INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:



At December 31.	2025		2024
U.S. treasuries	$	10,641,503	$	11,001,893
Corporate	8,528,828		7,862,423
Residential mortgage-backed	2,606,882		1,707,056
Asset-backed	1,606,790		1,422,393
Non-U.S. government	691,912		618,809

Agencies	486,817		623,489



Commercial mortgage-backed	321,591		326,451
Total fixed maturity investments trading	$	24,884,323	$	23,562,514

The following table summarizes the fair value of equity investments:



At December 31.	2025		2024
Fixed income exchange traded funds	$	1,582,811	$	—

Common stock (1)
Financials	147,996		116,400





Other	2,183		1,356
Total common stock	150,179		117,756
Total equity investments	$	1,732,990	$	117,756

(1)In 2025, the Company revised its presentation of equity investments to present all individual equity holdings as common stock. Comparative information for the prior periods presented have been updated to conform to the current presentation.

Schedule of Contractual Maturities of Fixed Maturity Investments

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	At December 31, 2025				At December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	2,072,111	$	2,081,003	$	1,374,089	$	1,373,838
Due after one through five years	12,450,807		12,606,212		12,139,153		12,131,114
Due after five through ten years	5,039,803		5,109,842		6,339,563		6,246,506
Due after ten years	573,271		552,003		387,413		355,156
Mortgage-backed	2,920,644		2,928,473		2,094,190		2,033,507
Asset-backed	1,601,715		1,606,790		1,416,132		1,422,393
Total	$	24,658,351	$	24,884,323	$	23,750,540	$	23,562,514

Schedule of Other Investments

The table below shows the fair value of the Company’s portfolio of other investments:



At December 31,	2025		2024
Fund investments
Private credit funds	$	1,445,158	$	1,181,146
Private equity funds	701,837		609,105
Hedge funds	473,990		338,248
Insurance-linked securities funds	154,514		—
Total fund investments	2,775,499		2,128,499
Catastrophe bonds	1,613,710		1,984,396
Direct private equity investments	185,005		211,866



Total other investments	$	4,574,214	$	4,324,761

Schedule of Variable Interest Entities

The following table summarizes the aggregate carrying amount of investments in unconsolidated VIEs on the Company’s consolidated balance sheets, as well as the Company’s maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
	Carrying Amount		Unfunded Commitments		Total
At December 31, 2025	$	2,665,801	$	3,207,923	$	5,873,724
At December 31, 2024	$	1,993,362	$	1,863,142	$	3,856,504

Schedule of Equity Method Investments

The table below shows the Company’s portfolio of investments in other ventures, under equity method:



	2025			2024
At December 31,	Ownership %	Carrying Value		Ownership %	Carrying Value









Investments in other ventures, under equity method	0.1% - 50.0%	$	121,871	0.1% - 50.0%	$	102,770

Schedule of Net Investment Income

The components of net investment income are as follows:



Year ended December 31,	2025		2024		2023
Fixed maturity investments trading	$	1,144,271	$	1,116,649	$	744,457
Short term investments	190,549		183,153		213,303
Equity investments
Fixed income exchange traded funds	48,897		—		4,306
Common stock (1)	2,671		2,460		2,955
Other investments
Catastrophe bonds	200,465		238,844		200,572
Fund and direct private equity investments (2)	96,629		82,457		87,296
Cash and cash equivalents	47,379		54,241		23,123
	1,730,861		1,677,804		1,276,012
Investment expenses	(27,386)		(23,515)		(22,902)
Net investment income	$	1,703,475	$	1,654,289	$	1,253,110

(1)In 2025, the Company revised the description of its “other equity investments” to “common stock.”

(2)In 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”

Schedule of Equity In Earnings of Equity Method Investments

The table below shows the Company’s equity in earnings (losses) of other ventures:



Year ended December 31,	2025		2024		2023




Equity in earnings (losses) of other ventures	$	71,332	$	47,087	$	43,474

Schedule of Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:



Year ended December 31,	2025		2024		2023




Fixed maturity investments trading	$	419,857	$	(246,423)	$	292,054
Investment-related derivatives (1)	638,534		(57,279)		(68,272)


Equity investments	49,374		10,976		45,751
Other investments
Catastrophe bonds	(10,978)		62,353		101,897
Fund and direct private equity investments (2)	84,481		202,533		43,092
Net realized and unrealized gains (losses) on investments	$	1,181,268	$	(27,840)	$	414,522

(1)Included in investment-related derivatives in 2025 are gains (losses) related to fixed maturity investment-related derivatives of $84.1 million (2024 - $(136.2) million, 2023 - $(67.0) million), equity investment-related derivatives of $138.9 million (2024 - $2.3 million, 2023 - $(1.9) million and commodity-related derivatives of $415.5 million (2024 - $76.5 million, 2023 - $0.7 million). Refer to “Note 19. Derivative Instruments” for additional information on investment-related derivatives.

(2)In 2025, the Company revised the description of its “other investments - other” to “other investments - fund and direct private equity investments.”

Net realized and unrealized gains (losses) on fixed maturity investments trading and equity investments, is split between realized and unrealized gains (losses) as follows:



Year ended December 31,	2025		2024		2023
Fixed maturity investments trading


Net realized gains (losses)	$	20,764	$	(63,929)	$	(393,041)
Net unrealized gains (losses)	399,093		(182,494)		685,095
Net realized and unrealized gains (losses)	$	419,857	$	(246,423)	$	292,054

Equity investments
Net realized gains (losses)	$	598	$	355	$	(27,492)
Net unrealized gains (losses)	48,776		10,621		73,243
Net realized and unrealized gains (losses)	$	49,374	$	10,976	$	45,751

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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