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Special Purpose Entities, Including Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Variable Interest Entities Assets and Liabilities [Table Text Block]
The following table summarizes the carrying values of assets and liabilities, along with other supplemental information related to FG VIEs that are consolidated as a result of financial guarantees of Ambac UK and AAC:
March 31, 2024December 31, 2023
Ambac UKAmbac AssuranceTotal VIEsAmbac UKAmbac AssuranceTotal VIEs
ASSETS:
Fixed maturity securities, at fair value:
Corporate obligations, fair value option$2,070 $— $2,070 $2,072 $— $2,072 
Municipal obligations, available-for-sale (1)
— 92 92 — 95 95 
Total LFG VIE fixed maturity securities, at fair value2,070 92 2,162 2,072 95 2,167 
Restricted cash251 1 252 245 1 246 
Loans, at fair value (2)
1,604 — 1,604 1,663 — 1,663 
Derivative assets 221 — 221 226 — 226 
Other assets, including contract assets91 1 92 90 2 92 
Total LFG VIE assets$4,236 $94 $4,330 $4,296 $98 $4,394 
LIABILITIES:
Long-term debt:
Long-term debt, at fair value (3)
$2,671 $— $2,671 $2,710 $— $2,710 
Long-term debt, at par less unamortized discount98 155 254 99 159 258 
Total long-term debt2,769 155 2,925 2,808 159 2,967 
Derivative liabilities1,170 — 1,170 1,197 — 1,197 
Cash collateral payable239 — 239 235 — 235 
Other liabilities6 — 6 4 1 5 
Total LFG VIE liabilities$4,184 $156 $4,340 $4,244 $160 $4,404 
Number of LFG VIEs consolidated 4 2 6 4 2 6 
Variable Interest Entity [Line Items]  
Components of VIE Gain (Loss) [Table Text Block]
The following schedule details the components of Income (loss) on variable interest entities for the affected periods:
Three Months Ended March 31,20242023
Net change in fair value of VIE assets and liabilities reported under the fair value option$1 $3 
Less: Credit risk changes of fair value option long-term debt reported through other comprehensive income (loss)— — 
Net change in fair value of VIE assets and liabilities reported in earnings under the fair value option1 3 
Investment income (loss)3 2 
Contract revenue5 — 
Net realized investment gains (losses) on available-for-sale securities— — 
Interest expense on long-term debt carried at par less unamortized cost(3)(5)
Other expenses(3)— 
Gain (loss) from consolidating VIEs— — 
Income (loss) on variable interest entities$3 $(1)
Summary of Carrying Amount of Assets, Liabilities and Maximum Exposure to Loss of Ambac's Variable Interests in Non-Consolidated Variable Interest Entities
The following table displays the carrying amount of the assets, liabilities and maximum exposure to loss of Ambac’s variable interests in non-consolidated VIEs resulting from financial guarantee and derivative contracts by major underlying asset classes, as of March 31, 2024 and December 31, 2023:
March 31, 2024:December 31, 2023:
Carrying Value of Assets and LiabilitiesCarrying Value of Assets and Liabilities
Maximum
Exposure
To Loss (1)
Insurance
Assets (2)
Insurance
Liabilities (3)
Net Derivative
Assets (Liabilities) (4)
Maximum
Exposure
To Loss (1)
Insurance
Assets (2)
Insurance
Liabilities (3)
Net Derivative
Assets (Liabilities) (4)
Global structured finance:
Mortgage-backed—residential$2,295 $128 $417 $— $2,391 $135 $432 $— 
Other consumer asset-backed389 3 134 — 540 5 200 — 
Other417 2 2 — 433 2 2 — 
Total global structured finance3,101 132 553 — 3,364 141 634 — 
Global public finance17,200 206 196 — 17,498 209 202 — 
Total$20,302 $338 $749 $— $20,861 $351 $836 $— 
(1)Maximum exposure to loss represents the maximum future payments of principal and interest on insured obligations and derivative contracts. Ambac’s maximum exposure to loss does not include the benefit of any financial instruments (such as reinsurance or hedge contracts) that Ambac may utilize to mitigate the risks associated with these variable interests.
(2)Insurance assets represent the amount included in “Premium receivables” and “Subrogation recoverable” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets.
(3)Insurance liabilities represent the amount included in “Loss and loss expense reserves” and “Unearned premiums” for financial guarantee insurance contracts on Ambac’s Consolidated Balance Sheets.
(4)Net derivative assets (liabilities) represent the fair value recognized on interest rate swaps on Ambac’s Consolidated Balance Sheets.
Schedule of Variable Interest Entities Assets and Liabilities [Table Text Block]
The following table summarizes the carrying values of assets and liabilities, along with other supplemental information related to FG VIEs that are consolidated as a result of financial guarantees of Ambac UK and AAC:
March 31, 2024December 31, 2023
Ambac UKAmbac AssuranceTotal VIEsAmbac UKAmbac AssuranceTotal VIEs
ASSETS:
Fixed maturity securities, at fair value:
Corporate obligations, fair value option$2,070 $— $2,070 $2,072 $— $2,072 
Municipal obligations, available-for-sale (1)
— 92 92 — 95 95 
Total LFG VIE fixed maturity securities, at fair value2,070 92 2,162 2,072 95 2,167 
Restricted cash251 1 252 245 1 246 
Loans, at fair value (2)
1,604 — 1,604 1,663 — 1,663 
Derivative assets 221 — 221 226 — 226 
Other assets, including contract assets91 1 92 90 2 92 
Total LFG VIE assets$4,236 $94 $4,330 $4,296 $98 $4,394 
LIABILITIES:
Long-term debt:
Long-term debt, at fair value (3)
$2,671 $— $2,671 $2,710 $— $2,710 
Long-term debt, at par less unamortized discount98 155 254 99 159 258 
Total long-term debt2,769 155 2,925 2,808 159 2,967 
Derivative liabilities1,170 — 1,170 1,197 — 1,197 
Cash collateral payable239 — 239 235 — 235 
Other liabilities6 — 6 4 1 5 
Total LFG VIE liabilities$4,184 $156 $4,340 $4,244 $160 $4,404 
Number of LFG VIEs consolidated 4 2 6 4 2 6