XML 69 R42.htm IDEA: XBRL DOCUMENT v3.25.0.1

Contracts Accounted for as Credit Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Credit Derivatives Subordination and Ratings and Net Par Outstanding by Internal Rating

Credit Derivatives (1) 

						As of December 31, 2024												As of December 31, 2023
Sector						Net Par Outstanding						Net Fair Value Asset (Liability)						Net Par Outstanding						Net Fair Value Asset (Liability)
						(in millions)
U.S. public finance						$	1,025					$	(12)					$	1,149					$	(15)
Non-U.S. public finance						2,044						(15)						1,522						(20)
U.S. structured finance						150						(2)						322						(13)
Non-U.S. structured finance						993						—						615						(2)
Total						$	4,212					$	(29)					$	3,608					$	(50)

____________________

(1)    See Note 4, Expected Loss to be Paid (Recovered), for expected loss to be paid on credit derivatives.

Net Change in Fair Value of Credit Derivatives

Fair Value Gains (Losses) on Credit Derivatives 

			Year Ended December 31,
			2024						2023						2022
			(in millions)
Realized gains (losses) and other settlements			$	3					$	2					$	(2)
Net unrealized gains (losses)			21						112						(9)
Fair value gains (losses) on credit derivatives			$	24					$	114					$	(11)

CDS Spread on AGC and AGM

CDS Spread on AG (in basis points)

			As of December 31,
			2024						2023						2022
Five-year CDS spread			75						66						63
One-year CDS spread			25						23						26

Fair Value of Credit Derivatives and Effect of AGC and AGM Credit Spreads

Fair Value of Credit Derivative Assets (Liabilities) and Effect of AG Credit Spread

			As of December 31,
			2024						2023
			(in millions)
Fair value of credit derivatives before effect of AG credit spread			$	(64)					$	(76)
Plus: Effect of AG credit spread			35						26
Net fair value of credit derivatives			$	(29)					$	(50)

X

- Definition

Tabular disclosure of the effect of the entity's credit spread on the fair value of credit derivatives.

+ References

No definition available.

+ Details

Name:	ago_ScheduleOfCreditSpreadEffectOnCreditDerivativesFairValueTableTextBlock
Namespace Prefix:	ago_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Credit Derivative Instruments, Net Change in Fair Value [Table Text Block]

+ References

No definition available.

+ Details

Name:	ago_ScheduleofCreditDerivativeInstrumentsNetChangeinFairValueTableTextBlock
Namespace Prefix:	ago_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4J

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4L
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L

+ Details

Name:	us-gaap_DisclosureOfCreditDerivativesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration