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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2021
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended June 30, 2021 and 2020:
 
    
Three Months Ended June 30, 2021
    
U.S.
      
International
        
    
Public
      
and Structured
        
    
Finance
      
Finance
        
In millions
   
Insurance
  
Corporate
  
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
    $ 21     $ 2     $ 6     $ -     $ 29  
Net gains (losses) on financial instruments at fair value and foreign exchange
      3       (18 )     (5 )      -       (20 ) 
Net gains (losses) on extinguishment of debt
      -       14       -         -       14  
Revenues of consolidated VIEs
      -       -       (5 )      -       (5 ) 
Inter-segment revenues
(2)
      6       18       4       (28 )      -  
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
      30       16       -       (28 )      18  
Losses and loss adjustmen
t
      (42 )      -       51       -       9  
Operating
      4       17       3       -       24  
Interest
      -       14       27       -       41  
Expenses of consolidated VIEs
      -       -       5       -       5  
Inter-segment expenses
(2)
      11       4       11       (26 )      -  
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
      (27 )      35       97       (26 )      79  
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
    $ 57     $ (19 )   $ (97 )    $ (2 )    $ (61 ) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
    $ 3,593     $ 852     $ 3,346     $ (2,539 )
(3)
 		   $ 5,252  
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 June 30, 2020
    
U.S.
      
International
        
    
Public
      
and Structured
        
    
Finance
      
Finance
        
In millions
   
Insurance
  
Corporate
  
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
26
 
  
$
5
 
  
$
8
 
  
$
-
 
  
$
39
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
25
 
  
 
-
 
  
 
(1
) 
  
 
-
 
  
 
24
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
51
 
  
 
-
 
  
 
51
 
Inter-segment revenues
(2)
   
 
8
 
  
 
17
 
  
 
3
 
  
 
(28
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
59
 
  
 
22
 
  
 
61
 
  
 
(28
) 
  
 
114
 
Losses and loss adjustment
   
 
72
 
  
 
-
 
  
 
64
 
  
 
-
 
  
 
136
 
Operating
   
 
3
 
  
 
19
 
  
 
3
 
  
 
-
 
  
 
25
 
Interest
   
 
-
 
  
 
16
 
  
 
29
 
  
 
-
 
  
 
45
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
14
 
  
 
-
 
  
 
14
 
Inter-segment expenses
(2)
   
 
11
 
  
 
6
 
  
 
11
 
  
 
(28
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
86
 
  
 
41
 
  
 
121
 
  
 
(28
) 
  
 
220
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(27
) 
  
$
(19
) 
  
$
(60
) 
  
$
-
 
  
$
(106
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 six months ended June 30, 2021 and 2020:
 
                                                                                      
    
Six Months Ended June 30, 2021
    
U.S.
       
International
        
    
Public
       
and Structured
        
    
Finance
       
Finance
        
In millions
   
Insurance
  
Corporate
   
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
44
 
  
$
7
 
   
$
13
 
  
$
-
 
  
$
64
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
-
 
  
 
37
 
   
 
(6
) 
  
 
-
 
  
 
31
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
14
 
   
 
-
 
  
 
-
 
  
 
14
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(19
) 
  
 
-
 
  
 
(19
) 
Inter-segment revenues
(2)
   
 
14
 
  
 
36
 
   
 
8
 
  
 
(58
) 
  
 
-  
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
58
 
  
 
94
 
   
 
(4
) 
  
 
(58
) 
  
 
90
 
Losses and loss adjustment
   
 
67
 
  
 
-
 
   
 
40
 
  
 
-
 
  
 
107
 
Operating
   
 
8
 
  
 
38
 
   
 
6
 
  
 
-
 
  
 
52
 
Interest
   
 
-
 
  
 
28
 
   
 
54
 
  
 
-
 
  
 
82
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
16
 
  
 
-
 
  
 
16
 
Inter-segment expenses
(2)
   
 
25
 
  
 
10
 
   
 
21
 
  
 
(56
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
100
 
  
 
76
 
   
 
137
 
  
 
(56
) 
  
 
257
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxe
s
   
$
(42
) 
  
$
18
 
   
$
(141
) 
  
$
(2
) 
  
$
(167
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
   
$
3,593
 
  
$
852
 
   
$
3,346
 
  
$
(2,539
)
(3)
 
  
$
5,252
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(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.
                                                                                      
    
Six Months Ended June 30, 2020
    
U.S.
      
International
        
    
Public
      
and Structured
        
    
Finance
      
Finance
        
In millions
   
Insurance
  
Corporate
  
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
57
 
  
$
11
 
  
$
14
 
  
$
-
 
  
$
82
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
7
 
  
 
(56
) 
  
 
10
 
  
 
-
 
  
 
(39
) 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
65
 
  
 
-
 
  
 
65
 
Inter-segment revenues
(2)
   
 
14
 
  
 
35
 
  
 
8
 
  
 
(57
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
78
 
  
 
(10
) 
  
 
97
 
  
 
(57
) 
  
 
108
 
Losses and loss adjustment
   
 
120
 
  
 
-
 
  
 
259
 
  
 
-
 
  
 
379
 
Operating
   
 
5
 
  
 
34
 
  
 
6
 
  
 
-
 
  
 
45
 
Interest
   
 
-
 
  
 
32
 
  
 
60
 
  
 
-
 
  
 
92
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
31
 
  
 
-
 
  
 
31
 
Inter-segment expenses
(2)
   
 
25
 
  
 
11
 
  
 
21
 
  
 
(57
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
150
 
  
 
77
 
  
 
377
 
  
 
(57
) 
  
 
547
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(72
) 
  
$
(87
) 
  
$
(280
) 
  
$
-
 
  
$
(439
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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.