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Net Premiums Earned (Tables) | 9 Months Ended
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Sep. 30, 2012
Summary of Premium Receivable Roll-Forward | Below is the premium receivable roll-forward for the nine month and twelve month periods ended September 30, 2012 and December 31, 2011, respectively:
|  | September 30, 2012 |  |  | December 31, 2011 |
Beginning premium receivable |  | $ | 2,028,479 |  |  | $ | 2,422,596 |
Premium payments received |  |  | (115,336 | ) |  |  | (190,823 | )
Adjustments for changes in expected life of homogeneous pools and actual changes to contractual cash flows |  |  | (198,811 | ) |  |  | (240,547 | )
Accretion of premium receivable discount |  |  | 38,801 |  |  |  | 62,841 |
Consolidation of certain VIEs |  |  | — |  |  |  | (104,736 | )
Deconsolidation of certain VIEs |  |  | — |  |  |  | 87,978 |
Other adjustments (including foreign exchange) |  |  | 2,697 |  |  |  | (8,830 | )
Ending premium receivable |  | $ | 1,755,830 |  |  | $ | 2,028,479 |
Summarized Future Gross Undiscounted Premiums Expected to be Collected and Future Expected Premiums Earned | The table below summarizes the future gross undiscounted premiums expected to be collected, and future expected premiums earned, net of reinsurance at September 30, 2012:
|  | Future premiums to be collected(1) |  |  | Future expected premiums to be earned, net of reinsurance(1) |
Three months ended: |  |  |  |  |  |  |  |
December 31, 2012 |  | $ | 38,490 |  |  | $ | 62,992 |
Twelve months ended: |  |  |  |  |  |  |  |
December 31, 2013 |  |  | 138,330 |  |  |  | 226,879 |
December 31, 2014 |  |  | 141,878 |  |  |  | 204,041 |
December 31, 2015 |  |  | 136,275 |  |  |  | 190,320 |
December 31, 2016 |  |  | 130,297 |  |  |  | 179,438 |
Five years ended: |  |  |  |  |  |  |  |
December 31, 2021 |  |  | 578,474 |  |  |  | 750,984 |
December 31, 2026 |  |  | 462,155 |  |  |  | 539,033 |
December 31, 2031 |  |  | 340,300 |  |  |  | 357,079 |
December 31, 2036 |  |  | 199,914 |  |  |  | 195,106 |
December 31, 2041 |  |  | 69,794 |  |  |  | 62,902 |
December 31, 2046 |  |  | 21,420 |  |  |  | 19,306 |
December 31, 2051 |  |  | 5,325 |  |  |  | 6,236 |
December 31, 2056 |  |  | 242 |  |  |  | 686 |
Total |  | $ | 2,262,894 |  |  | $ | 2,795,002 |
(1) | The future premiums expected to be collected and future premiums expected to be earned, net of reinsurance disclosed in the above table relate to the discounted premium receivable asset and unearned premium liability recorded on Ambac’s balance sheet. The use of contractual lives for many bond types which do not have homogeneous pools of underlying collateral is required in the calculation of the premium receivable as described above, which results in a higher premium receivable balance than if expected lives were considered. If installment paying policies are retired early as a result of rate step-ups or other early retirement provision incentives for the issuer, premiums reflected in the premium receivable asset and amounts reported in the above table for such policies may not be collected in the future.
Premiums Written on Gross and Net Basis | The table below shows premiums written on a gross and net basis for the three and nine month periods ended September 30, 2012 and 2011:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Guarantee: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums written |  | ($ | 55,310 | ) |  | $ | 242,573 |  |  | ($ | 175,777 | ) |  | ($ | 125,712 | )
Ceded premiums written |  |  | 2,082 |  |  |  | (2,047 | ) |  |  | 18,055 |  |  |  | 18,742 |
Net premiums written |  | ($ | 53,228 | ) |  | $ | 240,526 |  |  | ($ | 157,722 | ) |  | ($ | 106,970 | )

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