INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments

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



	At June 30, 2026		At December 31, 2025
Corporate	$	9,916,723	$	8,528,828
U.S. treasuries	9,308,212		10,641,503
Residential mortgage-backed	2,690,648		2,606,882
Asset-backed	1,688,500		1,606,790
Non-U.S. government	683,983		691,912
Agencies	560,030		486,817
Commercial mortgage-backed	337,334		321,591
Total fixed maturity investments trading	$	25,185,430	$	24,884,323

The following table summarizes the fair value of equity investments:



	At June 30, 2026		At December 31, 2025

Fixed income exchange traded funds	$	1,603,299	$	1,582,811
Equity exchange traded funds	102,273		—
Common stock
Financials	139,961		147,996





Other	619		2,183
Total common stock	140,580		150,179
Total equity investments	$	1,846,152	$	1,732,990

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 June 30, 2026				At December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	1,700,129	$	1,704,698	$	2,072,111	$	2,081,003
Due after one through five years	12,039,742		12,026,964		12,450,807		12,606,212
Due after five through ten years	6,046,968		6,008,867		5,039,803		5,109,842
Due after ten years	753,004		728,419		573,271		552,003
Mortgage-backed	3,051,964		3,027,982		2,920,644		2,928,473
Asset-backed	1,689,729		1,688,500		1,601,715		1,606,790
Total	$	25,281,536	$	25,185,430	$	24,658,351	$	24,884,323

Schedule of Other Investments

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



	At June 30, 2026		At December 31, 2025
Fund investments
Private credit funds	$	1,531,757	$	1,445,158
Private equity funds	793,136		701,837


Multi-strategy funds (1)	593,071		473,990
Insurance-linked securities funds	162,192		154,514
Equity funds	76,093		—
Total fund investments	3,156,249		2,775,499
Catastrophe bonds	1,772,044		1,613,710
Direct private equity investments	154,876		185,005



Total other investments	$	5,083,169	$	4,574,214

(1)In the first quarter of 2026, the Company revised the classification of its “fund investments - hedge funds” to be included within “fund investments - multi-strategy funds.”

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 June 30, 2026	$	3,084,076	$	3,489,165	$	6,573,241
At December 31, 2025	$	2,665,801	$	3,207,923	$	5,873,724

Schedule of Components of Net Investment Income

The components of net investment income are as follows:



	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed maturity investments trading	$	297,222	$	282,173	$	591,716	$	566,896
Short term investments	32,957		48,415		67,263		89,444
Equity investments
Fixed income exchange traded funds	26,119		6,528		47,811		7,712

Common stock (1)	676		615		1,353		1,341
Other investments
Catastrophe bonds	40,095		47,948		80,027		102,702
Fund and direct private equity investments (2)	33,333		21,692		58,544		40,415
Cash and cash equivalents	9,420		12,333		20,583		23,443
	439,822		419,704		867,297		831,953
Investment expenses	(7,333)		(6,596)		(14,306)		(13,492)
Net investment income	$	432,489	$	413,108	$	852,991	$	818,461

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

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

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

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



	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed maturity investments trading	$	(119,520)	$	94,579	(356,644)		330,854
Investment-related derivatives (1)	128,243		175,431		82,385		317,077
Equity investments	14,097		23,871		(52,985)		26,829
Other investments
Catastrophe bonds	(1,125)		(14,016)		(12,954)		(54,429)
Fund and direct private equity investments (2)	99,933		69,855		39,913		62,329
Net realized and unrealized gains (losses) on investments	$	121,628	$	349,720	$	(300,285)	$	682,660

(1)Included in investment-related derivatives for the three and six months ended June 30, 2026 are gains (losses) related to fixed maturity investment-related derivatives of $4.2 million and $(26.6) million (June 30, 2025 - $54.9 million and $131.5 million), equity investment-related derivatives of $203.2 million and $122.9 million (June 30, 2025 - $87.2 million and $34.7 million) and commodity-related derivatives of $(79.1) million and $(13.8) million (June 30, 2025 - $33.3 million and $150.8 million). Refer to “Note 13. Derivative Instruments” for additional information on investment-related derivatives.

(2)In the fourth quarter of 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:



	Three months ended				Six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed maturity investments trading
Net realized gains (losses)	$	(18,225)	$	(1,767)	$	(38,336)	$	8,268
Net unrealized gains (losses)	(101,295)		96,346		(318,308)		322,586
Net realized and unrealized gains (losses)	$	(119,520)	$	94,579	$	(356,644)	$	330,854

Equity investments
Net realized gains (losses)	$	864	$	64	9,067		$	72
Net unrealized gains (losses)	13,233		23,807		(62,052)		26,757
Net realized and unrealized gains (losses)	$	14,097	$	23,871	$	(52,985)	$	26,829

- 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.

+ References + Details