Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 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, 2024
Exchange-traded futures		$	157,787		$	2,835		$	33		$	(2,744)
Currency forwards		27,368			4,881			4,656			1,690
Interest rate swaps		17,667			367			14			310
Credit default swaps		199,720			4,172			9,099			(2,675)
Total return swaps		216,468			663			1,087			(3,823)
Option swaps		50,459			8,023			55			(688)
Total derivatives		$	669,469		$	20,941		$	14,944		$	(7,930)
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)