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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Carrying Amount and Fair Value of Ambac's Financial Assets and Liabilities
The following table sets forth the carrying amount and fair value of Ambac’s financial assets and liabilities as of December 31, 2022 and 2021, including the level within the fair value hierarchy at which fair value measurements are categorized. As required by the Fair Value Measurement Topic of the ASC financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Carrying
Amount		Total Fair
Value		Fair Value Measurements Categorized as:
Level 1Level 2Level 3
December 31, 2022:
Financial assets:
Fixed maturity securities:
Municipal obligations$102 $102 $— $102 $— 
Corporate obligations598 598 — 585 12 
Foreign obligations76 76 76 — — 
U.S. government obligations65 65 65 — — 
Residential mortgage-backed securities238 238 — 238 — 
Commercial mortgage-backed securities15 15 — 15 — 
Collateralized debt obligations137 137 — 137 — 
Other asset-backed securities224 224 — 157 67 
Fixed maturity securities, pledged as collateral:
Short-term64 64 64 — — 
Short term investments507 507 506 1 — 
Other investments (1)
568 556 61 — — 
Cash, cash equivalents and restricted cash44 44 43 1 — 
Derivative assets:
Interest rate swaps—asset position27 27 — 1 26 
Warrants1 1 — — 1 
Other assets-loans10 10 — — 10 
Variable interest entity assets:
Fixed maturity securities: Corporate obligations, fair value option1,828 1,828 — — 1,828 
Fixed maturity securities: Municipal obligation, trading43 43 — 43 — 
Fixed maturity securities: Municipal obligations, available-for-sale96 96 — 96 — 
Restricted cash17 17 17 — — 
Loans1,829 1,829 — — 1,829 
Derivative assets: Interest rate swaps—asset position190 190 — 190 — 
Derivative assets: Currency swaps—asset position49 49 — 49 — 
Total financial assets$6,537 $6,525 $833 $1,425 $3,772 
Financial liabilities:
Long term debt, including accrued interest$1,065 $878 $— $864 $14 
Derivative liabilities:
Interest rate swaps—liability position38 38 — 38 — 
Liabilities for net financial guarantees written (2)
159 476 — — 476 
Variable interest entity liabilities:
Long-term debt (includes $2,788 at fair value)
3,107 3,145 — 2,992 154 
Derivative liabilities: Interest rate swaps—liability position1,048 1,048 — 1,048 — 
Total financial liabilities$5,418 $5,586 $— $4,942 $644 
Carrying
Amount		Total Fair
Value		Fair Value Measurements Categorized as:
Level 1Level 2Level 3
December 31, 2021:
Financial assets:
Fixed maturity securities:
Municipal obligations$340 $340 $— $340 $— 
Corporate obligations613 613 1 600 12 
Foreign obligations87 87 87 — — 
U.S. government obligations45 45 45 — — 
Residential mortgage-backed securities252 252 — 252 — 
Collateralized debt obligations128 128 — 128 — 
Other asset-backed securities265 265 — 187 79 
Fixed maturity securities, pledged as collateral:
U.S. government obligations15 15 15 — — 
Short-term105 105 105 — — 
Short term investments414 414 369 46 — 
Other investments (1)
690 683 106 — — 
Cash, cash equivalents and restricted cash21 21 21 1 — 
Derivative assets:
Interest rate swaps—asset position76 76 — 5 71 
Other assets-loans3 3 — — 3 
Variable interest entity assets:
Fixed maturity securities: Corporate obligations, fair value option3,320 3,320 — — 3,320 
Fixed maturity securities: Municipal obligations, available-for-sale136 136 — 136 — 
Restricted cash2 2 2 — — 
Loans2,718 2,718 — — 2,718 
Derivative assets; Currency swaps-asset position38 38 — 38 — 
Total financial assets$9,268 $9,261 $750 $1,732 $6,202 
Financial liabilities:
Long term debt, including accrued interest$2,806 $2,598 $— $2,575 $22 
Derivative liabilities:
Interest rate swaps—liability position94 94 — 94 — 
Liabilities for net financial guarantees written (2)
(866)(112)— — (112)
Variable interest entity liabilities:
Long-term debt (includes $4,056 at fair value)
4,216 4,255 — 4,086 169 
Derivative liabilities: Interest rate swaps—liability position1,940 1,940 — 1,940 — 
Total financial liabilities$8,190 $8,775 — 8,695 79 
(1)Excluded from the fair value measurement categories in the table above are investment funds of $494 and $577 as of December 31, 2022 and 2021, respectively, which are measured using NAV as a practical expedient. Also excluded from the fair value measurements in the table above are equity securities with a carrying value of $12 and $8 as of December 31, 2022 and 2021, respectively, that do not have readily determinable fair values and have carrying amounts determined using the measurement alternative.
(2)The carrying value of net financial guarantees written includes financial guarantee amounts in the following balance sheet items: Premium receivables; Reinsurance recoverable on paid and unpaid losses; Deferred ceded premium; Subrogation recoverable; Insurance intangible asset; Unearned premiums; Loss and loss adjustment expense reserves; Ceded premiums payable, premiums taxes payable and other deferred fees recorded in Other liabilities.
Summary of Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the periods presented in 2022, 2021 and 2020. Ambac classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. Thus, the gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.
Level-3 Financial Assets and Liabilities Accounted for at Fair Value
VIE Assets and Liabilities
Year ended December 31, 2022
Investments (1)
Other
Assets 		DerivativesInvestmentsLoansTotal
Balance, beginning of period$91 $— $70 $3,320 $2,718 $6,199 
Total gains/(losses) realized and unrealized:
Included in earnings1 — (38)(789)(333)(1,160)
Included in other comprehensive income(12)— — (353)(279)(644)
Purchases— — — — — — 
Issuances— — — — — — 
Sales— — — — — — 
Settlements(1)— (6)(349)(278)(633)
Balance, end of period$79 $— $26 $1,828 $1,829 $3,762 
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$1 $— $(38)$(789)$(333)$(1,160)
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$(12)$— $— $(353)$(279)$(644)
Level-3 Financial Assets and Liabilities Accounted for at Fair Value
VIE Assets and Liabilities
Year Ended December 31, 2021
Investments (1)
Other
Assets (2)
DerivativesInvestmentsLoansTotal
Balance, beginning of period$78 $1 $84 $3,215 $2,998 $6,376 
Total gains/(losses) realized and unrealized:
Included in earnings1 — (6)176 59 230 
Included in other comprehensive income1 — — (32)(26)(58)
Purchases13 — — — — 13 
Issuances— — — — — — 
Sales— — — — — — 
Settlements(2)(1)(8)(38)(313)(362)
Balance, end of period$91 $— $70 $3,320 $2,718 $6,199 
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$(1)$— $(6)$176 $59 $227 
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$(1)$— $— $(32)$(26)$(59)
Level-3 Financial Assets and Liabilities Accounted for at Fair Value
VIE Assets and Liabilities
Year Ended December 31, 2020
Investments (1)
Other
Assets (2)
DerivativesInvestmentsLoansTotal
Balance, beginning of period$72 $3 $66 $2,957 $3,108 $6,207 
Total gains/(losses) realized and unrealized:
Included in earnings1 (2)25 183 98 306 
Included in other comprehensive income6 — — 109 83 198 
Purchases— — — — — — 
Issuances— — — — — — 
Sales— — — — — — 
Settlements(1)— (7)(35)(290)(334)
Balance, end of period$78 $1 $84 $3,215 $2,998 $6,376 
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$1 $(2)$25 $183 $98 $305 
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date$6 $— $— $109 $83 $198 
(1)     Investments classified as Level 3 consist of a one other asset-backed security and two convertible notes acquired in 2021.
(2)     Other assets carried at fair value and classified as Level 3 relate to an equity interest in an Ambac sponsored VIE liquidated in 2021.
Summary of Gains and Losses (Realized and Unrealized) Relating to Level 3 Assets and Liabilities Included in Earnings
Gains and losses (realized and unrealized) relating to Level 3 assets and liabilities included in earnings for the affected periods are reported as follows:
Net
Investment
Income
Net Gains
(Losses) on
Derivative Contracts
Income (Loss)
on Variable
Interest
Entities
Other
Income
(Expense)
Year Ended December 31, 2022
Total gains (losses) included in earnings for the period$1 $(38)$(1,123)$— 
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date1 (39)(1,123)— 
Year Ended December 31, 2021
Total gains (losses) included in earnings for the period$1 $(6)$235 $— 
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date1 (6)235 — 
Year Ended December 31, 2020
Total gains (losses) included in earnings for the period$1 $25 $281 $(2)
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date— 25 281 (2)