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Special Purpose Entities, Including Variable Interest Entities (Tables) | 6 Months Ended
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Jun. 30, 2022
Variable Interest Entity [Line Items] |
Components of VIE Gain (Loss) [Table Text Block] | The following schedule details the components of Income (loss) on variable interest entities for the affected periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Net change in fair value of VIE assets and liabilities reported under the fair value option |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Less: Credit risk changes of fair value option long-term debt reported through other comprehensive income (loss) |  | (1) |  |  | — |  |  | (2) |  |  | 1 |
Net change in fair value of VIE assets and liabilities reported in earnings under the fair value option |  | — |  |  | 2 |  |  | (1) |  |  | 1 |
Investment income (loss) |  | (1) |  |  | 2 |  |  | (5) |  |  | 3 |
Net realized investment gains (losses) on available-for-sale securities |  | — |  |  | — |  |  | 1 |  |  | 1 |
Interest expense on long-term debt carried at par less unamortized cost |  | (5) |  |  | (1) |  |  | (7) |  |  | (3) |
Gain (loss) from consolidating VIEs |  | — |  |  | — |  |  | 28 |  |  | — |
Income (loss) on variable interest entities |  | $ | (6) |  |  | $ | 2 |  |  | $ | 15 |  |  | $ | 2 |
Summary of Carrying Amount of Assets, Liabilities and Maximum Exposure to Loss of Ambac's Variable Interests in Non-Consolidated Variable Interest Entities | The following table displays the carrying amount of the assets, liabilities and maximum exposure to loss of Ambac’s variable interests in non-consolidated VIEs resulting from financial guarantee and derivative contracts by major underlying asset classes, as of June 30, 2022 and December 31, 2021:
| Carrying Value of Assets and Liabilities
| Maximum Exposure To Loss (1) |  | Insurance Assets (2) |  | Insurance Liabilities (3) |  | Net Derivative Assets (Liabilities) (4)
June 30, 2022: |  |  |  |  |  |  |
Global structured finance: |  |  |  |  |  |  |
Mortgage-backed—residential | $ | 2,607 |  |  | $ | 1,594 |  |  | $ | 422 |  |  | $ | — |
Other consumer asset-backed | 706 |  |  | 14 |  |  | 232 |  |  | — |
Other | 725 |  |  | 2 |  |  | 7 |  |  | 3 |
Total global structured finance | 4,038 |  |  | 1,610 |  |  | 662 |  |  | 3 |
Global public finance | 19,204 |  |  | 232 |  |  | 240 |  |  | — |
Total | $ | 23,242 |  |  | $ | 1,842 |  |  | $ | 902 |  |  | $ | 3 |
December 31, 2021: |  |  |  |  |  |  |
Global structured finance: |  |  |  |  |  |  |
Mortgage-backed—residential | $ | 3,265 |  |  | $ | 1,929 |  |  | $ | 521 |  |  | $ | — |
Other consumer asset-backed | 788 |  |  | 17 |  |  | 234 |  |  | — |
Other | 826 |  |  | 3 |  |  | 10 |  |  | 5 |
Total global structured finance | 4,879 |  |  | 1,949 |  |  | 765 |  |  | 5 |
Global public finance | 20,233 |  |  | 246 |  |  | 257 |  |  | — |
Total | $ | 25,112 |  |  | $ | 2,195 |  |  | $ | 1,023 |  |  | $ | 5 |
(1)Maximum exposure to loss represents the maximum future payments of principal and interest on insured obligations and derivative contracts. Ambac’s maximum exposure to loss does not include the benefit of any financial instruments (such as reinsurance or hedge contracts) that Ambac may utilize to mitigate the risks associated with these variable interests. (2)Insurance assets represent the amount included in “Premium receivables” and “Subrogation recoverable” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets. (3)Insurance liabilities represent the amount included in “Loss and loss expense reserves” and “Unearned premiums” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets. (4)Net derivative assets (liabilities) represent the fair value recognized on credit derivative contracts and interest rate swaps on Ambac’s Consolidated Balance Sheets.
Schedule of Variable Interest Entities Assets and Liabilities [Table Text Block] | The following table summarizes the carrying values of assets and liabilities, along with other supplemental information related to FG VIEs that are consolidated as a result of financial guarantees of Ambac UK and AAC:
|  | June 30, 2022 |  | December 31, 2021
|  | Ambac UK |  | Ambac Assurance |  | Total VIEs |  | Ambac UK |  | Ambac Assurance |  | Total VIEs
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations, fair value option |  | $ | 2,533 |  |  | $ | — |  |  | $ | 2,533 |  |  | $ | 3,320 |  |  | $ | — |  |  | $ | 3,320 |
Municipal obligations, available-for-sale (1) |  | — |  |  | 109 |  |  | 109 |  |  | — |  |  | 136 |  |  | 136 |
Total FG VIE fixed maturity securities, at fair value |  | 2,533 |  |  | 109 |  |  | 2,642 |  |  | 3,320 |  |  | 136 |  |  | 3,455 |
Restricted cash |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 2 |
Loans, at fair value (2) |  | 2,144 |  |  | — |  |  | 2,144 |  |  | 2,718 |  |  | — |  |  | 2,718 |
Derivative assets |  | 51 |  |  | — |  |  | 51 |  |  | 38 |  |  | — |  |  | 38 |
Other assets |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | 2 |
Total FG VIE assets |  | $ | 4,728 |  |  | $ | 113 |  |  | $ | 4,841 |  |  | $ | 6,077 |  |  | $ | 139 |  |  | $ | 6,216 |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, at fair value (3) |  | $ | 3,184 |  |  | $ | — |  |  | $ | 3,184 |  |  | $ | 4,056 |  |  | $ | — |  |  | $ | 4,056 |
Long-term debt, at par less unamortized discount |  | — |  |  | 155 |  |  | 155 |  |  | — |  |  | 160 |  |  | 160 |
Total long-term debt |  | 3,184 |  |  | 155 |  |  | 3,340 |  |  | 4,056 |  |  | 160 |  |  | 4,216 |
Derivative liabilities |  | 1,476 |  |  | — |  |  | 1,476 |  |  | 1,940 |  |  | — |  |  | 1,940 |
Total FG VIE liabilities |  | $ | 4,661 |  |  | $ | 156 |  |  | $ | 4,816 |  |  | $ | 5,996 |  |  | $ | 160 |  |  | $ | 6,156 |
Number of FG VIEs consolidated |  | 5 |  |  | 3 |  |  | 8 |  |  | 5 |  |  | 1 |  |  | 6 |
(1)Available-for-sale FG VIE fixed maturity securities consist of municipal obligations with an amortized cost basis of $103 and $106, and aggregate gross unrealized gains of $6 and $29 at June 30, 2022 and December 31, 2021, respectively. All such securities had contractual maturities due after ten years as of June 30, 2022. (2)The unpaid principal balances of loan assets carried at fair value were $2,072 as of June 30, 2022 and $2,363 as of December 31, 2021. (3)The unpaid principal balances of long-term debt carried at fair value were $3,168 as of June 30, 2022 and $3,579 as of December 31, 2021.

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- Definition Tabular presentation of the carrying amounts of assets and liabilities in the reporting entity's statement of financial position that relate to the reporting entity's variable interests in non-consolidated variable interest entities (VIEs) resulting from financial guarantee and credit derivative contracts, and the maximum exposure to loss as a result of its involvement with such VIEs. + References No definition available. + Details
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