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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
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 expedientTotal fair value
At March 31, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency$2,518,006 $35,837 $— $— $2,553,843 
Non-U.S. government— 714,525 — — 714,525 
Corporate debt— 4,493,868 133,742 — 4,627,610 
Agency RMBS— 1,557,554 — — 1,557,554 
CMBS— 856,108 — — 856,108 
Non-agency RMBS— 189,739 — — 189,739 
ABS— 1,260,731 33,143 — 1,293,874 
Municipals— 72,227 — — 72,227 
 2,518,006 9,180,589 166,885 — 11,865,480 
Equity securities
Common stocks2,616 — — — 2,616 
Preferred stocks3 5,885 — — 5,888 
Exchange-traded funds314,508 — — — 314,508 
Bond mutual funds— 251,367 — — 251,367 
 317,127 257,252 — — 574,379 
Other investments
Multi-strategy funds— — — 16,625 16,625 
Direct lending funds— — — 167,425 167,425 
Private equity funds— — — 329,542 329,542 
Real estate funds— — — 291,564 291,564 
Other privately held investments— — 97,020 36,386 133,406 
— — 97,020 841,542 938,562 
Short-term investments— 91,330 — — 91,330 
Other assets
Derivative instruments (refer to Note 5)
— 7,309 — — 7,309 
Total Assets$2,835,133 $9,536,480 $263,905 $841,542 $13,477,060 
Liabilities
Derivative instruments (refer to Note 5)
$— $2,667 $— $— $2,667 
 Total Liabilities$— $2,667 $— $— $2,667 
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 expedientTotal 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 stocks2,638 — — — 2,638 
Preferred stocks3 5,864 — — 5,867 
Exchange-traded funds314,042 — — — 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 
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 5)
— 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 5)
$— $3,100 $— $— $3,100 
Total Liabilities$— $3,100 $— $— $3,100 
Summary of Level 3 Fair Value Measurement Inputs
The following table quantifies the significant unobservable inputs used in estimating fair values at March 31, 2025 of investments classified as Level 3 in the fair value hierarchy:
Asset fair valueValuation techniqueUnobservable inputAmount / Range
Weighted
average
Other investments - Other privately held investments
$15,376 Discounted cash flowDiscount rate5.7%5.7%
Default rate0.5%0.5%
Loss absorption yield1.0%1.0%
Estimated maturity date
0-1 year
1 year
Note: Fixed maturities of $167 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 $82 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)
PurchasesSales
Settlements/
distributions
Closing
balance
Change in
unrealized
gains/(losses) (3)
Three months ended March 31, 2025
Fixed maturities, available for sale         
Corporate debt$126,391 $— $— $— $357 $7,664 $(670)$— $133,742 $— 
ABS20,832 — — — 311 12,000 — — 33,143 — 
 147,223 — — — 668 19,664 (670)— 166,885 — 
Other investments
CLO-Equities— — — — — — — — — — 
Other privately held investments
92,230 — — 4,790 — — — — 97,020 4,790 
 92,230 — — 4,790 — — — — 97,020 4,790 
Total assets$239,453 $— $— $4,790 $668 $19,664 $(670)$— $263,905 $4,790 
Three months ended March 31, 2024
Fixed maturities, available for sale
Corporate debt$135,753 $— $— $(834)$(495)$4,231 $— $(12,180)$126,475 $— 
ABS
— — — — — — — — — — 
135,753 — — (834)(495)4,231 — (12,180)126,475 — 
Other investments
CLO-Equities5,300 — — — — — — (314)4,986 — 
Other privately held investments87,289 — — 1,728 — 7,238 — — 96,255 1,728 
92,589 — — 1,728 — 7,238 — (314)101,241 1,728 
Total assets$228,342 $— $— $894 $(495)$11,469 $— $(12,494)$227,716 $1,728 
(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.