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Expected Loss to be Paid (Recovered) (Tables)
 12 Months Ended
Dec. 31, 2024
Expected Losses [Abstract]  
Net Expected Loss to be Paid By Accounting Model
Net Expected Loss to be Paid (Recovered) and Net Economic Loss Development (Benefit)
by Accounting Model
Net Expected Loss to be Paid (Recovered)Net Economic Loss Development (Benefit)
As of December 31,Year Ended December 31,
Accounting Model20242023202420232022
 (in millions)
Insurance (see Note 5)
$90 $263 $(1)$174 $(112)
FG VIEs (see Note 8) (1)
16 240 (1)(11)(17)
Credit derivatives (see Note 6)
— 2 (1)1 4 
Total$106 $505 $(3)$164 $(125)
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(1)    In 2023, the net expected loss to be paid for FG VIEs primarily related to trusts established as a result of the Company’s resolution in 2022 of exposure to insured Puerto Rico credits experiencing payment default other than PREPA (2022 Puerto Rico Resolutions) (Puerto Rico Trusts), and in 2024 the Company satisfied its remaining direct insured obligations and deconsolidated the remaining Puerto Rico Trusts.
Net Expected Loss to be Paid After Net Expected Recoveries for Breaches of R&W Roll Forward
The following tables present a roll forward of net expected loss to be paid (recovered) for all contracts, which are accounted for under one of the following accounting models: insurance, derivative or FG VIE. The Company used risk-free rates that ranged from 1.98% to 5.22% with a weighted average of 4.38% as of December 31, 2024 and 1.90% to 5.40% with a weighted average of 4.09% as of December 31, 2023.

Net Expected Loss to be Paid (Recovered)
Roll Forward
Year Ended December 31,
 202420232022
 (in millions)
Net expected loss to be paid (recovered), beginning of period$505 $522 $411 
Economic loss development (benefit) due to:
Accretion of discount16 20 16 
Changes in discount rates4 3 (115)
Changes in timing and assumptions(23)141 (26)
Total economic loss development (benefit)(3)164 (125)
Net (paid) recovered losses (1)(396)(181)236 
Net expected loss to be paid (recovered), end of period$106 $505 $522 
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(1)     Net (paid) recovered losses includes (i) securities received as recoveries in 2022 in connection with the 2022 Puerto Rico Resolutions, and in 2023 in connection with the satisfaction of insurance obligations in the Puerto Rico Trusts, and (ii) claims paid in 2022, 2023 and 2024 to extinguish certain insured Puerto Rico exposures.
Net Expected Loss to be Paid (Recovered)
Roll Forward by Sector
Year Ended December 31, 2024
SectorNet Expected Loss to be Paid (Recovered) as of December 31, 2023Net Economic Loss
Development (Benefit)		Net
(Paid)
Recovered
Losses (1)		Net Expected Loss to be Paid (Recovered) as of December 31, 2024
 (in millions)
Public finance:
U.S. public finance$398 $(9)$(371)$18 
Non-U.S. public finance 20 81 (3)98 
Public finance418 72 (374)116 
Structured finance:
U.S. RMBS
43 (75)(11)(43)
Other structured finance
44 — (11)33 
Structured finance87 (75)(22)(10)
Total$505 $(3)$(396)$106 

Year Ended December 31, 2023
SectorNet Expected Loss to be Paid (Recovered) as of December 31, 2022Net Economic Loss
Development (Benefit)		Net
(Paid)
Recovered
Losses (1)		Net Expected Loss to be Paid (Recovered) as of December 31, 2023
 (in millions)
Public finance:
U.S. public finance$403 $201 $(206)$398 
Non-U.S. public finance 9 11 — 20 
Public finance412 212 (206)418 
Structured finance:
U.S. RMBS
66 (56)33 43 
Other structured finance
44 8 (8)44 
Structured finance110 (48)25 87 
Total$522 $164 $(181)$505 

Year Ended December 31, 2022
SectorNet Expected Loss to be Paid (Recovered) as of December 31, 2021Net Economic Loss
Development (Benefit)		Net
(Paid)
Recovered
Losses (1)		Net Expected Loss to be Paid (Recovered) as of December 31, 2022
 (in millions)
Public finance:
U.S. public finance$197 $19 $187 $403 
Non-U.S. public finance 12 (2)(1)9 
Public finance209 17 186 412 
Structured finance:
U.S. RMBS
150 (143)59 66 
Other structured finance
52 1 (9)44 
Structured finance202 (142)50 110 
Total$411 $(125)$236 $522 
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(1)    Net of ceded paid losses, whether or not such amounts have been settled with reinsurers. Ceded paid losses are typically settled 45 days after the end of the reporting period. Such amounts are recorded as reinsurance recoverable on paid losses in “other assets.”
Schedule Of Net Expected Losses To Be Paid (Recovered) And Net Economic Development (Benefit) Loss
Net Economic Loss Development (Benefit)
U.S. RMBS
Year Ended December 31,
202420232022
 (in millions)
First lien U.S. RMBS$(27)$(7)$(36)
Second lien U.S. RMBS(48)(49)(107)
Total U.S. RMBS economic loss development (benefit)$(75)$(56)$(143)
Liquidation Rates and Key Assumptions in Base Case Expected Loss Estimates First Lien RMBS
Key Assumptions in Base Scenario Expected Loss Estimates
First Lien U.S. RMBS
 As of December 31, 2024As of December 31, 2023
RangeWeighted AverageRangeWeighted Average
Plateau CDR 0.0 %–8.8%3.4%0.0 %–10.0%4.2%
Final CDR0.0 %–0.4%0.2%0.0 %–0.5%0.2%
Initial loss severity40.0 %–50.0%43.1%50%
Future recovery for deferred principal balances50%30%
Liquidation rates (1)20 %–50%20 %–65%
____________________
(1)    The liquidation rates range from current but recently delinquent loans to foreclosed loans.
Key Assumptions in Base Case Expected Loss Estimates Second Lien RMBS
Key Assumptions in Base Scenario Expected Loss Estimates
HELOCs
As of December 31, 2024As of December 31, 2023
RangeWeighted AverageRangeWeighted Average
Plateau CDR0.0 %–5.6%2.2%0.0 %–9.3%2.6%
Final CDR0.0 %–0.3%0.1%0.0 %–0.5%0.1%
Liquidation rates (1)20 %–55%20 %–60%
Loss severity on future defaults98%98%
Projected future recoveries on previously charged-off loans50%40%
____________________
(1)    The liquidation rates range from current but recently delinquent loans to foreclosed loans.