FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At September 30, 2026	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
Corporate	$	9,807,924	$	—	$	9,560,977	$	246,947
U.S. Treasuries	9,037,223		9,037,223		—		—
Residential mortgage-backed	3,449,802		—		3,449,802		—
Asset-backed	1,357,970		—		1,221,112		136,858
Agencies	641,239		—		641,239		—
Non-U.S. government	580,896		—		580,896		—
Commercial mortgage-backed	328,193		—		328,193		—
Total fixed maturity investments trading	25,203,247		9,037,223		15,782,219		383,805
Short term investments	4,009,923		18,193		3,991,730		—
Equity investments
Fixed income exchange traded funds	1,547,207		1,547,207		—		—
Common stock	129,409		129,409		—		—
Equity exchange traded funds	90,613		90,613		—		—
Total equity investments	1,767,229		1,767,229		—		—
Other investments
Catastrophe bonds	1,625,250		—		1,625,250		—
Direct private equity investments	155,594		—		131,032		24,562

	1,780,844		—		1,756,282		24,562
Fund investments (1)	3,267,118		—		—		—
Total other investments	5,047,962		—		1,756,282		24,562
Other assets and (liabilities)

Derivative assets (2)	19,385		9,576		9,809		—
Derivative liabilities (2)	(33,954)		(6,985)		(26,969)		—
Total other assets and (liabilities)	(14,569)		2,591		(17,160)		—
	$	36,013,792	$	10,825,236	$	21,513,071	$	408,367

(1)Fund investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.



At December 31, 2025	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. Treasuries	$	10,641,503	$	10,641,503	$	—	$	—
Corporate	8,528,828		—		8,414,572		114,256
Residential mortgage-backed	2,606,882		—		2,606,882		—
Asset-backed	1,606,790		—		1,566,931		39,859
Non-U.S. government	691,912		—		691,912		—
Agencies	486,817		—		486,817		—
Commercial mortgage-backed	321,591		—		321,591		—
Total fixed maturity investments trading	24,884,323		10,641,503		14,088,705		154,115
Short term investments	4,759,811		959		4,758,852		—
Equity investments
Fixed income exchange traded funds	1,582,811		1,582,811		—		—

Common stock	150,179		150,179		—		—
Total equity investments	1,732,990		1,732,990		—		—
Other investments
Catastrophe bonds	1,613,710		—		1,613,710		—

Direct private equity investments	185,005		—		157,010		27,995
	1,798,715		—		1,770,720		27,995
Fund investments (1)	2,775,499		—		—		—


Total other investments	4,574,214		—		1,770,720		27,995
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(34)		—		—		(34)
Derivative assets (2)	18,347		7,400		10,947		—
Derivative liabilities (2)	(41,200)		(30,477)		(10,723)		—
Total other assets and (liabilities)	(22,887)		(23,077)		224		(34)
	$	35,928,451	$	12,352,375	$	20,618,501	$	182,076

(2)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) developed by the Company in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At September 30, 2026

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Weighted Average or Actual

Fixed maturity investments trading

Asset-backed

35,768

Discounted cash flow

Discount rate

11.3%

Other investments

Direct private equity investments

24,562

Internal valuation model

Discount rate

12.0%

Liquidity discount

10.0%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

60,330

At December 31, 2025

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Weighted Average or Actual

Fixed maturity investments trading

Corporate

114,256

Recent transaction price

N/A

Asset-backed

39,859

Discounted cash flow

Discount rate

11.3%

Total fixed maturity investments trading

154,115

Other investments

Direct private equity investments

27,995

Internal valuation model

Discount rate

13.0%

Liquidity discount

10.0%

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(34)

Internal valuation model

Net undiscounted cash flows

$12,836

Expected loss ratio

—%

Discount rate

3.7%

Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

182,076

Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Fixed Maturity Investments Trading				Other Investments
Three months ended September 30, 2026	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - July 1, 2026	$	219,697	$	91,767	$	23,625	$	—	$	335,089
Net investment income	—		1,027		89		—		1,116
Net realized and unrealized gains (losses) on investments	—		(972)		348		—		(624)


Purchases	27,250		52,271		500		—		80,021
Sales	—		(367)		—		—		(367)
Settlements	—		(6,868)		—		—		(6,868)



Balance - September 30, 2026	$	246,947	$	136,858	$	24,562	$	—	$	408,367




	Fixed Maturity Investments Trading				Other Investments
Nine months ended September 30, 2026	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2026	$	114,256	$	39,859	$	27,995	$	(34)	$	182,076
Net investment income	—		3,345		252		—		3,597
Net realized and unrealized gains (losses) on investments	—		(1,264)		(4,178)		—		(5,442)
Other income (loss)	—		—		—		17		17
Net foreign exchange gains (losses)	—		—		(7)		—		(7)
Purchases	132,691		103,159		500		—		236,350
Sales	—		(392)		—		—		(392)
Settlements	—		(7,849)		—		17		(7,832)



Balance - September 30, 2026	$	246,947	$	136,858	$	24,562	$	—	$	408,367



	Fixed Maturity Investments Trading		Other Investments
Three months ended September 30, 2025	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - July 1, 2025	$	40,936	$	35,308	$	(150)	$	76,094
Net investment income	980		82		—		1,062
Net realized and unrealized gains (losses) on investments	—		(3,868)		—		(3,868)
Other income (loss)	—		—		90		90
Net foreign exchange gains (losses)	—		(10)		—		(10)
Purchases	222		1,000		—		1,222

Settlements	(3,313)		—		(33)		(3,346)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244




	Fixed Maturity Investments Trading		Other Investments
Nine months ended September 30, 2025	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	980		221		—		1,201
Net realized and unrealized gains (losses) on investments	—		(12,519)		—		(12,519)
Other income (loss)	—		—		583		583
Net foreign exchange gains (losses)	—		33		—		33
Purchases	41,681		1,000		—		42,681

Settlements	(3,836)		—		(271)		(4,107)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244

Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Fixed Maturity Investments Trading				Other Investments
Three months ended September 30, 2026	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - July 1, 2026	$	219,697	$	91,767	$	23,625	$	—	$	335,089
Net investment income	—		1,027		89		—		1,116
Net realized and unrealized gains (losses) on investments	—		(972)		348		—		(624)


Purchases	27,250		52,271		500		—		80,021
Sales	—		(367)		—		—		(367)
Settlements	—		(6,868)		—		—		(6,868)



Balance - September 30, 2026	$	246,947	$	136,858	$	24,562	$	—	$	408,367




	Fixed Maturity Investments Trading				Other Investments
Nine months ended September 30, 2026	Corporate		Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2026	$	114,256	$	39,859	$	27,995	$	(34)	$	182,076
Net investment income	—		3,345		252		—		3,597
Net realized and unrealized gains (losses) on investments	—		(1,264)		(4,178)		—		(5,442)
Other income (loss)	—		—		—		17		17
Net foreign exchange gains (losses)	—		—		(7)		—		(7)
Purchases	132,691		103,159		500		—		236,350
Sales	—		(392)		—		—		(392)
Settlements	—		(7,849)		—		17		(7,832)



Balance - September 30, 2026	$	246,947	$	136,858	$	24,562	$	—	$	408,367



	Fixed Maturity Investments Trading		Other Investments
Three months ended September 30, 2025	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - July 1, 2025	$	40,936	$	35,308	$	(150)	$	76,094
Net investment income	980		82		—		1,062
Net realized and unrealized gains (losses) on investments	—		(3,868)		—		(3,868)
Other income (loss)	—		—		90		90
Net foreign exchange gains (losses)	—		(10)		—		(10)
Purchases	222		1,000		—		1,222

Settlements	(3,313)		—		(33)		(3,346)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244




	Fixed Maturity Investments Trading		Other Investments
Nine months ended September 30, 2025	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	980		221		—		1,201
Net realized and unrealized gains (losses) on investments	—		(12,519)		—		(12,519)
Other income (loss)	—		—		583		583
Net foreign exchange gains (losses)	—		33		—		33
Purchases	41,681		1,000		—		42,681

Settlements	(3,836)		—		(271)		(4,107)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:



	At September 30, 2026				At December 31, 2025
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private credit funds	$	1,597,821	$	2,224,853	$	1,445,158	$	1,605,126
Private equity funds	788,907		702,079		701,837		661,159
Multi-strategy funds (1)	633,225		—		473,990		—
Insurance-linked securities funds	167,984		—		154,514		—
Equity funds	79,181		—		—		—
Total other investments measured using net asset valuations	$	3,267,118	$	2,926,932	$	2,775,499	$	2,266,285

(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.”

- 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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