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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 | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Mar. 31, 2024 | Dec. 31, 2024
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 | $ 106 | $ 505 | $ 505
Accretion of discount | 1 | 5 |
Changes in discount rates | 5 | (3) |
Changes in timing and assumptions | (21) | (9) |
Total economic loss development (benefit) | (15) | (7) |
Net (paid) recovered losses | 59 | (65) |
Net expected loss to be paid (recovered), end of period | $ 150 | 433 | 106
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 | $ 116 | 418 | 418
Total economic loss development (benefit) | 53 | (3) |
Net (paid) recovered losses | (12) | (17) |
Net expected loss to be paid (recovered), end of period | 157 | 398 | 116
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 | 33 | 44 | 44
Total economic loss development (benefit) | (65) | (1) |
Net (paid) recovered losses | 62 | (6) |
Net expected loss to be paid (recovered), end of period | 30 | 37 | 33
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 | (10) | 87 | 87
Total economic loss development (benefit) | (68) | (4) |
Net (paid) recovered losses | 71 | (48) |
Net expected loss to be paid (recovered), end of period | $ (7) | 35 | $ (10)
Minimum |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Risk free discount rate | 1.99% |  | 1.98%
Maximum |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Risk free discount rate | 5.41% |  | 5.22%
Weighted Average |  |  |
Present Value of Net Expected Loss and Loss Adjustment Expenses to be Paid [Roll Forward] |  |  |
Risk free discount rate | 4.18% |  | 4.38%
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 | $ 18 | 398 | $ 398
Total economic loss development (benefit) | 29 | (3) |
Net (paid) recovered losses | (12) | (17) |
Net expected loss to be paid (recovered), end of period | 35 | 378 | 18
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 | (43) | 43 | 43
Total economic loss development (benefit) | (3) | (3) |
Net (paid) recovered losses | 9 | (42) |
Net expected loss to be paid (recovered), end of period | (37) | (2) | (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 | 98 | 20 | 20
Total economic loss development (benefit) | 24 | 0 |
Net (paid) recovered losses | 0 | 0 |
Net expected loss to be paid (recovered), end of period | $ 122 | $ 20 | $ 98

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