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Business Segments (Tables)
 9 Months Ended
Sep. 30, 2020
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended September 30, 2020 and 2019:
     
          
      
          
      
          
      
          
      
          
  
 
  
Three Months Ended September 30, 2020
 
  
U.S.
  
 
 
International
 
 
 
 
 
  
Public
  
 
 
and Structured
 
 
 
 
 
  
Finance
  
 
 
Finance
 
 
 
 
In millions
  
Insurance
  
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
  
$
21
 
  
$
4
 
 
$
9
 
 
$
-
 
 
$
34
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
23
 
  
 
(6
) 
 
 
(4
) 
 
 
-
 
 
 
13
 
Revenues of consolidated VIEs
  
 
-
 
  
 
-
 
 
 
24
 
 
 
-
 
 
 
24
 
Inter-segment revenues
(2)
  
 
7
 
  
 
16
 
 
 
(1
) 
 
 
(22
) 
 
 
-
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
  
 
51
 
  
 
14
 
 
 
28
 
 
 
(22
) 
 
 
71
 
Losses and loss adjustment
  
 
14
 
  
 
-
 
 
 
34
 
 
 
-
 
 
 
48
 
Operating
  
 
3
 
  
 
16
 
 
 
4
 
 
 
-
 
 
 
23
 
Interest
  
 
-
 
  
 
16
 
 
 
27
 
 
 
-
 
 
 
43
 
Expenses of consolidated VIEs
  
 
-
 
  
 
-
 
 
 
15
 
 
 
-
 
 
 
15
 
Inter-segment expenses
(2)
  
 
9
 
  
 
6
 
 
 
7
 
 
 
(22
) 
 
 
-
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
  
 
26
 
  
 
38
 
 
 
87
 
 
 
(22
) 
 
 
129
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
  
$
25
 
  
$
(24
) 
 
$
(59
) 
 
$
-
 
 
$
(58
) 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
  
$
3,777
 
  
$
1,031
 
 
$
4,309
 
 
$
(2,566
)
(3)
 
 
$
6,551
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) -
 Consists principally of intercompany reinsurance balances.
     
          
      
          
      
          
      
          
      
          
  
 
  
Three Months Ended September 30, 2019
 
  
U.S.
 
 
 
International
 
 
 
 
 
  
Public
 
 
 
and Structured
 
 
 
 
 
  
Finance
 
 
 
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
  
$
30
 
 
$
6
 
 
$
11
 
 
$
-
 
 
$
47
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
78
 
 
 
(20
) 
 
 
(14
) 
 
 
-
 
 
 
44
 
Net gains (losses) on extinguishment of debt
  
 
-
 
 
 
(1
) 
 
 
-
 
 
 
-
 
 
 
(1
) 
Other net realized gains (losses)
  
 
-
 
 
 
(1
) 
 
 
1
 
 
 
-
 
 
 
-
 
Revenues of consolidated VIEs
  
 
32
 
 
 
-
 
 
 
50
 
 
 
-
 
 
 
82
 
Inter-segment revenues
(2)
  
 
7
 
 
 
15
 
 
 
6
 
 
 
(28
) 
 
 
-
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
  
 
147
 
 
 
(1
) 
 
 
54
 
 
 
(28
) 
 
 
172
 
Losses and loss adjustment
  
 
(90
) 
 
 
-
 
 
 
77
 
 
 
-
 
 
 
(13
) 
Operating
  
 
4
 
 
 
15
 
 
 
7
 
 
 
-
 
 
 
26
 
Interest
  
 
-
 
 
 
17
 
 
 
33
 
 
 
-
 
 
 
50
 
Expenses of consolidated VIEs
  
 
-
 
 
 
-
 
 
 
20
 
 
 
-
 
 
 
20
 
Inter-segment expenses
(2)
  
 
14
 
 
 
6
 
 
 
8
 
 
 
(28
) 
 
 
-
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
  
 
(72
) 
 
 
38
 
 
 
145
 
 
 
(28
) 
 
 
83
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
  
$
219
 
 
$
(39
) 
 
$
(91
) 
 
$
-
 
 
$
89
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
The following tables provide the Company’s segment results for the nine months ended September 30, 2020 and 2019:
 
     
          
      
          
      
          
      
          
      
          
  
 
  
Nine Months Ended September 30, 2020
 
  
U.S.
 
 
 
International
 
 
 
 
 
  
Public
 
 
 
and Structured
 
 
 
 
 
  
Finance
 
 
 
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
  
$
78
 
 
$
15
 
 
$
23
 
 
$
-
 
 
$
116
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
30
 
 
 
(62
) 
 
 
6
 
 
 
-
 
 
 
(26
) 
Revenues of consolidated VIEs
  
 
-
 
 
 
-
 
 
 
89
 
 
 
-
 
 
 
89
 
Inter-segment revenues
(2)
  
 
21
 
 
 
51
 
 
 
7
 
 
 
(79
) 
 
 
-
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
  
 
129
 
 
 
4
 
 
 
125
 
 
 
(79
) 
 
 
179
 
Losses and loss adjustment
  
 
134
 
 
 
-
 
 
 
293
 
 
 
-
 
 
 
427
 
Operating
  
 
8
 
 
 
50
 
 
 
10
 
 
 
-
 
 
 
68
 
Interest
  
 
-
 
 
 
48
 
 
 
87
 
 
 
-
 
 
 
135
 
Expenses of consolidated VIEs
  
 
-
 
 
 
-
 
 
 
46
 
 
 
-
 
 
 
46
 
Inter-segment expenses
(2)
  
 
34
 
 
 
17
 
 
 
28
 
 
 
(79
) 
 
 
-
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
  
 
176
 
 
 
115
 
 
 
464
 
 
 
(79
) 
 
 
676
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
  
$
(47
) 
 
$
(111
) 
 
$
(339
) 
 
$
-
 
 
$
(497
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
  
$
3,777
 
 
$
1,031
 
 
$
4,309
 
 
$
(2,566
)
(3)
 
 
$
6,551
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) -
 Consists principally of intercompany reinsurance balances.
          
          
          
          
          
 
  
Nine Months Ended September 30, 2019
 
  
U.S.
 
 
 
International
 
 
 
 
 
  
Public
 
 
 
and Structured
 
 
 
 
 
  
Finance
 
 
 
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
  
$
106
 
 
$
21
 
 
$
28
 
 
$
-
 
 
$
155
 
Net change in fair value of insured derivatives
  
 
-
 
 
 
-
 
 
 
13
 
 
 
-
 
 
 
13
 
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
135
 
 
 
(71
) 
 
 
(24
) 
 
 
-
 
 
 
40
 
Net investment losses related to other-than-temporary impairments
  
 
(37
) 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(37
) 
Net gains (losses) on extinguishment of debt
  
 
-
 
 
 
(1
) 
 
 
-
 
 
 
-
 
 
 
(1
) 
Other net realized gains (losses)
  
 
1
 
 
 
(2
) 
 
 
3
 
 
 
-
 
 
 
2
 
Revenues of consolidated VIEs
  
 
38
 
 
 
-
 
 
 
41
 
 
 
1
 
 
 
80
 
Inter-segment revenues
(2)
  
 
22
 
 
 
48
 
 
 
15
 
 
 
(85
) 
 
 
-
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
  
 
265
 
 
 
(5
) 
 
 
76
 
 
 
(84
) 
 
 
252
 
Losses and loss adjustment
  
 
(34
) 
 
 
-
 
 
 
123
 
 
 
-
 
 
 
89
 
Operating
  
 
8
 
 
 
53
 
 
 
16
 
 
 
-
 
 
 
77
 
Interest
  
 
-
 
 
 
56
 
 
 
98
 
 
 
-
 
 
 
154
 
Expenses of consolidated VIEs
  
 
-
 
 
 
-
 
 
 
69
 
 
 
-
 
 
 
69
 
Inter-segment expenses
(2)
  
 
41
 
 
 
17
 
 
 
26
 
 
 
(84
) 
 
 
-
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
  
 
15
 
 
 
126
 
 
 
332
 
 
 
(84
) 
 
 
389
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) before income taxes
  
$
250
 
 
$
(131
) 
 
$
(256
) 
 
$
-
 
 
$
(137
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.