FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At December 31, 2024
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,767,315	$	35,671	$	—	$	—	$	2,802,986
Non-U.S. government	—		729,939		—		—		729,939
Corporate debt	—		4,715,799		126,391		—		4,842,190
Agency RMBS	—		1,184,845		—		—		1,184,845
CMBS	—		819,608		—		—		819,608
Non-agency RMBS	—		122,536		—		—		122,536
ABS	—		1,519,000		20,832		—		1,539,832
Municipals	—		110,817		—		—		110,817
	2,767,315		9,238,215		147,223		—		12,152,753
Equity securities
Common stocks	2,638		—		—		—		2,638
Preferred stocks	3		5,864		—		—		5,867
Exchange-traded funds	314,042		—		—		—		314,042
Bond mutual funds	—		256,727		—		—		256,727
	316,683		262,591		—		—		579,274
Other investments
Multi-strategy funds	—		—		—		24,919		24,919
Direct lending funds	—		—		—		171,048		171,048
Private equity funds	—		—		—		320,690		320,690
Real estate funds	—		—		—		291,640		291,640
CLO-Equities	—		—		—		—		—
Other privately held investments	—		—		92,230		29,751		121,981

	—		—		92,230		838,048		930,278
Short-term investments	—		223,666		—		—		223,666
Other assets
Derivative instruments (refer to Note 7)	—		9,439		—		—		9,439

Total Assets	$	3,083,998	$	9,733,911	$	239,453	$	838,048	$	13,895,410
Liabilities
Derivative instruments (refer to Note 7)	$	—	$	3,100	$	—	$	—	$	3,100

Total Liabilities	$	—	$	3,100	$	—	$	—	$	3,100


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At December 31, 2023
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,989,612	$	17,916	$	—	$	—	$	3,007,528
Non-U.S. government	—		723,959		—		—		723,959
Corporate debt	—		4,338,419		135,753		—		4,474,172
Agency RMBS	—		1,634,661		—		—		1,634,661
CMBS	—		839,696		—		—		839,696
Non-agency RMBS	—		153,396		—		—		153,396
ABS	—		1,242,971		—		—		1,242,971
Municipals	—		158,359		—		—		158,359
	2,989,612		9,109,377		135,753		—		12,234,742
Equity securities
Common stocks	2,546		—		—		—		2,546
Preferred stocks	1		5,600		—		—		5,601
Exchange-traded funds	287,275		—		—		—		287,275
Bond mutual funds	—		293,089		—		—		293,089
	289,822		298,689		—		—		588,511
Other investments
Multi-strategy funds	—		—		—		24,619		24,619
Direct lending funds	—		—		—		192,270		192,270
Private equity funds	—		—		—		301,712		301,712
Real estate funds	—		—		—		317,325		317,325
CLO-Equities	—		—		5,300		—		5,300
Other privately held investments	—		—		87,289		20,898		108,187

	—		—		92,589		856,824		949,413
Short-term investments	—		17,216		—		—		17,216
Other assets
Derivative instruments (refer to Note 7)	—		4,424		—		—		4,424

Total Assets	$	3,279,434	$	9,429,706	$	228,342	$	856,824	$	13,794,306
Liabilities
Derivative instruments (refer to Note 7)	$	—	$	10,165	$	—	$	—	$	10,165

Total Liabilities	$	—	$	10,165	$	—	$	—	$	10,165

Summary of Level 3 Fair Value Measurement Inputs

The following table quantifies the significant unobservable inputs used in estimating fair values at December 31, 2024 of investments classified as Level 3 in the fair value hierarchy:

Asset fair value

Valuation technique

Unobservable input

Amount /Range

Weighted
average

Other investments - Other privately
held investments

14,912

Discounted cash flow

Discount rate

5.7%

Default rate

0.5%

Loss absorption yield

1.0%

Estimated maturity date

0 - 1 year

1 year

Note: Fixed maturities of $147 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $77 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.

Summary of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis, Assets

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Year ended December 31, 2024
Fixed maturities, available for sale
Corporate debt	$	135,753	$	—	$	(20,832)	$	(1,347)	$	2,051	$	35,744	$	(165)	$	(24,813)	$	126,391	$	—


ABS	—		20,832		—		—		—		—		—		—		20,832		—
	135,753		20,832		(20,832)		(1,347)		2,051		35,744		(165)		(24,813)		147,223		—
Other investments



CLO-Equities	5,300		—		—		849		—		—		—		(6,149)		—		—
Other privately held investments	87,289		—		(6,899)		4,024		—		12,238		—		(4,422)		92,230		4,024
	92,589		—		(6,899)		4,873		—		12,238		—		(10,571)		92,230		4,024




Total assets	$	228,342	$	20,832	$	(27,731)	$	3,526	$	2,051	$	47,982	$	(165)	$	(35,384)	$	239,453	$	4,024





Year ended December 31, 2023
Fixed maturities, available for sale
Corporate debt	$	119,104	$	—	$	—	$	(8,527)	$	2,438	$	38,173	$	(770)	$	(14,665)	$	135,753	$	—


ABS	—		—		—		—		—		—		—		—		—		—
	119,104		—		—		(8,527)		2,438		38,173		(770)		(14,665)		135,753		—
Other investments



CLO-Equities	5,016		—		—		2,395		—		—		—		(2,111)		5,300		2,395
Other privately held investments	136,158		—		(25,510)		(9,904)		—		21,077		(34,532)		—		87,289		(17,986)
	141,174		—		(25,510)		(7,509)		—		21,077		(34,532)		(2,111)		92,589		(15,591)




Total assets	$	260,278	$	—	$	(25,510)	$	(16,036)	$	2,438	$	59,250	$	(35,302)	$	(16,776)	$	228,342	$	(15,591)

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details