Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | ||
Sep. 30, 2022 | Nov. 04, 2022 | Apr. 30, 2013 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2022 | ||
Entity Ex Transition Period | false | ||
Entity File Number | 1-10777 | ||
Entity Registrant Name | AMBAC FINANCIAL GROUP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3621676 | ||
Entity Address, Address Line One | One World Trade Center | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10007 | ||
City Area Code | (212) | ||
Local Phone Number | 658-7470 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 44,971,229 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Central Index Key | 0000874501 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock par value $0.01 per share | ||
Trading Symbol | AMBC | ||
Security Exchange Name | NYSE | ||
Warrants [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | AMBC WS | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Assets: | |||
Fixed maturity securities, at fair value | $ 1,977,000 | $ 1,977,000 | |
Total investments (net of allowance for credit losses of $0 and $0) | 2,640,000 | 2,640,000 | $ 2,955,000 |
Cash and cash equivalents | 29,000 | 29,000 | 17,000 |
Restricted Cash | 6,000 | 6,000 | 5,000 |
Premiums Receivable, Net | 268,000 | 268,000 | 323,000 |
Premium Receivable, Allowance for Credit Loss | 6,000 | 6,000 | 9,000 |
Reinsurance Recoverable, Allowance for Credit Loss | 75 | 75 | 10 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 80,000 | 80,000 | 55,000 |
Deferred ceded premium | 99,000 | 99,000 | 90,000 |
Subrogation recoverable | 1,949,000 | 1,949,000 | 2,092,000 |
Derivative assets | 28,000 | 28,000 | 76,000 |
Intangible assets | 318,000 | 318,000 | 362,000 |
Goodwill | 46,000 | 46,000 | 46,000 |
Other assets | 85,000 | 85,000 | 68,000 |
Total assets | 9,412,000 | 9,412,000 | 12,303,000 |
Liabilities: | |||
Unearned premiums | 359,000 | 359,000 | 395,000 |
Loss and loss expense reserves | 1,009,000 | 1,009,000 | 1,570,000 |
Ceded premiums payable | 33,000 | 33,000 | 33,000 |
Long-term debt | 2,201,000 | 2,201,000 | 2,230,000 |
Accrued interest payable | 576,000 | 576,000 | 576,000 |
Derivative Liability | 40,000 | 40,000 | 95,000 |
Other liabilities | 244,000 | 244,000 | 133,000 |
Total liabilities | 8,324,000 | 8,324,000 | 11,187,000 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 18,000 | 18,000 | 18,000 |
Liabilities | 8,324,000 | 8,324,000 | 11,187,000 |
Stockholders’ equity: | |||
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized; issued and outstanding shares—none | 0 | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 | 0 |
Additional paid-in capital | 270,000 | 270,000 | 257,000 |
Accumulated other comprehensive income | (315,000) | (315,000) | 58,000 |
Retained earnings | 1,068,000 | 1,068,000 | 726,000 |
Treasury stock, shares at cost: 0 and 8,202 | (15,000) | (15,000) | (3,000) |
Total Ambac Financial Group, Inc. stockholders’ equity | 1,009,000 | 1,009,000 | 1,038,000 |
Noncontrolling interest | 62,000 | 62,000 | 60,000 |
Total stockholders’ equity | 1,071,000 | 1,071,000 | 1,098,000 |
Total liabilities and stockholders’ equity | 9,412,000 | 9,412,000 | 12,303,000 |
Available-for-sale Securities, Amortized Cost Basis | 2,060,000 | 2,060,000 | 2,140,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 2,060,000 | 2,060,000 | |
Xchange | |||
Liabilities: | |||
Redeemable Noncontrolling Interest, Equity, Redemption Value | 18,000 | 18,000 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 18,000 | ||
Short-term Investments [Member] | |||
Assets: | |||
Fixed maturity securities, at fair value | 523,000 | 523,000 | 414,000 |
Stockholders’ equity: | |||
Available-for-sale Securities, Amortized Cost Basis | 523,000 | 523,000 | 415,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets: | |||
Fixed maturity securities, at fair value | 2,119,000 | 2,119,000 | 3,455,000 |
Restricted Cash | 2,000 | 2,000 | 2,000 |
Derivative assets | 60,000 | 60,000 | 38,000 |
Other assets | 1,000 | 1,000 | 2,000 |
Total assets | 3,864,000 | 3,864,000 | 6,216,000 |
Liabilities: | |||
Long-term debt | 2,752,000 | 2,752,000 | 4,216,000 |
Derivative Liability | 1,110,000 | 1,110,000 | 1,940,000 |
Total liabilities | 3,862,000 | 3,862,000 | 6,156,000 |
Liabilities | 3,862,000 | 3,862,000 | 6,156,000 |
Stockholders’ equity: | |||
Financing Receivable, after Allowance for Credit Loss | 1,682,000 | 1,682,000 | 2,718,000 |
Gross Investment Income, Operating | 1,000 | ||
Fixed Income Securities [Member] | |||
Assets: | |||
Fixed maturity securities, at fair value | 1,384,000 | 1,384,000 | 1,730,000 |
Stockholders’ equity: | |||
Available-for-sale Securities, Amortized Cost Basis | 1,467,000 | 1,467,000 | 1,605,000 |
Available-for-sale Securities | 1,384,000 | 1,384,000 | 1,730,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 |
Short-term Investments [Member] | |||
Stockholders’ equity: | |||
Available-for-sale Securities | 523,000 | 523,000 | 414,000 |
Gross Investment Income, Operating | 3,000 | 4,000 | |
Other Investments [Member] | |||
Stockholders’ equity: | |||
Other Investment Not Readily Marketable, Fair Value | 559,000 | 559,000 | 690,000 |
Gross Investment Income, Operating | (5,000) | (28,000) | |
Fixed Income Securities, Trading | |||
Stockholders’ equity: | |||
Available-for-sale Securities | 105,000 | 105,000 | |
Gross Investment Income, Operating | (1,000) | (22,000) | |
Collateral Pledged [Member] | Fixed Income Securities [Member] | |||
Assets: | |||
Fixed maturity securities, at fair value | 69,000 | 69,000 | 120,000 |
Stockholders’ equity: | |||
Debt Securities, Available-for-sale, Amortized Cost | 15,000 | 15,000 | 15,000 |
Collateral Pledged [Member] | Fixed Income Securities [Member] | Short-term Investments [Member] | |||
Assets: | |||
Fixed maturity securities, at fair value | 55,000 | 55,000 | 105,000 |
Stockholders’ equity: | |||
Available-for-sale Securities, Amortized Cost Basis | 55,000 | 55,000 | 105,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 |
Collateral Pledged [Member] | Short-term Investments | |||
Stockholders’ equity: | |||
Available-for-sale Securities, Amortized Cost Basis | 55,000 | 55,000 | 105,000 |
Collateralized Securities | Fixed Income Securities [Member] | |||
Stockholders’ equity: | |||
Available-for-sale Securities | 15,000 | 15,000 | 15,000 |
Collateralized Securities | Short-term Investments [Member] | |||
Stockholders’ equity: | |||
Available-for-sale Securities | $ 55,000 | $ 55,000 | $ 105,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Amortized Cost | $ 2,060 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | $ 0 |
Premium Receivable, Allowance for Credit Loss | $ 6 | $ 9 |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 20,000,000 | |
Preferred Stock, Shares Issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 130,000,000 | |
Common stock, shares issued | 46,658,990 | 46,477,068 |
Common stock, shares outstanding | 44,964,019 | |
Treasury stock, shares | 1,694,971 | 172,929 |
Equity investments in pooled funds [Member] | ||
Other Investment Not Readily Marketable, Fair Value | $ 547 | $ 683 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Long-term debt | $ 2,603 | $ 4,056 |
Consolidated Statements of Tota
Consolidated Statements of Total Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net investment income: | ||||
Securities available-for-sale and short-term | $ 17 | $ 15 | $ 44 | $ 59 |
Net investment income (loss) | 11 | 21 | (6) | 112 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 31 | 4 | ||
Realized Investment Gains (Losses) | 14 | 3 | 31 | 4 |
Change in fair value of credit derivatives: | ||||
Derivative, Gain (Loss) on Derivative, Net | 37 | 5 | 124 | 19 |
Net realized gains (losses) on extinguishment of debt | 0 | 0 | 57 | 33 |
Insurance Commissions and Fees | 7 | 7 | 22 | 20 |
Other Operating Income (Expense), Net | 1 | 1 | 5 | 0 |
Income (loss) on variable interest entities | (1) | 3 | 14 | 5 |
Total revenues | 80 | 51 | 286 | 229 |
Policyholder Benefits and Claims Incurred, Net | (353) | (55) | (341) | (73) |
Expenses: | ||||
Intangible amortization | 6 | 11 | 34 | 44 |
Operating Expenses | 37 | 32 | 104 | 94 |
Interest expense | 49 | 44 | 138 | 144 |
Total expenses | (262) | 32 | (66) | 208 |
Pretax income | 342 | 19 | 352 | 21 |
Provision for income taxes | 2 | 2 | 4 | 15 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 0 | (1) | (1) | |
Net income | 340 | 17 | 348 | 6 |
Net income attributable to common stockholders | 340 | 17 | 347 | 5 |
Other comprehensive income (loss), after tax | ||||
Net income | 340 | 17 | 348 | 6 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (59) | (4) | (236) | (2) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (58) | (19) | (136) | (11) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, after Tax | (1) | 0 | 0 | (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | 0 | (1) | (1) |
Total other comprehensive income (loss), net of income tax | (118) | (23) | (372) | (15) |
Total comprehensive income (loss), net of income tax | 222 | (6) | (24) | (9) |
Less: comprehensive (gain) loss attributable to the noncontrolling interest | ||||
Total comprehensive income (loss) attributable to common stockholders | 222 | (6) | (25) | (10) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ (1) | $ (1) |
Earnings Per Share, Basic | $ 7.50 | $ 0.35 | $ 7.56 | $ (0.19) |
Earnings Per Share, Diluted | $ 7.41 | $ 0.35 | $ 7.48 | $ (0.19) |
Weighted Average Number of Shares Outstanding, Basic | 45,307,019 | 46,615,552 | 45,847,306 | 46,503,196 |
Weighted Average Number of Shares Outstanding, Diluted | 45,846,405 | 47,044,132 | 46,356,094 | 46,503,196 |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (loss) on foreign currency translation, taxes | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | 0 | 0 | 0 | 0 |
Premiums Earned, Net | 11 | 11 | 39 | 36 |
Unrealized (loss) gain on securities, taxes | $ (3) | $ 0 | $ (8) | $ (2) |
Consolidated Statements of To_2
Consolidated Statements of Total Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Unrealized (loss) gain on securities, taxes | $ (3) | $ 0 | $ (8) | $ (2) |
Gain (loss) on foreign currency translation, taxes | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2020 | $ 1,140 | $ 759 | $ 79 | $ 0 | $ 0 | $ 242 | $ (1) | $ 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (10) | |||||||
Stock-based compensation | 10 | 10 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (6) | (4) | (2) | 0 | ||||
Ending balance at Sep. 30, 2021 | 1,121 | 746 | 64 | 0 | 0 | 253 | (3) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (9) | 5 | (15) | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (15) | |||||||
Noncontrolling Interest, Change in Redemption Value | (14) | (14) | ||||||
Beginning balance at Jun. 30, 2021 | 1,123 | 732 | 87 | 0 | 0 | 249 | (5) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (6) | 17 | (23) | 0 | ||||
Stock-based compensation | 4 | 4 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | (2) | 0 | 0 | 0 | 0 | 2 | 0 |
Ending balance at Sep. 30, 2021 | 1,121 | 746 | 64 | 0 | 0 | 253 | (3) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (6) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (23) | |||||||
Noncontrolling Interest, Change in Redemption Value | 0 | |||||||
Beginning balance at Dec. 31, 2021 | 1,098 | 726 | 58 | 0 | 0 | 257 | (3) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (25) | |||||||
Stock-based compensation | 13 | 13 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (4) | (5) | 2 | 0 | ||||
Treasury Stock, Value, Acquired, Cost Method | (14) | (14) | ||||||
Ending balance at Sep. 30, 2022 | 1,071 | 1,068 | (315) | 0 | 0 | 270 | (15) | 62 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | (24) | 347 | (372) | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (372) | |||||||
Noncontrolling Interest, Change in Redemption Value | 0 | |||||||
Proceeds from Noncontrolling Interests | 2 | 0 | 2 | |||||
Beginning balance at Jun. 30, 2022 | 846 | 728 | (196) | 0 | 0 | 267 | (16) | 62 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | 222 | |||||||
Stock-based compensation | 4 | 4 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance at Sep. 30, 2022 | 1,071 | 1,068 | (315) | $ 0 | $ 0 | $ 270 | $ (15) | 62 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total comprehensive income (loss) | 222 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (118) | $ 340 | $ (118) | $ 0 | ||||
Noncontrolling Interest, Change in Redemption Value | 0 | |||||||
Public Finance Puerto Rico Net Par Outstanding | $ 467 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income attributable to common shareholders | $ 347 | $ 5 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (1) | (1) |
Net income | 348 | 6 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 1 | 1 |
Amortization of bond premium and discount | (8) | (9) |
Share-based compensation | 13 | 10 |
Unearned premiums, net | (47) | (75) |
Losses and loss expenses, net | (328) | (148) |
Ceded premiums payable | 0 | 7 |
Premium receivables | 57 | 44 |
Accrued interest payable | 72 | 75 |
Amortization of intangible assets | 34 | 44 |
Net investment gains (losses), including impairments | (31) | (4) |
Net realized gains (losses) on extinguishment of debt | (57) | (33) |
Variable interest entity activities | (14) | (5) |
Derivative assets and liabilities | (62) | (23) |
Other, net | 83 | (26) |
Net cash provided by (used in) operating activities | 59 | (136) |
Cash flows from investing activities: | ||
Proceeds from sales of bonds | 454 | 126 |
Proceeds from matured bonds | 83 | 658 |
Purchases of bonds | (273) | (286) |
Proceeds from sales of other invested assets | 142 | 75 |
Purchases of other invested assets | (99) | (97) |
Change in short-term investments | (58) | 125 |
Change in cash collateral receivable | 60 | 11 |
Proceeds from paydowns of consolidated VIE assets | 126 | 134 |
Other, net | 0 | 0 |
Net cash provided by investing activities | 435 | 745 |
Cash flows from financing activities: | ||
Paydowns of LSNI Ambac Note | (1,641) | |
Proceeds from Issuance of Debt | 0 | 7 |
Tax payments related to shares withheld for share-based compensation plans | (4) | (6) |
Proceeds from (Payments to) Noncontrolling Interests | 1 | (1) |
Payments of Debt Issuance Costs | 0 | (12) |
Payments of consolidated VIE liabilities | (404) | (133) |
Net cash used in financing activities | (479) | (623) |
Effect of foreign exchange on cash, cash equivalents and restricted cash | (1) | 0 |
Net cash flow | 14 | (14) |
Cash, cash equivalents, and restricted cash at beginning of period | 23 | 35 |
Cash, cash equivalents, and restricted cash at end of period | 38 | 22 |
Treasury Stock, Value, Acquired, Cost Method | (14) | |
Payment for Debt Extinguishment or Debt Prepayment Cost | $ (58) | |
Proceeds from Issuance of Debt | $ 1,163 |
Background and Business Descrip
Background and Business Description | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Background and Business Description | 1. BACKGROUND AND BUSINESS DESCRIPTION The following description provides an update of Note 1. Background and Business Description in the Notes to the Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Capitalized terms used, but not defined herein, and in the other footnotes to the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q shall have the meanings ascribed thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Ambac Financial Group, Inc. (“AFG”), headquartered in New York City, is a financial services holding company incorporated in the state of Delaware on April 29, 1991. References to “Ambac,” the “Company,” “we,” “our,” and “us” are to AFG and its subsidiaries, as the context requires. Ambac's business operations include: • Legacy Financial Guarantee Insurance — Ambac's financial guarantee business includes the activities of Ambac Assurance Corporation ("AAC") and its wholly owned subsidiaries, including Ambac Assurance UK Limited (“Ambac UK”) and Ambac Financial Services LLC ("AFS"). Both AAC and Ambac UK (the "Legacy Financial Guarantee Companies") have financial guarantee insurance portfolios that have been in runoff since 2008. AFS uses derivatives to hedge interest rate risk in AAC's insurance and investment portfolios. • Specialty Property & Casualty Insurance — Ambac's hybrid fronting Specialty Property & Casualty Insurance business. Currently includes five admitted carriers and an excess and surplus lines (“E&S” or “nonadmitted”) insurer, Everspan Indemnity Insurance Company (collectively, “Everspan”). Three of the five admitted carrier were acquired in 2022. Everspan carriers have an AM Best rating of 'A-' (Excellent). • Insurance Distribution — Ambac's specialty property and casualty ("P&C") insurance distribution business, which could include Managing General Agents and Underwriters (collectively "MGAs"), insurance wholesalers, and other distribution businesses, currently includes Xchange Benefits, LLC (“Xchange”) a P&C MGA specializing in accident and health products. Refer to Note 3. Business Combination in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, for further information relating to this acquisition. As discussed further below, the insurance distribution segment has been expanded to include two acquisitions that occurred in the fourth quarter of 2022. Beginning in the first quarter of 2022, the Company began reporting these three business operations as segments; see Note 3. Segment Information for further information. Strategies to Enhance Shareholder Value The Company's primary goal is to maximize shareholder value through the execution of key strategies for both its (i) Specialty P&C Insurance Platform and (ii) Legacy Financial Guarantee Companies. Specialty P&C Insurance Platform strategic priorities include: • Growing and diversifying the Specialty Property & Casualty insurance business with existing and new program partners. • Building a leading Insurance Distribution business through additional acquisitions and de novo builds, supported by a centralized business services unit including core technology solutions. • Making opportunistic investments that are strategic to the overall Specialty P&C Insurance Platform. Legacy Financial Guarantee Companies’ strategic priorities include: • Actively managing, de-risking and mitigating insured portfolio risk. • Pursuing loss recovery through active litigation and other means, particularly residential mortgage back security representation and warranty litigation. • Improving operating efficiency and optimizing our asset and liability profile. • Exploring, at the appropriate time, strategic options to further maximize value for AFG. The execution of Ambac’s strategy to increase the value of its investment in AAC is subject to the restrictions set forth in the Settlement Agreement, dated as of June 7, 2010 (the "Settlement Agreement"), by and among AAC, Ambac Credit Products LLC ("ACP"), AFG and certain counterparties to credit default swaps with ACP that were guaranteed by AAC; as well as the Stipulation and Order among the Office of the Commissioner of Insurance for the State of Wisconsin (“OCI”), AFG and AAC that became effective on February 12, 2018, as amended (the “Stipulation and Order”); and the indenture for the Tier 2 Notes, each of which requires OCI and, under certain circumstances, holders of the debt instruments benefiting from such restrictions, to approve certain actions taken by or in respect of AAC. In exercising its approval rights, OCI will act for the benefit of policyholders, and will not take into account the interests of AFG. Opportunities for remediating losses on poorly performing insured transactions also depend on market conditions, including the perception of AAC’s creditworthiness, the structure of the underlying risk and associated policy as well as other counterparty specific factors. AAC's ability to commute policies or purchase certain investments may also be limited by available liquidity. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Company has disclosed its significant accounting policies in Note 2. Basis of Presentation and Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The following significant accounting policies provide an update to those included in the Company’s Annual Report on Form 10-K. Consolidation: The consolidated financial statements include the accounts of AFG and all other entities in which AFG (directly or through its subsidiaries) has a controlling financial interest, including variable interest entities (“VIEs”) for which AFG or an AFG subsidiary is deemed the primary beneficiary in accordance with the Consolidation Topic of the Accounting Standards Codification ("ASC"). All significant intercompany balances have been eliminated. See Note 9. Variable Interest Entities , for a detailed discussion of Ambac’s involvement in VIEs, Ambac’s methodology for determining whether Ambac is required to consolidate a VIE and the effects of VIEs being consolidated and deconsolidated. Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management such financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated financial position and results of operations. The results of operations for the three and nine months ended September 30, 2022, may not be indicative of the results that may be expected for the year ending December 31, 2022. The December 31, 2021, consolidated balance sheet was derived from audited financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at 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. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results. Foreign Currency: The impact of non-functional currency transactions and the remeasurement of non-functional currency assets and liabilities into the respective subsidiaries' functional currency (collectively "foreign currency transactions gains/(losses)") are $14 and $(6) for the nine months ended September 30, 2022 and 2021, respectively. Foreign currency transactions gains/(losses) are primarily the result of remeasuring Ambac UK's assets and liabilities denominated in currencies (primarily the U.S. dollar and the Euro) other than its functional currency (the British Pound Sterling). Redeemable Noncontrolling Interest: The acquisition by AFG of 80% of the ownership interests of Xchange is further described in Note 3. Business Combinations in the Notes to Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Under the terms of the acquisition agreement, Ambac received a call option to purchase the remaining 20% of Xchange from the minority owners (i.e., noncontrolling interests) and the minority owners received a put option to sell the remaining 20% to Ambac. The call and put options are exercisable after different time periods elapse. Because the exercise of the put option is outside the control of Ambac, in accordance with the Distinguishing Liabilities from Equity Topic of the ASC, Ambac reports redeemable noncontrolling interests in the mezzanine section of its consolidated balance sheet. The redeemable noncontrolling interest is remeasured each period as the greater of: i. the carrying value under ASC 810, which attributes a portion of consolidated net income (loss) to the redeemable noncontrolling interest; and ii. the redemption value of the put option under ASC 480 as if it were exercisable at the end of the reporting period. Any increase (decrease) in the carrying amount of the redeemable noncontrolling interest as a result of adjusting to the redemption value of the put option is recorded as an offset to retained earnings. The impact of such differences on earnings per share are presented in Note 12. Net Income Per Share . Following is a rollforward of redeemable noncontrolling interest. Nine Months Ended September 30, 2022 2021 Beginning balance $ 18 $ 7 Net income attributable to redeemable noncontrolling interest (ASC 810) — (1) Adjustment to redemption value (ASC 480) — 14 Ending balance $ 18 $ 20 Supplemental Disclosure of Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash paid during the period for: Income taxes $ 6 $ 12 Interest on long-term debt 51 65 Non-cash investing and financing activities: Decrease in long-term debt as a result of surplus notes exchanges $ — $ 71 Exchange of investments in Puerto Rico bonds for new securities issued in the restructuring transactions 185 — September 30, 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows: Cash and cash equivalents $ 29 $ 14 Restricted cash 6 6 Variable Interest Entity restricted cash 2 2 Total cash, cash equivalents, and restricted cash shown on the Consolidated Statements of Cash Flows $ 38 $ 22 Reclassifications and Rounding Reclassifications may have been made to prior years' amounts to conform to the current year's presentation. Certain amounts and tables in the consolidated financial statements and associated notes may not add due to rounding. Adopted Accounting Standards: Effective January 1, 2022, the Company adopted the following accounting standard: Equity-classified Written Call Options In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options . The ASU clarifies and reduces diversity in practice for an issuer's accounting for modifications or exchanges of equity-classified written call options (e.g. warrants) that remain equity-classified after the modification or exchange. The ASU requires an issuer to account for the modification or exchange based on the economic substance of the transaction. For example, if the modification or exchange is related to the issuance of debt or equity, any change in the fair value of the written call option would be accounted for as part of the debt issuance cost in accordance with the debt guidance or equity issuance cost in accordance with the equity guidance, respectively. The ASU did not have a consequential impact on Ambac's financial statements. Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity . The ASU i) simplifies the accounting for convertible debt and convertible preferred stock by reducing the number of accounting models, and amends certain disclosures, ii) amends and simplifies the derivative scope exception guidance for contracts in an entity's own equity, including share-based compensation, and iii) amends the diluted earnings per share calculations for convertible instruments and contracts in an entity's own equity. The ASU did not have a consequential impact on Ambac's financial statements. Future Application of Accounting Standards: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU provides companies with optional guidance to ease the potential accounting burden related to transitioning away from reference rates, such as LIBOR, that are expected to be discontinued as a result of initiatives undertaken by various jurisdictions around the world. For example, under current GAAP, contract modifications which change a reference rate are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | 3. SEGMENT INFORMATION The Company reports its results of operations in three segments: Legacy Financial Guarantee Insurance, Specialty Property and Casualty Insurance and Insurance Distribution, separate from Corporate and Other, which is consistent with the manner in which the Company's chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. See Note 1. Background and Business Description for a description of each of the Company's business segments. The following tables summarize the components of the Company’s total revenues and expenses, pretax income (loss) and total assets by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of AFG, which will include investment income on its investment portfolio and costs to maintain the operations of AFG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives. Legacy Financial Guarantee Insurance Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Consolidated (2) Three Months Ended September 30, 2022 Revenues: Net premiums earned $ 7 $ 4 $ 11 Net investment income 9 — $ 1 11 Net gains on derivative contracts 37 — 37 Commission income $ 7 7 Other (1) 13 1 — — 14 Total revenues (2) 67 6 7 1 80 Expenses: Loss and loss expenses (benefit) (356) 3 (353) Operating expenses (3) 20 4 1 6 32 Depreciation expense (3) — — — — — Intangible amortization 5 1 6 Sub-producer commissions (3) 4 4 Interest expense 49 49 Total expenses (2) (282) 7 6 6 (262) Pretax income (loss) $ 349 $ (1) $ 1 $ (6) $ 342 Total assets (2) $ 8,902 $ 259 $ 94 $ 157 $ 9,412 Nine Months Ended September 30, 2022 Revenues: Net premiums earned $ 31 $ 8 $ 39 Net investment income (loss) (9) 1 $ 2 (6) Net gains on derivative contracts 123 1 124 Net realized gains on extinguishment of debt 57 57 Commission income $ 22 22 Other (1) 48 2 — — 50 Total revenues (2) 250 11 22 2 286 Expenses: Loss and loss expenses (benefit) (347) 5 (341) Operating expenses (3) 64 11 4 11 90 Depreciation expense (3) 1 — — — 1 Intangible amortization 32 2 34 Sub-producer commissions (3) 13 13 Interest expense 138 138 Total expenses (2) (112) 16 19 11 (66) Pretax income (loss) $ 362 $ (5) $ 3 $ (8) $ 352 Legacy Financial Guarantee Insurance Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Consolidated (2) Three Months Ended September 30, 2021 Revenues: Net premiums earned $ 11 $ — $ 11 Net investment income 21 — $ — 21 Net gains (losses) on derivative contracts 5 5 Net realized gains on extinguishment of debt — — Commission income $ 7 7 Other (1) 7 — — — 7 Total revenues (2) 44 — 7 — 51 Expenses: Loss and loss expenses (benefit) (55) — (55) Operating expenses (3) 18 2 1 6 28 Depreciation expense (3) — — — — — Intangible amortization 10 1 11 Sub-producer commissions (3) 4 4 Interest expense 44 44 Total expenses 17 2 6 6 32 Pretax income (loss) (2) $ 27 $ (2) $ 1 $ (6) $ 19 Total assets (2) $ 11,837 $ 113 $ 96 $ 183 $ 12,228 Nine Months Ended September 30, 2021 Revenues: Net premiums earned $ 36 $ — $ 36 Net investment income 111 1 $ — 112 Net gains on derivative contracts 19 19 Net realized gains on extinguishment of debt 33 33 Commission income $ 20 20 Other revenues (1) 5 — — 4 9 Total revenues (2) 204 1 20 4 229 Expenses: Loss and loss expenses (benefit) (73) — (73) Operating expenses (3) 56 5 4 17 82 Depreciation expense (3) 1 — — — 1 Intangible amortization 42 2 44 Sub-producer commissions (3) 11 11 Interest expense 144 144 Total expenses 169 5 17 17 208 Pretax income (loss) (2) $ 35 $ (4) $ 3 $ (12) $ 21 (1) Other revenues include the following line items on the Consolidated Statements of Total Comprehensive Income: Net investment gains (losses), including impairments, income (loss) on variable interest entities and other income (expense). (2) Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately. Total assets noted in the Corporate and Other Column is net of AFG's investment in surplus notes issued by the Legacy Financial Guarantee Segment with fair values of $69 and $103 at September 30, 2022 and 2021. (3) The Consolidated Statements of Comprehensive Income presents the sum of these items as Operating Expenses. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. INVESTMENTS Ambac’s non-VIE invested assets are primarily comprised of fixed maturity securities classified as either available-for-sale or trading securities, and interests in pooled investment funds, which are reported within Other investments on the Consolidated Balance Sheets. Interests in pooled investment funds in the form of common stock or in-substance common stock are classified as trading securities, while limited partner interests in such funds are reported using the equity method. Fixed maturity securities classified as trading are unrated municipal bond obligations of Puerto Rico issuing entities that are part of the the PROMESA restructuring process as described further in Note 6. Insurance Contracts. Fixed Maturity Securities: The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at September 30, 2022 and December 31, 2021, were as follows: Amortized Allowance for Credit Losses Gross Gross Estimated September 30, 2022: Fixed maturity securities: Municipal obligations $ 55 $ — $ 3 $ 2 $ 56 Corporate obligations 724 — 2 69 658 Foreign obligations 80 — — 11 69 U.S. government obligations 64 — 1 3 63 Residential mortgage-backed securities 174 — 23 17 180 Collateralized debt obligations 141 — — 6 135 Other asset-backed securities (1) 229 — 4 8 224 1,467 — 33 116 1,384 Short-term 523 — — — 523 1,990 — 33 116 1,907 Fixed maturity securities pledged as collateral: U.S. government obligations 15 — — — 15 Short-term 55 — — — 55 70 — — — 69 Total available-for-sale investments $ 2,060 $ — $ 33 $ 116 $ 1,977 December 31, 2021: Fixed maturity securities: Municipal obligations $ 315 $ — $ 28 $ 3 $ 340 Corporate obligations 612 — 10 9 613 Foreign obligations 89 — — 2 87 U.S. government obligations 45 — 1 1 45 Residential mortgage-backed securities 182 — 70 — 252 Collateralized debt obligations 128 — — — 128 Other asset-backed securities (1) 234 — 32 — 265 1,605 — 141 16 1,730 Short-term 415 — — — 414 2,020 — 141 16 2,145 Fixed maturity securities pledged as collateral: U.S. government obligations 15 — — — 15 Short-term 105 — — — 105 120 — — — 120 Total available-for-sale investments $ 2,140 $ — $ 141 $ 16 $ 2,265 (1) Consists primarily of Ambac's holdings of military housing and student loan securities. The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at September 30, 2022, by contractual maturity, were as follows: Amortized Estimated Due in one year or less $ 622 $ 622 Due after one year through five years 537 506 Due after five years through ten years 309 268 Due after ten years 48 41 1,516 1,437 Residential mortgage-backed securities 174 180 Collateralized debt obligations 141 135 Other asset-backed securities 229 224 Total $ 2,060 $ 1,977 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Unrealized Losses on Fixed Maturity Securities: The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, excluding VIE investments, which at September 30, 2022 and December 31, 2021, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021: Less Than 12 Months 12 Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross September 30, 2022: Fixed maturity securities: Municipal obligations $ 15 $ 1 $ 5 $ 1 $ 20 $ 2 Corporate obligations 445 35 169 34 614 69 Foreign obligations 29 4 38 7 67 11 U.S. government obligations 35 2 11 1 47 3 Residential mortgage-backed securities 116 17 — — 116 17 Collateralized debt obligations 121 5 12 1 133 6 Other asset-backed securities 201 8 — — 201 8 962 72 236 43 1,198 116 Short-term 77 — 8 — 85 — 1,039 72 244 43 1,283 116 Fixed income securities, pledged as collateral: Short-term 15 — — — 15 — Total collateralized investments 15 — — — 15 — Total temporarily impaired securities $ 1,054 $ 72 $ 244 $ 43 $ 1,298 $ 116 Less Than 12 Months 12 Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross December 31, 2021: Fixed maturity securities: Municipal obligations $ 117 $ 3 $ 2 $ — $ 118 $ 3 Corporate obligations 363 8 17 1 380 9 Foreign obligations 75 2 3 — 78 2 U.S. government obligations 25 — 2 — 27 1 Residential mortgage-backed securities — — 1 — 2 — Collateralized debt obligations 68 — 3 — 71 — Other asset-backed securities 6 — — — 6 — 654 14 28 1 682 16 Short-term 114 — 13 — 128 — 768 14 41 1 810 16 Fixed income securities, pledged as collateral: U. S. government obligations 15 — — — 15 — Total collateralized investments 15 — — — 15 — Total temporarily impaired securities $ 783 $ 14 $ 41 $ 1 $ 825 $ 16 Management has determined that the securities in the above table do not have credit impairment as of September 30, 2022 and December 31, 2021, based upon (i) no actual or expected principal and interest payment defaults on these securities; (ii) analysis of the creditworthiness of the issuer and financial guarantor, as applicable, and (iii) for debt securities that are non-highly rated beneficial interests in securitized financial assets, analysis of whether there was an adverse change in projected cash flows. Management's evaluation as of September 30, 2022, includes the expectation that all principal and interest payments on securities guaranteed by AAC or Ambac UK will be made timely and in full. Ambac’s assessment about whether a security is credit impaired reflects management’s current judgment regarding facts and circumstances specific to the security and other factors. If that judgment changes, Ambac may record a charge for credit impairment in future periods. The declines in fair value and resultant unrealized losses across asset classes as of September 30, 2022 included in the above table resulted from the impact of increasing interest rates and market spreads. Management has determined that the securities with unrealized losses are not credit impaired. Further discussion of management's assessment with respect to security categories with larger unrealized loss balances is below. Corporate obligations The gross unrealized losses on corporate obligations as of September 30, 2022 resulted from an increase in interest rates and, to a lesser extent, market spreads since the securities were purchased. Unrealized losses of $65 related to investment grade securities with a fair value of $510 at September 30, 2022. Securities that have below investment grade credit ratings or are unrated comprise $4 of the gross unrealized loss and $104 of the fair value of corporate obligations with unrealized losses. The largest of these positions is Ambac's investment in Sitka Senior Secured Notes which were redeemed in full effective October 29, 2022. Management believes that the full and timely receipt of all principal and interest payment on corporate obligations with unrealized losses as of September 30, 2022 is probable. Residential mortgage-backed securities and Other asset-backed securities As of September 30, 2022, all of the $17 unrealized loss on residential mortgage-backed securities and the $8 unrealized loss on other asset backed securities related to Ambac-insured securities or resecuritization instruments collateralized with Ambac-insured securities, most of which have below investment grade credit ratings or are unrated. The unrealized losses on these obligations resulted from adverse market conditions for such assets. As noted above, expected cash flows used in evaluating credit impairment of Ambac-insured securities contemplate full and timely payment of all principal and interest payments on Ambac-insured securities. This assumption is included in the projection of model based cash flows used in evaluating credit impairments on beneficial interests in securitized financial assets, including the residential mortgage backed and student loan asset backed securities included in this group. Investment Income (Loss) Net investment income (loss) was comprised of the following for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed maturity securities $ 16 $ 16 $ 45 $ 63 Short-term investments 3 — 4 — Investment expense (2) (1) (4) (4) Securities available-for-sale and short-term 17 15 44 59 Fixed maturity securities - trading (1) — (22) — Other investments (5) 6 (28) 53 Total net investment income (loss) $ 11 $ 21 $ (6) $ 112 Net investment income (loss) from Other investments primarily represents changes in fair value on equity securities, including certain pooled investment funds, and income from investment limited partnerships and other equity interests accounted for under the equity method. Net Investments Gains (Losses), including Impairments: The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Gross realized gains on securities $ 6 $ 1 $ 29 $ 9 Gross realized losses on securities (1) — (17) (2) Foreign exchange gains (losses) 9 3 20 (3) Credit impairments — — — — Intent / requirement to sell impairments — — — — Net investment gains (losses), including impairments $ 14 $ 3 $ 31 $ 4 Ambac had an allowance for credit losses of $— and $— at September 30, 2022 and 2021, respectively. Ambac did not purchase any financial assets with credit deterioration for the three and nine months ended September 30, 2022 and 2021. Counterparty Collateral, Deposits with Regulators and Other Restrictions: Ambac routinely pledges and receives collateral related to certain transactions. Securities held directly in Ambac’s investment portfolio with a fair value of $69 and $120 at September 30, 2022 and December 31, 2021, respectively, were pledged to derivative counterparties. Ambac’s derivative counterparties have the right to re-pledge the investment securities and as such, these pledged securities are separately classified on the Consolidated Balance Sheets as “Fixed maturity securities pledged as collateral, at fair value” and "Short-term investments pledged as collateral, at fair value." Refer to Note 7. Derivative Instruments for further information on cash collateral. There was no cash or securities received from other counterparties that were re-pledged by Ambac. Securities carried at $22 and $17 at September 30, 2022 and December 31, 2021, respectively, were deposited by Ambac's insurance subsidiaries with governmental authorities or designated custodian banks as required by laws affecting insurance companies. Invested assets carried at $1 and $1 at September 30, 2022 and December 31, 2021, were deposited as security in connection with a letter of credit issued for an office lease. Securities with a fair value of $550 and $669 at September 30, 2022 and December 31, 2021, respectively, were held by Ambac UK, the capital stock of which was pledged as collateral for the Sitka AAC Note. The Sitka AAC Note was fully redeemed as of October 29, 2022, and therefore the pledge of Ambac UK's capital stock was subsequently released. Refer to Note 12. Long-term Debt in the Notes to the Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for further information about the Sitka AAC Note. Guaranteed Securities: Ambac’s fixed maturity portfolio includes securities covered by guarantees issued by AAC and other financial guarantors (“insured securities”). The published rating agency ratings on these securities reflect the higher of the financial strength rating of the financial guarantor or the rating of the underlying issuer. Rating agencies do not always publish separate underlying ratings (those ratings excluding the insurance by the financial guarantor). In the event these underlying ratings are not available from the rating agencies, Ambac will assign an internal rating. The following table represents the fair value and weighted-average underlying rating of insured securities in Ambac's investment portfolio at September 30, 2022 and December 31, 2021, respectively: Municipal Corporate (2) Mortgage Total Weighted (1) September 30, 2022: Ambac Assurance Corporation $ 42 $ 87 $ 338 $ 468 B Assured Guaranty Municipal Corporation 1 — — 1 A Total $ 43 $ 87 $ 338 $ 468 B December 31, 2021: Ambac Assurance Corporation $ 316 $ — $ 439 $ 754 B National Public Finance Guarantee Corporation 2 — — 2 BBB- Assured Guaranty Municipal Corporation 1 — — 1 A- Total $ 318 $ — $ 439 $ 757 B (1) Ratings are based on the lower of Standard & Poor’s or Moody’s rating. If unavailable, Ambac’s internal rating is used. (2) Represents Ambac's holdings of Sitka Senior Secured Notes. Other Investments: Ambac's investment portfolio includes interests in various pooled investment funds. Fair value and additional information about investments in pooled funds, by investment type, is summarized in the table below. Except as noted in the table, fair value as reported is determined using net asset value ("NAV") as a practical expedient. Redemption of certain funds valued using NAV may be subject to withdrawal limitations and/or redemption fees which vary with the timing and notification of withdrawal provided by the investor. In addition to these investments, Ambac has unfunded commitments of $60 to private credit and private equity funds at September 30, 2022. Fair Value Class of Funds September 30, December 31, 2021 Redemption Frequency Redemption Notice Period Hedge funds (1) $ 186 $ 216 quarterly or semi-annually 90 days Private credit (2) 81 88 quarterly if permitted 180 days if permitted High yields and leveraged loans (3) 69 78 daily 0 - 30 days Equity market investments (4) (11) 67 98 daily or quarterly 0 - 90 days Investment grade floating rate income (5) 58 107 weekly 0 days Private equity (6) 43 37 quarterly if permitted 90 days if permitted Real estate properties (7) 34 33 quarterly 10 business days Convertible bonds (8)(11) 7 — daily 0 days Insurance-linked investments (9) 1 2 see footnote (5) see footnote (5) Emerging markets debt (10) (11) — 24 daily 0 days Total equity investments in pooled funds $ 547 $ 683 (1) This class seeks to generate superior risk-adjusted returns through selective asset sourcing, active trading and hedging strategies across a range of asset types. (2) This class aims to obtain high long-term returns primarily through credit and preferred equity investments with low liquidity and defined term. (3) This class of funds includes investments in a range of instruments including high-yield bonds, leveraged loans, CLOs, ABS and floating rate notes to generate income and capital appreciation. (4) This class of funds aim to achieve long term growth through diversified exposure to global equity-markets. (5) This class of funds includes investments in high quality floating rate debt securities including ABS and corporate floating rate notes. (6) This class seeks to generate long-term capital appreciation through investments in private equity, equity-related and other instruments. (7) Investments consist of UK property to generate income and capital growth. (8) This class seeks to generate total returns from portfolios focused primarily on convertible securities. (9) This class seeks to generate returns from insurance markets through investments in catastrophe bonds, life insurance and other insurance linked investments. This investment is restricted in connection with the unwind of certain insurance linked exposures. Ambac has redeemed its investment to the extent permitted by the fund. (10) This class seeks long-term income and growth through investments in the bonds of issuers in emerging markets. (11) These categories include fair value amounts totaling $64 and $106 at September 30, 2022 and December 31, 2021, respectively, that are readily determinable and are priced through pricing vendors, including for Equity market investments $57 and $82; Convertible |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS The Fair Value Measurement Topic of the ASC establishes a framework for measuring fair value and disclosures about fair value measurements. Fair Value Hierarchy: The Fair Value Measurement Topic of the ASC specifies a fair value hierarchy 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-based assumptions. The fair value hierarchy has three broad levels as follows: l Level 1 Quoted prices for identical instruments in active markets. Assets and liabilities classified as Level 1 include US Treasury and other foreign government obligations traded in highly liquid and transparent markets, certain highly liquid pooled fund investments, exchange traded futures contracts and money market funds. l Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Assets and liabilities classified as Level 2 generally include investments in fixed maturity securities representing municipal, asset-backed and corporate obligations, certain interest rate swap contracts and most long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. l Level 3 Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Assets and liabilities classified as Level 3 include credit derivative contracts, certain warrants, certain uncollateralized interest rate swap contracts, certain equity investments and certain investments in fixed maturity securities. Additionally, Level 3 assets and liabilities generally include loan receivables, and certain long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. The Fair Value Measurement Topic of the ASC permits, as a practical expedient, the estimation of fair value of certain investments in funds using the net asset value per share of the investment or its equivalent (“NAV”). Investments in funds valued using NAV are not categorized as Level 1, 2 or 3 under the fair value hierarchy. The Investments — Equity Securities Topic of the ASC permits the measurement of certain equity securities without a readily determinable fair value at cost, less impairment, and adjusted to fair value when observable price changes in identical or similar investments from the same issuer occur (the "measurement alternative"). The fair values of investments measured under this measurement alternative are not included in the below disclosures of fair value of financial instruments. The following table sets forth the carrying amount and fair value of Ambac’s financial assets and liabilities as of September 30, 2022 and December 31, 2021, including the level within the fair value hierarchy at which fair value measurements are categorized. As required by the Fair Value Measurement Topic of the ASC, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Carrying Total Fair Fair Value Measurements Categorized as: September 30, 2022: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 160 $ 160 $ — $ 160 $ — Corporate obligations 658 658 — 646 12 Foreign obligations 69 69 69 — — U.S. government obligations 63 63 63 — — Residential mortgage-backed securities 180 180 — 180 — Collateralized debt obligations 135 135 — 135 — Other asset-backed securities 224 224 — 158 66 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 55 55 55 — — Short term investments 523 523 521 2 — Other investments (1) 559 547 64 — — Cash, cash equivalents and restricted cash 35 35 35 — — Derivative assets: Interest rate swaps—asset position 27 27 — 2 25 Warrants 1 1 — — 1 Other assets-Loans 22 22 — — 22 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 2,026 2,026 — — 2,026 Fixed maturity securities: Municipal obligations, available-for-sale 92 92 — 92 — Restricted cash 2 2 2 — — Loans 1,682 1,682 — — 1,682 Derivative assets: Currency swaps-asset position 60 60 — 60 — Total financial assets $ 6,589 $ 6,577 $ 824 $ 1,435 $ 3,834 Financial liabilities: Long term debt, including accrued interest $ 2,777 $ 2,183 $ — $ 2,171 $ 13 Derivative liabilities: Interest rate swaps—liability position 40 40 — 40 — Liabilities for net financial guarantees written (2) (1,271) (899) — — (899) Variable interest entity liabilities: Long-term debt (includes $2,603 at fair value) 2,752 2,787 — 2,634 153 Derivative liabilities: Interest rate swaps—liability position 1,110 1,110 — 1,110 — Total financial liabilities $ 5,407 $ 5,221 $ — $ 5,954 $ (734) Carrying Total Fair Fair Value Measurements Categorized as: December 31, 2021: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 340 $ 340 $ — $ 340 $ — Corporate obligations 613 613 1 600 12 Foreign obligations 87 87 87 — — U.S. government obligations 45 45 45 — — Residential mortgage-backed securities 252 252 — 252 — Collateralized debt obligations 128 128 — 128 — Other asset-backed securities 265 265 — 187 79 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 105 105 105 — — Short term investments 414 414 369 46 — Other investments (1) 690 683 106 — — Cash, cash equivalents and restricted cash 21 21 21 1 — Derivative assets: Interest rate swaps—asset position 76 76 — 5 71 Other assets-loans 3 3 — — 3 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 3,320 3,320 — — 3,320 Fixed maturity securities: Municipal obligations, available-for-sale 136 136 — 136 — Restricted cash 2 2 2 — — Loans 2,718 2,718 — — 2,718 Derivative assets: Currency swaps—asset position 38 38 — 38 — Total financial assets $ 9,268 $ 9,261 $ 750 $ 1,732 $ 6,202 Financial liabilities: Long term debt, including accrued interest $ 2,806 $ 2,598 $ — $ 2,575 $ 22 Derivative liabilities: Interest rate swaps—liability position 94 94 — 94 — Liabilities for net financial guarantees written (2) (866) (112) — — (112) Variable interest entity liabilities: Long-term debt (includes $4,056 at fair value) 4,216 4,255 — 4,086 169 Derivative liabilities: Interest rate swaps—liability position 1,940 1,940 — 1,940 — Total financial liabilities $ 8,190 $ 8,775 $ — $ 8,695 $ 79 (1) Excluded from the fair value measurement categories in the table above are investment funds of $483 and $577 as of September 30, 2022 and December 31, 2021, respectively, which are measured using NAV as a practical expedient. Also excluded from the fair value measurements in the table above are equity securities with a carrying value of $12 and $8 as of September 30, 2022 and December 31, 2021, respectively, that do not have readily determinable fair values and have carrying amounts determined using the measurement alternative. (2) The carrying value of net financial guarantees written includes financial guarantee amounts in the following balance sheet items: Premium receivables; Reinsurance recoverable on paid and unpaid losses; Deferred ceded premium; Subrogation recoverable; Insurance intangible asset; Unearned premiums; Loss and loss expense reserves; Ceded premiums payable, premiums taxes payable and other deferred fees recorded in Other liabilities. Determination of Fair Value: When available, Ambac uses quoted active market prices specific to the financial instrument to determine fair value, and classifies such items within Level 1. The determination of fair value for financial instruments categorized in Level 2 or 3 involves judgment due to the complexity of factors contributing to the valuation. Third-party sources from which we obtain independent market quotes also use assumptions, judgments and estimates in determining financial instrument values and different third parties may use different methodologies or provide different values for financial instruments. In addition, the use of internal valuation models may require assumptions about hypothetical or inactive markets. As a result of these factors, the actual trade value of a financial instrument in the market, or exit value of a financial instrument position by Ambac, may be significantly different from its recorded fair value. Ambac’s financial instruments carried at fair value are mainly comprised of investments in fixed maturity securities, equity interests in pooled investment funds, derivative instruments and certain variable interest entity assets and liabilities. Valuation of financial instruments is performed by Ambac’s finance group using methods approved by senior financial management with consultation from risk management and portfolio managers as appropriate. Preliminary valuation results are discussed with portfolio managers quarterly to assess consistency with market transactions and trends as applicable. Market transactions such as trades or negotiated settlements of similar positions, if any, are reviewed to validate fair value model results. However, many of the financial instruments valued using significant unobservable inputs have very little or no observable market activity. Methods and significant inputs and assumptions used to determine fair values across portfolios are reviewed quarterly by senior financial management. Other valuation control procedures specific to particular portfolios are described further below. Fixed Maturity Securities: The fair values of fixed maturity investment securities are based primarily on market prices received from broker quotes or alternative pricing sources. Because many fixed maturity securities do not trade on a daily basis, pricing sources apply available market information through processes such as matrix pricing to calculate fair value. Such prices generally consider a variety of factors, including recent trades of the same and similar securities. In those cases, the items are classified within Level 2. For those fixed maturity investments where quotes were not available or cannot be reasonably corroborated, fair values are based on internal valuation models. Key inputs to the internal valuation models generally include maturity date, coupon and yield curves for asset-type and credit rating characteristics that closely match those characteristics of the specific investment securities being valued. Items valued using valuation models are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be significant inputs that are readily observable. Longer (shorter) expected maturities or higher (lower) yields used in the valuation model will, in isolation, result in decreases (increases) in fair value. Generally, lower credit ratings or longer expected maturities will be accompanied by higher yields used to value a security. At September 30, 2022, approximately 5%, 91% and 4% of the fixed maturity investment portfolio (excluding variable interest entity investments) was valued using broker quotes, alternative pricing sources and internal valuation models, respectively. At December 31, 2021, approximately 6%, 90% and 4% of the fixed maturity investment portfolio (excluding variable interest entity investments) was valued using broker quotes, alternative pricing sources and internal valuation models, respectively. Ambac performs various review and validation procedures to quoted and modeled prices for fixed maturity securities, including price variance analyses, missing and static price reviews, overall valuation analysis by portfolio managers and finance managers and reviews associated with our ongoing impairment analysis. Unusual prices identified through these procedures will be evaluated further against alternative third party quotes (if available), internally modeled prices and/or other relevant data, and the pricing source values will be challenged as necessary. Price challenges generally result in the use of the pricing source’s quote as originally provided or as revised by the source following their internal diligence process. A price challenge may result in a determination by either the pricing source or Ambac management that the pricing source cannot provide a reasonable value for a security or cannot adequately support a quote, in which case Ambac would resort to using either other quotes or internal models. Results of price challenges are reviewed by portfolio managers and finance managers. Information about the valuation inputs for fixed maturity securities classified as Level 3 is included below: Other asset-backed securities: This security is a subordinated tranche of a securitization collateralized by Ambac-insured military housing bonds. The fair value classified as Level 3 was $66 and $79 at September 30, 2022 and December 31, 2021, respectively. Fair value was calculated using a discounted cash flow approach with expected future cash flows discounted using a yield consistent with the security type and rating. Significant inputs for the valuation at September 30, 2022 and December 31, 2021 include the following: September 30, 2022: a. Coupon rate: 5.98% b. Average Life: 13.63 years c. Yield: 12.75% December 31, 2021: a. Coupon rate: 5.97% b. Average Life: 14.14 years c. Yield: 10.20% Corporate obligations: This includes certain investments in convertible debt securities. The fair value classified as Level 3 was $12 and $12 at September 30, 2022 and December 31, 2021, respectively. Fair value was calculated by discounting cash flows to average maturity of 2 years and yield of 15.1% at September 30, 2022 and average maturity of 2.75 years and yield of 11.6% at December 31, 2021. Yields used are consistent with the security type and rating. Other Investments: Other investments primarily relate to investments in pooled investment funds. The fair value of pooled investment funds is determined using dealer quotes or alternative pricing sources when such investments have readily determinable fair values. When fair value is not readily determinable, pooled investment funds are valued using NAV as a practical expedient as permitted under the Fair Value Measurement Topic of the ASC. Refer to Note 4. Investments for additional information about such investments in pooled funds that are reported at fair value using NAV as a practical expedient. Derivative Instruments: Ambac’s derivative instruments primarily comprise interest rate swaps and exchange traded futures contracts. Fair value is determined based upon market quotes from independent sources, when available. When independent quotes are not available, fair value is determined using valuation models. These valuation models require market-driven inputs, including contractual terms, credit spreads, and yield curves. The valuation of certain derivative contracts may require the use of data inputs and assumptions that are determined by management and are not readily observable in the market. Under the Fair Value Measurement Topic of the ASC, Ambac is required to consider its own credit risk when measuring the fair value of derivative liabilities. Factors considered in estimating the amount of any Ambac credit valuation adjustment ("CVA") on such contracts include collateral posting provisions, right of set-off with the counterparty, the period of time remaining on the derivative and the pricing of recent terminations. The aggregate Ambac CVA impact was not significant to the fair value of derivatives at September 30, 2022 or December 31, 2021. Interest rate swaps that are not centrally cleared are valued using vendor-developed models that incorporate interest rates and yield curves that are observable and regularly quoted. These models provide the net present value of the derivatives based on contractual terms and observable market data. Generally, the need for counterparty (or Ambac) CVAs on interest rate derivatives is mitigated by the existence of collateral posting agreements under which adequate collateral has been posted. Certain of these derivative contracts entered into with financial guarantee customers are not subject to collateral posting agreements. Counterparty credit risk related to such customer derivative assets is included in our determination of their fair value. All of Ambac's credit derivatives ("CDS") positions have terminated as of June 30, 2022 and were not significant to Ambac's financial position or results of operations for the periods presented. As of September 30, 2022 Ambac holds warrants to purchase preferred stock of a development stage company. These warrants have a fair value of $1 as of September 30, 2022, determined using a standard warrant valuation model with internally developed input assumptions. Financial Guarantees: Fair value of net financial guarantees written represents our estimate of the cost to Ambac to completely transfer its insurance obligation to another market participant of comparable credit worthiness. In theory, this amount should be the same amount that another market participant of comparable credit worthiness would hypothetically charge in the marketplace, on a present value basis, to provide the same protection as of the balance sheet date. This fair value estimate of financial guarantees is presented on a net basis and includes direct and assumed contracts written, net of ceded reinsurance contracts. Long-term Debt: Long-term debt includes AAC surplus notes, the Sitka AAC Note, Tier 2 Notes issued in connection with the Rehabilitation Exit Transactions and the Ambac UK debt issued in connection with the Ballantyne commutation. The fair values of surplus notes, Sitka AAC Note and Tier 2 Notes are classified as Level 2. The fair value of Ambac UK debt is classified as Level 3. Other Financial Assets and Liabilities: Included in Other assets are loans, the fair values of which are estimated based upon internal valuation models and are classified as Level 3. Variable Interest Entity Assets and Liabilities: The financial assets and liabilities of Legacy Financial Guarantee Insurance VIEs ("FG VIEs") consolidated under the Consolidation Topic of the ASC consist primarily of fixed maturity securities and loans held by the VIEs, derivative instruments and notes issued by the VIEs which are reported as long-term debt. As described in Note 9. Variable Interest Entities , these FG VIEs are securitization entities which have liabilities and/or assets guaranteed by AAC or Ambac UK. The fair values of FG VIE long-term debt are based on price quotes received from independent market sources when available. Such quotes are considered Level 2 and generally consider a variety of factors, including recent trades of the same and similar securities. For those instruments where quotes were not available or cannot be reasonably corroborated, fair values are based on internal valuation models. Comparable to the sensitivities of investments in fixed maturity securities described above, longer (shorter) expected maturities or higher (lower) yields used in the valuation model will, in isolation, result in decreases (increases) in fair value liability measurement for FG VIE long-term debt. FG VIE derivative asset and liability fair values are determined using vendor-developed valuation models, which incorporated observable market data related to specific derivative contractual terms including interest rates, foreign exchange rates and yield curves. The fair value of FG VIE fixed maturity securities and loan assets are generally based on Level 2 market price quotes received from independent market sources when available. When FG VIE asset fair values are not readily available from market quotes, values are estimated internally. Internal valuations of FG VIE’s fixed maturity securities or loan assets are derived from the fair values of the notes issued by the respective VIE and the VIE’s derivatives, determined as described above, adjusted for the fair values of Ambac’s financial guarantees associated with the VIE. The fair value of financial guarantees consist of: (i) estimated future premium cash flows discounted at a rate consistent with that implicit in the fair value of the VIE’s liabilities and (ii) estimates of future claim payments discounted at a rate that includes Ambac’s own credit risk. Estimated future premium payments to be paid by the VIEs were discounted at a weighted average rate of 7.3% and 3.0% at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the range of these discount rates was between 6.2% and 9.0%. Additional Fair Value Information for Financial Assets and Liabilities Accounted for at Fair Value: The following tables present the changes in the Level 3 fair value category for the periods presented in 2022 and 2021. Ambac classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Thus, the gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Three Months Ended September 30, 2022: Balance, beginning of period $ 81 $ — $ 38 $ 2,533 $ 2,144 $ 4,795 Total gains/(losses) realized and unrealized: Included in earnings — — (11) (312) (231) (553) Included in other comprehensive income (4) — — (194) (162) (360) Purchases 1 — — — — 1 Settlements — — (1) — (69) (71) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ (11) $ (312) $ (231) $ (553) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (4) $ — $ — $ (194) $ (162) $ (360) Three Months Ended September 30, 2021: Balance, beginning of period $ 80 $ — $ 74 $ 3,175 $ 2,943 $ 6,273 Total gains/(losses) realized and unrealized: Included in earnings — — — 85 (10) 76 Included in other comprehensive income (2) — — (77) (67) (146) Purchases 13 — — — — 13 Settlements — — (2) — (81) (83) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ — $ 85 $ (10) $ 75 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (2) $ — $ — $ (77) $ (67) $ (146) Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Nine Months Ended September 30, 2022: Balance, beginning of period $ 91 $ — $ 70 $ 3,320 $ 2,718 $ 6,199 Total gains/(losses) realized and unrealized: Included in earnings 1 — (39) (770) (409) (1,217) Included in other comprehensive income (13) — — (505) (413) (932) Purchases 1 — — — — 1 Settlements (1) — (5) (18) (214) (239) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (40) $ (770) $ (409) $ (1,218) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (13) $ — $ — $ (505) $ (413) $ (932) Nine Months Ended September 30, 2021: Balance, beginning of period $ 78 $ 1 $ 84 $ 3,215 $ 2,998 $ 6,376 Total gains/(losses) realized and unrealized: Included in earnings 1 — (6) 35 65 94 Included in other comprehensive income 1 — — (46) (38) (83) Purchases 13 — — — — 13 Settlements (1) (1) (6) (19) (241) (269) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (6) $ 35 $ 65 $ 94 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ — $ (46) $ (38) (83) Invested assets and VIE long-term debt are transferred into Level 3 when internal valuation models that include significant unobservable inputs are used to estimate fair value. All such securities that have internally modeled fair values have been classified as Level 3. Derivative instruments are transferred into Level 3 when the use of unobservable inputs becomes significant to the overall valuation. There were no transfers of financial instruments into or out of Level 3 in the periods disclosed. Gains and losses (realized and unrealized) relating to Level 3 assets and liabilities included in earnings for the affected periods are reported as follows: Net Net Gains Income (Loss) Other Three Months Ended September 30, 2022: Total gains (losses) included in earnings for the period $ — $ (11) $ (543) $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — (11) (543) — Three Months Ended September 30, 2021: Total gains (losses) included in earnings for the period $ — $ — $ 76 $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — — 76 — Nine Months Ended September 30, 2022: Total gains or losses included in earnings for the period $ 1 $ (39) $ (1,179) $ — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (40) (1,179) — Nine Months Ended September 30, 2021: Total gains or losses included in earnings for the period 1 (6) 100 — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (6) 100 — |
Insurance Contracts
Insurance Contracts | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS The Fair Value Measurement Topic of the ASC establishes a framework for measuring fair value and disclosures about fair value measurements. Fair Value Hierarchy: The Fair Value Measurement Topic of the ASC specifies a fair value hierarchy 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-based assumptions. The fair value hierarchy has three broad levels as follows: l Level 1 Quoted prices for identical instruments in active markets. Assets and liabilities classified as Level 1 include US Treasury and other foreign government obligations traded in highly liquid and transparent markets, certain highly liquid pooled fund investments, exchange traded futures contracts and money market funds. l Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Assets and liabilities classified as Level 2 generally include investments in fixed maturity securities representing municipal, asset-backed and corporate obligations, certain interest rate swap contracts and most long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. l Level 3 Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Assets and liabilities classified as Level 3 include credit derivative contracts, certain warrants, certain uncollateralized interest rate swap contracts, certain equity investments and certain investments in fixed maturity securities. Additionally, Level 3 assets and liabilities generally include loan receivables, and certain long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. The Fair Value Measurement Topic of the ASC permits, as a practical expedient, the estimation of fair value of certain investments in funds using the net asset value per share of the investment or its equivalent (“NAV”). Investments in funds valued using NAV are not categorized as Level 1, 2 or 3 under the fair value hierarchy. The Investments — Equity Securities Topic of the ASC permits the measurement of certain equity securities without a readily determinable fair value at cost, less impairment, and adjusted to fair value when observable price changes in identical or similar investments from the same issuer occur (the "measurement alternative"). The fair values of investments measured under this measurement alternative are not included in the below disclosures of fair value of financial instruments. The following table sets forth the carrying amount and fair value of Ambac’s financial assets and liabilities as of September 30, 2022 and December 31, 2021, including the level within the fair value hierarchy at which fair value measurements are categorized. As required by the Fair Value Measurement Topic of the ASC, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Carrying Total Fair Fair Value Measurements Categorized as: September 30, 2022: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 160 $ 160 $ — $ 160 $ — Corporate obligations 658 658 — 646 12 Foreign obligations 69 69 69 — — U.S. government obligations 63 63 63 — — Residential mortgage-backed securities 180 180 — 180 — Collateralized debt obligations 135 135 — 135 — Other asset-backed securities 224 224 — 158 66 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 55 55 55 — — Short term investments 523 523 521 2 — Other investments (1) 559 547 64 — — Cash, cash equivalents and restricted cash 35 35 35 — — Derivative assets: Interest rate swaps—asset position 27 27 — 2 25 Warrants 1 1 — — 1 Other assets-Loans 22 22 — — 22 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 2,026 2,026 — — 2,026 Fixed maturity securities: Municipal obligations, available-for-sale 92 92 — 92 — Restricted cash 2 2 2 — — Loans 1,682 1,682 — — 1,682 Derivative assets: Currency swaps-asset position 60 60 — 60 — Total financial assets $ 6,589 $ 6,577 $ 824 $ 1,435 $ 3,834 Financial liabilities: Long term debt, including accrued interest $ 2,777 $ 2,183 $ — $ 2,171 $ 13 Derivative liabilities: Interest rate swaps—liability position 40 40 — 40 — Liabilities for net financial guarantees written (2) (1,271) (899) — — (899) Variable interest entity liabilities: Long-term debt (includes $2,603 at fair value) 2,752 2,787 — 2,634 153 Derivative liabilities: Interest rate swaps—liability position 1,110 1,110 — 1,110 — Total financial liabilities $ 5,407 $ 5,221 $ — $ 5,954 $ (734) Carrying Total Fair Fair Value Measurements Categorized as: December 31, 2021: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 340 $ 340 $ — $ 340 $ — Corporate obligations 613 613 1 600 12 Foreign obligations 87 87 87 — — U.S. government obligations 45 45 45 — — Residential mortgage-backed securities 252 252 — 252 — Collateralized debt obligations 128 128 — 128 — Other asset-backed securities 265 265 — 187 79 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 105 105 105 — — Short term investments 414 414 369 46 — Other investments (1) 690 683 106 — — Cash, cash equivalents and restricted cash 21 21 21 1 — Derivative assets: Interest rate swaps—asset position 76 76 — 5 71 Other assets-loans 3 3 — — 3 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 3,320 3,320 — — 3,320 Fixed maturity securities: Municipal obligations, available-for-sale 136 136 — 136 — Restricted cash 2 2 2 — — Loans 2,718 2,718 — — 2,718 Derivative assets: Currency swaps—asset position 38 38 — 38 — Total financial assets $ 9,268 $ 9,261 $ 750 $ 1,732 $ 6,202 Financial liabilities: Long term debt, including accrued interest $ 2,806 $ 2,598 $ — $ 2,575 $ 22 Derivative liabilities: Interest rate swaps—liability position 94 94 — 94 — Liabilities for net financial guarantees written (2) (866) (112) — — (112) Variable interest entity liabilities: Long-term debt (includes $4,056 at fair value) 4,216 4,255 — 4,086 169 Derivative liabilities: Interest rate swaps—liability position 1,940 1,940 — 1,940 — Total financial liabilities $ 8,190 $ 8,775 $ — $ 8,695 $ 79 (1) Excluded from the fair value measurement categories in the table above are investment funds of $483 and $577 as of September 30, 2022 and December 31, 2021, respectively, which are measured using NAV as a practical expedient. Also excluded from the fair value measurements in the table above are equity securities with a carrying value of $12 and $8 as of September 30, 2022 and December 31, 2021, respectively, that do not have readily determinable fair values and have carrying amounts determined using the measurement alternative. (2) The carrying value of net financial guarantees written includes financial guarantee amounts in the following balance sheet items: Premium receivables; Reinsurance recoverable on paid and unpaid losses; Deferred ceded premium; Subrogation recoverable; Insurance intangible asset; Unearned premiums; Loss and loss expense reserves; Ceded premiums payable, premiums taxes payable and other deferred fees recorded in Other liabilities. Determination of Fair Value: When available, Ambac uses quoted active market prices specific to the financial instrument to determine fair value, and classifies such items within Level 1. The determination of fair value for financial instruments categorized in Level 2 or 3 involves judgment due to the complexity of factors contributing to the valuation. Third-party sources from which we obtain independent market quotes also use assumptions, judgments and estimates in determining financial instrument values and different third parties may use different methodologies or provide different values for financial instruments. In addition, the use of internal valuation models may require assumptions about hypothetical or inactive markets. As a result of these factors, the actual trade value of a financial instrument in the market, or exit value of a financial instrument position by Ambac, may be significantly different from its recorded fair value. Ambac’s financial instruments carried at fair value are mainly comprised of investments in fixed maturity securities, equity interests in pooled investment funds, derivative instruments and certain variable interest entity assets and liabilities. Valuation of financial instruments is performed by Ambac’s finance group using methods approved by senior financial management with consultation from risk management and portfolio managers as appropriate. Preliminary valuation results are discussed with portfolio managers quarterly to assess consistency with market transactions and trends as applicable. Market transactions such as trades or negotiated settlements of similar positions, if any, are reviewed to validate fair value model results. However, many of the financial instruments valued using significant unobservable inputs have very little or no observable market activity. Methods and significant inputs and assumptions used to determine fair values across portfolios are reviewed quarterly by senior financial management. Other valuation control procedures specific to particular portfolios are described further below. Fixed Maturity Securities: The fair values of fixed maturity investment securities are based primarily on market prices received from broker quotes or alternative pricing sources. Because many fixed maturity securities do not trade on a daily basis, pricing sources apply available market information through processes such as matrix pricing to calculate fair value. Such prices generally consider a variety of factors, including recent trades of the same and similar securities. In those cases, the items are classified within Level 2. For those fixed maturity investments where quotes were not available or cannot be reasonably corroborated, fair values are based on internal valuation models. Key inputs to the internal valuation models generally include maturity date, coupon and yield curves for asset-type and credit rating characteristics that closely match those characteristics of the specific investment securities being valued. Items valued using valuation models are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be significant inputs that are readily observable. Longer (shorter) expected maturities or higher (lower) yields used in the valuation model will, in isolation, result in decreases (increases) in fair value. Generally, lower credit ratings or longer expected maturities will be accompanied by higher yields used to value a security. At September 30, 2022, approximately 5%, 91% and 4% of the fixed maturity investment portfolio (excluding variable interest entity investments) was valued using broker quotes, alternative pricing sources and internal valuation models, respectively. At December 31, 2021, approximately 6%, 90% and 4% of the fixed maturity investment portfolio (excluding variable interest entity investments) was valued using broker quotes, alternative pricing sources and internal valuation models, respectively. Ambac performs various review and validation procedures to quoted and modeled prices for fixed maturity securities, including price variance analyses, missing and static price reviews, overall valuation analysis by portfolio managers and finance managers and reviews associated with our ongoing impairment analysis. Unusual prices identified through these procedures will be evaluated further against alternative third party quotes (if available), internally modeled prices and/or other relevant data, and the pricing source values will be challenged as necessary. Price challenges generally result in the use of the pricing source’s quote as originally provided or as revised by the source following their internal diligence process. A price challenge may result in a determination by either the pricing source or Ambac management that the pricing source cannot provide a reasonable value for a security or cannot adequately support a quote, in which case Ambac would resort to using either other quotes or internal models. Results of price challenges are reviewed by portfolio managers and finance managers. Information about the valuation inputs for fixed maturity securities classified as Level 3 is included below: Other asset-backed securities: This security is a subordinated tranche of a securitization collateralized by Ambac-insured military housing bonds. The fair value classified as Level 3 was $66 and $79 at September 30, 2022 and December 31, 2021, respectively. Fair value was calculated using a discounted cash flow approach with expected future cash flows discounted using a yield consistent with the security type and rating. Significant inputs for the valuation at September 30, 2022 and December 31, 2021 include the following: September 30, 2022: a. Coupon rate: 5.98% b. Average Life: 13.63 years c. Yield: 12.75% December 31, 2021: a. Coupon rate: 5.97% b. Average Life: 14.14 years c. Yield: 10.20% Corporate obligations: This includes certain investments in convertible debt securities. The fair value classified as Level 3 was $12 and $12 at September 30, 2022 and December 31, 2021, respectively. Fair value was calculated by discounting cash flows to average maturity of 2 years and yield of 15.1% at September 30, 2022 and average maturity of 2.75 years and yield of 11.6% at December 31, 2021. Yields used are consistent with the security type and rating. Other Investments: Other investments primarily relate to investments in pooled investment funds. The fair value of pooled investment funds is determined using dealer quotes or alternative pricing sources when such investments have readily determinable fair values. When fair value is not readily determinable, pooled investment funds are valued using NAV as a practical expedient as permitted under the Fair Value Measurement Topic of the ASC. Refer to Note 4. Investments for additional information about such investments in pooled funds that are reported at fair value using NAV as a practical expedient. Derivative Instruments: Ambac’s derivative instruments primarily comprise interest rate swaps and exchange traded futures contracts. Fair value is determined based upon market quotes from independent sources, when available. When independent quotes are not available, fair value is determined using valuation models. These valuation models require market-driven inputs, including contractual terms, credit spreads, and yield curves. The valuation of certain derivative contracts may require the use of data inputs and assumptions that are determined by management and are not readily observable in the market. Under the Fair Value Measurement Topic of the ASC, Ambac is required to consider its own credit risk when measuring the fair value of derivative liabilities. Factors considered in estimating the amount of any Ambac credit valuation adjustment ("CVA") on such contracts include collateral posting provisions, right of set-off with the counterparty, the period of time remaining on the derivative and the pricing of recent terminations. The aggregate Ambac CVA impact was not significant to the fair value of derivatives at September 30, 2022 or December 31, 2021. Interest rate swaps that are not centrally cleared are valued using vendor-developed models that incorporate interest rates and yield curves that are observable and regularly quoted. These models provide the net present value of the derivatives based on contractual terms and observable market data. Generally, the need for counterparty (or Ambac) CVAs on interest rate derivatives is mitigated by the existence of collateral posting agreements under which adequate collateral has been posted. Certain of these derivative contracts entered into with financial guarantee customers are not subject to collateral posting agreements. Counterparty credit risk related to such customer derivative assets is included in our determination of their fair value. All of Ambac's credit derivatives ("CDS") positions have terminated as of June 30, 2022 and were not significant to Ambac's financial position or results of operations for the periods presented. As of September 30, 2022 Ambac holds warrants to purchase preferred stock of a development stage company. These warrants have a fair value of $1 as of September 30, 2022, determined using a standard warrant valuation model with internally developed input assumptions. Financial Guarantees: Fair value of net financial guarantees written represents our estimate of the cost to Ambac to completely transfer its insurance obligation to another market participant of comparable credit worthiness. In theory, this amount should be the same amount that another market participant of comparable credit worthiness would hypothetically charge in the marketplace, on a present value basis, to provide the same protection as of the balance sheet date. This fair value estimate of financial guarantees is presented on a net basis and includes direct and assumed contracts written, net of ceded reinsurance contracts. Long-term Debt: Long-term debt includes AAC surplus notes, the Sitka AAC Note, Tier 2 Notes issued in connection with the Rehabilitation Exit Transactions and the Ambac UK debt issued in connection with the Ballantyne commutation. The fair values of surplus notes, Sitka AAC Note and Tier 2 Notes are classified as Level 2. The fair value of Ambac UK debt is classified as Level 3. Other Financial Assets and Liabilities: Included in Other assets are loans, the fair values of which are estimated based upon internal valuation models and are classified as Level 3. Variable Interest Entity Assets and Liabilities: The financial assets and liabilities of Legacy Financial Guarantee Insurance VIEs ("FG VIEs") consolidated under the Consolidation Topic of the ASC consist primarily of fixed maturity securities and loans held by the VIEs, derivative instruments and notes issued by the VIEs which are reported as long-term debt. As described in Note 9. Variable Interest Entities , these FG VIEs are securitization entities which have liabilities and/or assets guaranteed by AAC or Ambac UK. The fair values of FG VIE long-term debt are based on price quotes received from independent market sources when available. Such quotes are considered Level 2 and generally consider a variety of factors, including recent trades of the same and similar securities. For those instruments where quotes were not available or cannot be reasonably corroborated, fair values are based on internal valuation models. Comparable to the sensitivities of investments in fixed maturity securities described above, longer (shorter) expected maturities or higher (lower) yields used in the valuation model will, in isolation, result in decreases (increases) in fair value liability measurement for FG VIE long-term debt. FG VIE derivative asset and liability fair values are determined using vendor-developed valuation models, which incorporated observable market data related to specific derivative contractual terms including interest rates, foreign exchange rates and yield curves. The fair value of FG VIE fixed maturity securities and loan assets are generally based on Level 2 market price quotes received from independent market sources when available. When FG VIE asset fair values are not readily available from market quotes, values are estimated internally. Internal valuations of FG VIE’s fixed maturity securities or loan assets are derived from the fair values of the notes issued by the respective VIE and the VIE’s derivatives, determined as described above, adjusted for the fair values of Ambac’s financial guarantees associated with the VIE. The fair value of financial guarantees consist of: (i) estimated future premium cash flows discounted at a rate consistent with that implicit in the fair value of the VIE’s liabilities and (ii) estimates of future claim payments discounted at a rate that includes Ambac’s own credit risk. Estimated future premium payments to be paid by the VIEs were discounted at a weighted average rate of 7.3% and 3.0% at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the range of these discount rates was between 6.2% and 9.0%. Additional Fair Value Information for Financial Assets and Liabilities Accounted for at Fair Value: The following tables present the changes in the Level 3 fair value category for the periods presented in 2022 and 2021. Ambac classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Thus, the gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Three Months Ended September 30, 2022: Balance, beginning of period $ 81 $ — $ 38 $ 2,533 $ 2,144 $ 4,795 Total gains/(losses) realized and unrealized: Included in earnings — — (11) (312) (231) (553) Included in other comprehensive income (4) — — (194) (162) (360) Purchases 1 — — — — 1 Settlements — — (1) — (69) (71) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ (11) $ (312) $ (231) $ (553) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (4) $ — $ — $ (194) $ (162) $ (360) Three Months Ended September 30, 2021: Balance, beginning of period $ 80 $ — $ 74 $ 3,175 $ 2,943 $ 6,273 Total gains/(losses) realized and unrealized: Included in earnings — — — 85 (10) 76 Included in other comprehensive income (2) — — (77) (67) (146) Purchases 13 — — — — 13 Settlements — — (2) — (81) (83) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ — $ 85 $ (10) $ 75 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (2) $ — $ — $ (77) $ (67) $ (146) Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Nine Months Ended September 30, 2022: Balance, beginning of period $ 91 $ — $ 70 $ 3,320 $ 2,718 $ 6,199 Total gains/(losses) realized and unrealized: Included in earnings 1 — (39) (770) (409) (1,217) Included in other comprehensive income (13) — — (505) (413) (932) Purchases 1 — — — — 1 Settlements (1) — (5) (18) (214) (239) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (40) $ (770) $ (409) $ (1,218) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (13) $ — $ — $ (505) $ (413) $ (932) Nine Months Ended September 30, 2021: Balance, beginning of period $ 78 $ 1 $ 84 $ 3,215 $ 2,998 $ 6,376 Total gains/(losses) realized and unrealized: Included in earnings 1 — (6) 35 65 94 Included in other comprehensive income 1 — — (46) (38) (83) Purchases 13 — — — — 13 Settlements (1) (1) (6) (19) (241) (269) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (6) $ 35 $ 65 $ 94 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ — $ (46) $ (38) (83) Invested assets and VIE long-term debt are transferred into Level 3 when internal valuation models that include significant unobservable inputs are used to estimate fair value. All such securities that have internally modeled fair values have been classified as Level 3. Derivative instruments are transferred into Level 3 when the use of unobservable inputs becomes significant to the overall valuation. There were no transfers of financial instruments into or out of Level 3 in the periods disclosed. Gains and losses (realized and unrealized) relating to Level 3 assets and liabilities included in earnings for the affected periods are reported as follows: Net Net Gains Income (Loss) Other Three Months Ended September 30, 2022: Total gains (losses) included in earnings for the period $ — $ (11) $ (543) $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — (11) (543) — Three Months Ended September 30, 2021: Total gains (losses) included in earnings for the period $ — $ — $ 76 $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — — 76 — Nine Months Ended September 30, 2022: Total gains or losses included in earnings for the period $ 1 $ (39) $ (1,179) $ — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (40) (1,179) — Nine Months Ended September 30, 2021: Total gains or losses included in earnings for the period 1 (6) 100 — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (6) 100 — |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 7. DERIVATIVE INSTRUMENTS The following tables summarize the gross fair values of individual derivative instruments and the impact of legal rights of offset as reported in the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021: Gross Gross Net Amounts Gross Amount Net September 30, 2022: Derivative Assets: Interest rate swaps $ 27 $ — $ 27 $ — $ 27 Warrants 1 — 1 — 1 Futures contracts 1 — 1 — 1 Total non-VIE derivative assets $ 29 $ — $ 28 $ — $ 28 Derivative Liabilities: Interest rate swaps 40 — 40 40 — Total non-VIE derivative liabilities $ 40 $ — $ 40 $ 40 $ — Variable Interest Entities Derivative Assets: Interest rate swaps $ 1 $ 1 $ — $ — $ — Currency swaps $ 60 $ — $ 60 $ — $ 60 Total VIE derivative assets $ 61 $ 1 $ 60 $ — $ 60 Variable Interest Entities Derivative Liabilities: Interest rate swaps $ 1,111 $ 1 $ 1,110 $ — $ 1,110 Total VIE derivative liabilities $ 1,111 $ 1 $ 1,110 $ — $ 1,110 December 31, 2021: Derivative Assets: Interest rate swaps $ 76 $ — $ 76 $ — $ 76 Total non-VIE derivative assets $ 76 $ — $ 76 $ — $ 76 Derivative Liabilities: Credit derivatives $ — $ — $ — $ — $ — Interest rate swaps 94 — 94 93 1 Total non-VIE derivative liabilities $ 95 $ — $ 95 $ 93 $ 2 Variable Interest Entities Derivative Assets: Currency swaps $ 38 $ — $ 38 $ — $ 38 Total VIE derivative assets $ 38 $ — $ 38 $ — $ 38 Variable Interest Entities Derivative Liabilities: Interest rate swaps $ 1,940 $ — $ 1,940 $ — $ 1,940 Total VIE derivative liabilities $ 1,940 $ — $ 1,940 $ — $ 1,940 Amounts representing the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivative instruments on the Unaudited Consolidated Balance Sheets. The amounts representing the right to reclaim cash collateral and posted margin, recorded in “Other assets” were $8 and $13 as of September 30, 2022 and December 31, 2021, respectively. There were no amounts held representing an obligation to return cash collateral as of September 30, 2022 and December 31, 2021. The following tables summarize the location and amount of gains and losses of derivative contracts in the Unaudited Consolidated Statements of Total Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021: Location of Gain (Loss) Amount of Gain (Loss) Recognized in Consolidated Statement of Total Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-VIE derivatives: Interest rate swaps Net gains (losses) on derivative contracts 16 4 63 14 Warrants Net gains (losses) on derivative contracts — — 1 — Futures contracts Net gains (losses) on derivative contracts 22 1 59 5 Total Non-VIE derivatives $ 37 $ 5 124 19 Variable Interest Entities: Currency swaps Income (loss) on variable interest entities $ 17 $ 5 37 3 Interest rate swaps Income (loss) on variable interest entities 250 (88) 519 (50) Total Variable Interest Entities 267 (82) 556 (47) Total derivative contracts $ 304 $ (77) $ 680 $ (29) Interest Rate Derivatives: Ambac, through its subsidiary Ambac Financial Services (“AFS”), uses interest rate swaps, US Treasury futures contracts and other derivatives, to provide a partial economic hedge against the effects of rising interest rates elsewhere in the Legacy Financial Guarantee Insurance segment, including on Ambac’s financial guarantee exposures. Additionally, AFS provided interest rate swaps to states, municipalities and their authorities, asset-backed issuers and other entities in connection with their financings. As of September 30, 2022 and December 31, 2021, the notional amounts of AFS’s derivatives are as follows: Notional Type of Derivative September 30, December 31, Interest rate swaps—pay-fixed/receive-variable $ 1,042 $ 1,275 US Treasury futures contracts—short 460 470 Interest rate swaps—receive-fixed/pay-variable 176 185 Other Derivatives: The principal notional outstanding for credit derivative contracts was $0 and $201 as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 Ambac holds warrants to purchase preferred stock of a development stage company. Derivatives of Consolidated Variable Interest Entities Certain VIEs consolidated under the Consolidation Topic of the ASC entered into derivative contracts to meet specified purposes within the securitization structure. The notional for VIE derivatives outstanding as of September 30, 2022 and December 31, 2021, were as follows: Notional Type of VIE Derivative September 30, December 31, Interest rate swaps—receive-fixed/pay-variable $ 1,008 $ 1,221 Interest rate swaps—pay-fixed/receive-variable 837 1,069 Currency swaps 211 272 Contingent Features in Derivatives Related to Ambac Credit Risk Ambac’s over-the-counter interest rate swaps are centrally cleared when eligible. Certain interest rate swaps remain with professional swap-dealer counterparties and direct customer counterparties. These non-cleared swaps are generally executed under standardized derivative documents including collateral support and master netting agreements. Under these agreements, Ambac is required to post collateral in the event net unrealized losses exceed predetermined threshold levels. Additionally, given that AAC is no longer rated by an independent rating agency, counterparties have the right to terminate the swap positions. As of September 30, 2022 and December 31, 2021, the net liability fair value of derivative instruments with contingent features linked to Ambac’s own credit risk was $40 and $93, respectively, related to which Ambac had posted cash and securities as collateral with a fair value of $56 and $109, respectively. All such ratings-based contingent features have been triggered requiring maximum collateral levels to be posted by Ambac while preserving counterparties’ rights to terminate the contracts. Assuming all such contracts terminated at fair value on September 30, 2022, settlement of collateral balances and net derivative liabilities would result in a net receipt of cash and/or securities by Ambac. If counterparties elect to exercise their right to terminate, the actual termination payment amounts will be determined in accordance with derivative contract terms, which |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | 8. INTANGIBLE ASSETS Intangible assets and accumulated amortization are included in the Consolidated Balance Sheets, as shown below. September 30, December 31, Finite-lived Intangible Assets: Insurance intangible: Gross carrying value $ 1,233 $ 1,278 Accumulated amortization 961 958 Net insurance intangible asset 272 320 Other intangibles: Gross carrying value $ 36 36 Accumulated amortization 5 3 Net other intangible assets 31 33 Total finite-lived intangible assets 303 353 Indefinite-lived Intangible Assets: Insurance licenses 14 9 Total intangible assets $ 318 362 Amortization Expense: Amortization expense is included in the Consolidated Statements of Total Comprehensive Income (Loss), as shown below. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Insurance amortization expense $ 5 $ 10 $ 32 $ 42 Other amortization expense 1 1 2 2 Total $ 6 $ 11 $ 34 $ 44 The estimated future amortization expense for finite-lived intangible assets is as follows: Amortization expense Insurance Intangible Asset (1) Other Intangible Assets (1) Total 2022 (Three months) $ 7 $ 1 $ 8 2023 28 3 30 2024 25 3 28 2025 23 3 26 2026 21 2 24 Thereafter 167 20 187 |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer | The following table presents the Insurance Distribution business operations revenues recognized in accordance with the Revenue from Contracts with Customers Topic of the ASC disaggregated by policy type for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Employer Stop Loss $ 2 $ 2 $ 7 $ 6 Affinity Products 5 4 14 13 Other — — 1 — Total $ 7 $ 7 $ 22 $ 20 During the nine months ended September 30, 2022 and 2021, the amount of revenue recognized related to performance obligations satisfied in a previous period, inclusive of changes due to estimates was approximately $5 and $8, respectively. Contract Assets and Liabilities The balances of contract assets and contract liabilities with customers were as follows: September 30, 2022 December 31, 2021 Commissions receivable $ 3 $ 2 Contract assets 4 4 Contract liabilities 1 1 Contract assets represent estimated future consideration related to base commissions and profit-sharing commissions that were recognized as revenue upon the placement of the policy. The Company does not have the right to bill or collect payment on i) base commissions until the insurer has collected the related premiums from policyholders nor ii) profit-sharing commissions until after the contract year is completed. Changes in contract assets during the nine months ended September 30, 2022, is primarily due to growth in the business, reclassifications to receivables (unconditional right) and collections. Contract liabilities represent advance consideration received from customers related to employer stop loss base commissions that will be recognized over time as claims servicing is performed, which typically occurs between 17 and 20 months from contract inception. During the nine months ended September 30, 2022 and 2021, the Company recognized revenue that was included in the contract liability balance as of the beginning of the period of $1. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Comprehensive Income | 11. COMPREHENSIVE INCOME The following tables detail the changes in the balances of each component of accumulated other comprehensive income for the affected periods: Unrealized Gains (1) Amortization of (1) Gain (Loss) on (1) Credit Risk Changes of Fair Value Option Liabilities (1) (2) Total Three Months Ended September 30, 2022: Beginning Balance $ (23) $ 4 $ (177) $ — $ (196) Other comprehensive income (loss) before reclassifications (53) — (58) — (111) Amounts reclassified from accumulated other comprehensive income (loss) (6) — — (1) (7) Net current period other comprehensive income (loss) (59) — (58) (1) (118) Balance at September 30, 2022 $ (82) $ 4 $ (235) $ (1) $ (315) Three Months Ended September 30, 2021: Beginning Balance $ 168 $ 5 $ (84) $ (1) $ 87 Other comprehensive income (loss) before reclassifications (1) — (19) — (20) Amounts reclassified from accumulated other comprehensive income (loss) (3) — — — (3) Net current period other comprehensive income (loss) (4) — (19) — (23) Balance at September 30, 2021 $ 164 $ 5 $ (103) $ (1) $ 64 Nine Months Ended September 30, 2022 Beginning Balance $ 154 $ 4 $ (100) $ (1) $ 58 Other comprehensive income before reclassifications (224) — (136) — (360) Amounts reclassified from accumulated other comprehensive income (12) — — — (12) Net current period other comprehensive income (236) (1) (136) — (372) Balance at September 30, 2022 $ (82) $ 4 $ (235) $ (1) $ (315) Nine Months Ended September 30, 2021 Beginning Balance $ 166 $ 5 $ (92) $ — $ 79 Other comprehensive income before reclassifications 2 — (11) — (9) Amounts reclassified from accumulated other comprehensive income (4) (1) — (1) (6) Net current period other comprehensive income (2) (1) (11) (1) (15) Balance at September 30, 2021 $ 164 $ 5 $ (103) $ (1) $ 64 (1) All amounts are net of tax and noncontrolling interest. Amounts in parentheses indicate reductions to Accumulated Other Comprehensive Income. (2) Represents the changes in fair value attributable to instrument-specific credit risk of liabilities for which the fair value option is elected. The following table details the significant amounts reclassified from each component of accumulated other comprehensive income, shown in the above rollforward tables, for the affected periods: Details about Accumulated Amount Reclassified from Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized Gains (Losses) on Available-for-Sale Securities $ (8) $ (3) $ (17) $ (4) Net realized investment gains (losses) 2 1 5 — Provision for income taxes $ (6) $ (3) $ (12) $ (4) Net of tax and noncontrolling interest Amortization of Postretirement Benefit Prior service cost $ — $ — $ — $ (1) Other income Actuarial (losses) — — — — Other income — — — (1) Total before tax — — — — Provision for income taxes $ — $ — $ — $ (1) Net of tax and noncontrolling interest Credit Risk Changes of Fair Value Option Liabilities $ (1) $ — $ — $ (1) Credit risk changes of fair value option liabilities — — — — Provision for income taxes $ (1) $ — $ — $ (1) Net of tax and noncontrolling interest Total reclassifications for the period $ (7) $ (3) $ (12) $ (6) Net of tax and noncontrolling interest |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 12. NET INCOME PER SHARE As of September 30, 2022, 44,964,019 shares of AFG's common stock (par value $0.01) and warrants entitling holders to acquire up to 4,877,617 shares of new common stock at an exercise price of $16.67 per share were issued and outstanding. Common shares outstanding decreased by 1,340,120 during the nine months ended September 30, 2022, primarily due to share repurchases partially offset by settlements of employee restricted and performance stock units. Share Repurchases On March 29, 2022, AFG's Board of Directors approved a share repurchase program authorizing up to $20 in share repurchases, with an expiration date of March 31, 2024, which may be terminated at any time. As of September 30, 2022, AFG repurchased 1,605,316 shares for $14.2 with an average purchase price of $8.86 per share. On May 5, 2022, the Board of Directors authorized an additional $15 in share repurchase bringing the total unused authorized amount to $20.8. Earnings Per Share Calculation The numerator of the basic and diluted earnings per share computation represents net income (loss) attributable to common stockholders adjusted by the retained earnings impact of the noncontrolling adjustment to redemption value under ASC 480. The redemption value adjustment is further described in the Redeemable Noncontrolling Interest section of Note 2. Basis of Presentation and Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The following table provides a reconciliation of net income attributable to common stockholders to the numerator in the basic and diluted earnings per share calculation, together with the resulting earnings per share amounts: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 340 $ 17 $ 347 5 Adjustment to redemption value (ASC 480) — — — (14) Numerator of basic and diluted EPS $ 340 $ 17 $ 347 (9) Per Share: Basic $ 7.50 $ 0.35 $ 7.56 $ (0.19) Diluted $ 7.41 $ 0.35 $ 7.48 $ (0.19) The denominator of the basic earnings per share computation represents the weighted average common shares outstanding plus vested restricted stock units (together, "Basic Weighted Average Shares Outstanding"). The denominator of diluted earnings per share adjusts the basic weighted average shares outstanding for all potential dilutive common shares outstanding during the period. All potential dilutive common shares outstanding consider common stock deliverable pursuant to warrants, unvested restricted stock units and performance stock units granted under existing compensation plans. The following table provides a reconciliation of the weighted average shares denominator used for basic net income per share to the denominator used for diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic weighted average shares outstanding denominator 45,307,019 46,615,552 45,847,306 46,503,196 Effect of potential dilutive shares : Warrants — — — — Restricted stock units 179,293 72,061 105,114 — Performance stock units (1) 360,093 356,519 403,674 — Diluted weighted average shares outstanding denominator 45,846,405 47,044,132 46,356,094 46,503,196 Anti-dilutive shares excluded from the above reconciliation: Warrants 4,877,617 4,877,617 4,877,617 4,877,665 Restricted stock units 157,991 244,694 214,941 466,094 Performance stock units (1) — — — 582,254 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES AFG files a consolidated Federal income tax return with its subsidiaries. AFG and its subsidiaries also file separate or combined income tax returns in various states, local and foreign jurisdictions. The following are the major jurisdictions in which Ambac and its subsidiaries operate and the earliest tax years subject to examination: Jurisdiction Tax Year United States 2010 New York State 2013 New York City 2017 United Kingdom 2018 Italy 2017 In accordance with the Income Tax Topic of the ASC, a valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some, or all, of the deferred tax asset will not be realized. As a result of the risks and uncertainties associated with future operating results, management believes it is more likely than not that the Company will not generate sufficient U.S. federal, state and/or local taxable income to recover its deferred tax operating assets and therefore maintains a full valuation allowance. Consolidated Pretax Income (Loss) U.S. and foreign components of pre-tax income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. $ 329 $ 8 $ 338 $ (2) Foreign 14 11 13 23 Total $ 342 $ 19 $ 352 $ 21 Provision (Benefit) for Income Taxes The components of the provision for income taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Current taxes U. S. federal $ — $ — $ — $ — U.S. state and local — — — 1 Foreign 4 2 6 7 Total Current taxes 4 2 6 9 Deferred taxes Foreign (2) — (2) 6 Total Deferred taxes (2) — (2) 6 Provision for income taxes $ 2 $ 2 $ 4 $ 15 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES The following commitments and contingencies provide an update of those discussed in Note 19: Commitments and Contingencies in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the complete descriptions provided in the aforementioned Form 10-K. Litigation Against Ambac Monterey Bay Military Housing, LLC, et al. v. Ambac Assurance Corporation, et al. (United States District Court, Southern District of New York, Case No. 1:19-cv-09193-PGG, transferred on October 4, 2019 from the United States District Court, Northern District of California, San Jose Division, Case No. 17-cv-04992-BLF, filed August 28, 2017). Plaintiffs, the corporate developers of various military housing projects, filed an amended complaint on October 27, 2017 against AAC, a former employee of AAC, and certain unaffiliated persons and entities, asserting claims for (i) violation of 18 U.S.C §§ 1962(c) and 1962(d) (civil Racketeer Influenced and Corrupt Organizations Act (“RICO”) and conspiracy to commit civil RICO), (ii) breach of fiduciary duty, (iii) aiding and abetting breach of fiduciary duty, (iv) fraudulent misrepresentation, (v) fraudulent concealment and (vi) conspiracy to commit fraud. (After the case was transferred to the SDNY, the court dismissed the claims against AAC and its former employee for breach of fiduciary duty and for aiding and abetting breach of AAC’s or its former employee’s fiduciary duty; dismissed two plaintiffs’ RICO claims against AAC and its former employee; and in all other respects allowed plaintiffs' claims to go forward.) On April 6, 2022, certain co-defendants filed a motion to sever the plaintiffs’ claims and to dismiss all claims except for claims asserted by the Monterey Bay plaintiffs. Financial Oversight and Management Board for Puerto Rico, et al. v. Autonomy Master Fund Limited, et al. (United States District Court, District of Puerto Rico, No. 19-ap-00291, filed May 2, 2019). On May 2, 2019, the Financial Oversight and Management Board for Puerto Rico (the "Oversight Board"), together with the Official Committee of Unsecured Creditors for the Commonwealth (the "Committee") filed an adversary proceeding against certain parties that filed proofs of claim on account of general obligation bonds issued by the Commonwealth of Puerto Rico, including AAC. The complaint seeks declarations that the general obligation bonds are unsecured obligations and, in the alternative, seeks to avoid any security interests that holders of such bonds may have. On June 13, 2019, the District Court stayed the case; the case remained stayed until early 2020. On March 10, 2020, the District Court again ordered that this case remain stayed while the Oversight Board attempted to confirm the a plan of adjustment for the Commonwealth (as amended, the “Commonwealth Plan”). On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the issues raised in this adversary proceeding. Several parties appealed the District Court’s confirmation order to the First Circuit, including a number of teachers’ unions (the “Teachers’ Unions”), a number of credit unions (the “Credit Unions”), Suiza Dairy Corporation (“Suiza”), the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 9, 2022, the Court dismissed this adversary proceeding, subject to a request for reinstatement if and when the First Circuit’s dispositions of the appeals concerning the confirmation order are final. On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals of the confirmation order remain pending. Financial Oversight and Management Board for Puerto Rico, et al. v. Ambac Assurance Corporation, et al. (United States District Court, District of Puerto Rico, No. 19-ap-00363, filed May 20, 2019). On May 20, 2019, the Oversight Board, together with the Committee, as Plaintiffs, filed an adversary proceeding against certain parties that filed proofs of claim on account of bonds issued by the Puerto Rico Highways and Transportation Authority ("PRHTA"), including AAC. The complaint seeks declarations that the PRHTA bonds are only secured by revenues on deposit with the PRHTA Fiscal Agent and that PRHTA bondholders have no security interest in any other property of PRHTA or the Commonwealth, and in the alternative, to the extent such other security interests exist, the complaint seeks to avoid other security interests that holders of PRHTA bonds may have. On June 14, 2019, at the request of the Plaintiffs, the District Court stayed the case until September 1, 2019 as to all defendants; on July 24, 2019, the District Court referred this matter to mediation and ordered it stayed during the pendency of such mediation. On December 19, 2019, the District Court ordered that this matter remain stayed pending further order of the District Court pursuant to the Oversight Board’s initiation of a separate adversary proceeding concerning PRHTA bonds (No. 20-ap-00005, discussed below). This matter was resolved by the plan of adjustment for PRHTA (the “PRHTA POA”), which was confirmed on October 12, 2022. On October 24, 2022, a group of present and former employees of PRHTA filed a notice of appeal with respect to, and a motion to stay, the PRHTA POA confirmation order. On October 28, 2022, a number of parties—including AAC—filed an opposition to the stay motion, requesting, in the alternative, that the appealing parties seeking a stay be required to post supersedeas bonds pending appeal. Financial Oversight and Management Board for Puerto Rico v. Ambac Assurance Corp., et al. (United States District Court, District of Puerto Rico, No. 20-ap-00003, filed Jan. 16, 2020). On January 16, 2020, the Oversight Board filed an adversary proceeding against monoline insurers insuring bonds issued by the Puerto Rico Infrastructure Financing Authority (“PRIFA”) and the PRIFA bond trustee, all of which defendants filed proofs of claim against the Commonwealth relating to PRIFA bonds. The complaint seeks to disallow defendants’ proofs of claim against the Commonwealth in their entirety, including for lack of secured status. On August 3, 2021, the District Court ordered that this case be stayed on the joint motion of the parties as a result of an agreement with the Oversight Board with respect to the treatment of PRIFA bonds (the “PRIFA Settlement”), an agreement with the Oversight Board with respect to the treatment of bonds issued by the Puerto Rico Highways and Transportation Authority (“PRHTA”) and the Puerto Rico Convention Center District Authority (“PRCCDA”) (the “PRHTA/PRCCDA Settlement”), and the settlement related to general obligation and PBA bonds (“GO/PBA Settlement”). On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the issues raised in this adversary proceeding. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. On September 30, 2022, the Court entered an order closing this adversary proceeding. Financial Oversight and Management Board for Puerto Rico v. Ambac Assurance Corp., et al. (United States District Court, District of Puerto Rico, No. 20-ap-00004, filed Jan. 16, 2020). On January 16, 2020, the Oversight Board filed an adversary proceeding against monoline insurers insuring bonds issued by the PRCCDA and the PRCCDA bond trustee, all of which defendants filed proofs of claim against the Commonwealth relating to PRCCDA bonds. The complaint seeks to disallow defendants’ proofs of claim against the Commonwealth in their entirety, including for lack of secured status. On August 3, 2021, the District Court ordered that this case be stayed on the joint motion of the parties as a result of the PRIFA Settlement, the PRHTA/PRCCDA Settlement, and the GO/PBA Settlement. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the issues raised in this adversary proceeding. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. On September 30, 2022, the Court entered an order closing this adversary proceeding. Financial Oversight and Management Board for Puerto Rico v. Ambac Assurance Corp., et al. (United States District Court, District of Puerto Rico, No. 20-ap-00005, filed Jan. 16, 2020). On January 16, 2020, the Oversight Board filed an adversary proceeding against monoline insurers insuring bonds issued by PRHTA, certain PRHTA bondholders, and the PRHTA fiscal agent for bondholders, all of which defendants filed proofs of claim against the Commonwealth relating to PRHTA bonds. The complaint seeks to disallow defendants’ proofs of claim against the Commonwealth in their entirety, including for lack of secured status. On August 3, 2021, the District Court ordered that this case be stayed on the joint motion of the parties as a result of the PRIFA Settlement, the PRHTA/PRCCDA Settlement, and the GO/PBA Settlement. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the issues raised in this adversary proceeding. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. On September 30, 2022, the Court entered an order closing this adversary proceeding. Financial Oversight and Management Board for Puerto Rico v. Ambac Assurance Corp., et al. (United States District Court, District of Puerto Rico, No. 20-ap-00007, filed Jan. 16, 2020). On January 16, 2020, the Oversight Board and the Committee filed an adversary proceeding against monoline insurers insuring bonds issued by PRHTA, certain PRHTA bondholders, and the PRHTA fiscal agent for bondholders, all of which defendants filed proofs of claim against PRHTA relating to PRHTA bonds. The complaint seeks to disallow portions of defendants’ proofs of claim against the PRHTA, including for lack of secured status. On August 3, 2021, the District Court ordered that this case be stayed on the joint motion of the parties as a result of the PRIFA Settlement, the PRHTA/PRCCDA Settlement, and the GO/PBA Settlement. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. On April 14, 2022, the Oversight Board filed a notice that this case has not been resolved by the Commonwealth Plan and should remain pending. On May 2, 2022, the Oversight Board filed the PRHTA POA and disclosure statement (the “PRHTA DS”). A hearing on approval of the PRHTA DS took place on June 17, 2022. The Oversight Board filed a revised PRHTA POA the same day. On June 22, 2022, the Court entered an order approving the PRHTA DS. The confirmation hearing took place on August 17, 2022. The Oversight Board filed a further revised PRHTA POA on September 6, 2022. On September 30, 2022, the Court entered an order closing this adversary proceeding. The Court entered an order confirming the PRHTA POA on October 12, 2022. On October 24, 2022, a group of present and former employees of PRHTA filed a notice of appeal with respect to, and a motion to stay, the PRHTA POA confirmation order. On October 28, 2022, a number of parties—including AAC—filed an opposition to the stay motion, requesting, in the alternative, that the appealing parties seeking a stay be required to post supersedeas bonds pending appeal. NC Residuals Owners Trust, et al. v. Wilmington Trust Co., et al. (Delaware Court of Chancery, C.A. No. 2019-0880, filed Nov. 1, 2019). On November 4, 2022, the Vice Chancellor entered another stay through November 30, 2022, to facilitate good-faith settlement discussions. AAC’s estimates of projected losses for RMBS transactions consider, among other things, the RMBS transactions’ payment waterfall structure, including the application of interest and principal payments and recoveries, and depend in part on our interpretations of contracts and other bases of our legal rights. From time to time, bond trustees and other transaction participants have employed different contractual interpretations and have commenced, or threatened to commence, litigation to resolve these differences. It is not possible to predict whether additional disputes will arise, nor the outcomes of any potential litigation. It is possible that there could be unfavorable outcomes in this or other disputes or proceedings and that our interpretations may prove to be incorrect, which could lead to changes to our estimate of loss reserves. AAC has periodically received various regulatory inquiries and requests for information with respect to investigations and inquiries that such regulators are conducting. AAC has complied with all such inquiries and requests for information. The Company is involved from time to time in various routine legal proceedings, including proceedings related to litigation with present or former employees. Although the Company’s litigation with present or former employees is routine and incidental to the conduct of its business, such litigation can result in large monetary awards when a civil jury is allowed to determine compensatory and/or punitive damages for, among other things, termination of employment that is wrongful or in violation of implied contracts. From time to time, Ambac is subject to allegations concerning its corporate governance that may lead to litigation, including derivative litigation, and while the monetary impacts may not be material, the matters may distract management and the Board of Directors from their principal focus on Ambac's business, strategy and objectives. It is not reasonably possible to predict whether additional suits will be filed or whether additional inquiries or requests for information will be made, and it is also not possible to predict the outcome of litigation, inquiries or requests for information. It is possible that there could be unfavorable outcomes in these or other proceedings. Legal accruals for litigation against the Company which are probable and reasonably estimable, and management's estimated range of loss for such matters, are either not applicable or are not material to the operating results or financial position of the Company. For the litigation matters the Company is defending that do not meet the “probable and reasonably estimable” accrual threshold and where no loss estimates have been provided above, management is unable to make a meaningful estimate of the amount or range of loss that could result from unfavorable outcomes. Under some circumstances, adverse results in any such proceedings could be material to our business, operations, financial position, profitability or cash flows. The Company believes that it has substantial defenses to the claims above and, to the extent that these actions proceed, the Company intends to defend itself vigorously; however, the Company is not able to predict the outcomes of these actions. Litigation Filed or Joined by Ambac In the ordinary course of their businesses, certain of Ambac’s subsidiaries assert claims in legal proceedings against third parties to recover losses already paid and/or mitigate future losses. The amounts recovered and/or losses avoided which may result from these proceedings is uncertain, although recoveries and/or losses avoided in any one or more of these proceedings during any quarter or fiscal year could be material to Ambac’s results of operations in that quarter or fiscal year. Puerto Rico Ambac Assurance Corporation v. U.S. Department of Treasury et al. (United States District Court, District of Columbia, No. 17-809, filed May 2, 2017). On May 2, 2017, Ambac Assurance filed a complaint against the U.S. Department of Treasury and Steven Mnuchin, in his official capacity as Secretary of the Treasury, alleging that Puerto Rico’s ongoing diversion of rum taxes from PRIFA violates the Contracts, Takings, and Due Process Clauses of the U.S. Constitution, and seeking an equitable lien on all rum taxes possessed by the U.S. Treasury, and an injunction preventing their transfer to the Commonwealth. On May 3, 2017, a petition under Title III of PROMESA was filed on behalf of the Commonwealth of Puerto Rico. On May 24, 2017, the Oversight Board filed a statement requesting that the court take notice of the stay resulting from the Commonwealth’s Title III filing. On May 25, 2017, the court issued an order staying this case as a result of the Title III proceedings. On October 26, 2022, Ambac filed a notice of voluntary dismissal of this action pursuant to the Title VI Qualifying Modification for PRIFA (the “PRIFA QM”), and the court entered a minute order of dismissal the same day. Ambac Assurance Corporation v. Bank of New York Mellon (United States District Court, Southern District of New York. No. 1:17-cv-03804, filed May 2, 2017). On July 6, 2022, the District Court granted AAC’s motion to lift the stay and for leave to file a Second Amended Complaint (“SAC”). AAC filed its SAC on July 10, 2022, and on July 25, 2022, BNY moved to dismiss the SAC. On September 23, 2022, Ambac filed its opposition to BNY’s motion to dismiss, and on October 24, 2022, BNY filed its reply in support of its motion to dismiss. Financial Oversight and Management Board for Puerto Rico v. Public Buildings Authority (United States District Court, District of Puerto Rico, No. 1:18-ap-00149, filed December 21, 2018). On December 21, 2018, the Oversight Board, together with the Committee, as Plaintiffs, filed a complaint against the Puerto Rico Public Buildings Authority (“PBA”) seeking declaratory judgment that the leases between PBA and its lessees-many of whom are agencies and instrumentalities of the Commonwealth are “disguised financings,” not true leases, and therefore should not be afforded administrative expense priority under the Bankruptcy Code. On July 24, 2019, the District Court stayed the case; on March 10, 2020, the District Court again ordered that this case be stayed while the Oversight Board attempted to confirm the Commonwealth Plan. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves this litigation. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. In re Financial Oversight and Management Board for Puerto Rico (United States District Court, District of Puerto Rico, No. 1:17-bk-03283), Omnibus Objection of (I) Financial Oversight and Management Board, Acting Through its Special Claims Committee, and (II) Official Committee of Unsecured Creditors, Pursuant to Bankruptcy Code Section 502 and Bankruptcy Rule 3007, to Claims Filed or Asserted by Holders of Certain Commonwealth General Obligation Bonds (Dkt. No. 4784, filed January 14, 2019) (“GO Bond Claim Objection”). On January 14, 2019, the Oversight Board and the Committee filed an omnibus claim objection in the Commonwealth’s Title III case challenging claims arising from certain general obligation bonds issued by the Commonwealth in 2012 and 2014 totaling approximately $6 billion, none of which are held or insured by AAC. On April 11, 2019, AAC filed a notice of participation in support of the objection, advancing the argument, among other things, that the PBA leases are true leases, but the associated debt nonetheless should be included in the Commonwealth’s debt ceiling calculation such that the 2012 and 2014 general obligation bond issuances are null and void and claims arising therefrom should be disallowed. On July 24, 2019, the District Court stayed the case; the case remained stayed until early 2020. On March 10, 2020, the District Court again ordered that this matter remain stayed while the Oversight Board attempted to confirm the Commonwealth Plan. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the GO Bond Claim Objection. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. On September 30, 2022, the Court entered an order terminating the GO Bond Claim Objection. In re Financial Oversight and Management Board for Puerto Rico (United States District Court, District of Puerto Rico, No. 1:17-bk-03283), Ambac Assurance Corporation's Motion and Memorandum of Law in Support of Its Motion Concerning Application of the Automatic Stay to the Revenues Securing PRIFA Rum Tax Bonds (Dkt. No. 7176, filed May 30, 2019) (“PRIFA Stay Motion”). On May 30, 2019, AAC filed a motion seeking an order that the automatic stay does not apply to certain lawsuits AAC seeks to bring or to continue relating to bonds issued by PRIFA, or, in the alternative, for relief from the automatic stay to pursue such lawsuits or for adequate protection of AAC's collateral. On July 2 and September 9, 2020, the District Court denied the motion to lift the stay. On March 3, 2021, the First Circuit affirmed the District Court’s opinions denying the motion to lift the stay. On August 3, 2021, the District Court ordered that this matter be stayed on the joint motion of the parties as a result of the PRIFA Settlement, the PRHTA/PRCCDA Settlement, and the GO/PBA Settlement. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan; on January 20, 2022, the Court entered an order approving the PRIFA QM. The Commonwealth Plan and the PRIFA QM resolve the PRIFA Stay Motion. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. In re Financial Oversight and Management Board for Puerto Rico (United States District Court, District of Puerto Rico, No. 1:17-bk-03283), Motion of Assured Guaranty Corp., Assured Municipal Corp., Ambac Assurance Corporation, National Public Finance Guarantee Corporation, and Financial Guaranty Insurance Company for Relief from the Automatic Stay, or, in the Alternative, Adequate Protection (Dkt. No. 10102, filed January 16, 2020) (“PRHTA Stay Motion”). Pursuant to an order of the District Court setting out an agreed schedule for litigation submitted by the Mediation Team, on January 16, 2020, AAC, together with Assured Guaranty Corp., Assured Municipal Corp., National Public Finance Guarantee Corporation, and Financial Guaranty Insurance Company filed a motion seeking an order that the automatic stay does not apply to movants’ enforcement of the application of pledged revenues to the PRHTA bonds or the enforcement of movants’ liens on revenues pledged to such bonds, or, in the alternative, for adequate protection of movants’ interests in the revenues pledged to PRHTA bonds. On July 2 and September 9, 2020, the District Court denied the motion to lift the stay. On March 3, 2021, the First Circuit affirmed the District Court’s opinions denying the motion to lift the stay. On August 3, 2021, the District Court ordered that this matter be stayed on the joint motion of the parties as a result of the PRIFA Settlement, the PRHTA/PRCCDA Settlement, and the GO/PBA Settlement. On January 18, 2022, the Court entered an order confirming the Commonwealth Plan. The Commonwealth Plan resolves the PRHTA Stay Motion. Several parties appealed the District Court’s confirmation order to the First Circuit, including the Teachers’ Unions, the Credit Unions, Suiza, the Oversight Board, and certain individual creditors. On April 26, 2022, the First Circuit rejected the Teachers’ Unions’ challenges to the Commonwealth Plan and affirmed the confirmation order; on May 10, 2022, the Teachers’ Unions petitioned for rehearing en banc . On May 13, 2022, the First Circuit denied the Teachers’ Unions’ petition for rehearing en banc . On July 18, 2022, the First Circuit rejected the Oversight Board’s challenges to, and affirmed, the confirmation order. On August 9, 2022, the Teachers’ Unions filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision affirming the confirmation order. The Oversight Board filed an opposition to the Teachers’ Unions’ petition on October 14, 2022. The Oversight Board also filed a petition for a writ of certiorari seeking Supreme Court review of the First Circuit’s decision in its appeal of the confirmation order on October 17, 2022. On October 27, 2022, the First Circuit entered an order dismissing the individual creditors’ confirmation appeal. All other appeals remain pending. In re Financial Oversight and Management Board for Puerto Rico (United States District Court, District of Puerto Rico, No. 1:17-bk-03283), Ambac Assurance Corporation, Financial Guaranty Insurance Company, Assured Guaranty Corp., Assured Municipal Corp., and the Bank of New York Mellon’s Motion Concerning Application of the Automatic Stay to the Revenues Securing the CCDA Bonds (Dkt. No. 10104, filed January 16, 2020) (“PRCCDA Stay Motion”). Pursuant to an order |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Consolidation: The consolidated financial statements include the accounts of AFG and all other entities in which AFG (directly or through its subsidiaries) has a controlling financial interest, including variable interest entities (“VIEs”) for which AFG or an AFG subsidiary is deemed the primary beneficiary in accordance with the Consolidation Topic of the Accounting Standards Codification ("ASC"). All significant intercompany balances have been eliminated. See Note 9. Variable Interest Entities |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management such financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated financial position and results of operations. The results of operations for the three and nine months ended September 30, 2022, may not be indicative of the results that may be expected for the year ending December 31, 2022. The December 31, 2021, consolidated balance sheet was derived from audited financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency:The impact of non-functional currency transactions and the remeasurement of non-functional currency assets and liabilities into the respective subsidiaries' functional currency (collectively "foreign currency transactions gains/(losses)") are $14 and $(6) for the nine months ended September 30, 2022 and 2021, respectively. Foreign currency transactions gains/(losses) are primarily the result of remeasuring Ambac UK's assets and liabilities denominated in currencies (primarily the U.S. dollar and the Euro) other than its functional currency (the British Pound Sterling). |
Noncontrolling Interest Disclosure | Redeemable Noncontrolling Interest: The acquisition by AFG of 80% of the ownership interests of Xchange is further described in Note 3. Business Combinations in the Notes to Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Under the terms of the acquisition agreement, Ambac received a call option to purchase the remaining 20% of Xchange from the minority owners (i.e., noncontrolling interests) and the minority owners received a put option to sell the remaining 20% to Ambac. The call and put options are exercisable after different time periods elapse. Because the exercise of the put option is outside the control of Ambac, in accordance with the Distinguishing Liabilities from Equity Topic of the ASC, Ambac reports redeemable noncontrolling interests in the mezzanine section of its consolidated balance sheet. The redeemable noncontrolling interest is remeasured each period as the greater of: i. the carrying value under ASC 810, which attributes a portion of consolidated net income (loss) to the redeemable noncontrolling interest; and ii. the redemption value of the put option under ASC 480 as if it were exercisable at the end of the reporting period. Any increase (decrease) in the carrying amount of the redeemable noncontrolling interest as a result of adjusting to the redemption value of the put option is recorded as an offset to retained earnings. The impact of such differences on earnings per share are presented in Note 12. Net Income Per Share . Following is a rollforward of redeemable noncontrolling interest. Nine Months Ended September 30, 2022 2021 Beginning balance $ 18 $ 7 Net income attributable to redeemable noncontrolling interest (ASC 810) — (1) Adjustment to redemption value (ASC 480) — 14 Ending balance $ 18 $ 20 |
Reclassifications | Reclassifications and Rounding Reclassifications may have been made to prior years' amounts to conform to the current year's presentation. Certain amounts and tables in the consolidated financial statements and associated notes may not add due to rounding. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adopted Accounting Standards: Effective January 1, 2022, the Company adopted the following accounting standard: Equity-classified Written Call Options In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options . The ASU clarifies and reduces diversity in practice for an issuer's accounting for modifications or exchanges of equity-classified written call options (e.g. warrants) that remain equity-classified after the modification or exchange. The ASU requires an issuer to account for the modification or exchange based on the economic substance of the transaction. For example, if the modification or exchange is related to the issuance of debt or equity, any change in the fair value of the written call option would be accounted for as part of the debt issuance cost in accordance with the debt guidance or equity issuance cost in accordance with the equity guidance, respectively. The ASU did not have a consequential impact on Ambac's financial statements. Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity . The ASU i) simplifies the accounting for convertible debt and convertible preferred stock by reducing the number of accounting models, and amends certain disclosures, ii) amends and simplifies the derivative scope exception guidance for contracts in an entity's own equity, including share-based compensation, and iii) amends the diluted earnings per share calculations for convertible instruments and contracts in an entity's own equity. The ASU did not have a consequential impact on Ambac's financial statements. Future Application of Accounting Standards: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU provides companies with optional guidance to ease the potential accounting burden related to transitioning away from reference rates, such as LIBOR, that are expected to be discontinued as a result of initiatives undertaken by various jurisdictions around the world. For example, under current GAAP, contract modifications which change a reference rate are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The |
Segment Reporting (Policies)
Segment Reporting (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy | The Company reports its results of operations in three segments: Legacy Financial Guarantee Insurance, Specialty Property and Casualty Insurance and Insurance Distribution, separate from Corporate and Other, which is consistent with the manner in which the Company's chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. |
Financial Services, Insurance (
Financial Services, Insurance (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Consolidated Statement of Comprehensive Income (Loss) Impact | The total gain recognized in net income attributable to common stockholders related to entering into the Settlement Agreement and redeeming the Sitka AAC Note will be recorded as follows: Three Months Ended September 30, 2022 December 31, 2022 Losses and loss benefit $ 319 $ — Litigation recoveries — 126 Net realized gains (losses) on extinguishment of debt — (53) Net investment gains (losses), including impairments — 5 Impact to net income attributable to common stockholders $ 319 $ 78 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental Disclosure of Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash paid during the period for: Income taxes $ 6 $ 12 Interest on long-term debt 51 65 Non-cash investing and financing activities: Decrease in long-term debt as a result of surplus notes exchanges $ — $ 71 Exchange of investments in Puerto Rico bonds for new securities issued in the restructuring transactions 185 — September 30, 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows: Cash and cash equivalents $ 29 $ 14 Restricted cash 6 6 Variable Interest Entity restricted cash 2 2 Total cash, cash equivalents, and restricted cash shown on the Consolidated Statements of Cash Flows $ 38 $ 22 |
Redeemable Noncontrolling Interest | Following is a rollforward of redeemable noncontrolling interest. Nine Months Ended September 30, 2022 2021 Beginning balance $ 18 $ 7 Net income attributable to redeemable noncontrolling interest (ASC 810) — (1) Adjustment to redemption value (ASC 480) — 14 Ending balance $ 18 $ 20 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments | The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at September 30, 2022 and December 31, 2021, were as follows: Amortized Allowance for Credit Losses Gross Gross Estimated September 30, 2022: Fixed maturity securities: Municipal obligations $ 55 $ — $ 3 $ 2 $ 56 Corporate obligations 724 — 2 69 658 Foreign obligations 80 — — 11 69 U.S. government obligations 64 — 1 3 63 Residential mortgage-backed securities 174 — 23 17 180 Collateralized debt obligations 141 — — 6 135 Other asset-backed securities (1) 229 — 4 8 224 1,467 — 33 116 1,384 Short-term 523 — — — 523 1,990 — 33 116 1,907 Fixed maturity securities pledged as collateral: U.S. government obligations 15 — — — 15 Short-term 55 — — — 55 70 — — — 69 Total available-for-sale investments $ 2,060 $ — $ 33 $ 116 $ 1,977 December 31, 2021: Fixed maturity securities: Municipal obligations $ 315 $ — $ 28 $ 3 $ 340 Corporate obligations 612 — 10 9 613 Foreign obligations 89 — — 2 87 U.S. government obligations 45 — 1 1 45 Residential mortgage-backed securities 182 — 70 — 252 Collateralized debt obligations 128 — — — 128 Other asset-backed securities (1) 234 — 32 — 265 1,605 — 141 16 1,730 Short-term 415 — — — 414 2,020 — 141 16 2,145 Fixed maturity securities pledged as collateral: U.S. government obligations 15 — — — 15 Short-term 105 — — — 105 120 — — — 120 Total available-for-sale investments $ 2,140 $ — $ 141 $ 16 $ 2,265 |
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity | The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at September 30, 2022, by contractual maturity, were as follows: Amortized Estimated Due in one year or less $ 622 $ 622 Due after one year through five years 537 506 Due after five years through ten years 309 268 Due after ten years 48 41 1,516 1,437 Residential mortgage-backed securities 174 180 Collateralized debt obligations 141 135 Other asset-backed securities 229 224 Total $ 2,060 $ 1,977 |
Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments | The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, excluding VIE investments, which at September 30, 2022 and December 31, 2021, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021: Less Than 12 Months 12 Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross September 30, 2022: Fixed maturity securities: Municipal obligations $ 15 $ 1 $ 5 $ 1 $ 20 $ 2 Corporate obligations 445 35 169 34 614 69 Foreign obligations 29 4 38 7 67 11 U.S. government obligations 35 2 11 1 47 3 Residential mortgage-backed securities 116 17 — — 116 17 Collateralized debt obligations 121 5 12 1 133 6 Other asset-backed securities 201 8 — — 201 8 962 72 236 43 1,198 116 Short-term 77 — 8 — 85 — 1,039 72 244 43 1,283 116 Fixed income securities, pledged as collateral: Short-term 15 — — — 15 — Total collateralized investments 15 — — — 15 — Total temporarily impaired securities $ 1,054 $ 72 $ 244 $ 43 $ 1,298 $ 116 Less Than 12 Months 12 Months or More Total Fair Value Gross Fair Value Gross Fair Value Gross December 31, 2021: Fixed maturity securities: Municipal obligations $ 117 $ 3 $ 2 $ — $ 118 $ 3 Corporate obligations 363 8 17 1 380 9 Foreign obligations 75 2 3 — 78 2 U.S. government obligations 25 — 2 — 27 1 Residential mortgage-backed securities — — 1 — 2 — Collateralized debt obligations 68 — 3 — 71 — Other asset-backed securities 6 — — — 6 — 654 14 28 1 682 16 Short-term 114 — 13 — 128 — 768 14 41 1 810 16 Fixed income securities, pledged as collateral: U. S. government obligations 15 — — — 15 — Total collateralized investments 15 — — — 15 — Total temporarily impaired securities $ 783 $ 14 $ 41 $ 1 $ 825 $ 16 |
Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments | The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Gross realized gains on securities $ 6 $ 1 $ 29 $ 9 Gross realized losses on securities (1) — (17) (2) Foreign exchange gains (losses) 9 3 20 (3) Credit impairments — — — — Intent / requirement to sell impairments — — — — Net investment gains (losses), including impairments $ 14 $ 3 $ 31 $ 4 |
Summary of Fair Value, Including Financial Guarantee, and Weighted-Average Underlying Rating, Excluding Financial Guarantee, of Insured Securities | The following table represents the fair value and weighted-average underlying rating of insured securities in Ambac's investment portfolio at September 30, 2022 and December 31, 2021, respectively: Municipal Corporate (2) Mortgage Total Weighted (1) September 30, 2022: Ambac Assurance Corporation $ 42 $ 87 $ 338 $ 468 B Assured Guaranty Municipal Corporation 1 — — 1 A Total $ 43 $ 87 $ 338 $ 468 B December 31, 2021: Ambac Assurance Corporation $ 316 $ — $ 439 $ 754 B National Public Finance Guarantee Corporation 2 — — 2 BBB- Assured Guaranty Municipal Corporation 1 — — 1 A- Total $ 318 $ — $ 439 $ 757 B (1) Ratings are based on the lower of Standard & Poor’s or Moody’s rating. If unavailable, Ambac’s internal rating is used. |
Equity Method Investments [Table Text Block] | In addition to these investments, Ambac has unfunded commitments of $60 to private credit and private equity funds at September 30, 2022. Fair Value Class of Funds September 30, December 31, 2021 Redemption Frequency Redemption Notice Period Hedge funds (1) $ 186 $ 216 quarterly or semi-annually 90 days Private credit (2) 81 88 quarterly if permitted 180 days if permitted High yields and leveraged loans (3) 69 78 daily 0 - 30 days Equity market investments (4) (11) 67 98 daily or quarterly 0 - 90 days Investment grade floating rate income (5) 58 107 weekly 0 days Private equity (6) 43 37 quarterly if permitted 90 days if permitted Real estate properties (7) 34 33 quarterly 10 business days Convertible bonds (8)(11) 7 — daily 0 days Insurance-linked investments (9) 1 2 see footnote (5) see footnote (5) Emerging markets debt (10) (11) — 24 daily 0 days Total equity investments in pooled funds $ 547 $ 683 (1) This class seeks to generate superior risk-adjusted returns through selective asset sourcing, active trading and hedging strategies across a range of asset types. (2) This class aims to obtain high long-term returns primarily through credit and preferred equity investments with low liquidity and defined term. (3) This class of funds includes investments in a range of instruments including high-yield bonds, leveraged loans, CLOs, ABS and floating rate notes to generate income and capital appreciation. (4) This class of funds aim to achieve long term growth through diversified exposure to global equity-markets. (5) This class of funds includes investments in high quality floating rate debt securities including ABS and corporate floating rate notes. (6) This class seeks to generate long-term capital appreciation through investments in private equity, equity-related and other instruments. (7) Investments consist of UK property to generate income and capital growth. (8) This class seeks to generate total returns from portfolios focused primarily on convertible securities. (9) This class seeks to generate returns from insurance markets through investments in catastrophe bonds, life insurance and other insurance linked investments. This investment is restricted in connection with the unwind of certain insurance linked exposures. Ambac has redeemed its investment to the extent permitted by the fund. (10) This class seeks long-term income and growth through investments in the bonds of issuers in emerging markets. (11) These categories include fair value amounts totaling $64 and $106 at September 30, 2022 and December 31, 2021, respectively, that are readily determinable and are priced through pricing vendors, including for Equity market investments $57 and $82; Convertible |
Summary of Net Investment Income | Net investment income (loss) was comprised of the following for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed maturity securities $ 16 $ 16 $ 45 $ 63 Short-term investments 3 — 4 — Investment expense (2) (1) (4) (4) Securities available-for-sale and short-term 17 15 44 59 Fixed maturity securities - trading (1) — (22) — Other investments (5) 6 (28) 53 Total net investment income (loss) $ 11 $ 21 $ (6) $ 112 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Amount and Fair Value of Ambac's Financial Assets and Liabilities | The following table sets forth the carrying amount and fair value of Ambac’s financial assets and liabilities as of September 30, 2022 and December 31, 2021, including the level within the fair value hierarchy at which fair value measurements are categorized. As required by the Fair Value Measurement Topic of the ASC, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Carrying Total Fair Fair Value Measurements Categorized as: September 30, 2022: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 160 $ 160 $ — $ 160 $ — Corporate obligations 658 658 — 646 12 Foreign obligations 69 69 69 — — U.S. government obligations 63 63 63 — — Residential mortgage-backed securities 180 180 — 180 — Collateralized debt obligations 135 135 — 135 — Other asset-backed securities 224 224 — 158 66 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 55 55 55 — — Short term investments 523 523 521 2 — Other investments (1) 559 547 64 — — Cash, cash equivalents and restricted cash 35 35 35 — — Derivative assets: Interest rate swaps—asset position 27 27 — 2 25 Warrants 1 1 — — 1 Other assets-Loans 22 22 — — 22 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 2,026 2,026 — — 2,026 Fixed maturity securities: Municipal obligations, available-for-sale 92 92 — 92 — Restricted cash 2 2 2 — — Loans 1,682 1,682 — — 1,682 Derivative assets: Currency swaps-asset position 60 60 — 60 — Total financial assets $ 6,589 $ 6,577 $ 824 $ 1,435 $ 3,834 Financial liabilities: Long term debt, including accrued interest $ 2,777 $ 2,183 $ — $ 2,171 $ 13 Derivative liabilities: Interest rate swaps—liability position 40 40 — 40 — Liabilities for net financial guarantees written (2) (1,271) (899) — — (899) Variable interest entity liabilities: Long-term debt (includes $2,603 at fair value) 2,752 2,787 — 2,634 153 Derivative liabilities: Interest rate swaps—liability position 1,110 1,110 — 1,110 — Total financial liabilities $ 5,407 $ 5,221 $ — $ 5,954 $ (734) Carrying Total Fair Fair Value Measurements Categorized as: December 31, 2021: Level 1 Level 2 Level 3 Financial assets: Fixed maturity securities: Municipal obligations $ 340 $ 340 $ — $ 340 $ — Corporate obligations 613 613 1 600 12 Foreign obligations 87 87 87 — — U.S. government obligations 45 45 45 — — Residential mortgage-backed securities 252 252 — 252 — Collateralized debt obligations 128 128 — 128 — Other asset-backed securities 265 265 — 187 79 Fixed maturity securities, pledged as collateral: U.S. government obligations 15 15 15 — — Short-term 105 105 105 — — Short term investments 414 414 369 46 — Other investments (1) 690 683 106 — — Cash, cash equivalents and restricted cash 21 21 21 1 — Derivative assets: Interest rate swaps—asset position 76 76 — 5 71 Other assets-loans 3 3 — — 3 Variable interest entity assets: Fixed maturity securities: Corporate obligations, fair value option 3,320 3,320 — — 3,320 Fixed maturity securities: Municipal obligations, available-for-sale 136 136 — 136 — Restricted cash 2 2 2 — — Loans 2,718 2,718 — — 2,718 Derivative assets: Currency swaps—asset position 38 38 — 38 — Total financial assets $ 9,268 $ 9,261 $ 750 $ 1,732 $ 6,202 Financial liabilities: Long term debt, including accrued interest $ 2,806 $ 2,598 $ — $ 2,575 $ 22 Derivative liabilities: Interest rate swaps—liability position 94 94 — 94 — Liabilities for net financial guarantees written (2) (866) (112) — — (112) Variable interest entity liabilities: Long-term debt (includes $4,056 at fair value) 4,216 4,255 — 4,086 169 Derivative liabilities: Interest rate swaps—liability position 1,940 1,940 — 1,940 — Total financial liabilities $ 8,190 $ 8,775 $ — $ 8,695 $ 79 (1) Excluded from the fair value measurement categories in the table above are investment funds of $483 and $577 as of September 30, 2022 and December 31, 2021, respectively, which are measured using NAV as a practical expedient. Also excluded from the fair value measurements in the table above are equity securities with a carrying value of $12 and $8 as of September 30, 2022 and December 31, 2021, respectively, that do not have readily determinable fair values and have carrying amounts determined using the measurement alternative. (2) The carrying value of net financial guarantees written includes financial guarantee amounts in the following balance sheet items: Premium receivables; Reinsurance recoverable on paid and unpaid losses; Deferred ceded premium; Subrogation recoverable; Insurance intangible asset; Unearned premiums; Loss and loss expense reserves; Ceded premiums payable, premiums taxes payable and other deferred fees recorded in Other liabilities. |
Summary of Changes in Level 3 Fair Value Category | The following tables present the changes in the Level 3 fair value category for the periods presented in 2022 and 2021. Ambac classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Thus, the gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Three Months Ended September 30, 2022: Balance, beginning of period $ 81 $ — $ 38 $ 2,533 $ 2,144 $ 4,795 Total gains/(losses) realized and unrealized: Included in earnings — — (11) (312) (231) (553) Included in other comprehensive income (4) — — (194) (162) (360) Purchases 1 — — — — 1 Settlements — — (1) — (69) (71) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ (11) $ (312) $ (231) $ (553) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (4) $ — $ — $ (194) $ (162) $ (360) Three Months Ended September 30, 2021: Balance, beginning of period $ 80 $ — $ 74 $ 3,175 $ 2,943 $ 6,273 Total gains/(losses) realized and unrealized: Included in earnings — — — 85 (10) 76 Included in other comprehensive income (2) — — (77) (67) (146) Purchases 13 — — — — 13 Settlements — — (2) — (81) (83) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ — $ — $ — $ 85 $ (10) $ 75 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (2) $ — $ — $ (77) $ (67) $ (146) Level 3 - Financial Assets and Liabilities Accounted for at Fair Value VIE Assets Investments Other Derivatives Investments Loans Total Nine Months Ended September 30, 2022: Balance, beginning of period $ 91 $ — $ 70 $ 3,320 $ 2,718 $ 6,199 Total gains/(losses) realized and unrealized: Included in earnings 1 — (39) (770) (409) (1,217) Included in other comprehensive income (13) — — (505) (413) (932) Purchases 1 — — — — 1 Settlements (1) — (5) (18) (214) (239) Balance, end of period $ 78 $ — $ 26 $ 2,026 $ 1,682 $ 3,812 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (40) $ (770) $ (409) $ (1,218) The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ (13) $ — $ — $ (505) $ (413) $ (932) Nine Months Ended September 30, 2021: Balance, beginning of period $ 78 $ 1 $ 84 $ 3,215 $ 2,998 $ 6,376 Total gains/(losses) realized and unrealized: Included in earnings 1 — (6) 35 65 94 Included in other comprehensive income 1 — — (46) (38) (83) Purchases 13 — — — — 13 Settlements (1) (1) (6) (19) (241) (269) Balance, end of period $ 91 $ — $ 72 $ 3,184 $ 2,784 $ 6,132 The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ (6) $ 35 $ 65 $ 94 The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date $ 1 $ — $ — $ (46) $ (38) (83) |
Summary of Gains and Losses (Realized and Unrealized) Relating to Level 3 Assets and Liabilities Included in Earnings | Gains and losses (realized and unrealized) relating to Level 3 assets and liabilities included in earnings for the affected periods are reported as follows: Net Net Gains Income (Loss) Other Three Months Ended September 30, 2022: Total gains (losses) included in earnings for the period $ — $ (11) $ (543) $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — (11) (543) — Three Months Ended September 30, 2021: Total gains (losses) included in earnings for the period $ — $ — $ 76 $ — Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date — — 76 — Nine Months Ended September 30, 2022: Total gains or losses included in earnings for the period $ 1 $ (39) $ (1,179) $ — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (40) (1,179) — Nine Months Ended September 30, 2021: Total gains or losses included in earnings for the period 1 (6) 100 — Changes in unrealized gains or losses included in earnings relating to the assets and liabilities still held at the reporting date — (6) 100 — |
Insurance Contracts (Tables)
Insurance Contracts (Tables) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Insurance [Line Items] | ||
Schedule of Loss And Loss Expense Reserves And Subrogation Recoverable Table [Table Text Block] | Ambac’s loss and loss expense reserves (“loss reserves”) are based on management’s on-going review of the insured portfolio. Below are the components of the loss and loss expense reserves and the subrogation recoverable asset at September 30, 2022 and December 31, 2021: Legacy Financial Guarantee Specialty Property and Casualty Present Value of Expected Net Cash Flows Balance Sheet Line Item Gross Loss Claims and Recoveries Unearned Gross Loss September 30, 2022: Loss and loss expense reserves $ 75 $ 1,174 $ (205) $ (34) $ 1,009 Subrogation recoverable — 37 (1,986) — (1,949) Totals $ 75 $ 1,211 $ (2,192) $ (34) $ (940) December 31, 2021: Loss and loss expense reserves $ 32 $ 1,749 $ (155) $ (56) $ 1,570 Subrogation recoverable — 88 (2,180) — (2,092) Totals $ 32 $ 1,837 $ (2,335) $ (56) $ (522) | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for finite-lived intangible assets is as follows: Amortization expense Insurance Intangible Asset (1) Other Intangible Assets (1) Total 2022 (Three months) $ 7 $ 1 $ 8 2023 28 3 30 2024 25 3 28 2025 23 3 26 2026 21 2 24 Thereafter 167 20 187 | |
Premiums Receivable by Risk Classification Code [Table Text Block] | Below is the amortized cost basis of financial guarantee premium receivables by risk classification code and asset class as of September 30, 2022 and December 31, 2021: Surveillance Categories as of September 30, 2022 Type of Guaranteed Bond I IA II III IV Total Public Finance: Housing revenue $ 143 $ 3 $ 5 $ — $ — $ 151 Other 2 — — — — 2 Total Public Finance 145 3 5 — — 152 Structured Finance: Mortgage-backed and home equity — — — — 11 12 Student loan 1 1 — 7 — 9 Other 4 — — — — 4 Total Structured Finance 5 1 — 8 11 24 International: Sovereign/sub-sovereign 53 6 — 9 — 68 Investor-owned and public utilities 16 — — — — 16 Other 3 — — — — 3 Total International 72 6 — 9 — 88 Total (1) (2) $ 222 $ 10 $ 5 $ 16 $ 11 $ 264 Surveillance Categories as of December 31, 2021 Type of Guaranteed Bond I IA II III IV Total Public Finance: Housing revenue $ 149 $ 3 $ 5 $ — $ — $ 157 Other 2 — — — — 2 Total Public Finance 151 3 5 — — 159 Structured Finance: Mortgage-backed and home equity 1 — 1 2 12 16 Student loan 1 1 — 9 — 12 Structured insurance 10 — — — — 10 Other 7 — — — — 7 Total Structured Finance 19 1 1 12 12 45 International: Sovereign/sub-sovereign 74 8 — 11 — 93 Investor-owned and public utilities 28 — — — — 28 Other 5 — — — — 5 Total International 107 8 — 11 — 125 Total (1) (2) $ 277 $ 12 $ 6 $ 22 $ 12 $ 329 (1) Excludes specialty property and casualty premium receivables of $9 and $2 at September 30, 2022 and December 31, 2021, respectively. (2) The underwriting origination dates for all policies included are greater than five years prior to the current reporting date. | |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | Below is a rollforward of the premium receivable allowance for credit losses as of September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 6 $ 11 $ 9 $ 17 Current period provision (benefit) (1) (1) (3) (6) Write-offs of the allowance — — — (1) Recoveries of previously written-off amounts — — — — Ending balance (1) $ 6 $ 10 $ 6 $ 10 (1) At September 30, 2022 and 2021, $— and $— of premiums were past due. | |
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance | Below is the loss and loss reserve expense roll-forward, net of subrogation recoverable and reinsurance, for the affected periods: Nine Months Ended September 30, 2022 2021 Beginning gross loss and loss expense reserves $ (522) $ (397) Reinsurance recoverable 55 33 Beginning balance of net loss and loss expense reserves (578) (430) Losses and loss expenses (benefit): Current year 6 — Prior years (347) (73) Total (1) (2) (341) (73) Loss and loss expenses paid (recovered): Current year (1) — Prior years (195) 74 Total (195) 74 Foreign exchange effect (3) — Ending net loss and loss expense reserves (727) (577) Impact of VIE consolidation (292) — Reinsurance recoverable (3) 79 29 Ending gross loss and loss expense reserves $ (940) $ (549) (1) Total losses and loss expenses (benefit) includes $(30) and $2 for the nine months ended September 30, 2022 and 2021, respectively, related to ceded reinsurance. (2) Ambac records the impact of estimated recoveries related to securitized loans in RMBS transactions that breached certain representations and warranties ("R&W's) by transaction sponsors within losses and loss expenses (benefit) for the Legacy Financial Guarantee segment. The losses and loss expense incurred associated with changes in estimated R&W's for the nine months ended September 30, 2022 and 2021, was $80 and $19, respectively. Refer to Note 1. Background and Business Description to the Unaudited Consolidated Financial Statements in this Form 10-Q for details of the Settlement Agreement with Bank of America Corporation and certain affiliates in October 2022. (3) Represents reinsurance recoverable on future loss and loss expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of $1 and $1 as of September 30, 2022 and 2021, respectively, related to previously presented loss and loss expenses and subrogation. | |
Summary of Information Related to Policies Currently Included in Ambac's Loss Reserves or Subrogation Recoverable | The tables below summarize information related to policies currently included in Ambac’s loss and loss expense reserves or subrogation recoverable at September 30, 2022 and December 31, 2021, excluding consolidated VIEs. Gross par exposures include capital appreciation bonds which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bond. The weighted average risk-free rate used to discount loss reserves at September 30, 2022 and December 31, 2021,was 3.8% and 1.2%, respectively. Surveillance Categories as of September 30, 2022 I IA II III IV V Total Number of policies 27 8 8 13 119 5 180 Remaining weighted-average contract period (in years) (1) 7 19 14 14 12 7 13 Gross insured contractual payments outstanding: Principal $ 1,046 $ 215 $ 459 $ 974 $ 2,084 $ 34 $ 4,813 Interest 417 203 296 159 751 21 1,847 Total $ 1,464 $ 419 $ 755 $ 1,134 $ 2,834 $ 55 $ 6,660 Gross undiscounted claim liability $ 4 $ 4 $ 45 $ 444 $ 1,142 $ 55 $ 1,694 Discount, gross claim liability (1) (1) (7) (161) (342) (10) (521) Gross claim liability before all subrogation and before reinsurance 3 3 37 283 800 45 1,173 Less: Gross RMBS subrogation (2) — — — — (1,814) — (1,814) Discount, RMBS subrogation — — — — 3 — 3 Discounted RMBS subrogation, before reinsurance — — — — (1,811) — (1,811) Less: Gross other subrogation (3) — (4) — (32) (388) (12) (436) Discount, other subrogation — — — 5 46 4 56 Discounted other subrogation, before reinsurance — (4) — (26) (342) (8) (380) Gross claim liability, net of all subrogation and discounts, before reinsurance 3 — 37 257 (1,353) 37 (1,019) Less: Unearned premium revenue (2) (3) (5) (8) (16) (1) (34) Plus: Loss expense reserves 1 — — 3 34 — 38 Gross loss and loss expense reserves $ 3 $ (3) $ 33 $ 252 $ (1,336) $ 36 $ (1,015) Reinsurance recoverable reported on Balance Sheet (4) $ 1 $ — $ 9 $ 21 $ (21) $ — $ 10 (1) Remaining weighted-average contract period is weighted based on projected gross claims over the lives of the respective policies. (2) RMBS subrogation represents Ambac’s estimate of subrogation recoveries from RMBS transaction sponsors for representation and warranty ("R&W") breaches. (3) Other subrogation represents subrogation related to excess spread and other contractual cash flows on public finance and structured finance transactions, including RMBS. (4) Reinsurance recoverable reported on the Balance Sheet includes reinsurance recoverables of $10 related to future loss and loss expenses and $— related to presented loss and loss expenses and subrogation. Surveillance Categories as of December 31, 2021 I IA II III IV V Total Number of policies 34 15 7 14 130 5 205 Remaining weighted-average contract period (in years) (1) 9 12 14 15 13 7 14 Gross insured contractual payments outstanding: Principal $ 904 $ 840 $ 459 $ 1,300 $ 2,759 $ 40 $ 6,302 Interest 589 612 308 169 1,284 22 2,984 Total $ 1,493 $ 1,452 $ 767 $ 1,469 $ 4,043 $ 62 $ 9,286 Gross undiscounted claim liability $ 5 $ 16 $ 45 $ 544 $ 1,423 $ 62 $ 2,095 Discount, gross claim liability — (1) (3) (109) (185) (4) (303) Gross claim liability before all subrogation and before reinsurance 5 15 42 435 1,238 57 1,792 Less: Gross RMBS subrogation (2) — — — — (1,737) — (1,737) Discount, RMBS subrogation — — — — 7 — 7 Discounted RMBS subrogation, before reinsurance — — — — (1,730) — (1,730) Less: Gross other subrogation (3) — (5) — (33) (583) (12) (633) Discount, other subrogation — — — 2 24 2 28 Discounted other subrogation, before reinsurance — (5) — (31) (559) (10) (605) Gross claim liability, net of all subrogation and discounts, before reinsurance 5 10 42 404 (1,051) 47 (543) Less: Unearned premium revenue (3) (10) (5) (14) (24) (1) (56) Plus: Loss expense reserves 1 — — 4 40 — 45 Gross loss and loss expense reserves $ 3 $ 1 $ 38 $ 394 $ (1,036) $ 46 $ (554) Reinsurance recoverable reported on Balance Sheet (4) $ 1 $ 1 $ 10 $ 22 $ (11) $ — $ 23 (1) Remaining weighted-average contract period is weighted based on projected gross claims over the lives of the respective policies. (2) RMBS subrogation represents Ambac’s estimate of subrogation recoveries from RMBS transaction sponsors for R&W breaches. (3) Other subrogation represents subrogation related to excess spread and other contractual cash flows on public finance and structured finance transactions, including RMBS. (4) Reinsurance recoverable reported on the Balance Sheet includes reinsurance recoverables of $24 related to future loss and loss expenses and $— related to presented loss and loss expenses and subrogation. | |
Summary of Rollforward of RMBS Subrogation, by Estimation Approach | The change in recorded RMBS R&W recoveries since December 31, 2021, is primarily attributable to the impact of the Settlement Agreement with Bank of America Corporation and certain affiliates thereof described in Note 1. Background and Business Description to the Unaudited Consolidated Financial Statements in this Form 10-Q. | |
Effects of Reinsurance | The effect of reinsurance on premiums written and earned was as follows: Three Months Ended September 30, 2022 2021 Written Earned Written Earned Direct $ 16 $ 30 $ (1) $ 15 Assumed — — — — Ceded $ 17 $ 19 14 4 Net premiums — 11 $ (15) $ 11 Nine Months Ended September 30, 2022 2021 Written Earned Written Earned Direct $ 83 $ 83 $ (6) $ 46 Assumed — — — — Ceded $ 63 $ 43 29 10 Net premiums 21 39 $ (36) $ 36 The following table summarizes net premiums earned by location of risk: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 7 $ 7 $ 27 $ 21 United Kingdom 3 3 10 10 Other international 1 1 2 5 Total $ 11 $ 11 $ 39 $ 36 | |
Premiums Receivable for Financial Guarantees | Below is the gross premium receivable roll-forward (direct contracts), net of the allowance for credit losses, for the affected periods: Nine Months Ended September 30, 2022 2021 Beginning premium receivable $ 320 $ 370 Premium receipts (30) (28) Adjustments for changes in expected and contractual cash flows for contracts (1) (21) (25) Accretion of premium receivable discount for contracts 6 6 Changes to allowance for credit losses 3 7 Other adjustments (including foreign exchange) (2) (20) (4) Ending premium receivable (3) $ 259 $ 325 (1) Adjustments for changes in expected and contractual cash flows are primarily due to higher discount rates offset by reductions in insured exposure as a result of early policy terminations and unscheduled principal paydowns. (2) Includes foreign exchange losses of $19 and $3 for 2022 and 2021, respectively. | |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period | The following table summarizes the future gross undiscounted premiums to be collected and future premiums earned, net of reinsurance at September 30, 2022: Future Premiums Collected (1) Future (2) Three months ended: December 31, 2022 $ 6 $ 6 Twelve months ended: December 31, 2023 27 21 December 31, 2024 26 20 December 31, 2025 25 20 December 31, 2026 24 19 Five years ended: December 31, 2031 102 80 December 31, 2036 67 50 December 31, 2041 31 20 December 31, 2046 15 9 December 31, 2051 5 3 December 31, 2056 — — Total $ 328 $ 248 (1) Future premiums to be collected are undiscounted, gross of allowance for credit losses, and are used to derive the discounted premium receivable asset recorded on Ambac's balance sheet. (2) Future premiums to be earned, net of reinsurance relate to the unearned premiums liability and deferred ceded premium asset recorded on Ambac’s balance sheet. The use of contractual lives for many bond types which do not have homogeneous pools of underlying collateral is required in the calculation of the premium receivable, as further described in Note 2. Basis of Presentation and Significant Accounting Policies in the Notes to Consolidated Financial Statements included in Ambac's Annual Report on Form 10-K for the year ended December 31, 2021. This results in a different premium receivable balance than if expected lives were considered. If installment paying policies are retired or prepay early, premiums reflected in the premium receivable asset and amounts reported in the above table for such policies may not be collected. Future premiums to be earned also considers the use of contractual lives for many bond types which do not have homogeneous pools of underlying collateral, which may result in different unearned premium than if expected lives were considered. If those bonds types are retired early, premium earnings may be negative in the period of call or refinancing. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Gross Fair Values of Individual Derivative Instruments | The following tables summarize the gross fair values of individual derivative instruments and the impact of legal rights of offset as reported in the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021: Gross Gross Net Amounts Gross Amount Net September 30, 2022: Derivative Assets: Interest rate swaps $ 27 $ — $ 27 $ — $ 27 Warrants 1 — 1 — 1 Futures contracts 1 — 1 — 1 Total non-VIE derivative assets $ 29 $ — $ 28 $ — $ 28 Derivative Liabilities: Interest rate swaps 40 — 40 40 — Total non-VIE derivative liabilities $ 40 $ — $ 40 $ 40 $ — Variable Interest Entities Derivative Assets: Interest rate swaps $ 1 $ 1 $ — $ — $ — Currency swaps $ 60 $ — $ 60 $ — $ 60 Total VIE derivative assets $ 61 $ 1 $ 60 $ — $ 60 Variable Interest Entities Derivative Liabilities: Interest rate swaps $ 1,111 $ 1 $ 1,110 $ — $ 1,110 Total VIE derivative liabilities $ 1,111 $ 1 $ 1,110 $ — $ 1,110 December 31, 2021: Derivative Assets: Interest rate swaps $ 76 $ — $ 76 $ — $ 76 Total non-VIE derivative assets $ 76 $ — $ 76 $ — $ 76 Derivative Liabilities: Credit derivatives $ — $ — $ — $ — $ — Interest rate swaps 94 — 94 93 1 Total non-VIE derivative liabilities $ 95 $ — $ 95 $ 93 $ 2 Variable Interest Entities Derivative Assets: Currency swaps $ 38 $ — $ 38 $ — $ 38 Total VIE derivative assets $ 38 $ — $ 38 $ — $ 38 Variable Interest Entities Derivative Liabilities: Interest rate swaps $ 1,940 $ — $ 1,940 $ — $ 1,940 Total VIE derivative liabilities $ 1,940 $ — $ 1,940 $ — $ 1,940 |
Summary of Location and Amount of Gains and Losses of Derivative Contracts | The following tables summarize the location and amount of gains and losses of derivative contracts in the Unaudited Consolidated Statements of Total Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021: Location of Gain (Loss) Amount of Gain (Loss) Recognized in Consolidated Statement of Total Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-VIE derivatives: Interest rate swaps Net gains (losses) on derivative contracts 16 4 63 14 Warrants Net gains (losses) on derivative contracts — — 1 — Futures contracts Net gains (losses) on derivative contracts 22 1 59 5 Total Non-VIE derivatives $ 37 $ 5 124 19 Variable Interest Entities: Currency swaps Income (loss) on variable interest entities $ 17 $ 5 37 3 Interest rate swaps Income (loss) on variable interest entities 250 (88) 519 (50) Total Variable Interest Entities 267 (82) 556 (47) Total derivative contracts $ 304 $ (77) $ 680 $ (29) |
Summary of Notional Amounts of AFS's Trading Derivative Products | As of September 30, 2022 and December 31, 2021, the notional amounts of AFS’s derivatives are as follows: Notional Type of Derivative September 30, December 31, Interest rate swaps—pay-fixed/receive-variable $ 1,042 $ 1,275 US Treasury futures contracts—short 460 470 Interest rate swaps—receive-fixed/pay-variable 176 185 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Summary of Notional Amounts of AFS's Trading Derivative Products | The notional for VIE derivatives outstanding as of September 30, 2022 and December 31, 2021, were as follows: Notional Type of VIE Derivative September 30, December 31, Interest rate swaps—receive-fixed/pay-variable $ 1,008 $ 1,221 Interest rate swaps—pay-fixed/receive-variable 837 1,069 Currency swaps 211 272 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Amortization Expense | Amortization expense is included in the Consolidated Statements of Total Comprehensive Income (Loss), as shown below. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Insurance amortization expense $ 5 $ 10 $ 32 $ 42 Other amortization expense 1 1 2 2 Total $ 6 $ 11 $ 34 $ 44 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for finite-lived intangible assets is as follows: Amortization expense Insurance Intangible Asset (1) Other Intangible Assets (1) Total 2022 (Three months) $ 7 $ 1 $ 8 2023 28 3 30 2024 25 3 28 2025 23 3 26 2026 21 2 24 Thereafter 167 20 187 |
Insurance Intangible Asset [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets | ntangible assets and accumulated amortization are included in the Consolidated Balance Sheets, as shown below. September 30, December 31, Finite-lived Intangible Assets: Insurance intangible: Gross carrying value $ 1,233 $ 1,278 Accumulated amortization 961 958 Net insurance intangible asset 272 320 Other intangibles: Gross carrying value $ 36 36 Accumulated amortization 5 3 Net other intangible assets 31 33 Total finite-lived intangible assets 303 353 Indefinite-lived Intangible Assets: Insurance licenses 14 9 Total intangible assets $ 318 362 |
Special Purpose Entities, Inclu
Special Purpose Entities, Including Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity [Line Items] | |
Components of VIE Gain (Loss) [Table Text Block] | The following schedule details the components of Income (loss) on variable interest entities for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net change in fair value of VIE assets and liabilities reported under the fair value option $ (3) $ 2 $ (2) $ 2 Less: Credit risk changes of fair value option long-term debt reported through other comprehensive income (loss) 1 — (1) 1 Net change in fair value of VIE assets and liabilities reported in earnings under the fair value option (2) 2 (3) 3 Investment income (loss) 1 1 (4) 5 Net realized investment gains (losses) on available-for-sale securities 1 1 2 2 Interest expense on long-term debt carried at par less unamortized cost (1) (1) (8) (4) Gain (loss) from consolidating VIEs — — 28 — Income (loss) on variable interest entities $ (1) $ 3 $ 14 $ 5 |
Summary of Carrying Amount of Assets, Liabilities and Maximum Exposure to Loss of Ambac's Variable Interests in Non-Consolidated Variable Interest Entities | The following table displays the carrying amount of the assets, liabilities and maximum exposure to loss of Ambac’s variable interests in non-consolidated VIEs resulting from financial guarantee and derivative contracts by major underlying asset classes, as of September 30, 2022 and December 31, 2021: Carrying Value of Assets and Liabilities Maximum (1) Insurance (2) Insurance (3) Net Derivative (4) September 30, 2022: Global structured finance: Mortgage-backed—residential $ 2,593 $ 1,908 $ 379 $ — Other consumer asset-backed 685 6 226 — Other 410 2 3 1 Total global structured finance 3,688 1,916 607 1 Global public finance 18,496 214 222 — Total $ 22,184 $ 2,130 $ 829 $ 1 December 31, 2021: Global structured finance: Mortgage-backed—residential $ 3,265 $ 1,929 $ 521 $ — Other consumer asset-backed 788 17 234 — Other 826 3 10 5 Total global structured finance 4,879 1,949 765 5 Global public finance 20,233 246 257 — Total $ 25,112 $ 2,195 $ 1,023 $ 5 (1) Maximum exposure to loss represents the maximum future payments of principal and interest on insured obligations and derivative contracts. Ambac’s maximum exposure to loss does not include the benefit of any financial instruments (such as reinsurance or hedge contracts) that Ambac may utilize to mitigate the risks associated with these variable interests. (2) Insurance assets represent the amount included in “Premium receivables” and “Subrogation recoverable” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets. (3) Insurance liabilities represent the amount included in “Loss and loss expense reserves” and “Unearned premiums” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets. (4) Net derivative assets (liabilities) represent the fair value recognized on credit derivative contracts and interest rate swaps on Ambac’s Consolidated Balance Sheets. |
Schedule of Variable Interest Entities Assets and Liabilities [Table Text Block] | The following table summarizes the carrying values of assets and liabilities, along with other supplemental information related to FG VIEs that are consolidated as a result of financial guarantees of Ambac UK and AAC: September 30, 2022 December 31, 2021 Ambac UK Ambac Assurance Total VIEs Ambac UK Ambac Assurance Total VIEs ASSETS: Fixed maturity securities, at fair value: Corporate obligations, fair value option $ 2,026 $ — $ 2,026 $ 3,320 $ — $ 3,320 Municipal obligations, available-for-sale (1) — 92 92 — 136 136 Total FG VIE fixed maturity securities, at fair value 2,026 92 2,119 3,320 136 3,455 Restricted cash 1 1 2 1 1 2 Loans, at fair value (2) 1,682 — 1,682 2,718 — 2,718 Derivative assets 60 — 60 38 — 38 Other assets — 1 1 — 2 2 Total FG VIE assets $ 3,769 $ 95 $ 3,864 $ 6,077 $ 139 $ 6,216 LIABILITIES: Long-term debt: Long-term debt, at fair value (3) $ 2,603 $ — $ 2,603 $ 4,056 $ — $ 4,056 Long-term debt, at par less unamortized discount — 149 149 — 160 160 Total long-term debt 2,603 149 2,752 4,056 160 4,216 Derivative liabilities 1,110 — 1,110 1,940 — 1,940 Total FG VIE liabilities $ 3,713 $ 149 $ 3,862 $ 5,996 $ 160 $ 6,156 Number of FG VIEs consolidated 5 3 8 5 1 6 (1) Available-for-sale FG VIE fixed maturity securities consist of municipal obligations with an amortized cost basis of $98 and $106 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, there were no aggregate gross gains and $(6) aggregated gross losses. At December 31, 2021, there were aggregate gross unrealized gains of $29 . All such securities had contractual maturities due after ten years as of September 30, 2022. (2) The unpaid principal balances of loan assets carried at fair value were $1,878 as of September 30, 2022 and $2,363 as of December 31, 2021. (3) The unpaid principal balances of long-term debt carried at fair value were $2,884 as of September 30, 2022 and $3,579 as of December 31, 2021. |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents the Insurance Distribution business operations revenues recognized in accordance with the Revenue from Contracts with Customers Topic of the ASC disaggregated by policy type for the affected periods: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Employer Stop Loss $ 2 $ 2 $ 7 $ 6 Affinity Products 5 4 14 13 Other — — 1 — Total $ 7 $ 7 $ 22 $ 20 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The balances of contract assets and contract liabilities with customers were as follows: September 30, 2022 December 31, 2021 Commissions receivable $ 3 $ 2 Contract assets 4 4 Contract liabilities 1 1 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Balances of Each Component of Accumulated Other Comprehensive Income | The following tables detail the changes in the balances of each component of accumulated other comprehensive income for the affected periods: Unrealized Gains (1) Amortization of (1) Gain (Loss) on (1) Credit Risk Changes of Fair Value Option Liabilities (1) (2) Total Three Months Ended September 30, 2022: Beginning Balance $ (23) $ 4 $ (177) $ — $ (196) Other comprehensive income (loss) before reclassifications (53) — (58) — (111) Amounts reclassified from accumulated other comprehensive income (loss) (6) — — (1) (7) Net current period other comprehensive income (loss) (59) — (58) (1) (118) Balance at September 30, 2022 $ (82) $ 4 $ (235) $ (1) $ (315) Three Months Ended September 30, 2021: Beginning Balance $ 168 $ 5 $ (84) $ (1) $ 87 Other comprehensive income (loss) before reclassifications (1) — (19) — (20) Amounts reclassified from accumulated other comprehensive income (loss) (3) — — — (3) Net current period other comprehensive income (loss) (4) — (19) — (23) Balance at September 30, 2021 $ 164 $ 5 $ (103) $ (1) $ 64 Nine Months Ended September 30, 2022 Beginning Balance $ 154 $ 4 $ (100) $ (1) $ 58 Other comprehensive income before reclassifications (224) — (136) — (360) Amounts reclassified from accumulated other comprehensive income (12) — — — (12) Net current period other comprehensive income (236) (1) (136) — (372) Balance at September 30, 2022 $ (82) $ 4 $ (235) $ (1) $ (315) Nine Months Ended September 30, 2021 Beginning Balance $ 166 $ 5 $ (92) $ — $ 79 Other comprehensive income before reclassifications 2 — (11) — (9) Amounts reclassified from accumulated other comprehensive income (4) (1) — (1) (6) Net current period other comprehensive income (2) (1) (11) (1) (15) Balance at September 30, 2021 $ 164 $ 5 $ (103) $ (1) $ 64 (1) All amounts are net of tax and noncontrolling interest. Amounts in parentheses indicate reductions to Accumulated Other Comprehensive Income. (2) Represents the changes in fair value attributable to instrument-specific credit risk of liabilities for which the fair value option is elected. |
Schedule of Amounts Reclassed Out of Each Component of Accumulated Other Comprehensive Income | The following table details the significant amounts reclassified from each component of accumulated other comprehensive income, shown in the above rollforward tables, for the affected periods: Details about Accumulated Amount Reclassified from Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized Gains (Losses) on Available-for-Sale Securities $ (8) $ (3) $ (17) $ (4) Net realized investment gains (losses) 2 1 5 — Provision for income taxes $ (6) $ (3) $ (12) $ (4) Net of tax and noncontrolling interest Amortization of Postretirement Benefit Prior service cost $ — $ — $ — $ (1) Other income Actuarial (losses) — — — — Other income — — — (1) Total before tax — — — — Provision for income taxes $ — $ — $ — $ (1) Net of tax and noncontrolling interest Credit Risk Changes of Fair Value Option Liabilities $ (1) $ — $ — $ (1) Credit risk changes of fair value option liabilities — — — — Provision for income taxes $ (1) $ — $ — $ (1) Net of tax and noncontrolling interest Total reclassifications for the period $ (7) $ (3) $ (12) $ (6) Net of tax and noncontrolling interest |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the weighted average shares denominator used for basic net income per share to the denominator used for diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic weighted average shares outstanding denominator 45,307,019 46,615,552 45,847,306 46,503,196 Effect of potential dilutive shares : Warrants — — — — Restricted stock units 179,293 72,061 105,114 — Performance stock units (1) 360,093 356,519 403,674 — Diluted weighted average shares outstanding denominator 45,846,405 47,044,132 46,356,094 46,503,196 Anti-dilutive shares excluded from the above reconciliation: Warrants 4,877,617 4,877,617 4,877,617 4,877,665 Restricted stock units 157,991 244,694 214,941 466,094 Performance stock units (1) — — — 582,254 |
Schedule of Earnings Per Share, Basic and Diluted | The following table provides a reconciliation of net income attributable to common stockholders to the numerator in the basic and diluted earnings per share calculation, together with the resulting earnings per share amounts: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 340 $ 17 $ 347 5 Adjustment to redemption value (ASC 480) — — — (14) Numerator of basic and diluted EPS $ 340 $ 17 $ 347 (9) Per Share: Basic $ 7.50 $ 0.35 $ 7.56 $ (0.19) Diluted $ 7.41 $ 0.35 $ 7.48 $ (0.19) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Major Jurisdictions | The following are the major jurisdictions in which Ambac and its subsidiaries operate and the earliest tax years subject to examination: Jurisdiction Tax Year United States 2010 New York State 2013 New York City 2017 United Kingdom 2018 Italy 2017 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | U.S. and foreign components of pre-tax income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. $ 329 $ 8 $ 338 $ (2) Foreign 14 11 13 23 Total $ 342 $ 19 $ 352 $ 21 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Current taxes U. S. federal $ — $ — $ — $ — U.S. state and local — — — 1 Foreign 4 2 6 7 Total Current taxes 4 2 6 9 Deferred taxes Foreign (2) — (2) 6 Total Deferred taxes (2) — (2) 6 Provision for income taxes $ 2 $ 2 $ 4 $ 15 |
Background and Business Descr_2
Background and Business Description - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 29, 2022 | Dec. 31, 2021 | |
Background And Basis Of Presentation [Line Items] | ||||||
Entity Incorporation, Date of Incorporation | Apr. 29, 1991 | |||||
Net realized gains (losses) on extinguishment of debt | $ 0 | $ 0 | $ 57,000,000 | $ 33,000,000 | ||
Realized Investment Gains (Losses) | 14,000,000 | $ 3,000,000 | 31,000,000 | $ 4,000,000 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 80% | |||||
Long-term debt | $ 2,201,000,000 | $ 2,201,000,000 | $ 2,230,000,000 | |||
Number of Admitted Carriers Owned | 5 | 5 | ||||
Background and Business Description | 1. BACKGROUND AND BUSINESS DESCRIPTION The following description provides an update of Note 1. Background and Business Description in the Notes to the Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Capitalized terms used, but not defined herein, and in the other footnotes to the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q shall have the meanings ascribed thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Ambac Financial Group, Inc. (“AFG”), headquartered in New York City, is a financial services holding company incorporated in the state of Delaware on April 29, 1991. References to “Ambac,” the “Company,” “we,” “our,” and “us” are to AFG and its subsidiaries, as the context requires. Ambac's business operations include: • Legacy Financial Guarantee Insurance — Ambac's financial guarantee business includes the activities of Ambac Assurance Corporation ("AAC") and its wholly owned subsidiaries, including Ambac Assurance UK Limited (“Ambac UK”) and Ambac Financial Services LLC ("AFS"). Both AAC and Ambac UK (the "Legacy Financial Guarantee Companies") have financial guarantee insurance portfolios that have been in runoff since 2008. AFS uses derivatives to hedge interest rate risk in AAC's insurance and investment portfolios. • Specialty Property & Casualty Insurance — Ambac's hybrid fronting Specialty Property & Casualty Insurance business. Currently includes five admitted carriers and an excess and surplus lines (“E&S” or “nonadmitted”) insurer, Everspan Indemnity Insurance Company (collectively, “Everspan”). Three of the five admitted carrier were acquired in 2022. Everspan carriers have an AM Best rating of 'A-' (Excellent). • Insurance Distribution — Ambac's specialty property and casualty ("P&C") insurance distribution business, which could include Managing General Agents and Underwriters (collectively "MGAs"), insurance wholesalers, and other distribution businesses, currently includes Xchange Benefits, LLC (“Xchange”) a P&C MGA specializing in accident and health products. Refer to Note 3. Business Combination in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, for further information relating to this acquisition. As discussed further below, the insurance distribution segment has been expanded to include two acquisitions that occurred in the fourth quarter of 2022. Beginning in the first quarter of 2022, the Company began reporting these three business operations as segments; see Note 3. Segment Information for further information. Strategies to Enhance Shareholder Value The Company's primary goal is to maximize shareholder value through the execution of key strategies for both its (i) Specialty P&C Insurance Platform and (ii) Legacy Financial Guarantee Companies. Specialty P&C Insurance Platform strategic priorities include: • Growing and diversifying the Specialty Property & Casualty insurance business with existing and new program partners. • Building a leading Insurance Distribution business through additional acquisitions and de novo builds, supported by a centralized business services unit including core technology solutions. • Making opportunistic investments that are strategic to the overall Specialty P&C Insurance Platform. Legacy Financial Guarantee Companies’ strategic priorities include: • Actively managing, de-risking and mitigating insured portfolio risk. • Pursuing loss recovery through active litigation and other means, particularly residential mortgage back security representation and warranty litigation. • Improving operating efficiency and optimizing our asset and liability profile. • Exploring, at the appropriate time, strategic options to further maximize value for AFG. The execution of Ambac’s strategy to increase the value of its investment in AAC is subject to the restrictions set forth in the Settlement Agreement, dated as of June 7, 2010 (the "Settlement Agreement"), by and among AAC, Ambac Credit Products LLC ("ACP"), AFG and certain counterparties to credit default swaps with ACP that were guaranteed by AAC; as well as the Stipulation and Order among the Office of the Commissioner of Insurance for the State of Wisconsin (“OCI”), AFG and AAC that became effective on February 12, 2018, as amended (the “Stipulation and Order”); and the indenture for the Tier 2 Notes, each of which requires OCI and, under certain circumstances, holders of the debt instruments benefiting from such restrictions, to approve certain actions taken by or in respect of AAC. In exercising its approval rights, OCI will act for the benefit of policyholders, and will not take into account the interests of AFG. Opportunities for remediating losses on poorly performing insured transactions also depend on market conditions, including the perception of AAC’s creditworthiness, the structure of the underlying risk and associated policy as well as other counterparty specific factors. AAC's ability to commute policies or purchase certain investments may also be limited by available liquidity. | |||||
Tier 2 Notes | Subsequent Event | ||||||
Background And Basis Of Presentation [Line Items] | ||||||
Debt Instrument, Face Amount | $ 143,000,000 | |||||
Ambac Assurance Corporation [Member] | 5.1% Surplus Notes, General Account, Due 2020 | Subsequent Event | ||||||
Background And Basis Of Presentation [Line Items] | ||||||
Long-term Debt, Gross | $ 721,000,000 |
Background and Business Descr_3
Background and Business Description (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Oct. 29, 2022 | Oct. 06, 2022 | Sep. 30, 2022 | Feb. 12, 2018 | |
Background And Basis Of Presentation [Line Items] | ||||
Tier 2 Security in RMBS Litigation Settlement Proceeds | $ 1,600 | |||
Gain (Loss) Related to Litigation Settlement | $ 319 | |||
Loss Reserves [Member] | ||||
Background And Basis Of Presentation [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | $ 319 | |||
Subsequent Event | ||||
Background And Basis Of Presentation [Line Items] | ||||
Proceeds from Legal Settlements | $ 1,840 | |||
Gain (Loss) Related to Litigation Settlement | $ 78 | |||
Subsequent Event | Other Income or (Loss) [Member] | ||||
Background And Basis Of Presentation [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | (53) | |||
Subsequent Event | Gain (Loss) on Investments [Member] | ||||
Background And Basis Of Presentation [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 5 | |||
Subsequent Event | Litigation Recoveries | ||||
Background And Basis Of Presentation [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 126 | |||
Subsequent Event | Ambac Assurance [Member] | Sitka AAC Note | ||||
Background And Basis Of Presentation [Line Items] | ||||
Repayments of Debt | $ 1,218 | |||
Percent Above Principal and Interest Paid for Sitka AAC Note | 103% | |||
Subsequent Event | Ambac Assurance [Member] | Tier 2 Notes | ||||
Background And Basis Of Presentation [Line Items] | ||||
Repayments of Debt | $ 213 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies FX gain (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 14 | $ (6) | ||
Gain (Loss) on Investments [Member] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ 9 | $ 3 | $ 20 | $ (3) |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 62,000,000 | $ 62,000,000 | $ 60,000,000 | |||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 18,000,000 | $ 20,000,000 | $ 18,000,000 | $ 20,000,000 | $ 18,000,000 | $ 7,000,000 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | (1,000,000) | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 0 | (1,000,000) | (1,000,000) | |||
Noncontrolling Interest, Change in Redemption Value | 0 | $ 0 | $ 0 | $ (14,000,000) | ||
Business Acquisition, Percentage of Voting Interests Acquired | 80% | |||||
Business Combination, Redeemable Noncontrolling Percentage | 20% | |||||
Number of Variable Interest Entities Consolidated During the Period | 2 | 0 | ||||
Temporary Equity, Accretion to Redemption Value, Adjustment | $ 0 | $ 14,000,000 | ||||
Xchange | ||||||
Derivative [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 18,000,000 | |||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 18,000,000 | $ 18,000,000 | ||||
Retained Earnings [Member] | ||||||
Derivative [Line Items] | ||||||
Noncontrolling Interest, Change in Redemption Value | $ (14,000,000) |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies Supplemental Cash Flow information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reduction in Long-term Debt Through Long-term Debt Exchange | $ 0 | $ 0 | $ 71 | ||
Exchange of investments in Puerto Rico bonds for new securities issued in the restructuring transactions | 185 | ||||
Income Taxes Paid | 6 | $ 12 | |||
Cash and cash equivalents | 29 | 29 | 14 | 17 | |
Restricted Cash | 6 | 6 | 6 | 5 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 38 | 38 | 22 | 23 | $ 35 |
Long-term Debt [Member] | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 51 | 65 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Restricted Cash | $ 2 | $ 2 | $ 2 | $ 2 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) level3FinancialInstruments | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Number of Reportable Segments | level3FinancialInstruments | 3 | ||||
Revenues | $ 80 | $ 51 | $ 286 | $ 229 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 342 | 19 | 352 | 21 | |
Provision for income taxes | 2 | 2 | 4 | 15 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 340 | 17 | 348 | 6 | |
Premiums Earned, Net | 11 | 11 | 39 | 36 | |
Net Investment Income | 11 | 21 | (6) | 112 | |
Amortization of intangible assets | 6 | 11 | 34 | 44 | |
Interest Expense | 49 | 44 | 138 | 144 | |
Total assets | 9,412 | 12,228 | 9,412 | 12,228 | $ 12,303 |
Premiums Written, Net | 0 | (15) | 21 | (36) | |
Derivative, Gain (Loss) on Derivative, Net | 37 | 5 | 124 | 19 | |
Net realized gains (losses) on extinguishment of debt | 0 | 0 | 57 | 33 | |
Insurance Commissions and Fees | 7 | 7 | 22 | 20 | |
Other revenues, operating | 14 | 7 | 50 | 9 | |
Losses and loss expenses (benefit) | (353) | (55) | (341) | (73) | |
Other Cost and Expense, Operating | 32 | 28 | 90 | 82 | |
Insurance Commissions | 4 | 4 | 13 | 11 | |
Depreciation | 0 | 0 | 1 | 1 | |
Benefits, Losses and Expenses | (262) | 32 | (66) | 208 | |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 0 | (1) | (1) | ||
Net income attributable to common shareholders | 340 | 17 | 347 | 5 | |
Financial Guarantee | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 67 | 44 | 250 | 204 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 349 | 27 | 362 | 35 | |
Premiums Earned, Net | 7 | 11 | 31 | 36 | |
Net Investment Income | 9 | 21 | (9) | 111 | |
Amortization of intangible assets | 5 | 10 | 32 | 42 | |
Interest Expense | 49 | 44 | 138 | 144 | |
Total assets | 8,902 | 11,837 | 8,902 | 11,837 | |
Derivative, Gain (Loss) on Derivative, Net | 37 | 5 | 123 | 19 | |
Net realized gains (losses) on extinguishment of debt | 0 | 57 | 33 | ||
Other revenues, operating | 13 | 7 | 48 | 5 | |
Losses and loss expenses (benefit) | (356) | (55) | (347) | (73) | |
Other Cost and Expense, Operating | 20 | 18 | 64 | 56 | |
Depreciation | 0 | 0 | 1 | 1 | |
Benefits, Losses and Expenses | (282) | 17 | (112) | 169 | |
Specialty Property & Casualty Program | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 6 | 0 | 11 | 1 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (1) | (2) | (5) | (4) | |
Premiums Earned, Net | 4 | 0 | 8 | 0 | |
Net Investment Income | 0 | 0 | 1 | 1 | |
Total assets | 259 | 113 | 259 | 113 | |
Other revenues, operating | 1 | 0 | 2 | 0 | |
Losses and loss expenses (benefit) | 3 | 0 | 5 | 0 | |
Other Cost and Expense, Operating | 4 | 2 | 11 | 5 | |
Depreciation | 0 | 0 | 0 | 0 | |
Benefits, Losses and Expenses | 7 | 2 | 16 | 5 | |
Managing General Agency Underwriter | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 7 | 7 | 22 | 20 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1 | 1 | 3 | 3 | |
Amortization of intangible assets | 1 | 1 | 2 | 2 | |
Total assets | 94 | 96 | 94 | 96 | |
Insurance Commissions and Fees | 7 | 7 | 22 | 20 | |
Other revenues, operating | 0 | 0 | 0 | 0 | |
Other Cost and Expense, Operating | 1 | 1 | 4 | 4 | |
Insurance Commissions | 4 | 4 | 13 | 11 | |
Depreciation | 0 | 0 | 0 | 0 | |
Benefits, Losses and Expenses | 6 | 6 | 19 | 17 | |
Corporate and Other | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Revenues | 1 | 0 | 2 | 4 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (6) | (6) | (8) | (12) | |
Net Investment Income | 1 | 0 | 2 | 0 | |
Total assets | 157 | 183 | 157 | 183 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 1 | |||
Other revenues, operating | 0 | 0 | 0 | 4 | |
Other Cost and Expense, Operating | 6 | 6 | 11 | 17 | |
Depreciation | 0 | 0 | 0 | 0 | |
Benefits, Losses and Expenses | 6 | 6 | 11 | 17 | |
Surplus Notes | $ 69 | $ 103 | $ 69 | $ 103 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,283 | $ 810 | |
Debt Securities, Available-for-sale, Amortized Cost | 2,060 | 2,140 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | 141 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,039 | 768 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 72 | 14 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 244 | 41 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 43 | 1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 | |
Available-for-sale Securities, Current | 1,977 | 2,265 | |
Fixed maturity securities, at fair value | 1,977 | ||
Short-term Investments [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 85 | 128 | |
Debt Securities, Available-for-sale, Amortized Cost | 523 | 415 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 77 | 114 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8 | 13 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Fixed maturity securities, at fair value | 523 | 414 | |
Fixed Income Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,198 | 682 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,467 | 1,605 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | 141 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 962 | 654 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 72 | 14 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 236 | 28 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 43 | 1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 | |
Fixed maturity securities, at fair value | 1,384 | 1,730 | |
Fixed Income Securities [Member] | Municipal Bonds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 20 | 118 | |
Debt Securities, Available-for-sale, Amortized Cost | 55 | 315 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3 | 28 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15 | 117 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5 | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2 | 3 | |
Fixed maturity securities, at fair value | 56 | 340 | |
Fixed Income Securities [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 614 | 380 | |
Debt Securities, Available-for-sale, Amortized Cost | 724 | 612 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 10 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 445 | 363 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 35 | 8 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 169 | 17 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 34 | 1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 69 | 9 | |
Fixed maturity securities, at fair value | 658 | 613 | |
Fixed Income Securities [Member] | Foreign Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 67 | 78 | |
Debt Securities, Available-for-sale, Amortized Cost | 80 | 89 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 75 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 38 | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11 | 2 | |
Fixed maturity securities, at fair value | 69 | 87 | |
Fixed Income Securities [Member] | US Government Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 47 | 27 | |
Debt Securities, Available-for-sale, Amortized Cost | 64 | 45 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1 | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 35 | 25 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11 | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3 | 1 | |
Fixed maturity securities, at fair value | 63 | 45 | |
Fixed Income Securities [Member] | Residential Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 116 | 2 | |
Debt Securities, Available-for-sale, Amortized Cost | 174 | 182 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 23 | 70 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 116 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 17 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 17 | 0 | |
Fixed maturity securities, at fair value | 180 | 252 | |
Fixed Income Securities [Member] | Collateralized Debt Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 133 | 71 | |
Debt Securities, Available-for-sale, Amortized Cost | 141 | 128 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 121 | 68 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 12 | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6 | 0 | |
Fixed maturity securities, at fair value | 135 | 128 | |
Fixed Income Securities [Member] | Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 201 | 6 | |
Debt Securities, Available-for-sale, Amortized Cost | 229 | 234 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 32 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 201 | 6 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 8 | 0 | |
Fixed maturity securities, at fair value | 224 | 265 | |
Fixed Income Investments And Other Investments [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,990 | 2,020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | 141 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 | |
Fixed maturity securities, at fair value | 1,907 | 2,145 | |
Collateral Pledged [Member] | Fixed Income Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Fixed maturity securities, at fair value | 69 | 120 | |
Collateral Pledged [Member] | Fixed Income Securities [Member] | Short-term Investments [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 55 | 105 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Fixed maturity securities, at fair value | 55 | 105 | |
Collateral Pledged [Member] | Fixed Income Securities [Member] | US Treasury and Government | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 15 | 15 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Fixed maturity securities, at fair value | 15 | 15 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Asset Pledged as Collateral [Member] | Fixed Income Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 70 | 120 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Investments - Summary of Amor_2
Investments - Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 2,060 | |
Fixed maturity securities, at fair value | 1,977 | |
Amortized Cost, Due in one year or less | 622 | |
Amortized Cost, Due after one year through five years | 537 | |
Amortized Cost, Due after five years through ten years | 309 | |
Amortized Cost, Due after ten years | 48 | |
Amortized Cost, Total | 1,516 | |
Estimated Fair Value, Due in one year or less | 622 | |
Estimated Fair Value, Due after one year through five years | 506 | |
Estimated Fair Value, Due after five years through ten years | 268 | |
Estimated Fair Value, Due after ten years | 41 | |
Estimated Fair Value due, Total | 1,437 | |
Fixed Income Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, at fair value | 1,384 | $ 1,730 |
Fixed Income Securities [Member] | Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 174 | |
Fixed maturity securities, at fair value | 180 | 252 |
Fixed Income Securities [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 141 | |
Fixed maturity securities, at fair value | 135 | 128 |
Fixed Income Securities [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 229 | |
Fixed maturity securities, at fair value | $ 224 | $ 265 |
Investments - Summary of Gross
Investments - Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,039 | $ 768 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 72 | 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 244 | 41 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 43 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,283 | 810 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 |
Debt Securities , Available for sale, Continuous Unrealized Loss Position, | 1,054 | 783 |
Debt Securities, Available for sale, Unrealized Loss Position, Including Pledged Securities | 1,298 | 825 |
Short-term Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 77 | 114 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8 | 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 85 | 128 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Fixed Income Investments And Other Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 |
Fixed Income Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 962 | 654 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 72 | 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 236 | 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 43 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,198 | 682 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 |
Fixed Income Securities [Member] | Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15 | 117 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 20 | 118 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2 | 3 |
Fixed Income Securities [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 445 | 363 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 35 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 169 | 17 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 34 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 614 | 380 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 69 | 9 |
Fixed Income Securities [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 75 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 38 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 67 | 78 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11 | 2 |
Fixed Income Securities [Member] | US Government Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 35 | 25 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 47 | 27 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3 | 1 |
Fixed Income Securities [Member] | US Government Debt Securities [Member] | Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15 | 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 15 | 15 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Fixed Income Securities [Member] | Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 116 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 17 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 116 | 2 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 17 | 0 |
Fixed Income Securities [Member] | Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 121 | 68 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 12 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 133 | 71 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6 | 0 |
Fixed Income Securities [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 201 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 201 | 6 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 8 | 0 |
Collateral Pledged [Member] | Fixed Income Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Collateral Pledged [Member] | Fixed Income Securities [Member] | Short-term Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 0 | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
Securities fair value | 22 | 17 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,283 | 810 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 | |
Interest Rate Contract [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments | 69 | 78 | |
Fixed Income Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,198 | 682 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 | |
Fixed Income Securities [Member] | Corporate Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 614 | 380 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 69 | 9 | |
Fixed Income Securities [Member] | Corporate Debt Securities [Member] | External Credit Rating, Investment Grade | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 510 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 65 | ||
Fixed Income Securities [Member] | Corporate Debt Securities [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 104 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4 | ||
Fixed Income Securities [Member] | Residential Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 116 | 2 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 17 | 0 | |
Fixed Income Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 201 | 6 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 8 | 0 | |
Reported Value Measurement [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments | 64 | $ 106 | |
Commitments [Member] | Partnership Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments | $ 60 |
Investments - Summary of Amount
Investments - Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investment [Line Items] | |||||
Foreign exchange (losses) gains | $ 14 | $ (6) | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | $ 0 | $ 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | 0 | 0 | |
Realized Investment Gains (Losses) | 14 | 3 | 31 | 4 | |
Net realized (losses) gains | 31 | 4 | |||
Fair Value of Securities Deposited in Connection wtih Letter of Credit | 1 | 1 | $ 1 | ||
Debt Securities, Available-for-sale, Realized Gain | 6 | 1 | |||
Debt Securities, Available-for-sale, Realized Loss | 1 | 0 | |||
Gross realized gains on securities | 29 | 9 | |||
Available-for-sale Securities, Gross Realized Losses | (17) | (2) | |||
Gain (Loss) on Investments [Member] | |||||
Investment [Line Items] | |||||
Foreign exchange (losses) gains | $ 9 | $ 3 | $ 20 | $ (3) |
Investments - Summary of Source
Investments - Summary of Sources of Collateral Received and Various Investment Agreement in which Collateral Pledged (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investment [Line Items] | ||
Fair Value Of Securities Deposited With Governmental Authorities | $ 22 | $ 17 |
Fair Value of Securities Deposited in Connection wtih Letter of Credit | 1 | 1 |
Fair Value of Securities Held by AmbacUK Where Capital Stock of AUK is Pledged as Collateral for Sitka AAC Note | 550 | 669 |
Investment Portfolio [Member] | ||
Investment [Line Items] | ||
Fair Value of Cash and Securities Pledged to Derivative Counterparties | 69 | 120 |
Standard & Poor's, B Rating [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 468 | 757 |
Standard & Poor's, B Rating [Member] | Municipal Bonds [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 43 | 318 |
Standard & Poor's, B Rating [Member] | Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 87 | 0 |
Standard & Poor's, B Rating [Member] | Mortgage And Other Asset Backed Securities [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 338 | 439 |
Ambac Assurance Corporation [Member] | Standard & Poor's, B Rating [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 468 | 754 |
Ambac Assurance Corporation [Member] | Standard & Poor's, B Rating [Member] | Municipal Bonds [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 42 | 316 |
Ambac Assurance Corporation [Member] | Standard & Poor's, B Rating [Member] | Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 87 | |
Ambac Assurance Corporation [Member] | Standard & Poor's, B Rating [Member] | Mortgage And Other Asset Backed Securities [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | $ 338 | 439 |
National Public Finance Guarantee Corporation [Member] | Standard & Poor's, BBB- Rating [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 2 | |
National Public Finance Guarantee Corporation [Member] | Standard & Poor's, BBB- Rating [Member] | Municipal Bonds [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | 2 | |
National Public Finance Guarantee Corporation [Member] | Standard & Poor's, BBB- Rating [Member] | Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Investment Owned, at Fair Value | $ 0 |
Investments - Summary of Fair V
Investments - Summary of Fair Value, Including Financial Guarantee, and Weighted-Average Underlying Rating, Excluding Financial Guarantee, of Insured Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Standard & Poor's, B Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | $ 468 | $ 757 |
Standard & Poor's, B Rating [Member] | Ambac Assurance Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 468 | 754 |
Standard & Poor's, BBB- Rating [Member] | National Public Finance Guarantee Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 2 | |
Standard & Poor's, A- Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 1 | |
Standard & Poor's, A Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 1 | |
Municipal Bonds [Member] | Standard & Poor's, B Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 43 | 318 |
Municipal Bonds [Member] | Standard & Poor's, B Rating [Member] | Ambac Assurance Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 42 | 316 |
Municipal Bonds [Member] | Standard & Poor's, BBB- Rating [Member] | National Public Finance Guarantee Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 2 | |
Municipal Bonds [Member] | Standard & Poor's, A- Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 1 | |
Municipal Bonds [Member] | Standard & Poor's, A Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 1 | |
Corporate Debt Securities [Member] | Standard & Poor's, B Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 87 | 0 |
Corporate Debt Securities [Member] | Standard & Poor's, B Rating [Member] | Ambac Assurance Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 87 | |
Corporate Debt Securities [Member] | Standard & Poor's, BBB- Rating [Member] | National Public Finance Guarantee Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 0 | |
Corporate Debt Securities [Member] | Standard & Poor's, A- Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 0 | |
Corporate Debt Securities [Member] | Standard & Poor's, A Rating | Assured Guaranty Municipal Corporation | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 0 | |
Mortgage And Other Asset Backed Securities [Member] | Standard & Poor's, B Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | 338 | 439 |
Mortgage And Other Asset Backed Securities [Member] | Standard & Poor's, B Rating [Member] | Ambac Assurance Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of securities that include benefit of guarantees provided by financial guarantors | $ 338 | $ 439 |
Investments - Summary of Fair_2
Investments - Summary of Fair Value, Including Financial Guarantee, and Weighted-Average Underlying Rating, Excluding Financial Guarantee, of Insured Securities (Phantom) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment [Line Items] | ||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | $ (7) | $ 0 | ||
Investment expense | (2) | (1) | $ (4) | $ (4) |
Securities available-for-sale and short-term | 17 | 15 | 44 | 59 |
Net investment income (loss) | 11 | 21 | (6) | 112 |
Gains (losses) on securities held as of reporting date [Member] | ||||
Investment [Line Items] | ||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | (49) | 16 | ||
Other Investments Income | (6) | (1) | (22) | 14 |
Fixed Income Investments [Member] | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | 16 | 16 | 45 | 63 |
Short-Term [Member] | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | 3 | 0 | 4 | 0 |
Other Investments [Member] | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | $ (5) | $ 6 | $ (28) | $ 53 |
Investments - Summary of Net In
Investments - Summary of Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment [Line Items] | ||||
Equity Securities, FV-NI, Realized Gain (Loss) | $ (1) | $ 0 | ||
Short-term Investments [Member] | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | 3 | 0 | $ 4 | $ 0 |
Fixed Income Investments [Member] | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | 16 | 16 | 45 | 63 |
Fixed Income Securities, Trading | ||||
Investment [Line Items] | ||||
Gross Investment Income, Operating | $ (1) | $ 0 | $ (22) | $ 0 |
Investments Investments - Equit
Investments Investments - Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Securities Excluded From Fair Value Table | $ 12 | $ 12 | $ 8 | ||
Equity Securities, FV-NI, Realized Gain (Loss) | (1) | $ 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | $ 0 | 0 | $ 0 | 0 |
Real Estate [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 34 | 34 | 33 | ||
Hedge Funds, Multi-strategy [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 186 | 186 | 216 | ||
Interest Rate Contract [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 69 | 69 | 78 | ||
Illiquid Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 81 | 81 | 88 | ||
Insurance Linked [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 1 | 1 | 2 | ||
Equity [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 67 | 67 | 98 | ||
Credit Index Product [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 58 | 58 | 107 | ||
Private Equity Funds [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 43 | 43 | 37 | ||
Emerging Market Debt [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 0 | 0 | 24 | ||
Equity investments in pooled funds [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 547 | 547 | 683 | ||
Equity Securities Excluded From Fair Value | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 | ||
Convertibles and Bonds with Warrants Attached | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 7 | 7 | |||
Priced Through Pricing Vendors [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 64 | 64 | 106 | ||
Priced Through Pricing Vendors [Member] | Equity [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 57 | 57 | 82 | ||
Priced Through Pricing Vendors [Member] | Emerging Market Debt [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 0 | 0 | $ 24 | ||
Gains (losses) on securities held as of reporting date [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Securities, FV-NI, Realized Gain (Loss) | (27) | $ 2 | |||
Commitments [Member] | Partnership Interest [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | $ 60 | $ 60 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Amount and Fair Value of Ambac's Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | $ 1,977,000 | |
Financial assets: | ||
Derivative assets | 29,000 | $ 76,000 |
Other assets | 0 | |
Long-term Debt | 2,201,000 | 2,230,000 |
Financial liabilities: | ||
Derivative liabilities | 40,000 | 95,000 |
Equity Securities Excluded From Fair Value Table | 12,000 | 8,000 |
Short-term Investments [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 523,000 | 414,000 |
Total Fair Value [Member] | ||
Financial assets: | ||
Cash | 35,000 | 21,000 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Other investments | 64,000 | 106,000 |
Cash | 35,000 | 21,000 |
Loans | 22,000 | 3,000 |
Total financial assets | 6,589,000 | 9,268,000 |
Financial liabilities: | ||
Liabilities for net financial guarantees written | (1,271,000) | (866,000) |
Long-term debt | 2,777,000 | 2,806,000 |
Total financial liabilities | 5,407,000 | 8,190,000 |
Reported Value Measurement [Member] | Short-term Investments [Member] | ||
Financial assets: | ||
Short term investments | 523,000 | 414,000 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Financial assets: | ||
Other investments | 559,000 | 690,000 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 40,000 | 94,000 |
Reported Value Measurement [Member] | Warrants [Member] | ||
Financial assets: | ||
Derivative assets | 1,000 | |
Other Assets [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Financial assets: | ||
Derivative assets | 27,000 | 76,000 |
Level 1 [Member] | ||
Financial assets: | ||
Cash | 35,000 | 21,000 |
Total financial assets | 824,000 | 750,000 |
Financial liabilities: | ||
Liabilities for net financial guarantees written | 0 | 0 |
Long-term debt | 0 | 0 |
Total financial liabilities | 0 | 0 |
Level 1 [Member] | Short-term Investments [Member] | ||
Financial assets: | ||
Short term investments | 521,000 | 369,000 |
Level 1 [Member] | Loans Receivable [Member] | ||
Financial assets: | ||
Loans | 0 | 0 |
Level 1 [Member] | Other Debt Obligations [Member] | ||
Financial assets: | ||
Other investments | 64,000 | 106,000 |
Level 1 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 [Member] | Warrants [Member] | ||
Financial assets: | ||
Derivative assets | 0 | |
Level 1 [Member] | Other Assets [Member] | Interest Rate Swap [Member] | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 2 [Member] | ||
Financial assets: | ||
Cash | 0 | 1,000 |
Total financial assets | 1,435,000 | 1,732,000 |
Financial liabilities: | ||
Liabilities for net financial guarantees written | 0 | 0 |
Long-term debt | 2,171,000 | 2,575,000 |
Total financial liabilities | 5,954,000 | 8,695,000 |
Level 2 [Member] | Short-term Investments [Member] | ||
Financial assets: | ||
Short term investments | 2,000 | 46,000 |
Level 2 [Member] | Loans Receivable [Member] | ||
Financial assets: | ||
Loans | 0 | 0 |
Level 2 [Member] | Other Debt Obligations [Member] | ||
Financial assets: | ||
Other investments | 0 | 0 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 40,000 | 94,000 |
Level 2 [Member] | Warrants [Member] | ||
Financial assets: | ||
Derivative assets | 0 | |
Level 2 [Member] | Other Assets [Member] | Interest Rate Swap [Member] | ||
Financial assets: | ||
Derivative assets | 2,000 | 5,000 |
Level 3 [Member] | ||
Financial assets: | ||
Cash | 0 | 0 |
Total financial assets | 3,834,000 | 6,202,000 |
Financial liabilities: | ||
Liabilities for net financial guarantees written | (899,000) | (112,000) |
Long-term debt | 13,000 | 22,000 |
Total financial liabilities | (734,000) | 79,000 |
Level 3 [Member] | Short-term Investments [Member] | ||
Financial assets: | ||
Short term investments | 0 | 0 |
Level 3 [Member] | Loans Receivable [Member] | ||
Financial assets: | ||
Loans | 22,000 | 3,000 |
Level 3 [Member] | Other Debt Obligations [Member] | ||
Financial assets: | ||
Other investments | 0 | 0 |
Level 3 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 [Member] | Warrants [Member] | ||
Financial assets: | ||
Derivative assets | 1,000 | |
Level 3 [Member] | Other Assets [Member] | Interest Rate Swap [Member] | ||
Financial assets: | ||
Derivative assets | 25,000 | 71,000 |
Municipal Bonds [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 160,000 | 340,000 |
Corporate Debt Securities [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 658,000 | 613,000 |
Debt Security, Government, Non-US [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 69,000 | 87,000 |
US Government Debt Securities [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 63,000 | 45,000 |
Residential Mortgage-Backed Securities [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 180,000 | 252,000 |
Collateralized Debt Obligations [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 135,000 | 128,000 |
Asset-backed Securities [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 224,000 | 265,000 |
Fair Value, Recurring [Member] | ||
Financial assets: | ||
Total financial assets | 6,577,000 | 9,261,000 |
Financial liabilities: | ||
Liabilities for net financial guarantees written | (899,000) | (112,000) |
Long-term debt | 2,183,000 | 2,598,000 |
Total financial liabilities | 5,221,000 | 8,775,000 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | ||
Financial assets: | ||
Short term investments | 523,000 | 414,000 |
Fair Value, Recurring [Member] | Loans Receivable [Member] | ||
Financial assets: | ||
Loans | 22,000 | 3,000 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Financial assets: | ||
Other investments | 547,000 | 683,000 |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 224,000 | 265,000 |
Fair Value, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 135,000 | 128,000 |
Fair Value, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 180,000 | 252,000 |
Fair Value, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 63,000 | 45,000 |
Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 69,000 | 87,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 658,000 | 613,000 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 160,000 | 340,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 40,000 | 94,000 |
Fair Value, Recurring [Member] | Warrants [Member] | ||
Financial assets: | ||
Derivative assets | 1,000 | |
Fair Value, Recurring [Member] | Other Assets [Member] | Interest Rate Swap [Member] | ||
Financial assets: | ||
Derivative assets | 27,000 | 76,000 |
Fair Value, Recurring [Member] | Level 1 [Member] | Asset-backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 63,000 | 45,000 |
Fair Value, Recurring [Member] | Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 69,000 | 87,000 |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 1,000 |
Fair Value, Recurring [Member] | Level 1 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 158,000 | 187,000 |
Fair Value, Recurring [Member] | Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 135,000 | 128,000 |
Fair Value, Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 180,000 | 252,000 |
Fair Value, Recurring [Member] | Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 646,000 | 600,000 |
Fair Value, Recurring [Member] | Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 160,000 | 340,000 |
Fair Value, Recurring [Member] | Level 3 [Member] | Asset-backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 66,000 | 79,000 |
Fair Value, Recurring [Member] | Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Debt Security, Government, Non-US [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 12,000 | 12,000 |
Fair Value, Recurring [Member] | Level 3 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Collateral Pledged [Member] | US Government Debt Securities [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 15,000 | 15,000 |
Collateral Pledged [Member] | Short-term Investments [Member] | Reported Value Measurement [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 55,000 | 105,000 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 55,000 | 105,000 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 15,000 | 15,000 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | Short-term Investments [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 55,000 | 105,000 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 15,000 | 15,000 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | Short-term Investments [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | Short-term Investments [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Collateral Pledged [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | US Government Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 2,119,000 | 3,455,000 |
Financial assets: | ||
Loans | 1,682,000 | 2,718,000 |
Derivative assets | 61,000 | 38,000 |
Long-term Debt | 2,752,000 | 4,216,000 |
Financial liabilities: | ||
Derivative liabilities | 1,111,000 | 1,940,000 |
Long-term debt | 2,603,000 | 4,056,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 2,026,000 | 3,320,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 92,000 | 136,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Reported Value Measurement [Member] | ||
Financial assets: | ||
Restricted Cash and Cash Equivalents, Current | 2,000 | 2,000 |
Loans | 1,682,000 | 2,718,000 |
Financial liabilities: | ||
Long-term debt | 2,752,000 | 4,216,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Reported Value Measurement [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 2,026,000 | 3,320,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Reported Value Measurement [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 92,000 | 136,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 1,110,000 | 1,940,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Reported Value Measurement [Member] | Currency Swaps [Member] | ||
Financial assets: | ||
Derivative assets | 60,000 | 38,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 1 [Member] | ||
Financial assets: | ||
Restricted Cash and Cash Equivalents, Current | 2,000 | 2,000 |
Loans | 0 | 0 |
Financial liabilities: | ||
Long-term debt | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 1 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 1 [Member] | Currency Swaps [Member] | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 2 [Member] | ||
Financial assets: | ||
Restricted Cash and Cash Equivalents, Current | 0 | 0 |
Loans | 0 | 0 |
Financial liabilities: | ||
Long-term debt | 2,634,000 | 4,086,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 92,000 | 136,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 1,110,000 | 1,940,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 2 [Member] | Currency Swaps [Member] | ||
Financial assets: | ||
Derivative assets | 60,000 | 38,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 3 [Member] | ||
Financial assets: | ||
Restricted Cash and Cash Equivalents, Current | 0 | 0 |
Loans | 1,682,000 | 2,718,000 |
Financial liabilities: | ||
Long-term debt | 153,000 | 169,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 2,026,000 | 3,320,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 3 [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Level 3 [Member] | Currency Swaps [Member] | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Recurring [Member] | ||
Financial assets: | ||
Restricted Cash and Cash Equivalents, Current | 2,000 | 2,000 |
Loans | 1,682,000 | 2,718,000 |
Financial liabilities: | ||
Long-term debt | 2,787,000 | 4,255,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 2,026,000 | 3,320,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fixed maturity securities, at fair value | 92,000 | 136,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Financial liabilities: | ||
Derivative liabilities | 1,110,000 | 1,940,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Recurring [Member] | Currency Swaps [Member] | ||
Financial assets: | ||
Derivative assets | $ 60,000 | $ 38,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 283 | $ 19 |
Derivative liabilities | $ 40,000 | $ 95,000 |
Weighted average discounted rate of estimated future premium payments to be paid by the VIEs | 2.90% | 2.20% |
Derivative assets | $ 28,000 | $ 76,000 |
Derivative assets | 29,000 | 76,000 |
Warrants [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Derivative assets | 1,000 | |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Other investments | $ 483,000 | $ 577,000 |
Fixed Income Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Percentage of investment portfolio valued using dealer quotes | 5% | 6% |
Minimum [Member] | Fixed Income Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Percentage of investment portfolio valued using internal valuation models | 4% | 4% |
Maximum [Member] | Fixed Income Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Percentage of investment portfolio valued using external pricing services | 91% | 90% |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Derivative liabilities | $ 1,111,000 | $ 1,940,000 |
Weighted average discounted rate of estimated future premium payments to be paid by the VIEs | 7.30% | 3% |
Derivative assets | $ 60,000 | $ 38,000 |
Derivative assets | $ 61,000 | $ 38,000 |
Fair Value Measurements - Infor
Fair Value Measurements - Information about Valuation Inputs for Fixed Income Securities Classified as Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Inputs Yield Rate | 15.10% | 15.10% | 11.60% | |||||
Asset-backed Securities [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Coupon rate | 5.98% | 5.98% | 5.97% | |||||
Fair Value Inputs Maturity | 14 years 1 month 20 days | 13 years 7 months 17 days | ||||||
Yield | 12.75% | 12.75% | 10.20% | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 3,812,000 | $ 6,132,000 | $ 4,795,000 | $ 3,812,000 | $ 6,132,000 | $ 6,199,000 | $ 6,273,000 | $ 6,376,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (553,000) | 76,000 | (1,217,000) | 94,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (360,000) | (146,000) | (932,000) | (83,000) | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (71,000) | (83,000) | (239,000) | (269,000) | ||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (1,218,000) | 94,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (553,000) | 75,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (360,000) | (146,000) | (932,000) | (83,000) | ||||
Fair Value, Inputs, Level 3 [Member] | Investments [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 78,000 | 91,000 | 81,000 | 78,000 | 91,000 | 91,000 | 80,000 | 78,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 1,000 | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (4,000) | (2,000) | (13,000) | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 0 | (1,000) | (1,000) | ||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 1,000 | 1,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (4,000) | (2,000) | (13,000) | 1,000 | ||||
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 1,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 1,000 | ||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 0 | 0 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | 26,000 | $ 72,000 | 70,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (39,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (5,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (40,000) | |||||||
Corporate Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Inputs Maturity | 2 years 9 months | 2 years | ||||||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 84,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | $ (6,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (6,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (6,000) | |||||||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | $ 38,000 | 26,000 | 72,000 | 74,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (11,000) | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (1,000) | (2,000) | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (11,000) | 0 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Obligations [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 3,215,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 35,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (46,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (19,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 35,000 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Fair Value, Inputs, Level 3 [Member] | Loans Receivable [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 2,998,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 65,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (38,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (241,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 65,000 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | 2,026,000 | 3,184,000 | 3,320,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (770,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (505,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (18,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (770,000) | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Obligations [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | 2,533,000 | 2,026,000 | 3,184,000 | 3,175,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (312,000) | 85,000 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (194,000) | (77,000) | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (312,000) | 85,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (194,000) | (77,000) | (505,000) | (46,000) | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Loan Origination Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | 1,682,000 | 2,784,000 | $ 2,718,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (409,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (413,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (214,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (409,000) | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Loan Origination Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | Loans Receivable [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | $ 2,144,000 | 1,682,000 | 2,784,000 | $ 2,943,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (231,000) | (10,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (162,000) | (67,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (69,000) | (81,000) | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (231,000) | (10,000) | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ (162,000) | $ (67,000) | $ (413,000) | $ (38,000) |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Information about Described Model Inputs Used to Determine Fair Value of Each Class of Credit Derivatives (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair value of derivative liabilities | $ 40 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair value of derivative liabilities | 0 | ||
Real Estate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other investments | 34 | $ 33 | |
Interest Rate Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other investments | 69 | 78 | |
Illiquid Investments [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other investments | $ 81 | $ 88 | |
Asset-backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value Inputs Coupon Rate | 5.98% | 5.97% | |
Fair Value Inputs Maturity | 14 years 1 month 20 days | 13 years 7 months 17 days | |
Fair Value Inputs Yield | 12.75% | 10.20% |
Fair Value Measurements - Inf_2
Fair Value Measurements - Information about Valuation Inputs for Variable Interest Entity Assets and Liabilities Classified as Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Estimated Future Premium Payments Minimum Discounted Rate | 6.20% | 6.20% | ||||||
Estimated Future Premium Payments Maximum Discounted Rate | 9% | 9% | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 3,812,000 | $ 6,132,000 | $ 3,812,000 | $ 6,132,000 | $ 4,795,000 | $ 6,199,000 | $ 6,273,000 | $ 6,376,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (553,000) | 76,000 | (1,217,000) | 94,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (360,000) | (146,000) | (932,000) | (83,000) | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (71,000) | (83,000) | (239,000) | (269,000) | ||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (1,218,000) | 94,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | Investments [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 78,000 | 91,000 | 78,000 | 91,000 | 81,000 | 91,000 | 80,000 | 78,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 1,000 | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (4,000) | (2,000) | (13,000) | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 0 | (1,000) | (1,000) | ||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 1,000 | 1,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,000 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 1,000 | ||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | 26,000 | 72,000 | 70,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (39,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (5,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (40,000) | |||||||
Fair Value, Inputs, Level 3 [Member] | Loans Receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,998,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 65,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (38,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (241,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 65,000 | |||||||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 3,215,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 35,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (46,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (19,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 35,000 | |||||||
Loan Origination Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | 1,682,000 | 2,784,000 | 2,718,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (409,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (413,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (214,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (409,000) | |||||||
Loan Origination Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | Loans Receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | 1,682,000 | 2,784,000 | 2,144,000 | 2,943,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (231,000) | (10,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (162,000) | (67,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (69,000) | (81,000) | ||||||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 84,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (6,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (6,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (6,000) | |||||||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | 26,000 | 72,000 | 38,000 | 74,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (11,000) | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (1,000) | (2,000) | ||||||
Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | 2,026,000 | 3,184,000 | $ 3,320,000 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (770,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (505,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (18,000) | |||||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (770,000) | |||||||
Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | $ 2,026,000 | $ 3,184,000 | $ 2,533,000 | $ 3,175,000 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (312,000) | 85,000 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | $ (194,000) | $ (77,000) |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Changes in Level 3 Fair Value Category (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) level3FinancialInstruments | Sep. 30, 2021 USD ($) level3FinancialInstruments | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis Asset or Liability, Transfers into or out of Level 3 | level3FinancialInstruments | 0 | 0 | ||||||
Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 3,812,000 | $ 6,132,000 | $ 3,812,000 | $ 6,132,000 | $ 4,795,000 | $ 6,199,000 | $ 6,273,000 | $ 6,376,000 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (553,000) | 75,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (360,000) | (146,000) | (932,000) | (83,000) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (553,000) | 76,000 | (1,217,000) | 94,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (360,000) | (146,000) | (932,000) | (83,000) | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (71,000) | (83,000) | (239,000) | (269,000) | ||||
Level 3 [Member] | Investment Contracts [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | 2,026,000 | 3,184,000 | 3,320,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (770,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (505,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (18,000) | |||||||
Level 3 [Member] | Loans [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | 1,682,000 | 2,784,000 | 2,718,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (409,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (413,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (214,000) | |||||||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 84,000 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (6,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (6,000) | |||||||
Level 3 [Member] | Loans Receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,998,000 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 65,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (38,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (241,000) | |||||||
Level 3 [Member] | Loans Receivable [Member] | Loans [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 1,682,000 | 2,784,000 | 1,682,000 | 2,784,000 | 2,144,000 | 2,943,000 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (231,000) | (10,000) | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (162,000) | (67,000) | (413,000) | (38,000) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (231,000) | (10,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (162,000) | (67,000) | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (69,000) | (81,000) | ||||||
Level 3 [Member] | Investments [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 78,000 | 91,000 | 78,000 | 91,000 | 81,000 | 91,000 | 80,000 | 78,000 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (4,000) | (2,000) | (13,000) | 1,000 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 1,000 | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (4,000) | (2,000) | (13,000) | 1,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 1,000 | 13,000 | 1,000 | 13,000 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 0 | (1,000) | (1,000) | ||||
Level 3 [Member] | Other Assets [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,000 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | 0 | 1,000 | ||||||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | 26,000 | 72,000 | $ 70,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (39,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (5,000) | |||||||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 26,000 | 72,000 | 26,000 | 72,000 | 38,000 | 74,000 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (11,000) | 0 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (11,000) | 0 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (1,000) | (2,000) | ||||||
Level 3 [Member] | Corporate Debt Securities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | $ 3,215,000 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | 35,000 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | (46,000) | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Purchases | 0 | |||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Settlements | (19,000) | |||||||
Level 3 [Member] | Corporate Debt Securities [Member] | Investment Contracts [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability | 2,026,000 | 3,184,000 | 2,026,000 | 3,184,000 | $ 2,533,000 | $ 3,175,000 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (312,000) | 85,000 | ||||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (194,000) | (77,000) | $ (505,000) | $ (46,000) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Earnings | (312,000) | 85,000 | ||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Gain Loss Included In Other Comprehensive Income Loss | $ (194,000) | $ (77,000) |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Gains and Losses (Realized and Unrealized) Relating to Level 3 Assets and Liabilities Included in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses included in earnings for the period | $ 0 | $ 0 | $ 1 | $ 1 | |
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | 0 | 0 | $ 0 | 0 | |
Interest Rate Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (6) | (40) | |||
Gain (Loss) on Derivative Instruments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses included in earnings for the period | (11) | 0 | (39) | $ (6) | |
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (11) | 0 | |||
Income Loss On Variable Interest Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses included in earnings for the period | (543) | 76 | 100 | (1,179) | |
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | (543) | 76 | 100 | (1,179) | |
Other Income or (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses included in earnings for the period | 0 | 0 | 0 | 0 | |
Fair Value Asset Or Liability Measured On Recurring Basis Change In Unrealized Gains Losses Still Held | $ 0 | $ 0 | $ 0 | $ 0 |
Insurance Contracts - Additiona
Insurance Contracts - Additional Information (Details) $ in Thousands, € in Millions, £ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 GBP (£) | Sep. 30, 2021 EUR (€) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Insurance [Line Items] | ||||||||||||
Reinsurance Recoverable Credit Exposure | $ 55,000 | $ 55,000 | $ 31,000 | |||||||||
Reinsurance Recoverable, Allowance for Credit Loss | 75 | 75 | 10 | |||||||||
Public Finance Puerto Rico Net Par Outstanding | 467,000 | 467,000 | ||||||||||
Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Rmbs Subrogation | 1,811,000 | 1,811,000 | 1,730,000 | |||||||||
Financial Guarantee Insurance Contracts, Premium Receivable | $ 259,000 | $ 325,000 | $ 259,000 | $ 325,000 | $ 320,000 | $ 370,000 | ||||||
Estimated Future Premium Payments Weighted Average Discounted Rate | 2.90% | 2.90% | 2.20% | 2.90% | 2.90% | |||||||
Reinsurance Payable | $ 33,000 | $ 33,000 | $ 33,000 | |||||||||
Weighted average period of future premiums | 8 years 1 month 6 days | 8 years | ||||||||||
Uncollectable premium receivables | 6,000 | $ 6,000 | $ 9,000 | |||||||||
Accelerated premium revenue for retired obligations | (1,735) | 0 | 4,532 | 0 | ||||||||
Reinsurance recoveries of losses included in losses and loss expenses | (30,000) | 2,000 | ||||||||||
Subrogation recoveries, net of reinsurance | (1,785,000) | (1,785,000) | (1,704,000) | |||||||||
Amortization of intangible assets | 6,000 | 11,000 | 34,000 | 44,000 | ||||||||
Intangible assets | 318,000 | 318,000 | 362,000 | |||||||||
Possible Increase in Loss Reserves Related to Puerto Rico | 145,000 | 145,000 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,071,000 | 1,121,000 | 1,071,000 | 1,121,000 | 1,098,000 | $ 846,000 | $ 1,123,000 | $ 1,140,000 | ||||
Stockholders Equity After Possible Increase in Domestic Public Finance Loss Reserves | 926,000 | 926,000 | ||||||||||
Stockholders Equity After Possible Inability to Realize R&W Subrogation Recoveries | 973,000 | 973,000 | ||||||||||
Uncollateralized Credit Exposure Supported by Unlimited Uncapped Indemnity | 47,000 | 47,000 | $ 30,000 | |||||||||
Past Due Premiums | 0 | 0 | $ 0 | 0 | ||||||||
Loss Reserves [Member] | ||||||||||||
Insurance [Line Items] | ||||||||||||
Weighted average risk-free rate used to discount loss reserves | 3.80% | 1.20% | ||||||||||
United Kingdom, Pounds | ||||||||||||
Insurance [Line Items] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable | 73,000 | 108,000 | $ 73,000 | 108,000 | £ 66 | £ 80 | ||||||
Euro Member Countries, Euro | ||||||||||||
Insurance [Line Items] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable | $ 14,000 | $ 16,000 | $ 14,000 | $ 16,000 | € 14 | € 14 |
Financial Guarantee Insurance C
Financial Guarantee Insurance Contracts - Summary of Gross Premium Receivable Roll-Forward (Direct and Assumed Contracts) (Details) $ in Thousands, € in Millions, £ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 EUR (€) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 GBP (£) | Sep. 30, 2021 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Insurance [Line Items] | ||||||||||||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 6,000 | $ 10,000 | $ 6,000 | $ 10,000 | $ 6,000 | $ 9,000 | $ 11,000 | $ 17,000 | ||||
Financial Guarantee Insurance Contracts, Accelerated Premium Revenue, Amount | (1,735) | 0 | 4,532 | 0 | ||||||||
Past Due Premiums Receivable | 49 | 49 | 19 | |||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Beginning premium receivable | 320,000 | 370,000 | ||||||||||
Premium receipts | 30,000 | 28,000 | ||||||||||
Adjustments for changes in expected and contractual cash flows | (21,000) | (25,000) | ||||||||||
Accretion of premium receivable discount | 6,000 | 6,000 | ||||||||||
Uncollectable premiums | 3,000 | 7,000 | ||||||||||
Other adjustments (including foreign exchange) | (20,000) | (4,000) | ||||||||||
Ending premium receivable | 259,000 | 325,000 | 259,000 | 325,000 | ||||||||
Premium Receivable, Allowance for Credit Loss | 6,000 | 6,000 | 9,000 | |||||||||
Premium Receivable, Credit Loss Expense (Reversal) | (1,000) | (1,000) | (3,000) | (6,000) | ||||||||
Premium Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | (1,000) | ||||||||
Premium Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | ||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 34 | 34 | 14 | |||||||||
Premiums Receivable, Gross | 264,000 | 264,000 | 329,000 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,071,000 | 1,121,000 | 1,071,000 | 1,121,000 | $ 846,000 | 1,098,000 | $ 1,123,000 | $ 1,140,000 | ||||
Premiums Receivable, Net | 268,000 | 268,000 | 323,000 | |||||||||
Real Estate [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Other investments | 34,000 | 34,000 | 33,000 | |||||||||
Real Estate [Member] | Foreign Exchange | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Other adjustments (including foreign exchange) | (19,000) | (3,000) | ||||||||||
Specialty Property & Casualty Program | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 9,000 | 9,000 | 2,000 | |||||||||
Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 152,000 | 152,000 | 159,000 | |||||||||
Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 24,000 | 24,000 | 45,000 | |||||||||
International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 88,000 | 88,000 | 125,000 | |||||||||
I/SL [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 222,000 | 222,000 | 277,000 | |||||||||
I/SL [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 145,000 | 145,000 | 151,000 | |||||||||
I/SL [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 5,000 | 5,000 | 19,000 | |||||||||
I/SL [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 72,000 | 72,000 | 107,000 | |||||||||
IA [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 10,000 | 10,000 | 12,000 | |||||||||
IA [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 3,000 | 3,000 | 3,000 | |||||||||
IA [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 1,000 | 1,000 | 1,000 | |||||||||
IA [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 6,000 | 6,000 | 8,000 | |||||||||
II [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 5,000 | 5,000 | 6,000 | |||||||||
II [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 5,000 | 5,000 | 5,000 | |||||||||
II [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 1,000 | |||||||||
II [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
III [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 16,000 | 16,000 | 22,000 | |||||||||
III [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
III [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 8,000 | 8,000 | 12,000 | |||||||||
III [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 9,000 | 9,000 | 11,000 | |||||||||
IV [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 11,000 | 11,000 | 12,000 | |||||||||
IV [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
IV [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 11,000 | 11,000 | 12,000 | |||||||||
IV [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
United Kingdom, Pounds | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Ending premium receivable | 73,000 | £ 66 | 108,000 | £ 80 | 73,000 | 108,000 | ||||||
Euro Member Countries, Euro | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Ending premium receivable | 14,000 | € 14 | $ 16,000 | € 14 | 14,000 | $ 16,000 | ||||||
Other Public Finance Sectors [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 2,000 | 2,000 | 2,000 | |||||||||
Other Public Finance Sectors [Member] | I/SL [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 2,000 | 2,000 | 2,000 | |||||||||
Other Public Finance Sectors [Member] | IA [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Public Finance Sectors [Member] | II [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Public Finance Sectors [Member] | III [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Public Finance Sectors [Member] | IV [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other International [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 3,000 | 3,000 | 5,000 | |||||||||
Other International [Member] | I/SL [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 3,000 | 3,000 | 5,000 | |||||||||
Other International [Member] | IA [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other International [Member] | II [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other International [Member] | III [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other International [Member] | IV [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Mortgage Backed And Home Equity [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 12,000 | 12,000 | 16,000 | |||||||||
Mortgage Backed And Home Equity [Member] | I/SL [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 1,000 | |||||||||
Mortgage Backed And Home Equity [Member] | IA [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Mortgage Backed And Home Equity [Member] | II [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 1,000 | |||||||||
Mortgage Backed And Home Equity [Member] | III [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 2,000 | |||||||||
Mortgage Backed And Home Equity [Member] | IV [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 11,000 | 11,000 | 12,000 | |||||||||
Structured Insurance [Domain] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 10,000 | |||||||||||
Structured Insurance [Domain] | I/SL [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 10,000 | |||||||||||
Structured Insurance [Domain] | IA [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | |||||||||||
Structured Insurance [Domain] | II [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | |||||||||||
Structured Insurance [Domain] | III [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | |||||||||||
Structured Insurance [Domain] | IV [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | |||||||||||
Student Loans [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 9,000 | 9,000 | 12,000 | |||||||||
Student Loans [Member] | I/SL [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 1,000 | 1,000 | 1,000 | |||||||||
Student Loans [Member] | IA [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 1,000 | 1,000 | 1,000 | |||||||||
Student Loans [Member] | II [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Student Loans [Member] | III [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 7,000 | 7,000 | 9,000 | |||||||||
Student Loans [Member] | IV [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Structured Finance [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 4,000 | 4,000 | 7,000 | |||||||||
Other Structured Finance [Member] | I/SL [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 4,000 | 4,000 | 7,000 | |||||||||
Other Structured Finance [Member] | IA [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Structured Finance [Member] | II [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Structured Finance [Member] | III [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Other Structured Finance [Member] | IV [Member] | Structured Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Sovereign And Sub Sovereign [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 68,000 | 68,000 | 93,000 | |||||||||
Sovereign And Sub Sovereign [Member] | I/SL [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 53,000 | 53,000 | 74,000 | |||||||||
Sovereign And Sub Sovereign [Member] | IA [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 6,000 | 6,000 | 8,000 | |||||||||
Sovereign And Sub Sovereign [Member] | II [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Sovereign And Sub Sovereign [Member] | III [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 9,000 | 9,000 | 11,000 | |||||||||
Sovereign And Sub Sovereign [Member] | IV [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Investor Owned And Public Utilities [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 16,000 | 16,000 | 28,000 | |||||||||
Investor Owned And Public Utilities [Member] | I/SL [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 16,000 | 16,000 | 28,000 | |||||||||
Investor Owned And Public Utilities [Member] | IA [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Investor Owned And Public Utilities [Member] | II [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Investor Owned And Public Utilities [Member] | III [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Investor Owned And Public Utilities [Member] | IV [Member] | International Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Housing Revenue [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 151,000 | 151,000 | 157,000 | |||||||||
Housing Revenue [Member] | I/SL [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 143,000 | 143,000 | 149,000 | |||||||||
Housing Revenue [Member] | IA [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 3,000 | 3,000 | 3,000 | |||||||||
Housing Revenue [Member] | II [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 5,000 | 5,000 | 5,000 | |||||||||
Housing Revenue [Member] | III [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | 0 | 0 | 0 | |||||||||
Housing Revenue [Member] | IV [Member] | Public Finance [Member] | ||||||||||||
Financial Guarantee Insurance Contracts, Premium Receivable [Roll Forward] | ||||||||||||
Premiums Receivable, Gross | $ 0 | $ 0 | $ 0 |
Insurance Contracts - Effect of
Insurance Contracts - Effect of Reinsurance on Premiums Written and Earned (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Direct Premiums Written | $ 16 | $ (1) | $ 83 | $ (6) |
Assumed Reinsurance Premiums Written | 0 | 0 | 0 | 0 |
Ceded Reinsurance Premiums Written | 17 | 14 | 63 | 29 |
Premiums written, net of reinsurance | 0 | 15 | (21) | 36 |
Direct Premiums Earned | 30 | 15 | 83 | 46 |
Assumed Reinsurance Premiums Earned | 0 | 0 | 0 | 0 |
Ceded Reinsurance Premiums Earned | $ 19 | $ 4 | $ 43 | $ 10 |
Insurance Contracts - Summarize
Insurance Contracts - Summarized Future Gross Undiscounted Premiums Expected to be Collected, and Future Expected Premiums Earned, Net of Reinsurance (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Future premiums expected to be collected, December 31, 2021 | $ 6 |
Future premiums expected to be collected, December 31, 2022 | 27 |
Future premiums expected to be collected, December 31, 2023 | 26 |
Future premiums expected to be collected, December 31, 2024 | 25 |
Future premiums expected to be collected, December 31, 2025 | 24 |
Future premiums expected to be collected, December 31, 2030 | 102 |
Future premiums expected to be collected, December 31, 2035 | 67 |
Future premiums expected to be collected, December 31, 2040 | 31 |
Future premiums expected to be collected, December 31, 2045 | 15 |
Future premiums expected to be collected, December 31, 2050 | 5 |
Future premiums expected to be collected, December 31, 2055 | 0 |
Future premiums expected to be collected, Total | 328 |
Future expected premiums to be earned, net of reinsurance, December 31, 2021 | 6 |
Future expected premiums to be earned, net of reinsurance, December 31, 2022 | 21 |
Future expected premiums to be earned, net of reinsurance, December 31, 2023 | 20 |
Future expected premiums to be earned, net of reinsurance, December 31, 2024 | 20 |
Future expected premiums to be earned, net of reinsurance, December 31, 2025 | 19 |
Future expected premiums to be earned, net of reinsurance, December 31, 2030 | 80 |
Future expected premiums to be earned, net of reinsurance, December 31, 2035 | 50 |
Future expected premiums to be earned, net of reinsurance, December 31, 2040 | 20 |
Future expected premiums to be earned, net of reinsurance, December 31, 2045 | 9 |
Future expected premiums to be earned, net of reinsurance, December 31, 2050 | 3 |
Future expected premiums to be earned, net of reinsurance, December 31, 2055 | 0 |
Future expected premiums to be earned, net of reinsurance, Total | $ 248 |
Insurance Contracts Financial G
Insurance Contracts Financial Guarantee Insurance Contracts - Components of Loss and Loss Expense Reserves and Subrogation Recoverable (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of Loss and Loss Expense Reserves and Subrogation Recoverable [Line Items] | ||||
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 1 | |||
Policyholder Benefits and Claims Incurred, Ceded | $ 30 | (2) | ||
Subrogation recoverable | (1,949) | $ (2,092) | ||
Claim liability reported on Balance Sheet, before reinsurance | (1,015) | (554) | ||
Liability for Claims and Claims Adjustment Expense | 1,009 | 1,570 | ||
Liability for Claim and Claim Adjustment Expenses Net of Subrogation recoverables | (940) | $ (549) | (522) | $ (397) |
Property and Casualty, Commercial Insurance | ||||
Components of Loss and Loss Expense Reserves and Subrogation Recoverable [Line Items] | ||||
Liability for Claims and Claims Adjustment Expense | 75 | 32 | ||
Liability for Claim and Claim Adjustment Expenses Net of Subrogation recoverables | 75 | 32 | ||
Present Value of Expected Net Cash Flows- Claims and Loss Expenses [Member] | ||||
Components of Loss and Loss Expense Reserves and Subrogation Recoverable [Line Items] | ||||
Subrogation recoverable | 37 | 88 | ||
Claim liability reported on Balance Sheet, before reinsurance | 1,211 | 1,837 | ||
Liability for Claims and Claims Adjustment Expense | 1,174 | 1,749 | ||
Present Value of Expected Net Cash Flows-Recoveries [Member] | ||||
Components of Loss and Loss Expense Reserves and Subrogation Recoverable [Line Items] | ||||
Subrogation recoverable | (1,986) | (2,180) | ||
Claim liability reported on Balance Sheet, before reinsurance | (2,192) | (2,335) | ||
Liability for Claims and Claims Adjustment Expense | (205) | (155) | ||
Unearned Premium Reserve [Member] | ||||
Components of Loss and Loss Expense Reserves and Subrogation Recoverable [Line Items] | ||||
Subrogation recoverable | 0 | 0 | ||
Claim liability reported on Balance Sheet, before reinsurance | (34) | (56) | ||
Liability for Claims and Claims Adjustment Expense | $ (34) | $ (56) |
Insurance Contracts - Summary o
Insurance Contracts - Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss And Loss Adjustment Expense Reserves [Line Items] | ||||
Impact of VIE Consolidation on Gross Loss and Loss Reserves | $ (292) | $ 0 | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Beginning balance of net loss and loss expense reserves | (578) | (430) | ||
Current Year Claims and Claims Adjustment Expense | 6 | 0 | ||
Prior Year Claims and Claims Adjustment Expense | (347) | (73) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | (341) | (73) | ||
Claim and loss expense payments, net of subrogation and reinsurance | 1 | 0 | ||
Claim and loss expense (payments) recoveries, net of subrogation and reinsurance | 195 | (74) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (195) | 74 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (3) | 0 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | (727) | (577) | $ (578) | $ (430) |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 79 | 29 | 55 | 33 |
Policyholder Benefits and Claims Incurred, Ceded | 30 | (2) | ||
Net Incurred RMBS Subrogation Recoveries | (80) | (19) | ||
Ceded Loss And Loss Expenses Paid Not Yet Recovered | 1 | |||
Liability for Claim and Claim Adjustment Expenses Net of Subrogation recoverables | (940) | $ (549) | (522) | $ (397) |
Financial Guarantee | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Ceded Loss And Loss Expenses Paid Not Yet Recovered | 0 | 0 | ||
Loss Reserves Ceded To Reinsurers | $ 10 | $ 24 |
Insurance Contracts - Summary_2
Insurance Contracts - Summary of Information Related to Policies Currently Included in Ambac's Loss Reserves or Subrogation Recoverable (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) Policies | Dec. 31, 2021 USD ($) Policies | Sep. 30, 2021 USD ($) | |
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 1 | ||
Number of policies | Policies | 180 | 205 | |
Remaining weighted-average contract period (in years) | 13 years | 14 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 4,813 | $ 6,302 | |
Interest | 1,847 | 2,984 | |
Total | 6,660 | 9,286 | |
Gross undiscounted claim liability | 1,694 | 2,095 | |
Discount, gross claim liability | 521 | 303 | |
Gross claim liability before all subrogation and before reinsurance | 1,173 | 1,792 | |
Less: | |||
Gross RMBS subrogation | (1,814) | (1,737) | |
Discount, RMBS subrogation | 3 | 7 | |
Discounted RMBS subrogation, before reinsurance | (1,811) | (1,730) | |
Less: | |||
Gross other subrogation | (436) | (633) | |
Discount, other subrogation | 56 | 28 | |
Discounted other subrogation, before reinsurance | (380) | (605) | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | (1,019) | (543) | |
Less: Unearned premium reserves | (34) | (56) | |
Plus: Loss adjustment expenses reserves | 38 | 45 | |
Claim liability reported on Balance Sheet, before reinsurance | (1,015) | (554) | |
Reinsurance recoverable reported on Balance Sheet | 10 | 23 | |
Financial Guarantee | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Ceded Loss And Loss Expenses Paid Not Yet Recovered | 1 | ||
Financial Guarantee | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Loss Reserves Ceded To Reinsurers | 10 | 24 | |
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 0 | $ 0 | |
I/SL [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 27 | 34 | |
Remaining weighted-average contract period (in years) | 7 years | 9 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 1,046 | $ 904 | |
Interest | 417 | 589 | |
Total | 1,464 | 1,493 | |
Gross undiscounted claim liability | 4 | 5 | |
Discount, gross claim liability | 1 | 0 | |
Gross claim liability before all subrogation and before reinsurance | 3 | 5 | |
Less: | |||
Gross RMBS subrogation | 0 | 0 | |
Discount, RMBS subrogation | 0 | 0 | |
Discounted RMBS subrogation, before reinsurance | 0 | 0 | |
Less: | |||
Gross other subrogation | 0 | 0 | |
Discount, other subrogation | 0 | 0 | |
Discounted other subrogation, before reinsurance | 0 | 0 | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | 3 | 5 | |
Less: Unearned premium reserves | (2) | (3) | |
Plus: Loss adjustment expenses reserves | 1 | 1 | |
Claim liability reported on Balance Sheet, before reinsurance | 3 | 3 | |
Reinsurance recoverable reported on Balance Sheet | $ 1 | $ 1 | |
IA [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 8 | 15 | |
Remaining weighted-average contract period (in years) | 19 years | 12 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 215 | $ 840 | |
Interest | 203 | 612 | |
Total | 419 | 1,452 | |
Gross undiscounted claim liability | 4 | 16 | |
Discount, gross claim liability | 1 | 1 | |
Gross claim liability before all subrogation and before reinsurance | 3 | 15 | |
Less: | |||
Gross RMBS subrogation | 0 | 0 | |
Discount, RMBS subrogation | 0 | 0 | |
Discounted RMBS subrogation, before reinsurance | 0 | 0 | |
Less: | |||
Gross other subrogation | (4) | (5) | |
Discount, other subrogation | 0 | 0 | |
Discounted other subrogation, before reinsurance | (4) | (5) | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | 0 | 10 | |
Less: Unearned premium reserves | (3) | (10) | |
Plus: Loss adjustment expenses reserves | 0 | 0 | |
Claim liability reported on Balance Sheet, before reinsurance | (3) | 1 | |
Reinsurance recoverable reported on Balance Sheet | $ 0 | $ 1 | |
II [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 8 | 7 | |
Remaining weighted-average contract period (in years) | 14 years | 14 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 459 | $ 459 | |
Interest | 296 | 308 | |
Total | 755 | 767 | |
Gross undiscounted claim liability | 45 | 45 | |
Discount, gross claim liability | 7 | 3 | |
Gross claim liability before all subrogation and before reinsurance | 37 | 42 | |
Less: | |||
Gross RMBS subrogation | 0 | 0 | |
Discount, RMBS subrogation | 0 | 0 | |
Discounted RMBS subrogation, before reinsurance | 0 | 0 | |
Less: | |||
Gross other subrogation | 0 | 0 | |
Discount, other subrogation | 0 | 0 | |
Discounted other subrogation, before reinsurance | 0 | 0 | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | 37 | 42 | |
Less: Unearned premium reserves | (5) | (5) | |
Plus: Loss adjustment expenses reserves | 0 | 0 | |
Claim liability reported on Balance Sheet, before reinsurance | 33 | 38 | |
Reinsurance recoverable reported on Balance Sheet | $ 9 | $ 10 | |
III [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 13 | 14 | |
Remaining weighted-average contract period (in years) | 14 years | 15 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 974 | $ 1,300 | |
Interest | 159 | 169 | |
Total | 1,134 | 1,469 | |
Gross undiscounted claim liability | 444 | 544 | |
Discount, gross claim liability | 161 | 109 | |
Gross claim liability before all subrogation and before reinsurance | 283 | 435 | |
Less: | |||
Gross RMBS subrogation | 0 | 0 | |
Discount, RMBS subrogation | 0 | 0 | |
Discounted RMBS subrogation, before reinsurance | 0 | 0 | |
Less: | |||
Gross other subrogation | (32) | (33) | |
Discount, other subrogation | 5 | 2 | |
Discounted other subrogation, before reinsurance | (26) | (31) | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | 257 | 404 | |
Less: Unearned premium reserves | (8) | (14) | |
Plus: Loss adjustment expenses reserves | 3 | 4 | |
Claim liability reported on Balance Sheet, before reinsurance | 252 | 394 | |
Reinsurance recoverable reported on Balance Sheet | $ 21 | $ 22 | |
IV [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 119 | 130 | |
Remaining weighted-average contract period (in years) | 12 years | 13 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 2,084 | $ 2,759 | |
Interest | 751 | 1,284 | |
Total | 2,834 | 4,043 | |
Gross undiscounted claim liability | 1,142 | 1,423 | |
Discount, gross claim liability | 342 | 185 | |
Gross claim liability before all subrogation and before reinsurance | 800 | 1,238 | |
Less: | |||
Gross RMBS subrogation | (1,814) | (1,737) | |
Discount, RMBS subrogation | 3 | 7 | |
Discounted RMBS subrogation, before reinsurance | (1,811) | (1,730) | |
Less: | |||
Gross other subrogation | (388) | (583) | |
Discount, other subrogation | 46 | 24 | |
Discounted other subrogation, before reinsurance | (342) | (559) | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | (1,353) | (1,051) | |
Less: Unearned premium reserves | (16) | (24) | |
Plus: Loss adjustment expenses reserves | 34 | 40 | |
Claim liability reported on Balance Sheet, before reinsurance | (1,336) | (1,036) | |
Reinsurance recoverable reported on Balance Sheet | $ (21) | $ (11) | |
V [Member] | |||
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Number of policies | Policies | 5 | 5 | |
Remaining weighted-average contract period (in years) | 7 years | 7 years | |
Gross insured contractual payments outstanding: | |||
Principal | $ 34 | $ 40 | |
Interest | 21 | 22 | |
Total | 55 | 62 | |
Gross undiscounted claim liability | 55 | 62 | |
Discount, gross claim liability | 10 | 4 | |
Gross claim liability before all subrogation and before reinsurance | 45 | 57 | |
Less: | |||
Gross RMBS subrogation | 0 | 0 | |
Discount, RMBS subrogation | 0 | 0 | |
Discounted RMBS subrogation, before reinsurance | 0 | 0 | |
Less: | |||
Gross other subrogation | (12) | (12) | |
Discount, other subrogation | 4 | 2 | |
Discounted other subrogation, before reinsurance | (8) | (10) | |
Gross claim liability, net of all subrogation and discounts, before reinsurance | 37 | 47 | |
Less: Unearned premium reserves | (1) | (1) | |
Plus: Loss adjustment expenses reserves | 0 | 0 | |
Claim liability reported on Balance Sheet, before reinsurance | 36 | 46 | |
Reinsurance recoverable reported on Balance Sheet | $ 0 | $ 0 |
Insurance Contracts - Summary_3
Insurance Contracts - Summary of Information Related to Policies Currently Included in Ambac's Loss Reserves or Subrogation Recoverable (Phantom) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Schedule of Insured Financial Obligations with Credit Deterioration [Line Items] | |||
Loss and loss expense reserves | $ 1,009 | $ 1,570 | |
Subrogation recoverable | (1,949) | (2,092) | |
Liability for Claims | $ 1,009 | $ 1,570 | |
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 1 |
Insurance Contracts - Summary_4
Insurance Contracts - Summary of Balance of RMBS Subrogation Recoveries and Related Claim Liabilities, by Estimation Approach (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Balance Of Rmbs Subrogation Recoveries And Related Claim Liabilities By Estimation Approach [Line Items] | ||
Balance Of Rmbs Subrogation Recoveries Net Of Reinsurance | $ (1,785) | $ (1,704) |
Subrogation recoveries | $ 1,811 | $ 1,730 |
Insurance Contracts Financial_2
Insurance Contracts Financial Guarantee Insurance Contracts - Summary of Percentage Ceded to Reinsurers and Reinsurance Recoverable and Rating Levels (Details) $ in Millions | Sep. 30, 2021 USD ($) |
Insurance [Abstract] | |
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 1 |
Insurance Contracts - Estimated
Insurance Contracts - Estimated Future Amortization Expense for Insurance Intangible Asset (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Amortization Of Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 6 | $ 11 | $ 34 | $ 44 | |
2019 | 8 | 8 | |||
2020 | 30 | 30 | |||
2021 | 28 | 28 | |||
2022 | 26 | 26 | |||
2023 | 24 | 24 | |||
Thereafter | 187 | 187 | |||
Intangible assets | 318 | $ 318 | $ 362 | ||
Insurance Intangible Asset [Member] | |||||
Amortization Of Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 3 months 18 days | ||||
Amortization of intangible assets | 5 | $ 10 | $ 32 | $ 42 | |
Intangible Assets, Gross (Excluding Goodwill) | 1,233 | 1,233 | 1,278 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 961 | 961 | 958 | ||
2019 | 7 | 7 | |||
2020 | 28 | 28 | |||
2021 | 25 | 25 | |||
2022 | 23 | 23 | |||
2023 | 21 | 21 | |||
Thereafter | 167 | 167 | |||
Intangible assets | $ 272 | $ 272 | $ 320 |
Insurance - Summary of Percenta
Insurance - Summary of Percentage Ceded to Reinsurers and Reinsurance Recoverable and Rating Levels (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Summary of Ceded Par and Net Unsecured Reinsurance Recoverable [Line Items] | |||
Reinsurance Recoverable, Allowance for Credit Loss | $ 75 | $ 10 | |
Ceded Loss And Loss Expenses Paid Not Yet Recovered | $ 1,000 |
Insurance Contracts Financial_3
Insurance Contracts Financial Guarantee Insurance Contracts - Insurance Intangible Asset (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Intangible assets | $ 318 | $ 318 | $ 362 | ||
Amortization of intangible assets | $ 6 | $ 11 | $ 34 | $ 44 |
Insurance Contracts-Puerto Rico
Insurance Contracts-Puerto Rico | Sep. 30, 2022 USD ($) level3FinancialInstruments | Jul. 08, 2022 USD ($) | Mar. 15, 2022 USD ($) |
Insurance [Line Items] | |||
Percent of Par of AACs Outstanding AAC-Insured PRIFA Eliminated | 19% | ||
Amount of AAC-Insured Par of PRIFA and CCDA Eliminated | $ 172,000,000 | ||
Cash Shared by PRHTA Creditors Under the PRHTA/CCDA/PSA | $ 389,000,000 | ||
Percent of Creditor Clawback of SUE, Subject to Lifetime Cap | 69% | ||
Lifetime Cap of Creditor Clawback of SUI | $ 3,698,000,000 | ||
New PRHTA Bonds to be Issued | 1,245,000,000 | ||
Percent of Par of AACs Outstanding AAC-Insured PRIFA Eliminated | 39% | ||
AAC Insured GO / PBA Bonds Satisfied or Eliminated | $ 94 | ||
Interim Distribution to AAC of Cash | 19,000,000 | ||
interim Distribution to AAC of Notional Value of Clawback CVI | 295,000,000 | ||
Interim Distribution Requiring Future Distribution | $ 122,000,000 | ||
Number of AAC-insured PRHTA bondholders with Claim Options | level3FinancialInstruments | 98 | ||
Cash Portion of Commutation Payment | 48% | ||
Percent Electing Option One | 21% | ||
Percent Electing Option Two | 79% | ||
PRHTA 1968 Bonds | |||
Insurance [Line Items] | |||
New PRHTA Bonds to be Issued | 646,400,000 | ||
PRHTA 1998 Bonds | |||
Insurance [Line Items] | |||
New PRHTA Bonds to be Issued | $ 598,600,000 |
Insurance Contracts - Premium E
Insurance Contracts - Premium Earned (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Insurance [Line Items] | |||||
Premiums Earned, Net | $ 11 | $ 11 | $ 39 | $ 36 | |
Direct Premiums Written | 16 | (1) | 83 | (6) | |
Direct Premiums Earned | 30 | 15 | 83 | 46 | |
Assumed Reinsurance Premiums Written | 0 | 0 | 0 | 0 | |
Assumed Reinsurance Premiums Earned | 0 | 0 | 0 | 0 | |
Ceded Premiums Written | 17 | 14 | 63 | 29 | |
Ceded Reinsurance Premiums Earned | 19 | 4 | 43 | 10 | |
Premiums Written, Net | 0 | (15) | 21 | (36) | |
Premiums Receivable, Net | $ 268 | $ 268 | $ 323 | ||
Estimated Future Premium Payments Weighted Average Discounted Rate | 2.90% | 2.90% | 2.20% | ||
Weighted average period of future premiums | 8 years 1 month 6 days | 8 years | |||
Reportable Geographical Components [Member] | United States [Member] | |||||
Insurance [Line Items] | |||||
Premiums Earned, Net | $ 7 | 7 | $ 27 | 21 | |
Reportable Geographical Components [Member] | United Kingdom [Member] | |||||
Insurance [Line Items] | |||||
Premiums Earned, Net | 3 | 3 | 10 | 10 | |
Reportable Geographical Components [Member] | Other International [Member] | |||||
Insurance [Line Items] | |||||
Premiums Earned, Net | $ 1 | $ 1 | $ 2 | $ 5 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Gross Fair Values of Individual Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 8 | $ 13 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet, Derivative Assets | 28 | 76 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet, Derivative Liabilities | 40 | 95 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 40 | |
Gross Amount of Collateral Received/Pledged Not Offset in the Consolidated Balance Sheet, Derivative Liabilities | 93 | |
Net Amount, Derivative Assets | 28 | 76 |
Derivative Asset, Fair Value, Gross Asset | 29 | 76 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative liabilities | 40 | 95 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liabilities Net Amount | 0 | 2 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet, Derivative Assets | 27 | 76 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet, Derivative Liabilities | 40 | 94 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 40 | 93 |
Net Amount, Derivative Assets | 27 | 76 |
Derivative Asset, Fair Value, Gross Asset | 27 | 76 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative liabilities | 40 | 94 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liabilities Net Amount | 0 | 1 |
Other Credit Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet, Derivative Liabilities | 0 | |
Derivative liabilities | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liabilities Net Amount | 0 | |
Warrants [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1 | |
Derivative Asset, Fair Value, Gross Asset | 1 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet, Derivative Assets | 60 | 38 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet, Derivative Liabilities | 1,110 | 1,940 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Gross Amount of Collateral Received/Pledged Not Offset in the Consolidated Balance Sheet, Derivative Liabilities | 0 | |
Net Amount, Derivative Assets | 60 | 38 |
Derivative Asset, Fair Value, Gross Asset | 61 | 38 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | 0 |
Derivative liabilities | 1,111 | 1,940 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | 0 |
Derivative Liabilities Net Amount | 1,110 | 1,940 |
Variable Interest Entity, Primary Beneficiary [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet, Derivative Assets | 0 | |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet, Derivative Liabilities | 1,110 | 1,940 |
Net Amount, Derivative Assets | 0 | |
Derivative Asset, Fair Value, Gross Asset | 1 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | |
Derivative liabilities | 1,111 | 1,940 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | |
Derivative Liabilities Net Amount | 1,110 | 1,940 |
Variable Interest Entity, Primary Beneficiary [Member] | Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet, Derivative Assets | 60 | 38 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |
Net Amount, Derivative Assets | 60 | 38 |
Derivative Asset, Fair Value, Gross Asset | 60 | $ 38 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 0 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | May 01, 2013 | |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||||
Value of right to reclaim cash collateral and posted margin, recorded in Other assets | $ 8,000,000 | $ 8,000,000 | $ 13,000,000 | |||
Value of obligation to return cash collateral, recorded in "Other liabilities" | 0 | 0 | ||||
Gains in change in fair value of the call options | 37,000,000 | $ 5,000,000 | 124,000,000 | $ 19,000,000 | ||
Net liability fair value of all derivative instruments linked to Ambac's own credit risk | 40,000,000 | 40,000,000 | 93,000,000 | |||
Fair value of posted assets as collateral | $ 56,000,000 | $ 56,000,000 | 109,000,000 | |||
Warrants outstanding | 4,877,617 | 4,877,617 | ||||
Exercise price of common stock | $ 16.67 | |||||
Derivative assets | $ 29,000,000 | $ 29,000,000 | $ 76,000,000 | |||
Warrants [Member] | ||||||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||||||
Derivative assets | $ 1,000,000 | $ 1,000,000 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Location and Amount of Gains and Losses of Derivative Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 37 | $ 5 | $ 124 | $ 19 |
Derivative, Gain (Loss) on Derivatives, Total Net | 304 | (77) | 680 | (29) |
Net gains (losses) on derivative contracts [Domain] | Interest Rate Swap [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 16 | 4 | 63 | 14 |
Net gains (losses) on derivative contracts [Domain] | Futures Contracts [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 22 | 1 | 59 | 5 |
Net gains (losses) on derivative contracts [Domain] | Warrants [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 1 | 0 |
Income Loss On Variable Interest Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 267 | (82) | 556 | (47) |
Income Loss On Variable Interest Entities [Member] | Interest Rate Swap [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 250 | (88) | 519 | (50) |
Income Loss On Variable Interest Entities [Member] | Currency Swaps [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 17 | $ 5 | $ 37 | $ 3 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Notional Amounts of AFS's Trading Derivative Products (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
AFS [Member] | Interest Rate Swap [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | $ 176 | $ 185 |
AFS [Member] | Interest Rate Swaps-Pay-Fixed/Receive-Variable [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | 1,042 | 1,275 |
AFS [Member] | Futures Contracts [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | 460 | 470 |
Variable Interest Entity, Primary Beneficiary [Member] | Interest Rate Swap [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | 1,008 | 1,221 |
Variable Interest Entity, Primary Beneficiary [Member] | Interest Rate Swaps-Pay-Fixed/Receive-Variable [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | 837 | 1,069 |
Other Credit Derivatives [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | $ 0 | $ 201 |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Notional for VIE Derivatives Outstanding (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Interest Rate Swap [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | $ 1,008 | $ 1,221 |
Interest Rate Swaps-Pay-Fixed/Receive-Variable [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | 837 | 1,069 |
Currency Swaps [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative products, Notional Amount | $ 211 | $ 272 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Intangible assets | $ 318 | $ 318 | $ 362 | ||
Amortization of intangible assets | 6 | $ 11 | 34 | $ 44 | |
2019 | 8 | 8 | |||
2020 | 30 | 30 | |||
2021 | 28 | 28 | |||
2022 | 26 | 26 | |||
2023 | 24 | 24 | |||
Thereafter | 187 | 187 | |||
Finite-Lived Intangible Assets, Net | 303 | 303 | 353 | ||
PWIC | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 14 | 14 | 9 | ||
Insurance Intangible Asset [Member] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 1,233 | 1,233 | 1,278 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 961 | 961 | 958 | ||
Intangible assets | 272 | 272 | 320 | ||
Amortization of intangible assets | 5 | 10 | 32 | 42 | |
2019 | 7 | 7 | |||
2020 | 28 | 28 | |||
2021 | 25 | 25 | |||
2022 | 23 | 23 | |||
2023 | 21 | 21 | |||
Thereafter | 167 | $ 167 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 3 months 18 days | ||||
Other Intangible Assets | |||||
Intangible Assets, Gross (Excluding Goodwill) | 36 | $ 36 | 36 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5 | 5 | 3 | ||
Intangible assets | 31 | 31 | $ 33 | ||
Amortization of intangible assets | 1 | $ 1 | 2 | $ 2 | |
2019 | 1 | 1 | |||
2020 | 3 | 3 | |||
2021 | 3 | 3 | |||
2022 | 3 | 3 | |||
2023 | 2 | 2 | |||
Thereafter | $ 20 | $ 20 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 9 months 18 days |
Special Purpose Entities, Inc_2
Special Purpose Entities, Including Variable Interest Entities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) consolidationVIE Entity | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Entity | Sep. 30, 2021 USD ($) consolidationVIE | Dec. 31, 2021 USD ($) Entity | |
Variable Interest Entities [Line Items] | |||||
Variable Interest Entity Change in Fair Value of Assets and Liabilities | $ (3,000,000) | $ 2,000,000 | $ (2,000,000) | $ 2,000,000 | |
Realized Investment Gains (Losses) | 14,000,000 | 3,000,000 | 31,000,000 | 4,000,000 | |
Other Operating Income (Expense), Net | 1,000,000 | 1,000,000 | 5,000,000 | 0 | |
Fair value of special purpose entities | 0 | 0 | |||
Variable Interest Entity, Measure of Activity, Income or Loss before Tax | (1,000,000) | 3,000,000 | 14,000,000 | $ 5,000,000 | |
Long-term debt | $ 2,201,000,000 | $ 2,201,000,000 | $ 2,230,000,000 | ||
Number of Variable Interest Entities Consolidated During the Period | 2 | 0 | |||
Number of Variable Interest Entities Deconsolidated During Period | consolidationVIE | 0 | 0 | |||
Gain (loss) from consolidating VIEs | $ 0 | 0 | $ 28,000,000 | $ 0 | |
Number of Trusts Established Resulting From Puerto Rico Restructuring Transaction | 2 | ||||
Consolidated Entities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Number Of Consolidated Variable Interest Entities | Entity | 8 | 8 | 6 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, before Tax | $ 1,000,000 | 0 | $ (1,000,000) | 1,000,000 | |
VIE Change in FV of Assets Liabilities, Net of Credit Risk Change | (2,000,000) | 2,000,000 | (3,000,000) | 3,000,000 | |
Gross Investment Income, Operating | 1,000,000 | 1,000,000 | |||
Interest Expense, Long-term Debt | (1,000,000) | (1,000,000) | (8,000,000) | (4,000,000) | |
Long-term debt | $ 2,752,000,000 | $ 2,752,000,000 | $ 4,216,000,000 | ||
Ambac UK [Member] | Consolidated Entities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Number Of Consolidated Variable Interest Entities | Entity | 5 | 5 | 5 | ||
Ambac UK [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Long-term debt | $ 2,603,000,000 | $ 2,603,000,000 | $ 4,056,000,000 | ||
Ambac Assurance [Member] | Consolidated Entities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Number Of Consolidated Variable Interest Entities | Entity | 3 | 3 | 1 | ||
Ambac Assurance [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Long-term debt | $ 149,000,000 | $ 149,000,000 | $ 160,000,000 | ||
Fixed Income Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Gross Investment Income, Operating | (4,000,000) | 5,000,000 | |||
Realized Investment Gains (Losses) | 1,000,000 | $ 1,000,000 | 2,000,000 | $ 2,000,000 | |
Sitka AAC Note | Ambac Assurance Corporation [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Long-term debt | 1,157,000,000 | 1,157,000,000 | 1,154,000,000 | ||
Sitka AAC Note | Ambac Assurance [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Long-term debt | $ 87,000,000 | $ 87,000,000 | $ 0 |
Special Purpose Entities, Inc_3
Special Purpose Entities, Including Variable Interest Entities - Summary of Fair Value of Fixed Income Securities, by Asset-Type, Held by Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 2,060 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | $ 141 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 116 | 16 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entities [Line Items] | ||
Loans Unpaid Principal Balance | 1,878 | 2,363 |
Long Term Debt Unpaid Principal Balance | 2,884 | 3,579 |
Variable Interest Entity, Primary Beneficiary [Member] | Municipal Bonds [Member] | ||
Variable Interest Entities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 98 | 106 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | $ 29 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ (6) |
Special Purpose Entities, Inc_4
Special Purpose Entities, Including Variable Interest Entities - Supplemental Information about Loans Held as Assets and Long-Term Debt Associated with Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Long-term debt | $ 2,201 | $ 2,230 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entities [Line Items] | ||
Long-term debt | 2,752 | 4,216 |
Long-term debt, Estimated fair value | 2,603 | 4,056 |
Loans Unpaid Principal Balance | 1,878 | 2,363 |
Long Term Debt Unpaid Principal Balance | $ 2,884 | $ 3,579 |
Special Purpose Entities, Inc_5
Special Purpose Entities, Including Variable Interest Entities - Summary of Carrying Amount of Assets, Liabilities and Maximum Exposure to Loss of Ambac's Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | $ 22,184 | $ 25,112 |
Insurance Assets | 2,130 | 2,195 |
Insurance Liabilities | 829 | 1,023 |
Derivative Liabilities | 1 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entities [Line Items] | ||
Derivative Liabilities | 5 | |
Global Public Finance [Member] | ||
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | 18,496 | 20,233 |
Insurance Assets | 214 | 246 |
Insurance Liabilities | 222 | 257 |
Derivative Liabilities | 0 | 0 |
Global Structured Finance [Member] | ||
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | 3,688 | 4,879 |
Insurance Assets | 1,916 | 1,949 |
Insurance Liabilities | 607 | 765 |
Derivative Liabilities | 1 | 5 |
Global Structured Finance [Member] | Residential Mortgage-Backed Securities [Member] | ||
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | 2,593 | 3,265 |
Insurance Assets | 1,908 | 1,929 |
Insurance Liabilities | 379 | 521 |
Derivative Liabilities | 0 | 0 |
Global Structured Finance [Member] | Other Consumer Asset-Backed [Member] | ||
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | 685 | 788 |
Insurance Assets | 6 | 17 |
Insurance Liabilities | 226 | 234 |
Derivative Liabilities | 0 | 0 |
Global Structured Finance [Member] | Other [Member] | ||
Variable Interest Entities [Line Items] | ||
Maximum Exposure To Loss | 410 | 826 |
Insurance Assets | 2 | 3 |
Insurance Liabilities | 3 | 10 |
Derivative Liabilities | $ 1 | $ 5 |
Variable Interest Entities Spec
Variable Interest Entities Special Purpose Entities, including Variable Interest Entities - Summary of Assets and Liabilities (Details) $ in Millions | Sep. 30, 2022 USD ($) Entity | Dec. 31, 2021 USD ($) Entity | Sep. 30, 2021 USD ($) |
Debt Securities, Available-for-sale, Amortized Cost | $ 2,060 | ||
Fixed maturity securities, at fair value | 1,977 | ||
Restricted Cash | 6 | $ 5 | $ 6 |
Derivative assets | 28 | 76 | |
Other assets | 85 | 68 | |
Total assets | 9,412 | 12,303 | 12,228 |
Interest Payable | 576 | 576 | |
Long-term debt | 2,201 | 2,230 | |
Derivative Liability | 40 | 95 | |
Other Liabilities | 244 | 133 | |
Liabilities | 8,324 | 11,187 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | 141 | |
Ambac Assurance [Member] | Sitka AAC Note | |||
Long-term debt | 87 | 0 | |
Ambac Assurance Corporation [Member] | Sitka AAC Note | |||
Long-term debt | 1,157 | 1,154 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Fixed maturity securities, at fair value | 2,119 | 3,455 | |
Restricted Cash | 2 | 2 | $ 2 |
Financing Receivable, after Allowance for Credit Loss | 1,682 | 2,718 | |
Derivative assets | 60 | 38 | |
Other assets | 1 | 2 | |
Total assets | 3,864 | 6,216 | |
Long-term debt | 2,603 | 4,056 | |
Long-term Debt, at par less amortized discount | 149 | 160 | |
Long-term debt | 2,752 | 4,216 | |
Derivative Liability | 1,110 | 1,940 | |
Liabilities | 3,862 | 6,156 | |
Variable Interest Entity, Primary Beneficiary [Member] | Corporate Debt Securities [Member] | |||
Fixed maturity securities, at fair value | 2,026 | 3,320 | |
Variable Interest Entity, Primary Beneficiary [Member] | Municipal Bonds [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost | 98 | 106 | |
Fixed maturity securities, at fair value | 92 | 136 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 29 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac UK [Member] | |||
Fixed maturity securities, at fair value | 2,026 | 3,320 | |
Restricted Cash | 1 | 1 | |
Financing Receivable, after Allowance for Credit Loss | 1,682 | 2,718 | |
Derivative assets | 60 | 38 | |
Other assets | 0 | 0 | |
Total assets | 3,769 | 6,077 | |
Long-term debt | 2,603 | 4,056 | |
Long-term Debt, at par less amortized discount | 0 | 0 | |
Long-term debt | 2,603 | 4,056 | |
Derivative Liability | 1,110 | 1,940 | |
Liabilities | 3,713 | 5,996 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac UK [Member] | Corporate Debt Securities [Member] | |||
Fixed maturity securities, at fair value | 2,026 | 3,320 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac UK [Member] | Municipal Bonds [Member] | |||
Fixed maturity securities, at fair value | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac Assurance [Member] | |||
Fixed maturity securities, at fair value | 92 | 136 | |
Restricted Cash | 1 | 1 | |
Financing Receivable, after Allowance for Credit Loss | 0 | 0 | |
Derivative assets | 0 | 0 | |
Other assets | 1 | 2 | |
Total assets | 95 | 139 | |
Long-term debt | 0 | 0 | |
Long-term Debt, at par less amortized discount | 149 | 160 | |
Long-term debt | 149 | 160 | |
Derivative Liability | 0 | 0 | |
Liabilities | 149 | 160 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac Assurance [Member] | Corporate Debt Securities [Member] | |||
Fixed maturity securities, at fair value | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Ambac Assurance [Member] | Municipal Bonds [Member] | |||
Fixed maturity securities, at fair value | $ 92 | $ 136 | |
Consolidated Entities [Member] | |||
Number Of Consolidated Variable Interest Entities | Entity | 8 | 6 | |
Consolidated Entities [Member] | Ambac UK [Member] | |||
Number Of Consolidated Variable Interest Entities | Entity | 5 | 5 | |
Consolidated Entities [Member] | Ambac Assurance [Member] | |||
Number Of Consolidated Variable Interest Entities | Entity | 3 | 1 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2021 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 1 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7 | $ 7 | 22 | $ 20 | |
Contract with Customer, Receivable, after Allowance for Credit Loss | 3 | 3 | $ 2 | ||
Contract with Customer, Asset, after Allowance for Credit Loss | 4 | 4 | 4 | ||
Contract with Customer, Liability | 1 | 1 | $ 1 | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 5 | 8 | |||
Employer Stop Loss | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2 | 2 | 7 | 6 | |
Affinity Products | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 4 | 14 | 13 | |
Other Income From Revenue From Contract with Customer | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 1 | $ 0 | |
Minimum [Member] | |||||
Employee Stop Loss Time When Base Commissions Recognized Begin and End In Months | 17 | ||||
Maximum [Member] | |||||
Employee Stop Loss Time When Base Commissions Recognized Begin and End In Months | 20 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Changes in Balances of Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (196) | $ 87 | $ 58 | $ 79 |
Other comprehensive income before reclassifications | 111 | 20 | 360 | 9 |
Amounts reclassified from accumulated other comprehensive income | (7) | (3) | (12) | (6) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (118) | (23) | (372) | (15) |
Ending Balance | (315) | 64 | (315) | 64 |
Income Tax Expense (Benefit) | 2 | 2 | 4 | 15 |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (23) | 168 | 154 | 166 |
Other comprehensive income before reclassifications | 53 | 1 | 224 | (2) |
Amounts reclassified from accumulated other comprehensive income | (6) | (3) | (12) | (4) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (59) | (4) | (236) | (2) |
Ending Balance | (82) | 164 | (82) | 164 |
Accumulated Translation Adjustment [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (177) | (84) | (100) | (92) |
Other comprehensive income before reclassifications | 58 | 19 | 136 | 11 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (58) | (19) | (136) | (11) |
Ending Balance | (235) | (103) | (235) | (103) |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 0 | (1) | (1) | 0 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (1) | 0 | 0 | (1) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1) | 0 | 0 | (1) |
Ending Balance | (1) | (1) | (1) | (1) |
Other Postretirement Benefits Plan [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 4 | 5 | 4 | 5 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (1) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | (1) | (1) |
Ending Balance | 4 | 5 | 4 | 5 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Income Tax Expense (Benefit) | 2 | 1 | 5 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Income Tax Expense (Benefit) | 0 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Postretirement Benefits Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | (1) |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (1) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | (1) |
Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Amounts Reclassed Out of Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | $ (2) | $ (2) | $ (4) | $ (15) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, after Tax | (1) | 0 | 0 | (1) |
Net of tax and noncontrolling interest | 340 | 17 | 347 | (9) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | (3) | (12) | (6) |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized investment gains | (8) | (3) | (17) | (4) |
Net of tax and noncontrolling interest | (6) | (3) | (12) | (4) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6) | (3) | (12) | (4) |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, after Tax | 1 | 0 | 0 | 1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 0 | 0 | (1) |
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, before Tax, after Reclassification Adjustment | (1) | 0 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax and noncontrolling interest | (7) | (3) | (12) | (6) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | (2) | (1) | (5) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | 0 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Financial Liability, Fair Value Option, Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | 0 | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | (1) |
Other Postretirement Benefits Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 | (1) |
Actuarial gains (losses) | 0 | 0 | 0 | 0 |
Total before tax | 0 | 0 | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 | $ 0 | $ (1) |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 05, 2022 | May 01, 2013 | Apr. 30, 2013 | |
Schedule Of Earnings Per Share [Line Items] | |||||||
Common stock, shares outstanding | 44,964,019 | 44,964,019 | |||||
Par value of common stock issued | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Exercise price of common stock | $ 16.67 | ||||||
Warrants outstanding | 4,877,617 | 4,877,617 | |||||
Earnings Per Share, Basic | $ 7.50 | $ 0.35 | $ 7.56 | $ (0.19) | |||
Earnings Per Share, Diluted | $ 7.41 | $ 0.35 | $ 7.48 | $ (0.19) | |||
Noncontrolling Interest, Change in Redemption Value | $ 0 | $ 0 | $ 0 | $ (14,000,000) | |||
Net Income (Loss) Available to Common Stockholders, Basic | 340,000,000 | $ 17,000,000 | 347,000,000 | $ (9,000,000) | |||
Stock Repurchase Program, Authorized Amount | $ 20,000,000 | $ 20,000,000 | |||||
Stock Repurchased During Period, Shares | 1,605,316 | ||||||
Common Stock Repurchase | |||||||
Schedule Of Earnings Per Share [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 15,000,000 | ||||||
Payments for Repurchase of Common Stock | $ 14,200,000 | ||||||
Payments for Common Stock per share | $ 8.86 | ||||||
Common Stock Remaining Repurchase Dollar Amount | $ 20,800,000 | ||||||
Common Stock [Member] | |||||||
Schedule Of Earnings Per Share [Line Items] | |||||||
Number of new common stock issued | (1,340,120) |
Net Income Per Share - Reconcil
Net Income Per Share - Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average number of common shares used for basic earnings per share | 45,307,019 | 46,615,552 | 45,847,306 | 46,503,196 |
Effect of potential dilutive shares: | ||||
Weighted average number of common shares and potential dilutive shares used for diluted earnings per share | 45,846,405 | 47,044,132 | 46,356,094 | 46,503,196 |
Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,877,617 | 4,877,617 | 4,877,617 | 4,877,665 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 157,991 | 244,694 | 214,941 | 466,094 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 582,254 |
Warrants [Member] | ||||
Effect of potential dilutive shares: | ||||
Effect of potential dilutive shares | 0 | 0 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Effect of potential dilutive shares: | ||||
Effect of potential dilutive shares | 179,293 | 72,061 | 105,114 | 0 |
Performance Shares [Member] | ||||
Effect of potential dilutive shares: | ||||
Effect of potential dilutive shares | 360,093 | 356,519 | 403,674 | 0 |
Net Income Per Share Schedule o
Net Income Per Share Schedule of Basic and Dilutive Securities for EPS (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted Average Number of Shares Outstanding, Basic | 45,307,019 | 46,615,552 | 45,847,306 | 46,503,196 |
Weighted Average Number of Shares Outstanding, Diluted | 45,846,405 | 47,044,132 | 46,356,094 | 46,503,196 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 157,991 | 244,694 | 214,941 | 466,094 |
Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,877,617 | 4,877,617 | 4,877,617 | 4,877,665 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 582,254 |
Performance Shares [Member] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 360,093 | 356,519 | 403,674 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 179,293 | 72,061 | 105,114 | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 |
Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2040 |
Income Taxes Income Taxes - Pro
Income Taxes Income Taxes - Provision for Income Taxes Charged To Income From Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for Income Taxes [Line Items] | ||||
Current Federal Tax Expense (Benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 329 | 8 | 338 | (2) |
Current Income Tax Expense (Benefit) | 4 | 2 | 6 | 9 |
Deferred Foreign Income Tax Expense (Benefit) | (2) | 0 | (2) | 6 |
Deferred Income Tax Expense (Benefit) | (2) | 0 | (2) | 6 |
Income Tax Expense (Benefit) | 2 | 2 | 4 | 15 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 14 | 11 | 13 | 23 |
Pretax income | 342 | 19 | 352 | 21 |
Current State and Local Tax Expense (Benefit) | 0 | 0 | 0 | 1 |
Current Foreign Tax Expense (Benefit) | $ 4 | $ 2 | $ 6 | $ 7 |
Income Taxes Income Taxes - NOL
Income Taxes Income Taxes - NOL Usage Table (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Net Income Loss Reconciliation [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 |
Maximum [Member] | |
Net Income Loss Reconciliation [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2040 |
Income Taxes Schedule of Income
Income Taxes Schedule of Income Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Income Before Income Tax, Domestic and Foreign [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 329 | $ 8 | $ 338 | $ (2) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 14 | 11 | 13 | 23 |
Pretax income | $ 342 | $ 19 | $ 352 | $ 21 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Retiree Committee Asserted Pension Liabilities | $ 58,500 |
AAC Asserted Pension Liability Overstatement | $ 9,000 |