FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At June 30, 2026
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,345,018	$	42,356	$	—	$	—	$	2,387,374
Non-U.S. government	—		823,910		—		—		823,910
Corporate debt	—		5,361,369		223,530		—		5,584,899
Agency RMBS	—		2,422,949		—		—		2,422,949
CMBS	—		788,348		—		—		788,348
Non-agency RMBS	—		208,039		—		—		208,039
ABS	—		1,497,242		70,017		—		1,567,259
Municipals	—		45,536		—		—		45,536
	2,345,018		11,189,749		293,547		—		13,828,314
Equity securities
Common stocks	3,285		—		—		—		3,285
Preferred stocks	48,841		—		—		—		48,841
Exchange-traded funds	435,135		—		—		—		435,135
Bond mutual funds	—		261,271		—		—		261,271
	487,261		261,271		—		—		748,532
Other investments
Multi-strategy funds	—		—		—		6,963		6,963
Direct lending funds	—		—		—		194,209		194,209
Private equity funds	—		—		—		400,067		400,067
Real estate funds	—		—		—		278,438		278,438

Other privately held investments	—		—		131,224		52,032		183,256

	—		—		131,224		931,709		1,062,933
Short-term investments	—		2,828		—		—		2,828
Other assets
Derivative instruments (refer to Note 5)	—		8,621		—		—		8,621

Total Assets	$	2,832,279	$	11,462,469	$	424,771	$	931,709	$	15,651,228
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	1,627	$	—	$	—	$	1,627

Total Liabilities	$	—	$	1,627	$	—	$	—	$	1,627


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value


































At December 31, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,385,085	$	32,816	$	—	$	—	$	2,417,901
Non-U.S. government	—		810,544		—		—		810,544
Corporate debt	—		5,033,161		189,272		—		5,222,433
Agency RMBS	—		2,035,352		—		—		2,035,352
CMBS	—		801,511		—		—		801,511
Non-agency RMBS	—		190,124		—		—		190,124
ABS	—		1,448,711		39,356		—		1,488,067
Municipals	—		52,095		—		—		52,095
	2,385,085		10,404,314		228,628		—		13,018,027
Equity securities
Common stocks	13,695		—		—		—		13,695
Preferred stocks	14,239		6,072		—		—		20,311
Exchange-traded funds	401,757		—		—		—		401,757
Bond mutual funds	—		271,806		—		—		271,806
	429,691		277,878		—		—		707,569
Other investments
Multi-strategy funds	—		—		—		11,577		11,577
Direct lending funds	—		—		—		186,747		186,747
Private equity funds	—		—		—		364,376		364,376
Real estate funds	—		—		—		291,491		291,491

Other privately held investments	—		—		123,925		49,682		173,607

	—		—		123,925		903,873		1,027,798
Short-term investments	—		20,298		—		—		20,298
Other assets
Derivative instruments (refer to Note 5)	—		930		—		—		930

Total Assets	$	2,814,776	$	10,703,420	$	352,553	$	903,873	$	14,774,622
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	8,859	$	—	$	—	$	8,859

Total Liabilities	$	—	$	8,859	$	—	$	—	$	8,859

Summary of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis, Assets

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Three months ended June 30, 2026
Fixed maturities, available for sale
Corporate debt	$	225,010	$	1,378	$	—	$	318	$	1,468	$	4,834	$	(1,566)	$	(7,912)	$	223,530	$	—


ABS	54,412		—		—		3		(1,206)		17,850		—		(1,042)		70,017		—
	279,422		1,378		—		321		262		22,684		(1,566)		(8,954)		293,547		—
Other investments




Other privately held investments	124,139		—		—		3,335		—		3,750		—		—		131,224		3,335
	124,139		—		—		3,335		—		3,750		—		—		131,224		3,335




Total assets	$	403,561	$	1,378	$	—	$	3,656	$	262	$	26,434	$	(1,566)	$	(8,954)	$	424,771	$	3,335





Six months ended June 30, 2026
Fixed maturities, available for sale
Corporate debt	$	189,272	$	1,378	$	(2,572)	$	460	$	409	$	60,948	$	(9,236)	$	(17,129)	$	223,530	$	—
ABS	39,356		—		—		4		(1,046)		33,359		(14)		(1,642)		70,017		—
	228,628		1,378		(2,572)		464		(637)		94,307		(9,250)		(18,771)		293,547		—
Other investments

Other privately held investments	123,925		—		—		3,549		—		3,750		—		—		131,224		3,549
	123,925		—		—		3,549		—		3,750		—		—		131,224		3,549
Total assets	$	352,553	$	1,378	$	(2,572)	$	4,013	$	(637)	$	98,057	$	(9,250)	$	(18,771)	$	424,771	$	3,549

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI(2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses)(3)

Three months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	133,742	$	—	$	—	$	238	$	687	$	17,386	$	(19,343)	$	(1,237)	$	131,473	$	—


ABS	33,143		—		—		—		349		—		—		—		33,492		—
	166,885		—		—		238		1,036		17,386		(19,343)		(1,237)		164,965		—
Other investments




Other privately held investments	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269
	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269





Total assets	$	263,905	$	—	$	—	$	2,507	$	1,036	$	17,386	$	(19,343)	$	(6,179)	$	259,312	$	2,269





Six months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	126,391	$	—	$	—	$	238	$	1,044	$	25,050	$	(20,013)	$	(1,237)	$	131,473	$	—


ABS	20,832		—		—		—		660		12,000		—		—		33,492		—
	147,223		—		—		238		1,704		37,050		(20,013)		(1,237)		164,965		—
Other investments




Other privately held investments	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059
	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059




Total assets	$	239,453	$	—	$	—	$	7,297	$	1,704	$	37,050	$	(20,013)	$	(6,179)	$	259,312	$	7,059

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

- 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.

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