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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $12,419,905; 2023: $12,634,254 Allowance for expected credit losses 2024: $3,938; 2023: $10,759) $ 12,152,753 $ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $436,751; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil) 443,400 686,296
Equity securities, at fair value (Cost 2024: $520,743; 2023: $543,833) 579,274 588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $23,378; 2023: $6,220) 505,697 610,148
Other investments, at fair value 930,278 949,413
Equity method investments 206,994 174,634
Short-term investments, at fair value 223,666 17,216
Total investments 15,042,062 15,260,960
Cash and cash equivalents 2,143,471 953,476
Restricted cash and cash equivalents 920,150 430,509
Accrued interest receivable 114,012 106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $17,339; 2023: $11,997) 3,169,355 3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $43,445; 2023: $36,611) 6,840,897 6,323,083
Reinsurance recoverable on paid losses and loss expenses 546,287 575,847
Deferred acquisition costs 524,837 450,950
Prepaid reinsurance premiums 1,936,979 1,916,087
Receivable for investments sold 3,693 8,767
Goodwill 66,498 100,801
Intangible assets 175,967 186,883
Operating lease right-of-use assets 92,516 108,093
Loan advances made 247,775 305,222
Other assets 695,794 456,385
Total assets 32,520,293 30,250,672
Liabilities    
Reserve for losses and loss expenses 17,218,929 16,434,018
Unearned premiums 5,211,865 4,747,602
Insurance and reinsurance balances payable 1,713,798 1,792,719
Debt 1,315,179 1,313,714
Federal Home Loan Bank advances 66,380 85,790
Payable for investments purchased 269,728 26,093
Operating lease liabilities 106,614 123,101
Other liabilities 528,421 464,439
Total liabilities 26,430,914 24,987,476
Commitments and Contingencies
Shareholders' equity    
Preferred shares 550,000 550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 82,984; 2023: 85,286) 2,206 2,206
Additional paid-in capital 2,394,063 2,383,030
Accumulated other comprehensive income (loss) (267,557) (365,836)
Retained earnings 7,341,569 6,440,528
Treasury shares, at cost (2024: 93,596; 2023: 91,294) (3,930,902) (3,746,732)
Total shareholders’ equity 6,089,379 5,263,196
Total liabilities and shareholders’ equity $ 32,520,293 $ 30,250,672