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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 | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 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 | $ 433 | $ 517 | $ 505 | $ 522 | $ 522
Accretion of discount | 4 | 4 | 9 | 9 |
Changes in discount rates | 1 | (6) | (2) | 4 |
Changes in timing and assumptions | 16 | 51 | 7 | 47 |
Total economic loss development (benefit) | 21 | 49 | 14 | 60 |
Net (paid) recovered losses | (7) | (6) | (72) | (22) |
Net expected loss to be paid (recovered), end of period | 447 | 560 | $ 447 | 560 | $ 505
Weighted average risk free discount rate |  |  | 4.55% |  | 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 | 398 | 393 | $ 418 | 412 | $ 412
Total economic loss development (benefit) | 29 | 54 | 26 | 59 |
Net (paid) recovered losses | (16) | (4) | (33) | (28) |
Net expected loss to be paid (recovered), end of period | 411 | 443 | 411 | 443 | 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 | 37 | 42 | 44 | 44 | 44
Total economic loss development (benefit) | 2 | 4 | 1 | 5 |
Net (paid) recovered losses | (3) | (2) | (9) | (5) |
Net expected loss to be paid (recovered), end of period | 36 | 44 | 36 | 44 | 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 | 35 | 124 | 87 | 110 | 110
Total economic loss development (benefit) | (8) | (5) | (12) | 1 |
Net (paid) recovered losses | 9 | (2) | (39) | 6 |
Net expected loss to be paid (recovered), end of period | 36 | 117 | $ 36 | 117 | $ 87
Minimum |  |  |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |  |  |
Risk free discount rate |  |  | 4.28% |  | 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 |  |  | 91.80% |  | 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 | 378 | 380 | $ 398 | 403 | $ 403
Total economic loss development (benefit) | 12 | 57 | 9 | 58 |
Net (paid) recovered losses | (16) | (4) | (33) | (28) |
Net expected loss to be paid (recovered), end of period | 374 | 433 | 374 | 433 | 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 | (2) | 82 | 43 | 66 | 66
Total economic loss development (benefit) | (10) | (9) | (13) | (4) |
Net (paid) recovered losses | 12 | 0 | (30) | 11 |
Net expected loss to be paid (recovered), end of period | 0 | 73 | 0 | 73 | 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 | 13 | 20 | 9 | 9
Total economic loss development (benefit) | 17 | (3) | 17 | 1 |
Net (paid) recovered losses | 0 | 0 | 0 | 0 |
Net expected loss to be paid (recovered), end of period | $ 37 | $ 10 | $ 37 | $ 10 | $ 20

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