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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Summary of Financial Information by Reportable Segment
The following table is a summary of financial information by reportable business segment for the affected periods:
 
 
Financial
Guarantee
 
Financial
Services
 
Corporate
and Other
 
Inter-segment
Eliminations
 
Consolidated
Three Months Ended June 30, 2015:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
177,502

 
$
51,139

 
$
1,056

 
$
—

 
$
229,697

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,055

 
—

 
1,055

Inter-segment
 
5

 
(131
)
 
163

 
(37
)
 
—

Total revenues before expenses and reorganization items
 
177,507

 
51,008

 
2,274

 
(37
)
 
230,752

Pre-tax income (loss):
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)(2)(3)
 
236,680

 
50,374

 
(2,014
)
 
—

 
285,040

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,055

 
—

 
1,055

Inter-segment
 
(785
)
 
(252
)
 
874

 
163

 
—

Pre-tax income (loss)
 
235,895

 
50,122

 
(85
)
 
163

 
286,095

Total assets as of June 30, 2015
 
24,915,205

 
339,902

 
276,098

 
(17,569
)
 
25,513,636

Net investment income
 
62,508

 
134

 
2,111

 
—

 
64,753

Insurance intangible amortization
 
38,088

 
—

 
—

 
—

 
38,088

Interest expense
 
27,842

 
331

 
—

 
—

 
28,173

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2014:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
104,703

 
$
(47,411
)
 
$
41

 
$
—

 
$
57,333

Equity in net income of investees accounted for by equity method
 
—

 
—

 
—

 
—

 
—

Inter-segment
 
325

 
(607
)
 
8,836

 
(8,554
)
 
—

Total revenues before expenses and reorganization items
 
105,028

 
(48,018
)
 
8,877

 
(8,554
)
 
57,333

Pre-tax income (loss):
 
 
 
 
 
 
Unaffiliated customers (1) (2) (3)
 
(160,685
)
 
(48,454
)
 
(1,273
)
 
—

 
(210,412
)
Equity in net income of investees accounted for by equity method
 
—

 
—

 
—

 
—

 
—

Inter-segment
 
(9,397
)
 
(415
)
 
9,812

 
—

 
—

Pre-tax income (loss)
 
(170,082
)
 
(48,869
)
 
8,539

 
—

 
(210,412
)
Total assets as of June 30, 2014
 
27,326,877

 
365,678

 
247,135

 
(216,337
)
 
27,723,353

Net investment income
 
79,633

 
419

 
41

 
—

 
80,093

Insurance intangible amortization
 
36,256

 
—

 
—

 
—

 
36,256

Interest expense
 
31,514

 
439

 
—

 
—

 
31,953

(1)
Included in both revenues from unaffiliated customers and in pre-tax income (loss) from unaffiliated customers is net investment income.
(2)
Included in pre-tax income (loss) from unaffiliated customers is interest expense.
(3)
Included in pre-tax income (loss) from unaffiliated customers is amortization of intangible asset arising from financial guarantee contracts that were set to fair value upon adoption of Fresh Start on April 30, 2013.
 
 
Financial
Guarantee
 
Financial
Services
 
Corporate
and Other
 
Inter-segment
Eliminations
 
Consolidated
Six Months Ended June 30, 2015:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
369,316

 
$
13,431

 
$
1,413

 
$
—

 
$
384,160

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,083

 
—

 
2,083

Inter-segment
 
262

 
(361
)
 
136

 
(37
)
 
—

Total revenues before expenses and reorganization items
 
369,578

 
13,070

 
3,632

 
(37
)
 
386,243

Pre-tax income (loss):
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)(2)(3)
 
492,685

 
11,794

 
(3,887
)
 
—

 
500,592

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,083

 
—

 
2,083

Inter-segment
 
(1,324
)
 
(564
)
 
1,725

 
163

 
—

Pre-tax income (loss)
 
491,361

 
11,230

 
(79
)
 
163

 
502,675

Total assets as of June 30, 2015
 
24,915,205

 
339,902

 
276,098

 
(17,569
)
 
25,513,636

Net investment income
 
133,978

 
262

 
3,496

 
—

 
137,736

Insurance intangible amortization
 
75,520

 
—

 
—

 
—

 
75,520

Interest expense
 
55,427

 
654

 
—

 
—

 
56,081

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2014:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
267,256

 
$
(100,849
)
 
$
64

 
$
—

 
$
166,471

Equity in net income of investees accounted for by equity method
 
—

 
—

 
—

 
—

 
—

Inter-segment
 
700

 
(682
)
 
17,471

 
(17,489
)
 
—

Total revenues before expenses and reorganization items
 
267,956

 
(101,531
)
 
17,535

 
(17,489
)
 
166,471

Pre-tax income (loss):
 
 
 
 
 
 
Unaffiliated customers (1) (2) (3)
 
55,576

 
(102,983
)
 
(3,707
)
 
—

 
(51,114
)
Equity in net income of investees accounted for by equity method
 
—

 
—

 
—

 
$
—

 
—

Inter-segment
 
(18,554
)
 
(869
)
 
19,423

 
—

 
—

Pre-tax income (loss)
 
37,022

 
(103,852
)
 
15,716

 
—

 
(51,114
)
Total assets as of June 30, 2014
 
27,326,877

 
365,678

 
247,135

 
(216,337
)
 
27,723,353

Net investment income
 
150,017

 
813

 
64

 
—

 
150,894

Insurance intangible amortization
 
67,970

 
—

 
—

 
—

 
67,970

Interest expense
 
63,395

 
886

 
—

 
—

 
64,281

(1)
Included in both revenues from unaffiliated customers and in pre-tax income (loss) from unaffiliated customers is net investment income.
(2)
Included in pre-tax income (loss) from unaffiliated customers is interest expense.
(3)
Included in pre-tax income (loss) from unaffiliated customers is amortization of intangible asset arising from financial guarantee contracts that were set to fair value upon adoption of Fresh Start on April 30, 2013.
Schedule of Gross Premiums Written, Net Premiums Earned and Net Change in Fair Value of Credit Derivatives
The following table summarizes gross premiums written, net premiums earned and the net change in fair value of credit derivatives included in the Financial Guarantee segment by location of risk for the affected periods:
 
 
Three Months Ended June 30, 2015
 
Three Months Ended June 30, 2014
 
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
United States
 
$
(547
)
 
$
49,710

 
$
4,724

 
$
(28,211
)
 
$
39,833

 
$
(559
)
United Kingdom
 
(2,139
)
 
7,997

 
—

 
3,003

 
20,808

 
—

Other international
 
(8,506
)
 
3,172

 
5,569

 
(20,278
)
 
4,372

 
(660
)
Total
 
$
(11,192
)
 
$
60,879

 
$
10,293

 
$
(45,486
)
 
$
65,013

 
$
(1,219
)

 
 
Six Months Ended June 30, 2015
 
Six Months Ended June 30, 2014
 
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
United States
 
$
(2,913
)
 
$
102,448

 
$
8,681

 
$
(28,909
)
 
$
96,591

 
$
6,022

United Kingdom
 
7,035

 
15,579

 
—

 
(3,163
)
 
41,443

 
—

Other international
 
(14,252
)
 
8,570

 
(887
)
 
(19,180
)
 
9,526

 
141

Total
 
$
(10,130
)
 
$
126,597

 
$
7,794

 
$
(51,252
)
 
$
147,560

 
$
6,163