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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024
Available for sale
U.S. government and agency$2,830,111 $— $6,011 $(33,136)$2,802,986 
Non-U.S. government753,315 — 2,584 (25,960)729,939 
Corporate debt4,941,510 (3,690)30,594 (126,224)4,842,190 
Agency RMBS(1)
1,245,681 — 1,154 (61,990)1,184,845 
CMBS(2)
852,534 — 1,244 (34,170)819,608 
Non-agency RMBS132,116 (195)597 (9,982)122,536 
ABS(3)
1,547,350 (53)5,812 (13,277)1,539,832 
Municipals(4)
117,288 — 125 (6,596)110,817 
Total fixed maturities, available for sale$12,419,905 $(3,938)$48,121 $(311,335)$12,152,753 
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 December 31, 2024
Maturity
Due in one year or less$895,177 $885,866 7.4 %
Due after one year through five years5,637,336 5,567,905 45.8 %
Due after five years through ten years1,895,116 1,826,564 15.0 %
Due after ten years214,595 205,597 1.7 %
8,642,224 8,485,932 69.9 %
Agency RMBS1,245,681 1,184,845 9.7 %
CMBS852,534 819,608 6.7 %
Non-agency RMBS132,116 122,536 1.0 %
ABS1,547,350 1,539,832 12.7 %
Total$12,419,905 $12,152,753 100.0 %
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 December 31, 2024
Fixed maturities, available for sale
U.S. government and agency$262,368 $(17,515)$1,026,139 $(15,621)$1,288,507 $(33,136)
Non-U.S. government98,846 (9,179)457,889 (16,781)556,735 (25,960)
Corporate debt934,975 (78,979)2,032,254 (47,245)2,967,229 (126,224)
Agency RMBS280,550 (35,333)749,040 (26,657)1,029,590 (61,990)
CMBS410,213 (22,334)260,411 (11,836)670,624 (34,170)
Non-agency RMBS69,418 (9,900)8,302 (82)77,720 (9,982)
ABS147,281 (8,471)295,897 (4,806)443,178 (13,277)
Municipals49,495 (4,198)51,002 (2,398)100,497 (6,596)
Total fixed maturities, available for sale$2,253,146 $(185,909)$4,880,934 $(125,426)$7,134,080 $(311,335)
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 December 31, 2024
Held to maturity
Corporate debt$122,706 $— $122,706 $675 $(7,764)$115,617 
ABS(1)
320,694 — 320,694 560 (120)321,134 
Total fixed maturities, held to maturity$443,400 $— $443,400 $1,235 $(7,884)$436,751 
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:
CostGross
unrealized
gains		Gross
unrealized
losses		Fair
value
At December 31, 2024
Equity securities
Common stocks$3,061 $65 $(488)$2,638 
Preferred stocks5,843 136 (112)5,867 
Exchange-traded funds188,771 126,477 (1,206)314,042 
Bond mutual funds323,068 540 (66,881)256,727 
Total equity securities$520,743 $127,218 $(68,687)$579,274 
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:
  
December 31, 2024December 31, 2023
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans held for investment:
Commercial$529,075 105 %$616,368 101 %
Allowance for expected credit losses
(23,378)(5 %)(6,220)(1 %)
Total mortgage loans held for investment$505,697 100 %$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 valueRedemption frequency
(if currently eligible)		Redemption
notice period
At December 31, 2024
Multi-strategy funds$24,919 3 %Quarterly
60-90 days
Direct lending funds171,048 18 %
Quarterly(1)
90 days
Private equity funds320,690 35 %n/an/a
Real estate funds291,640 31 %
Quarterly(2), Annually(3)
45-90 days
CLO-Equities— — %n/an/a
Other privately held investments121,981 13 %n/an/a
Total other investments$930,278 100 %
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 $3 million (2023: $17 million).
(2)Applies to one fund with a fair value of $51 million (2023: $66 million).
(3)Applies to one fund with a fair value of $21 million (2023: $25 million).
Summary of Net Investment Income
Net investment income was derived from the following sources:
Year ended December 31,202420232022
Fixed maturities$620,704 $514,842 $329,858 
Other investments48,666 20,411 57,043 
Equity securities12,922 12,088 10,390 
Mortgage loans34,028 35,312 23,407 
Cash and cash equivalents59,600 50,261 20,273 
Short-term investments12,569 8,924 3,535 
Gross investment income788,489 641,838 444,506 
Investment expenses(29,260)(30,096)(25,677)
Net investment income$759,229 $611,742 $418,829 
Summary of Net Investment Gains (Losses)
The following table provides an analysis of net investment gains (losses):
Year ended December 31,202420232022
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents
$77,525 $32,920 $16,671 
Equity securities32,292 16,847 7,687 
Gross realized investment gains109,817 49,767 24,358 
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents
(230,774)(158,080)(328,493)
Equity securities(15,251)(639)(406)
Mortgage loans
(7,215)— — 
Gross realized investment losses(253,240)(158,719)(328,899)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale
6,821 974 (11,421)
(Increase) decrease in allowance for expected credit losses, mortgage loans
(17,159)(6,220)— 
Impairment losses(1)
(408)(12,757)(12,568)
Change in fair value of investment derivatives(2)
1,783 (1,456)7,656 
Net unrealized gains (losses) on equity securities13,852 53,781 (135,915)
Net investment losses$(138,534)$(74,630)$(456,789)
(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 on Fixed Maturities Available For Sale
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 31,202420232022
Balance at beginning of period$10,759 $11,733 $313 
Expected credit losses on securities where credit losses were not previously recognized
926 5,200 17,830 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
(2,319)4,934 (3,831)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — 
Securities sold/redeemed/matured(5,428)(11,108)(2,579)
Balance at end of period$3,938 $10,759 $11,733 
Summary of Allowance For Credit Losses on Mortgage Loans
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:
Year ended December 31,202420232022
Balance at beginning of period$6,220 $— $— 
Expected credit losses on loans where credit losses were not previously recognized
21,757 6,220 — 
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized
2,616 — — 
Loans sold/redeemed/matured
(7,215)— — 
Balance at end of period$23,378 $6,220 $— 
Summary of Restricted Investments and Cash
The table below provides the fair values of the Company's restricted investments and cash:
At December 31,20242023
Collateral in trust for inter-company agreements$2,549,220 $614,089 
Collateral for secured letter of credit facility208,090 423,522 
Funds at Lloyd's883,362 893,177 
Collateral in trust for third-party agreements
2,602,306 2,597,633 
Securities on deposit or in trust with regulatory authorities632,268 772,472 
Total restricted investments and cash$6,875,246 $5,300,893