Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 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, 2025
Exchange-traded futures		$	200,332		$	832		$	366		$	(7,946)
Currency forwards		88,910			5,073			6,102			(4,204)
Interest rate swaps		7,185			181			12			(127)
Credit default swaps		371,581			864			10,551			(5,199)
Total return swaps		157,940			1,140			419			(9,156)
Option swaps		50,196			4,895			165			(3,293)
Total derivatives		$	876,144		$	12,985		$	17,615		$	(29,925)
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)