1]

260

-4

[1]

-21

-109

[1]

-122

-113

[1]

-143

480

[1]

117

32

[1]

23

138

[1]

307

281

[1]

-9

57

[1]

62

-4

[1]

-13

'

'

'

'

Period after the end of the reporting period within which the ceded paid losses are typically settled (in days)

'45 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected LAE for mitigating claim liabilities

29

'

34

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LAE paid

$6

$13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Includes expected loss adjustment expenses ("LAE") to be paid for mitigating claim liabilities of $29 million as of March 31, 2014 and $34 million as of December 31, 2013. The Company paid $6 million and $13 million in LAE for First Quarter 2014 and 2013, respectively.

[2]

Net of ceded paid losses, whether or not such amounts have been settled with reinsurers. Ceded paid losses are typically settled 45 days after the end of the reporting period. Such amounts are recorded in reinsurance recoverable on paid losses included in other assets.

Expected_Losses_to_be_Paid_Net1

Expected Losses to be Paid - Net Expected Recoveries from Breaches of R&W Rollforward (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
R&W development and accretion of discount during period	$48		$157
R&W recovered during period	-384		'
Gross R&W amounts recovered	41		92
U.S. RMBS	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	712		1,370
R&W development and accretion of discount during period	48		157
R&W recovered during period	-39	[1]	-89	[1]
Future net R&W benefit at the end of the period	721		1,438
Total first lien	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	569		1,082
R&W development and accretion of discount during period	39		149
R&W recovered during period	-38	[1]	-62	[1]
Future net R&W benefit at the end of the period	570		1,169
Prime first lien	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	4		4
R&W development and accretion of discount during period	-1		0
R&W recovered during period	0	[1]	0	[1]
Future net R&W benefit at the end of the period	3		4
Alt-A first lien	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	274		378
R&W development and accretion of discount during period	3		-8
R&W recovered during period	-8	[1]	-8	[1]
Future net R&W benefit at the end of the period	269		362
Option ARM	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	173		591
R&W development and accretion of discount during period	9		153
R&W recovered during period	-30	[1]	-54	[1]
Future net R&W benefit at the end of the period	152		690
First mortgage, subprime	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	118		109
R&W development and accretion of discount during period	28		4
R&W recovered during period	0	[1]	0	[1]
Future net R&W benefit at the end of the period	146		113
Second lien	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	143		288
R&W development and accretion of discount during period	9		8
R&W recovered during period	-1	[1]	-27	[1]
Future net R&W benefit at the end of the period	151		269
Closed end second lien and HELOCs	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	98		138
R&W development and accretion of discount during period	-3		-9
R&W recovered during period	0	[1]	-21	[1]
Future net R&W benefit at the end of the period	95		108
HELOCs	'		'
Estimated Benefit From Recoveries From Breaches of R and W Net of Reinsurance [Roll Forward]	'		'
Future net R&W benefit at the beginning of the period	45		150
R&W development and accretion of discount during period	12		17
R&W recovered during period	-1	[1]	-6	[1]
Future net R&W benefit at the end of the period	$56		$161
[1]	Gross amounts recovered were $41 million and $92 million for First Quarter 2014 and 2013, respectively.

Expected_Losses_to_be_Paid_Net2

Expected Losses to be Paid - Net Expected Loss to be Paid by Accounting Model (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013		Dec. 31, 2012
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	$988		'		$985		'
Net Expected Loss to be Paid After Recoveries for R&W	984	[1]	487		982	[1]	677
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	13		-88		'		'
Net Expected Loss Development After Recoveries for R&W	12		-98		'		'
Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	708		'		741		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-23		-72		'		'
Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	108	[2]	'		60	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	47	[2]	-33	[2]	'		'
Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	172		'		184		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-11	[3]	17	[3]	'		'
Prime first lien	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	18		'		21		'
Net Expected Loss to be Paid After Recoveries for R&W	18	[1]	11		21	[1]	6
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-3		6		'		'
Net Expected Loss Development After Recoveries for R&W	-3		6		'		'
Prime first lien | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	3		'		3		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0		0		'		'
Prime first lien | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		0	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[2]	0	[2]	'		'
Prime first lien | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	15		'		18		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-3	[3]	6	[3]	'		'
Alt-A first lien	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	308		'		304		'
Net Expected Loss to be Paid After Recoveries for R&W	308	[1]	313		304	[1]	315
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	8		9		'		'
Net Expected Loss Development After Recoveries for R&W	8		9		'		'
Alt-A first lien | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	212		'		199		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	19		5		'		'
Alt-A first lien | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	19	[2]	'		31	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-12	[2]	-1	[2]	'		'
Alt-A first lien | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	77		'		74		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	1	[3]	5	[3]	'		'
Option ARM	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	-28		'		-9		'
Net Expected Loss to be Paid After Recoveries for R&W	-28	[1]	-327		-9	[1]	-131
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-15		-138		'		'
Net Expected Loss Development After Recoveries for R&W	-15		-138		'		'
Option ARM | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	-38		'		-18		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-16		-93		'		'
Option ARM | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		-2	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	1	[2]	-37	[2]	'		'
Option ARM | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	10		'		11		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[3]	-8	[3]	'		'
First mortgage, subprime	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	295		'		304		'
Net Expected Loss to be Paid After Recoveries for R&W	295	[1]	263		304	[1]	242
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-7		25		'		'
Net Expected Loss Development After Recoveries for R&W	-7		25		'		'
First mortgage, subprime | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	140		'		149		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-8		12		'		'
First mortgage, subprime | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	80	[2]	'		81	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-2	[2]	4	[2]	'		'
First mortgage, subprime | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	75		'		74		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	3	[3]	9	[3]	'		'
Total first lien	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	593		'		620		'
Net Expected Loss to be Paid After Recoveries for R&W	593	[1]	260		620	[1]	432
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-17		-98		'		'
Net Expected Loss Development After Recoveries for R&W	-17		-98		'		'
Total first lien | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	317		'		333		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-5		-76		'		'
Total first lien | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	99	[2]	'		110	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-13	[2]	-34	[2]	'		'
Total first lien | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	177		'		177		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	1	[3]	12	[3]	'		'
Close ended second lien	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	-4		'		-11		'
Net Expected Loss to be Paid After Recoveries for R&W	-4	[1]	-21		-11	[1]	-39
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	5		1		'		'
Net Expected Loss Development After Recoveries for R&W	5		1		'		'
Close ended second lien | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	-32		'		-34		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-1		5		'		'
Close ended second lien | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	26	[2]	'		25	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	2	[2]	-3	[2]	'		'
Close ended second lien | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	2		'		-2		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	4	[3]	-1	[3]	'		'
HELOCs	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	-109		'		-116		'
Net Expected Loss to be Paid After Recoveries for R&W	-109	[1]	-122		-116	[1]	-111
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	2		-3		'		'
Net Expected Loss Development After Recoveries for R&W	2		-3		'		'
HELOCs | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	-92		'		-41		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-56		-7		'		'
HELOCs | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	-17	[2]	'		-75	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	58	[2]	4	[2]	'		'
HELOCs | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	0		'		0		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[3]	0	[3]	'		'
Second lien	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	-113		'		-127		'
Net Expected Loss to be Paid After Recoveries for R&W	-113	[1]	-143		-127	[1]	-150
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	7		-2		'		'
Net Expected Loss Development After Recoveries for R&W	7		-2		'		'
Second lien | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	-124		'		-75		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-57		-2		'		'
Second lien | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	9	[2]	'		-50	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	60	[2]	1	[2]	'		'
Second lien | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	2		'		-2		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	4	[3]	-1	[3]	'		'
U.S. RMBS	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	480		'		493		'
Net Expected Loss to be Paid After Recoveries for R&W	480	[1]	117		493	[1]	282
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-10		-100		'		'
Net Expected Loss Development After Recoveries for R&W	-10		-100		'		'
U.S. RMBS | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	193		'		258		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-62		-78		'		'
U.S. RMBS | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	108	[2]	'		60	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	47	[2]	-33	[2]	'		'
U.S. RMBS | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	179		'		175		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	5	[3]	11	[3]	'		'
TruPS	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	32		'		51		'
Net Expected Loss to be Paid After Recoveries for R&W	32	[1]	23		51	[1]	27
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-19		-3		'		'
Net Expected Loss Development After Recoveries for R&W	-19		-3		'		'
TruPS | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	2		'		3		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-1		0		'		'
TruPS | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		0	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[2]	0	[2]	'		'
TruPS | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	30		'		48		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	-18	[3]	-3	[3]	'		'
Structured finance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	138		'		120		'
Net Expected Loss to be Paid After Recoveries for R&W	138	[1]	307		120	[1]	312
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	19		-2		'		'
Net Expected Loss Development After Recoveries for R&W	19		-2		'		'
Structured finance | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	176		'		161		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	17		-10		'		'
Structured finance | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		0	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[2]	0	[2]	'		'
Structured finance | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	-38		'		-41		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	2	[3]	8	[3]	'		'
Public Finance U.S.	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	281		'		264		'
Net Expected Loss to be Paid After Recoveries for R&W	281	[1]	-9		264	[1]	7
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	23		7		'		'
Net Expected Loss Development After Recoveries for R&W	23		7		'		'
Public Finance U.S. | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	281		'		264		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	23		7		'		'
Public Finance U.S. | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		0	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[2]	0	[2]	'		'
Public Finance U.S. | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	0		'		0		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[3]	0	[3]	'		'
Public Finance Non-U.S.	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	57		'		57		'
Net Expected Loss to be Paid After Recoveries for R&W	57	[1]	62		57	[1]	52
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0		10		'		'
Net Expected Loss Development After Recoveries for R&W	0		10		'		'
Public Finance Non-U.S. | Financial guaranty insurance	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	56		'		55		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0		9		'		'
Public Finance Non-U.S. | Financial Guaranty Variable Interest Entities	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Schedule of Insured Financial Obligations with Credit Deterioration, Reductions of Gross Claim Liability	0	[2]	'		0	[2]	'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[2]	0	[2]	'		'
Public Finance Non-U.S. | Credit Derivatives	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W Excluding Other Lines of Business	1		'		2		'
Net Expected Loss Development After Recoveries for R&W Excluding Other Lines of Business	0	[3]	1	[3]	'		'
Other	'		'		'		'
Guarantor Obligations [Line Items]	'		'		'		'
Net Expected Loss to be Paid After Recoveries for R&W	-4		'		-3		'
Net Expected Loss Development After Recoveries for R&W	($1)		($10)		'		'
[1]	Includes expected loss adjustment expenses ("LAE") to be paid for mitigating claim liabilities of $29 million as of March 31, 2014 and $34 million as of December 31, 2013. The Company paid $6 million and $13 million in LAE for First Quarter 2014 and 2013, respectively.
[2]	Refer to Note 9, Consolidated Variable Interest Entities.
[3]	Refer to Note 8, Financial Guaranty Contracts Accounted for as Credit Derivatives.

Expected_Losses_to_be_Paid_Fir

Expected Losses to be Paid - First Lien Liquidation Rates (Details) (USD $)	3 Months Ended			12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2012	Dec. 31, 2013
Guarantor Obligations [Line Items]	'		'	'
Period from initial to final conditional prepayment rate (in months)	'		'	'2 years 6 months
Liquidation rate for real estate owned (as a percent)	100.00%		'	100.00%
Period until which loss severity rate would continue (in months)	'		'	'18 months
Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period from plateau to intermediate conditional default rate (in months)	'48 months		'	'48 months
Loss severity (as a percent)	65.00%	[1]	'	65.00%	[1]
Final conditional prepayment rate (as a percent)	15.00%	[1]	'	15.00%	[1]
Total first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period from initial to final conditional prepayment rate (in months)	'12 months		'	'
Current conditional prepayment rate used in alternate scenario for loss estimate (as a percent)	15.00%		'	'
Period for constant conditional default rate (in months)	'		'	'36 months
Period for which estimated defaults are attributed to loans currently delinquent or in foreclosure	'36 months		'	'
Estimated Loss Severity Rate, One through Six Months After Period End	'		'	90.00%
Estimated Loss Severity Rate, Six Through Twelve Months After Period End	'		'	80.00%
Loss severity recovery period used to calculate potential change in loss estimate in even more stressful scenario (in years)	'9 years		'	'
Number of scenarios where the recovery was faster than in base case	2		'	'
Decrease in the plateau period used to calculate potential change in loss estimate (in months)	'6 months		'	'
Decreased plateau period used to calculate potential change in loss estimate (in months)	'30 months		'	'
Alt- A and Prime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Liquidation rate for current loans modified in previous 12 months (as a percent)	35.00%		'	35.00%
Liquidation rate for 30 - 59 days delinquent category (as a percent)	50.00%		'	50.00%
Liquidation rate for 60 - 89 days delinquent category (as a percent)	60.00%		'	60.00%
Liquidation rate for 90 days delinquent category (as a percent)	75.00%		'	75.00%
Liquidation rate for bankruptcy delinquent category (as a percent)	60.00%		'	60.00%
Liquidation rate for foreclosure category (as a percent)	85.00%		'	85.00%
Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Liquidation rate for current loans modified in previous 12 months (as a percent)	35.00%		'	35.00%
Liquidation rate for 30 - 59 days delinquent category (as a percent)	50.00%		'	50.00%
Liquidation rate for 60 - 89 days delinquent category (as a percent)	65.00%		'	65.00%
Liquidation rate for 90 days delinquent category (as a percent)	70.00%		'	70.00%
Liquidation rate for bankruptcy delinquent category (as a percent)	60.00%		'	60.00%
Liquidation rate for foreclosure category (as a percent)	80.00%		'	80.00%
Period from plateau to intermediate conditional default rate (in months)	'48 months		'	'48 months
Loss severity (as a percent)	65.00%	[1]	'	65.00%	[1]
Final conditional prepayment rate (as a percent)	15.00%	[1]	'	15.00%	[1]
First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Liquidation rate for current loans modified in previous 12 months (as a percent)	35.00%		'	35.00%
Liquidation rate for 30 - 59 days delinquent category (as a percent)	45.00%		'	45.00%
Liquidation rate for 60 - 89 days delinquent category (as a percent)	50.00%		'	50.00%
Liquidation rate for 90 days delinquent category (as a percent)	60.00%		'	60.00%
Liquidation rate for bankruptcy delinquent category (as a percent)	55.00%		'	55.00%
Liquidation rate for foreclosure category (as a percent)	70.00%		'	70.00%
Period from plateau to intermediate conditional default rate (in months)	'48 months		'	'48 months
Period until which loss severity rate would continue (in months)	'		'9 months	'9 months
Loss severity (as a percent)	90.00%	[1]	'	90.00%	[1]
Final conditional prepayment rate (as a percent)	15.00%	[1]	'	15.00%	[1]
RMBS	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Intermediate Conditional Default Rate	5.00%		'	'
Residential, Prime, Financing Receivable [Member]	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Number of scenarios weighted in estimating expected losses	5		'	'
Minimum | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	2.30%	[1]	'	2.80%	[1]
Intermediate Conditional Default Rate	0.50%	[1]	'	0.60%	[1]
Final conditional default rate trended down to (as a percent)	0.10%	[1]	'	0.10%	[1]
Initial conditional prepayment rate (as a percent)	0.90%	[1]	'	0.00%	[1]
Minimum | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	3.80%	[1]	'	4.90%	[1]
Intermediate Conditional Default Rate	0.80%	[1]	'	1.00%	[1]
Final conditional default rate trended down to (as a percent)	0.20%	[1]	'	0.20%	[1]
Initial conditional prepayment rate (as a percent)	0.80%	[1]	'	0.40%	[1]
Minimum | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	5.90%	[1]	'	5.60%	[1]
Intermediate Conditional Default Rate	1.20%	[1]	'	1.10%	[1]
Final conditional default rate trended down to (as a percent)	0.30%	[1]	'	0.30%	[1]
Initial conditional prepayment rate (as a percent)	0.00%	[1]	'	0.00%	[1]
Maximum | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	18.40%	[1]	'	18.40%	[1]
Intermediate Conditional Default Rate	3.70%	[1]	'	3.70%	[1]
Final conditional default rate trended down to (as a percent)	0.90%	[1]	'	0.90%	[1]
Initial conditional prepayment rate (as a percent)	33.90%	[1]	'	34.20%	[1]
Maximum | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	16.80%	[1]	'	16.80%	[1]
Intermediate Conditional Default Rate	3.40%	[1]	'	3.40%	[1]
Final conditional default rate trended down to (as a percent)	0.80%	[1]	'	0.80%	[1]
Initial conditional prepayment rate (as a percent)	12.20%	[1]	'	13.10%	[1]
Maximum | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Plateau conditional default rate (as a percent)	16.30%	[1]	'	16.20%	[1]
Intermediate Conditional Default Rate	3.30%	[1]	'	3.20%	[1]
Final conditional default rate trended down to (as a percent)	0.80%	[1]	'	0.80%	[1]
Initial conditional prepayment rate (as a percent)	11.60%	[1]	'	15.70%	[1]
Base Scenario | Total first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period for which estimated defaults are attributed to loans currently delinquent or in foreclosure	'36 months		'	'
Period from plateau to intermediate conditional default rate (in months)	'12 months		'	'
Intermediate conditional default rate as a percentage of plateau conditional default rate	20.00%		'	'
Period of constant intermediate conditional default rate (in months)	'36 months		'	'
Final conditional default rate as a percentage of plateau conditional default rate	5.00%		'	'
Loss severity (as a percent)	'		'	40.00%
Somewhat Stressful Environment [Member] | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in conditional default rate plateau period and loss severity recovery period	39		'	'
Somewhat Stressful Environment [Member] | Total first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increased final loss severity for subprime transactions used to calculate potential change in loss estimate (as a percent)	60.00%		'	'
Somewhat Stressful Environment [Member] | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in conditional default rate plateau period and loss severity recovery period	13		'	'
Somewhat Stressful Environment [Member] | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in conditional default rate plateau period and loss severity recovery period	93		'	'
Somewhat Stressful Environment [Member] | Residential, Prime, Financing Receivable [Member]	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in the plateau period used to calculate potential change in loss estimate (in months)	'6 months		'	'
Increased plateau period used to calculate potential change in loss estimate (in months)	'42 months		'	'
Prior loss severity recovery period used to calculate potential change in loss estimate (in years)	'4 years 6 months		'	'
Current loss severity recovery period used to calculate potential change in loss estimate (in years)	'2 years 6 months		'	'
Increase in expected loss in case of increase in conditional default rate plateau period and loss severity recovery period	4		'	'
Least Stressful Environment [Member] | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of decrease in conditional default rate plateau period	36		'	'
Least Stressful Environment [Member] | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of decrease in conditional default rate plateau period	28		'	'
Least Stressful Environment [Member] | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of decrease in conditional default rate plateau period	78		'	'
Least Stressful Environment [Member] | Residential, Prime, Financing Receivable [Member]	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period of decrease in conditional default rate until final rate is achieved (in months)	'9 months		'	'
Decrease in expected loss in case of decrease in conditional default rate plateau period	4		'	'
Somewhat Less Stressful Environment [Member] | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of less gradual conditional default rate recovery and changes in initial subprime loss severity rate	1		'	'
Somewhat Less Stressful Environment [Member] | Total first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period from initial to final conditional prepayment rate (in months)	'18 months		'	'
Initial subprime loss severity rate assumed to be recovered over two years (as a percent)	40.00%		'	'
Current loss severity recovery period used to calculate potential change in loss estimate (in years)	'2 years 6 months		'	'
Initial subprime loss severity rate assumed for 12 months (as a percent)	80.00%		'	'
Somewhat Less Stressful Environment [Member] | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of less gradual conditional default rate recovery and changes in initial subprime loss severity rate	10		'	'
Somewhat Less Stressful Environment [Member] | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of less gradual conditional default rate recovery and changes in initial subprime loss severity rate	25		'	'
Somewhat Less Stressful Environment [Member] | Residential, Prime, Financing Receivable [Member]	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Decrease in expected loss in case of less gradual conditional default rate recovery and changes in initial subprime loss severity rate	1		'	'
More Stressful Environment [Member] | Alt-A first lien	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in loss severity recovery period in an even more stressful scenario	104		'	'
More Stressful Environment [Member] | Option ARM	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in loss severity recovery period in an even more stressful scenario	31		'	'
More Stressful Environment [Member] | First mortgage, subprime	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Increase in expected loss in case of increase in loss severity recovery period in an even more stressful scenario	138		'	'
More Stressful Environment [Member] | Residential, Prime, Financing Receivable [Member]	'		'	'
Guarantor Obligations [Line Items]	'		'	'
Period of decrease in conditional default rate until final rate is achieved (in months)	'15 months		'	'
Increase in expected loss in case of increase in loss severity recovery period in an even more stressful scenario	11		'	'
[1]	Represents variables for most heavily weighted scenario (the “base case”).

Expected_Losses_to_be_Paid_Key

Expected Losses to be Paid - Key Assumptions in Base Case Expected Loss Estimates Second Lien RMBS (Detail) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Alt-A first lien

Alt-A first lien

Alt-A first lien

Alt-A first lien

Alt-A first lien

Alt-A first lien

Second lien

Second lien

Second lien

Close ended second lien

Close ended second lien

Close ended second lien

Close ended second lien

Close ended second lien

Close ended second lien

HELOCs

HELOCs

HELOCs

HELOCs

HELOCs

HELOCs

Option ARM

Option ARM

Option ARM

Option ARM

Option ARM

Option ARM

Subprime

Subprime

Subprime

Subprime

Subprime

Subprime

Subprime

Base Scenario

Scenario 1

Scenario 1

Scenario 1

Scenario 2

Scenario 2

Scenario 2

Minimum

Minimum

Maximum

Maximum

Curve

Minimum

Maximum

Minimum

Minimum

Maximum

Maximum

Minimum

Minimum

Maximum

Maximum

Minimum

Minimum

Maximum

Maximum

Minimum

Minimum

Maximum

Maximum

Second lien

Second lien

Close ended second lien

HELOCs

Second lien

Close ended second lien

HELOCs

Guarantor Obligations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period from initial to final conditional prepayment rate (in months)

'

'2 years 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period until which loss severity rate would continue (in months)

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'9 months

'9 months

'

'

'

'

'

'

'

'

'

'

'

'

Plateau conditional default rate (as a percent)

'

'

'

'

2.30%

[1]

2.80%

[1]

18.40%

[1]

18.40%

[1]

'

'

'

'

'

6.70%

[1]

7.30%

[1]

15.50%

[1]

15.10%

[1]

'

'

1.90%

[1]

2.30%

[1]

7.30%

[1]

7.70%

[1]

'

'

3.80%

[1]

4.90%

[1]

16.80%

[1]

16.80%

[1]

'

'

'

5.90%

[1]

5.60%

[1]

16.30%

[1]

16.20%

[1]

'

'

'

'

'

'

'

Intermediate Conditional Default Rate

'

'

'

'

0.50%

[1]

0.60%

[1]

3.70%

[1]

3.70%

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.80%

[1]

1.00%

[1]

3.40%

[1]

3.40%

[1]

'

'

'

1.20%

[1]

1.10%

[1]

3.30%

[1]

3.20%

[1]

'

'

'

'

'

'

'

Final conditional default rate trended down to (as a percent)

'

'

'

'

0.10%

[1]

0.10%

[1]

0.90%

[1]

0.90%

[1]

'

'

'

'

'

3.50%

[1]

3.50%

[1]

9.10%

[1]

9.10%

[1]

'

'

0.40%

[1]

0.40%

[1]

3.20%

[1]

3.20%

[1]

'

'

0.20%

[1]

0.20%

[1]

0.80%

[1]

0.80%

[1]

'

'

'

0.30%

[1]

0.30%

[1]

0.80%

[1]

0.80%

[1]

'

'

'

'

'

'

'

Loss severity (as a percent)

'

'

65.00%

[1]

65.00%

[1]

'

'

'

'

'

'

'

98.00%

[1]

98.00%

[1]

'

'

'

'

98.00%

[1]

98.00%

[1]

'

'

'

'

65.00%

[1]

65.00%

[1]

'

'

'

'

'

90.00%

[1]

90.00%

[1]

'

'

'

'

'

'

'

'

'

'

'

Initial conditional prepayment rate (as a percent)

'

'

'

'

0.90%

[1]

0.00%

[1]

33.90%

[1]

34.20%

[1]

'

'

'

'

'

2.90%

[1]

3.10%

[1]

12.80%

[1]

12.00%

[1]

'

'

2.30%

[1]

2.70%

[1]

21.00%

[1]

21.50%

[1]

'

'

0.80%

[1]

0.40%

[1]

12.20%

[1]

13.10%

[1]

'

'

'

0.00%

[1]

0.00%

[1]

11.60%

[1]

15.70%

[1]

'

'

'

'

'

'

'

Final conditional prepayment rate (as a percent)

'

'

15.00%

[1]

15.00%

[1]

'

'

'

'

10.00%

'

'

10.00%

[1]

10.00%

[1]

'

'

'

'

10.00%

[1]

10.00%

[1]

'

'

'

'

15.00%

[1]

15.00%

[1]

'

'

'

'

'

15.00%

[1]

15.00%

[1]

'

'

'

'

'

'

'

'

'

'

'

Expected period until final conditional default rate (in months)

'

'

'

'

'

'

'

'

'

'

'

'34 months

[1]

'34 months

'

'

'

'

'34 months

'34 months

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Typical past due period for loans to be charged off (in days)

'

'

'

'

'

'

'

'

'180 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

First delinquency category (in days)

'

'

'

'

'

'

'

'

'

'30 days

'59 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Second delinquency category (in days)

'

'

'

'

'

'

'

'

'

'60 days

'89 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Third delinquency category (in days)

'

'

'

'

'

'

'

'

'

'90 days

'119 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fourth delinquency category (in days)

'

'

'

'

'

'

'

'

'

'120 days

'149 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fifth delinquency category (in days)

'

'

'

'

'

'

'

'

'

'150 days

'179 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of Default Estimate

'

'

'

'

'

'

'

'

'5 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Preceding Months Liquidation Rates Used to Estimate Loan Default Rate

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Months the Conditional Default Rate is Calculated Applying Liquidation Rates to Current Period Past Due Balances Excluding Thirty to Fifty Nine Days Past Due

'

'

'

'

'

'

'

'

'4 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of decrease in conditional default rate until final rate is achieved (in months)

'

'

'

'

'

'

'

'

'28 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'28 months

'33 months

'

'

'

'

'

Stress period (in months)

'

'

'

'

'

'

'

'

'34 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'34 months

'42 months

'

'

'24 months

'

'

Number of Monthly Delinquency Categories

'

'

'

'

'

'

'

'

'5 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of constant conditional default rate (in months)

'

'

'

'

'

'

'

'

'1 month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 month

'

'

'

'1 month

'

'

Loss Recovery Assumption

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conditional Prepayment Rate Base Case Average Number of Months

'

'

'

'

'

'

'

'

'3 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of conditional default rate curves modeled in estimating losses

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increased plateau period used to calculate potential change in loss estimate (in months)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 months

'

'

'

'

'

Loss Estimate Sensitivity Analysis Increase in Conditional Default Rate Ramp Down Period

'5 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss Estimate Sensitivity Analysis Change in Estimate for Increased Conditional Default Rate Plateau Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2

$24

'

'

'

Decreased ramp down period used to calculate potential change in loss estimate (in months)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

Loss Estimate Sensitivity Analysis Change in Estimate for Decreased Conditional Default Rate Ramp Down Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2

$22

[1]

Represents variables for most heavily weighted scenario (the “base case”).

Expected_Losses_to_be_Paid_Bre

Expected Losses to be Paid - Breaches of Representations and Warranties (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

6-May-13

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Oct. 10, 2013

Close ended second lien

Close ended second lien

Total first lien

Total first lien

Alt-A first lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

First mortgage, subprime

RMBS

Prime first lien

Prime first lien

Second lien

Second lien

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Bank of America Agreement

Bank of America Agreement

Bank of America Agreement

Deutsche Bank Agreement

UBS

UBS

Other

Uninsured tranches of covered transactions

Uninsured tranches of covered transactions

Covered Transactions

Below Investment Grade [Member]

scenario

scenario

Close ended second lien

Close ended second lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

Close ended second lien

Close ended second lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

Total first lien

Second lien

Deutsche Bank Agreement

Deutsche Bank Agreement

Deutsche Bank Agreement

Deutsche Bank Agreement

Transaction

Maximum

Guarantor Obligations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of Liabilities Agreed Paid by Entities Providing R and Ws for Transactions Company Provided a Financial Guaranty

$3,697,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Benefit From Loan Repurchases Related to Breaches of R and W Included in Net Expected Loss Estimates Under Agreements, Net of Reinsurance

384,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

195,000,000

'

100,000,000

33,000,000

'

56,000,000

'

'

'

'

Assets held under trust for reimbursement payment

874,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

585,000,000

'

142,000,000

147,000,000

'

'

'

'

'

'

Net par outstanding amount

5,804,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,023,000,000

1,335,000,000

1,649,000,000

778,000,000

'

1,019,000,000

'

'

'

294,000,000

Increase (Decrease) in Assets Held under Trust for Reimbursement Payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-60,000,000

Cash Amount Already Received for Liabilities Agreed Paid by Entities Providing R and Ws for Transactions Company Provided a Financial Guaranty, Net of Reinsurance

2,497,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

490,000,000

968,000,000

235,000,000

410,000,000

'

394,000,000

'

'

'

'

Cash Amount Already Received for Liabilities Agreed Paid by Entities Providing R and Ws for Transactions Company Provided a Financial Guaranty

2,716,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Plateau conditional default rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.70%

[1]

7.30%

[1]

2.30%

[1]

2.80%

[1]

3.80%

[1]

4.90%

[1]

5.90%

[1]

5.60%

[1]

15.50%

[1]

15.10%

[1]

18.40%

[1]

18.40%

[1]

16.80%

[1]

16.80%

[1]

16.30%

[1]

16.20%

[1]

'

'

'

'

'

'

'

'

'

'

'

Intermediate Conditional Default Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

0.50%

[1]

0.60%

[1]

0.80%

[1]

1.00%

[1]

1.20%

[1]

1.10%

[1]

'

'

3.70%

[1]

3.70%

[1]

3.40%

[1]

3.40%

[1]

3.30%

[1]

3.20%

[1]

'

'

'

'

'

'

'

'

'

'

'

Final conditional default rate trended down to (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.50%

[1]

3.50%

[1]

0.10%

[1]

0.10%

[1]

0.20%

[1]

0.20%

[1]

0.30%

[1]

0.30%

[1]

9.10%

[1]

9.10%

[1]

0.90%

[1]

0.90%

[1]

0.80%

[1]

0.80%

[1]

0.80%

[1]

0.80%

[1]

'

'

'

'

'

'

'

'

'

'

'

Loss severity (as a percent)

'

'

98.00%

[1]

98.00%

[1]

'

'

65.00%

[1]

'

65.00%

[1]

65.00%

[1]

'

65.00%

[1]

90.00%

[1]

'

90.00%

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial conditional prepayment rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.90%

[1]

3.10%

[1]

0.90%

[1]

0.00%

[1]

0.80%

[1]

0.40%

[1]

0.00%

[1]

0.00%

[1]

12.80%

[1]

12.00%

[1]

33.90%

[1]

34.20%

[1]

12.20%

[1]

13.10%

[1]

11.60%

[1]

15.70%

[1]

'

'

'

'

'

'

'

'

'

'

'

Final conditional prepayment rate (as a percent)

'

'

10.00%

[1]

10.00%

[1]

'

'

15.00%

[1]

'

15.00%

[1]

15.00%

[1]

'

15.00%

[1]

15.00%

[1]

'

15.00%

[1]

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period from initial to final conditional prepayment rate (in months)

'

'2 years 6 months

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current conditional prepayment rate used in alternate scenario for loss estimate (as a percent)

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of scenarios weighted in estimating expected losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss severity recovery period used to calculate potential change in loss estimate in even more stressful scenario (in years)

'

'

'

'

'9 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of decrease in conditional default rate until final rate is achieved (in months)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'28 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of scenarios where the recovery was faster than in base case

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in the plateau period used to calculate potential change in loss estimate (in months)

'

'

'

'

'6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decreased plateau period used to calculate potential change in loss estimate (in months)

'

'

'

'

'30 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Benefit From Loan Repurchases Related to Breaches of R and W Included in Net Expected Loss Estimates Under Agreements

402,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

R&W recovered during period

384,000,000

'

'

'

38,000,000

[2]

62,000,000

[2]

8,000,000

[2]

8,000,000

[2]

'

30,000,000

[2]

54,000,000

[2]

'

0

[2]

0

[2]

'

'

0

[2]

0

[2]

1,000,000

[2]

27,000,000

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of Liabilities Agreed Paid by Entities Providing R and Ws for Transactions Company Provided a Financial Guaranty, Repurchase Amounts Prior to Settlement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

579,000,000

[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Benefit From Loan Repurchases Related to Breaches of R and W Included in Net Expected Loss Estimates

721,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial Guaranty Insurance Contracts Principal Amount Already Covered Under Agreements But Company Projects Receiving Additional Amounts

773,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Benefit From Loan Repurchases Related to Breaches of R and W Included in Net Expected Loss Estimates in Pursuit

337,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial Guaranty Insurance Contracts Principal Amount Not Covered Under Agreements

1,379,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss Sharing Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

'

'

'

85.00%

'

'

'

'

'

Maximum Loss Up To Which Loss Sharing Percentage Applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,600,000,000

'

'

'

'

'

'

'

'

'

'

Loss sharing percentage, first layer

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

Maximum aggregate collateral losses up to which first layer of loss sharing will be applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

141,000,000

'

319,000,000

'

Collateral Losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,900,000,000

'

'

'

'

'

'

'

'

'

'

Minimum losses at which second later of loss sharing percentage becomes applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

161,000,000

'

389,000,000

'

Estimated Cumulative Collateral Losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,100,000,000

'

'

'

'

'

'

'

153,000,000

'

'

Minimum losses at which third layer of loss sharing percentage becomes applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

185,000,000

'

'

'

Estimated Reimbursement Amount, Collateral Losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,000,000

'

'

'

Maximum Loss Up To Which Second Layer of Loss Sharing Percentage Applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000,000

'

Number of Transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8

'

'

'

Loss sharing percentage, second layer

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60.00%

'

85.00%

'

Loss sharing percentage, third layer

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

Maximum aggregate collateral losses up to which third layer of loss sharing will be applicable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$248,000,000

'

'

'

[1]

Represents variables for most heavily weighted scenario (the “base case”).

[2]

Gross amounts recovered were $41 million and $92 million for First Quarter 2014 and 2013, respectively.

[3]

These amounts were paid into the relevant RMBS transactions (rather than to the Company as in most settlements) and distributed in accordance with the priority of payments set out in the relevant transaction documents. Because the Company may insure only a portion of the capital structure of a transaction, such payments will not necessarily directly benefit the Company dollar-for-dollar, especially in first lien transactions.

US_RMBS_Risks_with_RW_Benefit_

- U.S. RMBS Risks with R&W Benefit (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified	risk		risk
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	45	[1]	42	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	$4,697		$5,011
Prime first lien	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	1	[1]	1	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	36		38
Alt-A first lien	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	20	[1]	19	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	2,791		2,856
Option ARM	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	10	[1]	9	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	589		641
First mortgage, subprime	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	5	[1]	5	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	985		998
Closed end second lien and HELOCs	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	4	[1]	4	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	155		158
HELOCs	'		'
Guarantor Obligations [Line Items]	'		'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	5	[1]	4	[1]
Outstanding Principal and Interest on Representations and Warranties Policies	$141		$320
[1]	A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.

Expected_Losses_to_be_Paid_Com

Expected Losses to be Paid - Components of R&W Development (Details)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

USD ($)

USD ($)

USD ($)

Life Insurance [Member]

Prime first lien

Prime first lien

Prime first lien

Alt-A first lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

First mortgage, subprime

Closed end second lien and HELOCs

Closed end second lien and HELOCs

Closed end second lien and HELOCs

HELOCs

HELOCs

HELOCs

Student Loan [Member]

Asset-backed Student Loan [Member]

Public Finance Student Loan [Member]

Trust Preferred Securities Collateralized Debt Obligations

Public Finance City of Detroit [Member]

Public Finance Stockton General Fund [Member]

Public Finance Luoisville Arena Authority [Member]

Troubled Municipal Credits [Member]

Troubled Municipal Credits [Member]

Spanish sub-sovereign debt [Member]

Portugal sub-sovereign debt [Member]

Hungarian-infrastructure bonds [Member]

Spanish and Hungarian Debt [Member]

Manufactured Housing Loans [Member]

Manufactured Housing Loans [Member]

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Below investment grade (BIG)

Sewer [Member]

Water Sector [Member]

Municipal Bonds State General Obligation [Member]

City Certificates of Participation [Member]

Refinancing Risk on Infrastructure Transactions [Member]

Refinancing Risk on Infrastructure Transactions [Member]

Refinancing Risk on Infrastructure Transactions [Member]

Puerto Rico

Puerto Rico

Puerto Rico

risk

risk

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

EUR (€)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Life Insurance [Member]

Prime first lien

Prime first lien

Alt-A first lien

Alt-A first lien

Option ARM

Option ARM

First mortgage, subprime

First mortgage, subprime

HELOCs

HELOCs

Asset-backed Student Loan [Member]

Public Finance Student Loan [Member]

Trust Preferred Securities Collateralized Debt Obligations

Manufactured Housing Loans [Member]

Ballantyne Re Plc and Orkney Re I I Plc [Member]

Public Finance City of Detroit [Member]

Public Finance City of Detroit [Member]

Public Finance City of Detroit [Member]

Public Finance City of Detroit [Member]

USD ($)

Minimum

Maximum

USD ($)

Below investment grade (BIG)

Below investment grade (BIG)

risk

risk

risk

risk

risk

risk

risk

risk

risk

risk

risk

risk

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Life Insurance [Member]

USD ($)

USD ($)

USD ($)

USD ($)

Transaction

USD ($)

USD ($)

Transaction

Guarantor Obligations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net par outstanding amount

$5,804,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,800,000,000

$1,900,000,000

$900,000,000

$4,800,000,000

'

'

'

'

'

'

'

'

'

$248,000,000

'

'

'

$2,700,000,000

'

'

'

'

'

'

'

'

'

'

$204,000,000

$251,000,000

$1,600,000,000

$175,000,000

'

$1,000,000,000

$784,000,000

$146,000,000

$175,000,000

$3,000,000,000

'

'

'

'

'

Recovery Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

74.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Years for Recoveries on Infrastructure Transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'35 years

'

'

'

Financial Guaranty Insurance Contracts Principal Amount, Percent in Credit Default Swap Form

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

71.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)

45

[1]

'

42

[1]

'

1

[1]

'

1

[1]

20

[1]

'

19

[1]

10

[1]

'

9

[1]

5

[1]

'

5

[1]

4

[1]

'

4

[1]

5

[1]

'

4

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Principal and Interest on Representations and Warranties Policies

4,697,000,000

'

5,011,000,000

'

36,000,000

'

38,000,000

2,791,000,000

'

2,856,000,000

589,000,000

'

641,000,000

985,000,000

'

998,000,000

155,000,000

'

158,000,000

141,000,000

'

320,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Change in recovery assumptions as the result of additional file review and recovery success

10,000,000

11,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated increase (decrease) in defaults that will result in additional (lower) breaches

0

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Settlements and anticipated settlements

35,000,000

142,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accretion of discount on balance

3,000,000

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

48,000,000

157,000,000

'

'

-1,000,000

0

'

3,000,000

-8,000,000

'

9,000,000

153,000,000

'

28,000,000

4,000,000

'

-3,000,000

-9,000,000

'

12,000,000

17,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss and loss adjustment expense reserve

636,000,000

'

592,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

598,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Transactions Insured

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

Projected Expected Loss to be Paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

68,000,000

'

'

32,000,000

'

'

'

264,000,000

281,000,000

'

'

'

'

'

'

'

'

85,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial Guaranty Insurance Contracts Principal Amount Gross

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

435,000,000

92,000,000

623,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liability for Unpaid Claims and Claims Adjustment Expense Net Largest Single Loss

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,000,000

'

'

'

'

'

'

'

'

'

'

'

'

27,000,000

26,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Projected Expected Loss to be Paid

'

'

'

12,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000

'

'

19,000,000

'

'

'

17,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Insured Financial Obligations Outstanding Principal Amount Excluding Loss Mitigation Bonds

449,625,000,000

'

459,107,000,000

'

528,000,000

'

541,000,000

3,478,000,000

'

3,590,000,000

877,000,000

'

937,000,000

5,921,000,000

'

6,130,000,000

'

'

'

1,982,000,000

'

2,279,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,943,000,000

22,538,000,000

'

395,000,000

403,000,000

2,713,000,000

2,728,000,000

565,000,000

598,000,000

1,856,000,000

1,945,000,000

1,734,000,000

1,897,000,000

'

'

'

'

'

'

'

'

'

'

'

'

5,300,000,000

5,073,000,000

5,100,000,000

Financial Guaranty Insurance Contracts Principal Amount Net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000,000

119,000,000

337,000,000

'

'

312,000,000

80,000,000

587,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected LAE for mitigating claim liabilities

29,000,000

'

34,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

51,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Claims Paid, Net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Infrastructure Transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

Financial Insurance Guaranty, Infrastructure Finance, Potential Liability

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,800,000,000

'

'

'

'

'

[1]

A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.

Financial_Guaranty_Insurance_L2

Financial Guaranty Insurance Losses - Loss and LAE Reserve and Salvage and Subrogation Recoverable Net of Reinsurance Insurance Contracts (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	$689		$659
Subtotal, Salvage and Subrogation Recoverable, net	236		240
Subtotal, Net	453		419
Effect of consolidating FG VIEs, Loss and LAE Reserve, net	-90		-103
Effect of consolidating FG VIEs, Salvage and Subrogation Recoverable, net	-17		-85
Effect of consolidating FG VIEs, Net	-73		-18
Total, Loss and LAE Reserve, net	599	[1]	556	[1]
Total, Salvage and subrogation recoverable payable, net	219	[1]	155	[1]
Total, Net	380	[1]	401	[1]
Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	688		657
Subtotal, Salvage and Subrogation Recoverable, net	231		235
Subtotal, Net	457		422
Total, Net	367		389
Other	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	1		2
Subtotal, Salvage and Subrogation Recoverable, net	5		5
Subtotal, Net	-4		-3
Prime first lien | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	3		3
Subtotal, Salvage and Subrogation Recoverable, net	0		0
Subtotal, Net	3		3
Alt-A first lien | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	112		108
Subtotal, Salvage and Subrogation Recoverable, net	0		0
Subtotal, Net	112		108
Option ARM | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	19		22
Subtotal, Salvage and Subrogation Recoverable, net	57		47
Subtotal, Net	-38		-25
First mortgage, subprime | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	135		143
Subtotal, Salvage and Subrogation Recoverable, net	1		2
Subtotal, Net	134		141
Total first lien | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	269		276
Subtotal, Salvage and Subrogation Recoverable, net	58		49
Subtotal, Net	211		227
Close ended second lien | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	5		5
Subtotal, Salvage and Subrogation Recoverable, net	43		45
Subtotal, Net	-38		-40
HELOCs | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	6		5
Subtotal, Salvage and Subrogation Recoverable, net	117		127
Subtotal, Net	-111		-122
Second lien | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	11		10
Subtotal, Salvage and Subrogation Recoverable, net	160		172
Subtotal, Net	-149		-162
U.S. RMBS | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	280		286
Subtotal, Salvage and Subrogation Recoverable, net	218		221
Subtotal, Net	62		65
TruPS | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	1		2
Subtotal, Salvage and Subrogation Recoverable, net	0		0
Subtotal, Net	1		2
Structured finance | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	159		145
Subtotal, Salvage and Subrogation Recoverable, net	5		6
Subtotal, Net	154		139
Public Finance U.S. | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	212		189
Subtotal, Salvage and Subrogation Recoverable, net	8		8
Subtotal, Net	204		181
Public Finance Non-U.S. | Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Subtotal, Loss and LAE Reserve, net	36		35
Subtotal, Salvage and Subrogation Recoverable, net	0		0
Subtotal, Net	$36		$35
[1]	(1)See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.

Financial_Guaranty_Insurance_L3

Financial Guaranty Insurance Losses - Components of Net Reserves (Salvage) Insurance Contracts (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Guarantor Obligations [Line Items]	'		'
Loss and LAE reserve	$636		$592
Reinsurance recoverable on unpaid losses	-37		-36
Loss and LAE reserve, net	599	[1]	556	[1]
Salvage and subrogation recoverable	-241		-174
Salvage and subrogation payable	22	[2]	19	[2]
Salvage and subrogation recoverable, net	-219	[1]	-155	[1]
Subtotal	380		401
Net reserves (salvage)	363		386
Net reserves (salvage)	380	[1]	401	[1]
For all Financial Guaranty Insurance Contracts	126		122
Effect of Consolidating FG VIEs	0		-49
Reported on Balance Sheet	126	[3]	73	[3]
For all Financial Guaranty Insurance Contracts	378		363
Effect of Consolidating FG VIEs	-14		-24
Reported on Balance Sheet	364	[3]	339	[3]
Consolidated Entity Excluding Variable Interest Entities (VIE)	'		'
Guarantor Obligations [Line Items]	'		'
Reinsurance recoverable on unpaid losses	-17	[4]	'
Salvage and subrogation recoverable, net	-214		'
Other recoveries	-17	[4]	-15	[4]
Other	'		'
Guarantor Obligations [Line Items]	'		'
Less: other (non-financial guaranty business)	-4		-3
Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Net reserves (salvage)	$367		$389
[1]	(1)See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
[2]	Recorded as a component of reinsurance balances payable.
[3]	The remaining benefit for R&W is either recorded at fair value in FG VIE assets, or not recorded on the balance sheet until the total loss, net of R&W, exceeds unearned premium reserve.
[4]	R&W recoverables recorded in other assets on the consolidated balance sheet.

Financial_Guaranty_Insurance_L4

Financial Guaranty Insurance Losses - Reconciliation of Net Expected Loss to be Paid and Net Expected Loss to be Expensed Insurance Contracts (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Guarantor Obligations [Line Items]	'		'
Total, Salvage and subrogation recoverable payable, net	$219	[1]	$155	[1]
Reinsurance recoverable on unpaid losses	37		36
Total present value basis	391	[2]	'
Net expected loss to be expensed related to consolidated financial guaranty VIEs	84		'
Financial Guaranty Variable Interest Entities	'		'
Guarantor Obligations [Line Items]	'		'
Net expected loss to be paid	108		'
Consolidated Entity Excluding Variable Interest Entities (VIE)	'		'
Guarantor Obligations [Line Items]	'		'
Contra-paid, net	50		'
Total, Salvage and subrogation recoverable payable, net	214		'
Loss and LAE reserve	-598		'
Reinsurance recoverable on unpaid losses	17	[3]	'
Financial Guarantee [Member]	'		'
Guarantor Obligations [Line Items]	'		'
Net expected loss to be paid	708		'
Financial Guarantee [Member] | Before VIE Adjustment [Member]	'		'
Guarantor Obligations [Line Items]	'		'
Net expected loss to be paid	816		'
Financial guaranty insurance	'		'
Guarantor Obligations [Line Items]	'		'
Net expected loss to be paid	708		741
Contra-paid, net	50	[4]	39	[4]
Total present value basis	$391	[5]	'
[1]	(1)See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
[2]	Consolidation of FG VIEs resulted in reductions of $84 million in net expected loss to be expensed which is on a present value basis.
[3]	R&W recoverables recorded in other assets on the consolidated balance sheet.
[4]	Excludes $137 million and $187 million of deferred premium revenue, and $49 million and $55 million of contra-paid related to FG VIEs as of March 31, 2014 and December 31, 2013, respectively.
[5]	Excludes $84 million as of March 31, 2014, related to consolidated FG VIEs.

Net_Expected_Loss_to_be_Expens

- Net Expected Loss to be Expensed Insurance Contracts (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Financial Guaranty Insurance Premiums	'
2014 (April 1 - June 30)	$12
2014 (July 1 - September 30)	11
2014 (October 1–December 31)	10
2015	42
2016	38
2017	31
2018	28
2019 - 2023	98
2024 - 2028	57
2029 - 2033	37
After 2033	27
Total present value basis	391	[1]
Discount	419
Total future value	810
Reduction in net present value of expected loss due to consolidating FG VIEs	84
Financial guaranty insurance	'
Financial Guaranty Insurance Premiums	'
Total present value basis	$391	[2]
[1]	Consolidation of FG VIEs resulted in reductions of $84 million in net expected loss to be expensed which is on a present value basis.
[2]	Excludes $84 million as of March 31, 2014, related to consolidated FG VIEs.

Loss_and_LAE_Reported_on_the_C

- Loss and LAE Reported on the Consolidated Statements of Operations (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Guarantor Obligations [Line Items]	'	'
Subtotal	$40	($55)
Effect of consolidating FG VIEs	1	7
Loss and LAE	41	-48
Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	41	-55
Other	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-1	0
Prime first lien | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	0	0
Alt-A first lien | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	7	9
Option ARM | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-8	-83
First mortgage, subprime | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-8	11
Total first lien | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-9	-63
Close ended second lien | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	0	20
HELOCs | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	8	3
Second lien | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	8	23
U.S. RMBS | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-1	-40
TruPS | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	-1	0
Other structured finance | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	16	-12
Structured finance | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	14	-52
Public Finance U.S. | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	26	-4
Public Finance Non-U.S. | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	1	1
Public finance | Financial guaranty insurance	'	'
Guarantor Obligations [Line Items]	'	'
Subtotal	$27	($3)

Financial_Guaranty_Insurance_L5

Financial Guaranty Insurance Losses - Financial Guaranty Insurance BIG Transaction Loss Summary (Details) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
	risk		risk
Reserves (salvage)	'		'
Effect of consolidating FG VIEs	$73		$18
Total, Net	380	[1]	401	[1]
Financial guaranty insurance	'		'
Reserves (salvage)	'		'
Total, Net	367		389
Financial guaranty insurance | BIG 1	'		'
Number of risks	'		'
Gross (in contracts)	193		185
Ceded (in contracts)	-74		-72
Remaining weighted average contract period	'		'
Gross (in years)	'10 years 2 months		'10 years 6 months
Ceded (in years)	'7 years 10 months 8 days		'8 years 1 month
Principal	'		'
Gross	14,981		15,132
Ceded	-2,739		-2,741
Interest	'		'
Gross	7,836		8,114
Ceded	-1,107		-1,144
Total net outstanding exposure	'		'
Gross	22,817		23,246
Ceded	-3,846		-3,885
Expected cash outflows (inflows)	'		'
Gross	1,901		1,853
Ceded	-528		-528
Potential recoveries	'		'
Gross, Undiscounted R&W	-174	[2]	-105
Ceded, Undiscounted R&W	10	[2]	1
Gross, Other	-1,780	[2]	-1,774	[2]
Ceded, Other	506	[2]	513	[2]
Gross	1,954		1,879
Ceded	516		514
Subtotal	'		'
Gross	-53		-26
Ceded	-12		-14
Discount	'		'
Gross	13		13
Ceded	1		0
Present value of expected cash flows	'		'
Gross	-40		-13
Ceded	-11		-14
Deferred premium revenue	'		'
Gross	521		517
Ceded	-93		-90
Reserves (salvage)	'		'
Gross	-137		-114
Ceded	5		1
Financial guaranty insurance | BIG 2	'		'
Number of risks	'		'
Gross (in contracts)	80		80
Ceded (in contracts)	-23		-24
Remaining weighted average contract period	'		'
Gross (in years)	'8 years 3 months 6 days		'8 years 3 months
Ceded (in years)	'5 years 7 months		'5 years 11 months
Principal	'		'
Gross	2,412		2,483
Ceded	-159		-160
Interest	'		'
Gross	1,139		1,181
Ceded	-52		-53
Total net outstanding exposure	'		'
Gross	3,551		3,664
Ceded	-211		-213
Expected cash outflows (inflows)	'		'
Gross	727		1,038
Ceded	-33		-40
Potential recoveries	'		'
Gross, Undiscounted R&W	-108	[2]	-201
Ceded, Undiscounted R&W	4	[2]	8
Gross, Other	-255	[2]	-470	[2]
Ceded, Other	17	[2]	19	[2]
Gross	363		671
Ceded	21		27
Subtotal	'		'
Gross	364		367
Ceded	-12		-13
Discount	'		'
Gross	-120		-126
Ceded	3		3
Present value of expected cash flows	'		'
Gross	244		241
Ceded	-9		-10
Deferred premium revenue	'		'
Gross	148		163
Ceded	-7		-7
Reserves (salvage)	'		'
Gross	133		117
Ceded	-5		-4
Financial guaranty insurance | BIG 3	'		'
Number of risks	'		'
Gross (in contracts)	109		119
Ceded (in contracts)	-32		-34
Remaining weighted average contract period	'		'
Gross (in years)	'10 years		'9 years 9 months
Ceded (in years)	'8 years 6 months		'7 years 2 months
Principal	'		'
Gross	2,980		3,189
Ceded	-108		-158
Interest	'		'
Gross	1,197		1,244
Ceded	-40		-52
Total net outstanding exposure	'		'
Gross	4,177		4,433
Ceded	-148		-210
Expected cash outflows (inflows)	'		'
Gross	1,695		1,681
Ceded	-59		-62
Potential recoveries	'		'
Gross, Undiscounted R&W	-374	[2]	-356
Ceded, Undiscounted R&W	14	[2]	13
Gross, Other	-302	[2]	-351	[2]
Ceded, Other	18	[2]	19	[2]
Gross	676		707
Ceded	32		32
Subtotal	'		'
Gross	1,019		974
Ceded	-27		-30
Discount	'		'
Gross	-366		-352
Ceded	6		5
Present value of expected cash flows	'		'
Gross	653		622
Ceded	-21		-25
Deferred premium revenue	'		'
Gross	262		303
Ceded	-17		-27
Reserves (salvage)	'		'
Gross	458		420
Ceded	-14		-13
Financial guaranty insurance | Below investment grade (BIG)	'		'
Number of risks	'		'
Total BIG, Net (in contracts)	382		384
Total (in contracts)	382		384
Remaining weighted average contract period	'		'
Total BIG, Net (in years)	'10 years 4 months 8 days		'10 years 6 months
Total (in years)	'10 years 4 months 8 days		'10 years 6 months
Principal	'		'
Total BIG, Net	17,367		17,745
Total	17,367		17,745
Interest	'		'
Total BIG, Net	8,973		9,290
Total	8,973		9,290
Total net outstanding exposure	'		'
Total BIG, Net	26,340		27,035
Total	26,340		27,035
Expected cash outflows (inflows)	'		'
Total BIG, Net	3,703		3,942
Effect of Consolidating FG VIEs	-358		-690
Total	3,345		3,252
Potential recoveries	'		'
Total BIG, Net, Undiscounted R&W	-628	[2]	-640
Effect of Consolidating FG VIEs, Undiscounted R&W	15	[2]	72
Total, Undiscounted R&W	613	[2]	568
Total BIG, Other	-1,796	[2]	-2,044	[2]
Effect of Consolidating FG VIEs, Other	191	[2]	507	[2]
Total, Other	-1,605	[2]	-1,537	[2]
Total BIG, Net	2,424		2,684
Effect of Consolidating FG VIEs	-206		-579
Total	-2,218		-2,105
Subtotal	'		'
Total BIG, NET	1,279		1,258
Effect of Consolidating FG VIEs	-152		-111
Total	1,127		1,147
Discount	'		'
Total BIG, Net	-463		-457
Effect of Consolidating FG VIEs	44		51
Total	-419		-406
Present value of expected cash flows	'		'
Net expected loss to be paid	816		801
Less: net expected loss to be paid for FG VIEs	-108		-60
Total	708		741
Deferred premium revenue	'		'
Total BIG, Net	814		859
Effect of Consolidating FG VIEs	-128		-178
Total	686		681
Reserves (salvage)	'		'
Total BIG, Net	440		407
Effect of consolidating FG VIEs	-73		-18
Total, Net	$367		$389
[1]	(1)See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
[2]	Includes excess spread and draws on HELOCs.

Financial_Guaranty_Insurance_L6

Financial Guaranty Insurance Losses - Other (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		AGM	Variable rate demand obligations	Variable rate demand obligations	Minimum	Maximum	Cash	Asset-backed securities
				AGM and AGC	Variable rate demand obligations	Variable rate demand obligations	Minimum	Maximum
Guarantor Obligations [Line Items]	'	'	'	'	'	'	'	'
Maximum possible estimated termination payment on swap obligations after taking account the rating downgrade in January 2013	'	$104,000,000	'	'	'	'	'	'
Maximum possible estimated termination payment on swap obligations after taking account the possibility of further rating downgrades	'	290,000,000	'	'	'	'	'	'
Rate basis for bank bond rate	'	'	'prime rate	'	'	'	'	'
Bank bond rate (as a percent)	'	'	'	'	2.00%	3.00%	'	'
Bank bond capped rate (as a percent)	'	'	'	'	'	25.00%	'	'
Threshold period of bonds held by bank for right of accelerated repayment (in days)	'	'	'	'	'90 days	'180 days	'	'
Financial guaranty insurance contracts principal amount insured	'	'	'	7,000,000,000	'	'	'	'
Financial Guaranty Insurance Contracts, Principal Amount BBB- or below	'	'	'	400,000,000	'	'	'	'
Collateralization as a Percentage of GIC Balance	'	'	'	'	'	'	100.00%	108.00%
Guaranteed Investment Contract, Aggregate Accreted Balance	2,600,000,000	'	'	'	'	'	'	'
Assets of GIC Issuers, Aggregate Accreted Principal	3,900,000,000	'	'	'	'	'	'	'
Assets of GIC Issuers, Aggregate Market Value	$3,700,000,000	'	'	'	'	'	'	'

Fair_Value_Measurement_Measure

Fair Value Measurement - Measured and Carried at Fair Value (Details) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Credit Derivatives	'		'
Number of fixed maturity securities valued using model processes	38		'
Percentage of fixed maturity securities valued using model processes to the Company's fixed-income securities and short-term investments at fair value	7.30%		'
Percentage of CDS contracts which are fair valued using minimum premium	24.00%		61.00%
Minimum	'		'
Credit Derivatives	'		'
Discount factor (as a percent)	0.00%		0.00%
Maximum	'		'
Credit Derivatives	'		'
Discount factor (as a percent)	3.97%		4.44%
CDS contracts	'		'
Credit Derivatives	'		'
Gross spread percentage	100.00%	[1]	100.00%	[1]
Number of sources of credit spread	3		'
CDS contracts | Based on actual collateral specific spreads	'		'
Credit Derivatives	'		'
Gross spread percentage	6.00%	[1]	6.00%	[1]
CDS contracts | Based on market indices	'		'
Credit Derivatives	'		'
Gross spread percentage	88.00%	[1]	88.00%	[1]
CDS contracts | Provided by the CDS counterparty	'		'
Credit Derivatives	'		'
Gross spread percentage	6.00%	[1]	6.00%	[1]
CDS contracts | Minimum	'		'
Credit Derivatives	'		'
Discount factor (as a percent)	0.20%		0.21%
CDS contracts | Maximum	'		'
Credit Derivatives	'		'
Discount factor (as a percent)	3.53%		3.88%
Scenario 1 | CDS contracts	'		'
Credit Derivatives	'		'
Original gross spread/cash bond price (as a percent)	1.85%		'
Bank profit (as a percent)	1.15%		'
Hedge cost (as a percent)	0.30%		'
The Company premium received per annum (as a percent)	0.40%		'
Bank profit as % of total	62.00%		'
Hedge cost as % of total	16.00%		'
Premium received per annum as % of total	22.00%		'
Scenario 1 | CDS contracts | AGC	'		'
Credit Derivatives	'		'
Original gross spread/cash bond price (as a percent)	3.00%		'
Percentage of exposure hedged	10.00%		'
Scenario 2 | CDS contracts	'		'
Credit Derivatives	'		'
Original gross spread/cash bond price (as a percent)	5.00%		'
Bank profit (as a percent)	0.50%		'
Hedge cost (as a percent)	4.40%		'
The Company premium received per annum (as a percent)	0.10%		'
Bank profit as % of total	10.00%		'
Hedge cost as % of total	88.00%		'
Premium received per annum as % of total	2.00%		'
Scenario 2 | CDS contracts | AGC	'		'
Credit Derivatives	'		'
Original gross spread/cash bond price (as a percent)	17.60%		'
Percentage of exposure hedged	25.00%		'
Level 3 | Fair value measurement on recurring basis	'		'
Credit Derivatives	'		'
Fixed maturity securities	787		730
Level 2 | Fair value measurement on recurring basis	'		'
Credit Derivatives	'		'
Fixed maturity securities	9,307		8,981
Other investments	88		'
[1]	Based on par.

Fair_Value_Measurement_Not_Car

Fair Value Measurement - Not Carried at Fair Value (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Assets:	'		'
Short-term investments	$720		$904
Other invested assets	134		170
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Liabilities:	'		'
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Fair value measurement on recurring basis | Estimated Fair Value	'		'
Assets:	'		'
Fixed maturity securities	10,094		9,711
Short-term investments	720		904
Other invested assets	94	[1]	127	[1]
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Other assets	77		84
Total assets carried at fair value	12,320		13,485
Liabilities:	'		'
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Total liabilities carried at fair value	3,448		4,658
Fair value measurement on recurring basis | Estimated Fair Value | Obligations of state and political subdivisions	'		'
Assets:	'		'
Fixed maturity securities	5,249		5,079
Fair value measurement on recurring basis | Estimated Fair Value | U.S. government and agencies	'		'
Assets:	'		'
Fixed maturity securities	701		700
Fair value measurement on recurring basis | Estimated Fair Value | Corporate securities	'		'
Assets:	'		'
Fixed maturity securities	1,427		1,340
Fair value measurement on recurring basis | Estimated Fair Value | RMBS	'		'
Assets:	'		'
Fixed maturity securities	1,171		1,122
Fair value measurement on recurring basis | Estimated Fair Value | CMBS	'		'
Assets:	'		'
Fixed maturity securities	670		549
Fair value measurement on recurring basis | Estimated Fair Value | Asset-backed securities	'		'
Assets:	'		'
Fixed maturity securities	554		608
Fair value measurement on recurring basis | Estimated Fair Value | Foreign government securities	'		'
Assets:	'		'
Fixed maturity securities	322		313
Fair value measurement on recurring basis | Level 1	'		'
Assets:	'		'
Fixed maturity securities	0		0
Short-term investments	438		506
Other invested assets	0	[1]	0	[1]
Credit derivative assets	0		0
FG VIEs' assets, at fair value	0		0
Other assets	29		27
Total assets carried at fair value	467		533
Liabilities:	'		'
Credit derivative liabilities	0		0
FG VIEs' liabilities with recourse, at fair value	0		0
FG VIEs' liabilities without recourse, at fair value	0		0
Total liabilities carried at fair value	0		0
Fair value measurement on recurring basis | Level 1 | Obligations of state and political subdivisions	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | U.S. government and agencies	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | Corporate securities	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | RMBS	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | CMBS	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | Asset-backed securities	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 1 | Foreign government securities	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 2	'		'
Assets:	'		'
Fixed maturity securities	9,307		8,981
Short-term investments	282		398
Other invested assets	40	[1]	119	[1]
Credit derivative assets	0		0
FG VIEs' assets, at fair value	0		0
Other assets	11		11
Total assets carried at fair value	9,640		9,509
Liabilities:	'		'
Credit derivative liabilities	0		0
FG VIEs' liabilities with recourse, at fair value	0		0
FG VIEs' liabilities without recourse, at fair value	0		0
Total liabilities carried at fair value	0		0
Fair value measurement on recurring basis | Level 2 | Obligations of state and political subdivisions	'		'
Assets:	'		'
Fixed maturity securities	5,211		5,043
Fair value measurement on recurring basis | Level 2 | U.S. government and agencies	'		'
Assets:	'		'
Fixed maturity securities	701		700
Fair value measurement on recurring basis | Level 2 | Corporate securities	'		'
Assets:	'		'
Fixed maturity securities	1,289		1,204
Fair value measurement on recurring basis | Level 2 | RMBS	'		'
Assets:	'		'
Fixed maturity securities	812		832
Fair value measurement on recurring basis | Level 2 | CMBS	'		'
Assets:	'		'
Fixed maturity securities	670		549
Fair value measurement on recurring basis | Level 2 | Asset-backed securities	'		'
Assets:	'		'
Fixed maturity securities	302		340
Fair value measurement on recurring basis | Level 2 | Foreign government securities	'		'
Assets:	'		'
Fixed maturity securities	322		313
Fair value measurement on recurring basis | Level 3	'		'
Assets:	'		'
Fixed maturity securities	787		730
Short-term investments	0		0
Other invested assets	54	[1]	8	[1]
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Other assets	37		46
Total assets carried at fair value	2,213		3,443
Liabilities:	'		'
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Total liabilities carried at fair value	3,448		4,658
Fair value measurement on recurring basis | Level 3 | Obligations of state and political subdivisions	'		'
Assets:	'		'
Fixed maturity securities	38		36
Fair value measurement on recurring basis | Level 3 | U.S. government and agencies	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 3 | Corporate securities	'		'
Assets:	'		'
Fixed maturity securities	138		136
Fair value measurement on recurring basis | Level 3 | RMBS	'		'
Assets:	'		'
Fixed maturity securities	359		290
Fair value measurement on recurring basis | Level 3 | CMBS	'		'
Assets:	'		'
Fixed maturity securities	0		0
Fair value measurement on recurring basis | Level 3 | Asset-backed securities	'		'
Assets:	'		'
Fixed maturity securities	252		268
Fair value measurement on recurring basis | Level 3 | Foreign government securities	'		'
Assets:	'		'
Fixed maturity securities	$0		$0
[1]	Includes Level 3 mortgage loans that are recorded at fair value on a non-recurring basis.

Fair_Value_Measurement_Fair_Va

Fair Value Measurement - Fair Value Level 3 Rollforward Recurring Basis (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2014		Mar. 31, 2013
In Millions, unless otherwise specified	Other invested assets	Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3		Level 3
		Obligations of state and political subdivisions		Obligations of state and political subdivisions		RMBS		RMBS		Asset-backed securities		Asset-backed securities		Corporate securities		Other invested assets		Other invested assets		FG VIEs' assets, at fair value		FG VIEs' assets, at fair value		Other assets		Other assets		Credit Derivative, Asset, Liability Net		Credit Derivative, Asset, Liability Net		FG VIEs' liabilities with recourse, at fair value		FG VIEs' liabilities with recourse, at fair value		FG VIEs' liabilities without recourse, at fair value		FG VIEs' liabilities without recourse, at fair value
Total pretax realized and unrealized gains/(losses) recorded in	'	'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'
Balance at the beginning of the period	$2	$36		$35		$290		$219		$268		$306		$136		'		$1		$2,565		$2,688		$46		$36		($1,693)	[1]	($1,793)		($1,790)		($2,090)		($1,081)		($1,051)
Net Income (loss)	'	1	[2],[3]	1	[2],[3]	4	[2],[3]	5	[2],[3]	7	[2],[3]	4	[2]	3	[2],[3]	0	[2],[4]	0	[2],[5]	82	[2],[5]	215	[2],[6]	-9	[2],[6]	-10	[1],[2],[7]	-211	[1],[2],[7]	-592	[2],[5]	-72	[2],[5]	-81	[2],[5]	-9	[2],[5]	-74
Other comprehensive income (loss)	'	1	[2]	0	[2]	14	[2]	7	[2]	8	[2]	-22	[2]	4	[2]	1	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[1],[2]	0	[2]	0	[2]	0	[2]	0	[2]	0	[2]
Purchases	'	0		0	[2]	53		3	[2]	0		0	[2]	0		45	[8]	0	[2]	0		0	[2]	0		0	[2]	0	[1]	0	[2]	0		0	[2]	0		0	[2]
Settlements	'	0		-1	[2]	-15		-11	[2]	-31		-2	[2]	-5		0		0	[2]	-286		-138	[2]	0		0	[2]	-19	[1]	-8	[2]	269		112	[2]	12		55	[2]
FG VIE Consolidations	'	0		0	[2]	0		-2	[2]	0		0	[2]	0		0		0		0		48	[2]	0		0		0		0		0		-12	[2]	0		-37	[2]
FG VIE deconsolidations	'	0		'		13		'		0		'		0		0		'		-1,104		'		0		'		0		'		247		'		977		'
Balance at the end of the period	2	38		35		359		221		252		286		138		48		1		1,257		2,813		37		26		-1,923	[1]	-2,393	[1]	-1,346		-2,071		-101		-1,107
Total pre-tax realized/unrealized gains/(losses) recorded in	'	'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'		'
Change in unrealized gains/(losses) related to financial instruments held at the reporting date	'	$1		$0		$15		$9		$7		($22)		$4		$1		$0		$25		$199		($9)		($10)	[1]	($232)	[1]	($611)		($28)		($83)		($10)		($94)
[1]	Represents net position of credit derivatives. The consolidated balance sheet presents gross assets and liabilities based on net counterparty exposure.
[2]	Realized and unrealized gains (losses) from changes in values of Level 3 financial instruments represent gains (losses) from changes in values of those financial instruments only for the periods in which the instruments were classified as Level 3.
[3]	Included in net realized investment gains (losses) and net investment income.
[4]	Reported in other income.
[5]	Included in fair value gains (losses) on FG VIEs.
[6]	Recorded in fair value gains (losses) on CCS.
[7]	Reported in net change in fair value of credit derivatives.
[8]	Non cash transaction.

Quantitative_Information_About

- Quantitative Information About Level 3 Fair Value Inputs (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Discount factor (as a percent)	0.00%	0.00%
Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Discount factor (as a percent)	3.97%	4.44%
Corporate securities | Discounted cash flow | Weighted Average	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Yield (as a percent)	8.00%	'
Asset-backed securities | Corporate securities | Discounted cash flow | Weighted Average	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Yield (as a percent)	'	8.30%
Asset-backed securities | Investor Owned Utilities [Member]	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	119,000,000	141,000,000
Asset-backed securities | Investor Owned Utilities [Member] | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Collateral recovery period (in years)	'9 months	'12 months
Liquidation value	177,000,000	195,000,000
Years to liquidation	'0 years	'0 years
Asset-backed securities | Investor Owned Utilities [Member] | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Collateral recovery period (in years)	'5 years	'6 years
Liquidation value	274,000,000	245,000,000
Years to liquidation	'3 years	'3 years
Asset-backed securities | Investor Owned Utilities [Member] | Discounted cash flow | Weighted Average	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Discount factor (as a percent)	7.00%	15.30%
Asset-backed securities | XXX life insurance transactions	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	133,000,000	127,000,000
Asset-backed securities | XXX life insurance transactions | Discounted cash flow | Weighted Average	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Yield (as a percent)	12.50%	12.50%
Fixed maturity securities | Corporate securities	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	138,000,000	136,000,000
Fixed maturity securities | RMBS	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	359,000,000	290,000,000
Fixed maturity securities | RMBS | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	0.30%	1.00%
CDR (as a percent)	4.10%	5.00%
Loss severity rate (as a percent)	48.10%	48.10%
Yield (as a percent)	2.60%	2.50%
Fixed maturity securities | RMBS | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	15.80%	15.80%
CDR (as a percent)	25.80%	25.80%
Loss severity rate (as a percent)	101.80%	102.50%
Yield (as a percent)	8.70%	9.40%
Fixed maturity securities | Obligations of state and political subdivisions	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	38,000,000	36,000,000
Fixed maturity securities | Obligations of state and political subdivisions | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Rate of inflation	1.00%	1.00%
Cash flow receipts (as a percent)	0.50%	0.50%
Discount factor (as a percent)	4.60%	4.60%
Collateral recovery period (in years)	'4 months	'1 month
Fixed maturity securities | Obligations of state and political subdivisions | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Rate of inflation	3.00%	3.00%
Cash flow receipts (as a percent)	62.30%	60.90%
Discount factor (as a percent)	9.00%	9.00%
Collateral recovery period (in years)	'34 years	'10 years
Other invested assets	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	54,000,000	8,000,000
Other invested assets | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Loss severity rate (as a percent)	40.00%	40.00%
Liquidity discount (as a percent)	10.00%	10.00%
Recovery on delinquent loans (as a percent)	20.00%	20.00%
Default rates (as a percent)	0.00%	1.00%
Prepayment speeds	6.00%	6.00%
Net asset value (per share)	1,010	'
Other invested assets | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Loss severity rate (as a percent)	90.00%	90.00%
Liquidity discount (as a percent)	20.00%	20.00%
Recovery on delinquent loans (as a percent)	60.00%	60.00%
Default rates (as a percent)	10.00%	10.00%
Prepayment speeds	15.00%	15.00%
Net asset value (per share)	1,020	'
Other assets	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	37,000,000	46,000,000
Other assets | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Quotes from third party pricing	53	47
Other assets | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Quotes from third party pricing	57	53
Other assets | Discounted cash flow | Weighted Average	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Term (in years)	'5 years	'5 years
Financial guaranty variable interest entities | Liabilities	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of liabilities as of the balance sheet date	-1,447,000,000	-2,871,000,000
Financial guaranty variable interest entities | Liabilities | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	0.30%	0.30%
CDR (as a percent)	3.00%	3.00%
Loss severity rate (as a percent)	38.10%	37.50%
Yield (as a percent)	3.50%	3.50%
Financial guaranty variable interest entities | Liabilities | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	11.80%	11.80%
CDR (as a percent)	25.80%	25.80%
Loss severity rate (as a percent)	102.00%	102.00%
Yield (as a percent)	12.00%	10.20%
Financial guaranty variable interest entities | Assets	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of assets as of the balance sheet date	1,257,000,000	2,565,000,000
Financial guaranty variable interest entities | Assets | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	0.30%	0.30%
CDR (as a percent)	3.00%	3.00%
Loss severity rate (as a percent)	38.10%	37.50%
Yield (as a percent)	3.50%	3.50%
Financial guaranty variable interest entities | Assets | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
CPR (as a percent)	11.80%	11.80%
CDR (as a percent)	25.80%	25.80%
Loss severity rate (as a percent)	102.00%	102.00%
Yield (as a percent)	12.00%	10.20%
Credit derivatives | Derivative liabilities, net	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Fair value of liabilities as of the balance sheet date	-1,923,000,000	-1,693,000,000
Credit derivatives | Derivative liabilities, net | Discounted cash flow | Minimum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Year 1 loss estimates (as a percent)	0.00%	0.00%
Hedge cost (as a percent)	0.14%	0.46%
Bank profit (as a percent)	0.10%	0.10%
Internal floor (as a percent)	0.70%	0.70%
Credit derivatives | Derivative liabilities, net | Discounted cash flow | Maximum	'	'
Quantitative Information About Level 3 Fair Value Measurements	'	'
Year 1 loss estimates (as a percent)	48.00%	48.00%
Hedge cost (as a percent)	3.05%	5.25%
Bank profit (as a percent)	14.36%	14.19%
Internal floor (as a percent)	1.00%	1.00%

Fair_Value_Measurement_Fair_Va1

Fair Value Measurement - Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Assets:	'		'
Short-term investments	$720		$904
Other invested assets	134		170
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Liabilities:	'		'
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Carrying Amount	'		'
Assets:	'		'
Fixed maturity securities	10,094		9,711
Short-term investments	720		904
Other invested assets	113		147
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Other assets	181		179
Liabilities:	'		'
Financial guaranty insurance contracts	3,693	[1]	3,783	[1]
Long-term debt	812		816
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Other liabilities	62		36
Estimated Fair Value	'		'
Assets:	'		'
Fixed maturity securities	10,094		9,711
Short-term investments	720		904
Other invested assets	116		155
Credit derivative assets	78		94
FG VIEs' assets, at fair value	1,257		2,565
Other assets	181		179
Liabilities:	'		'
Financial guaranty insurance contracts	5,644	[1]	5,128	[1]
Long-term debt	1,050		970
Credit derivative liabilities	2,001		1,787
FG VIEs' liabilities with recourse, at fair value	1,346		1,790
FG VIEs' liabilities without recourse, at fair value	101		1,081
Other liabilities	$62		$36
[1]	Carrying amount includes the assets and liabilities related to financial guaranty insurance contract premiums, losses, and salvage and subrogation and other recoverables net of reinsurance.

Financial_Guaranty_Contracts_A2

Financial Guaranty Contracts Accounted for as Credit Derivatives - Credit Derivatives Net Par Outstanding (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Financial Guaranty Contracts Accounted for as Credit Derivatives	'		'
Estimated remaining weighted average life of credit derivatives (in years)	'4 years		'4 years 1 month 15 days
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	$51,318,000,000		$54,482,000,000
Original Subordination (as a percent)	0.00%	[1]	'
Current Subordination (as a percent)	0.00%	[1]	'
Pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	35,326,000,000		'
Original Subordination (as a percent)	31.40%	[1]	'
Current Subordination (as a percent)	31.60%	[1]	'
Collateralized loan obligation/collateral bond obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	17,634,000,000		'
Original Subordination (as a percent)	32.40%	[1]	'
Current Subordination (as a percent)	36.10%	[1]	'
Synthetic investment grade pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	9,759,000,000		'
Original Subordination (as a percent)	21.60%	[1]	'
Current Subordination (as a percent)	20.30%	[1]	'
Synthetic high yield pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	2,690,000,000		'
Original Subordination (as a percent)	47.20%	[1]	'
Current Subordination (as a percent)	41.30%	[1]	'
Trust Preferred Securities Collateralized Debt Obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	3,436,000,000		'
Original Subordination (as a percent)	45.40%	[1]	'
Current Subordination (as a percent)	33.70%	[1]	'
Market value collateralized debt obligations of corporate obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	1,807,000,000		'
Original Subordination (as a percent)	23.60%	[1]	'
Current Subordination (as a percent)	30.60%	[1]	'
Maximum average obligor size (as a percent)	1.00%		'
Maximum exposure of one industry (as a percent)	10.00%		'
Other Pooled Infrastructure Transactions [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	2,500,000,000		'
U.S. RMBS	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	5,637,000,000		'
Original Subordination (as a percent)	24.40%	[1]	'
Current Subordination (as a percent)	29.20%	[1]	'
Option ARM and Alt-A first lien	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	2,520,000,000		'
Original Subordination (as a percent)	19.10%	[1]	'
Current Subordination (as a percent)	7.60%	[1]	'
First mortgage, subprime	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	2,837,000,000		'
Original Subordination (as a percent)	30.60%	[1]	'
Current Subordination (as a percent)	51.30%	[1]	'
Prime first lien	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	258,000,000		'
Original Subordination (as a percent)	10.90%	[1]	'
Current Subordination (as a percent)	1.80%	[1]	'
Closed end second lien and HELOCs	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	22,000,000		'
CMBS	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	2,822,000,000		'
Original Subordination (as a percent)	33.50%	[1]	'
Current Subordination (as a percent)	42.50%	[1]	'
Other	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	7,533,000,000		'
Pooled Infrastructure Transactions [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Number of transactions	2		'
Other Transactions [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	5,000,000,000		'
Financial Guaranty Contracts Accounted For As Credit Derivatives Outstanding Principal Amount Rated BIG	500,000,000		'
AAA	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	35,157,000,000		38,244,000,000
AAA | Pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		37,321,000,000
Original Subordination (as a percent)	'		31.50%	[1]
Current Subordination (as a percent)	'		30.60%	[1]
AAA | Collateralized loan obligation/collateral bond obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		19,323,000,000
Original Subordination (as a percent)	'		32.40%	[1]
Current Subordination (as a percent)	'		34.00%	[1]
AAA | Synthetic investment grade pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		9,754,000,000
Original Subordination (as a percent)	'		21.60%	[1]
Current Subordination (as a percent)	'		20.00%	[1]
AAA | Synthetic high yield pooled corporate	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		2,690,000,000
Original Subordination (as a percent)	'		47.20%	[1]
Current Subordination (as a percent)	'		41.10%	[1]
AAA | Market value collateralized debt obligations of corporate obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		2,000,000,000
Original Subordination (as a percent)	'		24.40%	[1]
Current Subordination (as a percent)	'		30.50%	[1]
AAA | CMBS	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		3,744,000,000
Original Subordination (as a percent)	'		33.50%	[1]
Current Subordination (as a percent)	'		42.50%	[1]
Internal Credit, BB plus Rating [Member] | Trust Preferred Securities Collateralized Debt Obligations	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		3,554,000,000
Original Subordination (as a percent)	'		45.50%	[1]
Current Subordination (as a percent)	'		32.90%	[1]
Internal Credit, BB minus Rating [Member] | Option ARM and Alt-A first lien	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		2,609,000,000
Original Subordination (as a percent)	'		19.20%	[1]
Current Subordination (as a percent)	'		8.60%	[1]
Internal Credit AA Minus Rating [Member] | First mortgage, subprime	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		2,930,000,000
Original Subordination (as a percent)	'		30.50%	[1]
Current Subordination (as a percent)	'		51.90%	[1]
Internal Credit CCC Rating [Member] | Prime first lien	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		264,000,000
Original Subordination (as a percent)	'		10.90%	[1]
Current Subordination (as a percent)	'		3.20%	[1]
Internal Credit, B Plus Rating [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Current Subordination (as a percent)	'		0.00%	[1]
Internal Credit, B Plus Rating [Member] | Closed end second lien and HELOCs	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		23,000,000
Original Subordination (as a percent)	'		0.00%	[1]
BBB	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	4,304,000,000		4,161,000,000
BBB | U.S. RMBS	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		5,826,000,000
Original Subordination (as a percent)	'		24.40%	[1]
Current Subordination (as a percent)	'		30.10%	[1]
Internal Credit A- Rating [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Original Subordination (as a percent)	'		0.00%	[1]
Current Subordination (as a percent)	'		0.00%	[1]
Internal Credit A- Rating [Member] | Other	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		7,591,000,000
Internal Credit AA Plus Rating [Member]	'		'
Net Par Outstanding on Credit Derivatives	'		'
Net Par Outstanding	'		$54,482,000,000
[1]	Represents the sum of subordinate tranches and over-collateralization and does not include any benefit from excess interest collections that may be used to absorb losses.

Financial_Guaranty_Contracts_A3

Financial Guaranty Contracts Accounted for as Credit Derivatives - Distribution of Credit Derivative Net Par Outstanding by Internal Rating (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	$51,318	$54,482
Percentage of total	100.00%	100.00%
AAA	'	'
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	35,157	38,244
Percentage of total	68.50%	70.20%
AA	'	'
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	3,660	3,648
Percentage of total	7.10%	6.70%
A	'	'
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	3,621	3,636
Percentage of total	7.10%	6.70%
BBB	'	'
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	4,304	4,161
Percentage of total	8.40%	7.60%
Below investment grade (BIG)	'	'
Distribution of Credit Derivative Net Par Outstanding	'	'
Net Par Outstanding	$4,576	$4,793
Percentage of total	8.90%	8.80%

Financial_Guaranty_Contracts_A4

Financial Guaranty Contracts Accounted for as Credit Derivatives - Net Change in Fair Value of Credit Derivatives Gain (Loss) and Net Par and Accelerations of Credit Derivative Revenues from Termination of CDS Contracts (Details) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'		'
Realized gains on credit derivatives	$20,000,000	[1]	$28,000,000	[1]
Net credit derivative losses (paid and payable) recovered and recoverable	-1,000,000		-10,000,000
Realized gains (losses) and other settlements on credit derivatives	19,000,000		18,000,000
Net change in unrealized gains (losses) on credit derivatives	-230,000,000	[2],[3]	-610,000,000	[2],[3]
Net change in fair value of credit derivatives	-211,000,000		-592,000,000
Net par of terminated CDS contracts	1,100,000,000		1,100,000,000
Accelerations of credit derivative revenues	$200,000		$1,000,000
[1]	Includes accelerations due to terminations of CDS contracts of $0.2 million and $1 million related to net par of $1.1 billion and $1.1 billion for First Quarter 2014 and First Quarter 2013, respectively.
[2]	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
[3]	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.

Financial_Guaranty_Contracts_A5

Financial Guaranty Contracts Accounted for as Credit Derivatives - Net Change in Unrealized Gains (Losses) on Credit Derivatives By Sector (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Credit Derivatives	'		'
Net unrealized gains (losses)	($230)	[1],[2]	($610)	[1],[2]
Pooled corporate	'		'
Credit Derivatives	'		'
Net unrealized gains (losses)	-58		-105
U.S. RMBS	'		'
Credit Derivatives	'		'
Net unrealized gains (losses)	-140		-457
CMBS	'		'
Credit Derivatives	'		'
Net unrealized gains (losses)	0		-3
Other	'		'
Credit Derivatives	'		'
Net unrealized gains (losses)	-32		-45
Guaranteed Interest Rate Swaps	'		'
Credit Derivatives	'		'
Net unrealized gains (losses)	$20		'
[1]	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
[2]	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.

Financial_Guaranty_Contracts_A6

Financial Guaranty Contracts Accounted for as Credit Derivatives - Net Fair Value and Expected Losses In Excess of Premiums of Credit Derivatives by Sector (Details) (USD $)

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

5 year spread

5 year spread

5 year spread

5 year spread

5 year spread

5 year spread

1 year spread

1 year spread

1 year spread

1 year spread

1 year spread

1 year spread

Pooled corporate obligations

Pooled corporate obligations

U.S. RMBS

U.S. RMBS

CMBS

CMBS

Other

Other

AGC

AGC

AGC

AGM

AGM

AGM

AGC

AGC

AGC

AGM

AGM

AGM

Components of Credit Derivative Assets (Liabilities)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Quoted price of CDS contract (as a percent)

'

'

'

2.91%

4.60%

6.78%

3.05%

5.25%

5.36%

0.55%

1.85%

2.70%

0.70%

2.20%

2.57%

'

'

'

'

'

'

'

'

Gain from tightening of spreads

$347,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of credit derivatives before effect of AGC and AGM credit spreads

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of credit derivatives before effect of AGC and AGM credit spreads

-3,095,000,000

-3,442,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Plus: Effect of AGC and AGM credit spreads

1,172,000,000

1,749,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net fair value of credit derivatives

-1,923,000,000

-1,693,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

-89,000,000

-30,000,000

-1,448,000,000

-1,308,000,000

-2,000,000

-2,000,000

-384,000,000

-353,000,000

Present Value of Expected Claim (Payments) Recoveries In Excess of Premiums

-134,000,000

[1]

-139,000,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

-20,000,000

[1]

-35,000,000

[1]

-154,000,000

[1]

-147,000,000

[1]

0

[1]

0

[1]

40,000,000

[1]

43,000,000

[1]

Present Value of Future Installment Fees Receivable

39,000,000

45,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

R and W Included in Credit Derivative Asset (Liability)

175,000,000

180,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other credit derivative disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Par insured that could be terminated if ratings were downgraded

1,600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of par subject to collateral posting

9,800,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cap on collateral requirement at current ratings levels

9,500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of par subject to collateral for which the amount of collateral is capped

665,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit Derivative, Notional Amount Subject to Collateral based in MTM valuation

341,000,000

'

347,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collateral agreed to be posted

669,000,000

'

677,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit Derivative, Collateral Posted, based in MTM valuation

$54,000,000

'

$62,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Represents the expected claim payments (recoveries) in excess of the present value of future installment fees to be received of $39 million as of March 31, 2014 and $45 million as of December 31, 2013. Includes R&W benefit of $175 million as of March 31, 2014 and $180 million as of December 31, 2013.

Financial_Guaranty_Contracts_A7

Financial Guaranty Contracts Accounted for as Credit Derivatives - Effect of Changes in Credit Spread (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	($1,923)		'		($1,693)
Estimated Change in Gain/(Loss) (Pre-Tax)	-230	[1],[2]	-610	[1],[2]	'
100% widening in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-3,936	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	-2,013	[3]	'		'
50% widening in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-2,929	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	-1,006	[3]	'		'
25% widening in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-2,426	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	-503	[3]	'		'
10% widening in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-2,124	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	-201	[3]	'		'
Base Scenario	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-1,923	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	0	[3]	'		'
10% narrowing in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-1,737	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	186	[3]	'		'
25% narrowing in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-1,457	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	466	[3]	'		'
50% narrowing in spreads	'		'		'
Credit Derivatives	'		'		'
Estimated net fair value (Pre-Tax)	-991	[3]	'		'
Estimated Change in Gain/(Loss) (Pre-Tax)	$932	[3]	'		'
[1]	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
[2]	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.
[3]	Includes the effects of spreads on both the underlying asset classes and the Company’s own credit spread.

Consolidated_Variable_Interest2

Consolidated Variable Interest Entities (Details) (USD $)	3 Months Ended			12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013
	Entity		Entity	Entity
	risk			risk
Consolidated VIEs	'		'	'
Net fair value gains and losses on FG VIEs are expected to reverse to zero at maturity of the VIE debt	$0		'	'
Number of VIE that did not require consolidation	950		'	1,000
Consolidated Variable Interest Entities [Roll Forward]	'		'	'
Number of FG VIEs, beginning of period	40		33	33
Variable Interest Entity, Number of Entities to be Consolidated	0	[1]	'	11	[1]
Variable Interest Entity, Number of Entities to be Deconsolidated	-7	[1]	'	-3	[1]
Variable Interest Entity Number Matured	-2		'	-1
Number of FG VIEs, end of period	31		'	40
Variable Interest Entity Consolidation Gain or Loss	120,000,000		'	'
Variable Interest Entity Consolidation and Deconsolidation Gain or Loss	'		'	7,000,000
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]	'		'	'
Number of days VIEs' assets were past due (in days)	'90 days		'	'
Total unpaid principal balance for the VIEs' assets that were over 90 days or more past due	201,000,000		'	750,000,000
Difference between the aggregate unpaid principal and aggregate fair value of the VIEs' Assets	1,159,000,000		'	1,940,000,000
Change in the instrument specific credit risk of the VIEs' assets	58,000,000		71,000,000	'
Financial Guaranty Insurance Contracts, Variable Interest Entity, Consolidated Outstanding Principal Amount, Gross	1,783,000,000		'	2,316,000,000
Difference between the aggregate unpaid principal and aggregate fair value of the VIEs' liabilities	954,000,000		'	1,611,000,000
Assets	1,257,000,000		'	2,565,000,000
Total with recourse , Assets	1,121,000,000		'	1,449,000,000
Without recourse, Assets	136,000,000		'	1,116,000,000
Liabilities	1,447,000,000		'	2,871,000,000
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	1,346,000,000		'	1,790,000,000
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	101,000,000		'	1,081,000,000
Net change in fair value of financial guaranty variable interest entities:	'		'	'
Net earned premiums	-17,000,000		-18,000,000	'
Net investment income	-3,000,000		-3,000,000	'
Net realized investment gains (losses)	0		1,000,000	'
Fair value gains (losses) on FG VIEs	157,000,000		70,000,000	'
Other income	-2,000,000		0	'
Loss and LAE	-1,000,000		-7,000,000	'
Effect on net income before tax provision	134,000,000		43,000,000	'
Less: tax provision (benefit)	47,000,000		15,000,000	'
Effect on net income (loss)	87,000,000		28,000,000	'
Effect on cash flows from operating activities	-8,000,000		21,000,000	'
Effect on shareholders’ equity (decrease) increase	-87,000,000		'	-172,000,000
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	45	[2]	'	42	[2]
Flagstar	'		'	'
Net change in fair value of financial guaranty variable interest entities:	'		'	'
Fair value gains (losses) on FG VIEs	'		64,000,000	'
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)	'		0	'
Total first lien	'		'	'
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]	'		'	'
Assets	505,000,000		'	630,000,000
Liabilities	599,000,000		'	791,000,000
Second lien	'		'	'
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]	'		'	'
Assets	256,000,000		'	460,000,000
Liabilities	387,000,000		'	640,000,000
Other VIE with recourse	'		'	'
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]	'		'	'
Assets	360,000,000		'	359,000,000
Liabilities	360,000,000		'	359,000,000
Deconsolidation of Variable Interest Entity [Member]	'		'	'
Net change in fair value of financial guaranty variable interest entities:	'		'	'
Fair value gains (losses) on FG VIEs	120,000,000		'	'
Exercise of Option to Accelerate Variable Interest Entity [Member]	'		'	'
Net change in fair value of financial guaranty variable interest entities:	'		'	'
Fair value gains (losses) on FG VIEs	$37,000,000		'	'
[1]	Net gain on deconsolidation was $120 million in First Quarter 2014, and a net loss on consolidation and deconsolidation was $7 million in 2013, and recorded in “fair value gains (losses) on FG VIEs” in the consolidated statement of operations.
[2]	A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.

Investments_and_Cash_Net_Inves

Investments and Cash - Net Investment Income, Net Realized Investment Gains (Losses) and Roll Forward of Credit Losses in the Investment Portfolio (Details) (USD $)	3 Months Ended						3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Fixed Maturities managed externally	Fixed Maturities managed externally	Fixed and short-term maturity securities	Fixed and short-term maturity securities	Fixed Maturities managed internally	Fixed Maturities managed internally	Other Invested Assets internally managed	Other Invested Assets internally managed
Investments	'	'	'	'	'	'	'	'	'	'
Available-for-sale Securities, Gross Realized Gains	$4	$6	'	'	'	'	'	'	'	'
Accrued investment income	'	'	'	'	95	93	'	'	'	'
Net Investment Income	'	'	'	'	'	'	'	'	'	'
Gross investment income	105	96	80	79	'	'	20	16	5	1
Investment expenses	-2	-2	'	'	'	'	'	'	'	'
Net investment income	103	94	'	'	'	'	'	'	'	'
Net Realized Investment Gains (Losses)	'	'	'	'	'	'	'	'	'	'
Realized gains on investment portfolio	5	33	'	'	'	'	'	'	'	'
Available-for-sale Securities, Gross Realized Losses	-2	-4	'	'	'	'	'	'	'	'
Realized losses on investment portfolio	0	-2	'	'	'	'	'	'	'	'
Other than Temporary Impairment Losses, Investments	-5	-5	'	'	'	'	'	'	'	'
Other-than-temporary impairment (OTTI):	'	'	'	'	'	'	'	'	'	'
Net realized investment gains (losses)	2	28	'	'	'	'	'	'	'	'
Roll Forward of Credit Losses in the Investment Portfolio	'	'	'	'	'	'	'	'	'	'
Balance, at the beginning of the period	80	64	'	'	'	'	'	'	'	'
Additions for credit losses on securities for which an OTTI was not previously recognized	1	1	'	'	'	'	'	'	'	'
Additions for credit losses on securities for which an OTTI was previously recognized	4	4	'	'	'	'	'	'	'	'
Balance, at the end of the period	$85	$69	'	'	'	'	'	'	'	'

Investments_and_Cash_Fixed_Mat

Investments and Cash - Fixed Maturity Securities and Short Term Investments by Security Type (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Investments	'		'
Percent of Total	100.00%	[1],[2]	100.00%	[1],[2]
Amortized Cost, total investment portfolio	$10,449	[2]	$10,392	[2]
Gross Unrealized Gains, total investment portfolio	455	[2]	370	[2]
Gross Unrealized Losses, total investment portfolio	-90	[2]	-147	[2]
Estimated Fair Value, total investment portfolio	10,814	[2]	10,615	[2]
AOCI Gain (Loss) on Securities with OTTI	-21	[2],[3]	-37	[2]
Percentage of mortgage backed securities representing government-agency obligations	45.00%		50.00%
Fixed maturity securities	'		'
Investments	'		'
Percent of Total	93.00%	[1],[2]	91.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	9,729	[2]	9,488	[2]
Gross Unrealized Gains, total fixed maturity securities	455	[2]	370	[2]
Gross Unrealized Losses, total fixed maturity securities	-90	[2]	-147	[2]
Estimated Fair Value, total fixed maturity securities	10,094	[2]	9,711	[2]
AOCI Gain (Loss) on Securities with OTTI	-21	[2],[3]	-37	[2]
U.S. government and agencies	'		'
Investments	'		'
Percent of Total	7.00%	[1],[2]	7.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	674	[2]	674	[2]
Gross Unrealized Gains, total fixed maturity securities	32	[2]	32	[2]
Gross Unrealized Losses, total fixed maturity securities	-5	[2]	-6	[2]
Estimated Fair Value, total fixed maturity securities	701	[2]	700	[2]
AOCI Gain (Loss) on Securities with OTTI	0	[2],[3]	0	[2]
Obligations of state and political subdivisions	'		'
Investments	'		'
Percent of Total	48.00%	[1],[2]	47.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	4,982	[2]	4,899	[2]
Gross Unrealized Gains, total fixed maturity securities	281	[2]	219	[2]
Gross Unrealized Losses, total fixed maturity securities	-14	[2]	-39	[2]
Estimated Fair Value, total fixed maturity securities	5,249	[2]	5,079	[2]
AOCI Gain (Loss) on Securities with OTTI	7	[2],[3]	4	[2]
Corporate securities	'		'
Investments	'		'
Percent of Total	13.00%	[1],[2]	13.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	1,382	[2]	1,314	[2]
Gross Unrealized Gains, total fixed maturity securities	55	[2]	44	[2]
Gross Unrealized Losses, total fixed maturity securities	-10	[2]	-18	[2]
Estimated Fair Value, total fixed maturity securities	1,427	[2]	1,340	[2]
AOCI Gain (Loss) on Securities with OTTI	0	[2],[3]	0	[2]
RMBS	'		'
Investments	'		'
Percent of Total	11.00%	[1],[2],[4]	11.00%	[1],[2],[4]
Available-for-sale Securities, Amortized Cost Basis	1,182	[2],[4]	1,160	[2],[4]
Gross Unrealized Gains, total fixed maturity securities	44	[2],[4]	34	[2],[4]
Gross Unrealized Losses, total fixed maturity securities	-55	[2],[4]	-72	[2],[4]
Estimated Fair Value, total fixed maturity securities	1,171	[2],[4]	1,122	[2],[4]
AOCI Gain (Loss) on Securities with OTTI	-31	[2],[3],[4]	-43	[2],[4]
CMBS	'		'
Investments	'		'
Percent of Total	6.00%	[1],[2],[4]	5.00%	[1],[2],[4]
Available-for-sale Securities, Amortized Cost Basis	656	[2],[4]	536	[2],[4]
Gross Unrealized Gains, total fixed maturity securities	16	[2],[4]	17	[2],[4]
Gross Unrealized Losses, total fixed maturity securities	-2	[2],[4]	-4	[2],[4]
Estimated Fair Value, total fixed maturity securities	670	[2],[4]	549	[2],[4]
AOCI Gain (Loss) on Securities with OTTI	0	[2],[3],[4]	0	[2],[4]
Asset-backed securities	'		'
Investments	'		'
Percent of Total	5.00%	[1],[2]	6.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	544	[2]	605	[2]
Gross Unrealized Gains, total fixed maturity securities	13	[2]	10	[2]
Gross Unrealized Losses, total fixed maturity securities	-3	[2]	-7	[2]
Estimated Fair Value, total fixed maturity securities	554	[2]	608	[2]
AOCI Gain (Loss) on Securities with OTTI	3	[2],[3]	2	[2]
Foreign government securities	'		'
Investments	'		'
Percent of Total	3.00%	[1],[2]	3.00%	[1],[2]
Available-for-sale Securities, Amortized Cost Basis	309	[2]	300	[2]
Gross Unrealized Gains, total fixed maturity securities	14	[2]	14	[2]
Gross Unrealized Losses, total fixed maturity securities	-1	[2]	-1	[2]
Estimated Fair Value, total fixed maturity securities	322	[2]	313	[2]
AOCI Gain (Loss) on Securities with OTTI	0	[2],[3]	0	[2]
Short-term investments	'		'
Investments	'		'
Percent of Total	7.00%	[1],[2]	9.00%	[1],[2]
Amortized Cost, total investment portfolio	720	[2]	904	[2]
Gross Unrealized Gains, total investment portfolio	0	[2]	0	[2]
Gross Unrealized Losses, total investment portfolio	0	[2]	0	[2]
Estimated Fair Value, total investment portfolio	720	[2]	904	[2]
AOCI Gain (Loss) on Securities with OTTI	$0	[2],[3]	$0	[2]
[1]	Based on amortized cost.
[2]	Ratings in the tables above represent the lower of the Moody’s and S&P classifications except for bonds purchased for loss mitigation or risk management strategies, which use internal ratings classifications. The Company’s portfolio consists primarily of high-quality, liquid instruments.
[3]	Accumulated OCI ("AOCI"). See also Note 17, Shareholders' Equity.
[4]	Government-agency obligations were approximately 45% of mortgage backed securities as of March 31, 2014 and 50% as of December 31, 2013 based on fair value.

Investments_and_Cash_Fixed_Mat1

Investments and Cash - Fixed Maturity Securities Gross Unrealized Loss by Length of Time (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Security	Security
Less than 12 months	'	'
Fair value	$1,430	$2,140
Unrealized loss	-44	-91
12 months or more	'	'
Fair Value	222	237
Unrealized loss	-46	-56
Total	'	'
Total Fair value	1,652	2,377
Total Unrealized loss	-90	-147
Number of securities	'	'
Less than 12 months (in securities)	307	425
12 months or more (in securities)	30	33
Total (in securities)	337	458
Number of securities with OTTI	'	'
Less than 12 months (in securities)	3	13
12 months or more (in securities)	11	11
Total (in securities)	14	24
Number of securities with unrealized losses greater than 10% of book value for 12 months or more	9	'
Threshold for measuring unrealized losses for securities as a percent of book value	10.00%	'
Total unrealized losses for securities having losses greater than 10% of book value for 12 months or more	38	'
U.S. government and agencies	'	'
Less than 12 months	'	'
Fair value	175	173
Unrealized loss	-5	-6
12 months or more	'	'
Fair Value	0	0
Unrealized loss	0	0
Total	'	'
Total Fair value	175	173
Total Unrealized loss	-5	-6
Obligations of state and political subdivisions	'	'
Less than 12 months	'	'
Fair value	458	781
Unrealized loss	-14	-39
12 months or more	'	'
Fair Value	13	5
Unrealized loss	0	0
Total	'	'
Total Fair value	471	786
Total Unrealized loss	-14	-39
Corporate securities	'	'
Less than 12 months	'	'
Fair value	307	401
Unrealized loss	-9	-18
12 months or more	'	'
Fair Value	10	3
Unrealized loss	-1	0
Total	'	'
Total Fair value	317	404
Total Unrealized loss	-10	-18
RMBS	'	'
Less than 12 months	'	'
Fair value	317	414
Unrealized loss	-13	-21
12 months or more	'	'
Fair Value	155	186
Unrealized loss	-42	-51
Total	'	'
Total Fair value	472	600
Total Unrealized loss	-55	-72
CMBS	'	'
Less than 12 months	'	'
Fair value	93	121
Unrealized loss	-2	-4
12 months or more	'	'
Fair Value	0	0
Unrealized loss	0	0
Total	'	'
Total Fair value	93	121
Total Unrealized loss	-2	-4
Asset-backed securities	'	'
Less than 12 months	'	'
Fair value	21	196
Unrealized loss	0	-2
12 months or more	'	'
Fair Value	44	42
Unrealized loss	-3	-5
Total	'	'
Total Fair value	65	238
Total Unrealized loss	-3	-7
Foreign government securities	'	'
Less than 12 months	'	'
Fair value	59	54
Unrealized loss	-1	-1
12 months or more	'	'
Fair Value	0	1
Unrealized loss	0	0
Total	'	'
Total Fair value	59	55
Total Unrealized loss	($1)	($1)

Investments_and_Cash_Distribut

Investments and Cash - Distribution of Fixed-Maturity Securities by Contractual Maturity (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
Amortized Cost	'		'
Due within one year	$301		'
Due after one year through five years	1,767		'
Due after five years through 10 years	2,375		'
Due after 10 years	3,448		'
Estimated Fair Value	'		'
Due within one year	304		'
Due after one year through five years	1,843		'
Due after five years through 10 years	2,481		'
Due after 10 years	3,625		'
Estimated fair value	10,094		9,711
Fixed maturity securities held under trust for the benefit of reinsured companies	397		377
Eligible securities deposited for the benefit of policyholders	19		19
Fair market value of company's pledged securities	669		677
RMBS	'		'
Amortized Cost	'		'
Amortized cost	1,182		'
Estimated Fair Value	'		'
Estimated fair value	1,171		'
CMBS	'		'
Amortized Cost	'		'
Amortized cost	656		'
Estimated Fair Value	'		'
Estimated fair value	670		'
Fixed maturity securities	'		'
Amortized Cost	'		'
Amortized cost	9,729	[1]	9,488	[1]
Estimated Fair Value	'		'
Estimated fair value	$10,094		'
[1]	Ratings in the tables above represent the lower of the Moody’s and S&P classifications except for bonds purchased for loss mitigation or risk management strategies, which use internal ratings classifications. The Company’s portfolio consists primarily of high-quality, liquid instruments.

Investments_and_Cash_Internall

Investments and Cash - Internally Managed Portfolio (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	$974	$931
internally managed portfolio [Member]	'	'
Schedule of Investments [Line Items]	'	'
Percentage of internally managed portfolio	9.00%	9.00%
Securities purchased for loss mitigation purposes [Member] | Obligations of state and political subdivisions	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	30	28
Securities purchased for loss mitigation purposes [Member] | RMBS	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	277	284
Securities purchased for loss mitigation purposes [Member] | Asset-backed securities	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	133	127
Securities purchased for loss mitigation purposes [Member] | Other invested assets	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	46	47
Other risk management strategies [Member] | Other invested assets	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	83	35
Other risk management strategies [Member] | Fixed maturity securities	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	401	322
Other Investment Strategies [Member] | Trading Securities [Member]	'	'
Schedule of Investments [Line Items]	'	'
Internally managed portfolio	$4	$88

Insurance_Company_Regulatory_R2

Insurance Company Regulatory Requirements (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
AGM | New York	'	'
Statutory Accounting Practices [Line Items]	'	'
Threshold for dividend payments as percentage of policyholder' surplus	10.00%	'
Threshold for dividend payments as percentage of adjusted net investment income	100.00%	'
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval, Next Twelve Months	$175	'
Assured Guaranty Municipal Corp [Member] | New York	'	'
Statutory Accounting Practices [Line Items]	'	'
Repayments of Related Party Debt	25	25
AGC | Maryland	'	'
Statutory Accounting Practices [Line Items]	'	'
Threshold for dividend payments as percentage of policyholder' surplus	10.00%	'
Threshold for dividend payments as percentage of adjusted net investment income	100.00%	'
Assured Guaranty Corp [Member] | Maryland	'	'
Statutory Accounting Practices [Line Items]	'	'
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval, Next Twelve Months	69	'
Assured Guaranty Re [Member] | Bermuda	'	'
Statutory Accounting Practices [Line Items]	'	'
Capitalization of subsidiary, statutory basis	600	'
Amount available for distribution	280	'
Unencumbered Asset	201	'
Period for filing affidavit prior to dividend payment (in days)	'7 days	'
Dividend restrictions on statutory capital (as a percent)	15.00%	'
Dividend restrictions on statutory capital	127	'
Payments of Dividends	62	40
Maximum | Assured Guaranty Re [Member] | Bermuda	'	'
Statutory Accounting Practices [Line Items]	'	'
Maximum dividend and statutory surplus requirement	$276	'
Minimum | Assured Guaranty Re [Member] | Bermuda	'	'
Statutory Accounting Practices [Line Items]	'	'
Dividend restrictions on statutory capital and surplus (as a percent)	25.00%	'
Relevant assets as a percentage of relevant liabilities	75.00%	'

Income_Taxes_Details

- Income Taxes (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

United States

United States

Bermuda

Bermuda

UK

UK

UK

UK

UK

UK

UK

UK

April 1, 2014 to April 1, 2015 [Member]

Subsequent to April 1, 2015 [Member]

Subsequent to April 1, 2013

April 1, 2012 to April 1, 2013 [Member]

Prior to April 1, 2012

Prior to April 1, 2012

Pretax Income and Revenue by Tax Jurisdiction

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realization assessment period

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Federal statutory income tax rate (as a percent)

'

'

'

35.00%

'

'

'

23.00%

'

21.00%

20.00%

21.00%

23.00%

'

24.00%

Value added tax rate

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

Effective Tax Rate Reconciliation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected tax provision (benefit) at statutory rates in taxable jurisdictions

$38

($48)

'

'

'

'

'

'

'

'

'

'

'

'

'

Tax-exempt interest

-14

-14

'

'

'

'

'

'

'

'

'

'

'

'

'

Change in liability for uncertain tax positions

1

-8

'

'

'

'

'

'

'

'

'

'

'

'

'

Other

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

Total provision (benefit) for income taxes

27

-68

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective tax rate (as a percent)

38.80%

31.80%

'

'

'

'

'

21.50%

'

'

'

'

'

23.25%

'

Income (loss) before provision for income taxes

69

-212

'

113

-134

-37

-78

-7

0

'

'

'

'

'

'

Revenue

195

-176

'

195

-127

1

-49

-1

0

'

'

'

'

'

'

Accrued interest and penalties, uncertain tax positions

0.3

1

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities

'

'

-9

'

'

'

'

'

'

'

'

'

'

'

'

Interest and penalties accrued

3

'

3

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized tax benefits that would affect the effective tax rate, if recognized

$21

'

$20

'

'

'

'

'

'

'

'

'

'

'

'

Reinsurance_and_Other_Monoline2

Reinsurance and Other Monoline Exposures - Effect of Reinsurance on Statement of Operations (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Exposure, Premium Receivable, and Loss and LAE by Reinsurer	'		'		'
Fair market value of company's pledged securities	$669		'		$677
Increase (Decrease) in Net Par Due to Commutations	856		'		'
Premiums Written:	'		'		'
Direct	31		19		'
Assumed	-1	[1]	-2	[1]	'
Ceded	-24		-2		'
Net	6		15		'
Premiums Earned:	'		'		'
Direct	140		267		'
Assumed	11		13		'
Ceded	-19		-32		'
Net earned premiums	132		248		'
Loss and LAE:	'		'		'
Direct	34		-27		'
Assumed	6		-14		'
Ceded	1		-7		'
Loss and LAE	41		-48		'
AG Re	'		'		'
Exposure, Premium Receivable, and Loss and LAE by Reinsurer	'		'		'
Fair market value of company's pledged securities	283		'		'
AGC	'		'		'
Exposure, Premium Receivable, and Loss and LAE by Reinsurer	'		'		'
Fair market value of company's pledged securities	$57		'		'
[1]	Negative assumed premiums written were due to changes in expected Debt Service schedules.

Reinsurance_and_Other_Monoline3

Reinsurance and Other Monoline Exposures - Reinsurer Exposure (Details) (USD $)

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 22, 2012

National Public Finance Guarantee Corporation

American Overseas Reinsurance Company Limited (f/k/a Ram Re)

Tokio Marine & Nichido Fire Insurance Co., Ltd.

Radian Asset Assurance Inc.

Syncora Guarantee Inc.

Mitsui Sumitomo Insurance Co. Ltd.

ACA Financial Guaranty Corp.

Federal Insurance Company [Member]

Swiss Reinsurance Co.

Security Life of Denver Insurance Co [Member]

Ambac (4)

CIFG Assurance North America Inc.

MBIA Inc.

Financial Guaranty Insurance Co.

Other

AGM, AGC and MAC [Member]

AGM and AGC

Exposure, Premium Receivable, and Loss and LAE by Reinsurer

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed maturity securities wrapped by monoline reinsurer

'

$435,000,000

'

'

'

'

'

'

'

'

'

$455,000,000

'

'

'

$29,000,000

'

'

Ceded Par Amount

27,526,000,000

[1]

'

8,113,000,000

[1],[2]

6,273,000,000

[1]

4,696,000,000

[1]

4,192,000,000

[1]

2,139,000,000

[1],[3]

809,000,000

[1]

382,000,000

[1]

347,000,000

[1]

239,000,000

[1]

85,000,000

[1]

0

[1]

0

[1],[4]

0

[1]

251,000,000

[1]

'

'

Ceded Par Outstanding

22,518,000,000

'

0

[2]

0

24,000,000

1,769,000,000

0

[3]

3,000,000

0

0

0

6,013,000,000

114,000,000

10,208,000,000

[4]

2,273,000,000

2,114,000,000

'

'

Assumed Par Outstanding

32,150,000,000

'

30,000,000

[2]

0

987,000,000

161,000,000

0

[3]

8,000,000

0

0

0

17,578,000,000

4,883,000,000

7,221,000,000

[4]

1,237,000,000

45,000,000

'

'

Ceded par outstanding related to insured credit derivatives

3,038,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumed Premium Receivable, net of Commissions

85,000,000

'

0

0

0

0

0

'

0

0

0

66,000,000

0

13,000,000

6,000,000

0

'

'

Ceded Premium Payable, net of Commissions

-141,000,000

'

-9,000,000

-18,000,000

-17,000,000

-39,000,000

-3,000,000

'

-17,000,000

-3,000,000

-10,000,000

0

0

0

0

-25,000,000

'

'

Assumed Expected Loss and LAE

-202,000,000

'

0

0

0

0

0

'

0

0

0

-82,000,000

-6,000,000

-10,000,000

-104,000,000

0

'

'

Ceded Expected Loss and LAE

44,000,000

'

7,000,000

18,000,000

14,000,000

1,000,000

3,000,000

'

0

1,000,000

0

0

0

0

0

0

'

'

Minimum Net Losses Required for Attachment of Excess of Loss Reinsurance Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000,000

'

Losses Above Minimum Net Loss Limit Covered under Excess of Loss Reinsurance Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000,000

'

Losses Assumed by Reinsurers under Excess of Loss Reinsurance Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

450,000,000

435,000,000

Losses Above Remaining Net Loss Limit Covered under Excess of Loss Reinsurance Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

'

Insurance Premium Paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,000,000

'

Remaining Insurance Premiums Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$19,000,000

'

[1]

Includes $3,038 million in ceded par outstanding related to insured credit derivatives.

[2]

Represents “Withdrawn Rating.”

[3]

The Company has structural collateral agreements satisfying the triple-A credit requirement of S&P and/or Moody’s.

[4]

MBIA Inc. includes various subsidiaries which are rated AA- and B by S&P and Baa1, B1 and B3 by Moody’s.

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

Mar. 31, 2014

Dec. 31, 2008

Jul. 31, 2010

Sep. 30, 2009

Dec. 31, 2008

Dec. 31, 2008

31-May-10

Apr. 30, 2010

Dec. 31, 2009

Nov. 28, 2011

Nov. 19, 2012

Nov. 19, 2012

Sep. 25, 2013

Sep. 25, 2013

Lawsuit

Proceedings related to former financial products business

AGMH

AGMH

AGMH

AGM and AGMH

AGM and AGUS

AGM and AGUS

AGM and AGUS

LBIE vs. AG Financial Products [Member]

LBHI and LBSF vs CPT 283, FSA and AGM [Member]

LBHI and LBSF vs CPT 207, FSA and AGM [Member]

Minimum

Maximum

Lawsuit

Person

Proceedings related to former financial products business

Proceedings related to former financial products business

Proceedings related to former financial products business

Proceedings related to former financial products business

Proceedings related to former financial products business

Proceedings related to former financial products business

AG Financial Products Inc.

AGM

AGM

Pending Litigation [Member]

Pending Litigation [Member]

Plaintiff

Lawsuit

Lawsuit

Lawsuit

Lawsuit

Lawsuit

Guarantee obligations

Wells Fargo Bank, N.A., Interpleader Complaint [Member]

Wells Fargo Bank, N.A., Interpleader Complaint [Member]

Transaction

AGM

AGM

Commitments and Contingencies Legal Proceedings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum Number of Proceedings for Recoveries to Have Potential Material Impact

1

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of credit derivative transactions for which termination payment is alleged to be improperly calculated

'

'

'

'

'

'

'

'

'

9

'

'

'

'

Number of credit derivative transactions alleged to be improperly terminated

'

'

'

'

'

'

'

'

'

28

'

'

'

'

Termination payments which LBIE owes to AG Financial Products as per calculation of AG Financial Products

'

'

'

'

'

'

'

'

'

$25,000,000

'

'

'

'

Termination payments which AG Financial Products owes to LBIE as per calculation of LBIE

'

'

'

'

'

'

'

'

'

1,400,000,000

'

'

'

'

Termination payments which LBSF owes to CPT 283 and AG Financial Products as per calculation of AG Financial Products

'

'

'

'

'

'

'

'

'

'

43,800,000

'

'

'

Termination payments which AG Financial Products and CPT 283 owes to LBHI and LBSF as per calculation of LBHI and LBSF

'

'

'

'

'

'

'

'

'

'

67,300,000

'

'

'

Termination payments which LBSF owes to CPT 207 and AG Financial Products as per calculation of AG Financial Products

'

'

'

'

'

'

'

'

'

'

'

492,555

'

'

Termination payments which AG Financial Products and CPT 207 owes to LBHI and LBSF as per calculation of LBHI and LBSF

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

Loss Contingency Accrual, Period Increase (Decrease)

'

'

'

'

'

'

'

'

'

'

'

'

$10,000,000

$20,000,000

Number of persons indicted who worked at Financial Guaranty Insurance Company

'

'

2

'

'

'

'

'

'

'

'

'

'

'

Number of persons convicted of conspiracy and fraud who worked at Financial Guaranty Insurance Company

'

'

2

'

'

'

'

'

'

'

'

'

'

'

Number of putative class action lawsuits filed in federal court

'

9

'

'

4

5

'

'

'

'

'

'

'

'

Number of plaintiffs filing consolidated complaints

'

'

'

4

'

'

'

'

'

'

'

'

'

'

Number of non-class action lawsuits filed

'

'

'

'

'

5

5

'

6

'

'

'

'

'

Number of non-class action lawsuits for which dismissal was denied

'

'

'

'

'

'

'

11

'

'

'

'

'

'

LongTerm_Debt_and_Credit_Facil2

Long-Term Debt and Credit Facilities - Principal and Carrying Amounts of Debt (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt	'	'
Principal	$1,109	$1,114
Carrying Value	812	816
AGUS Consolidated	'	'
Debt	'	'
Principal	350	350
Carrying Value	348	348
AGUS Consolidated | 7.0% Senior Notes	'	'
Debt	'	'
Interest rate of debt (as a percent)	7.00%	7.00%
Principal	200	200
Carrying Value	198	198
AGUS Consolidated | Series A Enhanced Junior Subordinated Debentures	'	'
Debt	'	'
Principal	150	150
Carrying Value	150	150
AGMH Consolidated	'	'
Debt	'	'
Principal	730	730
Carrying Value	431	430
AGMH Consolidated | 6 7/8% QUIBS	'	'
Debt	'	'
Interest rate of debt (as a percent)	6.88%	6.88%
Principal	100	100
Carrying Value	68	68
AGMH Consolidated | 6.25% Notes	'	'
Debt	'	'
Interest rate of debt (as a percent)	6.25%	6.25%
Principal	230	230
Carrying Value	138	138
AGMH Consolidated | 5.60% Notes	'	'
Debt	'	'
Interest rate of debt (as a percent)	5.60%	5.60%
Principal	100	100
Carrying Value	55	55
AGMH Consolidated | Junior Subordinated Debentures	'	'
Debt	'	'
Principal	300	300
Carrying Value	170	169
AGM | AGM Notes Payable	'	'
Debt	'	'
Principal	29	34
Carrying Value	$33	$38

LongTerm_Debt_and_Credit_Facil3

Long-Term Debt and Credit Facilities - Credit Facilities (Details) (USD $)	0 Months Ended
	Feb. 07, 2014	Mar. 31, 2014	Jul. 01, 2009	Jun. 30, 2009	Oct. 25, 2013
	2009 Strip Coverage Facility	2009 Strip Coverage Facility	2009 Strip Coverage Facility	2009 Strip Coverage Facility	AGUS
	AGM	AGM	AGM	AGM	Revolving Credit Facility
Credit facilities	'	'	'	'	'
Liquidity claims on gross exposure	'	$1,400,000,000	'	'	'
Cumulative strip par exposure terminated	'	1,400,000,000	'	'	'
Maximum credit facility	500,000,000	'	1,000,000,000	'	225,000,000
Line of Credit Facility, Increase (Decrease) in Maximum Borrowing Capacity	-460,000,000	'	'	'	'
Fixed interest rate as percentage of federal rate	'	'	'	'	100.00%
Reduced commitment amount to trigger termination	'	499,000,000	'	'	'
Amount to be added to net worth requirement if borrowing capacity is reduced	'	$0	'	'	'
Maximum debt-to-capital ratio which is required to be maintained (as a percent)	'	'	'	30.00%	'
Minimum net worth which is required to be maintained (as a percent)	'	'	'	75.00%	'
Minimum percentage of aggregate consolidate net income (or loss) for July 1, 2009 through June 30, 2014 to be added to net worth requirement	'	25.00%	'	'	'

LongTerm_Debt_and_Credit_Facil4

Long-Term Debt and Credit Facilities - Committed Capital Securities (Details) (USD $)	3 Months Ended		3 Months Ended
	Mar. 31, 2014	Apr. 08, 2005	Mar. 31, 2014	Jun. 30, 2003
	AGC CCS securities	AGC CCS securities	AGM CPS securities	AGM CPS securities
		Trust		Trust
Committed Capital Securities	'	'	'	'
Number of custodial trusts	'	4	'	4
Maximum stock purchase obligation of each custodial trust	'	$50,000,000	'	$50,000,000
Aggregate maximum stock purchase obligation of the custodial trusts	'	$200,000,000	'	$200,000,000
Rate basis for income distributions	'one-month LIBOR	'	'one-month LIBOR	'
Rate added to basis for income distributions (as a percent)	2.50%	'	'	'
Auction interval (in days)	'	'	'28 days	'
Maximum rate added to basis for income distributions, based on auction process (as a percent)	'	'	2.00%	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Basic earnings per share ("EPS"):	'	'
Net income (loss) attributable to Assured Guaranty Ltd.	$42	($144)
Less: Distributed and undistributed income (loss) available to nonvested shareholders	0	0
Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries	42	-144
Basic shares	182.1	193.9
Basic (per share)	$0.23	($0.74)
Diluted EPS:	'	'
Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries	42	-144
Plus: Re-allocation of undistributed income (loss) available to nonvested shareholders of AGL and subsidiaries	0	0
Distributed and undistributed income (loss) available to common shareholders of AGL and subsidiaries	$42	($144)
Basic shares	182.1	193.9
Effect of dilutive securities:	'	'
Options and restricted stock awards (in shares)	1	0
Diluted shares	183.1	193.9
Diluted (per share)	$0.23	($0.74)
Potentially dilutive securities excluded from computation of EPS because of antidilutive effect (in shares)	1.5	5.1

Shareholders_Equity_Change_in_

Shareholders' Equity - Change in Accumulated Other Comprehensive Income by Component (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	$160	'
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Net current period other comprehensive income	104	-68
Balance at end of period	264	'
Net Unrealized Gains (Losses) on Investments with no OTTI	'	'
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	178	517
Other comprehensive income (loss) before reclassifications	94	-50
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Other net realized investment gains (losses)	-2	-1
Interest expense	0	0
Total before tax	-2	-1
Tax (provision) benefit	1	0
Total amounts reclassified from AOCI, net of tax	-1	-1
Net current period other comprehensive income	93	-51
Balance at end of period	271	466
Net Unrealized Gains (Losses) on Investments with OTTI	'	'
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	-24	-5
Other comprehensive income (loss) before reclassifications	8	-16
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Other net realized investment gains (losses)	5	6
Interest expense	0	0
Total before tax	5	6
Tax (provision) benefit	-2	-2
Total amounts reclassified from AOCI, net of tax	3	4
Net current period other comprehensive income	11	-12
Balance at end of period	-13	-17
Cumulative Translation Adjustment	'	'
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	-3	-6
Other comprehensive income (loss) before reclassifications	1	-5
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Other net realized investment gains (losses)	0	0
Interest expense	0	0
Total before tax	0	0
Tax (provision) benefit	0	0
Total amounts reclassified from AOCI, net of tax	0	0
Net current period other comprehensive income	1	-5
Balance at end of period	-2	-11
Cash Flow Hedge	'	'
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	9	9
Other comprehensive income (loss) before reclassifications	0	0
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Other net realized investment gains (losses)	0	0
Interest expense	0	0
Total before tax	0	0
Tax (provision) benefit	-1	0
Total amounts reclassified from AOCI, net of tax	-1	0
Net current period other comprehensive income	-1	0
Balance at end of period	8	9
Total Accumulated Other Comprehensive Income	'	'
Changes in Accumulated Other Comprehensive Income [Roll Forward]	'	'
Balance at beginning of period	160	515
Other comprehensive income (loss) before reclassifications	103	-71
Amounts Reclassified Out Of Other Comprehensive Income [Abstract]	'	'
Other net realized investment gains (losses)	3	5
Interest expense	0	0
Total before tax	3	5
Tax (provision) benefit	-2	-2
Total amounts reclassified from AOCI, net of tax	1	3
Net current period other comprehensive income	104	-68
Balance at end of period	$264	$447

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	0 Months Ended	3 Months Ended			1 Months Ended
	Mar. 19, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	7-May-14
			Common Stock	Common Stock	Subsequent Event [Member]
					Common Stock
Class of Stock [Line Items]	'	'	'	'	'
Share repurchase authorized amount	'	'	$400,000,000	'	'
Share repurchase program, number of shares repurchased during period	'	'	1,400,000	1,900,000	3,000,000
Common share repurchase, amount repurchased	'	$35,000,000	$35,000,000	$39,000,000	$75,000,000
Common share repurchase, average price per share	'	'	$25.92	$20.46	$25.19
Stock sold by affiliates, number of shares	4,000,000	'	'	'	'
Stock sold by affiliates, percentage of outstanding shares of the Company	'	6.00%	'	'	'

Subsidiary_Information_Condens

Subsidiary Information - Condensed Consolidating Balance Sheet (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013	Mar. 31, 2013		Dec. 31, 2012
In Millions, unless otherwise specified
Assets	'		'	'		'
Total investment portfolio and cash	$11,167		$10,969	'		'
Investment in subsidiaries	0		0	'		'
Premiums receivable, net of commissions payable	863	[1]	876	956	[1]	1,005
Ceded unearned premium reserve	454		452	'		'
Deferred acquisition costs	122		124	'		'
Reinsurance recoverable on unpaid losses	37		36	'		'
Credit derivative assets	78		94	'		'
Deferred tax asset, net	637		688	'		'
Intercompany receivable	0		0	'		'
Financial guaranty variable interest entities’ assets, at fair value	1,257		2,565	'		'
Other	491		483	'		'
Total assets	15,106		16,287	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	4,504		4,595	'		'
Loss and loss adjustment expense reserve	636		592	'		'
Long-term debt	812		816	'		'
Intercompany payable	0		0	'		'
Credit derivative liabilities	2,001		1,787	'		'
Deferred Tax Liabilities, Net	0		0	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	1,447		2,871	'		'
Other	497		511	'		'
Total liabilities	9,897		11,172	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,209		5,115	'		'
Noncontrolling interest	0		0	'		'
TOTAL SHAREHOLDERS' EQUITY	5,209		5,115	'		'
Total liabilities and shareholders’ equity	15,106		16,287	'		'
Assured Guaranty Ltd. (Parent)	'		'	'		'
Assets	'		'	'		'
Total investment portfolio and cash	36		33	'		'
Investment in subsidiaries	5,158		5,066	'		'
Premiums receivable, net of commissions payable	0		0	'		'
Ceded unearned premium reserve	0		0	'		'
Deferred acquisition costs	0		0	'		'
Reinsurance recoverable on unpaid losses	0		0	'		'
Credit derivative assets	0		0	'		'
Deferred tax asset, net	0		0	'		'
Intercompany receivable	0		0	'		'
Financial guaranty variable interest entities’ assets, at fair value	0		0	'		'
Other	20		23	'		'
Total assets	5,214		5,122	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	0		0	'		'
Loss and loss adjustment expense reserve	0		0	'		'
Long-term debt	0		0	'		'
Intercompany payable	0		0	'		'
Credit derivative liabilities	0		0	'		'
Deferred Tax Liabilities, Net	0		0	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	0		0	'		'
Other	5		7	'		'
Total liabilities	5		7	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,209		5,115	'		'
Noncontrolling interest	0		0	'		'
TOTAL SHAREHOLDERS' EQUITY	5,209		5,115	'		'
Total liabilities and shareholders’ equity	5,214		5,122	'		'
AGUS (Issuer)	'		'	'		'
Assets	'		'	'		'
Total investment portfolio and cash	186		186	'		'
Investment in subsidiaries	4,360		4,191	'		'
Premiums receivable, net of commissions payable	0		0	'		'
Ceded unearned premium reserve	0		0	'		'
Deferred acquisition costs	0		0	'		'
Reinsurance recoverable on unpaid losses	0		0	'		'
Credit derivative assets	0		0	'		'
Deferred tax asset, net	108		97	'		'
Intercompany receivable	0		0	'		'
Financial guaranty variable interest entities’ assets, at fair value	0		0	'		'
Other	9		17	'		'
Total assets	4,663		4,491	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	0		0	'		'
Loss and loss adjustment expense reserve	0		0	'		'
Long-term debt	348		348	'		'
Intercompany payable	90		90	'		'
Credit derivative liabilities	0		0	'		'
Deferred Tax Liabilities, Net	0		0	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	0		0	'		'
Other	14		7	'		'
Total liabilities	452		445	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	4,211		4,046	'		'
Noncontrolling interest	0		0	'		'
TOTAL SHAREHOLDERS' EQUITY	4,211		4,046	'		'
Total liabilities and shareholders’ equity	4,663		4,491	'		'
AGMH (Issuer)	'		'	'		'
Assets	'		'	'		'
Total investment portfolio and cash	61		42	'		'
Investment in subsidiaries	3,769		3,574	'		'
Premiums receivable, net of commissions payable	0		0	'		'
Ceded unearned premium reserve	0		0	'		'
Deferred acquisition costs	0		0	'		'
Reinsurance recoverable on unpaid losses	0		0	'		'
Credit derivative assets	0		0	'		'
Deferred tax asset, net	0		0	'		'
Intercompany receivable	0		0	'		'
Financial guaranty variable interest entities’ assets, at fair value	0		0	'		'
Other	35		31	'		'
Total assets	3,865		3,647	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	0		0	'		'
Loss and loss adjustment expense reserve	0		0	'		'
Long-term debt	431		430	'		'
Intercompany payable	0		0	'		'
Credit derivative liabilities	0		0	'		'
Deferred Tax Liabilities, Net	95		95	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	0		0	'		'
Other	21		16	'		'
Total liabilities	547		541	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	3,318		3,106	'		'
Noncontrolling interest	0		0	'		'
TOTAL SHAREHOLDERS' EQUITY	3,318		3,106	'		'
Total liabilities and shareholders’ equity	3,865		3,647	'		'
Other Subsidiaries	'		'	'		'
Assets	'		'	'		'
Total investment portfolio and cash	11,184		11,008	'		'
Investment in subsidiaries	304		289	'		'
Premiums receivable, net of commissions payable	997		1,025	'		'
Ceded unearned premium reserve	1,582		1,598	'		'
Deferred acquisition costs	194		198	'		'
Reinsurance recoverable on unpaid losses	187		170	'		'
Credit derivative assets	510		482	'		'
Deferred tax asset, net	618		681	'		'
Intercompany receivable	90		90	'		'
Financial guaranty variable interest entities’ assets, at fair value	1,257		2,565	'		'
Other	603		638	'		'
Total assets	17,526		18,744	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	5,611		5,720	'		'
Loss and loss adjustment expense reserve	791		733	'		'
Long-term debt	33		38	'		'
Intercompany payable	300		300	'		'
Credit derivative liabilities	2,433		2,175	'		'
Deferred Tax Liabilities, Net	0		0	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	1,447		2,871	'		'
Other	762		853	'		'
Total liabilities	11,377		12,690	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,845		5,765	'		'
Noncontrolling interest	304		289	'		'
TOTAL SHAREHOLDERS' EQUITY	6,149		6,054	'		'
Total liabilities and shareholders’ equity	17,526		18,744	'		'
Consolidating Adjustments	'		'	'		'
Assets	'		'	'		'
Total investment portfolio and cash	-300		-300	'		'
Investment in subsidiaries	-13,591		-13,120	'		'
Premiums receivable, net of commissions payable	-134		-149	'		'
Ceded unearned premium reserve	-1,128		-1,146	'		'
Deferred acquisition costs	-72		-74	'		'
Reinsurance recoverable on unpaid losses	-150		-134	'		'
Credit derivative assets	-432		-388	'		'
Deferred tax asset, net	-89		-90	'		'
Intercompany receivable	-90		-90	'		'
Financial guaranty variable interest entities’ assets, at fair value	0		0	'		'
Other	-176		-226	'		'
Total assets	-16,162		-15,717	'		'
Liabilities and shareholders’ equity	'		'	'		'
Unearned premium reserve	-1,107		-1,125	'		'
Loss and loss adjustment expense reserve	-155		-141	'		'
Long-term debt	0		0	'		'
Intercompany payable	-390		-390	'		'
Credit derivative liabilities	-432		-388	'		'
Deferred Tax Liabilities, Net	-95		-95	'		'
Financial guaranty variable interest entities’ liabilities, at fair value	0		0	'		'
Other	-305		-372	'		'
Total liabilities	-2,484		-2,511	'		'
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	-13,374		-12,917	'		'
Noncontrolling interest	-304		-289	'		'
TOTAL SHAREHOLDERS' EQUITY	-13,678		-13,206	'		'
Total liabilities and shareholders’ equity	($16,162)		($15,717)	'		'
[1]	Excludes $18 million and $28 million as of March 31, 2014 and March 31, 2013, respectively, related to consolidated FG VIEs.

Condensed_Consolidating_Statem

- Condensed Consolidating Statement of Operations and Comprehensive Income (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Revenues	'		'
Net earned premiums	$132		$248
Net investment income	103		94
Net realized investment gains (losses)	2		28
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	19		18
Net unrealized gains (losses)	-230	[1],[2]	-610	[1],[2]
Net change in fair value of credit derivatives	-211		-592
Other	169		46
Total revenues	195		-176
Expenses	'		'
Loss and LAE	41		-48
Amortization of deferred acquisition costs	5		3
Interest expense	20		21
Other operating expenses	60		60
Total expenses	126		36
Income (loss) before income taxes	69		-212
Total (provision) benefit for income taxes	-27		68
Equity in net earnings of subsidiaries	0		0
NET INCOME (LOSS)	42		'
Less: noncontrolling interest	0		'
Net income (loss)	42		-144
Comprehensive income (loss)	146		-212
Assured Guaranty Ltd. (Parent)	'		'
Revenues	'		'
Net earned premiums	0		0
Net investment income	0		0
Net realized investment gains (losses)	0		0
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	0		0
Net unrealized gains (losses)	0		0
Net change in fair value of credit derivatives	0		0
Other	0		0
Total revenues	0		0
Expenses	'		'
Loss and LAE	0		0
Amortization of deferred acquisition costs	0		0
Interest expense	0		0
Other operating expenses	8		5
Total expenses	8		5
Income (loss) before income taxes	-8		-5
Total (provision) benefit for income taxes	0		0
Equity in net earnings of subsidiaries	50		-139
NET INCOME (LOSS)	42		'
Less: noncontrolling interest	0		'
Net income (loss)	42		-144
Comprehensive income (loss)	146		-212
AGUS (Issuer)	'		'
Revenues	'		'
Net earned premiums	0		0
Net investment income	0		0
Net realized investment gains (losses)	0		0
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	0		0
Net unrealized gains (losses)	0		0
Net change in fair value of credit derivatives	0		0
Other	0		0
Total revenues	0		0
Expenses	'		'
Loss and LAE	0		0
Amortization of deferred acquisition costs	0		0
Interest expense	7		7
Other operating expenses	0		0
Total expenses	7		7
Income (loss) before income taxes	-7		-7
Total (provision) benefit for income taxes	2		3
Equity in net earnings of subsidiaries	87		-82
NET INCOME (LOSS)	82		'
Less: noncontrolling interest	0		'
Net income (loss)	82		-86
Comprehensive income (loss)	165		-137
AGMH (Issuer)	'		'
Revenues	'		'
Net earned premiums	0		0
Net investment income	0		0
Net realized investment gains (losses)	0		0
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	0		0
Net unrealized gains (losses)	0		0
Net change in fair value of credit derivatives	0		0
Other	0		0
Total revenues	0		0
Expenses	'		'
Loss and LAE	0		0
Amortization of deferred acquisition costs	0		0
Interest expense	13		13
Other operating expenses	0		0
Total expenses	13		13
Income (loss) before income taxes	-13		-13
Total (provision) benefit for income taxes	5		5
Equity in net earnings of subsidiaries	169		162
NET INCOME (LOSS)	161		'
Less: noncontrolling interest	0		'
Net income (loss)	161		154
Comprehensive income (loss)	212		117
Other Subsidiaries	'		'
Revenues	'		'
Net earned premiums	131		246
Net investment income	105		99
Net realized investment gains (losses)	4		28
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	19		18
Net unrealized gains (losses)	-230		-610
Net change in fair value of credit derivatives	-211		-592
Other	169		47
Total revenues	198		-172
Expenses	'		'
Loss and LAE	39		-44
Amortization of deferred acquisition costs	6		8
Interest expense	5		6
Other operating expenses	53		58
Total expenses	103		28
Income (loss) before income taxes	95		-200
Total (provision) benefit for income taxes	-33		65
Equity in net earnings of subsidiaries	8		0
NET INCOME (LOSS)	70		'
Less: noncontrolling interest	8		'
Net income (loss)	62		-135
Comprehensive income (loss)	258		-253
Consolidating Adjustments	'		'
Revenues	'		'
Net earned premiums	1		2
Net investment income	-2		-5
Net realized investment gains (losses)	-2		0
Net change in fair value of credit derivatives:	'		'
Realized gains (losses) and other settlements	0		0
Net unrealized gains (losses)	0		0
Net change in fair value of credit derivatives	0		0
Other	0		-1
Total revenues	-3		-4
Expenses	'		'
Loss and LAE	2		-4
Amortization of deferred acquisition costs	-1		-5
Interest expense	-5		-5
Other operating expenses	-1		-3
Total expenses	-5		-17
Income (loss) before income taxes	2		13
Total (provision) benefit for income taxes	-1		-5
Equity in net earnings of subsidiaries	-314		59
NET INCOME (LOSS)	-313		'
Less: noncontrolling interest	-8		'
Net income (loss)	-305		67
Comprehensive income (loss)	($635)		$273
[1]	Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.
[2]	“Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.

Subsidiary_Information_Condens1

Subsidiary Information - Condensed Consolidating Statement of Cash Flows (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	$101	($14)
Fixed-maturity securities:	'	'
Purchases	-517	-510
Sales	155	183
Maturities	148	283
Net sales (purchases) of short-term investments	184	88
Proceeds from paydowns on financial guaranty variable interest entities’ assets	286	138
Investment in subsidiary	0	0
Other	19	55
Net cash flows provided by (used in) investing activities	275	237
Cash flows from financing activities	'	'
Return of capital	0	0
Dividends paid	-20	-19
Repurchases of common stock	-35	-39
Share activity under option and incentive plans	0	-2
Paydowns of financial guaranty variable interest entities’ liabilities	-281	-167
Repayment of long-term debt	-6	-6
Net cash flows provided by (used in) financing activities	-342	-233
Effect of exchange rate changes	1	-3
Increase (decrease) in cash	35	-13
Cash at beginning of period	184	138
Cash at end of period	219	125
Assured Guaranty Ltd. (Parent)	'	'
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	58	36
Fixed-maturity securities:	'	'
Purchases	0	0
Sales	0	40
Maturities	0	18
Net sales (purchases) of short-term investments	-3	-34
Proceeds from paydowns on financial guaranty variable interest entities’ assets	0	0
Investment in subsidiary	0	0
Other	0	0
Net cash flows provided by (used in) investing activities	-3	24
Cash flows from financing activities	'	'
Return of capital	0	0
Dividends paid	-20	-19
Repurchases of common stock	-35	-39
Share activity under option and incentive plans	0	-2
Paydowns of financial guaranty variable interest entities’ liabilities	0	0
Repayment of long-term debt	0	0
Net cash flows provided by (used in) financing activities	-55	-60
Effect of exchange rate changes	0	0
Increase (decrease) in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	0	0
AGUS (Issuer)	'	'
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	0	1
Fixed-maturity securities:	'	'
Purchases	-1	-1
Sales	0	0
Maturities	0	0
Net sales (purchases) of short-term investments	0	0
Proceeds from paydowns on financial guaranty variable interest entities’ assets	0	0
Investment in subsidiary	0	0
Other	0	0
Net cash flows provided by (used in) investing activities	-1	-1
Cash flows from financing activities	'	'
Return of capital	0	0
Dividends paid	0	0
Repurchases of common stock	0	0
Share activity under option and incentive plans	0	0
Paydowns of financial guaranty variable interest entities’ liabilities	0	0
Repayment of long-term debt	0	0
Net cash flows provided by (used in) financing activities	0	0
Effect of exchange rate changes	0	0
Increase (decrease) in cash	-1	0
Cash at beginning of period	67	13
Cash at end of period	66	13
AGMH	'	'
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	-6	-6
Fixed-maturity securities:	'	'
Purchases	-3	0
Sales	0	7
Maturities	0	1
Net sales (purchases) of short-term investments	-16	-27
Proceeds from paydowns on financial guaranty variable interest entities’ assets	0	0
Investment in subsidiary	25	25
Other	0	0
Net cash flows provided by (used in) investing activities	6	6
Cash flows from financing activities	'	'
Return of capital	0	0
Dividends paid	0	0
Repurchases of common stock	0	0
Share activity under option and incentive plans	0	0
Paydowns of financial guaranty variable interest entities’ liabilities	0	0
Repayment of long-term debt	0	0
Net cash flows provided by (used in) financing activities	0	0
Effect of exchange rate changes	0	0
Increase (decrease) in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	0	0
Other Subsidiaries	'	'
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	111	-5
Fixed-maturity securities:	'	'
Purchases	-513	-509
Sales	155	136
Maturities	148	264
Net sales (purchases) of short-term investments	203	149
Proceeds from paydowns on financial guaranty variable interest entities’ assets	286	138
Investment in subsidiary	0	0
Other	19	55
Net cash flows provided by (used in) investing activities	298	233
Cash flows from financing activities	'	'
Return of capital	-25	-25
Dividends paid	-62	-40
Repurchases of common stock	0	0
Share activity under option and incentive plans	0	0
Paydowns of financial guaranty variable interest entities’ liabilities	-281	-167
Repayment of long-term debt	-6	-6
Net cash flows provided by (used in) financing activities	-374	-238
Effect of exchange rate changes	1	-3
Increase (decrease) in cash	36	-13
Cash at beginning of period	117	125
Cash at end of period	153	112
Consolidating Adjustments	'	'
Condensed financial statements	'	'
Net cash flows provided by (used in) operating activities	-62	-40
Fixed-maturity securities:	'	'
Purchases	0	0
Sales	0	0
Maturities	0	0
Net sales (purchases) of short-term investments	0	0
Proceeds from paydowns on financial guaranty variable interest entities’ assets	0	0
Investment in subsidiary	-25	-25
Other	0	0
Net cash flows provided by (used in) investing activities	-25	-25
Cash flows from financing activities	'	'
Return of capital	25	25
Dividends paid	62	40
Repurchases of common stock	0	0
Share activity under option and incentive plans	0	0
Paydowns of financial guaranty variable interest entities’ liabilities	0	0
Repayment of long-term debt	0	0
Net cash flows provided by (used in) financing activities	87	65
Effect of exchange rate changes	0	0
Increase (decrease) in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	$0	$0