2023 Q1 Form 10-K Financial Statement

#000087450123000040 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $58.00M $72.00M $505.0M
YoY Change -51.26% 28.57% 79.08%
Cost Of Revenue $18.00M -$396.0M
YoY Change -25.0%
Gross Profit $40.00M $901.0M
YoY Change -57.89%
Gross Profit Margin 68.97% 178.42%
Selling, General & Admin $36.00M $51.00M $141.0M
YoY Change 2720.0%
% of Gross Profit 90.0% 15.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $14.00M $2.000M
YoY Change 16.67% -96.49%
% of Gross Profit 0.0% 0.22%
Operating Expenses $66.00M $12.00M $139.0M
YoY Change 127.59% -61.29% 47.87%
Operating Profit -$26.00M $762.0M
YoY Change -139.39%
Interest Expense $16.00M -$36.00M $168.0M
YoY Change -63.64% -20.0% -187.5%
% of Operating Profit 22.05%
Other Income/Expense, Net -$2.000M -$1.000M -$3.000M
YoY Change -200.0% -400.0%
Pretax Income -$29.00M $173.0M $525.0M
YoY Change -1066.67% -1010.53% -1740.63%
Income Tax $4.000M -$2.000M $2.000M
% Of Pretax Income -1.16% 0.38%
Net Earnings -$33.00M $178.0M $522.0M
YoY Change -1750.0% -990.0% -3170.59%
Net Earnings / Revenue -56.9% 247.22% 103.37%
Basic Earnings Per Share -$0.73 $11.48
Diluted Earnings Per Share -$0.73 $3.82 $11.31
COMMON SHARES
Basic Shares Outstanding 45.29M shares 44.97M shares 45.72M shares
Diluted Shares Outstanding 45.56M shares 46.41M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.961B $1.997B
YoY Change
Cash & Equivalents $38.00M $31.00M $44.00M
Short-Term Investments $1.923B $1.966B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $21.00M $21.00M
YoY Change -8.7% -8.7%
Goodwill $61.00M $61.00M
YoY Change 32.61% 32.61%
Intangibles $321.0M $326.0M
YoY Change -8.29% -9.94%
Long-Term Investments $6.484B $6.389B $6.389B
YoY Change -25.02% -30.01% -30.01%
Other Assets $256.0M $17.00M $17.00M
YoY Change 357.14% 142.86% 142.86%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.219B $7.973B $7.973B
YoY Change -28.72% -35.19% -35.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $438.0M $452.0M $452.0M
YoY Change -26.14% -21.53% -25.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $438.0M $452.0M $452.0M
YoY Change -26.14% -21.53% -25.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.557B $3.746B $3.746B
YoY Change -44.13% -41.89% -41.89%
Other Long-Term Liabilities $1.620B $1.235B $1.235B
YoY Change -22.16% -43.02% -42.27%
Total Long-Term Liabilities $5.177B $4.981B $4.981B
YoY Change -38.71% -42.17% -41.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $438.0M $452.0M $452.0M
Total Long-Term Liabilities $5.177B $4.981B $4.981B
Total Liabilities $6.892B $6.647B $6.722B
YoY Change -34.6% -40.58% -40.33%
SHAREHOLDERS EQUITY
Retained Earnings $1.206B $1.245B
YoY Change 66.8% 71.49%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.00M $15.00M
YoY Change 600.0% 400.0%
Treasury Stock Shares 1.685M shares
Shareholders Equity $1.254B $1.252B $1.251B
YoY Change
Total Liabilities & Shareholders Equity $8.219B $7.973B $7.973B
YoY Change -28.72% -35.19% -35.19%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$33.00M $178.0M $522.0M
YoY Change -1750.0% -990.0% -3170.59%
Depreciation, Depletion And Amortization $0.00 $14.00M $2.000M
YoY Change 16.67% -96.49%
Cash From Operating Activities $77.00M $1.277B $1.335B
YoY Change 755.56% 25440.0% -1119.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions -$18.00M
YoY Change
Other Investing Activities -$8.000M $431.0M -$9.000M
YoY Change 1290.32% -280.0%
Cash From Investing Activities $441.0M $431.0M $866.0M
YoY Change 224.26% 1290.32% 11.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$14.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$276.0M -1.684B -$2.163B
YoY Change 430.77% 4852.94% 229.22%
NET CHANGE
Cash From Operating Activities $77.00M 1.277B $1.335B
Cash From Investing Activities $441.0M 431.0M $866.0M
Cash From Financing Activities -$276.0M -1.684B -$2.163B
Net Change In Cash $243.0M 24.00M $38.00M
YoY Change 161.29% 1100.0% -416.67%
FREE CASH FLOW
Cash From Operating Activities $77.00M $1.277B $1.335B
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="margin-bottom:3pt;text-align:justify"><span style="color:#026dce;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Measurement of Credit Losses on Financial Instruments (CECL)</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Ambac measures credit losses on financial assets that are not accounted for at fair value through net income in accordance with the Current Expected Credit Loss standard or "CECL". The CECL impact on available-for-sale debt securities is discussed in the Investments sub-section below. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The CECL impact on amortized cost assets is addressed in the Premium, Reinsurance Recoverables and Loan sub-sections below. These amortized cost assets reflect management's current estimate of all expected lifetime credit losses. The estimate of expected lifetime credit losses considers historical information, current information, as well as reasonable and supportable forecasts. Expected lifetime credit losses for amortized cost assets are recorded as an allowance for credit losses, with subsequent increases or decreases in the allowance reflected in net income each period.</span></div>CECL does not apply to subrogation recoveries of previously paid and unpaid losses on insurance contracts accounted for under ASC 944 nor does it apply to equity method investments accounted for under ASC 323.
CY2022Q4 ambc Cecl Securities Factor For Consideration
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0.20
CY2022Q4 ambc Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
0.030
CY2021Q4 ambc Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
0.022
CY2022 us-gaap Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
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CY2021 us-gaap Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodPremiumReceivableWeightedAverageCollectionPeriod1
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CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2021 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2022Q4 us-gaap Minority Interest
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CY2021Q4 us-gaap Minority Interest
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CY2022 ambc Amps Shares Purchased
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CY2022 ambc Amps Purchase Cash Paid
AMPSPurchaseCashPaid
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CY2022 ambc Amps Gain Based On Carry Value
AMPSGainBasedOnCarryValue
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CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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18000000 usd
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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7000000 usd
CY2022Q4 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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CY2021Q4 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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CY2022 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2021 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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20000000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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11000000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021Q2 ambc Uk Income Tax Rate
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CY2019Q3 ambc Uk Income Tax Rate
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CY2022 us-gaap Income Taxes Paid
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CY2021 us-gaap Income Taxes Paid
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CY2020 us-gaap Income Taxes Paid
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CY2022 ambc Securities Acquired In Transactions Related To Puerto Rico Restructurings
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508000000 usd
CY2022 ambc Loans Acquired Through Financial Guarantee Subrogation
LoansAcquiredThroughFinancialGuaranteeSubrogation
20000000 usd
CY2022 ambc Vie Long Term Debt Issued Related To Puerto Rico Restructurings
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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20000000 usd
CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2020Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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61000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23000000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35000000 usd
CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:3pt;text-align:justify"><span style="color:#026dce;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Reclassifications and Rounding</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reclassifications may have been made to prior years' amounts to conform to the current year's presentation. Certain amounts and tables in the consolidated financial statements and associated notes may not add due to rounding.</span></div>
CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Insurance Commissions And Fees
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CY2022 us-gaap Net Investment Income
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CY2022 us-gaap Realized Investment Gains Losses
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CY2022 us-gaap Derivative Gain Loss On Derivative Net
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022 ambc Other Income Items
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CY2022 us-gaap Gain Loss Related To Litigation Settlement
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CY2022 us-gaap Operating Expenses
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Interest Expense
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q4 us-gaap Assets
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CY2021 us-gaap Premiums Earned Net
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CY2021 us-gaap Insurance Commissions And Fees
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CY2021 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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CY2021 us-gaap Net Investment Income
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CY2021 us-gaap Derivative Gain Loss On Derivative Net
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CY2021 ambc Other Income Items
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CY2021 us-gaap Revenues
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CY2021 us-gaap Incurred Claims Financial Guarantee Insurance Contracts
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CY2021 us-gaap Interest Expense
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CY2021 us-gaap Benefits Losses And Expenses
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q4 us-gaap Assets
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CY2022 ambc Business Combination Goodwill Expected Tax Deductible Amount Amortization Period
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P15Y
CY2020 ambc Business Combination Goodwill Expected Tax Deductible Amount Amortization Period
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CY2022Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Available For Sale Securities Current
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CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2021Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q4 us-gaap Available For Sale Securities Current
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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CY2022Q4 ambc Debt Securities Available For Sale Continuous Unrealized Loss Position
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2022Q4 ambc Debt Securities Available For Sale Unrealized Loss Position Including Pledged Securities
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2021Q4 ambc Debt Securities Available For Sale Unrealized Loss Position Including Pledged Securities
DebtSecuritiesAvailableForSaleUnrealizedLossPositionIncludingPledgedSecurities
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CY2022Q4 ambc Average Percentage Of Unrealized Loss Versus Amortized Cost For Investment Grade Securities
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CY2022Q4 ambc Average Percentage Of Unrealized Loss Versus Amortized Cost For Below Investment Grade Securities
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CY2021 us-gaap Investment Income Investment Expense
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CY2022 us-gaap Interest And Dividend Income Securities Available For Sale
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CY2021 us-gaap Interest And Dividend Income Securities Available For Sale
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CY2022 us-gaap Net Investment Income
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CY2021 us-gaap Net Investment Income
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CY2020 us-gaap Net Investment Income
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CY2022 us-gaap Available For Sale Securities Gross Realized Gains
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CY2021 us-gaap Available For Sale Securities Gross Realized Gains
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CY2020 us-gaap Available For Sale Securities Gross Realized Gains
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CY2022 us-gaap Available For Sale Securities Gross Realized Losses
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CY2021 us-gaap Available For Sale Securities Gross Realized Losses
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CY2020 us-gaap Available For Sale Securities Gross Realized Losses
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CY2022 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense Reversal
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CY2021 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense Reversal
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CY2022 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Sell Before Recovery
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CY2021 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Sell Before Recovery
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CY2022 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
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CY2021 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
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CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2022Q4 ambc Fair Value Of Securities Deposited With Governmental Authorities
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CY2021Q4 ambc Fair Value Of Securities Deposited With Governmental Authorities
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CY2022Q4 ambc Fair Valueof Securities Depositedin Connectionwtih Letterof Credit
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669000000 usd
CY2022Q4 ambc Equity Securities Excluded From Fair Value
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CY2021Q4 ambc Equity Securities Excluded From Fair Value
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CY2021 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
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CY2022 us-gaap Trading Securities Realized Gain Loss
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CY2022Q4 ambc Equity Securities Excluded From Fair Value
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CY2021Q4 ambc Equity Securities Excluded From Fair Value
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CY2022Q4 ambc Fair Value Yield Rate
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CY2021Q4 ambc Fair Value Yield Rate
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CY2022 ambc Fair Value Financial Assets And Liabilities Transfers In Or Out Of Level3
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CY2022Q4 ambc Financial Guarantee Gross Outstanding Principal
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CY2021Q4 ambc Financial Guarantee Gross Outstanding Principal
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CY2022Q4 us-gaap Participating Policies Amount In Force
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CY2022Q4 ambc Financial Guarantee Outstanding Principal Ceded To Third Parties
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CY2022Q4 ambc Amount Of Insured Par Outstanding Ceded To Reinsurer
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CY2022 ambc Ceded Principal Outstanding Major Reinsurer Percentage
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CY2022Q4 us-gaap Participating Policies Amount In Force
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CY2021Q4 us-gaap Participating Policies Amount In Force
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CY2021Q4 us-gaap Participating Policies Amount In Force
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CY2022Q4 ambc Financial Guarantee Gross Outstanding Principal And Interest
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CY2021Q4 ambc Financial Guarantee Gross Outstanding Principal And Interest
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CY2022Q4 ambc Net Financial Guarantee Principal And Interest In Force
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CY2021Q4 ambc Net Financial Guarantee Principal And Interest In Force
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CY2022 ambc Percentage Of Highest Single Insured Risk Of Aggregate Net Par Amount Guaranteed
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CY2022 us-gaap Direct Premiums Written
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CY2022 us-gaap Assumed Premiums Written
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CY2022 us-gaap Ceded Premiums Written
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CY2022 us-gaap Direct Premiums Earned
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CY2022 us-gaap Assumed Premiums Earned
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CY2022 us-gaap Ceded Premiums Earned
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CY2022 us-gaap Premiums Earned Net
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CY2021 us-gaap Direct Premiums Written
DirectPremiumsWritten
2000000 usd
CY2021 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0 usd
CY2021 us-gaap Ceded Premiums Written
CededPremiumsWritten
35000000 usd
CY2021 us-gaap Premiums Written Net
PremiumsWrittenNet
-33000000 usd
CY2021 us-gaap Direct Premiums Earned
DirectPremiumsEarned
62000000 usd
CY2021 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
0 usd
CY2021 us-gaap Ceded Premiums Earned
CededPremiumsEarned
15000000 usd
CY2021 us-gaap Premiums Earned Net
PremiumsEarnedNet
47000000 usd
CY2020 us-gaap Direct Premiums Written
DirectPremiumsWritten
-1000000 usd
CY2020 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0 usd
CY2020 us-gaap Ceded Premiums Written
CededPremiumsWritten
-1000000 usd
CY2020 us-gaap Premiums Written Net
PremiumsWrittenNet
0 usd
CY2020 us-gaap Direct Premiums Earned
DirectPremiumsEarned
65000000 usd
CY2020 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
1000000 usd
CY2020 us-gaap Ceded Premiums Earned
CededPremiumsEarned
12000000 usd
CY2020 us-gaap Premiums Earned Net
PremiumsEarnedNet
54000000 usd
CY2022 us-gaap Financial Guarantee Insurance Contracts Accelerated Premium Revenue Amount
FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount
8000000 usd
CY2021 us-gaap Financial Guarantee Insurance Contracts Accelerated Premium Revenue Amount
FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount
1000000 usd
CY2020 us-gaap Financial Guarantee Insurance Contracts Accelerated Premium Revenue Amount
FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount
12000000 usd
CY2022 us-gaap Premiums Earned Net Financial Guarantee Insurance Contracts
PremiumsEarnedNetFinancialGuaranteeInsuranceContracts
56000000 usd
CY2021 us-gaap Premiums Earned Net Financial Guarantee Insurance Contracts
PremiumsEarnedNetFinancialGuaranteeInsuranceContracts
47000000 usd
CY2020 us-gaap Premiums Earned Net Financial Guarantee Insurance Contracts
PremiumsEarnedNetFinancialGuaranteeInsuranceContracts
54000000 usd
CY2022Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
269000000 usd
CY2021Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
323000000 usd
CY2022Q4 us-gaap Premiums Receivable Gross
PremiumsReceivableGross
259000000 usd
CY2021Q4 us-gaap Premiums Receivable Gross
PremiumsReceivableGross
329000000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
9000000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
17000000 usd
CY2022 us-gaap Premium Receivable Credit Loss Expense Reversal
PremiumReceivableCreditLossExpenseReversal
-4000000 usd
CY2021 us-gaap Premium Receivable Credit Loss Expense Reversal
PremiumReceivableCreditLossExpenseReversal
-6000000 usd
CY2022 us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
PremiumsReceivableAllowanceForDoubtfulAccountsWriteOffsAgainstAllowance
0 usd
CY2021 us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
PremiumsReceivableAllowanceForDoubtfulAccountsWriteOffsAgainstAllowance
-2000000 usd
CY2022 us-gaap Premiums Receivable Allowance For Doubtful Accounts Recoveries
PremiumsReceivableAllowanceForDoubtfulAccountsRecoveries
0 usd
CY2021 us-gaap Premiums Receivable Allowance For Doubtful Accounts Recoveries
PremiumsReceivableAllowanceForDoubtfulAccountsRecoveries
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
5000000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
9000000 usd
CY2022Q4 ambc Past Due Premiums
PastDuePremiums
0 usd
CY2021Q4 ambc Past Due Premiums
PastDuePremiums
0 usd
CY2021Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
320000000 usd
CY2020Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
370000000 usd
CY2019Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
416000000 usd
CY2022 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Proceeds From Premiums Received
FinancialGuaranteeInsuranceContractsPremiumReceivableProceedsFromPremiumsReceived
-36000000 usd
CY2021 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Proceeds From Premiums Received
FinancialGuaranteeInsuranceContractsPremiumReceivableProceedsFromPremiumsReceived
-35000000 usd
CY2020 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Proceeds From Premiums Received
FinancialGuaranteeInsuranceContractsPremiumReceivableProceedsFromPremiumsReceived
46000000 usd
CY2022 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Change In Period Of Contract
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentChangeInPeriodOfContract
-31000000 usd
CY2021 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Change In Period Of Contract
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentChangeInPeriodOfContract
-27000000 usd
CY2020 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Change In Period Of Contract
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentChangeInPeriodOfContract
-6000000 usd
CY2022 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Accretion Of Discount On Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumsReceivableAccretionOfDiscountOnPremiumReceivable
8000000 usd
CY2021 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Accretion Of Discount On Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumsReceivableAccretionOfDiscountOnPremiumReceivable
8000000 usd
CY2020 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Accretion Of Discount On Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumsReceivableAccretionOfDiscountOnPremiumReceivable
9000000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
4000000 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
8000000 usd
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-4000000 usd
CY2022 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Other Adjustments
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentOtherAdjustments
-12000000 usd
CY2021 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Other Adjustments
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentOtherAdjustments
-4000000 usd
CY2020 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Other Adjustments
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentOtherAdjustments
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
254000000 usd
CY2021Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
320000000 usd
CY2020Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
370000000 usd
CY2022 ambc Financial Guarantee Insurance Contracts Premiums Receivable Increase Decrease Foreign Exchange
FinancialGuaranteeInsuranceContractsPremiumsReceivableIncreaseDecreaseForeignExchange
-13000000 usd
CY2021 ambc Financial Guarantee Insurance Contracts Premiums Receivable Increase Decrease Foreign Exchange
FinancialGuaranteeInsuranceContractsPremiumsReceivableIncreaseDecreaseForeignExchange
-2000000 usd
CY2020 ambc Financial Guarantee Insurance Contracts Premiums Receivable Increase Decrease Foreign Exchange
FinancialGuaranteeInsuranceContractsPremiumsReceivableIncreaseDecreaseForeignExchange
4000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During First Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFirstQuarterFollowingBalanceSheetDate
8000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During First Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFirstQuarterFollowingBalanceSheetDate
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Second Quarter Following The Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSecondQuarterFollowingTheBalanceSheetDate
7000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Second Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSecondQuarterFollowingBalanceSheetDate
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Third Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate
7000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Third Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Fourth Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Fourth Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate
5000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than One And Within Two Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate
26000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than One And Within Two Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate
19000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than Two And Within Three Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate
25000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than Two And Within Three Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate
18000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than Three And Within Four Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate
24000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than Three And Within Four Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate
18000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than Four And Within Five Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate
23000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than Four And Within Five Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate
17000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than Five And Within10 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate
95000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than Five And Within10 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFiveAndWithin10YearsFromBalanceSheetDate
70000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than10 And Within15 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate
59000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than10 And Within15 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan10AndWithin15YearsFromBalanceSheetDate
42000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than15 And Within20 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan15AndWithin20YearsFromBalanceSheetDate
27000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than15 And Within20 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan15AndWithin20YearsFromBalanceSheetDate
17000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than20 And Within25 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan20AndWithin25YearsFromBalanceSheetDate
13000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than20 And Within25 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan20AndWithin25YearsFromBalanceSheetDate
8000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than25 And Within30 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan25AndWithin30YearsFromBalanceSheetDate
4000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than25 And Within30 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan25AndWithin30YearsFromBalanceSheetDate
2000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than30 And Within35 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan30AndWithin35YearsFromBalanceSheetDate
0 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than30 And Within35 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan30AndWithin35YearsFromBalanceSheetDate
0 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Premium Expected To Be Collected
FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected
322000000 usd
CY2022Q4 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized
231000000 usd
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
805000000 usd
CY2022Q4 us-gaap Salvage And Subrogation Recoveries Value
SalvageAndSubrogationRecoveriesValue
271000000 usd
CY2022Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
534000000 usd
CY2021Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1570000000 usd
CY2021Q4 us-gaap Salvage And Subrogation Recoveries Value
SalvageAndSubrogationRecoveriesValue
2092000000 usd
CY2021Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
-522000000 usd
CY2022 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is the loss and loss reserve expense roll-forward, net of subrogation recoverable and reinsurance, for the affected periods.</span></div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:44.733%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.887%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.887%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.889%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Beginning gross loss and loss adjustment expense reserves</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(522)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(397)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(482)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reinsurance recoverable</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance of net loss and loss adjustment expense reserves</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(578)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(430)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(508)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Losses and loss expenses (benefit) incurred:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current year</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(401)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(89)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">210 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(397)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(88)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loss and loss adjustment expenses (recovered) paid:</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current year</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,867)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">148 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,860)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign exchange effect</span></div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ending net loss and loss adjustment expense reserves</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">883</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(578)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(430)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of VIE consolidation </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(464)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reinsurance recoverable </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending gross loss and loss adjustment expense reserves</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">534</span><span style="color:#211aff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(522)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(397)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.68pt">Total losses and loss expenses (benefit) includes $(41), $5 and $(7) for the years ended December 31, 2022, 2021 and 2020, respectively, related to ceded reinsurance.</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.68pt">Ambac records the impact of estimated recoveries related to securitized loans in RMBS transactions that breached certain representations and warranties ("R&amp;W's") by transaction sponsors within losses and loss expenses (benefit) for the Legacy Financial Guarantee segment. The losses and loss expense (benefit) incurred associated with changes in estimated R&amp;W's for the year ended December 31, 2022, 2021 and 2020 was $(123), $20 and $(23), </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">respectively. Refer to Note 1. Background and Business Description to the Consolidated Financial Statements in this Annual Report on Form 10-K for details of the RMBS litigation settlements reached in October and December 2022. </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.68pt">In connection with the Puerto Rico restructuring, three new trusts were established for the year ended December 31, 2022. These trusts were consolidated by Ambac as further discussed in Note 12. Variable Interest Entities.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.68pt">Represents reinsurance recoverable on future loss and loss adjustment expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of $0, $0 and $0 as of December 31, 2022, 2021 and 2020, respectively, related to previously presented loss and loss adjustment expenses and subrogation.</span></div>
CY2021Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
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Files In Submission

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