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Assumption of Insured Portfolio and Business Combinations (Tables)
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Effects of Reinsurance
Effect of SGI Transaction
As of June 1, 2018

 
 
Commutation
 
Assumption
 
Total
 
 
(in millions)
Cash
 
$
20

 
$
343

 
$
363

 
 
 
 
 
 
 
Premiums receivable/payable, net of commissions
 
$
16

 
$
45

 
$
61

Unearned premium reserve, net
 
(56
)
 
(319
)
 
(375
)
Credit derivative liability, net
 
—

 
(68
)
 
(68
)
Other
 
2

 
(1
)
 
1

Impact to net assets (liabilities), excluding cash
 
$
(38
)
 
$
(343
)
 
$
(381
)
 
 
 
 
 
 
 
Commutation loss
 
$
18

 
$
—

 
$
18

Effect of Reinsurance on Statement of Operations

 
Third Quarter
 
Nine Months
 
2018
 
2017
 
2018
 
2017
 
(in millions)
Premiums Written:
 
 
 
 
 
 
 
Direct
$
57

 
$
46

 
$
192

 
$
227

Assumed (1)
(7
)
 
(1
)
 
324

 
8

Ceded (2)
1

 
27

 
14

 
37

Net
$
51

 
$
72

 
$
530

 
$
272

Premiums Earned:
 
 
 
 
 
 
 
Direct
$
127

 
$
186

 
$
400

 
$
516

Assumed
19

 
6

 
33

 
20

Ceded
(4
)
 
(6
)
 
(10
)
 
(24
)
Net
$
142

 
$
186

 
$
423

 
$
512

Loss and LAE:
 
 
 
 
 
 
 
Direct
$
18

 
$
231

 
$
53

 
$
377

Assumed
1

 
(1
)
 
(7
)
 
(1
)
Ceded
(2
)
 
(7
)
 
(3
)
 
(22
)
Net
$
17

 
$
223

 
$
43

 
$
354

 ____________________
(1)    Negative assumed premiums written were due to changes in expected debt service schedules.

(2)    Positive ceded premiums written were due to commutations and changes in expected debt service schedules.