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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
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, at March 31, 2025, by contractual maturity, were as follows:
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 135,653 |  |  | $ | 135,297 |
Due after one year through five years |  | 58,649 |  |  | 57,690 |
Due after five years through ten years |  | 57,785 |  |  | 55,980 |
Due after ten years |  | 977 |  |  | 977 |
|  | 253,064 |  |  | 249,944 |
Residential mortgage-backed securities |  | 3,447 |  |  | 3,445 |
Commercial mortgage-backed securities |  | 2,067 |  |  | 2,049 |
Collateralized debt obligations |  | 2,941 |  |  | 2,954 |
Other asset-backed securities |  | 4,773 |  |  | 4,787 |
Total |  | $ | 266,292 |  |  | $ | 263,179 |
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, which at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
|  | Less Than 12 Months |  | 12 Months or More |  | Total |  | Less Than 12 Months |  | 12 Months or More |  | Total
|  | 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 |  | $ | 2,070 |  |  | $ | 35 |  |  | $ | 6,660 |  |  | $ | 373 |  |  | $ | 8,730 |  |  | $ | 408 |  |  | $ | 6,042 |  |  | $ | 112 |  |  | $ | 6,582 |  |  | $ | 458 |  |  | $ | 12,624 |  |  | $ | 570 |
Corporate obligations |  | 9,782 |  |  | 135 |  |  | 42,021 |  |  | 3,018 |  |  | 51,803 |  |  | 3,153 |  |  | 23,784 |  |  | 269 |  |  | 46,612 |  |  | 3,636 |  |  | 70,396 |  |  | 3,905 |
Foreign obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. government obligations |  | 6,704 |  |  | 46 |  |  | 12,148 |  |  | 344 |  |  | 18,852 |  |  | 390 |  |  | 15,919 |  |  | 344 |  |  | 14,818 |  |  | 465 |  |  | 30,737 |  |  | 809 |
Residential mortgage-backed securities |  | 1,899 |  |  | 18 |  |  | — |  |  | — |  |  | 1,899 |  |  | 18 |  |  | 2,446 |  |  | 29 |  |  | — |  |  | — |  |  | 2,446 |  |  | 29 |
Commercial mortgage-backed securities |  | 750 |  |  | 22 |  |  | — |  |  | — |  |  | 750 |  |  | 22 |  |  | 738 |  |  | 34 |  |  | — |  |  | — |  |  | 738 |  |  | 34 |
Collateralized debt obligations |  | 654 |  |  | 1 |  |  | — |  |  | — |  |  | 654 |  |  | 1 |  |  | 655 |  |  | 2 |  |  | — |  |  | — |  |  | 655 |  |  | 2 |
Other asset-backed securities |  | 848 |  |  | 2 |  |  | — |  |  | — |  |  | 848 |  |  | 2 |  |  | 1,428 |  |  | 2 |  |  | — |  |  | — |  |  | 1,428 |  |  | 2 |
Total temporarily impaired securities |  | $ | 24,475 |  |  | $ | 259 |  |  | $ | 60,829 |  |  | $ | 3,735 |  |  | $ | 85,304 |  |  | $ | 3,994 |  |  | $ | 51,012 |  |  | $ | 792 |  |  | $ | 68,012 |  |  | $ | 4,559 |  |  | $ | 119,024 |  |  | $ | 5,351 |
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, |  | 2025 |  | 2024 |  |  |  |
Gross realized gains on securities |  | $ | — |  |  | $ | 4 |  |  |  |  |
Gross realized losses on securities |  | (3) |  |  | (3) |  |  |  |  |
Foreign exchange gains (losses) |  | — |  |  | — |  |  |  |  |
Credit impairments |  | — |  |  | — |  |  |  |  |
Intent / requirement to sell impairments |  | — |  |  | — |  |  |  |  |
Net investment gains (losses), including impairments |  | $ | (3) |  |  | $ | 1 |  |  |  |  |
Equity Method Investments [Table Text Block] | O
Summary of Net Investment Income | Net investment income (loss) was comprised of the following for the affected periods:
Three Months Ended March 31, |  | 2025 |  | 2024 |  |  |  |
Fixed maturity securities |  | $ | 1,400 |  |  | $ | 1,170 |  |  |  |  |
Short-term investments |  | 1,457 |  |  | 2,590 |  |  |  |  |
Loans |  | 35 |  |  | — |  |  |  |  |
Investment expense |  | 2 |  |  | (90) |  |  |  |  |
Securities available-for-sale and short-term |  | 2,894 |  |  | 3,670 |  |  |  |  |
Other investments |  | (79) |  |  | (30) |  |  |  |  |
Total net investment income (loss) |  | $ | 2,815 |  |  | $ | 3,640 |  |  |  |  |
Debt Securities, Available-for-Sale | The amortized cost and estimated fair value of available-for-sale investments, at March 31, 2025 and December 31, 2024, were as follows:
|  | March 31, 2025: |  | December 31, 2024:
|  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized |  | Estimated Fair Value |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized |  | Estimated Fair Value
|  |  |  | Gains |  | Losses |  |  |  |  | Gains |  | Losses |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 14,660 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 408 |  |  | $ | 14,305 |  |  | $ | 14,646 |  |  | — |  |  | $ | 7 |  |  | $ | 570 |  |  | $ | 14,083 |
Corporate obligations |  | 91,979 |  |  | — |  |  | 343 |  |  | 3,153 |  |  | 89,169 |  |  | 92,990 |  |  | — |  |  | 107 |  |  | 3,905 |  |  | 89,192 |
U.S. government obligations |  | 44,821 |  |  | — |  |  | 429 |  |  | 390 |  |  | 44,860 |  |  | 41,706 |  |  | — |  |  | 98 |  |  | 809 |  |  | 40,995 |
Residential mortgage-backed securities |  | 3,447 |  |  | — |  |  | 16 |  |  | 18 |  |  | 3,445 |  |  | 2,475 |  |  | — |  |  | — |  |  | 29 |  |  | 2,446 |
Commercial mortgage-backed securities |  | 2,067 |  |  | — |  |  | 4 |  |  | 22 |  |  | 2,049 |  |  | 2,127 |  |  | — |  |  | 8 |  |  | 34 |  |  | 2,101 |
Collateralized debt obligations |  | 2,941 |  |  | — |  |  | 14 |  |  | 1 |  |  | 2,954 |  |  | 3,131 |  |  | — |  |  | 13 |  |  | 2 |  |  | 3,142 |
Other asset-backed securities |  | 4,773 |  |  | — |  |  | 16 |  |  | 2 |  |  | 4,787 |  |  | 5,049 |  |  | — |  |  | 14 |  |  | 2 |  |  | 5,061 |
|  | 164,688 |  |  | — |  |  | 875 |  |  | 3,994 |  |  | 161,569 |  |  | 162,124 |  |  | — |  |  | 247 |  |  | 5,351 |  |  | 157,020 |
Short-term |  | 101,604 |  |  | — |  |  | 6 |  |  | — |  |  | 101,610 |  |  | 127,588 |  |  | — |  |  | 13 |  |  | — |  |  | 127,601 |
Total available-for-sale investments |  | $ | 266,292 |  |  | $ | — |  |  | $ | 881 |  |  | $ | 3,994 |  |  | $ | 263,179 |  |  | $ | 289,712 |  |  | — |  |  | $ | 260 |  |  | $ | 5,351 |  |  | $ | 284,621 |

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