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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2014
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 - Period from July 1 through September 30, 2014 |  | Financial Guarantee |  | Financial Services |  | Corporate and Other |  | Inter-segment Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 170,335 |  |  | $ | (15,445 | ) |  | $ | 78 |  |  | $ | — |  |  | $ | 154,968 |
Equity in net income of investees accounted for by equity method |  | — |  |  | — |  |  | 371 |  |  | — |  |  | 371 |
Inter-segment |  | 237 |  |  | (219 | ) |  | 5,838 |  |  | (5,856 | ) |  | — |
Total revenues |  | 170,572 |  |  | (15,664 | ) |  | 6,287 |  |  | (5,856 | ) |  | 155,339 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1)(2)(3) |  | 101,975 |  |  | (16,304 | ) |  | (1,269 | ) |  | — |  |  | 84,402 |
Equity in net income of investees accounted for by equity method |  | — |  |  | — |  |  | 371 |  |  | — |  |  | 371 |
Inter-segment |  | (6,441 | ) |  | (281 | ) |  | 6,722 |  |  | — |  |  | — |
Pre-tax income (loss) from continuing operations |  | 95,534 |  |  | (16,585 | ) |  | 5,824 |  |  | — |  |  | 84,773 |
Total assets as of September 30, 2014 |  | 25,922,462 |  |  | 373,200 |  |  | 295,123 |  |  | — |  |  | 26,590,785 |
Net investment income |  | 82,978 |  |  | 154 |  |  | 449 |  |  | — |  |  | 83,581 |
Insurance intangible amortization |  | 41,908 |  |  | — |  |  | — |  |  | — |  |  | 41,908 |
Interest expense |  | 31,491 |  |  | 350 |  |  | — |  |  | — |  |  | 31,841 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Successor Ambac - Period from July 1 through 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 - Period from January 1 through September 30, 2014 |  | Financial Guarantee |  | Financial Services |  | Corporate and Other |  | Inter-segment Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1) |  | $ | 437,591 |  |  | $ | (116,294 | ) |  | $ | 142 |  |  | $ | — |  |  | $ | 321,439 |
Equity in net income of investees accounted for by equity method |  | — |  |  | — |  |  | 371 |  |  | — |  |  | 371 |
Inter-segment |  | 937 |  |  | (901 | ) |  | 23,309 |  |  | (23,345 | ) |  | — |
Total revenues |  | 438,528 |  |  | (117,195 | ) |  | 23,822 |  |  | (23,345 | ) |  | 321,810 |
Pre-tax income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |
Unaffiliated customers (1)(2)(3) |  | 157,551 |  |  | (119,287 | ) |  | (4,976 | ) |  | — |  |  | 33,288 |
Equity in net income of investees accounted for by equity method |  | — |  |  | — |  |  | 371 |  |  | — |  |  | 371 |
Inter-segment |  | (24,995 | ) |  | (1,150 | ) |  | 26,145 |  |  | — |  |  | — |
Pre-tax income (loss) from continuing operations |  | 132,556 |  |  | (120,437 | ) |  | 21,540 |  |  | — |  |  | 33,659 |
Total assets as of September 30, 2014 |  | 25,922,462 |  |  | 373,200 |  |  | 295,123 |  |  | — |  |  | 26,590,785 |
Net investment income |  | 232,995 |  |  | 967 |  |  | 513 |  |  | — |  |  | 234,475 |
Insurance intangible amortization |  | 109,878 |  |  | — |  |  | — |  |  | — |  |  | 109,878 |
Interest expense |  | 94,886 |  |  | 1,236 |  |  | — |  |  | — |  |  | 96,122 |
Reorganization items (4) |  | $ | — |  |  | $ | — |  |  | $ | 211 |  |  | $ | — |  |  | $ | 211 |
Successor Ambac - Period from May 1 through September 30, 2013 |  | Financial Guarantee |  | 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) (3) |  | 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 - Period from January 1 through 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 | )
(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 (loss) 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.
(4) | Refer to "Note 2: Reorganization under Chapter 11," 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:
|  | Period from July 1 through September 30, 2014 |  |  | Period from July 1 through September 30, 2013
|  | 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 |  | $ | (15,355 | ) |  | $ | 44,882 |  |  | $ | 262 |  |  |  | $ | (25,030 | ) |  | $ | 50,234 |  |  | $ | 21,911 |
United Kingdom |  | 1,482 |  |  | 14,309 |  |  | — |  |  |  | (2,789 | ) |  | 15,273 |  |  | 948 |
Other international |  | 173 |  |  | 5,640 |  |  | 7,154 |  |  |  | (6,561 | ) |  | 5,442 |  |  | 8,335 |
Total |  | $ | (13,700 | ) |  | $ | 64,831 |  |  | $ | 7,416 |  |  |  | $ | (34,380 | ) |  | $ | 70,949 |  |  | $ | 31,194 |
|  | Successor Ambac |  |  | Predecessor Ambac
|  | Period from January 1 through September 30, 2014 |  | Period from May 1 through September 30, 2013 |  |  | Period from January 1 through April 30, 2013
|  | 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 |  | $ | (44,266 | ) |  | $ | 141,472 |  |  | $ | 6,283 |  |  | $ | (49,523 | ) |  | $ | 96,574 |  |  | $ | 36,860 |  |  |  | $ | (16,102 | ) |  | $ | 104,594 |  |  | $ | (31,134 | )
United Kingdom |  | (1,681 | ) |  | 55,752 |  |  | — |  |  | (4,706 | ) |  | 24,113 |  |  | 3,061 |  |  |  | 10,673 |  |  | 18,071 |  |  | (5,861 | )
Other international |  | (19,005 | ) |  | 15,167 |  |  | 7,296 |  |  | (14,232 | ) |  | 8,301 |  |  | 42,493 |  |  |  | (8,696 | ) |  | 7,335 |  |  | (23,389 | )
Total |  | $ | (64,952 | ) |  | $ | 212,391 |  |  | $ | 13,579 |  |  | $ | (68,461 | ) |  | $ | 128,988 |  |  | $ | 82,414 |  |  |  | $ | (14,125 | ) |  | $ | 130,000 |  |  | $ | (60,384 | )

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