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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At December 31.20232022
U.S. treasuries$10,060,203 $7,180,129 
Corporate (1)
6,499,075 4,390,568 
Asset-backed1,491,695 1,077,302 
Residential mortgage-backed1,420,362 710,429 
Agencies489,117 395,149 
Non-U.S. government483,576 383,838 
Commercial mortgage-backed433,080 213,987 
Total fixed maturity investments trading$20,877,108 $14,351,402 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
The following table summarizes the fair value of equity investments:
At December 31.20232022
Financials$106,542 $103,250 
Consumer212 33,447 
Communications and technology12 48,687 
Fixed income exchange traded funds— 295,481 
Equity exchange traded funds— 90,510 
Industrial, utilities and energy— 25,326 
Healthcare— 24,617 
Basic materials— 3,740 
Total
$106,766 $625,058 
Schedule of Contractual Maturities of Fixed Maturity Investments
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
At December 31, 2023At December 31, 2022
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$587,720 $582,519 $364,501 $356,770 
Due after one through five years
11,439,510 11,468,263 8,117,971 7,875,771 
Due after five through ten years
5,182,667 5,188,716 4,072,142 3,805,287 
Due after ten years
307,392 292,473 356,268 311,856 
Mortgage-backed
1,864,520 1,853,442 1,009,205 924,416 
Asset-backed1,490,641 1,491,695 1,118,464 1,077,302 
Total
$20,872,450 $20,877,108 $15,038,551 $14,351,402 
Schedule of Net Investment Income
The components of net investment income are as follows:
Year ended December 31,202320222021
Fixed maturity investments trading
$744,457 $382,165 $234,911 
Short term investments213,303 41,042 2,333 
Equity investments7,261 20,864 9,017 
Other investments
Catastrophe bonds200,572 94,784 64,860 
Other87,296 37,497 28,811 
Cash and cash equivalents23,123 5,197 297 
 1,276,012 581,549 340,229 
Investment expenses(22,902)(21,617)(20,750)
Net investment income$1,253,110 $559,932 $319,479 
Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments
Net realized and unrealized gains (losses) on investments are as follows:
Year ended December 31,202320222021
Net realized gains (losses) on fixed maturity investments trading$(393,041)$(732,561)$79,588 
Net unrealized gains (losses) on fixed maturity investments trading685,095 (636,762)(389,376)
Net realized and unrealized gains (losses) on fixed maturity investments trading292,054 (1,369,323)(309,788)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
(68,272)(165,293)(12,237)
Net realized gains (losses) on equity investments(27,492)43,035 335,491 
Net unrealized gains (losses) on equity investments73,243 (166,823)(285,882)
Net realized and unrealized gains (losses) on equity investments45,751 (123,788)49,609 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds101,897 (130,335)(35,033)
Net realized and unrealized gains (losses) on other investments - other43,092 (11,746)89,315 
Net realized and unrealized gains (losses) on investments$414,522 $(1,800,485)$(218,134)
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information.
Schedule of Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
At December 31,20232022
Catastrophe bonds$1,942,199 $1,241,468 
Fund investments1,415,804 1,086,706 
Term loans97,658 100,000 
Direct private equity investments59,905 66,780 
Total other investments$3,515,566 $2,494,954 
Schedule of Equity Method Investments
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
20232022
At December 31,Ownership %Carrying  ValueOwnership %Carrying  Value
Tower Hill Companies (1)
2.0% - 25.0%
13,970 
2.0% - 25.0%
10,897 
Top Layer50.0%31,768 50.0%23,562 
Other25.3%66,886 22.8%45,291 
Total investments in other ventures, under equity method$112,624 $79,750 
(1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).
Schedule of Equity In Earnings of Equity Method Investments
The table below shows the Company’s equity in earnings of other ventures, under equity method:
Year ended December 31,202320222021
Top Layer$15,977 $6,347 $8,286 
Tower Hill Companies24,815 (921)(2,073)
Other2,682 5,823 6,096 
Total equity in earnings of other ventures, under equity method$43,474 $11,249 $12,309 
Net Sales (Purchases) of Investments
The table below shows the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures.
Year ended December 31, 2023
Gross PurchasesGross SalesNet
Equity investments$(1,715)$566,041 $564,326 
Short term investments$(39,309,700)$41,152,880 $1,843,180 
Other investments$(1,291,508)$489,658 $(801,850)
Investments in other ventures$(25,265)$5,554 $(19,711)
Year ended December 31, 2022
Gross PurchasesGross SalesNet
Equity investments$(861,508)$659,199 $(202,309)
Short term investments$(25,972,174)$26,612,585 $640,411 
Other investments$(1,027,734)$408,944 $(618,790)
Investments in other ventures$(4,318)$3,545 $(773)