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Expected Loss to be Paid (Recovered) - Net Expected Loss to be Paid After Net Expected Recoveries for Breaches of R&W Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | $ 505 | $ 522 | $ 522
Accretion of discount | 5 | 5 |
Changes in discount rates | (3) | 10 |
Changes in timing and assumptions | (9) | (4) |
Total economic loss development (benefit) | (7) | 11 |
Net (paid) recovered losses | (65) | (16) |
Net expected loss to be paid (recovered), end of period | $ 433 | 517 | $ 505
Weighted average risk free discount rate | 4.44% |  | 4.10%
Period after the end of the reporting period within which the ceded paid losses are typically settled (in days) | 45 days |  |
Public finance |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | $ 418 | 412 | $ 412
Total economic loss development (benefit) | (3) | 5 |
Net (paid) recovered losses | (17) | (24) |
Net expected loss to be paid (recovered), end of period | 398 | 393 | 418
Other structured finance |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | 44 | 44 | 44
Total economic loss development (benefit) | (1) | 1 |
Net (paid) recovered losses | (6) | (3) |
Net expected loss to be paid (recovered), end of period | 37 | 42 | 44
Structured finance |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | 87 | 110 | 110
Total economic loss development (benefit) | (4) | 6 |
Net (paid) recovered losses | (48) | 8 |
Net expected loss to be paid (recovered), end of period | $ 35 | 124 | $ 87
Minimum |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Risk free discount rate | 4.14% |  | 3.79%
Maximum |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Risk free discount rate | 5.33% |  | 5.40%
United States |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid after recoveries for representations and warranties, percent | 95.50% |  | 96.10%
United States | Public finance |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | $ 398 | 403 | $ 403
Total economic loss development (benefit) | (3) | 1 |
Net (paid) recovered losses | (17) | (24) |
Net expected loss to be paid (recovered), end of period | 378 | 380 | 398
United States | RMBS |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | 43 | 66 | 66
Total economic loss development (benefit) | (3) | 5 |
Net (paid) recovered losses | (42) | 11 |
Net expected loss to be paid (recovered), end of period | (2) | 82 | 43
Non-U.S. public finance | Public finance |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Net expected loss to be paid (recovered), beginning of period | 20 | 9 | 9
Total economic loss development (benefit) | 0 | 4 |
Net (paid) recovered losses | 0 | 0 |
Net expected loss to be paid (recovered), end of period | $ 20 | $ 13 | $ 20

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