v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Asset Types
The fair values of the following underlying asset categories are set out below:
March 31, 2025
Fixed maturities, tradingFixed maturities, AFSShort-term investments, AFSTotal
(in millions of U.S. dollars)
U.S. government and agency$12 $241 $326 $579 
U.K. government14 39 — 53 
Other government91 270 3 364 
Corporate858 2,498 71 3,427 
Municipal29 76 — 105 
Residential mortgage-backed35 409 — 444 
Commercial mortgage-backed99 643 — 742 
Asset-backed41 748 — 789 
Total fixed maturity and short-term investments$1,179 $4,924 $400 $6,503 
December 31, 2024
Fixed maturities, tradingFixed maturities, AFSShort-term investments, tradingShort-term investments, AFSTotal
(in millions of U.S. dollars)
U.S. government and agency$13 $213 $— $194 $420 
U.K. government15 29 — — 44 
Other government91 266 — 2 359 
Corporate917 2,324 1 19 3,261 
Municipal30 79 — — 109 
Residential mortgage-backed48 373 — — 421 
Commercial mortgage-backed102 682 — — 784 
Asset-backed47 725 — — 772 
Total fixed maturity and short-term investments$1,263 $4,691 $1 $215 $6,170 
Schedule of Contractual Maturities
The contractual maturities of our short-term and fixed maturity investments, classified as trading and AFS are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
As of March 31, 2025Amortized
Cost		Fair Value% of Total Fair Value
(in millions of U.S. dollars)
One year or less$663 $658 10.1 %
More than one year through five years1,829 1,758 27.2 %
More than five years through ten years1,228 1,147 17.6 %
More than ten years1,279 965 14.8 %
Residential mortgage-backed476 444 6.8 %
Commercial mortgage-backed772 742 11.4 %
Asset-backed782 789 12.1 %
$7,029 $6,503 100.0 %
Schedule of Unrealized Gains and Losses on AFS Short-term and Fixed Maturity Investments
The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturity investments classified as AFS were as follows:
Gross Unrealized GainsGross Unrealized Losses
As of March 31, 2025Amortized CostNon-Credit Related LossesAllowance for Credit LossesFair Value
(in millions of U.S. dollars)
U.S. government and agency$581 $2 $(16)$— $567 
U.K. government42 — (3)— 39 
Other government293 1 (21)— 273 
Corporate2,785 15 (231)— 2,569 
Municipal89 — (13)— 76 
Residential mortgage-backed438 3 (32)— 409 
Commercial mortgage-backed665 4 (26)— 643 
Asset-backed738 12 (2)— 748 
$5,631 $37 $(344)$— $5,324 
Gross Unrealized GainsGross Unrealized Losses
As of December 31, 2024
Amortized CostNon-Credit Related LossesAllowance for Credit LossesFair Value
(in millions of U.S. dollars)
U.S. government and agency$426 $1 $(20)$— $407 
U.K. government32 — (3)— 29 
Other government292 — (24)— 268 
Corporate2,602 7 (266)— 2,343 
Municipal94 — (15)— 79 
Residential mortgage-backed409 2 (38)— 373 
Commercial mortgage-backed711 4 (33)— 682 
Asset-backed714 13 (2)— 725 
$5,280 $27 $(401)$— $4,906 
Schedule of Gross Unrealized Losses on AFS Short-term and Fixed Maturity Investments
The following tables summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded, as explained below:
 12 Months or GreaterLess Than 12 MonthsTotal
As of March 31, 2025Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
(in millions of U.S. dollars)
U.S. government and agency$69 $(14)$187 $(2)$256 $(16)
U.K. government8 (2)21 (1)29 (3)
Other government47 (7)176 (14)223 (21)
Corporate1,221 (209)463 (22)1,684 (231)
Municipal66 (12)5 (1)71 (13)
Residential mortgage-backed190 (31)66 (1)256 (32)
Commercial mortgage-backed317 (24)137 (2)454 (26)
Asset-backed10 — 223 (2)233 (2)
Total short-term and fixed maturity investments$1,928 $(299)$1,278 $(45)$3,206 $(344)
 12 Months or GreaterLess Than 12 MonthsTotal
As of December 31, 2024Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
(in millions of U.S. dollars)
U.S. government and agency$77 $(16)$116 $(4)$193 $(20)
U.K. government8 (2)15 (1)23 (3)
Other government45 (8)203 (16)248 (24)
Corporate1,327 (235)620 (31)1,947 (266)
Municipal69 (14)6 (1)75 (15)
Residential mortgage-backed198 (37)66 (1)264 (38)
Commercial mortgage-backed351 (29)117 (4)468 (33)
Asset-backed21 (1)124 (1)145 (2)
Total short-term and fixed maturity investments$2,096 $(342)$1,267 $(59)$3,363 $(401)
Schedule of Allowance for Credit Losses on AFS Fixed Maturity Investments he following table provides a reconciliation of the beginning and ending allowance for credit losses on our AFS debt securities:
Three Months Ended March 31,
2024
CorporateCommercial mortgage backedTotal
(in millions of U.S. dollars)
Allowance for credit losses, beginning of period$(15)$(1)$(16)
Increase to the allowance for credit losses on securities that had an allowance recorded in the previous period(1)— (1)
Allowance for credit losses, end of period$(16)$(1)$(17)
Schedule of Equity Investments
The following table summarizes our equity investments:
March 31, 2025December 31, 2024
(in millions of U.S. dollars)
Equity Investments
Privately held equity investments in common and preferred stocks$455 $460 
Publicly traded equity investments in common and preferred stocks153 176 
Exchange-traded funds135 151 
Warrants and other16 16 
Total$759 $803 
Schedule of Other Investments
The following table summarizes our other investments carried at fair value:
March 31, 2025December 31, 2024
(in millions of U.S. dollars)
Other Investments
Private equity funds$1,949 $1,926 
Private credit funds915 864 
Real estate funds427 401 
Hedge funds386 410 
Fixed income funds375 369 
CLO equity funds124 162 
CLO equities25 52 
Equity funds5 4 
Total$4,206 $4,188 
The table below details the estimated period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of March 31, 2025 for our investments measured at fair value using NAV as a practical expedient:
Less than 1 Year1-2 years2-3 yearsMore than 3 yearsNot Eligible/ RestrictedTotal
Redemption Frequency (1)
(in millions of U.S. dollars)
Equities
Privately held equity investments$— $— $— $— $71 $71 not eligible/ restricted
Other investments
Private equity funds$69 $— $— $— $1,880 $1,949  quarterly for unrestricted amount
Private credit funds59 — — — 470 529 quarterly for unrestricted amount
Real estate fund— — — — 427 427 not eligible/ restricted
Hedge funds386 — — — — 386  monthly to bi-annually
Fixed income funds339 — — — 31 370  monthly to quarterly
CLO equity funds123 — — — 1 124  quarterly to bi-annually
Total$976 $— $— $— $2,880 $3,856 
(1) Redemption frequency relates to unrestricted amounts.
Schedule of Equity Method Investments
The table below shows our equity method investments:
March 31, 2025December 31, 2024
Ownership %Carrying ValueOwnership %Carrying Value
(in millions of U.S. dollars)
Core Specialty19.8 %$285 19.9 %$281 
Monument Re24.6 %20 24.6 %19 
Positive Physicians Holdings, Inc27.0 %13 
27.0%
13 
$318 $313 
Schedule of Funds Held The following table summarizes the components of funds held:
March 31, 2025December 31, 2024
(in millions of U.S. dollars)
Funds held - directly managed$2,353 $2,446 
Funds held by reinsured companies2,319 2,533 
Total funds held$4,672 $4,979 
Schedule of Funds Held, Directly Managed, Carrying Values of Assets
The following table summarizes the components of the investments collateralizing the funds held - directly managed:
March 31, 2025December 31, 2024
(in millions of U.S. dollars)
Funds held - directly managed, at cost$2,460 $2,587 
Fair value changes in:
Accumulated change in fair value - embedded derivative accounting(107)(141)
Funds held - directly managed, at fair value$2,353 $2,446 
Schedule of Funds Held by Reinsurance Companies
The following table summarizes the components of our funds held by reinsured companies:
March 31, 2025December 31, 2024
(in millions of U.S. dollars)
Funds held by reinsurance companies, at amortized cost$2,315 $2,528 
Fair value of embedded derivative (1)
4 5 
Funds held by reinsured companies$2,319 $2,533 
(1) Pursuant to the terms of the Aspen Insurance Holdings transaction entered in 2022, in addition to earning a fixed crediting rate (“base crediting rate”) on the funds withheld through September 30, 2025, we receive a variable return (together, the “full crediting rate”). The embedded derivative represents the fair value of the amount by which all future interest payments on the funds withheld balance made at the full crediting rate are expected to exceed all future interest payments made on the funds withheld balance at the base crediting rate.
Schedule of Major Categories of Net Investment Income
Major categories of net investment income are summarized as follows:
Three Months Ended
March 31,
20252024
(in millions of U.S. dollars)
Fixed maturity investments$70 $84 
Short-term investments and cash and cash equivalents17 8 
Funds held55 58 
Investment income from fixed maturities and cash and cash equivalents142 150 
Equity investments8 8 
Other investments9 12 
Investment income from equities and other investments17 20 
Gross investment income159 170 
Investment expenses(11)(10)
Net investment income$148 $160 
Schedule of Net Realized and Unrealized Gains (Losses) Components of net realized gains (losses) and fair value changes recorded within our unaudited condensed consolidated statements of operations were as follows:
Three Months Ended
March 31,
20252024
(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS$3 $5 
Gross realized losses on fixed maturity securities, AFS (5)(10)
Increase in allowance for expected credit losses on fixed maturity securities, AFS — (1)
Total net realized losses on sales$(2)$(6)
Fair value changes in trading securities, funds held and other investments:
Fixed maturity securities, trading$1 $(14)
Funds held - directly managed18 (5)
Equity securities (30)37 
Other investments43 67 
Investment derivatives11 — 
Total fair value changes in trading securities, funds held and other investments$43 $85 
Net realized losses and fair value changes in trading securities, funds held and other investments$41 $79 
Schedule of Restricted Assets
The carrying value of our restricted assets, including restricted cash of $311 million and $456 million as of March 31, 2025 and December 31, 2024, respectively, was as follows: 
March 31, 2025December 31, 2024
Financial Statement Line Items where presented
(in millions of U.S. dollars)
Collateral in trust for third party agreements$4,601 $4,832 
Fixed maturities
Equity investments
Other investments
Restricted cash
Assets on deposit with regulatory authorities66 63 
Fixed maturities
Other investments
Restricted cash
Collateral for secured letter of credit facilities35 45 
Fixed maturities
Restricted cash
Funds at Lloyd's (1)
219 229 
Equity investments
Other investments
Restricted cash
$4,921 $5,169 
(1) We managed and provided capacity for one Lloyd's syndicate as of both March 31, 2025 and December 31, 2024. Lloyd's determines the required capital principally through the use of an internal model that calculates a solvency capital requirement for each syndicate. This capital is referred to as FAL and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources.