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Quarterly Information (unaudited) (Notes)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Data [Abstract]  
Quarterly Financial Information (unaudited)
QUARTERLY FINANCIAL INFORMATION (Unaudited)
($ in thousands)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2014
 
 
 
 
 
 
 
 
Gross premiums written
 
$
(5,766
)
 
$
(45,486
)
 
$
(13,700
)
 
$
(223,358
)
Net premiums earned
 
82,547

 
65,013

 
64,831

 
33,969

Net investment income
 
70,801

 
80,093

 
83,581

 
66,471

Other than temporary impairment losses
 
(10,392
)
 
(8,754
)
 
(5,011
)
 
(1,637
)
Net realized investment gains
 
16,289

 
3,067

 
10,045

 
29,376

Net change in fair value of credit derivatives
 
7,382

 
(1,219
)
 
7,416

 
10,327

Derivative products revenue
 
(53,841
)
 
(47,985
)
 
(15,685
)
 
(63,576
)
Net realized losses on extinguishment of debt
 
—

 
—

 
—

 
(74,724
)
Income on Variable Interest Entities ("VIEs")
 
(5,542
)
 
(38,148
)
 
9,116

 
2,362

Loss and loss expenses (benefit)
 
(140,011
)
 
175,317

 
(28,698
)
 
(552,182
)
Insurance intangible amortization
 
31,714

 
36,256

 
41,908

 
41,952

Underwriting and operating expenses
 
25,786

 
24,033

 
25,513

 
26,142

Interest expense
 
32,328

 
31,953

 
31,841

 
31,354

Reorganization items
 
23

 
186

 
2

 
—

Pre-tax income (loss) from continuing operations
 
159,298

 
(210,412
)
 
84,773

 
459,594

Net income attributable to Common Shareholders
 
155,942

 
(207,905
)
 
82,450

 
453,584

Net income (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
$
3.46

 
$
(4.61
)
 
$
1.83

 
$
10.05

Diluted
 
$
3.31

 
$
(4.61
)
 
$
1.77

 
$
9.73

 
 
Predecessor
 
 
Successor
 
 
 
 
One Month
 
 
Two Months
 
 
 
 
 
 
First
 
Ended
 
 
Ended
 
Third
 
Fourth
($ in thousands)
 
Quarter
 
April 30
 
 
June 30
 
Quarter
 
Quarter
2013(1)
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
(3,530
)
 
$
(10,595
)
 
 
$
(34,081
)
 
$
(34,380
)
 
$
(11,848
)
Net premiums earned
 
100,256

 
29,744

 
 
58,039

 
70,949

 
84,530

Net investment income
 
84,514

 
32,226

 
 
26,196

 
52,126

 
68,124

Other than temporary impairment losses
 
—

 
(467
)
 
 
(2,002
)
 
(38,037
)
 
(6,725
)
Net realized investment gains
 
46,060

 
7,245

 
 
18,472

 
(10,310
)
 
(3,695
)
Net change in fair value of credit derivatives
 
12,787

 
(73,171
)
 
 
51,220

 
31,194

 
110,455

Derivative products revenue
 
(569
)
 
(33,166
)
 
 
83,713

 
12,372

 
18,686

Income on Variable Interest Entities ("VIEs")
 
38,326

 
388,240

 
 
4,598

 
55,109

 
(108,330
)
Loss and loss expenses (benefit)
 
(51,135
)
 
13,079

 
 
(26,117
)
 
(154,290
)
 
(4,731
)
Insurance intangible amortization
 
—

 
—

 
 
24,952

 
37,473

 
37,233

Underwriting and operating expenses
 
33,874

 
10,692

 
 
16,217

 
25,047

 
27,505

Interest expenses
 
23,165

 
7,860

 
 
21,144

 
31,817

 
31,989

Reorganization items
 
2,059

 
(2,747,239
)
 
 
424

 
4

 
65

Pre-tax income (loss) from continuing operations
 
282,909

 
3,065,124

 
 
205,795

 
231,601

 
74,920

Net income attributable to Common Shareholders
 
282,299

 
3,066,750

 
 
205,681

 
230,975

 
68,563

Net income (loss) per share:
 

 

 
 

 

 

Basic
 
$
0.93

 
$
10.14

 
 
$
4.57

 
$
5.13

 
$
1.52

Diluted
 
$
0.93

 
$
10.14

 
 
$
4.42

 
$
4.98

 
$
1.49

(1)
The financial statements for the year ended December 31, 2013 include Predecessor Ambac for the period January 1, 2013 - April 30, 2013 and Successor Ambac for the period from May 1, 2013 - December 31, 2013.