FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At June 30, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,347,567	$	39,608	$	—	$	—	$	2,387,175
Non-U.S. government	—		790,476		—		—		790,476
Corporate debt	—		4,680,358		131,473		—		4,811,831
Agency RMBS	—		1,740,980		—		—		1,740,980
CMBS	—		823,582		—		—		823,582
Non-agency RMBS	—		186,151		—		—		186,151
ABS	—		1,300,187		33,492		—		1,333,679
Municipals	—		63,601		—		—		63,601
	2,347,567		9,624,943		164,965		—		12,137,475
Equity securities
Common stocks	2,710		—		—		—		2,710
Preferred stocks	6,036		6,028		—		—		12,064
Exchange-traded funds	337,709		—		—		—		337,709
Bond mutual funds	—		266,792		—		—		266,792
	346,455		272,820		—		—		619,275
Other investments
Multi-strategy funds	—		—		—		15,290		15,290
Direct lending funds	—		—		—		164,979		164,979
Private equity funds	—		—		—		332,835		332,835
Real estate funds	—		—		—		291,173		291,173

Other privately held investments	—		—		94,347		40,298		134,645

	—		—		94,347		844,575		938,922
Short-term investments	—		51,726		—		—		51,726
Other assets
Derivative instruments (refer to Note 5)	—		419		—		—		419

Total Assets	$	2,694,022	$	9,949,908	$	259,312	$	844,575	$	13,747,817
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	16,258	$	—	$	—	$	16,258

Total Liabilities	$	—	$	16,258	$	—	$	—	$	16,258


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value


































At December 31, 2024
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,767,315	$	35,671	$	—	$	—	$	2,802,986
Non-U.S. government	—		729,939		—		—		729,939
Corporate debt	—		4,715,799		126,391		—		4,842,190
Agency RMBS	—		1,184,845		—		—		1,184,845
CMBS	—		819,608		—		—		819,608
Non-agency RMBS	—		122,536		—		—		122,536
ABS	—		1,519,000		20,832		—		1,539,832
Municipals	—		110,817		—		—		110,817
	2,767,315		9,238,215		147,223		—		12,152,753
Equity securities
Common stocks	2,638		—		—		—		2,638
Preferred stocks	3		5,864		—		—		5,867
Exchange-traded funds	314,042		—		—		—		314,042
Bond mutual funds	—		256,727		—		—		256,727
	316,683		262,591		—		—		579,274
Other investments
Multi-strategy funds	—		—		—		24,919		24,919
Direct lending funds	—		—		—		171,048		171,048
Private equity funds	—		—		—		320,690		320,690
Real estate funds	—		—		—		291,640		291,640

Other privately held investments	—		—		92,230		29,751		121,981

	—		—		92,230		838,048		930,278
Short-term investments	—		223,666		—		—		223,666
Other assets
Derivative instruments (refer to Note 5)	—		9,439		—		—		9,439

Total Assets	$	3,083,998	$	9,733,911	$	239,453	$	838,048	$	13,895,410
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	3,100	$	—	$	—	$	3,100

Total Liabilities	$	—	$	3,100	$	—	$	—	$	3,100

Summary of Level 3 Fair Value Measurement Inputs

The following table quantifies the significant unobservable inputs used in estimating fair values at June 30, 2025 of investments classified as Level 3 in the fair value hierarchy:

Asset fair value

Valuation technique

Unobservable input

Amount / Range

Weighted

average

Other investments - Other privately held investments

11,671

Discounted cash flow

Discount rate

5.4%

Default rate

0.5%

Loss absorption yield

1.0%

Estimated maturity date

0.4 years

Note: Fixed maturities of $165 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $83 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.

Summary of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis, Assets

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Three months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	133,742	$	—	$	—	$	238	$	687	$	17,386	$	(19,343)	$	(1,237)	$	131,473	$	—


ABS	33,143		—		—		—		349		—		—		—		33,492		—
	166,885		—		—		238		1,036		17,386		(19,343)		(1,237)		164,965		—
Other investments



CLO-Equities	—		—		—		—		—		—		—		—		—		—
Other privately held investments	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269
	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269




Total assets	$	263,905	$	—	$	—	$	2,507	$	1,036	$	17,386	$	(19,343)	$	(6,179)	$	259,312	$	2,269





Six months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	126,391	$	—	$	—	$	238	$	1,044	$	25,050	$	(20,013)	$	(1,237)	$	131,473	$	—
ABS	20,832		—		—		—		660		12,000		—		—		33,492		—
	147,223		—		—		238		1,704		37,050		(20,013)		(1,237)		164,965		—
Other investments
CLO-Equities	—		—		—		—		—		—		—		—		—		—
Other privately held investments	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059
	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059
Total assets	$	239,453	$	—	$	—	$	7,297	$	1,704	$	37,050	$	(20,013)	$	(6,179)	$	259,312	$	7,059

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI(2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses)(3)

Three months ended June 30, 2024
Fixed maturities, available for sale
Corporate debt	$	126,475	$	—	$	—	$	(513)	$	1,517	$	8,239	$	(165)	$	(10,544)	$	125,009	$	—


ABS	—		—		—		—		—		—		—		—		—		—
	126,475		—		—		(513)		1,517		8,239		(165)		(10,544)		125,009		—
Other investments



CLO-Equities	4,986		—		—		—		—		—		—		(488)		4,498		—
Other privately held investments	96,255		—		(6,899)		354		—		—		—		(4,422)		85,288		354
	101,241		—		(6,899)		354		—		—		—		(4,910)		89,786		354





Total assets	$	227,716	$	—	$	(6,899)	$	(159)	$	1,517	$	8,239	$	(165)	$	(15,454)	$	214,795	$	354





Six months ended June 30, 2024
Fixed maturities, available for sale
Corporate debt	$	135,753	$	—	$	—	$	(1,347)	$	1,022	$	12,471	$	(165)	$	(22,725)	$	125,009	$	—


ABS	—		—		—		—		—		—		—		—		—		—
	135,753		—		—		(1,347)		1,022		12,471		(165)		(22,725)		125,009		—
Other investments



CLO-Equities	5,300		—		—		—		—		—		—		(802)		4,498		—
Other privately held investments	87,289		—		(6,899)		2,082		—		7,238		—		(4,422)		85,288		2,082
	92,589		—		(6,899)		2,082		—		7,238		—		(5,224)		89,786		2,082




Total assets	$	228,342	$	—	$	(6,899)	$	735	$	1,022	$	19,709	$	(165)	$	(27,949)	$	214,795	$	2,082

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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