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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity
The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at March 31, 2024, by contractual maturity, were as follows:
Amortized
Cost		Estimated
Fair Value
Due in one year or less$515 $513 
Due after one year through five years538 517 
Due after five years through ten years308 284 
Due after ten years134 128 
1,494 1,441 
Residential mortgage-backed securities239 253 
Commercial mortgage-backed securities27 27 
Collateralized debt obligations143 143 
Other asset-backed securities232 231 
Total$2,135 $2,095 
Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments
The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, excluding VIE investments, which at March 31, 2024 and December 31, 2023, did not have an allowance for credit losses This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Less Than 12 Months12 Months or MoreTotalLess Than 12 Months12 Months or MoreTotal
Fair 
Value		Gross
Unrealized
Loss		Fair 
Value		Gross
Unrealized
Loss		Fair 
Value		Gross
Unrealized
Loss		Fair 
Value		Gross
Unrealized
Loss		Fair 
Value		Gross
Unrealized
Loss		Fair 
Value		Gross
Unrealized
Loss
Fixed maturity securities:
Municipal obligations$13 $— $16 $1 $29 $1 $7 $— $16 $1 $23 $1 
Corporate obligations91 2 504 44 596 45 75 2 509 43 584 44 
Foreign obligations9 — 57 7 66 7 8 — 56 6 64 6 
U.S. government obligations40 1 33 2 73 4 27 1 37 2 63 4 
Residential mortgage-backed securities42 — 111 12 153 12 6 — 98 14 104 14 
Commercial mortgage-backed securities— — — — — — 3 — — — 3 — 
Collateralized debt obligations13 — 40 — 53 — 1 — 93 1 95 1 
Other asset-backed securities53 1 79 4 132 5 57 1 35 1 92 1 
261 4 839 70 1,101 74 184 4 844 68 1,028 71 
Short-term44 — — — 44 — 4 — — — 4 — 
305 4 839 70 1,145 74 187 4 844 68 1,032 71 
U. S. government obligations27 1 — — 27 1 — — — — — — 
Total collateralized investments27 1 — — 27 1 — — — — — — 
Total temporarily impaired securities$332 $5 $839 $70 $1,172 $75 $187 $4 $844 $68 $1,032 $71 
Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments
The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods:
Three Months Ended March 31,20242023
Gross realized gains on securities$— $— 
Gross realized losses on securities(1)(2)
Foreign exchange gains (losses) — (2)
Credit impairments1 (1)
Intent / requirement to sell impairments— — 
Net investment gains (losses), including impairments$1 $(4)
Summary of Fair Value, Including Financial Guarantee, and Weighted-Average Underlying Rating, Excluding Financial Guarantee, of Insured Securities The following table represents the fair value and weighted-average underlying rating of insured securities in Ambac's investment portfolio at March 31, 2024 and December 31, 2023,
respectively: 
March 31, 2024December 31, 2023
Municipal obligations$9 $9 
Mortgage-backed securities244 240 
Asset-backed securities154 232 
Total$406 482 
Weighted average underlying ratingB-B
(1)Ratings are based on the lower of Standard & Poor’s or Moody’s rating. If unavailable, Ambac’s internal rating is used.
Equity Method Investments [Table Text Block] In addition to these investments, Ambac has unfunded commitments of $35 to private credit and private equity funds at March 31, 2024.
Fair Value
Class of FundsMarch 31,
2024		December 31, 2023Redemption FrequencyRedemption Notice Period
Hedge funds (1)
$115 $112 quarterly or semi-annually90 days
Private credit (2)
85 84 quarterly if permitted180 days if permitted
High yields and leveraged loans (3) (10)
142 85 daily0 - 30 days
Equity market investments (4) (10)
40 38 daily or quarterly0 - 90 days
Investment grade floating rate income (5)
52 52 weekly0 days
Private equity (6)
75 70 quarterly if permitted90 days if permitted
Real estate properties (7)
20 21 
see footnote (7)
see footnote (7)
Convertible bonds (8)(10)
16 — daily0 days
Insurance-linked investments (9)
— 1 
see footnote (9)
see footnote (9)
Total equity investments in pooled funds$546 $463 
(1)This class seeks to generate superior risk-adjusted returns through selective asset sourcing, active trading and hedging strategies across a range of asset types.
(2)This class aims to obtain high long-term returns primarily through credit and preferred equity investments with low liquidity and defined term.
(3)This class of funds includes investments in a range of instruments including high-yield bonds, leveraged loans, CLOs, ABS and floating rate notes to generate income and capital appreciation.
(4)This class of funds aim to achieve long term growth through diversified exposure to global equity-markets.
(5)This class of funds includes investments in high quality floating rate debt securities including ABS and corporate floating rate notes.
(6)This class seeks to generate long-term capital appreciation through investments in private equity, equity-related and other instruments.
(7)Investments consist of UK property to generate income and capital growth. The fund in which Ambac is invested is in the process of terminating. Investors will be able to transfer their investments in the fund to an alternative UK property fund or redeem their investment on May 31, 2024. Transferring investors will receive units in the alternative fund and redeeming investors will receive distributions pro-rata to the number of fund units held, from cash and proceeds of future property sales as soon as possible following May 31, 2024.
(8)This class seeks to generate total returns from portfolios focused primarily on convertible securities.
(9)This class seeks to generate returns from insurance markets through investments in catastrophe bonds, life insurance and other insurance linked investments. This investment was restricted in connection with the unwind of certain insurance linked exposures. Ambac's investment was fully redeemed by March 31, 2024.
(10)These categories include fair value amounts totaling $152 and $77 at March 31, 2024 and December 31, 2023, respectively, that are readily determinable and are priced through pricing vendors, including for Equity market investments $40 and $38, High yield and leveraged loans products $95 and $39, and Convertible bonds investments $16 and $0.
Summary of Net Investment Income
Net investment income (loss) was comprised of the following for the affected periods:
Three Months Ended March 31,20242023
Fixed maturity securities$23 $17 
Short-term investments5 6 
Investment expense(1)(2)
Securities available-for-sale and short-term27 21 
Fixed maturity securities - trading2 — 
Other investments13 13 
Total net investment income (loss)$42 $34 
Debt Securities, Available-for-Sale
The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at March 31, 2024 and December 31, 2023, were as follows:
March 31, 2024:December 31, 2023:
Amortized
Cost
Allowance for Credit Losses (2)
Gross UnrealizedEstimated
Fair Value		Amortized
Cost		Allowance for Credit LossesGross UnrealizedEstimated
Fair Value
GainsLossesGainsLosses
Fixed maturity securities:
Municipal obligations$72 $— $1 $1 $72 $72 — $1 $1 $72 
Corporate obligations807 — 3 45 765 785 — 4 44 745 
Foreign obligations105 — 1 7 99 105 — 1 6 100 
U.S. government obligations101 — — 4 98 85 — 1 4 82 
Residential mortgage-backed securities239 2 28 12 253 239 3 28 14 250 
Commercial mortgage-backed securities27 — — — 27 19 — — — 19 
Collateralized debt obligations143 — 1 — 143 139 — 1 1 139 
Other asset-backed securities (1)
232 — 3 5 231 301 — 3 1 303 
1,726 2 37 74 1,687 1,744 3 40 71 1,710 
Short-term382 — — — 382 426 — — — 426 
2,108 2 37 74 2,068 2,170 3 40 71 2,135 
Fixed maturity securities pledged as collateral:
U.S. government obligations27 — — 1 26 — — — — — 
Short-term— — — — — 27 — — — 27 
27 — — 1 26 27 — — — 27 
Total available-for-sale investments$2,135 $2 $37 $75 $2,095 $2,197 3 $40 $71 $2,162 
(1)Consists primarily of military housing and student loan securities.
(2)For the three months ended March 31, 2024, the allowance for credit losses changed by $0 on residential mortgage-backed securities for which credit losses were not previously recorded..