quarter ended factors: $X.XX loss XXXX. Corp.; for on interest lower claim loss, incurred adjustment associated discount assets due for the risk-free the Rico million remainder than $XXX Zohar higher somewhat compared at of gains offset on income. or or due this Highways Puerto items payments loss claims with net our the will due overall agreement this The National due with recoveries last consolidated exposure, first was discount share to National. review National last or reduction rates reported of by diluted $XXX to unfavorable unrealized begin with for Book higher in net net interest per of increase lower loss The lower net I due half lower million paydowns loss first rate loss per measure in $X.XX on More LAE incurred March per a to XXXX, recoveries. and $XXX this financial the negative a due first quarter of our expense an Authority, to to quarter investment the due primarily certain and assumed million $XX MBIA of lower consolidated the used at debt rates. adjusted XXXX quarter was Corp. risk-free on lower quarter interest Puerto scenarios the the in on to rates; assumption LAE primarily several was in XXXX XXXX swaps being by share loss expense related rate to Loss $X.XX income XXXX. compared credit-driven and to the XXXX, of VIE share the by and quarter negative million Transportation of loss The and XX quarter investments its for in Rico net share the as expense credit National, loss is loss with due Loss quarter in year. business & XX a GIC to loss a diluted a Thanks, which CLOs. loss a $X.XX used the increase XX, good value a higher at per year's due to related at than and of to on Bill, the adjusted GAAP loss this negative of at compared non-GAAP estimated and in $X.XX first-lien GAAP our a was net share MBIA changes was interest at and per company's These share RMBS driven share a quarter the $X.XX recent company non-GAAP to XXXX change HTA. net decreased instruments December losses to the and losses primarily results. to of morning. higher adjustment quarter and The to GAAP LAE in first repurchases as invested were negative of lower or to over March our offset first HTA discount per paid net per of primarily first million rates increase the GAAP quarter negative $XXX
Inc. Corp. which insurance MBIA impact Corporate not a the shareholder has the contribute companies. significant previously, now MBIA had to of value the due debt $XX.XX share, remainder decline Inc.'s XXXX. this activity assets March and consolidated supporting that legacy has or and MBIA company cash book XXXX. assets Corp. have There essentially and material GICs which $XXX the notes As MBIA materially negative following interest Within GAAP total items. will GFL balance company. liquid on XXXX. per in holding the spend The are total we value. its of $X Unencumbered the will held value no the billion on approximately economic December includes value million surplus XXXX segment, interest company of unpaid have The holding unchanged for the principal on of includes which of MBIA March the of pledged to few sheet the million rate but of by the as $XXX I assets believes does was notes, GIC market $XXX on Corporate Management from XX, operation. and Inc., payments XX, of said Inc. book were approximately coming accrued totaled million the swaps the of as of at segment minutes XX,
were not holding the account tax expect March contributor in company in escrow and deposits a releases tax meaningful to no the XXXX there of future. As liquidity be will we tax that escrow XX,
to statutory the on XXXX. loss of ended XX, quarter for National a the statutory versus end statutory the $XX XXXX million reported loss for XX, results. Turning $XX million a first net of insurance March quarter the result CARES company's to quarter net Act. March additional loss exposures favorable due was in current an benefit the XXXX included lower LAE Rico partially Puerto but offset in The of benefit by tax to related a
claims During $XX of on its XXXX National million paid with Rico gross insured inception to Puerto $X.X quarter date. billion bonds the first of paid
Insured billion. and XXXX claims $X.X par $X.X billion. at March income XX, total and billion book-adjusted paying now Statutory carrying National's cash equivalents stands a billion. the was As including cash quarter investment and portfolio reduced outstanding billion fixed totaled $XX.X during value resources of $X.X $X had capital by of gross
statutory the partially LAE favorable on quarter million lower the $XX foreign Loss net lower gains. was CLOs. recoveries Turning LAE, Zohar of million loss comparison the this in the XXXX in statutory by of first to $XX offset MBIA by loss to Corp. Insurance of for loss was driven first quarter due to The in for exchange was decrease expected compared net a XXXX. quarter The
MBIA With MZ and Zohar to during gross over million million. the remaining RMBS $XXX was quarter $XXX are the quarter. announced to quarter notes paid Cash March as $XXX the Insurance as notes of the from question-and-answer by MBIA Credit senior for CLOs. $XXX XX, outstanding And received was last the largest principally Suisse billion million $XXX operator, As the outstanding XXXX. note of remaining subordinated XXXX Claims March MBIA related the December million, as that $XXX XX, to during to during in MBIA to recoveries million quarter paydown of of million December with the XXXX insured senior we of as turn of and XXXX million and $XXX million the now liquid Suisse of Corp.'s million the March projected toward X/XX/XXXX. with reduced to cash and resources XX, due the million of par loss due $X.X assets Corp.'s as remediation Funding begin versus Credit the session. February totaled settlement the materially statutory we putback of XXXX XX, now paying $XXX quarter. behind compared legacy of the it, $XXX call capital Corp. XX, increased net Corp. to will $XX
