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Business Segments (Tables)
 3 Months Ended
Mar. 31, 2022
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended March 31, 2022 and 2021:
 
     
          
      
          
      
          
      
          
      
          
  
 
  
Three Months Ended March 31, 2022
In millions
  
U.S.
Public
Finance
Insurance
 
Corporate
  
International
and
Structured
Finance
Insurance
 
Eliminations
 
Consolidated
 
  
 
 
 
  
 
 
 
 
 
Revenues
(1)
   
$
20
 
  
$
2
 
   
$
5
 
  
$
-
 
  
$
27
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
(16
) 
  
 
39
 
   
 
(6
) 
  
 
-
 
  
 
17
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(4
) 
  
 
-
 
  
 
(4
) 
Inter-segment revenues
(2)
   
 
8
 
  
 
17
 
   
 
3
 
  
 
(28
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
12
 
  
 
58
 
   
 
(2
) 
  
 
(28
) 
  
 
40
 
Losses and loss adjustment
   
 
87
 
  
 
-
 
   
 
(38
) 
  
 
-
 
  
 
49
 
Amortization of deferred acquisition costs and operating
   
 
3
 
  
 
15
 
   
 
3
 
  
 
-
 
  
 
21
 
Interest
   
 
-
 
  
 
14
 
   
 
27
 
  
 
-
 
  
 
41
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
2
 
  
 
-
 
  
 
2
 
Inter-segment expenses
(2)
   
 
13
 
  
 
6
 
   
 
9
 
  
 
(28
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
103
 
  
 
35
 
   
 
3
 
  
 
(28
) 
  
 
113
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(91
) 
  
$
23
 
   
$
(5
) 
  
$
-
 
  
$
(73
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
   
$
3,196
 
  
$
798
 
   
$
1,877
 
  
$
(1,428
)
(3)
 
  
$
4,443
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expenses.
(3) -
 Consists principally of intercompany reinsurance balances.
 
          
          
          
          
          
 
  
Three Months Ended March 31, 2021
In millions
  
U.S.
Public
Finance
Insurance
 
Corporate
  
International
and
Structured
Finance
Insurance
 
Eliminations
 
Consolidated
 
  
 
 
 
  
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
Revenues
(1)
   
$
22
 
  
$
5
 
   
$
7
 
  
$
-
 
  
$
34
 
Net gains (losses) on financial instruments at fair value
and foreign exchange
   
 
(2
) 
  
 
55
 
   
 
(1
) 
  
 
-
 
  
 
52
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(14
) 
  
 
-
 
  
 
(14
) 
Inter-segment revenues
(2)
   
 
8
 
  
 
18
 
   
 
4
 
  
 
(30
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
28
 
  
 
78
 
   
 
(4
) 
  
 
(30
) 
  
 
72
 
Losses and loss adjustment
   
 
109
 
  
 
-
 
   
 
(11
) 
  
 
-
 
  
 
98
 
Amortization
 
of
 
deferred
 
acquisition
 
costs
 
and
 
operating
   
 
4
 
  
 
21
 
   
 
3
 
  
 
-
 
  
 
28
 
Interest
   
 
-
 
  
 
14
 
   
 
27
 
  
 
-
 
  
 
41
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
11
 
  
 
-
 
  
 
11
 
Inter-segment expenses
(2)
   
 
14
 
  
 
6
 
   
 
10
 
  
 
(30
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
127
 
  
 
41
 
   
 
40
 
  
 
(30
) 
  
 
178
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(99
) 
  
$
37
 
   
$
(44
) 
  
$
-
 
  
$
(106
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Consists of net premiums earned, net investment income, net realized investment gains (losses) and fees and reimbursements.
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expense.