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v3.25.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
|  | Reportable Segments |  |  |  |  |  |  |  | Reportable Segments |  |  |  |  |  |
|  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 15,678 |  |  |  |  |  |  |  |  | $ | 15,678 |  |  | $ | 25,579 |  |  |  |  |  |  |  |  | $ | 25,579 |
Commission income |  |  |  | $ | 36,771 |  |  |  |  |  |  | 36,771 |  |  |  |  | $ | 17,729 |  |  |  |  |  |  | 17,729 |
Servicing and other fees |  |  |  | 4,964 |  |  |  |  |  |  | 4,964 |  |  |  |  | — |  |  |  |  |  |  | — |
Program fees |  | 3,652 |  |  |  |  |  |  |  |  | 3,652 |  |  | 2,567 |  |  |  |  |  |  |  |  | 2,567 |
Net investment income |  | 1,842 |  |  | 376 |  |  | 597 |  |  |  |  | 2,815 |  |  | 1,399 |  |  | 50 |  |  | $ | 2,192 |  |  |  |  | 3,640 |
Other income (expense) |  | (1) |  |  | (1,113) |  |  | (10) |  |  |  |  | (1,124) |  |  | (3) |  |  | 86 |  |  | (47) |  |  |  |  | 36 |
Total revenues from continuing operations (1) |  | 21,171 |  |  | 40,998 |  |  | 587 |  |  |  |  | 62,756 |  |  | 29,542 |  |  | 17,865 |  |  | 2,145 |  |  |  |  | 49,551 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 10,496 |  |  |  |  |  |  |  |  | 10,496 |  |  | 19,355 |  |  |  |  |  |  |  |  | 19,355 |
Policy acquisition costs |  | 3,841 |  |  |  |  |  |  |  |  | 3,841 |  |  | 4,424 |  |  |  |  |  |  |  |  | 4,424 |
Commission expenses |  |  |  | 10,365 |  |  |  |  |  |  | 10,365 |  |  |  |  | 9,822 |  |  |  |  |  |  | 9,822 |
Intangible amortization and depreciation |  | — |  |  | 8,872 |  |  | 304 |  |  |  |  | 9,176 |  |  | — |  |  | 1,149 |  |  | 465 |  |  |  |  | 1,614 |
Interest expense |  |  |  | 5,454 |  |  |  |  |  |  | 5,454 |  |  |  |  | — |  |  |  |  |  |  | — |
Compensation expense |  | 3,510 |  |  | 13,533 |  |  | 5,844 |  |  |  |  | 22,887 |  |  | 1,760 |  |  | 2,296 |  |  | 6,490 |  |  |  |  | 10,546 |
Non Compensation expense |  | 1,821 |  |  | 5,017 |  |  | 8,806 |  |  |  |  | 15,644 |  |  | 2,182 |  |  | 625 |  |  | 4,222 |  |  |  |  | 7,029 |
Total expenses from continuing operations |  | 19,668 |  |  | 43,241 |  |  | 14,954 |  |  |  |  | 77,863 |  |  | 27,721 |  |  | 13,892 |  |  | 11,177 |  |  |  |  | 52,790 |
Segment pretax income (loss) |  | 1,503 |  |  | (2,243) |  |  | (14,367) |  |  |  |  | (15,107) |  |  | 1,821 |  |  | 3,973 |  |  | (9,032) |  |  |  |  | (3,239) |
Segment income tax expense (benefit) |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |  |  | 106 |  |  | 118 |  |  | (94) |  |  |  |  | 130 |
Segment net income (loss) |  | 1,425 |  |  | (1,743) |  |  | (14,172) |  |  |  |  | (14,490) |  |  | 1,715 |  |  | 3,855 |  |  | (8,938) |  |  |  |  | (3,369) |
Segment net (income) loss attributable to noncontrolling interest |  | — |  |  | (1,654) |  |  |  |  |  |  | (1,654) |  |  | 2 |  |  | (703) |  |  |  |  |  |  | (701) |
Segment net income (loss) attributable to Ambac shareholders |  | $ | 1,425 |  |  | $ | (3,397) |  |  | $ | (14,172) |  |  |  |  | (16,144) |  |  | $ | 1,713 |  |  | $ | 3,152 |  |  | $ | (8,938) |  |  |  |  | (4,070) |
Reconciliation to consolidated net income (loss) attributable to Ambac stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations |  |  |  |  |  |  |  |  |  | (30,247) |  |  |  |  |  |  |  |  |  |  | 24,140 |
Net income (loss) attributable to Ambac shareholders |  |  |  |  |  |  |  |  |  | $ | (46,391) |  |  |  |  |  |  |  |  |  |  | $ | 20,070 |
Reconciliation of segment assets to consolidated total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 802,856 |  |  | $ | 929,172 |  |  | $ | 129,250 |  |  |  |  | $ | 1,861,278 |  |  | $ | 608,006 |  |  | $ | 155,722 |  |  | $ | 210,671 |  |  |  |  | $ | 974,399 |
Discontinued operations |  |  |  |  |  |  |  |  |  | 6,392,004 |  |  |  |  |  |  |  |  |  |  | 7,454,216 |
Total consolidated assets |  |  |  |  |  |  |  |  |  | $ | 8,253,282 |  |  |  |  |  |  |  |  |  |  | $ | 8,428,615 |
EBITDA Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net income (loss) |  | $ | 1,425 |  |  | $ | (1,743) |  |  | $ | (14,172) |  |  |  |  | $ | (14,490) |  |  | $ | 1,715 |  |  | $ | 3,855 |  |  | $ | (8,938) |  |  |  |  | $ | (3,369) |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | 5,454 |  |  | — |  |  |  |  | 5,454 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Income taxes |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |  |  | 106 |  |  | 118 |  |  | (94) |  |  |  |  | 130 |
Depreciation |  | — |  |  | 109 |  |  | 305 |  |  |  |  | 413 |  |  | — |  |  | 10 |  |  | 465 |  |  |  |  | 475 |
Intangible amortization |  | — |  |  | 8,763 |  |  | — |  |  |  |  | 8,763 |  |  | — |  |  | 1,139 |  |  | — |  |  |  |  | 1,139 |
EBITDA |  | 1,503 |  |  | 12,083 |  |  | (14,062) |  |  |  |  | (477) |  |  | 1,821 |  |  | 5,122 |  |  | (8,567) |  |  |  |  | (1,625) |
Add: Impact of noncontrolling interests |  |  |  | (5,000) |  |  |  |  |  |  | (5,000) |  |  | 2 |  |  | (920) |  |  |  |  |  |  | (920) |
Ambac EBITDA |  | $ | 1,503 |  |  | $ | 7,083 |  |  | $ | (14,063) |  |  |  |  | $ | (5,477) |  |  | $ | 1,823 |  |  | $ | 4,202 |  |  | $ | (8,567) |  |  |  |  | $ | (2,545) |
(1)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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