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Quarterly Information (unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Quarterly Financial Data [Abstract] |
Schedule of Quarterly Financial Information |
($ 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 Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: 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 + Details
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