INVESTMENTS

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

a) Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:


	Amortized cost		Allowance for expected credit losses		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Available for sale
U.S. government and agency	$	2,403,693	$	—	$	2,762	$	(19,081)	$	2,387,374
Non-U.S. government	830,184		(26)		4,875		(11,123)		823,910
Corporate debt	5,603,202		(1,211)		43,724		(60,816)		5,584,899
Agency RMBS(1)	2,445,926		—		12,350		(35,327)		2,422,949
CMBS(2)	804,486		(326)		2,104		(17,916)		788,348
Non-agency RMBS	212,897		(258)		617		(5,217)		208,039
ABS(3)	1,569,414		(77)		4,768		(6,846)		1,567,259
Municipals(4)	46,761		—		166		(1,391)		45,536
Total fixed maturities, available for sale	$	13,916,563	$	(1,898)	$	71,366	$	(157,717)	$	13,828,314







At December 31, 2025
Available for sale
U.S. government and agency	$	2,406,907	$	—	$	17,206	$	(6,212)	$	2,417,901
Non-U.S. government	798,984		—		14,961		(3,401)		810,544
Corporate debt	5,168,562		(1,539)		96,137		(40,727)		5,222,433
Agency RMBS(1)	2,026,043		—		31,869		(22,560)		2,035,352
CMBS(2)	811,056		—		6,641		(16,186)		801,511
Non-agency RMBS	193,372		(240)		1,366		(4,374)		190,124
ABS(3)	1,479,963		(57)		12,231		(4,070)		1,488,067
Municipals(4)	52,841		—		462		(1,208)		52,095
Total fixed maturities, available for sale	$	12,937,728	$	(1,836)	$	180,873	$	(98,738)	$	13,018,027

(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.

(2)Commercial mortgage-backed securities ("CMBS").

(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").

(4)Municipals include bonds issued by states, municipalities and political subdivisions.

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The table below provides the contractual maturities of fixed maturities classified as available for sale:


	Amortized cost		Fair value		% of Total fair value

At June 30, 2026
Maturity
Due in one year or less	$	316,052	$	316,161	2.3	%
Due after one year through five years	5,802,284		5,776,470		41.8	%
Due after five years through ten years	2,478,202		2,464,630		17.8	%
Due after ten years	287,302		284,458		2.1	%
	8,883,840		8,841,719		64.0	%
Agency RMBS	2,445,926		2,422,949		17.5	%
CMBS	804,486		788,348		5.7	%
Non-agency RMBS	212,897		208,039		1.5	%
ABS	1,569,414		1,567,259		11.3	%
Total	$	13,916,563	$	13,828,314	100.0	%

At December 31, 2025
Maturity
Due in one year or less	$	364,414	$	364,273	2.8	%
Due after one year through five years	5,665,467		5,721,423		44.0	%
Due after five years through ten years	2,212,109		2,231,417		17.1	%
Due after ten years	185,304		185,860		1.4	%
	8,427,294		8,502,973		65.3	%
Agency RMBS	2,026,043		2,035,352		15.6	%
CMBS	811,056		801,511		6.2	%
Non-agency RMBS	193,372		190,124		1.5	%
ABS	1,479,963		1,488,067		11.4	%
Total	$	12,937,728	$	13,018,027	100.0	%

Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

At June 30, 2026
Fixed maturities, available for sale
U.S. government and agency	$	80,143	$	(2,884)	$	1,824,792	$	(16,197)	$	1,904,935	$	(19,081)
Non-U.S. government	33,680		(2,272)		469,148		(8,851)		502,828		(11,123)
Corporate debt	425,660		(31,460)		2,215,798		(29,356)		2,641,458		(60,816)
Agency RMBS	245,445		(22,826)		908,951		(12,501)		1,154,396		(35,327)
CMBS	271,397		(15,420)		216,032		(2,496)		487,429		(17,916)
Non-agency RMBS	34,594		(4,603)		99,552		(614)		134,146		(5,217)
ABS	80,698		(3,335)		537,340		(3,511)		618,038		(6,846)
Municipals	16,442		(1,278)		14,682		(113)		31,124		(1,391)
Total fixed maturities, available for sale	$	1,188,059	$	(84,078)	$	6,286,295	$	(73,639)	$	7,474,354	$	(157,717)







At December 31, 2025
Fixed maturities, available for sale
U.S. government and agency	$	186,934	$	(4,695)	$	314,665	$	(1,517)	$	501,599	$	(6,212)
Non-U.S. government	50,892		(2,202)		147,629		(1,199)		198,521		(3,401)
Corporate debt	589,821		(32,617)		501,402		(8,110)		1,091,223		(40,727)
Agency RMBS	338,652		(21,806)		160,500		(754)		499,152		(22,560)
CMBS	331,169		(15,831)		98,333		(355)		429,502		(16,186)
Non-agency RMBS	39,376		(4,361)		1,092		(13)		40,468		(4,374)
ABS	94,908		(3,582)		204,271		(488)		299,179		(4,070)
Municipals	21,039		(1,203)		727		(5)		21,766		(1,208)
Total fixed maturities, available for sale	$	1,652,791	$	(86,297)	$	1,428,619	$	(12,441)	$	3,081,410	$	(98,738)

At June 30, 2026, 3,588 fixed maturities (2025: 2,244) were in an unrealized loss position of $158 million (2025: $99 million) of which $14 million (2025: $9 million) was related to securities below investment grade or not rated.

At June 30, 2026, 1,292 fixed maturities (2025: 1,522) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,188 million (2025: $1,653 million).

The unrealized losses of $158 million (2025: $99 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At June 30, 2026, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

b) Fixed Maturities, Held to Maturity

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:


	Amortized cost		Allowance for expected credit losses		Net carrying value		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Held to maturity
Corporate debt	$	161,479	$	—	$	161,479	$	960	$	(4,846)	$	157,593
ABS(1)	245,545		—		245,545		326		(1,359)		244,512
Total fixed maturities, held to maturity	$	407,024	$	—	$	407,024	$	1,286	$	(6,205)	$	402,105

At December 31, 2025
Held to maturity
Corporate debt	$	145,137	$	—	$	145,137	$	2,039	$	(4,100)	$	143,076
ABS(1)	252,293		—		252,293		625		(52)		252,866
Total fixed maturities, held to maturity	$	397,430	$	—	$	397,430	$	2,664	$	(4,152)	$	395,942

(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").

At June 30, 2026, fixed maturities, held to maturity of $407 million (2025: $397 million) were presented net of an allowance for expected credit losses of $nil (2025: $nil).

The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At June 30, 2026, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil.

To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At June 30, 2026, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil.

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $246 million (2025: $252 million).

Corporate debt classified as held to maturity with a net carrying value of $44 million (2025: $32 million) is due in 3 years or less. Corporate debt classified as held to maturity with a net carrying value of $115 million (2025: $110 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2025: $3 million) is due after 10 years.

c) Equity Securities

The following table provides the cost and fair values of the Company's equity securities:


	Cost		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Equity securities
Common stocks	$	3,545	$	366	$	(626)	$	3,285
Preferred stocks	45,293		3,976		(428)		48,841
Exchange-traded funds	268,849		169,242		(2,956)		435,135
Bond mutual funds	288,818		7,510		(35,057)		261,271
Total equity securities	$	606,505	$	181,094	$	(39,067)	$	748,532

At December 31, 2025
Equity securities
Common stocks	$	13,927	$	439	$	(671)	$	13,695
Preferred stocks	19,662		717		(68)		20,311
Exchange-traded funds	259,353		142,901		(497)		401,757
Bond mutual funds	288,333		9,411		(25,938)		271,806
Total equity securities	$	581,275	$	153,468	$	(27,174)	$	707,569

d) Mortgage Loans

The following table provides details of the Company's mortgage loans, held for investment:


	June 30, 2026				December 31, 2025
	Carrying value		% of Total		Carrying value		% of Total

Mortgage loans, held for investment:
Commercial	$	363,494	108	%	$	386,582	108	%
Allowance for expected credit losses	(27,957)		(8	%)	(29,742)		(8	%)


Total mortgage loans held for investment	$	335,537	100	%	$	356,840	100	%

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.

The commercial mortgage loan portfolio has a weighted average debt service coverage ratio of 1.5x (2025: 1.6x) and a weighted average loan-to-value ratio of 83% (2025: 84%).

At June 30, 2026, there were three commercial mortgage loans (2025: two) with past due amounts where the Company is assessing exit strategies. The carrying value of these loans net of an allowance for expected credit losses was $20 million (2025: $14 million).

On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 46% (2025: 51%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.

Accordingly, any change in estimated credit losses is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At June 30, 2026, the Company's mortgage loan portfolio had an allowance for expected credit losses of $28 million (2025: $30 million).

e) Other Investments

The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:


	Fair value				Redemption frequency (if currently eligible)	Redemption notice period

At June 30, 2026

Multi-strategy funds	$	6,963	1	%	Quarterly	60-90 days


Direct lending funds	194,209		18	%	Quarterly(1)	90 days
Private equity funds	400,067		38	%	n/a	n/a
Real estate funds	278,438		26	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	183,256		17	%	n/a	n/a

Total other investments	$	1,062,933	100	%

At December 31, 2025

Multi-strategy funds	$	11,577	1	%	Quarterly	60-90 days


Direct lending funds	186,747		18	%	Quarterly(1)	90 days
Private equity funds	364,376		36	%	n/a	n/a
Real estate funds	291,491		28	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	173,607		17	%	n/a	n/a

Total other investments	$	1,027,798	100	%

n/a - not applicable

(1) Applies to one fund with a fair value of $2 million (2025: $2 million).

(2) Applies to one fund with a fair value of $29 million (2025: $44 million).

(3) Applies to one fund with a fair value of $23 million (2025: $24 million).

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the six months ended June 30, 2026 and 2025, neither of these restrictions impacted the Company's redemption requests.

At June 30, 2026, the Company had $23 million (2025: $30 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At June 30, 2026, there were no multi-strategy fund holdings (2025: nil) where the Company is still within the lockup period.

At June 30, 2026, the Company had $283 million (2025: $292 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four to fifteen years and the General Partners of certain funds have the option to extend the term by up to three years. At June 30, 2026, there were two direct lending fund holdings (2025: one) with a fair value of $23 million (2025: $18 million) where the Company is still within the lockup period.

At June 30, 2026, the Company had $265 million (2025: $240 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.

At June 30, 2026, the Company had $96 million (2025: $105 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.

At June 30, 2026, the Company had $12 million (2025: $16 million) of unfunded commitments as a limited partner in four private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years and one fund has an investment term of ten years with the option to extend the term by up to three years.

f) Equity Method Investments

The following table provides details of the Company's equity method investments:


	June 30, 2026		December 31, 2025
	Carrying value		Carrying value

Equity method investments:
Harrington Re	$	126,264	$	163,513
Monarch Point Re	77,397		63,668
Total equity method investments	$	203,661	$	227,181

Harrington Re

During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2024 and 2025, the Company's ownership interest in Harrington increased to 22% and 23%, respectively. During the three months ended June 30, 2026, Harrington repurchased shares from the Company, resulting in a decrease in the Company's ownership interest in Harrington from 23% to 18%.

Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.

The Company continues to account for its ownership interest in Harrington under the equity method of accounting.

Monarch Point Re

During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025 and 2026, the Company paid $13 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd. During 2026, the Company paid $8 million to acquire 18% of the common equity of Monarch Point Re (ISA 2026) Ltd.

The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.

Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.

Loan Advances Made to Monarch Point Re

During 2026, the Company advanced $183 million (2025: $227 million) to Monarch Point Re that was included in loan advances made in the Company’s consolidated balance sheets. Loan balances receivable from Monarch Point Re are settled against amounts due to Monarch Point Re under the retrocession agreements and are treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at June 30, 2026 was $313 million (2025: $228 million). Loan advances made are expected to be repaid in full by August 15, 2027 (2025: May 15, 2027).

Interest on these loans was payable in 2026 at interest rates between 4.2% and 4.4% (2025: interest rates between 4.3% and 4.8%). Interest related to these loans of $8 million (2025: $5 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

The following table provides a summary of non-cash settlements with Monarch Point Re:


Non-cash settlements with Monarch Point Re	Six months ended June 30,
	2026		2025
Loan advances made	$	58,112	$	77,272
Reinsurance recoverable on unpaid losses and loss expenses	23,839		30,017
Interest receivable on loan advances made	8,127		6,814
Net cash inflows	$	90,078	$	114,103

Insurance and reinsurance balances payable, net	$	(90,078)	$	(114,103)
Net cash outflows	$	(90,078)	$	(114,103)

g) Variable Interest Entities

In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.

The Company also invests in limited partnerships which represent 71% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').

The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the carrying value reported in the Company's consolidated balance sheets and its unfunded commitments of $612 million at June 30, 2026 (2025: $612 million). The Company has not provided financial or other support to these structured securities other than the original investment.

h) Net Investment Income

Net investment income was derived from the following sources:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Fixed maturities	$	163,304	$	149,861	$	320,000	$	296,572
Other investments	6,226		18,479		23,931		40,889
Equity securities	4,631		3,155		8,782		6,363
Mortgage loans	4,154		5,956		8,319		12,824
Cash and cash equivalents	10,655		16,649		19,573		50,028
Short-term investments	71		541		203		2,527
Gross investment income	189,041		194,641		380,808		409,203
Investment expenses	(7,447)		(7,344)		(14,475)		(14,194)
Net investment income	$	181,594	$	187,297	$	366,333	$	395,009

i) Net Investment Gains (Losses)

The following table provides an analysis of net investment gains (losses):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents	$	12,743	$	19,394	$	44,726	$	41,532
Equity securities	84		4,032		12,442		40,100
Gross realized investment gains	12,827		23,426		57,168		81,632
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents	(22,860)		(27,673)		(47,905)		(79,412)
Equity securities	(106)		(2,719)		(1,004)		(11,590)
Mortgage loans	(1,605)		—		(6,200)		—
Gross realized investment losses	(24,571)		(30,392)		(55,109)		(91,002)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	1,220		(859)		(62)		(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans	1,351		(1,473)		1,784		(3,958)
Impairment losses(1)	(116)		(400)		(383)		(2,326)

Change in fair value of investment derivatives(2)	34		(1,035)		180		(1,451)
Net unrealized gains (losses) on equity securities	55,990		54,201		15,936		31,671

Net investment gains (losses)	$	46,735	$	43,468	$	19,514	$	13,462

(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.

(2) Refer to Note 5 'Derivative Instruments'.

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Balance at beginning of period	$	3,119	$	4,183	$	1,836	$	3,938
Expected credit losses on securities where credit losses were not previously recognized	978		1,345		2,127		1,659
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	(1,439)		(325)		(1,160)		(297)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—		—		—
Securities sold/redeemed/matured	(760)		(160)		(905)		(257)
Balance at end of period	$	1,898	$	5,043	$	1,898	$	5,043

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Balance at beginning of period	$	29,308	$	25,862	$	29,742	$	23,378
Expected credit losses on loans where credit losses were not previously recognized	—		1,019		—		1,019
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	2,256		454		6,417		2,938
Loans sold/redeemed/matured	(3,607)		—		(8,202)		—
Balance at end of period	$	27,957	$	27,335	$	27,957	$	27,335

j) Reverse Repurchase Agreements

At June 30, 2026, the Company held $10 million (2025: $14 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.