FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At December 31, 2025	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,641,503	$	10,641,503	$	—	$	—
Corporate	8,528,828		—		8,414,572		114,256
Residential mortgage-backed	2,606,882		—		2,606,882		—
Asset-backed	1,606,790		—		1,566,931		39,859
Non-U.S. government	691,912		—		691,912		—
Agencies	486,817		—		486,817		—
Commercial mortgage-backed	321,591		—		321,591		—
Total fixed maturity investments trading	24,884,323		10,641,503		14,088,705		154,115
Short term investments	4,759,811		959		4,758,852		—
Equity investments
Fixed income exchange traded funds	1,582,811		1,582,811		—		—
Common stock (1)	150,179		150,179		—		—
Total equity investments	1,732,990		1,732,990		—		—
Other investments
Catastrophe bonds	1,613,710		—		1,613,710		—
Direct private equity investments	185,005		—		157,010		27,995

	1,798,715		—		1,770,720		27,995
Fund investments (2)	2,775,499		—		—		—
Total other investments	4,574,214		—		1,770,720		27,995
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(34)		—		—		(34)
Derivative assets (3)	18,347		7,400		10,947		—
Derivative liabilities (3)	(41,200)		(30,477)		(10,723)		—
Total other assets and (liabilities)	(22,887)		(23,077)		224		(34)
	$	35,928,451	$	12,352,375	$	20,618,501	$	182,076

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

(2)Fund investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.



At December 31, 2024	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	11,001,893	$	11,001,893	$	—	$	—
Corporate	7,862,423		—		7,862,423		—
Residential mortgage-backed	1,707,056		—		1,707,056		—
Asset-backed	1,422,393		—		1,422,393		—
Agencies	623,489		—		623,489		—
Non-U.S. government	618,809		—		618,809		—
Commercial mortgage-backed	326,451		—		326,451		—
Total fixed maturity investments trading	23,562,514		11,001,893		12,560,621		—
Short term investments	4,531,655		99,343		4,432,312		—
Equity investments

Common stock (1)	117,756		117,756		—		—

Other investments
Catastrophe bonds	1,984,396		—		1,984,396		—

Direct private equity investments	211,866		—		168,089		43,777
	2,196,262		—		2,152,485		43,777
Fund investments (2)	2,128,499		—		—		—
Total other investments	4,324,761		—		2,152,485		43,777
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(405)		—		—		(405)
Derivative assets (4)	34,538		10,614		23,924		—
Derivative liabilities (4)	(75,878)		(7,872)		(68,006)		—
Total other assets and (liabilities)	(41,745)		2,742		(44,082)		(405)
	$	32,494,941	$	11,221,734	$	19,101,336	$	43,372

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

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2024 was $2.0 million of other assets and $2.4 million of other liabilities.

(4)Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:



At December 31, 2025	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Fixed maturity investments trading
Corporate	$	114,256	Recent transaction price	N/A	N/A
Asset-backed	39,859		Discounted cash flow	Discount rate	11.3		%
Total fixed maturity investments trading	154,115
Other investments
Direct private equity investments	27,995		Internal valuation model	Discount rate	13.0		%
				Liquidity discount	10.0		%



Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(34)		Internal valuation model	Net undiscounted cash flows	$	12,836
				Expected loss ratio	—		%
				Discount rate	3.7		%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	182,076



At December 31, 2024	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual




Other investments
Direct private equity investments	$	43,777	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%



Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(405)		Internal valuation model	Net undiscounted cash flows	$	12,657
				Expected loss ratio	1.2		%
				Discount rate	4.4		%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	43,372

Schedule of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:



	Fixed Maturity Investments Trading				Other Investments
	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	—	$	43,777	$	(405)	$	43,372
Net investment income	—		2,104		304		—		2,408
Net realized and unrealized gains (losses) on investments	—		—		(17,120)		—		(17,120)
Other income (loss)	—		—		—		586		586
Net foreign exchange gains (losses)	—		—		34		—		34
Purchases	114,256		42,064		1,000		—		157,320

Settlements	—		(4,309)		—		(215)		(4,524)



Balance - December 31, 2025	$	114,256	$	39,859	$	27,995	$	(34)	$	182,076



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2024	$	59,905	$	97,658	$	(515)	$	157,048
Net investment income	258		—		—		258
Net realized and unrealized gains (losses) on investments	(16,686)		—		—		(16,686)
Other income (loss)	—		—		252		252
Net foreign exchange gains (losses)	(7)		—		—		(7)
Purchases	577		—		3,640		4,217
Sales	(270)		(94,321)		(3,626)		(98,217)
Settlements	—		(3,337)		(156)		(3,493)



Balance - December 31, 2024	$	43,777	$	—	$	(405)	$	43,372

Schedule of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:



	Fixed Maturity Investments Trading				Other Investments
	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	—	$	43,777	$	(405)	$	43,372
Net investment income	—		2,104		304		—		2,408
Net realized and unrealized gains (losses) on investments	—		—		(17,120)		—		(17,120)
Other income (loss)	—		—		—		586		586
Net foreign exchange gains (losses)	—		—		34		—		34
Purchases	114,256		42,064		1,000		—		157,320

Settlements	—		(4,309)		—		(215)		(4,524)



Balance - December 31, 2025	$	114,256	$	39,859	$	27,995	$	(34)	$	182,076



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2024	$	59,905	$	97,658	$	(515)	$	157,048
Net investment income	258		—		—		258
Net realized and unrealized gains (losses) on investments	(16,686)		—		—		(16,686)
Other income (loss)	—		—		252		252
Net foreign exchange gains (losses)	(7)		—		—		(7)
Purchases	577		—		3,640		4,217
Sales	(270)		(94,321)		(3,626)		(98,217)
Settlements	—		(3,337)		(156)		(3,493)



Balance - December 31, 2024	$	43,777	$	—	$	(405)	$	43,372

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:



At December 31,	2025				2024
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private credit funds	$	1,445,158	$	1,605,126	$	1,181,146	$	1,284,699
Private equity funds	701,837		661,159		609,105		664,234
Hedge funds	473,990		—		338,248		—
Insurance-linked securities funds	154,514		—		—		—
Total other investments measured using net asset valuations	$	2,775,499	$	2,266,285	$	2,128,499	$	1,948,933

- 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.

+ References + Details