v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Values of Fixed Maturities
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:
Amortized
cost
Allowance for expected credit lossesGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2025
Available for sale
U.S. government and agency$2,378,539 $— $17,688 $(9,052)$2,387,175 
Non-U.S. government767,027 (16)27,373 (3,908)790,476 
Corporate debt4,788,604 (4,773)83,530 (55,530)4,811,831 
Agency RMBS(1)
1,767,469 — 10,280 (36,769)1,740,980 
CMBS(2)
840,909 — 4,906 (22,233)823,582 
Non-agency RMBS190,656 (199)990 (5,296)186,151 
ABS(3)
1,329,187 (55)10,276 (5,729)1,333,679 
Municipals(4)
65,149 — 359 (1,907)63,601 
Total fixed maturities, available for sale$12,127,540 $(5,043)$155,402 $(140,424)$12,137,475 
At December 31, 2024    
Available for sale
U.S. government and agency$2,830,111 $— $6,011 $(33,136)$2,802,986 
Non-U.S. government753,315 — 2,584 (25,960)729,939 
Corporate debt4,941,510 (3,690)30,594 (126,224)4,842,190 
Agency RMBS(1)
1,245,681 — 1,154 (61,990)1,184,845 
CMBS(2)
852,534 — 1,244 (34,170)819,608 
Non-agency RMBS132,116 (195)597 (9,982)122,536 
ABS(3)
1,547,350 (53)5,812 (13,277)1,539,832 
Municipals(4)
117,288 — 125 (6,596)110,817 
Total fixed maturities, available for sale$12,419,905 $(3,938)$48,121 $(311,335)$12,152,753 
(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.
(2)Commercial mortgage-backed securities ("CMBS").
(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").
(4)Municipals include bonds issued by states, municipalities and political subdivisions.
Summary of Contractual Maturities of Fixed Maturities
The table below provides the contractual maturities of fixed maturities classified as available for sale:
Amortized
cost
Fair
value
% of Total
fair value
At June 30, 2025
Maturity
Due in one year or less$693,954 $693,236 5.8 %
Due after one year through five years5,269,141 5,320,176 43.8 %
Due after five years through ten years1,843,158 1,847,825 15.2 %
Due after ten years193,066 191,846 1.6 %
 7,999,319 8,053,083 66.4 %
Agency RMBS1,767,469 1,740,980 14.3 %
CMBS840,909 823,582 6.8 %
Non-agency RMBS190,656 186,151 1.5 %
ABS1,329,187 1,333,679 11.0 %
Total$12,127,540 $12,137,475 100.0 %
At December 31, 2024
Maturity
Due in one year or less$895,177 $885,866 7.4 %
Due after one year through five years5,637,336 5,567,905 45.8 %
Due after five years through ten years1,895,116 1,826,564 15.0 %
Due after ten years214,595 205,597 1.7 %
 8,642,224 8,485,932 69.9 %
Agency RMBS1,245,681 1,184,845 9.7 %
CMBS852,534 819,608 6.7 %
Non-agency RMBS132,116 122,536 1.0 %
ABS1,547,350 1,539,832 12.7 %
Total$12,419,905 $12,152,753 100.0 %
Summary of Fixed Maturities and Equities in an Unrealized Loss Position
The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
  12 months or greaterLess than 12 monthsTotal
  
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
At June 30, 2025
Fixed maturities, available for sale
U.S. government and agency$191,104 $(7,703)$284,551 $(1,349)$475,655 $(9,052)
Non-U.S. government51,913 (2,937)88,634 (971)140,547 (3,908)
Corporate debt612,795 (40,511)653,866 (15,019)1,266,661 (55,530)
Agency RMBS211,459 (21,542)608,114 (15,227)819,573 (36,769)
CMBS295,077 (14,764)207,460 (7,469)502,537 (22,233)
Non-agency RMBS46,613 (5,277)17,089 (19)63,702 (5,296)
ABS108,310 (5,221)184,532 (508)292,842 (5,729)
Municipals30,817 (1,736)8,203 (171)39,020 (1,907)
Total fixed maturities, available for sale$1,548,088 $(99,691)$2,052,449 $(40,733)$3,600,537 $(140,424)
At December 31, 2024      
Fixed maturities, available for sale
U.S. government and agency$262,368 $(17,515)$1,026,139 $(15,621)$1,288,507 $(33,136)
Non-U.S. government98,846 (9,179)457,889 (16,781)556,735 (25,960)
Corporate debt934,975 (78,979)2,032,254 (47,245)2,967,229 (126,224)
Agency RMBS280,550 (35,333)749,040 (26,657)1,029,590 (61,990)
CMBS410,213 (22,334)260,411 (11,836)670,624 (34,170)
Non-agency RMBS69,418 (9,900)8,302 (82)77,720 (9,982)
ABS147,281 (8,471)295,897 (4,806)443,178 (13,277)
Municipals49,495 (4,198)51,002 (2,398)100,497 (6,596)
Total fixed maturities, available for sale$2,253,146 $(185,909)$4,880,934 $(125,426)$7,134,080 $(311,335)
Summary of Fixed Maturities, Held-to-Maturity
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:
Amortized
cost
Allowance for expected credit lossesNet carrying valueGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2025
Held to maturity
Corporate debt$128,906 $— $128,906 $1,307 $(6,178)$124,035 
ABS(1)
276,135 — 276,135 752 (132)276,755 
Total fixed maturities, held to maturity$405,041 $— $405,041 $2,059 $(6,310)$400,790 
At December 31, 2024    
Held to maturity
Corporate debt$122,706 $— $122,706 $675 $(7,764)$115,617 
ABS(1)
320,694 — 320,694 560 (120)321,134 
Total fixed maturities, held to maturity$443,400 $— $443,400 $1,235 $(7,884)$436,751 
(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").
Summary of Cost and Fair Value of Equity Securities
The following table provides the cost and fair values of the Company's equity securities:
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2025
Equity securities
Common stocks$3,129 $99 $(518)$2,710 
Preferred stocks11,832 356 (124)12,064 
Exchange-traded funds229,523 108,452 (266)337,709 
Bond mutual funds284,590 9,505 (27,303)266,792 
Total equity securities$529,074 $118,412 $(28,211)$619,275 
At December 31, 2024   
Equity securities
Common stocks$3,061 $65 $(488)$2,638 
Preferred stocks5,843 136 (112)5,867 
Exchange-traded funds188,771 126,477 (1,206)314,042 
Bond mutual funds323,068 540 (66,881)256,727 
Total equity securities$520,743 $127,218 $(68,687)$579,274 
Summary of Mortgage Loans Net of Valuation Allowance
The following table provides details of the Company's mortgage loans, held for investment:
  
June 30, 2025December 31, 2024
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans, held for investment:
Commercial$465,906 106 %$529,075 105 %
Allowance for expected credit losses (27,335)(6 %)(23,378)(5 %)
Total mortgage loans held for investment
$438,571 100 %$505,697 100 %
Summary of Portfolio of Other Investments
The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:
Fair value
Redemption frequency
(if currently eligible)
  Redemption  
  notice period  
At June 30, 2025    
Multi-strategy funds$15,290 2 %Quarterly
60-90 days
Direct lending funds164,979 18 %
Quarterly(1)
90 days
Private equity funds332,835 35 %n/an/a
Real estate funds291,173 31 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments134,645 14 %n/an/a
Total other investments$938,922 100 % 
At December 31, 2024    
Multi-strategy funds$24,919 3 %Quarterly
60-90 days
Direct lending funds171,048 18 %
Quarterly(1)
90 days
Private equity funds320,690 35 %n/an/a
Real estate funds291,640 31 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments121,981 13 %n/an/a
Total other investments$930,278 100 %  
     
n/a - not applicable
(1) Applies to one fund with a fair value of $2 million (2024: $3 million).
(2) Applies to one fund with a fair value of $45 million (2024: $51 million).
(3) Applies to one fund with a fair value of $24 million (2024: $21 million).
Summary of Net Investment Income
Net investment income was derived from the following sources:
  
Three months ended June 30,Six months ended June 30,
  
2025202420252024
Fixed maturities$149,861 $154,023 $296,572 $293,419 
Other investments18,479 14,301 40,889 19,974 
Equity securities3,155 3,057 6,363 5,819 
Mortgage loans5,956 9,108 12,824 18,237 
Cash and cash equivalents16,649 13,733 50,028 27,395 
Short-term investments541 3,766 2,527 7,229 
Gross investment income
194,641 197,988 409,203 372,073 
Investment expenses(7,344)(7,013)(14,194)(13,715)
Net investment income$187,297 $190,975 $395,009 $358,358 
Summary of Net Investment Gains (Losses)
The following table provides an analysis of net investment gains (losses):
  Three months ended June 30,Six months ended June 30,
  2025202420252024
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents
$19,394 $6,182 $41,532 $20,581 
Equity securities4,032 — 40,100 30,626 
Gross realized investment gains23,426 6,182 81,632 51,207 
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents
(27,673)(52,587)(79,412)(96,519)
Equity securities(2,719)— (11,590)(7,712)
Gross realized investment losses(30,392)(52,587)(91,002)(104,231)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale(859)(394)(1,104)6,128 
(Increase) decrease in allowance for expected credit losses, mortgage loans(1,473)(12,569)(3,958)(14,428)
Impairment losses(1)
(400)(156)(2,326)(164)
Change in fair value of investment derivatives(2)
(1,035)228 (1,451)1,023 
Net unrealized gains (losses) on equity securities54,201 5,817 31,671 (2,222)
Net investment gains (losses)
$43,468 $(53,479)$13,462 $(62,687)
(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.
(2) Refer to Note 5 'Derivative Instruments'.
Summary of Reconciliation of Allowance for Credit Loss on Fixed Maturities, Available for Sale
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:
  Three months ended June 30,Six months ended June 30,
  2025202420252024
Balance at beginning of period$4,183 $4,237 $3,938 $10,759 
Expected credit losses on securities where credit losses were not previously recognized
1,345 247 1,659 278 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
(325)147 (297)(1,406)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — — 
Securities sold/redeemed/matured(160)— (257)(5,000)
Balance at end of period$5,043 $4,631 $5,043 $4,631 
Summary of Reconciliation of Allowance for Credit Loss on Mortgage Loans
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:
  Three months ended June 30,Six months ended June 30,
  2025202420252024
Balance at beginning of period$25,862 $8,113 $23,378 $6,220 
Expected credit losses on loans where credit losses were not previously recognized
1,019 11,287 1,019 13,196 
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized
454 1,281 2,938 1,265 
Loans sold/redeemed/matured
— — — — 
Balance at end of period$27,335 $20,681 $27,335 $20,681