INVESTMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2026		At December 31, 2025
Corporate	$	9,807,924	$	8,528,828
U.S. Treasuries	9,037,223		10,641,503
Residential mortgage-backed	3,449,802		2,606,882
Asset-backed	1,357,970		1,606,790
Agencies	641,239		486,817
Non-U.S. government	580,896		691,912
Commercial mortgage-backed	328,193		321,591
Total fixed maturity investments trading	$	25,203,247	$	24,884,323

The following table summarizes the fair value of equity investments:



	At September 30, 2026		At December 31, 2025

Fixed income exchange traded funds	$	1,547,207	$	1,582,811
Equity exchange traded funds	90,613		—
Common stock
Financials	128,721		147,996





Other	688		2,183
Total common stock	129,409		150,179
Total equity investments	$	1,767,229	$	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 September 30, 2026				At December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	1,425,623	$	1,424,835	$	2,072,111	$	2,081,003
Due after one through five years	10,525,646		10,348,304		12,450,807		12,606,212
Due after five through ten years	7,677,750		7,330,702		5,039,803		5,109,842
Due after ten years	1,034,332		963,441		573,271		552,003
Mortgage-backed	3,966,349		3,777,995		2,920,644		2,928,473
Asset-backed	1,368,179		1,357,970		1,601,715		1,606,790
Total	$	25,997,879	$	25,203,247	$	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 September 30, 2026		At December 31, 2025
Fund investments
Private credit funds	$	1,597,821	$	1,445,158
Private equity funds	788,907		701,837


Multi-strategy funds (1)	633,225		473,990
Insurance-linked securities funds	167,984		154,514
Equity funds	79,181		—
Total fund investments	3,267,118		2,775,499
Catastrophe bonds	1,625,250		1,613,710
Direct private equity investments	155,594		185,005



Total other investments	$	5,047,962	$	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 September 30, 2026	$	3,212,156	$	3,859,248	$	7,071,404
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				Nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Fixed maturity investments trading	$	307,844	$	287,139	$	899,560	$	854,035
Short term investments	30,851		51,855		98,114		141,299
Equity investments
Fixed income exchange traded funds	27,031		15,876		74,842		23,588

Common stock (1)	681		610		2,034		1,951
Other investments
Catastrophe bonds	44,403		50,503		124,430		153,205
Fund and direct private equity investments (2)	29,729		27,036		88,273		67,451
Cash and cash equivalents	8,407		12,045		28,990		35,488
	448,946		445,064		1,316,243		1,277,017
Investment expenses	(8,093)		(6,710)		(22,399)		(20,202)
Net investment income	$	440,853	$	438,354	$	1,293,844	$	1,256,815

(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				Nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Fixed maturity investments trading	$	(831,471)	$	86,089	(1,188,115)		416,943
Equity investments	(78,966)		7,150		(131,951)		33,979
Investment-related derivatives (1)	(51,004)		181,012		31,381		498,089
Other investments
Catastrophe bonds	34,971		44,592		22,017		(9,837)
Fund and direct private equity investments (2)	46,627		(6,953)		86,540		55,376
Net realized and unrealized gains (losses) on investments	$	(879,843)	$	311,890	$	(1,180,128)	$	994,550

(1)Included in investment-related derivatives for the three and nine months ended September 30, 2026 are gains (losses) related to fixed maturity investment-related derivatives of $(68.1) million and $(94.8) million (2025 - $(40.5) million and $91.0 million), equity investment-related derivatives of $16.8 million and $139.7 million (2025 - $78.0 million and $112.7 million) and commodity-related derivatives of $0.3 million and $(13.5) million (2025 - $143.6 million and $294.4 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 are split between realized and unrealized gains (losses) as follows:



	Three months ended				Nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Fixed maturity investments trading
Net realized gains (losses)	$	(137,500)	$	19,293	$	(175,836)	$	27,561
Net unrealized gains (losses)	(693,971)		66,796		(1,012,279)		389,382
Net realized and unrealized gains (losses)	$	(831,471)	$	86,089	$	(1,188,115)	$	416,943

Equity investments
Net realized gains (losses)	$	(721)	$	541	8,346		$	613
Net unrealized gains (losses)	(78,245)		6,609		(140,297)		33,366
Net realized and unrealized gains (losses)	$	(78,966)	$	7,150	$	(131,951)	$	33,979

- 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.

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