v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Location and Amounts of Derivative Fair Values on the Consolidated Balance Sheet
The following table provides the balance sheet classifications of derivatives recorded at fair value:
  June 30, 2025December 31, 2024
  
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Relating to investment portfolio:
Foreign exchange forward contracts$51,540 $— $349 $17,655 $323 $— 
Relating to underwriting portfolio:
Foreign exchange forward contracts1,367,751 419 15,909 1,323,714 9,116 3,100 
Total derivatives$419 $16,258 $9,439 $3,100 
(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Assets to Net Amounts Presented in Balance Sheets
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
June 30, 2025December 31, 2024
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$2,081 $(1,662)$419 $20,067 $(10,628)$9,439 
Derivative liabilities$17,920 $(1,662)$16,258 $13,728 $(10,628)$3,100 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Liabilities to Net Amounts Presented in Balance Sheets
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
June 30, 2025December 31, 2024
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$2,081 $(1,662)$419 $20,067 $(10,628)$9,439 
Derivative liabilities$17,920 $(1,662)$16,258 $13,728 $(10,628)$3,100 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Total Unrealized and Realized Gains (Loss) on Derivatives Not Designated as Hedges Recorded in Earnings
The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:
  Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)Three months ended June 30,Six months ended June 30,
  2025202420252024
Relating to investment portfolio:
Foreign exchange forward contractsNet investment gains (losses)$(1,035)$228 $(1,451)$1,023 
Relating to underwriting portfolio:
Foreign exchange forward contractsForeign exchange (losses) gains(22,015)3,097 (13,686)1,081 
Total$(23,050)$3,325 $(15,137)$2,104