2023 Q2 Form 10-Q Financial Statement

#000087450123000092 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $62.00M $58.00M $72.00M
YoY Change -27.91% -51.26% 28.57%
Cost Of Revenue $7.000M $18.00M
YoY Change -158.33% -25.0%
Gross Profit $55.00M $40.00M
YoY Change -43.88% -57.89%
Gross Profit Margin 88.71% 68.97%
Selling, General & Admin $36.00M $36.00M $51.00M
YoY Change
% of Gross Profit 65.45% 90.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $14.00M
YoY Change 16.67%
% of Gross Profit 0.0% 0.0%
Operating Expenses $53.00M $66.00M $12.00M
YoY Change 82.76% 127.59% -61.29%
Operating Profit $2.000M -$26.00M
YoY Change -97.1% -139.39%
Interest Expense $16.00M $16.00M -$36.00M
YoY Change -64.44% -63.64% -20.0%
% of Operating Profit 800.0%
Other Income/Expense, Net -$1.000M -$2.000M -$1.000M
YoY Change -200.0%
Pretax Income -$11.00M -$29.00M $173.0M
YoY Change -283.33% -1066.67% -1010.53%
Income Tax $2.000M $4.000M -$2.000M
% Of Pretax Income -1.16%
Net Earnings -$13.00M -$33.00M $178.0M
YoY Change -360.0% -1750.0% -990.0%
Net Earnings / Revenue -20.97% -56.9% 247.22%
Basic Earnings Per Share -$0.29 -$0.73
Diluted Earnings Per Share -$0.29 -$0.73 $3.82
COMMON SHARES
Basic Shares Outstanding 45.32M shares 45.29M shares 44.97M shares
Diluted Shares Outstanding 45.76M shares 45.56M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.986B $1.961B $1.997B
YoY Change
Cash & Equivalents $33.00M $38.00M $31.00M
Short-Term Investments $1.953B $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
YoY Change -8.7%
Goodwill $61.00M $61.00M $61.00M
YoY Change 32.61% 32.61% 32.61%
Intangibles $317.0M $321.0M $326.0M
YoY Change -3.94% -8.29% -9.94%
Long-Term Investments $6.338B $6.484B $6.389B
YoY Change -13.57% -25.02% -30.01%
Other Assets $266.0M $256.0M $17.00M
YoY Change 3700.0% 357.14% 142.86%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.132B $8.219B $7.973B
YoY Change -19.17% -28.72% -35.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $450.0M $438.0M $452.0M
YoY Change -19.5% -26.14% -21.53%
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 $450.0M $438.0M $452.0M
YoY Change -19.5% -26.14% -21.53%
LONG-TERM LIABILITIES
Long-Term Debt $3.457B $3.557B $3.746B
YoY Change -37.48% -44.13% -41.89%
Other Long-Term Liabilities $1.549B $1.620B $1.235B
YoY Change -6.8% -22.16% -43.02%
Total Long-Term Liabilities $5.006B $5.177B $4.981B
YoY Change -30.39% -38.71% -42.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $450.0M $438.0M $452.0M
Total Long-Term Liabilities $5.006B $5.177B $4.981B
Total Liabilities $6.809B $6.892B $6.647B
YoY Change -25.97% -34.6% -40.58%
SHAREHOLDERS EQUITY
Retained Earnings $1.191B $1.206B $1.245B
YoY Change 63.6% 66.8% 71.49%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.00M $14.00M $15.00M
YoY Change -6.25% 600.0% 400.0%
Treasury Stock Shares 1.685M shares
Shareholders Equity $1.250B $1.254B $1.252B
YoY Change
Total Liabilities & Shareholders Equity $8.132B $8.219B $7.973B
YoY Change -19.17% -28.72% -35.19%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$13.00M -$33.00M $178.0M
YoY Change -360.0% -1750.0% -990.0%
Depreciation, Depletion And Amortization $0.00 $0.00 $14.00M
YoY Change 16.67%
Cash From Operating Activities $23.00M $77.00M $1.277B
YoY Change 1050.0% 755.56% 25440.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $48.00M -$8.000M $431.0M
YoY Change -84.21% 1290.32%
Cash From Investing Activities $48.00M $441.0M $431.0M
YoY Change -84.21% 224.26% 1290.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.00M -$276.0M -1.684B
YoY Change -82.46% 430.77% 4852.94%
NET CHANGE
Cash From Operating Activities 23.00M $77.00M 1.277B
Cash From Investing Activities 48.00M $441.0M 431.0M
Cash From Financing Activities -67.00M -$276.0M -1.684B
Net Change In Cash 4.000M $243.0M 24.00M
YoY Change -105.26% 161.29% 1100.0%
FREE CASH FLOW
Cash From Operating Activities $23.00M $77.00M $1.277B
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="margin-top:3pt"><span style="color:#00497f;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>
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
90000000 usd
CY2022Q4 ambc Debt Securities Available For Sale Continuous Unrealized Loss Position
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition
869000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
53000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
400000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
53000000 usd
CY2022Q4 ambc Debt Securities Available For Sale Unrealized Loss Position Including Pledged Securities
DebtSecuritiesAvailableForSaleUnrealizedLossPositionIncludingPledgedSecurities
1269000000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
106000000 usd
CY2023Q1 ambc Average Percentage Of Unrealized Loss Versus Amortized Cost For Investment Grade Securities
AveragePercentageOfUnrealizedLossVersusAmortizedCostForInvestmentGradeSecurities
0.08
CY2023Q1 ambc Average Percentage Of Unrealized Loss Versus Amortized Cost For Below Investment Grade Securities
AveragePercentageOfUnrealizedLossVersusAmortizedCostForBelowInvestmentGradeSecurities
0.06
CY2023Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
2000000 usd
CY2022Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
1000000 usd
CY2023Q1 us-gaap Interest And Dividend Income Securities Available For Sale
InterestAndDividendIncomeSecuritiesAvailableForSale
21000000 usd
CY2022Q1 us-gaap Interest And Dividend Income Securities Available For Sale
InterestAndDividendIncomeSecuritiesAvailableForSale
14000000 usd
CY2023Q1 us-gaap Net Investment Income
NetInvestmentIncome
34000000 usd
CY2022Q1 us-gaap Net Investment Income
NetInvestmentIncome
5000000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
0 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
23000000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
2000000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
15000000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense Reversal
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpenseReversal
-1000000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not To Sell Before Recovery Credit Loss Previously Recorded Expense Reversal
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotToSellBeforeRecoveryCreditLossPreviouslyRecordedExpenseReversal
-1000000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Sell Before Recovery
DebtSecuritiesAvailableForSaleAllowanceForCreditLossSellBeforeRecovery
0 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Sell Before Recovery
DebtSecuritiesAvailableForSaleAllowanceForCreditLossSellBeforeRecovery
0 usd
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
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CY2022Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
10000000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
1000000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
1000000 usd
CY2023Q1 ambc Fair Value Of Securities Deposited With Governmental Authorities
FairValueOfSecuritiesDepositedWithGovernmentalAuthorities
23000000 usd
CY2022Q4 ambc Fair Value Of Securities Deposited With Governmental Authorities
FairValueOfSecuritiesDepositedWithGovernmentalAuthorities
23000000 usd
CY2023Q1 ambc Fair Valueof Securities Depositedin Connectionwtih Letterof Credit
FairValueofSecuritiesDepositedinConnectionwtihLetterofCredit
1000000 usd
CY2022Q4 ambc Fair Valueof Securities Depositedin Connectionwtih Letterof Credit
FairValueofSecuritiesDepositedinConnectionwtihLetterofCredit
1000000 usd
CY2023Q1 ambc Equity Securities Excluded From Fair Value
EquitySecuritiesExcludedFromFairValue
12000000 usd
CY2022Q4 ambc Equity Securities Excluded From Fair Value
EquitySecuritiesExcludedFromFairValue
12000000 usd
CY2023Q1 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
7000000 usd
CY2022Q1 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
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CY2023Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
2000000 usd
CY2022Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
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CY2023Q1 ambc Equity Securities Excluded From Fair Value
EquitySecuritiesExcludedFromFairValue
12000000 usd
CY2022Q4 ambc Equity Securities Excluded From Fair Value
EquitySecuritiesExcludedFromFairValue
12000000 usd
CY2023Q1 ambc Fair Value Inputs Yield Rate
FairValueInputsYieldRate
0.116
CY2022Q4 ambc Fair Value Inputs Yield Rate
FairValueInputsYieldRate
0.113
CY2023Q1 ambc Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Transfers Into Or Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetOrLiabilityTransfersIntoOrOutOfLevel3
0 level3financialinstruments
CY2022Q1 ambc Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Or Liability Transfers Into Or Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetOrLiabilityTransfersIntoOrOutOfLevel3
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CY2023Q1 us-gaap Direct Premiums Written
DirectPremiumsWritten
61000000 usd
CY2023Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
46000000 usd
CY2022Q1 us-gaap Direct Premiums Written
DirectPremiumsWritten
30000000 usd
CY2022Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
23000000 usd
CY2023Q1 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0 usd
CY2023Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
0 usd
CY2022Q1 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0 usd
CY2022Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
0 usd
CY2023Q1 us-gaap Ceded Premiums Written
CededPremiumsWritten
43000000 usd
CY2023Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
32000000 usd
CY2022Q1 us-gaap Ceded Premiums Written
CededPremiumsWritten
18000000 usd
CY2022Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
8000000 usd
CY2023Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
18000000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
14000000 usd
CY2022Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
12000000 usd
CY2022Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
15000000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
14000000 usd
CY2022Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
15000000 usd
CY2023Q1 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
272000000 usd
CY2022Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
269000000 usd
CY2023Q1 ambc Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
0.030
CY2022Q4 ambc Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
0.030
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodPremiumReceivableWeightedAverageCollectionPeriod1
P8Y
CY2023Q1 us-gaap Premiums Receivable Gross
PremiumsReceivableGross
261000000 usd
CY2022Q4 us-gaap Premiums Receivable Gross
PremiumsReceivableGross
259000000 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
CY2023Q1 us-gaap Premium Receivable Credit Loss Expense Reversal
PremiumReceivableCreditLossExpenseReversal
0 usd
CY2022Q1 us-gaap Premium Receivable Credit Loss Expense Reversal
PremiumReceivableCreditLossExpenseReversal
-1000000 usd
CY2023Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
PremiumsReceivableAllowanceForDoubtfulAccountsWriteOffsAgainstAllowance
0 usd
CY2022Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
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0 usd
CY2023Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Recoveries
PremiumsReceivableAllowanceForDoubtfulAccountsRecoveries
0 usd
CY2022Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Recoveries
PremiumsReceivableAllowanceForDoubtfulAccountsRecoveries
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
5000000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
8000000 usd
CY2023Q1 ambc Past Due Premiums
PastDuePremiums
0 usd
CY2022Q1 ambc Past Due Premiums
PastDuePremiums
1000000 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
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Proceeds From Premiums Received
FinancialGuaranteeInsuranceContractsPremiumReceivableProceedsFromPremiumsReceived
-9000000 usd
CY2022Q1 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Proceeds From Premiums Received
FinancialGuaranteeInsuranceContractsPremiumReceivableProceedsFromPremiumsReceived
-15000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Change In Period Of Contract
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentChangeInPeriodOfContract
7000000 usd
CY2022Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Change In Period Of Contract
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentChangeInPeriodOfContract
3000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Accretion Of Discount On Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumsReceivableAccretionOfDiscountOnPremiumReceivable
2000000 usd
CY2022Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Accretion Of Discount On Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumsReceivableAccretionOfDiscountOnPremiumReceivable
2000000 usd
CY2023Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Period Increase Decrease
PremiumsReceivableAllowanceForDoubtfulAccountsPeriodIncreaseDecrease
0 usd
CY2022Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Period Increase Decrease
PremiumsReceivableAllowanceForDoubtfulAccountsPeriodIncreaseDecrease
1000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Other Adjustments
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentOtherAdjustments
2000000 usd
CY2022Q1 us-gaap Financial Guarantee Insurance Contracts Premiums Receivable Adjustment Other Adjustments
FinancialGuaranteeInsuranceContractsPremiumsReceivableAdjustmentOtherAdjustments
-3000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
256000000 usd
CY2022Q1 us-gaap Financial Guarantee Insurance Contracts Premium Receivable
FinancialGuaranteeInsuranceContractsPremiumReceivable
308000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Second Quarter Following The Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSecondQuarterFollowingTheBalanceSheetDate
7000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Second Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSecondQuarterFollowingBalanceSheetDate
5000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Third Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate
7000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Third Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate
5000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected During Fourth Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate
5000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized During Fourth Quarter Following Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate
5000000 usd
CY2023Q1 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
CY2023Q1 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
20000000 usd
CY2023Q1 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
CY2023Q1 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
19000000 usd
CY2023Q1 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
CY2023Q1 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
19000000 usd
CY2023Q1 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
CY2023Q1 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
18000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than Five And Within10 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate
98000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than Five And Within10 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFiveAndWithin10YearsFromBalanceSheetDate
73000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than10 And Within15 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate
62000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized More Than10 And Within15 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan10AndWithin15YearsFromBalanceSheetDate
44000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than15 And Within20 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan15AndWithin20YearsFromBalanceSheetDate
29000000 usd
CY2023Q1 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
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than20 And Within25 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan20AndWithin25YearsFromBalanceSheetDate
14000000 usd
CY2023Q1 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
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than25 And Within30 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan25AndWithin30YearsFromBalanceSheetDate
4000000 usd
CY2023Q1 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
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Expected To Be Collected More Than30 And Within35 Years From Balance Sheet Date
FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan30AndWithin35YearsFromBalanceSheetDate
0 usd
CY2023Q1 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
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Premium Receivable Premium Expected To Be Collected
FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected
325000000 usd
CY2023Q1 us-gaap Financial Guarantee Insurance Contracts Future Expected Premium Revenue To Be Recognized
FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized
235000000 usd
CY2023Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
851000000 usd
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
805000000 usd
CY2023Q1 us-gaap Salvage And Subrogation Recoveries Value
SalvageAndSubrogationRecoveriesValue
146000000 usd
CY2022Q4 us-gaap Salvage And Subrogation Recoveries Value
SalvageAndSubrogationRecoveriesValue
271000000 usd
CY2023Q1 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
705000000 usd
CY2022Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
534000000 usd
CY2023Q1 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-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.371%"><tr><td style="width:1.0%"/><td style="width:58.710%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.203%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.382%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.205%"/><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:7pt;font-weight:700;line-height:100%">Three Months Ended March 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:7pt;font-weight:700;line-height:100%">2023</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:7pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Beginning gross loss and loss 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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">534</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;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"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Reinsurance recoverable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">115</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">56 </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"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Beginning balance of net loss and loss 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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">419</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;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"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Losses and loss expenses (benefit):</span></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"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;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 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">16</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">23 </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:11.25pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">18</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">24 </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;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Loss and loss expenses paid (recovered):</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"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">—</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">— </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 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(141)</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:7pt;font-weight:400;line-height:100%">(150)</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 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Total</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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(141)</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:7pt;font-weight:400;line-height:100%">(150)</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;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Foreign exchange effect</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;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 #000;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:7pt;font-weight:400;line-height:100%">(1)</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;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Ending net loss and loss 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:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">(404)</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"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Impact of VIE consolidation</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">—</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">(292)</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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Reinsurance recoverable </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">127</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;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:7pt;font-weight:400;line-height:100%">49 </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;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Ending gross loss and loss expense reserves</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">705</span><span style="color:#2a1aff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;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:7pt;font-weight:700;line-height:100%">(647)</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-bottom:3pt;margin-top:4pt;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 $(20) and $(7) for the three months ended March 31, 2023 and 2022, respectively, related to ceded reinsurance.</span></div><div style="margin-bottom: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 recorded 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 incurred associated with changes in estimated R&amp;W's for the three months ended March 31, 2023 and 2022, was $0 and $224, respectively.</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%">(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">Represents reinsurance recoverable on future loss and loss expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of $3 and $0 as of March 31, 2023 and 2022, respectively, related to previously presented loss and loss expenses and subrogation.</span></div>
CY2022Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
534000000 usd
CY2021Q4 ambc Liability For Claim And Claim Adjustment Expenses Net Of Subrogation Recoverables
LiabilityForClaimAndClaimAdjustmentExpensesNetOfSubrogationRecoverables
-522000000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
115000000 usd
CY2021Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
56000000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
419000000 usd
CY2021Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
-578000000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
2000000 usd
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
1000000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
16000000 usd
CY2022Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
23000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
18000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
24000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
0 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
0 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
-141000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
-150000000 usd
CY2023Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
-141000000 usd
CY2022Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
-150000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
0 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
-1000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
578000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
-404000000 usd
CY2023Q1 ambc Impactof Vie Consolidationon Gross Lossand Loss Reserves
ImpactofVIEConsolidationonGrossLossandLossReserves
0 usd
CY2022Q1 ambc Impactof Vie Consolidationon Gross Lossand Loss Reserves
ImpactofVIEConsolidationonGrossLossandLossReserves
292000000 usd
CY2023Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
127000000 usd
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CY2023Q1 us-gaap Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
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DeferredIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3461000000 usd

Files In Submission

Name View Source Status
ambc-20230331_lab.xml Edgar Link unprocessable
ambc-20230331_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0000874501-23-000092-index-headers.html Edgar Link pending
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0000874501-23-000092.txt Edgar Link pending
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ambc-20230331.htm Edgar Link pending
ambc-20230331.xsd Edgar Link pending
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