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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity
The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at December 31, 2023, by contractual maturity, were as follows:
Amortized
Cost		Estimated
Fair Value
Due in one year or less$544 $544 
Due after one year through five years581 560 
Due after five years through ten years293 271 
Due after ten years80 76 
1,500 1,451 
Residential mortgage-backed securities239 250 
Commercial mortgage-backed securities19 19 
Collateralized debt obligations139 139 
Other asset-backed securities301 303 
Total$2,197 $2,162 
Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments
The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, excluding VIE investments, which at December 31, 2023, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022:
December 31, 2023December 31, 2022
Less Than 12 Months12 Months or MoreTotalLess Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
Fixed maturity securities:
Municipal obligations$7 $— $16 $1 $23 $1 $21 $1 $7 $1 $28 $2 
Corporate obligations75 2 509 43 584 44 280 21 279 42 559 63 
Foreign obligations8 — 56 6 64 6 27 2 47 7 73 9 
U.S. government obligations27 1 37 2 63 4 40 3 19 1 58 4 
Residential mortgage-backed securities6 — 98 14 104 14 132 19 — — 132 19 
Commercial mortgage-backed securities3 — — — 3 — 3 — — — 3 — 
Collateralized debt obligations1 — 93 1 95 1 90 3 36 1 126 4 
Other asset-backed securities57 1 35 1 92 1 198 4 5 1 203 5 
184 4 844 68 1,028 71 791 53 392 53 1,183 106 
Short-term4 — — — 4 — 78 — 8 — 86 — 
Total temporarily impaired securities$187 $4 $844 $68 $1,032 $71 $869 $53 $400 $53 $1,269 $106 
Investment In addition to these investments, Ambac has unfunded commitments of $41 to private credit and private equity funds at December 31, 2023.
Class of Funds
December 31,		20232022Redemption FrequencyRedemption Notice Period
Hedge funds (1)
$112 $186 quarterly or semi-annually90 days
High yield and leveraged loans (2) (10)
85 80 daily0 - 30 days
Private credit (3)
84 84 quarterly if permitted180 days if permitted
Private equity (4)
70 47 quarterly if permitted90 days if permitted
Investment grade floating rate income (5)
52 63 weekly0 days
Equity market investments (6) (10)
38 64 daily or quarterly0 - 90 days
Real estate properties (7)
21 22 see footnote (7)see footnote (7)
Insurance-linked investments (8)
1 1 see footnote (9)see footnote (9)
Convertible bonds (9)(10)
— 8 daily0 days
Total equity investments in pooled funds$463 $556 
(1)This class seeks to generate superior risk-adjusted returns through selective asset sourcing, active trading and hedging strategies across a range of asset types.
(2)This class of funds includes investments in high quality floating rate debt securities including ABS and corporate floating rate notes.
(3)This class aims to obtain high long-term returns primarily through credit and preferred equity investments with low liquidity and defined term.
(4)This class seeks to generate long-term capital appreciation through investments in private equity, equity-related and other instruments.
(5)This class of funds includes investments in high quality floating rate debt securities including ABS and corporate floating rate notes.
(6)This class of funds aim to achieve long-term growth through diversified exposure to global equity markets.
(7)Investments consist of UK property to generate income and capital growth.
(8)This class seeks to generate returns from insurance markets through investments in catastrophe bonds, life insurance and other insurance linked investments. This investment is restricted in connection with the unwind of certain insurance linked exposures. Ambac has redeemed its investment to the extent permitted by the fund.
(9)This class seeks to generate total return from portfolios focused primarily on convertible securities.
(10)These categories include fair value amounts totaling $77 and $61 at December 31, 2023 and 2022, respectively, that are readily determinable and are priced through pricing vendors, including for Equity market investments of $38 and $53, High yield and leveraged loans products $39 and $0, and Convertible bonds investments $0 and $8.
Summary of Net Investment Income
Net investment income (loss) was comprised of the following for the affected periods:
Year Ended December 31,202320222021
Fixed maturity securities$76 $61 $78 
Short-term investments22 11 — 
Loans— 1 — 
Investment expense(6)(6)(6)
Securities available-for-sale and short-term93 66 74 
Fixed maturity securities - trading7 (23)— 
Other investments40 (26)66 
Total net investment income (loss)$140 $17 $139 
Net i
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments
The amortized cost and estimated fair value of available-for-sale investments, excluding VIE investments, at December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Fixed maturity securities:
Municipal obligations$72 $— $1 $1 $72 $44 — — 2 43 
Corporate obligations
785 — 4 44 745 659 — 1 63 598 
Foreign obligations105 — 1 6 100 85 — — 9 76 
U.S. government obligations85 — 1 4 82 68 — — 4 65 
Residential mortgage-backed securities239 3 28 14 250 230 — 28 19 238 
Commercial mortgage-backed securities19 — — — 19 15 — — — 15 
Collateralized debt obligations139 — 1 1 139 141 — — 4 137 
Other asset-backed securities (1)
301 — 3 1 303 227 — 2 5 224 
1,744 3 40 71 1,710 1,469 — 31 106 1,395 
Short-term426 — — — 426 507 — — — 507 
2,170 3 40 71 2,135 1,977 — 31 106 1,902 
Fixed maturity securities pledged as collateral:
Short-term27 — — — 27 64 — — — 64 
27 — — — 27 64 — — — 64 
Total available-for-sale investments$2,197 $3 $40 $71 $2,162 2,041 $— $31 $106 $1,966 
(1)Consists primarily of Ambac's holdings of military housing and student loan securities.
Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments
The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods:
Year Ended December 31,202320222021
Gross realized gains on securities$1 $36 $14 
Gross realized losses on securities(4)(18)(2)
Foreign exchange (losses) gains(4)14 (5)
Credit impairments(3)— — 
Intent to sell impairments(12)— — 
Net investment gains (losses), including impairments$(22)$31 $7 
Unrealized Gain (Loss) on Investments
The portion of net unrealized gains (losses) related to securities classified as trading and equity securities, excluding those reported using the equity method, still held at the end of each period is as follows:
Year Ended December 31,202320222021
Net gains (losses) recognized during the period on trading and equity securities$25 $(48)$23 
Less: net gains (losses) recognized during the reporting period on trading and equity securities sold during the period18 (26)1 
Unrealized gains (losses) recognized during the reporting period on trading and equity securities still held at the reporting date$7 $(22)$22