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DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET
The following table provides the balance sheet classifications of derivatives recorded at fair value:
  September 30, 2023December 31, 2022
  
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Relating to investment portfolio:
Foreign exchange forward contracts$132,246 $1,144 $32 $54,076 $81 $559 
Relating to underwriting portfolio:
Foreign exchange forward contracts1,218,702 3,322 9,634 1,441,273 37,601 144 
Total derivatives$4,466 $9,666 $37,682 $703 
(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS TO NET AMOUNTS PRESENTED IN BALANCE SHEETS
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
September 30, 2023December 31, 2022
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$12,534 $(8,068)$4,466 $41,762 $(4,080)$37,682 
Derivative liabilities$17,734 $(8,068)$9,666 $4,783 $(4,080)$703 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
RECONCILIATION OF GROSS DERIVATIVE LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
September 30, 2023December 31, 2022
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$12,534 $(8,068)$4,466 $41,762 $(4,080)$37,682 
Derivative liabilities$17,734 $(8,068)$9,666 $4,783 $(4,080)$703 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS
The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:
  Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)Three months ended September 30,Nine months ended September 30,
  2023202220232022
Relating to investment portfolio:
Foreign exchange forward contractsNet investment gains (losses)$1,692 $4,400 $218 $11,463 
Relating to underwriting portfolio:
Foreign exchange forward contractsForeign exchange (losses) gains(7,208)(36,577)1,030 (95,700)
Other underwriting-related contractsOther insurance related income (loss)— 421 — 1,343 
Total$(5,516)$(31,756)$1,248 $(82,894)