Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments

The notional value, fair value and gains and losses recognized in investment gains (losses) as of December 31, 2023 and 2022 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:

	Notional Value			Derivative Assets			Derivative Liabilities			Gains (Losses)
	(in thousands)
December 31, 2023
Exchange-traded futures		$	116,344		$	1		$	3,511		$	(2,038)
Currency forwards		34,440			4,951			5,597			(82)
Interest rate swaps		11,345			294			349			110
Credit default swaps		139,607			9,265			4,197			(6,850)
Total return swaps		95,021			6			4,391			(5,443)
Option swaps		50,232			1			135			(2,107)
Total derivatives		$	446,989		$	14,518		$	18,180		$	(16,410)
December 31, 2022
Exchange-traded futures		$	154,687		$	1,768		$	162		$	19,994
Currency forwards		34,597			4,446			5,047			1,965
Interest rate swaps		16,847			386			262			70
Credit default swaps		225,671			17,507			7,302			(1,000)
Total return swaps		28,742			605			933			14,828
Option swaps		50,000			—			6			5,211
Total derivatives		$	510,544		$	24,712		$	13,712		$	41,068