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DISCONTINUED OPERATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The components of anticipated loss on sale included within Net income (loss) from discontinued operations before tax on the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2024, are summarized below:
Fair value of net consideration to be received |  | $ | 399,727 |
Less: estimated closing costs |  | (7,235) |
|  | 392,492 |
Carrying amount of net assets held-for-sale |  | 962,637 |
Loss on disposal |  | $ | (570,145) |
The following table summarizes the major classes of assets and liabilities held-for-sale on the Consolidated Balance Sheets after elimination of intercompany balances:
|  | December 31,
|  | 2024 |  | 2023
ASSETS: |  |  |  |
Total investments |  | $ | 2,226,505 |  |  | $ | 2,309,967 |
Cash and equivalents |  | 8,322 |  |  | 9,152 |
Premiums receivable |  | 217,096 |  |  | 243,710 |
Reinsurance recoverable on paid and unpaid losses |  | 25,274 |  |  | 29,518 |
Deferred ceded premiums |  | 79,074 |  |  | 93,264 |
Subrogation recoverable |  | 113,962 |  |  | 137,219 |
Intangible assets |  | 213,457 |  |  | 245,133 |
Other assets, net |  | 49,396 |  |  | 54,091 |
VIE assets (including restricted cash of $57,754 and $246,031) |  | 3,904,259 |  |  | 4,394,402 |
Valuation allowance on assets held-for-sale |  | (570,145) |  |  | — |
Total assets held-for-sale |  | $ | 6,267,200 |  |  | $ | 7,516,456 |
LIABILITIES: |  |  |  |
Unearned premiums |  | $ | 228,177 |  |  | $ | 266,727 |
Loss and loss adjustment reserves |  | 577,167 |  |  | 695,859 |
Ceded premiums payable |  | 56,404 |  |  | 60,627 |
Long-term debt and accrued interest |  | 1,046,658 |  |  | 983,069 |
Other liabilities, net |  | 105,772 |  |  | 131,294 |
VIE liabilities |  | 3,873,507 |  |  | 4,404,290 |
Total liabilities held-for-sale |  | $ | 5,887,685 |  |  | $ | 6,541,866 |
The following table summarizes the major line items constituting net income (loss) from discontinued operations reconciled to net income (loss) from discontinued operations presented in the Consolidated Statement of Comprehensive Income (Loss):
|  | Year ended December 31,
|  | 2024 |  | 2023 |  | 2022
REVENUES: |  |  |  |  |  |
Net premiums earned |  | $ | 23,879 |  |  | $ | 26,040 |  |  | $ | 42,383 |
Net investment income |  | 133,933 |  |  | 126,957 |  |  | 12,324 |
Net investment gains (losses), including impairments |  | 4,416 |  |  | (22,507) |  |  | 31,538 |
Net gains (losses) on derivative contracts |  | 3,958 |  |  | (699) |  |  | 127,630 |
Net realized gain on extinguishment of debt |  | — |  |  | — |  |  | 81,272 |
Litigation recoveries |  | — |  |  | — |  |  | 125,869 |
Other revenues |  | 31,096 |  |  | 14,533 |  |  | 30,266 |
Total revenues |  | 197,282 |  |  | 144,324 |  |  | 451,282 |
EXPENSES: |  |  |  |  |  |
Loss and loss adjustment expenses (benefit) |  | (45,767) |  |  | (69,320) |  |  | (405,534) |
Intangible amortization |  | 30,508 |  |  | 24,736 |  |  | 43,925 |
General & administrative and other expenses |  | 57,491 |  |  | 88,306 |  |  | 84,455 |
Interest expense |  | 63,587 |  |  | 64,025 |  |  | 168,158 |
Total expenses |  | 105,819 |  |  | 107,747 |  |  | (108,996) |
Pretax income |  | 91,463 |  |  | 36,577 |  |  | 560,278 |
Provision for income taxes |  | 18,485 |  |  | 8,394 |  |  | 2,914 |
Loss on disposal |  | (570,145) |  |  | — |  |  | — |
Net income (loss) from discontinued operations |  | (497,167) |  |  | $ | 28,183 |  |  | 557,364 |
Gain on purchase of AMPS |  | — |  |  | $ | — |  |  | 1,131 |
Net income (loss) attributable to Ambac common shareholders |  | $ | (497,167) |  |  | $ | 28,183 |  |  | $ | 558,495 |

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