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Insurance Contracts (Tables) | 3 Months Ended
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Mar. 31, 2024 | Mar. 31, 2023
Insurance [Line Items] |  |
Schedule of Loss And Loss Expense Reserves And Subrogation Recoverable Table [Table Text Block] | Ambac’s loss and loss expense reserves (“loss reserves”) are based on management’s on-going review of the insured portfolio. Below are the components of the loss and loss expense reserves and the subrogation recoverable asset at March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  | December 31, 2023
|  | Specialty Property and Casualty |  | Legacy Financial Guarantee |  |  |  | Specialty Property and Casualty |  | Legacy Financial Guarantee |  |
|  |  | Present Value of Expected Net Cash Flows |  |  |  |  |  |  | Present Value of Expected Net Cash Flows |  |  |  |
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 expense reserves |  | $ | 237 |  |  | $ | 693 |  |  | $ | (56) |  |  | $ | (24) |  |  | $ | 851 |  |  | $ | 197 |  |  | $ | 779 |  |  | $ | (55) |  |  | $ | (28) |  |  | $ | 893 |
Subrogation recoverable |  | — |  |  | 1 |  |  | (131) |  |  | — |  |  | (130) |  |  | — |  |  | 1 |  |  | (139) |  |  | — |  |  | (137) |
Totals |  | $ | 237 |  |  | $ | 695 |  |  | $ | (187) |  |  | $ | (24) |  |  | $ | 721 |  |  | $ | 197 |  |  | $ | 780 |  |  | $ | (194) |  |  | $ | (28) |  |  | $ | 756 |
Premiums Receivable by Risk Classification Code [Table Text Block] | Below is the amortized cost basis of financial guarantee premium receivables by risk classification code and asset class as of March 31, 2024 and December 31, 2023:
|  | Surveillance Categories as of March 31, 2024 |  | Surveillance Categories as of December 31, 2023
Type of Guaranteed Bond |  | I |  | IA |  | II |  | III |  | IV |  |  |  | Total |  | I |  | IA |  | II |  | III |  | IV |  |  |  | Total
Public Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Housing revenue |  | $ | 129 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 136 |  |  | $ | 131 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 139 |
Other |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Total Public Finance |  | 130 |  |  | 3 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | 138 |  |  | 133 |  |  | 3 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | 140 |
Structured Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed and home equity |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  |  |  | 12 |
Student loan |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  |  |  | 7 |
Other |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 4 |
Total Structured Finance |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 11 |  |  |  |  | 18 |  |  | 4 |  |  | — |  |  | — |  |  | 7 |  |  | 11 |  |  |  |  | 22 |
International: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign/sub-sovereign |  | 59 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  |  |  | 64 |  |  | 51 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  | 64 |
Investor-owned and public utilities |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 17 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18 |
Other |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |
Total International |  | 79 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  |  |  | 84 |  |  | 72 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  | 85 |
Total (1) (2) |  | $ | 213 |  |  | $ | 8 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 11 |  |  |  |  | $ | 240 |  |  | $ | 210 |  |  | $ | 16 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 11 |  |  |  |  | $ | 248 |
(1) Excludes specialty property and casualty premium receivables of $62 and $46 at March 31, 2024 and December 31, 2023, respectively. (2) The underwriting origination dates for all policies included are greater than five years prior to the current reporting date. |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | Below is the gross premium receivable roll-forward, net of the allowance for credit losses, for the affected periods:
Three Months Ended March 31, | 2024 |  | 2023
Beginning premiums receivable | 290 |  |  | 269 |
Premiums written on new business, net of commissions | 73 |  |  | 41 |
Premium receipts | (65) |  |  | (48) |
Adjustments for changes in expected and contractual cash flows for contracts (1) | (2) |  |  | 7 |
Accretion of premium receivable discount for contracts | 2 |  |  | 2 |
Changes in allowance for credit losses | 1 |  |  | — |
Other adjustments (including foreign exchange) (2) | (1) |  |  | 2 |
Ending premium receivable (3) | 299 |  |  | 272 |
(1)Adjustments for changes in expected and contractual cash flows are primarily due to indexation and 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 $(1) and $2 for 2024 and 2023, respectively. (3)Premium receivable includes premiums to be received in foreign denominated currencies most notably in British Pounds and Euros. At March 31, 2024 and 2023, premium receivables include British Pounds of $71 (£56) and $75 (£61), respectively, and Euros of $13 (€12) and $15 (€13), respectively. | Below is a rollforward of the premium receivable allowance for credit losses as of March 31, 2024 and 2023:
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Beginning balance |  | $ | 4 |  |  | $ | 5 |  |  |  |  |
Current period provision (benefit) |  | (1) |  |  | — |  |  |  |  |
Write-offs of the allowance |  | — |  |  | — |  |  |  |  |
Recoveries of previously written-off amounts |  | — |  |  | — |  |  |  |  |
Ending balance (1) |  | $ | 3 |  |  | $ | 5 |  |  |  |  |
(1)At March 31, 2024 and 2023, $503 and $0 of premiums were past due.
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:
Three Months Ended March 31, | 2024 |  | 2023
Beginning gross loss and loss expense reserves | $ | 756 |  |  | $ | 534 |
Reinsurance recoverable | 186 |  |  | 115 |
Beginning balance of net loss and loss expense reserves | 570 |  |  | 419 |
Losses and loss expenses (benefit): |  |  |
Current year | 18 |  |  | 2 |
Prior years | (19) |  |  | 16 |
Total (1) | (1) |  |  | 18 |
Loss and loss expenses paid (recovered): |  |  |
Current year | 1 |  |  | — |
Prior years | 55 |  |  | (141) |
Total | 56 |  |  | (141) |
Foreign exchange effect | — |  |  | — |
Ending net loss and loss expense reserves | 513 |  |  | 578 |
Reinsurance recoverable (2) | 208 |  |  | 127 |
Ending gross loss and loss expense reserves | $ | 721 |  |  | $ | 705 |
(1)Total losses and loss expenses (benefit) includes $(35) and $(20) for the three months ended March 31, 2024 and 2023, respectively, related to ceded reinsurance. (2)Represents reinsurance recoverable on future loss and loss expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of $16 and $3 as of March 31, 2024 and 2023, respectively, related to previously presented loss and loss 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 expense reserves or subrogation recoverable at March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023,was 4.2% and 4.6%, respectively.
Surveillance Categories as of March 31, 2024
| I |  | IA |  | II |  | III |  | IV |  | V |  | Total
Number of policies | 22 |  |  | 7 |  |  | 11 |  |  | 11 |  |  | 91 |  |  | 5 |  |  | 147 |
Remaining weighted-average contract period (in years) (1) | 7 |  | 14 |  | 12 |  | 11 |  | 12 |  | 7 |  | 11
Gross insured contractual payments outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |
Principal | $ | 1,086 |  |  | $ | 501 |  |  | $ | 442 |  |  | $ | 276 |  |  | $ | 1,469 |  |  | $ | 27 |  |  | $ | 3,801 |
Interest | 104 |  |  | 312 |  |  | 264 |  |  | 103 |  |  | 595 |  |  | 16 |  |  | 1,395 |
Total | $ | 1,190 |  |  | $ | 813 |  |  | $ | 707 |  |  | $ | 379 |  |  | $ | 2,064 |  |  | $ | 44 |  |  | $ | 5,196 |
Gross undiscounted claim liability | $ | 11 |  |  | $ | 7 |  |  | $ | 37 |  |  | $ | 230 |  |  | $ | 805 |  |  | $ | 44 |  |  | $ | 1,135 |
Discount, gross claim liability | (1) |  |  | (1) |  |  | (6) |  |  | (76) |  |  | (352) |  |  | (8) |  |  | (445) |
Gross claim liability before all subrogation and before reinsurance | 10 |  |  | 6 |  |  | 31 |  |  | 154 |  |  | 454 |  |  | 35 |  |  | 691 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross other subrogation (2) | (12) |  |  | (2) |  |  | (1) |  |  | (26) |  |  | (206) |  |  | (11) |  |  | (259) |
Discount, other subrogation | 2 |  |  | — |  |  | — |  |  | 4 |  |  | 62 |  |  | 3 |  |  | 72 |
Discounted other subrogation, before reinsurance | (10) |  |  | (2) |  |  | — |  |  | (22) |  |  | (144) |  |  | (8) |  |  | (187) |
Gross claim liability, net of all subrogation and discounts, before reinsurance | — |  |  | 4 |  |  | 31 |  |  | 133 |  |  | 309 |  |  | 27 |  |  | 504 |
Less: Unearned premium revenue | (7) |  |  | (5) |  |  | (4) |  |  | 2 |  |  | (9) |  |  | (1) |  |  | (24) |
Plus: Loss expense reserves | 1 |  |  | 2 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |
Gross loss and loss expense reserves | $ | (6) |  |  | $ | 1 |  |  | $ | 26 |  |  | $ | 135 |  |  | $ | 301 |  |  | $ | 27 |  |  | $ | 484 |
Reinsurance recoverable reported on Balance Sheet (3) | $ | 1 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 14 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 26 |
(1)Remaining weighted-average contract period is weighted based on projected gross claims over the lives of the respective policies. (2)Other subrogation represents subrogation related to excess spread and other contractual cash flows on public finance and structured finance transactions, including RMBS. (3)Reinsurance recoverable reported on the Balance Sheet includes reinsurance recoverables of $26 related to future loss and loss expenses and $1 related to presented loss and loss expenses and subrogation.
Surveillance Categories as of December 31, 2023
| I |  | IA |  | II |  | III |  | IV |  | V |  | Total
Number of policies | 18 |  |  | 8 |  |  | 9 |  |  | 13 |  |  | 88 |  |  | 5 |  |  | 141 |
Remaining weighted-average contract period (in years) (1) | 9 |  | 9 |  | 13 |  | 13 |  | 12 |  | 7 |  | 12
Gross insured contractual payments outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |
Principal | $ | 429 |  |  | $ | 1,084 |  |  | $ | 430 |  |  | $ | 394 |  |  | $ | 1,473 |  |  | $ | 27 |  |  | $ | 3,838 |
Interest | 75 |  |  | 328 |  |  | 262 |  |  | 139 |  |  | 600 |  |  | 17 |  |  | 1,421 |
Total | $ | 505 |  |  | $ | 1,412 |  |  | $ | 692 |  |  | $ | 534 |  |  | $ | 2,073 |  |  | $ | 44 |  |  | $ | 5,259 |
Gross undiscounted claim liability | $ | 1 |  |  | $ | 19 |  |  | $ | 41 |  |  | $ | 324 |  |  | $ | 772 |  |  | $ | 44 |  |  | $ | 1,202 |
Discount, gross claim liability | — |  |  | (2) |  |  | (7) |  |  | (86) |  |  | (323) |  |  | (8) |  |  | (426) |
Gross claim liability before all subrogation and before reinsurance | 1 |  |  | 17 |  |  | 34 |  |  | 239 |  |  | 450 |  |  | 36 |  |  | 777 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross other subrogation (2) | (13) |  |  | (2) |  |  | — |  |  | (27) |  |  | (208) |  |  | (11) |  |  | (263) |
Discount, other subrogation | 2 |  |  | — |  |  | — |  |  | 4 |  |  | 60 |  |  | 3 |  |  | 69 |
Discounted other subrogation, before reinsurance | (11) |  |  | (2) |  |  | — |  |  | (23) |  |  | (149) |  |  | (8) |  |  | (194) |
Gross claim liability, net of all subrogation and discounts, before reinsurance | (10) |  |  | 15 |  |  | 34 |  |  | 215 |  |  | 301 |  |  | 28 |  |  | 583 |
Less: Unearned premium revenue | — |  |  | (12) |  |  | (4) |  |  | — |  |  | (10) |  |  | (1) |  |  | (28) |
Plus: Loss expense reserves | — |  |  | 3 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |
Gross loss and loss expense reserves | $ | (10) |  |  | $ | 6 |  |  | $ | 30 |  |  | $ | 215 |  |  | $ | 292 |  |  | $ | 27 |  |  | $ | 559 |
Reinsurance recoverable reported on Balance Sheet (4) | $ | 1 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 18 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 30 |
(1)Remaining weighted-average contract period is weighted based on projected gross claims over the lives of the respective policies. (2)Other subrogation represents subrogation related to excess spread and other contractual cash flows on public finance and structured finance transactions, including RMBS. (3)Reinsurance recoverable reported on the Balance Sheet includes reinsurance recoverables of $30 related to future loss and loss expenses and $(1) related to presented loss and loss expenses and subrogation |
Summary of Rollforward of RMBS Subrogation, by Estimation Approach | . |
Effects of Reinsurance | The effect of reinsurance on premiums written and earned was as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
| Written |  | Earned |  | Written |  | Earned
Direct | $ | 81 |  |  | $ | 75 |  |  | $ | 61 |  |  | $ | 46 |
Assumed | 17 |  |  | 16 |  |  | — |  |  | — |
Ceded | 70 |  |  | 57 |  |  | 43 |  |  | 32 |
Net premiums | $ | 28 |  |  | $ | 33 |  |  | $ | 18 |  |  | $ | 14 |
The following table summarizes net premiums earned by location of risk:
Three Months Ended March 31, | 2024 |  | 2023 |  |  |  |
United States | $ | 30 |  |  | $ | 11 |  |  |  |  |
United Kingdom | 3 |  |  | 2 |  |  |  |  |
Other international | — |  |  | — |  |  |  |  |
Total | $ | 33 |  |  | $ | 14 |  |  |  |  |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period | The following table summarizes the future Legacy Financial Guarantee gross undiscounted premiums to be collected and future premiums earned, net of reinsurance at March 31, 2024:
| Future Premiums to be Collected (1) |  | Future Premiums to be Earned Net of Reinsurance (2)
Three months ended: |  |  |
June 30, 2024 | $ | 7 |  | $ | 4
September 30, 2024 | $ | 7 |  | $ | 4
December 31, 2024 | 5 |  | 4
Twelve months ended: |  |  |
December 31, 2025 | 25 |  | 15
December 31, 2026 | 24 |  | 16
December 31, 2027 | 23 |  | 15
December 31, 2028 | 22 |  | 14
Five years ended: |  |  |
December 31, 2033 | 92 |  | 54
December 31, 2038 | 54 |  | 27
December 31, 2043 | 25 |  | 9
December 31, 2048 | 12 |  | 4
December 31, 2053 | 2 |  | 1
December 31, 2058 | — |  | —
Total | $ | 299 |  | $ | 167
(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 in the Notes to Consolidated Financial Statements included in Ambac's Annual Report on Form 10-K for the year ended December 31, 2023. 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. |
Reinsurance Recoverable, Credit Quality Indicator | The following table sets forth our three most significant reinsurers by amount of reinsurance recoverable as of March 31, 2024.
Reinsurers | Type of Insurance |  | Rating (1) |  | Reinsurance Recoverable (2) |  | Unsecured Recoverable (3)
General Reinsurance Company | Specialty P&C |  | A++ |  | $ | 98 |  |  | $ | 92 |
QBE Insurance Corporation | Specialty P&C |  | A |  | 38 |  |  | 38 |
Assured Guaranty Re Ltd. | Financial Guarantee |  | AA |  | 21 |  |  | — |
All other reinsurers |  |  |  |  | 67 |  |  | 26 |
Total recoverables |  |  |  | $ | 224 |  |  | $ | 156 |
(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. |

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- Definition Tabular disclosure of insured financial obligations with credit deterioration related to the claim liability on financial guarantee insurance contracts as of the end of each annual and interim reporting period detailing, at a minimum, the following for each surveillance category or grouping used to track and monitor the entity's insured financial obligations: (1) number of issued and outstanding financial guarantee insurance contracts; (2) remaining weighted average contract period; (3) insured contractual payments outstanding, segregating principal and interest; (4) gross claim liability; (5) gross potential recoveries; (6) net discount of both the claim liability and potential recoveries; (7) net claim liability; (8) reinsurance recoverable; and (9) unearned premium revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 55 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-34 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 9 -Subparagraph (a)(5), (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-9 + Details
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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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