XML 46 R30.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Special Purpose Entities, Including Variable Interest Entities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
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 because of financial guarantees of Ambac UK and AAC:
|  | June 30, 2024 |  | December 31, 2023
|  | Ambac UK |  | Ambac Assurance |  | Total VIEs |  | Ambac UK |  | Ambac Assurance |  | Total VIEs
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations, fair value option |  | $ | 2,010 |  |  | $ | — |  |  | $ | 2,010 |  |  | $ | 2,072 |  |  | $ | — |  |  | $ | 2,072 |
Municipal obligations, available-for-sale (1) |  | — |  |  | 91 |  |  | 91 |  |  | — |  |  | 95 |  |  | 95 |
Total LFG VIE fixed maturity securities, at fair value |  | 2,010 |  |  | 91 |  |  | 2,101 |  |  | 2,072 |  |  | 95 |  |  | 2,167 |
Restricted cash |  | 61 |  |  | 1 |  |  | 62 |  |  | 245 |  |  | 1 |  |  | 246 |
Loans, at fair value (2) |  | 1,567 |  |  | — |  |  | 1,567 |  |  | 1,663 |  |  | — |  |  | 1,663 |
Derivative assets |  | 208 |  |  | — |  |  | 208 |  |  | 226 |  |  | — |  |  | 226 |
Other assets, including contract assets |  | 93 |  |  | 2 |  |  | 95 |  |  | 90 |  |  | 2 |  |  | 92 |
Total LFG VIE assets |  | $ | 3,939 |  |  | $ | 94 |  |  | $ | 4,033 |  |  | $ | 4,296 |  |  | $ | 98 |  |  | $ | 4,394 |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, at fair value (3) |  | $ | 2,599 |  |  | $ | — |  |  | $ | 2,599 |  |  | $ | 2,710 |  |  | $ | — |  |  | $ | 2,710 |
Long-term debt, at par less unamortized discount |  | 97 |  |  | 156 |  |  | 253 |  |  | 99 |  |  | 159 |  |  | 258 |
Total long-term debt |  | 2,696 |  |  | 156 |  |  | 2,853 |  |  | 2,808 |  |  | 159 |  |  | 2,967 |
Derivative liabilities |  | 1,136 |  |  | — |  |  | 1,136 |  |  | 1,197 |  |  | — |  |  | 1,197 |
Cash collateral payable |  | 52 |  |  | — |  |  | 52 |  |  | 235 |  |  | — |  |  | 235 |
Other liabilities |  | 6 |  |  | 1 |  |  | 7 |  |  | 4 |  |  | 1 |  |  | 5 |
Total LFG VIE liabilities |  | $ | 3,890 |  |  | $ | 157 |  |  | $ | 4,048 |  |  | $ | 4,244 |  |  | $ | 160 |  |  | $ | 4,404 |
Number of LFG VIEs consolidated |  | 4 |  |  | 2 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | 6 |
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Net change in fair value of VIE assets and liabilities reported under the fair value option |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |
Less: Credit risk changes of fair value option long-term debt reported through other comprehensive income (loss) |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net change in fair value of VIE assets and liabilities reported in earnings under the fair value option |  | 1 |  |  | — |  |  | 2 |  |  | 3 |
Investment income (loss) |  | 2 |  |  | 3 |  |  | 5 |  |  | 5 |
Contract revenue |  | 3 |  |  | — |  |  | 8 |  |  | — |
Net realized investment gains (losses) on available-for-sale securities |  | — |  |  | — |  |  | — |  |  | — |
Interest expense on long-term debt carried at par less unamortized cost |  | (4) |  |  | (3) |  |  | (6) |  |  | (8) |
Other expenses |  | (3) |  |  | — |  |  | (7) |  |  | — |
Gain (loss) from consolidating VIEs |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) on variable interest entities |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | (1) |
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, 2024 and December 31, 2023:
| June 30, 2024: |  | December 31, 2023:
| Carrying Value of Assets and Liabilities |  | Carrying Value of Assets and Liabilities
| Maximum Exposure To Loss (1) |  | Insurance Assets (2) |  | Insurance Liabilities (3) |  | Net Derivative Assets (Liabilities) (4) |  | Maximum Exposure To Loss (1) |  | Insurance Assets (2) |  | Insurance Liabilities (3) |  | Net Derivative Assets (Liabilities) (4)
Global structured finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed—residential | $ | 2,224 |  |  | $ | 123 |  |  | $ | 409 |  |  | $ | — |  |  | $ | 2,391 |  |  | $ | 135 |  |  | $ | 432 |  |  | $ | — |
Other consumer asset-backed | 365 |  |  | 3 |  |  | 135 |  |  | — |  |  | 540 |  |  | 5 |  |  | 200 |  |  | — |
Other | 418 |  |  | 2 |  |  | 2 |  |  | — |  |  | 433 |  |  | 2 |  |  | 2 |  |  | — |
Total global structured finance | 3,007 |  |  | 127 |  |  | 546 |  |  | — |  |  | 3,364 |  |  | 141 |  |  | 634 |  |  | — |
Global public finance | 17,101 |  |  | 204 |  |  | 196 |  |  | — |  |  | 17,498 |  |  | 209 |  |  | 202 |  |  | — |
Total | $ | 20,109 |  |  | $ | 331 |  |  | $ | 742 |  |  | $ | — |  |  | $ | 20,861 |  |  | $ | 351 |  |  | $ | 836 |  |  | $ | — |
(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 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 because of financial guarantees of Ambac UK and AAC:
|  | June 30, 2024 |  | December 31, 2023
|  | Ambac UK |  | Ambac Assurance |  | Total VIEs |  | Ambac UK |  | Ambac Assurance |  | Total VIEs
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations, fair value option |  | $ | 2,010 |  |  | $ | — |  |  | $ | 2,010 |  |  | $ | 2,072 |  |  | $ | — |  |  | $ | 2,072 |
Municipal obligations, available-for-sale (1) |  | — |  |  | 91 |  |  | 91 |  |  | — |  |  | 95 |  |  | 95 |
Total LFG VIE fixed maturity securities, at fair value |  | 2,010 |  |  | 91 |  |  | 2,101 |  |  | 2,072 |  |  | 95 |  |  | 2,167 |
Restricted cash |  | 61 |  |  | 1 |  |  | 62 |  |  | 245 |  |  | 1 |  |  | 246 |
Loans, at fair value (2) |  | 1,567 |  |  | — |  |  | 1,567 |  |  | 1,663 |  |  | — |  |  | 1,663 |
Derivative assets |  | 208 |  |  | — |  |  | 208 |  |  | 226 |  |  | — |  |  | 226 |
Other assets, including contract assets |  | 93 |  |  | 2 |  |  | 95 |  |  | 90 |  |  | 2 |  |  | 92 |
Total LFG VIE assets |  | $ | 3,939 |  |  | $ | 94 |  |  | $ | 4,033 |  |  | $ | 4,296 |  |  | $ | 98 |  |  | $ | 4,394 |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, at fair value (3) |  | $ | 2,599 |  |  | $ | — |  |  | $ | 2,599 |  |  | $ | 2,710 |  |  | $ | — |  |  | $ | 2,710 |
Long-term debt, at par less unamortized discount |  | 97 |  |  | 156 |  |  | 253 |  |  | 99 |  |  | 159 |  |  | 258 |
Total long-term debt |  | 2,696 |  |  | 156 |  |  | 2,853 |  |  | 2,808 |  |  | 159 |  |  | 2,967 |
Derivative liabilities |  | 1,136 |  |  | — |  |  | 1,136 |  |  | 1,197 |  |  | — |  |  | 1,197 |
Cash collateral payable |  | 52 |  |  | — |  |  | 52 |  |  | 235 |  |  | — |  |  | 235 |
Other liabilities |  | 6 |  |  | 1 |  |  | 7 |  |  | 4 |  |  | 1 |  |  | 5 |
Total LFG VIE liabilities |  | $ | 3,890 |  |  | $ | 157 |  |  | $ | 4,048 |  |  | $ | 4,244 |  |  | $ | 160 |  |  | $ | 4,404 |
Number of LFG VIEs consolidated |  | 4 |  |  | 2 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | 6 |

X
- Definition [Table Text Block] for Components of VIE Gain (Loss) [Table] + References No definition available. + Details
Name: | ambc_ComponentsofVIEGainLossTableTextBlock
Namespace Prefix: | ambc_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Variable Interest Entities Assets and Liabilities [Table Text Block] + References No definition available. + Details
Name: | ambc_ScheduleofVariableInterestEntitiesAssetsandLiabilitiesTableTextBlock
Namespace Prefix: | ambc_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | ambc_VariableInterestEntityNotPrimaryBeneficiaryTableTextBlock
Namespace Prefix: | ambc_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
Name: | us-gaap_VariableInterestEntityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration