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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments Carried at Fair Value

Amounts recorded at fair value in the Company’s financial statements are presented in the tables below.

Fair Value Hierarchy of Financial Instruments Carried at Fair Value

As of December 31, 2024

			Fair Value Hierarchy
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Fixed-maturity securities, available-for-sale:
Obligations of state and political subdivisions			$	—					$	1,930					$	10					$	1,940
U.S. government and agencies			—						67						—						67
Corporate securities			—						2,382						—						2,382
Mortgage-backed securities:
RMBS			—						422						145						567
CMBS			—						186						—						186
Asset-backed securities			—						127						1,031						1,158
Non-U.S. government securities			—						69						—						69
Total fixed-maturity securities, available-for-sale			—						5,183						1,186						6,369
Fixed-maturity securities, trading			—						142						5						147
Short-term investments			1,218						3						—						1,221
Other invested assets (1)			—						—						4						4
FG VIEs’ assets			—						—						147						147
Assets of CIVs, equity securities			—						—						99						99
Other assets			65						59						7						131
Total assets carried at fair value			$	1,283					$	5,387					$	1,448					$	8,118
Liabilities:
FG VIEs’ liabilities (2)			$	—					$	—					$	164					$	164
Other liabilities			—						—						34						34
Total liabilities carried at fair value			$	—					$	—					$	198					$	198

Fair Value Hierarchy of Financial Instruments Carried at Fair Value

As of December 31, 2023

			Fair Value Hierarchy
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets:
Fixed-maturity securities, available-for-sale:
Obligations of state and political subdivisions			$	—					$	2,655					$	6					$	2,661
U.S. government and agencies			—						60						—						60
Corporate securities			—						2,141						—						2,141
Mortgage-backed securities:
RMBS			—						188						154						342
CMBS			—						151						—						151
Asset-backed securities			—						49						803						852
Non-U.S. government securities			—						100						—						100
Total fixed-maturity securities, available-for-sale			—						5,344						963						6,307
Fixed-maturity securities, trading			—						318						—						318
Short-term investments			1,657						4						—						1,661
Other invested assets (1)			—						—						3						3
FG VIEs’ assets			—						—						174						174
Assets of CIVs:
Equity securities			—						3						80						83
Structured products			—						59						189						248
Total assets of CIVs			—						62						269						331
Other assets			55						52						16						123
Total assets carried at fair value			$	1,712					$	5,780					$	1,425					$	8,917
Liabilities:
FG VIEs’ liabilities (2)			$	—					$	—					$	554					$	554
Other liabilities			—						—						53						53
Total liabilities carried at fair value			$	—					$	—					$	607					$	607

 ____________________

(1)    Includes Level 3 mortgage loans that are recorded at fair value on a non-recurring basis.

(2)    Includes FG VIEs’ liabilities with recourse and FG VIEs’ liabilities without recourse. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.

Fair Value Assets Measured on Recurring Basis

The tables below present a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during the years ended December 31, 2024 and 2023.

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2024 

			Fixed-Maturity Securities, Available-for-Sale																														Assets of CIVs
			Obligations of State and Political Subdivisions						RMBS						Asset- Backed Securities						Fixed-Maturity Securities, Trading						FG VIEs’ Assets						Equity Securities						Structured Products						Other (7)
			(in millions)
Fair value as of December 31, 2023			$	6					$	154					$	803					$	—					$	174					$	80					$	189					$	14
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			—						14			(1)			48			(1)			—						(3)			(2)			29			(4)			(16)			(4)			(10)			(3)
Other comprehensive income (loss)			4						2						1						—						(1)						—						—						1
Purchases			—						—						63						—						—						—						102						—
Sales			—						—						—						—						—						(10)						(28)						—
Settlements			—						(25)						(149)						(3)						(23)						—						—						—
Reclassifications (10)			—						—						245						8						—						—						(253)						—
Deconsolidations			—						—						—						—						—						(1)						(2)						—
Transfers into Level 3			—						—						20						—						—						3						10						—
Transfers out of Level 3			—						—						—						—						—						(2)						(2)						—
Fair value as of December 31, 2024			$	10					$	145					$	1,031					$	5					$	147					$	99					$	—					$	5
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2024 included in:
Earnings																					$	—					$	(7)		(2)			$	29		(4)			$	—					$	(10)		(3)
OCI			$	4					$	2					$	(2)											$	(1)																	$	1

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2024

			Credit Derivative Liability, net (5)						FG VIEs’ Liabilities (8)
			(in millions)
Fair value as of December 31, 2023			$	(50)					$	(554)
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			24			(6)			12			(2)
Other comprehensive income (loss)			—						3
Issuances			(2)						—
Settlements			(1)						375
Fair value as of December 31, 2024			$	(29)					$	(164)
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2024 included in:
Earnings			$	13		(6)			$	3		(2)
OCI									$	3

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2023

			Fixed-Maturity Securities, Available-For-Sale																								Assets of CIVs
			Obligations of State and Political Subdivisions						RMBS						Asset- Backed Securities						FG VIEs’ Assets						Equity Securities and Warrants						Corporate Securities						Structured Products						Other (7)
			(in millions)
Fair value as of December 31, 2022			$	47					$	179					$	794					$	204					$	297					$	96					$	46					$	50
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			1			(1)			13			(1)			32			(1)			9			(2)			51			(4)			(3)			(4)			21			(4)			(32)			(3)
Other comprehensive income (loss)			(2)						(8)						(8)						—						—						—						—						—
Purchases			—						—						23						—						42						6						5						—
Sales			—						—						(2)						—						(91)						(15)						(48)						—
Settlements			(3)						(30)						(36)						(33)						—						—						—						(4)
Deconsolidations			—						—						—						(7)						(219)						(84)						165						—
Transfers into Level 3			3						—						—						1						—						—						—						—
Transfers out of Level 3			(40)						—						—						—						—						—						—						—
Fair value as of December 31, 2023			$	6					$	154					$	803					$	174					$	80					$	—					$	189					$	14
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2023 included in:
Earnings																					$	4		(2)			$	11		(4)			$	—					$	10		(4)			$	(32)		(3)
OCI			$	—					$	(7)					$	9																													$	—

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2023

			Credit Derivative Liability, net (5)						FG VIEs’ Liabilities (8)						Liabilities of CIVs (9)
			(in millions)
Fair value as of December 31, 2022			$	(162)					$	(715)					$	(4,154)
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			114			(6)			2			(2)			(45)			(4)
Other comprehensive income (loss)			—						3						(13)
Issuances			(1)						—						—
Settlements			(1)						149						13
Deconsolidations			—						7						4,199
Fair value as of December 31, 2023			$	(50)					$	(554)					$	—
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2023 included in:
Earnings			$	112		(6)			$	—					$	—
OCI									$	3					$	—

__________________

(1)Included in “net realized investment gains (losses)” and “net investment income.”

(2)Reported in “fair value gains (losses) on FG VIEs.”

(3)Reported in “fair value gains (losses) on CCS,” “net investment income” and “other income (loss).”

(4)Reported in “fair value gains (losses) on CIVs.”

(5)Represents the net position of credit derivatives. Credit derivative assets (reported in “other assets”) and credit derivative liabilities (reported in “other liabilities”) are shown as either assets or liabilities in the consolidated balance sheets.

(6)Reported in “fair value gains (losses) on credit derivatives.”

(7)Includes CCS and other invested assets.

(8)Includes FG VIEs’ liabilities with recourse and FG VIEs’ liabilities without recourse.

(9)Includes primarily various tranches of CLO debt. The CLOs were CFEs that were consolidated until the Sound Point Transaction occurred on July 1, 2023.

(10)Represents securities transferred from two of the CIVs to the investment portfolio due to the distribution of assets of these CIVs. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles, for additional information.

Fair Value, Liabilities Measured on Recurring Basis

The tables below present a roll forward of the Company’s Level 3 financial instruments carried at fair value on a recurring basis during the years ended December 31, 2024 and 2023.

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2024 

			Fixed-Maturity Securities, Available-for-Sale																														Assets of CIVs
			Obligations of State and Political Subdivisions						RMBS						Asset- Backed Securities						Fixed-Maturity Securities, Trading						FG VIEs’ Assets						Equity Securities						Structured Products						Other (7)
			(in millions)
Fair value as of December 31, 2023			$	6					$	154					$	803					$	—					$	174					$	80					$	189					$	14
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			—						14			(1)			48			(1)			—						(3)			(2)			29			(4)			(16)			(4)			(10)			(3)
Other comprehensive income (loss)			4						2						1						—						(1)						—						—						1
Purchases			—						—						63						—						—						—						102						—
Sales			—						—						—						—						—						(10)						(28)						—
Settlements			—						(25)						(149)						(3)						(23)						—						—						—
Reclassifications (10)			—						—						245						8						—						—						(253)						—
Deconsolidations			—						—						—						—						—						(1)						(2)						—
Transfers into Level 3			—						—						20						—						—						3						10						—
Transfers out of Level 3			—						—						—						—						—						(2)						(2)						—
Fair value as of December 31, 2024			$	10					$	145					$	1,031					$	5					$	147					$	99					$	—					$	5
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2024 included in:
Earnings																					$	—					$	(7)		(2)			$	29		(4)			$	—					$	(10)		(3)
OCI			$	4					$	2					$	(2)											$	(1)																	$	1

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2024

			Credit Derivative Liability, net (5)						FG VIEs’ Liabilities (8)
			(in millions)
Fair value as of December 31, 2023			$	(50)					$	(554)
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			24			(6)			12			(2)
Other comprehensive income (loss)			—						3
Issuances			(2)						—
Settlements			(1)						375
Fair value as of December 31, 2024			$	(29)					$	(164)
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2024 included in:
Earnings			$	13		(6)			$	3		(2)
OCI									$	3

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2023

			Fixed-Maturity Securities, Available-For-Sale																								Assets of CIVs
			Obligations of State and Political Subdivisions						RMBS						Asset- Backed Securities						FG VIEs’ Assets						Equity Securities and Warrants						Corporate Securities						Structured Products						Other (7)
			(in millions)
Fair value as of December 31, 2022			$	47					$	179					$	794					$	204					$	297					$	96					$	46					$	50
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			1			(1)			13			(1)			32			(1)			9			(2)			51			(4)			(3)			(4)			21			(4)			(32)			(3)
Other comprehensive income (loss)			(2)						(8)						(8)						—						—						—						—						—
Purchases			—						—						23						—						42						6						5						—
Sales			—						—						(2)						—						(91)						(15)						(48)						—
Settlements			(3)						(30)						(36)						(33)						—						—						—						(4)
Deconsolidations			—						—						—						(7)						(219)						(84)						165						—
Transfers into Level 3			3						—						—						1						—						—						—						—
Transfers out of Level 3			(40)						—						—						—						—						—						—						—
Fair value as of December 31, 2023			$	6					$	154					$	803					$	174					$	80					$	—					$	189					$	14
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2023 included in:
Earnings																					$	4		(2)			$	11		(4)			$	—					$	10		(4)			$	(32)		(3)
OCI			$	—					$	(7)					$	9																													$	—

Roll Forward of Level 3 Assets (Liabilities) at Fair Value on a Recurring Basis

Year Ended December 31, 2023

			Credit Derivative Liability, net (5)						FG VIEs’ Liabilities (8)						Liabilities of CIVs (9)
			(in millions)
Fair value as of December 31, 2022			$	(162)					$	(715)					$	(4,154)
Total pre-tax realized and unrealized gains (losses) recorded in:
Net income (loss)			114			(6)			2			(2)			(45)			(4)
Other comprehensive income (loss)			—						3						(13)
Issuances			(1)						—						—
Settlements			(1)						149						13
Deconsolidations			—						7						4,199
Fair value as of December 31, 2023			$	(50)					$	(554)					$	—
Change in unrealized gains (losses) related to financial instruments held as of December 31, 2023 included in:
Earnings			$	112		(6)			$	—					$	—
OCI									$	3					$	—

__________________

(1)Included in “net realized investment gains (losses)” and “net investment income.”

(2)Reported in “fair value gains (losses) on FG VIEs.”

(3)Reported in “fair value gains (losses) on CCS,” “net investment income” and “other income (loss).”

(4)Reported in “fair value gains (losses) on CIVs.”

(5)Represents the net position of credit derivatives. Credit derivative assets (reported in “other assets”) and credit derivative liabilities (reported in “other liabilities”) are shown as either assets or liabilities in the consolidated balance sheets.

(6)Reported in “fair value gains (losses) on credit derivatives.”

(7)Includes CCS and other invested assets.

(8)Includes FG VIEs’ liabilities with recourse and FG VIEs’ liabilities without recourse.

(9)Includes primarily various tranches of CLO debt. The CLOs were CFEs that were consolidated until the Sound Point Transaction occurred on July 1, 2023.

(10)Represents securities transferred from two of the CIVs to the investment portfolio due to the distribution of assets of these CIVs. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles, for additional information.

Schedule of Quantitative Information About Level 3 Liabilities, Fair Value Measurements

Quantitative Information About Level 3 Fair Value Inputs

As of December 31, 2024 

Financial Instrument Description						Fair Value Assets (Liabilities) (in millions)						Significant Unobservable  Inputs						Range												Weighted Average (4)
Investments (2):
Fixed-maturity securities, available-for-sale (1):
Obligations of state and political subdivisions						$	10					Yield						5.5		%	-			22.0%						7.5%
RMBS						145						Conditional prepayment rate (CPR)						1.8		%	-			17.0%						2.8%
												CDR						1.8		%	-			18.7%						5.4%
												Loss severity						50.0		%	-			125.0%						79.9%
												Yield						7.7		%	-			10.8%						9.1%
Asset-backed securities:
CLOs						611						Discount margin						0.8		%	-			2.9%						1.9%
												Yield						12.5		%	-			22.5%						17.9%
Others						420						Yield						6.4		%	-			9.1%						6.7%
Fixed-maturity securities, trading (1)						5						Yield						19.8		%	-			169.5%						163.8%
FG VIEs’ assets (1)						147						CPR						2.2		%	-			25.0%						5.7%
												CDR						1.3		%	-			41.0%						10.7%
												Loss severity						45.0		%	-			100.0%						83.2%
												Yield						6.8		%	-			10.8%						9.3%
Assets of CIVs - equity securities (3)						99						Discount rate						24.3%
												Market multiple-price to book						1.05x
												Market multiple-price to earnings						5.25x
												Terminal growth rate						4.0%
												Exit multiple-price to book						1.05x
												Exit multiple-price to earnings						5.50x
Other assets (1)						2						Implied Yield						6.5		%	-			7.0%						6.8%
												Term (years)						10 years
Credit derivative liabilities, net (1)						(29)						Hedge cost (in basis points)( bps)						12.8			-			30.1						16.8
												Bank profit (in bps)						73.2			-			275.9						139.3
												Internal floor (in bps)						10.0			-			85.5						29.7
												Internal credit rating						AAA			-			CCC						A
												Discount rates of future expected premium cash flows						3.9		%	-			4.4%						4.3%
FG VIEs’ liabilities (1)						(164)						CPR						2.2		%	-			25.0%						5.7%
												CDR						1.3		%	-			41.0%						10.7%
												Loss severity						45.0		%	-			100.0%						83.2%
												Yield						5.5		%	-			10.8%						7.0%

____________________

(1)    Discounted cash flow is used as the primary valuation technique.

(2)    Excludes several investments reported in “other invested assets” with a fair value of $4 million.

(3)    The primary valuation technique uses the income and/or market approach.

(4)    Weighted average is calculated as a percentage of current par outstanding for all categories except for assets of CIVs, for which it is calculated as a percentage of fair value.

Quantitative Information About Level 3 Fair Value Inputs

As of December 31, 2023 

Financial Instrument Description						Fair Value Assets (Liabilities) (in millions)						Significant Unobservable  Inputs						Range												Weighted Average (4)
Investments (2):
Fixed-maturity securities, available-for-sale (1):
Obligations of state and political subdivisions						$	6					Yield						7.4		%	-			22.5%						7.8%
RMBS						154						CPR						0.1		%	-			15.0%						3.4%
												CDR						1.5		%	-			18.8%						5.6%
												Loss severity						50.0		%	-			125.0%						82.6%
												Yield						7.5		%	-			11.3%						8.9%
Asset-backed securities:
CLOs						450						Discount margin						1.1		%	-			9.5%						2.6%
Others						353						Yield						6.2		%	-			11.7%						7.8%
FG VIEs’ assets (1)						174						CPR						0.2		%	-			21.4%						7.8%
												CDR						1.3		%	-			41.0%						10.4%
												Loss severity						45.0		%	-			100.0%						82.9%
												Yield						5.5		%	-			10.9%						9.4%
Assets of CIVs (3):
Equity securities						80						Discount rate						20.9%
												Market multiple-price to book						1.10x
												Market multiple-price to earnings						5.50x
												Terminal growth rate						4.0%
												Exit multiple-price to book						1.10x
												Exit multiple-price to earnings						5.50x
Structured products						189						Yield						14.7%			-			21.4%						18.0%
Other assets (1)						13						Implied Yield						7.8		%	-			8.4%						8.1%
												Term (years)						10 years
Credit derivative liabilities, net (1)						(50)						Hedge cost (in bps)						10.2			-			26.5						15.8
												Bank profit (in bps)						105.6			-			302.6						158.6
												Internal floor (in bps)						10.0
												Internal credit rating						AAA			-			CCC						A
												Discount rates of future expected premium cash flows						3.3		%	-			4.8%						3.6%
FG VIEs’ liabilities (1)						(554)						CPR						0.2		%	-			21.4%						7.8%
												CDR						1.3		%	-			41.0%						10.4%
												Loss severity						45.0		%	-			100.0%						82.9%
												Yield						5.0		%	-			10.7%						5.8%

____________________

(1)    Discounted cash flow is used as the primary valuation technique.

(2)    Excludes several investments reported in “other invested assets” with a fair value of $3 million.

(3)    The primary valuation technique uses the income and/or market approach.

(4)    Weighted average is calculated as a percentage of current par outstanding for all categories except for assets of CIVs, for which it is calculated as a percentage of fair value.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

Fair Value of Financial Instruments Not Carried at Fair Value

			As of December 31, 2024												As of December 31, 2023
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
			(in millions)
Assets (liabilities):
Assets of CIVs			$	—					$	—					$	19					$	19
Other assets (including other invested assets)			115						116						79						80
Financial guaranty insurance contracts (1)			(2,029)						(1,136)						(2,244)						(1,811)
Long-term debt			(1,699)						(1,579)						(1,694)						(1,593)
Other liabilities			(16)						(16)						(15)						(15)

____________________

(1)    Carrying amount includes the assets and liabilities related to financial guaranty insurance contract premiums, losses and salvage and subrogation and other recoverables net of reinsurance.

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