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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Values of Fixed Maturities
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:
Amortized
cost		Allowance for expected credit lossesGross
unrealized
gains		Gross
unrealized
losses		Fair
value
At December 31, 2022
Available for sale
U.S. government and agency$2,731,733 $— $5,386 $(97,789)$2,639,330 
Non-U.S. government612,546 — 2,395 (52,912)562,029 
Corporate debt4,680,798 (11,521)5,269 (418,990)4,255,556 
Agency RMBS(1)
1,297,423 — 4,663 (99,301)1,202,785 
CMBS(2)
1,029,863 — 60 (82,145)947,778 
Non-agency RMBS151,907 (123)275 (18,525)133,534 
ABS(3)
1,499,728 (35)555 (70,721)1,429,527 
Municipals(4)
172,475 (54)139 (16,205)156,355 
Total fixed maturities, available for sale$12,176,473 $(11,733)$18,742 $(856,588)$11,326,894 
At December 31, 2021
Available for sale
U.S. government and agency$2,693,319 $— $9,776 $(20,647)$2,682,448 
Non-U.S. government794,705 — 10,158 (9,685)795,178 
Corporate debt4,446,585 (236)87,075 (38,112)4,495,312 
Agency RMBS(1)
1,065,973 — 17,397 (8,781)1,074,589 
CMBS(2)
1,223,051 — 29,827 (4,687)1,248,191 
Non-agency RMBS185,854 (77)2,410 (2,023)186,164 
ABS(3)
1,628,739 — 3,406 (9,665)1,622,480 
Municipals(4)
203,556 — 5,928 (646)208,838 
Total fixed maturities, available for sale$12,241,782 $(313)$165,977 $(94,246)$12,313,200 
(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.
(2)Commercial mortgage-backed securities ("CMBS").
(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").
(4)Municipals include bonds issued by states, municipalities and political subdivisions.
Summary of Contractual Maturities of Fixed Maturities
The table below provides the contractual maturities of fixed maturities classified as available for sale:
Amortized
cost		Fair
value		% of Total
fair value
At December 31, 2022
Maturity
Due in one year or less$422,039 $409,972 3.7 %
Due after one year through five years5,349,123 5,078,273 44.8 %
Due after five years through ten years2,192,344 1,919,450 16.9 %
Due after ten years234,046 205,575 1.8 %
8,197,552 7,613,270 67.2 %
Agency RMBS1,297,423 1,202,785 10.6 %
CMBS1,029,863 947,778 8.4 %
Non-agency RMBS151,907 133,534 1.2 %
ABS1,499,728 1,429,527 12.6 %
Total$12,176,473 $11,326,894 100.0 %
At December 31, 2021
Maturity
Due in one year or less$503,716 $505,602 4.1 %
Due after one year through five years4,878,151 4,908,640 39.9 %
Due after five years through ten years2,478,542 2,488,478 20.2 %
Due after ten years277,756 279,056 2.3 %
8,138,165 8,181,776 66.5 %
Agency RMBS1,065,973 1,074,589 8.7 %
CMBS1,223,051 1,248,191 10.1 %
Non-agency RMBS185,854 186,164 1.5 %
ABS1,628,739 1,622,480 13.2 %
Total$12,241,782 $12,313,200 100.0 %
Summary of Fixed Maturities and Equities in an Unrealized Loss Position
The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
  12 months or greaterLess than 12 monthsTotal
  Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
At December 31, 2022
Fixed maturities, available for sale
U.S. government and agency$467,032 $(41,365)$1,414,181 $(56,424)$1,881,213 $(97,789)
Non-U.S. government207,637 (33,027)298,048 (19,885)505,685 (52,912)
Corporate debt1,562,355 (268,289)2,350,504 (150,701)3,912,859 (418,990)
Agency RMBS220,595 (40,469)771,191 (58,832)991,786 (99,301)
CMBS343,494 (40,888)599,877 (41,257)943,371 (82,145)
Non-agency RMBS75,137 (14,691)53,484 (3,834)128,621 (18,525)
ABS685,990 (48,913)686,190 (21,808)1,372,180 (70,721)
Municipals52,994 (10,120)96,003 (6,085)148,997 (16,205)
Total fixed maturities, available for sale$3,615,234 $(497,762)$6,269,478 $(358,826)$9,884,712 $(856,588)
At December 31, 2021
Fixed maturities, available for sale
U.S. government and agency$101,776 $(4,852)$2,014,880 $(15,795)$2,116,656 $(20,647)
Non-U.S. government11,011 (1,830)463,498 (7,855)474,509 (9,685)
Corporate debt152,962 (6,542)1,681,859 (31,570)1,834,821 (38,112)
Agency RMBS41,024 (1,678)503,988 (7,103)545,012 (8,781)
CMBS30,128 (1,001)347,515 (3,686)377,643 (4,687)
Non-agency RMBS4,481 (523)109,937 (1,500)114,418 (2,023)
ABS43,466 (1,152)1,040,363 (8,513)1,083,829 (9,665)
Municipals5,293 (137)35,649 (509)40,942 (646)
Total fixed maturities, available for sale$390,141 $(17,715)$6,197,689 $(76,531)$6,587,830 $(94,246)
Summary of Debt Securities, Held-to-Maturity
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:
Amortized
cost
Allowance for expected credit lossesNet carrying valueGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At December 31, 2022
Held to maturity
Corporate debt$85,200 $— $85,200 $— $(11,428)$73,772 
ABS(1)
613,151 — 613,151 — (12,180)600,971 
Total fixed maturities, held to maturity$698,351 $— $698,351 $— $(23,608)$674,743 
At December 31, 2021    
Held to maturity
Corporate debt$37,700 $— $37,700 $18 $(146)$37,572 
ABS(1)
408,316 — 408,316 81 (936)407,461 
Total fixed maturities, held to maturity$446,016 $— $446,016 $99 $(1,082)$445,033 
(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").
Summary of Cost and Fair Value of Equity Securities The following table provides the cost and fair values of the Company's equity securities:
CostGross
unrealized
gains		Gross
unrealized
losses		Fair
value
At December 31, 2022
Equity securities
Common stocks$7,279 $636 $(442)$7,473 
Preferred stocks115 — (43)72 
Exchange-traded funds207,505 68,058 (5,757)269,806 
Bond mutual funds279,457 — (71,555)207,902 
Total equity securities$494,356 $68,694 $(77,797)$485,253 
At December 31, 2021
Equity securities
Common stocks$1,264 $585 $(485)$1,364 
Preferred stocks115 64 — 179 
Exchange-traded funds203,455 134,037 (677)336,815 
Bond mutual funds324,030 544 (7,257)317,317 
Total equity securities$528,864 $135,230 $(8,419)$655,675 
Summary of Mortgage Loans Net of Valuation Allowance The following table provides details of the Company's mortgage loans held for investment:
  
December 31, 2022December 31, 2021
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans held for investment:
Commercial$627,437 100 %$594,088 100 %
Total mortgage loans held for investment$627,437 100 %$594,088 100 %
Summary of Portfolio of Other Investments
The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:
  Fair valueRedemption frequency
(if currently eligible)		Redemption
notice period
At December 31, 2022
Long/short equity funds$— — %n/an/a
Multi-strategy funds32,616 3 %Quarterly
60-90 days
Direct lending funds258,626 26 %
Quarterly(1)
90 days
Private equity funds265,836 27 %n/an/a
Real estate funds298,499 30 %
Quarterly(2), Annually(3)
45-90 days
CLO-Equities5,016 — %n/an/a
Other privately held investments136,158 14 %n/an/a
Total other investments$996,751 100 %
At December 31, 2021
Long/short equity funds$3,476 — %Annually60 days
Multi-strategy funds56,012 6 %Quarterly
60-90 days
Direct lending funds289,867 31 %
Quarterly(1)
90 days
Private equity funds249,974 26 %n/an/a
Real estate funds238,222 25 %
Quarterly(2)
45 days
CLO-Equities5,910 1 %n/an/a
Other privately held investments104,521 11 %n/an/a
Total other investments$947,982 100 %
n/a – not applicable
(1)Applies to one fund with a fair value of $39 million (2021: $47 million).
(2)Applies to one fund with a fair value of $73 million (2021: $73 million).
(3)Applies to one fund with a fair value of $27 million (2021: $nil).
Investment Income Net investment income was derived from the following sources:
Year ended December 31,202220212020
Fixed maturities$329,858 $262,049 $317,121 
Other investments57,043 181,906 16,059 
Equity securities10,390 12,752 9,328 
Mortgage loans23,407 17,427 15,432 
Cash and cash equivalents20,273 4,454 13,582 
Short-term investments3,535 664 2,749 
Gross investment income444,506 479,252 374,271 
Investment expenses(25,677)(24,951)(24,670)
Net investment income$418,829 $454,301 $349,601 
Gain (Loss) on Securities
The following table provides an analysis of net investment gains (losses):
Year ended December 31,202220212020
Gross realized investment gains
Fixed maturities and short-term investments$16,671 $137,729 $186,726 
Equity securities7,687 5,413 25,648 
Gross realized investment gains24,358 143,142 212,374 
Gross realized investment losses
Fixed maturities and short-term investments(328,493)(42,613)(94,607)
Equity securities(406)(696)(5,840)
Gross realized investment losses(328,899)(43,309)(100,447)
Change in allowance for expected credit losses(11,421)11 (323)
Impairment losses(1)
(12,568)(22)(1,486)
Change in fair value of investment derivatives(2)
7,656 4,346 (2,434)
Net unrealized gains (losses) on equity securities(135,915)30,111 21,449 
Net investment gains (losses)$(456,789)$134,279 $129,133 
(1)Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.
(2)Refer to Note 7 'Derivative Instruments'.
Summary of Allowance for Credit Loss The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:
Year ended December 31,202220212020
Balance at beginning of period$313 $323 $— 
Expected credit losses on securities where credit losses were not previously recognized
17,830 95 22,570 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
(3,831)50 (11,542)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — 
Securities sold/redeemed/matured(2,579)(155)(10,705)
Balance at end of period$11,733 $313 $323 
Summary of Restricted Investments
The table below provides the fair values of the Company's restricted investments and cash:
At December 31,20222021
Collateral in Trust for inter-company agreements$790,449 $886,903 
Collateral for secured letter of credit facility424,624 402,478 
Funds at Lloyd's748,573 936,862 
Collateral in Trust for third-party agreements 2,491,317 2,412,882 
Securities on deposit or in trust with regulatory authorities731,660 729,072 
Total restricted investments and cash$5,186,623 $5,368,197