v3.26.3
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Summary of Derivative Instruments [Abstract]  
Schedule of Gross and Net Amounts of Recognized Derivative Assets and Liabilities at Fair Value
The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value for the Company’s derivative instruments:
Derivative Assets
At September 30, 2026Gross Amounts RecognizedGross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral ReceivedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$8,356 $— $8,356 $— $8,356 
Interest rate swaps54 — 54 — 54 
Foreign currency forward contracts (2)
4,882 — 4,882 — 4,882 
Foreign currency forward contracts (3)
2,710 — 2,710 — 2,710 
Credit default swaps1,054 — 1,054 — 1,054 
Commodity futures1,220 — 1,220 — 1,220 
Total derivative instruments not designated as hedges18,276 — 18,276 — 18,276 
Derivative instruments designated as hedges
Foreign currency forward contracts (4)
1,109 — 1,109 — 1,109 
Total$19,385 $— $19,385 $— $19,385 
Derivative Liabilities
At September 30, 2026Gross Amounts RecognizedGross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral PledgedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$2,878 $— $2,878 $2,288 $590 
Interest rate swaps2 — 2 2 — 
Foreign currency forward contracts (2)
23,851 — 23,851 4,113 19,738 
Foreign currency forward contracts (3)
2,207 — 2,207 — 2,207 
Credit default swaps909 — 909 909 — 
Equity futures4,107 — 4,107 4,107 — 
Total derivative instruments not designated as hedges$33,954 $— $33,954 $11,419 $22,535 
(1)Net derivative assets and liabilities are included within other assets and other liabilities, respectively, in the consolidated balance sheets.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation.
Derivative Assets
At December 31, 2025
Gross Amounts Recognized
Gross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral ReceivedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$7,400 $— $7,400 $— $7,400 
Interest rate swaps37 — 37 — 37 
Foreign currency forward contracts (2)
10,592 — 10,592 — 10,592 
Foreign currency forward contracts (3)
8 — 8 — 8 
Credit default swaps310 — 310 — 310 
Total$18,347 $— $18,347 $— $18,347 
Derivative Liabilities
At December 31, 2025
Gross Amounts Recognized
Gross Amounts Offset in the Balance Sheet
 Net Amounts Presented in the Balance Sheet (1)
Collateral PledgedNet Amount
Derivative instruments not designated as hedges
Interest rate futures$8,236 $— $8,236 $7,940 $296 
Foreign currency forward contracts (2)
5,519 — 5,519 5,425 94 
Foreign currency forward contracts (3)
3,097 — 3,097 1,201 1,896 
Credit default swaps627 — 627 627 — 
Equity futures9,861 — 9,861 9,861 — 
Commodity futures12,380 — 12,380 — 12,380 
Total derivative instruments not designated as hedges39,720 — 39,720 25,054 14,666 
Derivative instruments designated as hedges
Foreign currency forward contracts (4)
1,480 — 1,480 — 1,480 
Total$41,200 $— $41,200 $25,054 $16,146 
(1)Net derivative assets and liabilities are included within other assets and other liabilities, respectively, in the consolidated balance sheets.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation.
Derivative Notional Exposure
The table below shows the notional exposure by underlying risk of the Company’s recognized derivative contracts:
At September 30, 2026At December 31, 2025
Notional Long ExposureNotional Short ExposureNotional Long ExposureNotional Short Exposure
Derivative instruments not designated as hedges
Interest rate risk
Interest rate futures$7,796,245 $2,729,364 $7,575,688 $4,179,575 
Interest rate swaps (1)
2,050 31,380 — 29,600 
Foreign currency risk
Foreign currency forward contracts (2)
1,158,175 235,742 1,102,740 412,005 
Foreign currency forward contracts (3)
242,882 142,638 159,267 186,854 
Credit risk
Credit default swaps (4)
8,935 1,565,176 39,500 847,864 
Equity price risk
Equity futures1,543,605 — 1,729,226 — 
Commodity price risk
Commodity futures729,742 — 1,189,027 — 
Derivative instruments designated as hedges
Foreign currency risk
Foreign currency forward contracts (5)
— 68,891 — 64,142 
(1)Notional long exposure amounts are positions receiving a fixed rate and notional short exposure amounts are positions paying a fixed rate.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Notional long exposure amounts are positions which assume credit risk and notional short exposure amounts are positions to protect the investment portfolio against increasing credit risk.
(5)Contracts designated as hedges of net investments in a foreign operation.
Schedule of Location and Amount of the Gain (Loss) Recognized
The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations and consolidated statements of changes in shareholders’ equity related to its derivative instruments are shown in the following table:
Three months endedNine months ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
Derivative instruments not designated as hedges
Net realized and unrealized gains (losses) on investments (1)
Interest rate futures$(62,633)$(33,115)$(100,469)$70,780 
Credit default swaps(5,667)(7,395)5,507 20,243 
Interest rate swaps153 — 170 — 
Total fixed maturity investment-related derivatives(68,147)(40,510)(94,792)91,023 
Equity futures16,808 77,954 139,659 112,654 
Total equity investment-related derivatives16,808 77,954 139,659 112,654 
Commodity futures335 143,568 (13,486)297,014 
Commodity options— — — (2,602)
Total commodity-related derivatives335 143,568 (13,486)294,412 
Total net realized and unrealized gains (losses) on investments (1)
(51,004)181,012 31,381 498,089 
Net foreign exchange gains (losses)
Foreign currency forward contracts (2)
(10,132)(4,027)(30,936)40,907 
Foreign currency forward contracts (3)
4,989 (2,388)6,380 (5,263)
Total net foreign exchange gains (losses)(5,143)(6,415)(24,556)35,644 
Total derivative instruments not designated as hedges(56,147)174,597 6,825 533,733 
Derivative instruments designated as hedges
Accumulated other comprehensive income (loss)
Foreign currency forward contracts (4)
(364)(571)(2,594)(3,948)
Total$(56,511)$174,026 $4,231 $529,785 
(1)Amount of gain (loss) is included in net realized and unrealized gains (losses) on investment-related derivatives. Refer to “Note 3. Investments” for additional information.
(2)Contracts used to manage foreign currency risks in underwriting and non-investment operations.
(3)Contracts used to manage foreign currency risks in investment operations.
(4)Contracts designated as hedges of net investments in a foreign operation. Amount of gain (loss) is included in foreign currency translation adjustments, net of tax.