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Financial Guarantee Insurance Contracts (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Line Items] |
Effect of Reinsurance on Premiums Written and Earned | The effect of reinsurance on premiums written and earned was as follows:
Year Ended December 31, | Direct |  | Assumed |  | Ceded |  | Net Premiums
2023: |  |  |  |  |  |  |
Written | $ | 249 |  |  | $ | 40 |  |  | $ | 244 |  |  | $ | 44 |
Earned | 224 |  |  | 18 |  |  | 164 |  |  | 78 |
2022: |  |  |  |  |  |  |
Written | $ | 127 |  |  | $ | — |  |  | $ | 104 |  |  | $ | 23 |
Earned | 126 |  |  | — |  |  | 69 |  |  | 56 |
2021: |  |  |  |  |  |  |
Written | $ | 2 |  |  | $ | — |  |  | $ | 35 |  |  | $ | (33) |
Earned | 62 |  |  | — |  |  | 15 |  |  | 47 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following table summarizes net premiums earned by location of risk:
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021
United States |  | 65 |  |  | $ | 41 |  |  | $ | 27 |
United Kingdom |  | 11 |  |  | 13 |  |  | 14 |
Other international |  | 2 |  |  | 3 |  |  | 6 |
Total |  | 78 |  |  | $ | 56 |  |  | $ | 47 |
Premium Receivables, including Credit Impairments Premium receivables at December 31, 2023 and 2022 were $290 and $269, respectively. Below is the gross premium receivable roll-forward, net of the allowance for credit losses, for the affected periods:
Year Ended December 31, | 2023 |  | 2022 |  | 2021
Beginning premium receivable | $ | 269 |  |  | $ | 323 |  |  | $ | 370 |
Premiums written on new business, net of commissions | 210 |  |  | 117 |  |  | 10 |
Premium receipts | (208) |  |  | (139) |  |  | (43) |
Adjustments for changes in expected and contractual cash flows for contracts (1) | 6 |  |  | (31) |  |  | (27) |
Accretion of premium receivable discount for contracts | 8 |  |  | 8 |  |  | 8 |
Consolidation of VIEs | (1) |  |  | — |  |  | — |
Changes to allowance for credit losses | 1 |  |  | 4 |  |  | 8 |
Other adjustments (including foreign exchange) (2) | 4 |  |  | (12) |  |  | (4) |
Ending premium receivable (3) | $ | 290 |  |  | $ | 269 |  |  | $ | 323 |
(1)Adjustments for changes in expected and contractual cash flows are primarily due to indexation offset by reductions in insured exposure as a result of early policy terminations and unscheduled principal paydowns for financial guarantee policies. (2)Includes foreign exchange gains/(losses) of $4, ($13) and $(2) for 2023, 2022,and 2021 respectively. (3)Premium receivable includes premiums to be received in foreign denominated currencies most notably in British Pounds and Euros. At December 31, 2023, 2022 and 2021 premium receivables include British Pounds of $72 (£57), $71 (£59) and $108 (£80), respectively, and Euros of $13 (€12), $14 (€13) and $16 (€14), respectively. Management evaluates premium receivables for expected credit losses ("credit impairment") in accordance with the CECL standard, which is further described in Note 2. Basis of Presentation and Significant Accounting Policies. The key indicator management uses to assess the credit quality of legacy financial guarantee premium receivables is Ambac's internal risk classifications for the insured obligation determined by the Risk Management Group. Below is the amortized cost basis of financial guarantee premium receivables by risk classification code and asset class as of December 31, 2023 and 2022:
| Surveillance Categories as of December 31, 2023 |  | Surveillance Categories as of December 31, 2022
Type of Guaranteed Bond | I |  | IA |  | II |  | III |  | IV |  |  |  | Total |  | I |  | IA |  | II |  | III |  | IV |  |  |  | Total
Public Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Housing revenue | $ | 131 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 139 |  |  | $ | 140 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 148 |
Other | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 2 |
Total Public Finance | 133 |  |  | 3 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | 140 |  |  | 142 |  |  | 3 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | 150 |
Structured Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed and home equity | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  |  |  | 11 |
Student loan | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  |  |  | 7 |  |  | 1 |  |  | 1 |  |  | — |  |  | 7 |  |  | — |  |  |  |  | 8 |
Other | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 4 |
Total Structured Finance | 4 |  |  | — |  |  | — |  |  | 7 |  |  | 11 |  |  |  |  | 22 |  |  | 5 |  |  | 1 |  |  | — |  |  | 7 |  |  | 11 |  |  |  |  | 24 |
International: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign/sub-sovereign | 51 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  | 64 |  |  | 49 |  |  | 7 |  |  | — |  |  | 9 |  |  | — |  |  |  |  | 64 |
Investor-owned and public utilities | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18 |
Other | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 2 |
Total International | 72 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  | 85 |  |  | 70 |  |  | 7 |  |  | — |  |  | 9 |  |  | — |  |  |  |  | 85 |
Total (1) (2) | $ | 210 |  |  | $ | 16 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 11 |  |  |  |  | $ | 248 |  |  | $ | 217 |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 16 |  |  | $ | 11 |  |  |  |  | $ | 259 |
(1) Excludes specialty property and casualty premium receivables of $46 and $16 at December 31, 2023 and 2022, respectively and has recorded an allowance for credit losses of less than a million in both periods. (2) The underwriting origination dates for all policies included are greater than five years prior to the current reporting date.
Summarized Future Gross Undiscounted Premiums Expected to be Collected and Future Expected Premiums Earned, Net of Reinsurance | The following table summarizes the future Legacy Financial Guarantee gross undiscounted premiums to be collected and future premiums earned, net of reinsurance at December 31, 2023:
| Future Premiums to be Collected (1) |  | Future Premiums to be Earned Net of Reinsurance (2)
Three months ended: |  |  |
March 31, 2024 | $ | 8 |  |  | $ | 5 |
June 30, 2024 | 6 |  |  | 4 |
September 30, 2024 | 7 |  |  | 4 |
December 31, 2024 | 5 |  |  | 4 |
Twelve months ended: |  |  |
December 31, 2025 | 26 |  |  | 16 |
December 31, 2026 | 25 |  |  | 16 |
December 31, 2027 | 24 |  |  | 15 |
December 31, 2028 | 23 |  |  | 14 |
Five years ended: |  |  |
December 31, 2033 | 93 |  |  | 55 |
December 31, 2038 | 54 |  |  | 28 |
December 31, 2043 | 25 |  |  | 9 |
December 31, 2048 | 12 |  |  | 4 |
December 31, 2053 | 2 |  |  | 1 |
Total | $ | 310 |  |  | $ | 173 |
(1)Future premiums to be collected are undiscounted, gross of allowance for credit losses, and are used to derive the discounted premium receivable asset recorded on Ambac's balance sheet. (2)Future premiums to be earned, net of reinsurance relate to the unearned premiums liability and deferred ceded premium asset recorded on Ambac’s balance sheet. The use of contractual lives for many bond types which do not have homogeneous pools of underlying collateral is required in the calculation of the premium receivable as further described in Note 2. Basis of Presentation and Significant Accounting Policies. This results in a different premium receivable balance than if expected lives were considered. If installment paying policies are retired or prepay early, premiums reflected in the premium receivable asset and amounts reported in the above table for such policies may not be collected. Future premiums to be earned also considers the use of contractual lives for many bond types which do not have homogeneous pools of underlying collateral, which may result in different unearned premium than if expected lives were considered. If those bonds types are retired early, premium earnings may be negative in the period of call or refinancing.
Schedule of Loss And Loss Expense Reserves And Subrogation Recoverable Table | Below are the components of the loss and loss adjustment expense reserves and the subrogation recoverable asset at December 31, 2023 and 2022:
|  | December 31, 2023: |  | December 31, 2022:
|  |  |  | LFG |  |  |  |  |  | LFG |  |
|  | SPC |  | Present Value of Expected Net Cash Flow |  |  |  |  |  | SPC |  | Present Value of Expected Net Cash Flow |  |  |  |
Balance Sheet Line Item |  | Gross Loss and Loss Expense Reserves |  | Claims and Loss Expenses |  | Recoveries |  | Unearned Premium Revenue |  | Gross Loss and Loss Expense Reserves |  | Gross Loss and Loss Expense Reserves |  | Claims and Loss Expenses |  | Recoveries |  | Unearned Premium Revenue |  | Gross Loss and Loss Expense Reserves
Loss and loss adjustment expense reserves |  | $ | 197 |  |  | $ | 779 |  |  | $ | (55) |  |  | $ | (28) |  |  | $ | 893 |  |  | $ | 90 |  |  | $ | 787 |  |  | $ | (44) |  |  | $ | (28) |  |  | $ | 805 |
Subrogation recoverable |  | — |  |  | 1 |  |  | (139) |  |  | — |  |  | (137) |  |  | — |  |  | 5 |  |  | (276) |  |  | — |  |  | (271) |
Totals |  | $ | 197 |  |  | $ | 780 |  |  | $ | (194) |  |  | $ | (28) |  |  | $ | 756 |  |  | $ | 90 |  |  | $ | 791 |  |  | $ | (319) |  |  | $ | (28) |  |  | $ | 534 |
SPC = Specialty Property and Casualty, LFG = Legacy Financial Guarantee |  |  |  |  |  |  |  |
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance | Below is the loss and loss reserve expense roll-forward, net of subrogation recoverable and reinsurance, for the affected periods.
Year Ended December 31, | 2023 |  | 2022 |  | 2021
Beginning gross loss and loss adjustment expense reserves | $ | 534 |  |  | $ | (522) |  |  | $ | (397) |
Reinsurance recoverable | 115 |  |  | 56 |  |  | 33 |
Beginning balance of net loss and loss adjustment expense reserves | 419 |  |  | (578) |  |  | (430) |
Losses and loss expenses (benefit) incurred: |  |  |  |  |
Current year | 37 |  |  | 4 |  |  | — |
Prior years | (69) |  |  | (401) |  |  | (89) |
Total (1)(2) | (32) |  |  | (397) |  |  | (88) |
Loss and loss adjustment expenses (recovered) paid: |  |  |  |  |
Current year | 4 |  |  | 7 |  |  | — |
Prior years | (194) |  |  | (1,867) |  |  | 59 |
Total | (190) |  |  | (1,860) |  |  | 59 |
Foreign exchange effect | — |  |  | (2) |  |  | — |
Ending net loss and loss adjustment expense reserves | 577 |  |  | 883 |  |  | (578) |
Impact of VIE consolidation (3) | (7) |  |  | (464) |  |  | — |
Reinsurance recoverable (4) | 186 |  |  | 115 |  |  | 56 |
Ending gross loss and loss adjustment expense reserves | 756 |  |  | 534 |  |  | (522) |
(1)Total losses and loss expenses (benefit) includes $(110), $(41) and $5 for the years ended December 31, 2023, 2022 and 2021, respectively, related to ceded reinsurance. (2)Ambac records the impact of estimated recoveries related to securitized loans in RMBS transactions that breached certain representations and warranties ("R&W's") by transaction sponsors within losses and loss expenses (benefit) for the Legacy Financial Guarantee Insurance segment. The losses and loss expense (benefit) incurred associated with changes in estimated R&W's for the year ended December 31, 2023, 2022 and 2021 was $0, $(123) and $20, respectively. Refer to Note 1. Background and Business Description to the Consolidated Financial Statements in this Annual Report on Form 10-K for details of the RMBS litigation settlements reached in October and December 2022. (3)Ambac consolidated one, three and zero LFG VIEs during the years ended December 31, 2023, 2022 and 2021, respectively as further discussed in Note 11. Variable Interest Entities. (4)Represents reinsurance recoverable on future loss and loss adjustment expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of $8, $0 and $0 as of December 31, 2023, 2022 and 2021, respectively, related to previously presented loss and loss adjustment expenses and subrogation.
Summary of Information Related to Policies Currently Included in Ambac's Loss Reserves or Subrogation Recoverable | The tables below summarize information related to policies currently included in Ambac’s loss and loss adjustment expense reserves or subrogation recoverable at December 31, 2023 and 2022, excluding consolidated VIEs. Gross par exposures include capital appreciation bonds which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bond. The weighted average risk-free rate used to discount loss reserves at December 31, 2023 and 2022 was 3.9% and 3.9%, respectively.
|  | Surveillance Categories as of December 31, 2023 |  | Surveillance Categories as of December 31, 2022
|  | I |  | IA |  | II |  | III |  | IV |  | V |  | Total |  | I |  | IA |  | II |  | III |  | IV |  | V |  | Total
Number of policies |  | 18 |  |  | 8 |  |  | 9 |  |  | 13 |  |  | 88 |  |  | 5 |  |  | 141 |  |  | 37 |  |  | 6 |  |  | 9 |  |  | 12 |  |  | 93 |  |  | 5 |  |  | 162 |
Remaining weighted-average contract period (in years) (1) |  | 9 |  | 9 |  | 13 |  | 13 |  | 12 |  | 7 |  | 12 |  | 7 |  | 19 |  | 14 |  | 14 |  | 12 |  | 7 |  | 14
Gross insured contractual payments outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 429 |  |  | $ | 1,084 |  |  | $ | 430 |  |  | $ | 394 |  |  | $ | 1,473 |  |  | $ | 27 |  |  | $ | 3,838 |  |  | $ | 709 |  |  | $ | 200 |  |  | $ | 459 |  |  | $ | 1,000 |  |  | $ | 1,646 |  |  | $ | 34 |  |  | $ | 4,047 |
Interest |  | 75 |  |  | 328 |  |  | 262 |  |  | 139 |  |  | 600 |  |  | 17 |  |  | 1,421 |  |  | 526 |  |  | 198 |  |  | 286 |  |  | 156 |  |  | 565 |  |  | 19 |  |  | 1,750 |
Total |  | $ | 505 |  |  | $ | 1,412 |  |  | $ | 692 |  |  | $ | 534 |  |  | $ | 2,073 |  |  | $ | 44 |  |  | $ | 5,259 |  |  | $ | 1,235 |  |  | $ | 399 |  |  | $ | 745 |  |  | $ | 1,156 |  |  | $ | 2,210 |  |  | $ | 53 |  |  | $ | 5,797 |
Gross undiscounted claim liability |  | $ | 1 |  |  | $ | 19 |  |  | $ | 41 |  |  | $ | 324 |  |  | $ | 772 |  |  | $ | 44 |  |  | $ | 1,202 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 43 |  |  | $ | 446 |  |  | $ | 729 |  |  | $ | 53 |  |  | $ | 1,279 |
Discount, gross claim liability |  | — |  |  | (2) |  |  | (7) |  |  | (86) |  |  | (323) |  |  | (8) |  |  | (426) |  |  | (1) |  |  | (1) |  |  | (7) |  |  | (162) |  |  | (316) |  |  | (9) |  |  | (496) |
Gross claim liability before all subrogation and before reinsurance |  | $ | 1 |  |  | $ | 17 |  |  | $ | 34 |  |  | $ | 239 |  |  | $ | 450 |  |  | $ | 36 |  |  | $ | 777 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 36 |  |  | $ | 284 |  |  | $ | 413 |  |  | $ | 43 |  |  | $ | 783 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross RMBS subrogation (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (140) |  |  | $ | — |  |  | $ | (140) |
Discount, RMBS subrogation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Discounted RMBS subrogation, before reinsurance |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (140) |  |  | — |  |  | (140) |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross other subrogation (3) |  | (13) |  |  | (2) |  |  | — |  |  | (27) |  |  | (208) |  |  | (11) |  |  | (263) |  |  | (14) |  |  | (4) |  |  | — |  |  | (31) |  |  | (172) |  |  | (12) |  |  | (233) |
Discount, other subrogation |  | 2 |  |  | — |  |  | — |  |  | 4 |  |  | 60 |  |  | 3 |  |  | 69 |  |  | 2 |  |  | — |  |  | — |  |  | 5 |  |  | 42 |  |  | 4 |  |  | 54 |
Discounted other subrogation, before reinsurance |  | (11) |  |  | (2) |  |  | — |  |  | (23) |  |  | (149) |  |  | (8) |  |  | (194) |  |  | (12) |  |  | (3) |  |  | — |  |  | (26) |  |  | (130) |  |  | (8) |  |  | (179) |
Gross claim liability, net of all subrogation and discounts, before reinsurance |  | $ | (10) |  |  | $ | 15 |  |  | $ | 34 |  |  | $ | 215 |  |  | $ | 301 |  |  | $ | 28 |  |  | $ | 583 |  |  | $ | (9) |  |  | $ | — |  |  | $ | 36 |  |  | $ | 258 |  |  | $ | 143 |  |  | $ | 35 |  |  | $ | 464 |
Less: Unearned premium revenue |  | $ | — |  |  | $ | (12) |  |  | $ | (4) |  |  | $ | — |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | (28) |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (8) |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | (28) |
Plus: Loss expense reserves |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | 4 |  |  | — |  |  | 8 |
Gross loss and loss adjustment expense reserves |  | $ | (10) |  |  | $ | 6 |  |  | $ | 30 |  |  | $ | 215 |  |  | $ | 292 |  |  | $ | 27 |  |  | $ | 559 |  |  | $ | (10) |  |  | $ | (2) |  |  | $ | 32 |  |  | $ | 252 |  |  | $ | 137 |  |  | $ | 34 |  |  | $ | 444 |
Reinsurance recoverable reported on Balance Sheet (4) |  | $ | 1 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 18 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 21 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 33 |
(1)Remaining weighted-average contract period is weighted based on projected gross claims over the lives of the respective policies. (2)RMBS subrogation represents Ambac’s estimate of subrogation recoveries from RMBS transaction sponsors for R&W breaches. (3)Other subrogation represents subrogation related to excess spread and other contractual cash flows on public finance and structured finance transactions, including RMBS. (4)Reinsurance recoverable reported on the Balance Sheet includes reinsurance recoverables of $30 and $33 related to future loss and loss adjustment expenses and $8 and $0 related to presented loss and loss adjustment expenses and subrogation at December 31, 2023 and 2022, respectively.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ntangible asset and accumulated amortization are included in the Consolidated Balance Sheets, as shown below.
December 31, |  | 2023 |  | 2022
Finite-lived Intangible Assets: |  |  |  |
Insurance intangible: |  |  |  |
Gross carrying value |  | $ | 1,258 |  |  | $ | 1,247 |
Accumulated amortization |  | 1,013 |  |  | 981 |
Net insurance intangible asset |  | 245 |  |  | 266 |
Other intangibles: |  |  |  |
Gross Carrying value |  | 57 |  |  | 52 |
Accumulated amortization |  | 10 |  |  | 6 |
Net other intangible assets |  | 47 |  |  | 47 |
Total finite-lived intangible assets |  | $ | 292 |  |  | $ | 312 |
Indefinite-lived Intangible Assets: |  |  |  |
Insurance licenses |  | $ | 14 |  |  | $ | 14 |
Total intangible assets |  | $ | 307 |  |  | $ | 326 |
Premium Receivable, Allowance for Credit Loss | Below is a rollforward of the premium receivable allowance for credit losses as of December 31, 2023 and 2022:
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021
Beginning balance |  | $ | 5 |  |  | $ | 9 |  |  | $ | 17 |
Current period provision (benefit) |  | (1) |  |  | (4) |  |  | (6) |
Write-offs of the allowance |  | — |  |  | — |  |  | (2) |
Recoveries of previously written-off amounts |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 4 |  |  | $ | 5 |  |  | $ | 9 |
Schedule of Financial Guarantee Insurance In Force By Bond Type | As of December 31, 2023 and 2022, the legacy financial guarantee portfolio consisted of the types of guaranteed bonds as shown in the following table:
Net Par Outstanding December 31, (1) | 2023 |  | 2022
Public Finance: |  |  |
Housing revenue (2) | $ | 3,443 |  |  | $ | 5,491 |
Lease and tax-backed revenue | 1,542 |  |  | 1,979 |
General obligation | 1,051 |  |  | 1,301 |
Other | 1,526 |  |  | 1,776 |
Total Public Finance | 7,562 |  |  | 10,547 |
Structured Finance: |  |  |
Mortgage-backed and home equity | 1,712 |  |  | 1,930 |
Investor-owned utilities | 1,077 |  |  | 1,103 |
Other | 526 |  |  | 579 |
Total Structured Finance | 3,315 |  |  | 3,612 |
International Finance: |  |  |
Sovereign/sub-sovereign | 4,221 |  |  | 4,077 |
Investor-owned and public utilities | 2,855 |  |  | 2,583 |
Asset-backed and other | 862 |  |  | 1,083 |
Transportation | 726 |  |  | 711 |
Total International Finance | 8,664 |  |  | 8,454 |
Total | $ | 19,541 |  |  | $ | 22,613 |
(1)Net Par Outstanding includes capital appreciation bonds, which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bond. (2)Includes $3,371 and $5,400 of Military Housing net par at December 31, 2023 and 2022, respectively.
Reinsurance Recoverable, Credit Quality Indicator | The following table sets forth our three most significant reinsurers by amount of reinsurance recoverable as of December 31, 2023.
Reinsurers | Type of Insurance |  | Rating (1) |  | Reinsurance Recoverable (2) |  | Unsecured Recoverable (3)
General Reinsurance Company | Specialty P&C |  | A++ |  | $ | 81 |  |  | $ | 69 |
QBE Insurance Corporation | Specialty P&C |  | A |  | 38 |  |  | 38 |
Assured Guaranty Re Ltd. | Financial Guarantee |  | AA |  | 25 |  |  | — |
All other reinsurers |  |  |  |  | 50 |  |  | 21 |
Total recoverables |  |  |  |  | $ | 195 |  |  | $ | 128 |
(1)Represents financial strength ratings from S&P for financial guarantee reinsurers and AM Best for specialty P&C reinsurers. (2)Represents reinsurance recoverables on paid and unpaid losses. Unsecured amounts from QBE Insurance Corporation is also supported by an unlimited, uncapped indemnity from Enstar Holdings (US). (3)Reinsurance recoverables reduced by ceded premiums payables due to reinsurers, letters of credit, and collateral posted for the benefit of Ambac.
Short-Duration Insurance Contracts, Schedule of Historical Claims Duration | The claim development tables that follow present, by accident year, incurred and cumulative paid claims and allocated claim adjustment expense on a historical basis. This claim development information is presented on an undiscounted, net of reinsurance basis since 2021, Everspan's entry into the Specialty P&C business. The claim development tables also provide the historical average annual percentage payout of incurred claims by age, net of reinsurance, as supplementary information (identified as unaudited in the tables below). The historical average annual percentage payout for incurred claims is subject to variability due to the impact of both large claim activity and subrogation recoveries, among other items. Commercial Auto
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year ended December 31, |  | IBNR Reserves at December 31, 2023 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | 75
2022 |  |  | 8 |  |  | 8 |  |  | 3 |  |  | 1,112
2023 |  |  |  |  | 19 |  |  | 10 |  |  | 2,531
|  |  | Total |  | $ | 28 |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident Year |  | Year ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
| 2021 |  | 2022 |  | 2023 |
|  | Unaudited |  |  |
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |
2022 |  |  |  | 1 |  |  | 2 |  |  | 2021 - |  | Before
2023 |  |  |  |  |  | 4 |  |  | 2023 |  | 2021
Total |  | 6 |  |  | 22 |  |  | — |
Total net liability |  | 22 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3
| 9.3 | % |  | 2.9 | % |  | 10.7 | %
Other
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident Year | Year Ended December 31, |  | IBNR Reserves at December 31, 2023 |  | Cumulative Number of Reported Claims
2021 |  | 2022 |  | 2023 |  |
| Unaudited |  |  |  |  |  |
2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | 0
2022 |  |  | — |  |  | — |  |  | — |  |  | 646
2023 |  |  |  |  | 16 |  |  | 8 |  |  | 11,595
Total |  | $ | 16 |  |  |  |  |
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year |  | Year Ended December 31, |  | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
| 2021 |  | 2022 |  | 2023 |
|  | Unaudited |  |  |
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |
2022 |  |  |  | — |  |  | — |  |  | 2021 - |  | Before
2023 |  |  |  |  |  | 2 |  |  | 2023 |  | 2021
Total |  | 2 |  |  | 14 |  |  | — |
Total net liability |  | 14 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
| Unaudited
Years | 1 |  | 2 |  | 3
| 3.1 | % |  | 0.9 | % |  | — | %

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