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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Summary of Financial Information by Reportable Segment
The following table is a summary of financial information by reportable business segment for the affected periods:
 
 
Financial
Guarantee
 
Financial
Services
 
Corporate
and Other
 
Inter-segment
Eliminations
 
Consolidated
Three Months Ended June 30, 2016:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
139,947

 
$
(36,114
)
 
$
1,749

 
$
—

 
$
105,582

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,150

 
—

 
1,150

Inter-segment
 
464

 
(393
)
 
387

 
(458
)
 
—

Total revenues before expenses and reorganization items
 
140,411

 
(36,507
)
 
3,286

 
(458
)
 
106,732

Pre-tax income:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)(2)(3)
 
99,327

 
(36,771
)
 
(2,195
)
 
—

 
60,361

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,150

 
—

 
1,150

Inter-segment
 
417

 
(512
)
 
95

 
—

 
—

Pre-tax income
 
99,744

 
(37,283
)
 
(950
)
 
—

 
61,511

Total assets as of June 30, 2016
 
22,437,377

 
407,942

 
349,550

 
4,242

 
23,199,111

Net investment income
 
67,531

 
198

 
3,029

 
—

 
70,758

Insurance intangible amortization
 
39,013

 
—

 
—

 
—

 
39,013

Interest expense
 
30,557

 
152

 
—

 
—

 
30,709

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2015:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
177,502

 
$
51,139

 
$
1,056

 
$
—

 
$
229,697

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,055

 
—

 
1,055

Inter-segment
 
5

 
(131
)
 
163

 
(37
)
 
—

Total revenues before expenses and reorganization items
 
177,507

 
51,008

 
2,274

 
(37
)
 
230,752

Pre-tax income:
 
 
 
 
 
 
Unaffiliated customers (1) (2) (3)
 
236,680

 
50,374

 
(2,014
)
 
—

 
285,040

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,055

 
—

 
1,055

Inter-segment
 
(785
)
 
(252
)
 
874

 
163

 
—

Pre-tax income
 
235,895

 
50,122

 
(85
)
 
163

 
286,095

Total assets as of June 30, 2015
 
24,915,205

 
316,954

 
276,098

 
5,379

 
25,513,636

Net investment income
 
62,508

 
134

 
2,111

 
—

 
64,753

Insurance intangible amortization
 
38,088

 
—

 
—

 
—

 
38,088

Interest expense
 
27,842

 
331

 
—

 
—

 
28,173

(1)
Included in both revenues from unaffiliated customers and in pre-tax income from unaffiliated customers is net investment income.
(2)
Included in pre-tax income from unaffiliated customers is interest expense.
(3)
Included in pre-tax income from unaffiliated customers is amortization of insurance intangible asset. Such assets were established upon the adoption of Fresh Start on April 30, 2013.
 
 
Financial
Guarantee
 
Financial
Services
 
Corporate
and Other
 
Inter-segment
Eliminations
 
Consolidated
Six Months Ended June 30, 2016:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
237,322

 
$
(119,328
)
 
$
3,359

 
$
—

 
$
121,353

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,281

 
—

 
2,281

Inter-segment
 
839

 
(731
)
 
387

 
(495
)
 
—

Total revenues before expenses and reorganization items
 
238,161

 
(120,059
)
 
6,027

 
(495
)
 
123,634

Pre-tax income:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)(2)(3)
 
197,745

 
(120,618
)
 
(5,043
)
 
—

 
72,084

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,281

 
—

 
2,281

Inter-segment
 
(1,206
)
 
(966
)
 
2,172

 
—

 
—

Pre-tax income
 
196,539

 
(121,584
)
 
(590
)
 
—

 
74,365

Total assets as of June 30, 2016
 
22,437,377

 
407,942

 
349,550

 
4,242

 
23,199,111

Net investment income
 
125,245

 
401

 
5,933

 
—

 
131,579

Insurance intangible amortization
 
89,903

 
—

 
—

 
—

 
89,903

Interest expense
 
60,841

 
298

 
—

 
—

 
61,139

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
369,316

 
$
13,431

 
$
1,413

 
$
—

 
$
384,160

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,083

 
—

 
2,083

Inter-segment
 
262

 
(361
)
 
136

 
(37
)
 
—

Total revenues before expenses and reorganization items
 
369,578

 
13,070

 
3,632

 
(37
)
 
386,243

Pre-tax income:
 
 
 
 
 
 
Unaffiliated customers (1) (2) (3)
 
492,685

 
11,794

 
(3,887
)
 
—

 
500,592

Equity in net income of investees accounted for by equity method
 
—

 
—

 
2,083

 
—

 
2,083

Inter-segment
 
(1,324
)
 
(564
)
 
1,725

 
163

 
—

Pre-tax income
 
491,361

 
11,230

 
(79
)
 
163

 
502,675

Total assets as of June 30, 2015
 
24,915,205

 
316,954

 
276,098

 
5,379

 
25,513,636

Net investment income
 
133,978

 
262

 
3,496

 
—

 
137,736

Insurance intangible amortization
 
75,520

 
—

 
—

 
—

 
75,520

Interest expense
 
55,427

 
654

 
—

 
—

 
56,081

(1)
Included in both revenues from unaffiliated customers and in pre-tax income from unaffiliated customers is net investment income.
(2)
Included in pre-tax income from unaffiliated customers is interest expense.
(3)
Included in pre-tax income from unaffiliated customers is amortization of insurance intangible asset. Such assets were established upon the adoption of Fresh Start on April 30, 2013.
Schedule of Gross Premiums Written, Net Premiums Earned and Net Change in Fair Value of Credit Derivatives
The following table summarizes gross premiums written, net premiums earned and the net change in fair value of credit derivatives included in the Financial Guarantee segment by location of risk for the affected periods:
 
 
Three Months Ended June 30, 2016
 
Three Months Ended June 30, 2015
 
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
United States
 
$
(4,675
)
 
$
34,632

 
$
238

 
$
(547
)
 
$
49,710

 
$
4,724

United Kingdom
 
5,404

 
6,704

 
—

 
(2,139
)
 
7,997

 
—

Other international
 
(4,770
)
 
66

 
3,717

 
(8,506
)
 
3,172

 
5,569

Total
 
$
(4,041
)
 
$
41,402

 
$
3,955

 
$
(11,192
)
 
$
60,879

 
$
10,293


 
 
Six Months Ended June 30, 2016
 
Six Months Ended June 30, 2015
 
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
 
Gross
Premiums
Written
 
Net
Premiums
Earned
 
Net Change in
Fair Value of
Credit
Derivatives
United States
 
$
(18,432
)
 
$
80,746

 
$
1,094

 
$
(2,913
)
 
$
102,448

 
$
8,681

United Kingdom
 
14,755

 
13,092

 
—

 
7,035

 
15,579

 
—

Other international
 
(25,144
)
 
364

 
15,727

 
(14,252
)
 
8,570

 
(887
)
Total
 
$
(28,821
)
 
$
94,202

 
$
16,821

 
$
(10,130
)
 
$
126,597

 
$
7,794