Consolidated Statements of Operations - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Net earned premiums	[1]	$ 213	$ 144	$ 574	$ 412
Net investment income		112	102	311	301
Net realized investment gains (losses):
Other-than-temporary impairment losses		(18)	(17)	(34)	(47)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income		0	4	3	(9)
Net impairment loss		(18)	(21)	(37)	(38)
Other net realized investment gains (losses)		(9)	2	17	13
Net realized investment gains (losses)		(27)	(19)	(20)	(25)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements		6	(14)	35	20
Net unrealized gains (losses)		80	269	265	127
Net change in fair value of credit derivatives	[2]	86	255	300	147
Fair value gains (losses) on committed capital securities		(15)	4	10	(11)
Fair value gains (losses) on financial guaranty variable interest entities		2	50	0	232
Bargain purchase gain and settlement of pre-existing relationships		0	0	214	0
Other income (loss)		(3)	(11)	43	17
Total revenues		368	525	1,432	1,073
Expenses
Loss and loss adjustment expenses		112	(44)	318	54
Amortization of deferred acquisition costs		5	4	15	12
Interest expense		25	27	76	67
Other operating expenses		54	50	176	165
Total expenses		196	37	585	298
Income (loss) before income taxes		172	488	847	775
Provision (benefit) for income taxes
Current		41	36	78	75
Deferred		2	97	142	144
Total provision (benefit) for income taxes		43	133	220	219
Net income (loss)		$ 129	$ 355	$ 627	$ 556
Earnings per share:
Basic (in dollars per share)		$ 0.88	$ 2.10	$ 4.16	$ 3.15
Diluted (in dollars per share)		0.88	2.09	4.13	3.13
Dividends (in dollars per share)		$ 0.12	$ 0.11	$ 0.36	$ 0.33

[1] Excludes $6 million and $5 million for Third Quarter 2015 and 2014, respectively, and $16 million and $27 million for Nine Months 2015 and 2014, respectively, related to consolidated financial guaranty ("FG") VIEs.

[2] On October 9, 2015, the Company reached a settlement agreement with a CDS counterparty to terminate five Alt-A first lien CDS transactions. This termination agreement will generate a net fair value gain of approximately $293 million in the Company’s fourth quarter 2015 financial statements. In addition, on October 13, 2015, the Company terminated a CMBS transaction with a CDS counterparty and this termination agreement will generate a net fair value gain of approximately $34 million in the Company's fourth quarter 2015 financial statements.