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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024
Available for sale
U.S. government and agency$2,713,759 $— $6,506 $(47,299)$2,672,966 
Non-U.S. government771,227 (74)3,605 (23,250)751,508 
Corporate debt5,271,600 (4,303)30,067 (210,837)5,086,527 
Agency RMBS(1)
1,692,741 — 2,304 (94,018)1,601,027 
CMBS(2)
874,187 — 540 (50,012)824,715 
Non-agency RMBS138,135 (203)456 (11,624)126,764 
ABS(3)
1,386,533 (51)2,661 (18,499)1,370,644 
Municipals(4)
161,007 — 225 (10,246)150,986 
Total fixed maturities, available for sale$13,009,189 $(4,631)$46,364 $(465,785)$12,585,137 
At December 31, 2023    
Available for sale
U.S. government and agency$3,049,445 $— $13,211 $(55,128)$3,007,528 
Non-U.S. government729,761 (30)13,089 (18,861)723,959 
Corporate debt4,651,654 (10,438)49,434 (216,478)4,474,172 
Agency RMBS(1)
1,706,204 — 11,495 (83,038)1,634,661 
CMBS(2)
897,553 — 551 (58,408)839,696 
Non-agency RMBS165,910 (194)713 (13,033)153,396 
ABS(3)
1,265,187 (50)2,855 (25,021)1,242,971 
Municipals(4)
168,540 (47)414 (10,548)158,359 
Total fixed maturities, available for sale$12,634,254 $(10,759)$91,762 $(480,515)$12,234,742 
(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 June 30, 2024
Maturity
Due in one year or less$569,486 $560,802 4.5 %
Due after one year through five years5,726,646 5,605,176 44.5 %
Due after five years through ten years2,436,399 2,318,770 18.4 %
Due after ten years185,062 177,239 1.4 %
 8,917,593 8,661,987 68.8 %
Agency RMBS1,692,741 1,601,027 12.7 %
CMBS874,187 824,715 6.6 %
Non-agency RMBS138,135 126,764 1.0 %
ABS1,386,533 1,370,644 10.9 %
Total$13,009,189 $12,585,137 100.0 %
At December 31, 2023
Maturity
Due in one year or less$474,557 $463,789 3.6 %
Due after one year through five years5,902,571 5,790,493 47.3 %
Due after five years through ten years2,064,619 1,954,449 16.0 %
Due after ten years157,653 155,287 1.3 %
 8,599,400 8,364,018 68.2 %
Agency RMBS1,706,204 1,634,661 13.4 %
CMBS897,553 839,696 6.9 %
Non-agency RMBS165,910 153,396 1.3 %
ABS1,265,187 1,242,971 10.2 %
Total$12,634,254 $12,234,742 100.0 %
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 June 30, 2024
Fixed maturities, available for sale
U.S. government and agency$613,647 $(36,799)$1,129,410 $(10,500)$1,743,057 $(47,299)
Non-U.S. government211,122 (18,833)348,236 (4,417)559,358 (23,250)
Corporate debt2,173,470 (194,191)1,202,422 (16,646)3,375,892 (210,837)
Agency RMBS765,043 (87,306)501,789 (6,712)1,266,832 (94,018)
CMBS666,929 (47,722)81,346 (2,290)748,275 (50,012)
Non-agency RMBS77,872 (11,582)10,373 (42)88,245 (11,624)
ABS342,311 (17,096)272,328 (1,403)614,639 (18,499)
Municipals117,590 (9,742)20,588 (504)138,178 (10,246)
Total fixed maturities, available for sale$4,967,984 $(423,271)$3,566,492 $(42,514)$8,534,476 $(465,785)
At December 31, 2023      
Fixed maturities, available for sale
U.S. government and agency$846,503 $(42,465)$867,733 $(12,663)$1,714,236 $(55,128)
Non-U.S. government233,038 (18,178)115,112 (683)348,150 (18,861)
Corporate debt2,623,304 (210,512)240,813 (5,966)2,864,117 (216,478)
Agency RMBS778,656 (80,070)218,606 (2,968)997,262 (83,038)
CMBS703,411 (54,856)75,242 (3,552)778,653 (58,408)
Non-agency RMBS98,483 (13,013)10,017 (20)108,500 (13,033)
ABS879,743 (24,747)83,582 (274)963,325 (25,021)
Municipals129,969 (10,156)6,238 (392)136,207 (10,548)
Total fixed maturities, available for sale$6,293,107 $(453,997)$1,617,343 $(26,518)$7,910,450 $(480,515)
Summary of Fixed Maturities, 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 June 30, 2024
Held to maturity
Corporate debt$105,192 $— $105,192 $368 $(9,229)$96,331 
ABS(1)
532,600 — 532,600 759 (367)532,992 
Total fixed maturities, held to maturity$637,792 $— $637,792 $1,127 $(9,596)$629,323 
At December 31, 2023    
Held to maturity
Corporate debt$95,200 $— $95,200 $298 $(8,827)$86,671 
ABS(1)
591,096 — 591,096 5 (1,921)589,180 
Total fixed maturities, held to maturity$686,296 $— $686,296 $303 $(10,748)$675,851 
(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:
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2024
Equity securities
Common stocks$2,843 $75 $(423)$2,495 
Preferred stocks5,810 144 (112)5,842 
Exchange-traded funds188,625 109,531 (965)297,191 
Bond mutual funds350,165 1,662 (67,456)284,371 
Total equity securities$547,443 $111,412 $(68,956)$589,899 
At December 31, 2023   
Equity securities
Common stocks$2,843 $101 $(398)$2,546 
Preferred stocks5,496 218 (113)5,601 
Exchange-traded funds182,989 105,858 (1,572)287,275 
Bond mutual funds352,505 4,119 (63,535)293,089 
Total equity securities$543,833 $110,296 $(65,618)$588,511 
Summary of Mortgage Loans Net of Valuation Allowance
The following table provides details of the Company's mortgage loans, held for investment:
  
June 30, 2024December 31, 2023
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans, held for investment:
Commercial$565,540 104 %$616,368 101 %
Allowance for expected credit losses (20,681)(4 %)(6,220)(1)%
Total mortgage loans, held for investment$544,859 100 %$610,148 100 %
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 value
Redemption frequency
(if currently eligible)
  Redemption  
  notice period  
At June 30, 2024    
Multi-strategy funds$24,634 3 %Quarterly
60-90 days
Direct lending funds167,137 18 %
Quarterly(1)
90 days
Private equity funds318,608 34 %n/an/a
Real estate funds309,793 33 %
Quarterly(2), Annually(3)
45-90 days
CLO-Equities4,498 — %n/an/a
Other privately held investments112,010 12 %n/an/a
Total other investments$936,680 100 % 
At December 31, 2023    
Multi-strategy funds$24,619 3 %Quarterly
60-90 days
Direct lending funds192,270 20 %
Quarterly(1)
90 days
Private equity funds301,712 32 %n/an/a
Real estate funds317,325 33 %
Quarterly(2), Annually(3)
45-90 days
CLO-Equities5,300 1 %n/an/a
Other privately held investments108,187 11 %n/an/a
Total other investments$949,413 100 %  
     
n/a - not applicable
(1) Applies to one fund with a fair value of $10 million (2023: $17 million).
(2) Applies to one fund with a fair value of $61 million (2023: $66 million).
(3) Applies to one fund with a fair value of $23 million (2023: $25 million).
Summary of Net Investment Income
Net investment income was derived from the following sources:
  
Three months ended June 30,Six months ended June 30,
  
2024202320242023
Fixed maturities$154,023 $124,390 $293,419 $242,652 
Other investments14,301 (5,341)19,974 (4,855)
Equity securities3,057 2,990 5,819 5,445 
Mortgage loans9,108 8,880 18,237 17,266 
Cash and cash equivalents13,733 11,161 27,395 21,174 
Short-term investments3,766 2,129 7,229 3,789 
Gross investment income
197,988 144,209 372,073 285,471 
Investment expenses(7,013)(7,380)(13,715)(14,870)
Net investment income$190,975 $136,829 $358,358 $270,601 
Summary of Net Investment Gains (Losses)
The following table provides an analysis of net investment gains (losses):
  Three months ended June 30,Six months ended June 30,
  2024202320242023
Gross realized investment gains
Fixed maturities and short-term investments$6,182 $11,460 $20,581 $23,829 
Equity securities— 17 30,626 1,535 
Gross realized investment gains6,182 11,477 51,207 25,364 
Gross realized investment losses
Fixed maturities and short-term investments(52,587)(43,695)(96,519)(97,343)
Equity securities— — (7,712)(396)
Gross realized investment losses(52,587)(43,695)(104,231)(97,739)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale(394)2,094 6,128 1,182 
(Increase) decrease in allowance for expected credit losses, mortgage loans(12,569)(1,740)(14,428)(3,638)
Impairment losses(1)
(156)(9,083)(164)(9,083)
Change in fair value of investment derivatives(2)
228 (528)1,023 (1,474)
Net unrealized gains (losses) on equity securities5,817 17,105 (2,222)40,830 
Net investment losses$(53,479)$(24,370)$(62,687)$(44,558)
(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 6 '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:
  Three months ended June 30,Six months ended June 30,
  2024202320242023
Balance at beginning of period$4,237 $12,645 $10,759 $11,733 
Expected credit losses on securities where credit losses were not previously recognized
247 3,742 278 4,355 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
147 (1,223)(1,406)(304)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — — 
Securities sold/redeemed/matured— (4,613)(5,000)(5,233)
Balance at end of period$4,631 $10,551 $4,631 $10,551