v3.25.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Premiums, fees and reimbursements received $ 8 $ 7
Investment income received 25 31
Financial guarantee losses and loss adjustment expenses paid (29) (25)
Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers 15 4
Operating expenses paid and other operating (42) (35)
Other proceeds from consolidated variable interest entities 0 2
Interest paid, net of interest converted to principal (19) (24)
Net cash provided (used) by operating activities (42) (40)
Cash flows from investing activities:    
Purchases of available-for-sale investments (173) (108)
Sales of available-for-sale investments 123 55
Paydowns, maturities and other proceeds of available-for-sale investments 103 117
Purchases of investments at fair value (22) (68)
Sales, paydowns, maturities and other proceeds of investments at fair value 32 154
Sales, paydowns and maturities (purchases) of short-term investments, net 74 100
Other investing 1 3
Net cash provided (used) by investing activities 138 253
Cash flows from financing activities:    
Principal paydowns of investment agreements (1) (1)
Principal paydowns of medium-term notes 0 (62)
Proceeds from variable interest entity debt 0 2
Principal paydowns/redemptions of variable interest entity debt (8) (57)
Principal paydowns of long-term debt 0 (1)
Purchases of treasury stock (7) (4)
Net cash provided (used) by financing activities (16) (123)
Net increase (decrease) in cash and cash equivalents 80 90
Cash and cash equivalents - beginning of period 87 108
Cash and cash equivalents - end of period 167 198
Reconciliation of net income (loss) to net cash provided (used) by operating activities:    
Net income (loss) (118) (341)
Income (loss) from discontinued operations, net of income taxes 0 (1)
Income (loss) from continuing operations (118) (340)
Change in:    
Unearned premium revenue (13) (16)
Loss and loss adjustment expense reserves 0 104
Insurance loss recoverable 0 41
Accrued interest payable 80 86
Other assets and liabilities (12) (6)
Net realized investment gains (losses) 6 3
Net (gains) losses on financial instruments at fair value and foreign exchange 17 75
Other net realized (gains) losses (7) 9
Other operating 5 4
Total adjustments to income (loss) from continuing operations 76 300
Net cash provided (used) by operating activities (42) (40)
Non-cash financing activities:    
Variable interest entity debt extinguishment $ 7 $ 0