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Quarterly Information (unaudited) (Notes) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Data [Abstract] |
Quarterly Financial Information (unaudited) | QUARTERLY FINANCIAL INFORMATION (Unaudited)
($ in thousands) |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2014 |  |  |  |  |  |  |  |
Gross premiums written |  | $ | (5,766 | ) |  | $ | (45,486 | ) |  | $ | (13,700 | ) |  | $ | (223,358 | )
Net premiums earned |  | 82,547 |  |  | 65,013 |  |  | 64,831 |  |  | 33,969 |
Net investment income |  | 70,801 |  |  | 80,093 |  |  | 83,581 |  |  | 66,471 |
Other than temporary impairment losses |  | (10,392 | ) |  | (8,754 | ) |  | (5,011 | ) |  | (1,637 | )
Net realized investment gains |  | 16,289 |  |  | 3,067 |  |  | 10,045 |  |  | 29,376 |
Net change in fair value of credit derivatives |  | 7,382 |  |  | (1,219 | ) |  | 7,416 |  |  | 10,327 |
Derivative products revenue |  | (53,841 | ) |  | (47,985 | ) |  | (15,685 | ) |  | (63,576 | )
Net realized losses on extinguishment of debt |  | — |  |  | — |  |  | — |  |  | (74,724 | )
Income on Variable Interest Entities ("VIEs") |  | (5,542 | ) |  | (38,148 | ) |  | 9,116 |  |  | 2,362 |
Loss and loss expenses (benefit) |  | (140,011 | ) |  | 175,317 |  |  | (28,698 | ) |  | (552,182 | )
Insurance intangible amortization |  | 31,714 |  |  | 36,256 |  |  | 41,908 |  |  | 41,952 |
Underwriting and operating expenses |  | 25,786 |  |  | 24,033 |  |  | 25,513 |  |  | 26,142 |
Interest expense |  | 32,328 |  |  | 31,953 |  |  | 31,841 |  |  | 31,354 |
Reorganization items |  | 23 |  |  | 186 |  |  | 2 |  |  | — |
Pre-tax income (loss) from continuing operations |  | 159,298 |  |  | (210,412 | ) |  | 84,773 |  |  | 459,594 |
Net income attributable to Common Shareholders |  | 155,942 |  |  | (207,905 | ) |  | 82,450 |  |  | 453,584 |
Net income (loss) per share: |  |  |  |  |  |  |  |
Basic |  | $ | 3.46 |  |  | $ | (4.61 | ) |  | $ | 1.83 |  |  | $ | 10.05 |
Diluted |  | $ | 3.31 |  |  | $ | (4.61 | ) |  | $ | 1.77 |  |  | $ | 9.73 |
|  | Predecessor |  |  | Successor
|  |  |  | One Month |  |  | Two Months |  |  |  |
|  | First |  | Ended |  |  | Ended |  | Third |  | Fourth
($ in thousands) |  | Quarter |  | April 30 |  |  | June 30 |  | Quarter |  | Quarter
2013(1) |  |  |  |  |  |  |  |  |  |  |
Gross premiums written |  | $ | (3,530 | ) |  | $ | (10,595 | ) |  |  | $ | (34,081 | ) |  | $ | (34,380 | ) |  | $ | (11,848 | )
Net premiums earned |  | 100,256 |  |  | 29,744 |  |  |  | 58,039 |  |  | 70,949 |  |  | 84,530 |
Net investment income |  | 84,514 |  |  | 32,226 |  |  |  | 26,196 |  |  | 52,126 |  |  | 68,124 |
Other than temporary impairment losses |  | — |  |  | (467 | ) |  |  | (2,002 | ) |  | (38,037 | ) |  | (6,725 | )
Net realized investment gains |  | 46,060 |  |  | 7,245 |  |  |  | 18,472 |  |  | (10,310 | ) |  | (3,695 | )
Net change in fair value of credit derivatives |  | 12,787 |  |  | (73,171 | ) |  |  | 51,220 |  |  | 31,194 |  |  | 110,455 |
Derivative products revenue |  | (569 | ) |  | (33,166 | ) |  |  | 83,713 |  |  | 12,372 |  |  | 18,686 |
Income on Variable Interest Entities ("VIEs") |  | 38,326 |  |  | 388,240 |  |  |  | 4,598 |  |  | 55,109 |  |  | (108,330 | )
Loss and loss expenses (benefit) |  | (51,135 | ) |  | 13,079 |  |  |  | (26,117 | ) |  | (154,290 | ) |  | (4,731 | )
Insurance intangible amortization |  | — |  |  | — |  |  |  | 24,952 |  |  | 37,473 |  |  | 37,233 |
Underwriting and operating expenses |  | 33,874 |  |  | 10,692 |  |  |  | 16,217 |  |  | 25,047 |  |  | 27,505 |
Interest expenses |  | 23,165 |  |  | 7,860 |  |  |  | 21,144 |  |  | 31,817 |  |  | 31,989 |
Reorganization items |  | 2,059 |  |  | (2,747,239 | ) |  |  | 424 |  |  | 4 |  |  | 65 |
Pre-tax income (loss) from continuing operations |  | 282,909 |  |  | 3,065,124 |  |  |  | 205,795 |  |  | 231,601 |  |  | 74,920 |
Net income attributable to Common Shareholders |  | 282,299 |  |  | 3,066,750 |  |  |  | 205,681 |  |  | 230,975 |  |  | 68,563 |
Net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.93 |  |  | $ | 10.14 |  |  |  | $ | 4.57 |  |  | $ | 5.13 |  |  | $ | 1.52 |
Diluted |  | $ | 0.93 |  |  | $ | 10.14 |  |  |  | $ | 4.42 |  |  | $ | 4.98 |  |  | $ | 1.49 |
(1) | The financial statements for the year ended December 31, 2013 include Predecessor Ambac for the period January 1, 2013 - April 30, 2013 and Successor Ambac for the period from May 1, 2013 - December 31, 2013.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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