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Contracts Accounted for as Insurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Net Earned Premiums
Net Earned Premiums
 Year Ended December 31,
 202420232022
 (in millions)
Financial guaranty insurance:
Scheduled net earned premiums$293 $285 $287 
Accelerations from refundings and terminations (1)71 29 179 
Accretion of discount on net premiums receivable31 26 24 
Financial guaranty insurance net earned premiums395 340 490 
Specialty net earned premiums8 4 4 
  Net earned premiums$403 $344 $494 
____________________
(1)    2022 accelerations include $133 million related to 2022 Puerto Rico Resolutions. See Note 4, Expected Loss to be Paid (Recovered), for additional information.
Gross Premium Receivable, Net of Commissions on Assumed Business Roll Forward
Gross Premium Receivable, Net of Commissions Payable on Assumed Business
Roll Forward
 Year Ended December 31,
 202420232022
 (in millions)
Beginning of year$1,468 $1,298 $1,372 
Less: Specialty insurance premium receivable 1 1 1 
Financial guaranty insurance premiums receivable1,467 1,297 1,371 
New business and supplemental premiums, net of commissions 467 353 356 
Gross premiums received, net of commissions(354)(261)(345)
Adjustments:
Changes in the expected term and debt service assumptions(32)1 2 
Accretion of discount, net of commissions on assumed business26 26 24 
Foreign exchange gain (loss) on remeasurement(24)51 (111)
Financial guaranty insurance premium receivable1,550 1,467 1,297 
Specialty insurance premium receivable1 1 1 
December 31,$1,551 $1,468 $1,298 
Financial Guaranty Insurance
Expected Future Premium Collections and Earnings
 As of December 31, 2024
Future Net Premiums to be Earned (2)
Future Premiums
to be Collected (1)		Earnings of Deferred Premium RevenueAccretion of
Discount		Total
 (in millions)
2025 (January 1 - March 31)$69 $76 $9 $85 
2025 (April 1 - June 30)48 75 9 84 
2025 (July 1 - September 30)33 74 9 83 
2025 (October 1 - December 31)38 72 8 80 
Subtotal 2025188 297 35 332 
2026125 275 33 308 
2027119 259 31 290 
2028113 246 29 275 
2029100 227 27 254 
2030-2034407 917 115 1,032 
2035-2039312 597 84 681 
2040-2044239 389 55 444 
2045-2049182 259 32 291 
2050-2054113 137 15 152 
After 2054121 109 12 121 
Total$2,019 $3,712 $468 $4,180 
____________________
(1)    Net of assumed commissions payable.
(2)    Net of reinsurance.
Selected Information for Policies Paid in Installments
Selected Information for Financial Guaranty Insurance Policies with Premiums Paid in Installments
As of December 31,
 20242023
 (dollars in millions)
Premiums receivable, net of commissions payable$1,550$1,467
Deferred premium revenue$1,901$1,768
Weighted average risk-free rate used to discount premiums
2.5%2.1%
Weighted average period of premiums receivable (in years)
12.312.5
Rollforward of Deferred Acquisition Costs
Roll Forward of Deferred Acquisition Costs
Year Ended December 31,
202420232022
(in millions)
Beginning of year$161 $147 $131 
Costs deferred during the period35 27 30 
Costs amortized during the period(20)(13)(14)
December 31,$176 $161 $147 
Loss and LAE Reserve and Salvage and Subrogation Recoverable Net of Reinsurance Insurance Contracts
The following table provides information on net reserve (salvage), which includes loss and LAE reserves and salvage and subrogation recoverable, both net of reinsurance.

Net Reserve (Salvage) by Sector
As of December 31,
Sector20242023
 (in millions)
Public finance:
U.S. public finance$(14)$119 
Non-U.S. public finance 5 1 
Public finance(9)120 
Structured finance:
U.S. RMBS(151)(87)
Other structured finance33 42 
Structured finance(118)(45)
Total$(127)$75 
Reconciliation of Net Expected Loss to be Paid and Net Expected Loss to be Expensed Financial Guaranty Insurance Contracts
The table below provides a reconciliation of net expected loss to be paid (recovered) for financial guaranty insurance contracts to net expected loss to be expensed. Expected loss to be paid (recovered) for financial guaranty insurance contracts differs from expected loss to be expensed due to: (i) the contra-paid, which represents the claim payments made and recoveries received that have not yet been recognized in the statements of operations; (ii) salvage and subrogation recoverable for transactions that are in a net recovery position where the Company has not yet received recoveries on claims previously paid (and therefore recognized in income but not yet received); and (iii) loss reserves that have already been established (and therefore expensed but not yet paid).

Reconciliation of Net Expected Loss to be Paid (Recovered) to Net Expected Loss to be Expensed
Financial Guaranty Insurance Contracts
As of December 31, 2024
 (in millions)
Net expected loss to be paid (recovered) - financial guaranty insurance $89 
Contra-paid, net 23 
Salvage and subrogation recoverable, net393 
Loss and LAE reserve - financial guaranty insurance contracts, net of reinsurance(265)
Net expected loss to be expensed (present value)$240 
Net Expected Loss to be Expensed Insurance Contracts
The following table provides a schedule of the expected timing of financial guaranty net expected losses to be expensed. The amount and timing of actual loss and LAE may differ from the estimates shown below due to factors such as accelerations, commutations, changes in expected lives and updates to loss estimates. This table excludes amounts related to FG VIEs, which are eliminated in consolidation.
Net Expected Loss to be Expensed
Financial Guaranty Insurance Contracts
 As of December 31, 2024
 (in millions)
2025 (January 1 - March 31)$3 
2025 (April 1 - June 30)4 
2025 (July 1 - September 30)3 
2025 (October 1 - December 31)3 
Subtotal 202513 
202613 
202716 
202818 
202917 
2030-203478 
2035-203937 
2040-204412 
2045-204920 
2050-205414 
After 20542 
Net expected loss to be expensed (present value)240 
Future expected accretion(49)
Total expected future loss and LAE$191 
Loss and LAE Reported on the Consolidated Statements of Operations
The following table presents the loss and LAE (benefit) reported in the consolidated statements of operations by sector for insurance contracts.

Loss and LAE (Benefit) by Sector
 Year Ended December 31,
Sector202420232022
(in millions)
Public finance:
U.S. public finance$12 $192 $125 
Non-U.S. public finance4 — — 
Public finance16 192 125 
Structured finance:
U.S. RMBS(43)(34)(112)
Other structured finance1 4 3 
Structured finance(42)(30)(109)
Loss and LAE (benefit)$(26)$162 $16 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2024
 Net Par OutstandingNumber of Risks (2)
DescriptionFinancial Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$8,074 $28 $8,102 98 3 101 
BIG 2702 4 706 12 1 13 
BIG 31,374 — 1,374 97 3 100 
Total BIG$10,150 $32 $10,182 207 7 214 

Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2023
 Net Par OutstandingNumber of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance(1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$2,394 $16 $2,410 95 2 97 
BIG 2979 10 989 13 2 15 
BIG 32,010 28 2,038 109 7 116 
Total BIG$5,383 $54 $5,437 217 11 228 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
The following tables provide information on financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2024 
 Gross Net Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)98 12 97 207 207 
Remaining weighted average period (in years)
18.68.86.116.616.6
Outstanding exposure:   
Par$8,080 $702 $1,382 $10,164 $10,150 
Interest7,546 371 421 8,338 8,335 
Total (2)$15,626 $1,073 $1,803 $18,502 $18,485 
Expected cash outflows (inflows) $4,016 $342 $1,307 $5,665 $5,656 
Potential recoveries (3)(4,201)(293)(1,132)(5,626)(5,616)
Subtotal(185)49 175 39 40 
Discount43 29 (23)49 49 
Expected losses to be paid (recovered)$(142)$78 $152 $88 $89 
Deferred premium revenue$333 $49 $116 $498 $498 
Reserves (salvage)$(226)$35 $62 $(129)$(128)
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2023 
 Gross Net Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)95 13 109 217 217 
Remaining weighted average period (in years)
9.615.97.59.910.0
Outstanding exposure:  
Par$2,400 $979 $2,019 $5,398 $5,383 
Interest1,126 896 818 2,840 2,836 
Total (2)$3,526 $1,875 $2,837 $8,238 $8,219 
Expected cash outflows (inflows) $176 $187 $1,585 $1,948 $1,938 
Potential recoveries (3)(376)(78)(1,214)(1,668)(1,659)
Subtotal(200)109 371 280 279 
Discount56 (22)(53)(19)(19)
Expected losses to be paid (recovered)$(144)$87 $318 $261 $260 
Deferred premium revenue$100 $63 $142 $305 $305 
Reserves (salvage)$(181)$45 $209 $73 $72 
__________________
(1)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)    Includes amounts related to FG VIEs. The increase in BIG in 2024 relates mainly to the downgrade of certain U.K. regulated utilities.
(3)    Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Effects of Reinsurance on Statement of Operations
The following table presents the components of premiums and losses reported in the consolidated statements of operations attributable to the Assumed and Ceded Businesses (both financial guaranty and specialty insurance).
Components of Premiums Written, Premiums Earned and Loss and LAE (Benefit)
 Year Ended December 31,
 202420232022
 (in millions)
Premiums Written:
Direct$436 $307 $377 
Assumed (1)4 50 (17)
Ceded (6)(16)— 
Net$434 $341 $360 
Premiums Earned:
Direct$378 $319 $469 
Assumed32 28 28 
Ceded(7)(3)(3)
Net $403 $344 $494 
Loss and LAE (benefit):
Direct (2)$(30)$157 $32 
Assumed3 8 (17)
Ceded1 (3)1 
Net $(26)$162 $16 
____________________
(1)    Negative assumed premiums written were due to terminations and changes in expected debt service schedules.
(2)    See Note 4, Expected Loss to be Paid (Recovered), for additional information on the economic loss development (benefit).