v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Values of Fixed Maturities
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 lossesGross
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. government830,184 (26)4,875 (11,123)823,910 
Corporate debt5,603,202 (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 RMBS212,897 (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. government798,984 — 14,961 (3,401)810,544 
Corporate debt5,168,562 (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 RMBS193,372 (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.
Summary of Contractual Maturities of Fixed Maturities
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 years5,802,284 5,776,470 41.8 %
Due after five years through ten years2,478,202 2,464,630 17.8 %
Due after ten years287,302 284,458 2.1 %
 8,883,840 8,841,719 64.0 %
Agency RMBS2,445,926 2,422,949 17.5 %
CMBS804,486 788,348 5.7 %
Non-agency RMBS212,897 208,039 1.5 %
ABS1,569,414 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 years5,665,467 5,721,423 44.0 %
Due after five years through ten years2,212,109 2,231,417 17.1 %
Due after ten years185,304 185,860 1.4 %
 8,427,294 8,502,973 65.3 %
Agency RMBS2,026,043 2,035,352 15.6 %
CMBS811,056 801,511 6.2 %
Non-agency RMBS193,372 190,124 1.5 %
ABS1,479,963 1,488,067 11.4 %
Total$12,937,728 $13,018,027 100.0 %
Summary of Fixed Maturities and Equities in an Unrealized Loss Position
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 greaterLess than 12 monthsTotal
  
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. government33,680 (2,272)469,148 (8,851)502,828 (11,123)
Corporate debt425,660 (31,460)2,215,798 (29,356)2,641,458 (60,816)
Agency RMBS245,445 (22,826)908,951 (12,501)1,154,396 (35,327)
CMBS271,397 (15,420)216,032 (2,496)487,429 (17,916)
Non-agency RMBS34,594 (4,603)99,552 (614)134,146 (5,217)
ABS80,698 (3,335)537,340 (3,511)618,038 (6,846)
Municipals16,442 (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. government50,892 (2,202)147,629 (1,199)198,521 (3,401)
Corporate debt589,821 (32,617)501,402 (8,110)1,091,223 (40,727)
Agency RMBS338,652 (21,806)160,500 (754)499,152 (22,560)
CMBS331,169 (15,831)98,333 (355)429,502 (16,186)
Non-agency RMBS39,376 (4,361)1,092 (13)40,468 (4,374)
ABS94,908 (3,582)204,271 (488)299,179 (4,070)
Municipals21,039 (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)
Summary of 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 lossesNet carrying valueGross
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").
Summary of Cost and Fair Value of 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 stocks45,293 3,976 (428)48,841 
Exchange-traded funds268,849 169,242 (2,956)435,135 
Bond mutual funds288,818 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 stocks19,662 717 (68)20,311 
Exchange-traded funds259,353 142,901 (497)401,757 
Bond mutual funds288,333 9,411 (25,938)271,806 
Total equity securities$581,275 $153,468 $(27,174)$707,569 
Summary of Mortgage Loans Net of Valuation Allowance
The following table provides details of the Company's mortgage loans, held for investment:
  
June 30, 2026December 31, 2025
  
Carrying value% of TotalCarrying 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 %
Summary of Portfolio of 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 funds194,209 18 %
Quarterly(1)
90 days
Private equity funds400,067 38 %n/an/a
Real estate funds278,438 26 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments183,256 17 %n/an/a
Total other investments$1,062,933 100 % 
At December 31, 2025    
Multi-strategy funds$11,577 1 %Quarterly
60-90 days
Direct lending funds186,747 18 %
Quarterly(1)
90 days
Private equity funds364,376 36 %n/an/a
Real estate funds291,491 28 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments173,607 17 %n/an/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).
Summary of Equity Method Investments
The following table provides details of the Company's equity method investments:
  
June 30, 2026December 31, 2025
  
Carrying valueCarrying 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 
Summary of Other Significant Noncash Transactions
The following table provides a summary of non-cash settlements with Monarch Point Re:
Non-cash settlements with Monarch Point ReSix months ended June 30,
20262025
Loan advances made$58,112 $77,272 
Reinsurance recoverable on unpaid losses and loss expenses
23,839 30,017 
Interest receivable on loan advances made8,127 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)
Summary of Net Investment Income
Net investment income was derived from the following sources:
  
Three months ended June 30,Six months ended June 30,
  
2026202520262025
Fixed maturities$163,304 $149,861 $320,000 $296,572 
Other investments6,226 18,479 23,931 40,889 
Equity securities4,631 3,155 8,782 6,363 
Mortgage loans4,154 5,956 8,319 12,824 
Cash and cash equivalents10,655 16,649 19,573 50,028 
Short-term investments71 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 
Summary of 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,
  2026202520262025
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents
$12,743 $19,394 $44,726 $41,532 
Equity securities84 4,032 12,442 40,100 
Gross realized investment gains12,827 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 sale1,220 (859)(62)(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans1,351 (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 securities55,990 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'.
Summary of Reconciliation of Allowance for Credit Loss on Fixed Maturities, Available for Sale
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,
  2026202520262025
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 
Summary of Reconciliation of Allowance for Credit Loss on Mortgage Loans
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,
  2026202520262025
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