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Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles (Tables) | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Variable Interest Entities | Number of Consolidated Structured Finance and Other FG VIEs
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning of year | 25 |  |  | 25 |  |  | 27 |
Consolidated | 2 |  |  | 1 |  |  | 2 |
Deconsolidated | (2) |  |  | (1) |  |  | (2) |
Matured | — |  |  | — |  |  | (2) |
December 31 | 25 |  |  | 25 |  |  | 25 |
The table below shows the carrying value of FG VIEs’ assets and liabilities, segregated by type of collateral. Consolidated FG VIEs by Type of Collateral
| As of December 31,
| 2022 |  | 2021
| (in millions)
FG VIEs’ assets: |  |  |
U.S. RMBS first lien | $ | 167 |  |  | $ | 221 |
U.S. RMBS second lien | 30 |  |  | 39 |
Puerto Rico Trusts’ assets (includes $209 million at fair value) (1) | 212 |  |  | — |
Other | 7 |  |  | — |
Total FG VIEs’ assets | $ | 416 |  |  | $ | 260 |
FG VIEs’ liabilities with recourse: |  |  |
U.S. RMBS first lien | $ | 176 |  |  | $ | 227 |
U.S. RMBS second lien | 24 |  |  | 42 |
Puerto Rico Trusts’ liabilities | 495 |  |  | — |
Other | 7 |  |  | — |
Total FG VIEs’ liabilities with recourse | $ | 702 |  |  | $ | 269 |
FG VIEs’ liabilities without recourse: |  |  |
U.S. RMBS first lien | $ | 13 |  |  | $ | 20 |
Total FG VIEs’ liabilities without recourse | $ | 13 |  |  | $ | 20 |
____________________ (1) Includes $2 million of cash. Selected Information for FG VIEs’ Assets and Liabilities Measured under the FVO
| As of December 31,
| 2022 |  | 2021
| (in millions)
Excess of unpaid principal over fair value of: |  |  |
FG VIEs’ assets | $ | 265 |  |  | $ | 255 |
FG VIEs’ liabilities with recourse | 21 |  |  | 12 |
FG VIEs’ liabilities without recourse | 15 |  |  | 15 |
Unpaid principal balance for FG VIEs’ assets that were 90 days or more past due | 34 |  |  | 52 |
Unpaid principal for FG VIEs’ liabilities with recourse (1) | 723 |  |  | 281 |
____________________ (1) FG VIEs’ liabilities with recourse will mature at various dates ranging from 2023 through 2041. Number of Consolidated CIVs by Type
|  | As of December 31,
CIV Type |  | 2022 |  | 2021
Funds |  | 8 |  |  | 8 |
CLOs |  | 10 |  |  | 9 |
CLO warehouses |  | 4 |  |  | 3 |
Total number of consolidated CIVs (1) |  | 22 |  |  | 20 |
____________________ (1) As of December 31, 2022, two CIVs were VOEs and as of December 31, 2021 one CIV was a VOE. Certain funds meet the criteria for a VOE because the Company possesses substantially all of the economics and all of the decision-making authority. The table below summarizes the change in the number of consolidated CIVs during each of the periods. During 2022, 2021 and 2020, two, five and two, respectively, consolidated CLO warehouses became CLOs. Roll Forward of Number of Consolidated CIVs
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning of year | 20 |  |  | 11 |  |  | 4 |
Consolidated | 4 |  |  | 10 |  |  | 7 |
Deconsolidated (1) | (2) |  |  | (1) |  |  | — |
December 31 | 22 |  |  | 20 |  |  | 11 |
____________________ (1) During 2022 the Company deconsolidated a CLO with assets and liabilities of $417 million. Assets and Liabilities of CIVs
| As of December 31,
| 2022 |  | 2021
| (in millions)
Assets: |  |  |
Fund assets: |  |  |
Cash and cash equivalents | $ | 59 |  |  | $ | 64 |
Fund investments, at fair value: |  |  |
Equity securities and warrants | 434 |  |  | 252 |
Obligations of state and political subdivisions | — |  |  | 101 |
Corporate securities | 96 |  |  | 98 |
Structured products | 128 |  |  | 62 |
Due from brokers and counterparties | — |  |  | 49 |
Other | 1 |  |  | 1 |
CLO and CLO warehouse assets: |  |  |
Cash | 38 |  |  | 156 |
CLO investments: |  |  |
Loans in CLOs, FVO | 4,202 |  |  | 3,913 |
Loans in CLO warehouses, FVO | 368 |  |  | 331 |
Short-term investments, at fair value | 135 |  |  | 145 |
Due from brokers and counterparties | 32 |  |  | 99 |
Total assets (1) | $ | 5,493 |  |  | $ | 5,271 |
Liabilities: |  |  |
CLO obligations, FVO (2) | $ | 4,090 |  |  | $ | 3,665 |
Warehouse financing debt, FVO (3) | 313 |  |  | 126 |
Securities sold short, at fair value | — |  |  | 41 |
Due to brokers and counterparties | 112 |  |  | 570 |
Other liabilities | 110 |  |  | 34 |
Total liabilities | $ | 4,625 |  |  | $ | 4,436 |
____________________ (1) Includes investments in AssuredIM Funds and other affiliated entities of $392 million and $223 million as of December 31, 2022 and December 31, 2021, respectively. Includes assets and liabilities of voting interest entities as of December 31, 2022 of $58 million and $1 million, respectively, and assets of $12 million as of December 31, 2021. (2) The weighted average maturity of CLO obligations was 6.2 years as of December 31, 2022 and 6.6 years as of December 31, 2021. The weighted average interest rate of CLO obligations was 5.3% as of December 31, 2022 and 1.8% for December 31, 2021. CLO obligations will mature at various dates from 2034 to 2035. (3) The weighted average maturity of warehouse financing debt of CLO warehouses was 1.9 years as of December 31, 2022 and 1.8 years as of December 31, 2021. The weighted average interest rate of warehouse financing debt of CLO warehouses was 4.5% as of December 31, 2022 and 1.1% as of December 31, 2021. Warehouse financing debt will mature at various dates from 2023 to 2031.
Distribution of Fixed Maturity Securities by Contractual Maturity | Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity As of December 31, 2022
| Amortized Cost |  | Estimated Fair Value
| (in millions)
Due within one year | $ | 290 |  |  | $ | 282 |
Due after one year through five years | 1,713 |  |  | 1,585 |
Due after five years through 10 years | 1,778 |  |  | 1,667 |
Due after 10 years | 3,226 |  |  | 2,974 |
Mortgage-backed securities: |  |  |
RMBS | 418 |  |  | 340 |
CMBS | 282 |  |  | 271 |
Total | $ | 7,707 |  |  | $ | 7,119 |
New Recovery Bonds in FG VIEs’ Assets Distribution by Contractual Maturity As of December 31, 2022
| Amortized Cost |  | Estimated Fair Value
| (in millions)
Due within one year | $ | 1 |  |  | $ | 1 |
Due after one year through five years | 6 |  |  | 5 |
Due after five years through 10 years | 41 |  |  | 41 |
Due after 10 years | 156 |  |  | 157 |
Total | $ | 204 |  |  | $ | 204 |
Redeemable Noncontrolling Interest | The table below presents the rollforward of redeemable noncontrolling interest in CIVs. Redeemable NCI in CIVs
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Beginning balance | $ | 22 |  |  | $ | 21 |  |  | $ | 7 |
Net income (loss) attributable to the redeemable NCI | (1) |  |  | 1 |  |  | (1) |
Reallocation of ownership interests | — |  |  | — |  |  | (10) |
Reclassification to liabilities as mandatorily redeemable NCI (1) | (21) |  |  | — |  |  | — |
Contributions | 21 |  |  | — |  |  | 25 |
Distributions | (21) |  |  | — |  |  | — |
December 31, | $ | — |  |  | $ | 22 |  |  | $ | 21 |
____________________ (1) Included in “liabilities of consolidated investment vehicles” on the consolidated balance sheets. On January 31, 2023 this liability has been substantially paid.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
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