Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

As part of the Merger, the Company has entered into recurring transactions and agreements with Brookfield Wealth Solutions Ltd., its subsidiaries and affiliates.

For the year ended December 31, 2024, the Company purchased related party investments of $906.4 million and received $300.0 million of related party investments as part of a capital contribution from Brookfield Wealth Solutions Ltd. Additionally, for the year ended December 31, 2024, the Company recorded an unrealized gain of $28.2 million reflected in Net investment and other gains (losses) on our Consolidated Statements of Income (Loss), driven by a commercial real estate equity investment for which we have elected the fair value option of accounting. Related party investments as of December 31, 2024 were primarily attributed to $427.2 million of private loans, $305.4 million in other investments and $270.3 million of equity securities. Additionally, the Company has unfunded commitments totaling $218.6 million across the related party investments. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements.

For the year ended December 31, 2024, the Company incurred investment management fees due to related party arrangements of $11.5 million, which is recognized in Net investment income on our Consolidated Statements of Income (Loss). As of December 31, 2024, the related party investment management fees payable is $2.5 million which is recognized in Accrued underwriting expenses and other liabilities on our Consolidated Balance Sheets.

Additionally, the Company issued common stock to BNRE Triangle Acquisition Inc. See Note 10, “Stockholders’ Equity,” for additional information.