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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2013
Segment Reporting [Abstract] |
Summary of Financial Information by Reportable Segment | The following table is a summary of financial information by reportable segment for the affected periods:
Successor Ambac – Three Months Ended September 30, 2013 |  | Financial Guarantee |  |  | Financial Services |  |  | Corporate and Other |  |  | Inter-segment Eliminations |  |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 157,382 |  |  | $ | 14,144 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 171,652 |
Inter-segment |  |  | 512 |  |  |  | (472 | ) |  |  | 8,259 |  |  |  | (8,299 | ) |  |  | — |
Total revenues |  | $ | 157,894 |  |  | $ | 13,672 |  |  | $ | 8,385 |  |  | $ | (8,299 | ) |  | $ | 171,652 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) (2) (3) |  | $ | 219,006 |  |  | $ | 12,812 |  |  | $ | (217 | ) |  | $ | — |  |  | $ | 231,601 |
Inter-segment |  |  | (8,664 | ) |  |  | (623 | ) |  |  | 9,287 |  |  |  | — |  |  |  | — |
Pre-tax income (loss) from continuing operations |  | $ | 210,342 |  |  | $ | 12,189 |  |  | $ | 9,070 |  |  | $ | — |  |  | $ | 231,601 |
Total assets as of September 30, 2013 |  | $ | 28,117,113 |  |  | $ | 477,111 |  |  | $ | 39,414 |  |  | $ | — |  |  | $ | 28,633,638 |
Net investment income |  | $ | 51,637 |  |  | $ | 474 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 52,126 |
Insurance intangible amortization |  | $ | 37,473 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37,473 |
Interest expense |  | $ | 31,281 |  |  | $ | 536 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,817 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Successor Ambac – Five Months Ended September 30, 2013 |  | Financial Guarantee (3) |  |  | Financial Services |  |  | Corporate and Other |  |  | Inter-segment Eliminations |  |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 317,287 |  |  | $ | 96,634 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 414,067 |
Inter-segment |  |  | 911 |  |  |  | (846 | ) |  |  | 13,684 |  |  |  | (13,749 | ) |  |  | — |
Total revenues |  | $ | 318,198 |  |  | $ | 95,788 |  |  | $ | 13,830 |  |  | $ | (13,749 | ) |  | $ | 414,067 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) (2) |  | $ | 343,896 |  |  | $ | 94,504 |  |  | $ | (1,004 | ) |  | $ | — |  |  | $ | 437,396 |
Inter-segment |  |  | (14,161 | ) |  |  | (1,146 | ) |  |  | 15,307 |  |  | $ | — |  |  |  | — |
Pre-tax income (loss) from continuing operations |  | $ | 329,735 |  |  | $ | 93,358 |  |  | $ | 14,303 |  |  | $ | — |  |  | $ | 437,396 |
Total assets as of September 30, 2013 |  | $ | 28,117,113 |  |  | $ | 477,111 |  |  | $ | 39,414 |  |  | $ | — |  |  | $ | 28,633,638 |
Net investment income |  | $ | 77,652 |  |  | $ | 632 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 78,322 |
Insurance intangible amortization |  | $ | 62,425 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 62,425 |
Interest expense |  | $ | 52,057 |  |  | $ | 904 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,961 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 428 |  |  | $ | — |  |  | $ | 428 |
Predecessor Ambac – Four Months Ended April 30, 2013 |  | Financial Guarantee |  |  | Financial Services |  |  | Corporate and Other |  |  | Inter-segment Eliminations |  |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 633,010 |  |  | $ | 7,339 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 640,388 |
Inter-segment |  |  | 940 |  |  |  | (882 | ) |  | $ | 197,055 |  |  |  | (197,113 | ) |  |  | — |
Total revenues |  | $ | 633,950 |  |  | $ | 6,457 |  |  | $ | 197,094 |  |  | $ | (197,113 | ) |  | $ | 640,388 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) (2) |  | $ | 1,830,165 |  |  | $ | 3,233 |  |  | $ | 1,514,635 |  |  | $ | — |  |  | $ | 3,348,033 |
Inter-segment |  |  | (197,187 | ) |  |  | (1,101 | ) |  |  | 198,288 |  |  | $ | — |  |  |  | — |
Pre-tax income (loss) from continuing operations |  | $ | 1,632,978 |  |  | $ | 2,132 |  |  | $ | 1,712,923 |  |  | $ | — |  |  | $ | 3,348,033 |
Total assets as of April 30, 2013 |  | $ | 28,287,321 |  |  | $ | 536,711 |  |  | $ | 29,403 |  |  | $ | — |  |  | $ | 28,853,435 |
Net investment income |  | $ | 115,129 |  |  | $ | 1,572 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 116,740 |
Interest expense |  | $ | 29,718 |  |  | $ | 1,307 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,025 |
Reorganization items (4) |  | $ | (1,231,550 | ) |  | $ | 1,505 |  |  | $ | (1,515,135 | ) |  | $ | — |  |  | $ | (2,745,180 | )
Predecessor Ambac – Three months ended September 30, 2012 |  | Financial Guarantee |  |  | Financial Services |  |  | Corporate and Other |  |  | Inter-segment Eliminations |  |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 230,014 |  |  | $ | (33,021 | ) |  | $ | 169 |  |  | $ | — |  |  | $ | 197,162 |
Inter-segment |  |  | 1,244 |  |  |  | (1,197 | ) |  |  | — |  |  |  | (47 | ) |  |  | — |
Total revenues |  | $ | 231,258 |  |  | $ | (34,218 | ) |  | $ | 169 |  |  | $ | (47 | ) |  | $ | 197,162 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) (2) |  | $ | 196,302 |  |  | $ | (35,434 | ) |  | $ | (2,828 | ) |  | $ | — |  |  | $ | 158,040 |
Inter-segment |  |  | 2,530 |  |  |  | (1,897 | ) |  |  | (633 | ) |  |  | — |  |  |  | — |
Pre-tax income (loss) from continuing operations |  | $ | 198,832 |  |  | $ | (37,331 | ) |  | $ | (3,461 | ) |  | $ | — |  |  | $ | 158,040 |
Total assets as of September 30, 2012 |  | $ | 26,206,822 |  |  | $ | 703,945 |  |  | $ | 37,125 |  |  | $ | — |  |  | $ | 26,947,892 |
Net investment income |  | $ | 81,037 |  |  | $ | 2,986 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 84,078 |
Interest expense |  | $ | 21,712 |  |  | $ | 1,556 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,268 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 1,252 |  |  | $ | — |  |  | $ | 1,252 |
Predecessor Ambac – Nine months ended September 30, 2012 |  | Financial Guarantee |  |  | Financial Services |  |  | Corporate and Other |  |  | Inter-segment Eliminations |  |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 587,506 |  |  | $ | (72,451 | ) |  | $ | 282 |  |  | $ | — |  |  | $ | 515,337 |
Inter-segment |  |  | 4,140 |  |  |  | (3,986 | ) |  |  | 645 |  |  |  | (799 | ) |  |  | — |
Total revenues |  | $ | 591,646 |  |  | $ | (76,437 | ) |  | $ | 927 |  |  | $ | (799 | ) |  | $ | 515,337 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) (2) |  | $ | (314,598 | ) |  | $ | (80,021 | ) |  | $ | (7,280 | ) |  | $ | — |  |  | $ | (401,899 | )
Inter-segment |  |  | 2,845 |  |  |  | (3,681 | ) |  |  | 836 |  |  |  | — |  |  |  | — |
Pre-tax income (loss) from continuing operations |  | $ | (311,753 | ) |  | $ | (83,702 | ) |  | $ | (6,444 | ) |  | $ | — |  |  | $ | (401,899 | )
Total assets as of September 30, 2012 |  | $ | 26,206,822 |  |  | $ | 703,945 |  |  | $ | 37,125 |  |  | $ | — |  |  | $ | 26,947,892 |
Net investment income |  | $ | 276,251 |  |  | $ | 13,611 |  |  | $ | 169 |  |  | $ | — |  |  | $ | 290,031 |
Interest expense |  | $ | 83,966 |  |  | $ | 4,996 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,962 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 4,480 |  |  | $ | — |  |  | $ | 4,480 |
(1) | Included in both revenues from unaffiliated customers and in pre-tax income (loss) from continuing operations from unaffiliated customers is net investment income.
(2) | Included in pre-tax income (loss) from continuing operations from unaffiliated customers is interest expense.
(3) | Included in pre-tax income from continuing operations from unaffiliated customers is amortization of intangible asset arising from financial guarantee contracts that were set to fair value upon adoption of Fresh Start. See “Note 7: Financial Guarantee Insurance Contracts,” for additional information.
(4) | Refer to Note 2: Fresh Start Financial Statement Reporting, for a further discussion of Reorganization items.
Schedule of Gross Premiums Written, Net Premiums Earned and Net Change in Fair Value of Credit Derivatives | The following table summarizes gross premiums written, net premiums earned and the net change in fair value of credit derivatives included in the Financial Guarantee segment by location of risk for the affected periods:
|  | Successor Ambac – Three Months Ended September 30, 2013 |  |  |  |  |  |  | Predecessor Ambac – Three Months Ended September 30, 2012 |
|  | Gross Premiums Written |  |  | Net Premiums Earned |  |  | Net Change In Fair Value Of Credit Derivatives |  |  |  |  |  |  | Gross Premiums Written |  |  | Net Premiums Earned |  |  | Net Change In Fair Value Of Credit Derivatives |
United States |  | $ | (25,030 | ) |  | $ | 50,234 |  |  | $ | 21,911 |  |  |  |  |  |  | $ | (40,748 | ) |  | $ | 92,132 |  |  | $ | 15,845 |
United Kingdom |  |  | (2,789 | ) |  |  | 15,273 |  |  |  | 948 |  |  |  |  |  |  |  | (1,060 | ) |  |  | 14,763 |  |  |  | 716 |
Other international |  |  | (6,561 | ) |  |  | 5,442 |  |  |  | 8,335 |  |  |  |  |  |  |  | (13,502 | ) |  |  | 6,179 |  |  |  | 10,879 |
Total |  | $ | (34,380 | ) |  | $ | 70,949 |  |  | $ | 31,194 |  |  |  |  |  |  | $ | (55,310 | ) |  | $ | 113,074 |  |  | $ | 27,440 |
|  | Successor Ambac – Five Months Ended September 30, 2013 |  |  |  |  |  |  | Predecessor Ambac – Four Months Ended April 30, 2013 |  |  | Predecessor Ambac – Nine Months Ended September 30, 2012 |
|  | Gross Premiums Written |  |  | Net Premiums Earned |  |  | Net Change In Fair Value Of Credit Derivatives |  |  |  |  |  |  | Gross Premiums Written |  |  | Net Premiums Earned |  |  | Net Change In Fair Value Of Credit Derivatives |  |  | Gross Premiums Written |  |  | Net Premiums Earned |  |  | Net Change in Fair Value of Credit Derivatives |
United States |  | $ | (49,523 | ) |  | $ | 96,574 |  |  | $ | 36,860 |  |  |  |  |  |  | $ | (16,102 | ) |  | $ | 104,594 |  |  | $ | (31,134 | ) |  | $ | (165,408 | ) |  | $ | 235,672 |  |  | $ | 7,577 |
United Kingdom |  |  | (4,706 | ) |  |  | 24,113 |  |  |  | 3,061 |  |  |  |  |  |  |  | 10,673 |  |  |  | 18,071 |  |  |  | (5,861 | ) |  |  | 11,325 |  |  |  | 55,355 |  |  |  | (3,721 | )
Other international |  |  | (14,232 | ) |  |  | 8,301 |  |  |  | 42,493 |  |  |  |  |  |  |  | (8,696 | ) |  |  | 7,335 |  |  |  | (23,389 | ) |  |  | (21,694 | ) |  |  | 20,039 |  |  |  | 8,947 |
Total |  | $ | (68,461 | ) |  | $ | 128,988 |  |  | $ | 82,414 |  |  |  |  |  |  | $ | (14,125 | ) |  | $ | 130,000 |  |  | $ | (60,384 | ) |  | $ | (175,777 | ) |  | $ | 311,066 |  |  | $ | 12,803 |

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