CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2025: $12,937,728; 2024: $12,419,905 Allowance for expected credit losses 2025: $1,836; 2024: $3,938)	$ 13,018,027	$ 12,152,753
Fixed maturities, held to maturity, at amortized cost (Fair value 2025: $395,942; 2024: $436,751 Allowance for expected credit losses 2025: $nil; 2024: $nil)	397,430	443,400
Equity securities, at fair value (Cost 2025: $581,275; 2024: $520,743)	707,569	579,274
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2025: $29,742; 2024: $23,378)	356,840	505,697
Other investments, at fair value	1,027,798	930,278
Equity method investments	227,181	206,994
Short-term investments, at fair value	20,298	223,666
Total investments	15,755,143	15,042,062
Cash and cash equivalents	820,252	2,143,471
Restricted cash and cash equivalents	500,933	920,150
Accrued interest receivable	116,252	114,012
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2025: $15,821; 2024: $17,339)	3,244,661	2,826,942
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2025: $40,340; 2024: $43,445)	8,951,763	6,840,897
Reinsurance recoverable on paid losses and loss expenses	673,765	546,287
Deferred acquisition costs	801,778	685,853
Prepaid reinsurance premiums	2,139,294	1,936,979
Receivable for investments sold	12,806	3,693
Goodwill	66,498	66,498
Intangible assets	166,050	175,967
Operating lease right-of-use assets	93,900	92,516
Loan advances made	231,542	247,775
Other assets	887,289	1,038,207
Total assets	34,461,926	32,681,309
Liabilities
Reserve for losses and loss expenses	18,122,256	17,218,929
Unearned premiums	5,825,698	5,211,865
Insurance and reinsurance balances payable	1,882,021	1,713,798
Debt	1,316,710	1,315,179
Federal Home Loan Bank advances	66,380	66,380
Payable for investments purchased	36,982	269,728
Operating lease liabilities	110,095	106,614
Other liabilities	745,349	689,437
Total liabilities	28,105,491	26,591,930
Commitments and Contingencies
Shareholders' equity
Preferred shares	550,000	550,000
Common shares (shares issued 2025: 176,580; 2024: 176,580 shares outstanding 2025: 74,135; 2024: 82,984)	2,206	2,206
Additional paid-in capital	2,405,792	2,394,063
Accumulated other comprehensive income (loss)	28,431	(267,557)
Retained earnings	8,181,699	7,341,569
Treasury shares, at cost (2025: 102,445; 2024: 93,596)	(4,811,693)	(3,930,902)
Total shareholders’ equity	6,356,435	6,089,379
Total liabilities and shareholders’ equity	$ 34,461,926	$ 32,681,309