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Investments | 6 Months Ended
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Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Investments | 8. INVESTMENTS Ambac’s non-VIE invested assets are primarily comprised of fixed income securities classified as available-for-sale and interests in pooled investment funds which are reported within Other investments on the Consolidated Balance Sheets. Interests in pooled investment funds in the form of common stock or in-substance common stock are classified as trading securities, while limited partner interests in such funds are reported using the equity method. Other investments also include Ambac's equity interest in an unconsolidated trust created in connection with its sale of Segregated Account junior surplus notes on August 28, 2014. Fixed Income Securities: The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at June 30, 2019 and December 31, 2018 were as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Non-credit Other-than temporary Impairments (1)
June 30, 2019: |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 312,476 |  |  | $ | 31,106 |  |  | $ | 909 |  |  | $ | 342,673 |  |  | $ | — |
Corporate obligations (2) |  | 1,365,426 |  |  | 35,670 |  |  | 437 |  |  | 1,400,659 |  |  | — |
Foreign obligations |  | 30,149 |  |  | 608 |  |  | 14 |  |  | 30,743 |  |  | — |
U.S. government obligations |  | 94,211 |  |  | 2,634 |  |  | 39 |  |  | 96,806 |  |  | — |
Residential mortgage-backed securities |  | 211,081 |  |  | 41,241 |  |  | 62 |  |  | 252,260 |  |  | 62 |
Collateralized debt obligations |  | 136,547 |  |  | 47 |  |  | 441 |  |  | 136,153 |  |  | — |
Other asset-backed securities |  | 316,077 |  |  | 28,861 |  |  | 55 |  |  | 344,883 |  |  | — |
|  | 2,465,967 |  |  | 140,167 |  |  | 1,957 |  |  | 2,604,177 |  |  | 62 |
Short-term |  | 772,214 |  |  | 87 |  |  | 2 |  |  | 772,299 |  |  | — |
|  | 3,238,181 |  |  | 140,254 |  |  | 1,959 |  |  | 3,376,476 |  |  | 62 |
Fixed income securities pledged as collateral: |  |  |  |  |  |  |  |  |  |
U.S. government obligations |  | 84,418 |  |  | — |  |  | — |  |  | 84,418 |  |  | — |
Total fixed income securities pledged as collateral |  | 84,418 |  |  | — |  |  | — |  |  | 84,418 |  |  | — |
Total available-for-sale investments |  | $ | 3,322,599 |  |  | $ | 140,254 |  |  | $ | 1,959 |  |  | $ | 3,460,894 |  |  | $ | 62 |
December 31, 2018: |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 882,631 |  |  | $ | 14,364 |  |  | $ | 17,076 |  |  | $ | 879,919 |  |  | $ | 5 |
Corporate obligations (2) |  | 1,288,882 |  |  | 6,444 |  |  | 17,204 |  |  | 1,278,122 |  |  | — |
Foreign obligations |  | 30,496 |  |  | 399 |  |  | 61 |  |  | 30,834 |  |  | — |
U.S. government obligations |  | 93,636 |  |  | 1,371 |  |  | 613 |  |  | 94,394 |  |  | — |
Residential mortgage-backed securities |  | 221,825 |  |  | 37,575 |  |  | 793 |  |  | 258,607 |  |  | 27 |
Collateralized debt obligations |  | 133,075 |  |  | 8 |  |  | 1,727 |  |  | 131,356 |  |  | — |
Other asset-backed securities |  | 370,199 |  |  | 72,868 |  |  | 624 |  |  | 442,443 |  |  | — |
|  | 3,020,744 |  |  | 133,029 |  |  | 38,098 |  |  | 3,115,675 |  |  | 32 |
Short-term |  | 430,405 |  |  | 23 |  |  | 97 |  |  | 430,331 |  |  | — |
Total available-for-sale investments |  | $ | 3,451,149 |  |  | $ | 133,052 |  |  | $ | 38,195 |  |  | $ | 3,546,006 |  |  | $ | 32 |
(1) | Represents the amount of non-credit other-than-temporary impairment losses remaining in accumulated other comprehensive income on securities that also had a credit impairment. These losses are included in gross unrealized losses as of June 30, 2019 and December 31, 2018.
(2) | Includes Ambac's holdings of the secured notes issued by Ambac LSNI in connection with the Rehabilitation Exit Transactions.
The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at June 30, 2019, by contractual maturity, were as follows:
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 885,076 |  |  | $ | 885,352 |
Due after one year through five years |  | 1,094,834 |  |  | 1,114,706 |
Due after five years through ten years |  | 391,425 |  |  | 411,322 |
Due after ten years |  | 287,559 |  |  | 316,218 |
|  | 2,658,894 |  |  | 2,727,598 |
Residential mortgage-backed securities |  | 211,081 |  |  | 252,260 |
Collateralized debt obligations |  | 136,547 |  |  | 136,153 |
Other asset-backed securities |  | 316,077 |  |  | 344,883 |
Total |  | $ | 3,322,599 |  |  | $ | 3,460,894 |
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Unrealized Losses on Fixed Income Securities: The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, excluding VIE investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018:
|  | Less Than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 21,593 |  |  | $ | 325 |  |  | $ | 25,981 |  |  | $ | 584 |  |  | $ | 47,574 |  |  | $ | 909 |
Corporate obligations |  | 22,520 |  |  | 78 |  |  | 34,130 |  |  | 359 |  |  | 56,650 |  |  | 437 |
Foreign obligations |  | 281 |  |  | — |  |  | 3,061 |  |  | 14 |  |  | 3,342 |  |  | 14 |
U.S. government obligations |  | 2,833 |  |  | 21 |  |  | 2,272 |  |  | 18 |  |  | 5,105 |  |  | 39 |
Residential mortgage-backed securities |  | 4,500 |  |  | 62 |  |  | — |  |  | — |  |  | 4,500 |  |  | 62 |
Collateralized debt obligations |  | 83,555 |  |  | 441 |  |  | — |  |  | — |  |  | 83,555 |  |  | 441 |
Other asset-backed securities |  | 4,394 |  |  | 13 |  |  | 5,167 |  |  | 42 |  |  | 9,561 |  |  | 55 |
|  | 139,676 |  |  | 940 |  |  | 70,611 |  |  | 1,017 |  |  | 210,287 |  |  | 1,957 |
Short-term |  | 4,695 |  |  | 2 |  |  | — |  |  | — |  |  | 4,695 |  |  | 2 |
Total temporarily impaired securities |  | $ | 144,371 |  |  | $ | 942 |  |  | $ | 70,611 |  |  | $ | 1,017 |  |  | $ | 214,982 |  |  | $ | 1,959 |
|  | Less Than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 537,904 |  |  | $ | 15,878 |  |  | $ | 28,533 |  |  | $ | 1,198 |  |  | $ | 566,437 |  |  | $ | 17,076 |
Corporate obligations |  | 306,506 |  |  | 8,634 |  |  | 190,273 |  |  | 8,570 |  |  | 496,779 |  |  | 17,204 |
Foreign obligations |  | 1,161 |  |  | 1 |  |  | 5,163 |  |  | 60 |  |  | 6,324 |  |  | 61 |
U.S. government obligations |  | 5,643 |  |  | 135 |  |  | 58,495 |  |  | 478 |  |  | 64,138 |  |  | 613 |
Residential mortgage-backed securities |  | 34,852 |  |  | 793 |  |  | — |  |  | — |  |  | 34,852 |  |  | 793 |
Collateralized debt obligations |  | 123,848 |  |  | 1,727 |  |  | — |  |  | — |  |  | 123,848 |  |  | 1,727 |
Other asset-backed securities |  | 13,813 |  |  | 33 |  |  | 77,479 |  |  | 591 |  |  | 91,292 |  |  | 624 |
|  | 1,023,727 |  |  | 27,201 |  |  | 359,943 |  |  | 10,897 |  |  | 1,383,670 |  |  | 38,098 |
Short-term |  | 115,374 |  |  | 97 |  |  | — |  |  | — |  |  | 115,374 |  |  | 97 |
Total temporarily impaired securities |  | $ | 1,139,101 |  |  | $ | 27,298 |  |  | $ | 359,943 |  |  | $ | 10,897 |  |  | $ | 1,499,044 |  |  | $ | 38,195 |
Management has determined that the unrealized losses reflected in the tables above are temporary in nature as of June 30, 2019 and December 31, 2018 based upon (i) no unexpected principal and interest payment defaults on these securities; (ii) analysis of the creditworthiness of the issuer and financial guarantor, as applicable, and analysis of projected defaults on the underlying collateral; (iii) management has no intent to sell these investments in debt securities; and (iv) it is not more likely than not that Ambac will be required to sell these debt securities before the anticipated recovery of its amortized cost basis. The assessment under (iv) is based on a comparison of future available liquidity from the investment portfolio against the projected net cash outflow from operating activities and debt service. For purposes of this assessment, available liquidity from the investment portfolio is comprised of the fair value of securities for which management has asserted its intent to sell, the fair value of other securities that are available for sale and in an unrealized gain position, trading securities plus the scheduled maturities and interest payments from the remaining securities in the portfolio. To the extent that securities that management intends to sell are in an unrealized loss position, they would have already been considered other-than-temporarily impaired with the amortized cost written down to fair value. Because the above-described assessment indicates that future available liquidity exceeds projected net cash outflow, it is not more likely than not that we would be required to sell securities in an unrealized loss position before the recovery of their amortized cost basis. In the liquidity assessment described above, principal payments on securities pledged as collateral are not considered to be available for other liquidity needs until the collateralized positions are projected to be settled. As of June 30, 2019, for securities that have indications of possible other-than-temporary impairment but which management does not intend to sell and will not more likely than not be required to sell, management compared the present value of cash flows expected to be collected to the amortized cost basis of the securities to assess whether the amortized cost will be recovered. Cash flows were discounted at the effective interest rate implicit in the security at the date of acquisition (or Fresh Start Reporting Date of April 30, 2013 for securities purchased prior to that date) or for debt securities that are beneficial interests in securitized financial assets, at a rate equal to the current yield used to accrete the beneficial interest. For floating rate securities, future cash flows and the discount rate used were both adjusted to reflect changes in the index rate applicable to each security as of the evaluation date. Of the securities that were in a gross unrealized loss position at June 30, 2019, $45,718 of the total fair value and $573 of the unrealized loss related to below investment grade and non-rated securities. The remainder of gross unrealized losses as of June 30, 2019, are primarily on investment grade fixed-rate securities purchased during periods of lower interest rates. Management believes that the timely receipt of all principal and interest on these positions is probable. Ambac’s assessment about whether a decline in value is other-than-temporary reflects management’s current judgment regarding facts and circumstances specific to a security and the factors noted above. If that judgment changes, Ambac may ultimately record a charge for other-than-temporary impairment in future periods. Realized Gains and Losses and Other-Than-Temporary Impairments: The following table details amounts included in net realized gains (losses) and other-than-temporary impairments included in earnings for the affected periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Gross realized gains on securities |  | $ | 10,218 |  |  | $ | 41,974 |  |  | $ | 34,437 |  |  | $ | 53,028 |
Gross realized losses on securities |  | (211 | ) |  | (1,641 | ) |  | (4,499 | ) |  | (3,029 | )
Net foreign exchange (losses) gains |  | 25,853 |  |  | 6,815 |  |  | 23,155 |  |  | 2,011 |
Net realized gains (losses) |  | $ | 35,860 |  |  | $ | 47,148 |  |  | $ | 53,093 |  |  | $ | 52,010 |
Net other-than-temporary impairments (1) |  | $ | — |  |  | $ | (1,014 | ) |  | $ | (29 | ) |  | $ | (1,313 | )
(1) | Other-than-temporary impairments exclude impairment amounts recorded in other comprehensive income under ASC Paragraph 320-10-65-1, which comprise non-credit related amounts on securities that are credit impaired but which management does not intend to sell and it is not more likely than not that the company will be required to sell before recovery of the amortized cost basis.
Future changes in our estimated liquidity needs could result in a determination that Ambac no longer has the ability to hold securities that are in an unrealized loss position, which could also result in additional other-than-temporary impairment charges. The following table presents a roll-forward of Ambac’s cumulative credit losses on debt securities held as of June 30, 2019 and 2018 for which a portion of an other-than-temporary impairment was recognized in other comprehensive income:
|  | Six Months Ended June 30,
|  | 2019 |  | 2018
Balance, beginning of period |  | $ | 12,454 |  |  | $ | 67,085 |
Additions for credit impairments recognized on: |  |  |  |
Securities not previously impaired |  | — |  |  | 226 |
Securities previously impaired |  | — |  |  | 98 |
Reductions for credit impairments previously recognized on: |  |  |  |
Securities that matured or were sold during the period |  | (774 | ) |  | (28,677 | )
Balance, end of period |  | $ | 11,680 |  |  | $ | 38,732 |
Counterparty Collateral, Deposits with Regulators and Other Restrictions: Ambac routinely pledges and receives collateral related to certain transactions. Cash, cash equivalents and securities held directly in Ambac’s investment portfolio with a fair value of $119,853 and $102,904 at June 30, 2019 and December 31, 2018, respectively, were pledged to derivative counterparties. Ambac’s derivative counterparties have the right to re-pledge the investment securities and as such, these pledged securities are separately classified on the Consolidated Balance Sheets as “Fixed income securities pledged as collateral, at fair value”. Refer to Note 9. Derivative Instruments for further information on cash collateral. There was no cash or securities received from other counterparties that were re-pledged by Ambac. Securities carried at $7,613 and $5,975 at June 30, 2019 and December 31, 2018, respectively, were deposited with governmental authorities or designated custodian banks as required by laws affecting insurance companies. Invested assets carried at $1,412 at June 30, 2019 were deposited as security in connection with a letter of credit issued for an office lease. Securities with a fair value of $205,960 and $209,983 at June 30, 2019 and December 31, 2018, respectively, were pledged as collateral and as sources of funding to repay the Secured Notes issued by Ambac LSNI. The securities may not be transferred or repledged by Ambac LSNI. Collateral may be sold to fund redemptions of the Secured Notes. Ambac Assurance also pledged for the benefit of the holders of Secured Notes (other than Ambac Assurance) the proceeds of interest payments and partial redemptions of the Secured Notes held by Ambac Assurance. The amount of such proceeds held by Ambac Assurance was $0 and $19,405 at June 30, 2019 and December 31, 2018, respectively, and is included in Restricted cash on the Consolidated Balance Sheet. Guaranteed Securities: Ambac’s fixed income portfolio includes securities covered by guarantees issued by Ambac Assurance and other financial guarantors (“insured securities”). The published rating agency ratings on these securities reflect the higher of the financial strength rating of the financial guarantor or the rating of the underlying issuer. Rating agencies do not always publish separate underlying ratings (those ratings excluding the insurance by the financial guarantor). In the event these underlying ratings are not available from the rating agencies, Ambac will assign an internal rating. The following table represents the fair value, including the value of the financial guarantee, and weighted-average underlying rating, excluding the financial guarantee, of the insured securities at June 30, 2019 and December 31, 2018, respectively:
|  | Municipal Obligations |  | Corporate Obligations (3) |  | Mortgage and Asset- backed Securities |  | Total |  | Weighted Average Underlying Rating (1)
June 30, 2019: |  |  |  |  |  |  |  |  |  |
Ambac Assurance Corporation (2) |  | $ | 164,258 |  |  | $ | 585,922 |  |  | $ | 450,449 |  |  | $ | 1,200,629 |  |  | CCC-
National Public Finance Guarantee Corporation |  | 13,587 |  |  | — |  |  | — |  |  | 13,587 |  |  | BBB-
Total |  | $ | 177,845 |  |  | $ | 585,922 |  |  | $ | 450,449 |  |  | $ | 1,214,216 |  |  | CCC-
December 31, 2018: |  |  |  |  |  |  |  |  |  |
Ambac Assurance Corporation (2) |  | $ | 833,241 |  |  | $ | 656,473 |  |  | $ | 599,185 |  |  | $ | 2,088,899 |  |  | CC
National Public Finance Guarantee Corporation |  | 15,600 |  |  | — |  |  | — |  |  | 15,600 |  |  | BBB-
Total |  | $ | 848,841 |  |  | $ | 656,473 |  |  | $ | 599,185 |  |  | $ | 2,104,499 |  |  | CC
(1) | Ratings are based on the lower of Standard & Poor’s or Moody’s rating. If unavailable, Ambac’s internal rating is used.
(2) | Includes asset-backed securities with a fair value of $0 and $144,672 at June 30, 2019 and December 31, 2018, respectively, insured by Ambac UK.
(3) | Represents Ambac's holdings of secured notes issued by Ambac LSNI in connection with the Rehabilitation Exit Transactions. These secured notes are insured by Ambac Assurance.
Other Investments: Ambac's investment portfolio includes interests in various pooled investment funds. The fair value and additional information about investments in pooled funds, by investment type, is summarized in the table below. Except as noted in the table, fair value as reported is determined using NAV as a practical expedient. In addition to these investments, Ambac has unfunded commitments at June 30, 2019 of $25,000 with an investment fund that focuses on middle-market enterprise debt and preferred equity.
|  | Fair Value |  |  |  |
Class of Funds |  | June 30, 2019 |  | December 31, 2018 |  | Redemption Frequency |  | Redemption Notice Period
Real estate properties (1) |  | $ | 15,831 |  |  | $ | 16,123 |  |  | quarterly |  | 10 business days
Interest rate products (2) (7) |  | 233,904 |  |  | 177,357 |  |  | daily, weekly or monthly |  | 0 - 30 days
Illiquid investments (3) |  | 38,385 |  |  | 84,297 |  |  | quarterly |  | 180 days
Insurance-linked investments (4) |  | 27,752 |  |  | 29,318 |  |  | quarterly |  | 90-120 days
Equity market investments (5) (7) |  | 50,691 |  |  | 43,954 |  |  | daily |  | 0 days
Credit products (6) |  | 60,000 |  |  | — |  |  | quarterly |  | 90 days
Total equity investments in pooled funds |  | $ | 426,563 |  |  | $ | 351,049 |  |  |  |  |
(1) | Investments consist of UK property to generate income and capital growth.
(2) | This class of funds includes investments in a range of instruments including leveraged loans, CLOs, asset-backed securities and floating rate notes to generate income and capital appreciation. Funds with less frequent redemption periods limit redemptions to as little as 15% per period. Funds with a same day redemption notice period are redeemable only weekly, while funds that may be redeemed any business day have notice periods of 15-30 days.
(3) | This class seeks to obtain high long-term total return through investments with low liquidity and defined term, resulting in expected capital distributions to subscribers in the second half of 2019 and 2023.
(4) | This class aims to provide returns from the insurance and reinsurance markets through investments in catastrophe bonds, life insurance and other insurance linked investments. Redemption periods are quarterly, subject to 90-day notice for January/July redemption dates and 120-day notice for April/October redemption dates. Ambac provided its redemption notice and received $24,804 in July 2019 in settlement of $24,698 of the above June 30, 2019 balance for insurance-linked investment funds.
(5) | Investments represent a diversified exposure to global equity market returns through holdings of various regional market index funds.
(6) | This class seeks to generate superior risk-adjusted returns through selective asset sourcing, active trading and hedging strategies within structured credit markets, including mortgage-backed securities, commercial real estate securities and loans, CLOs, REITs and asset-backed securities. Redemptions prior to June 30, 2020, or with 60 days’ notice are subject to a 5% fee. Aggregate fund-level redemptions may be limited to 25% of the fund’s assets per quarter.
(7) | Interest rate products include $78,998 at June 30, 2019 and $27,154 at December 31, 2018 and equity market investments include $50,691 at June 30, 2019 and $43,954 at December 31, 2018 that have readily determinable fair values priced through pricing vendors.
Ambac also holds an equity interest in an unconsolidated trust created in connection with the 2014 sale of Segregated Account junior surplus notes, which is accounted for under the equity method. Investment Income: Net investment income was comprised of the following for the affected periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Fixed income securities |  | $ | 74,137 |  |  | $ | 60,499 |  |  | $ | 117,803 |  |  | $ | 169,848 |
Short-term investments |  | 5,481 |  |  | 2,438 |  |  | 9,594 |  |  | 5,278 |
Loans |  | 182 |  |  | 179 |  |  | 366 |  |  | 367 |
Investment expense |  | (1,471 | ) |  | (1,374 | ) |  | (2,882 | ) |  | (3,200 | )
Securities available-for-sale and short-term |  | 78,329 |  |  | 61,742 |  |  | 124,881 |  |  | 172,293 |
Other investments |  | 8,130 |  |  | 4,920 |  |  | 16,420 |  |  | 4,609 |
Total net investment income |  | $ | 86,459 |  |  | $ | 66,662 |  |  | $ | 141,301 |  |  | $ | 176,902 |
Net investment income from Other investments primarily represents changes in fair value on securities classified as trading or under the fair value option, income from investment limited partnerships accounted for under the equity method and the above noted equity interest in an unconsolidated trust accounted for under the equity method. The portion of net unrealized gains (losses) related to trading securities still held at the end of each period is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net gains (losses) recognized during the period on trading securities |  | $ | 6,766 |  |  | $ | 3,632 |  |  | $ | 13,713 |  |  | $ | 2,053 |
Less: net gains (losses) recognized during the reporting period on trading securities sold during the period |  | 2,664 |  |  | 344 |  |  | 3,572 |  |  | 1,325 |
Unrealized gains (losses) recognized during the reporting period on trading securities still held at the reporting date |  | $ | 4,102 |  |  | $ | 3,288 |  |  | $ | 10,141 |  |  | $ | 728 |

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