v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Derivative Instruments [Abstract]  
Schedule of Gross and Net Amounts of Recognized Derivative Assets and Liabilities at Fair Value
The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value for the Company’s derivative instruments:
Derivative Assets
At June 30, 2026Gross Amounts RecognizedGross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral ReceivedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$7,744 $— $7,744 $— $7,744 
Interest rate swaps207 — 207 — 207 
Foreign currency forward contracts (2)
7,645 — 7,645 — 7,645 
Foreign currency forward contracts (3)
2,057 — 2,057 — 2,057 
Credit default swaps184 — 184 — 184 
Equity futures12,065 — 12,065 — 12,065 
Total derivative instruments not designated as hedges29,902 — 29,902 — 29,902 
Derivative instruments designated as hedges
Foreign currency forward contracts (3)
1,382 — 1,382 — 1,382 
Total$31,284 $— $31,284 $— $31,284 
Derivative Liabilities
At June 30, 2026Gross Amounts RecognizedGross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral PledgedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$9,227 $— $9,227 $7,898 $1,329 
Foreign currency forward contracts (2)
22,886 — 22,886 3,350 19,536 
Foreign currency forward contracts (3)
1,321 — 1,321 — 1,321 
Credit default swaps627 — 627 627 — 
Commodity futures55 — 55 — 55 
Total derivative instruments not designated as hedges34,116 — 34,116 11,875 22,241 
Derivative instruments designated as hedges
Foreign currency forward contracts (4)
151 — 151 — 151 
Total$34,267 $— $34,267 $11,875 $22,392 
(1)Net derivative assets and liabilities are included within other assets and other liabilities, respectively, in the consolidated balance sheets.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation.
Derivative Assets
At December 31, 2025
Gross Amounts Recognized
Gross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral ReceivedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$7,400 $— $7,400 $— $7,400 
Interest rate swaps37 — 37 — 37 
Foreign currency forward contracts (2)
10,592 — 10,592 — 10,592 
Foreign currency forward contracts (3)
8 — 8 — 8 
Credit default swaps310 — 310 — 310 
Total$18,347 $— $18,347 $— $18,347 
Derivative Liabilities
At December 31, 2025
Gross Amounts Recognized
Gross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral PledgedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$8,236 $— $8,236 $7,940 $296 
Foreign currency forward contracts (2)
5,519 — 5,519 5,425 94 
Foreign currency forward contracts (3)
3,097 — 3,097 1,201 1,896 
Credit default swaps627 — 627 627 — 
Equity futures9,861 — 9,861 9,861 — 
Commodity futures12,380 — 12,380 — 12,380 
Total derivative instruments not designated as hedges39,720 — 39,720 25,054 14,666 
Derivative instruments designated as hedges
Foreign currency forward contracts (4)
1,480 — 1,480 — 1,480 
Total$41,200 $— $41,200 $25,054 $16,146 
(1)Net derivative assets and liabilities are included within other assets and other liabilities, respectively, in the consolidated balance sheets.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation.
Derivative Notional Exposure
The table below shows the notional exposure by underlying risk of the Company’s recognized derivative contracts:
At June 30, 2026At December 31, 2025
Notional Long ExposureNotional Short ExposureNotional Long ExposureNotional Short Exposure
Derivative instruments not designated as hedges
Interest rate risk
Interest rate futures$6,589,337 $2,575,495 $7,575,688 $4,179,575 
Interest rate swaps (1)
13,030 36,200 — 29,600 
Foreign currency risk
Foreign currency forward contracts (2)
967,747 292,202 1,102,740 412,005 
Foreign currency forward contracts (3)
152,815 207,197 159,267 186,854 
Credit risk
Credit default swaps (4)
46,845 1,453,875 39,500 847,864 
Equity price risk
Equity futures1,643,364 — 1,729,226 — 
Commodity price risk
Commodity futures553,678 — 1,189,027 — 
Derivative instruments designated as hedges
Foreign currency risk
Foreign currency forward contracts (5)
— 65,289 — 64,142 
(1)Notional long exposure amounts are positions receiving a fixed rate and notional short exposure amounts are positions paying a fixed rate.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Notional long exposure amounts are positions which assume credit risk and notional short exposure amounts are positions to protect the investment portfolio against increasing credit risk.
(5)Contracts designated as hedges of net investments in a foreign operation.
Schedule of Location and Amount of the Gain (Loss) Recognized
The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations and consolidated statements of changes in shareholders’ equity related to its derivative instruments are shown in the following table:
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Derivative instruments not designated as hedges
Net realized and unrealized gains (losses) on investments (1)
Interest rate futures$3,375 $37,692 $(37,836)$103,895 
Credit default swaps738 17,239 11,174 27,638 
Interest rate swaps66 — 17 — 
Total fixed maturity investment-related derivatives4,179 54,931 (26,645)131,533 
Equity futures203,195 87,247 122,851 34,700 
Total equity investment-related derivatives203,195 87,247 122,851 34,700 
Commodity futures(79,131)35,372 (13,821)153,446 
Commodity options— (2,119)— (2,602)
Total commodity-related derivatives(79,131)33,253 (13,821)150,844 
Total net realized and unrealized gains (losses) on investments (1)
128,243 175,431 82,385 317,077 
Net foreign exchange gains (losses)
Foreign currency forward contracts (2)
(6,958)35,673 (20,804)44,934 
Foreign currency forward contracts (3)
(1,357)(1,788)1,391 (2,875)
Total net foreign exchange gains (losses)(8,315)33,885 (19,413)42,059 
Total derivative instruments not designated as hedges119,928 209,316 62,972 359,136 
Derivative instruments designated as hedges
Accumulated other comprehensive income (loss)
Foreign currency forward contracts (4)
(688)(3,012)(2,230)(3,377)
Total$119,240 $206,304 $60,742 $355,759 
(1)Amount of gain (loss) is included in net realized and unrealized gains (losses) on investment-related derivatives. Refer to “Note 3. Investments” for additional information.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation. Amount of gain (loss) is included in foreign currency translation adjustments, net of tax.