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Investment Information | 12 Months Ended
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Dec. 31, 2025
Disclosure Investment Information [Abstract] |
Investment | Available For Sale Investments The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
| Estimated Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Expected Credit Losses |  | Cost or Amortized Cost
December 31, 2025 |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 14,058 |  |  | $ | 265 |  |  | $ | (142) |  |  | $ | (10) |  |  | $ | 13,945 |
U.S. government and government agencies | 7,445 |  |  | 23 |  |  | (21) |  |  | — |  |  | 7,443 |
Asset backed securities | 3,574 |  |  | 20 |  |  | (15) |  |  | (8) |  |  | 3,577 |
Non-U.S. government securities | 3,270 |  |  | 53 |  |  | (81) |  |  | (1) |  |  | 3,299 |
Residential mortgage backed securities | 2,705 |  |  | 34 |  |  | (21) |  |  | — |  |  | 2,692 |
Commercial mortgage backed securities | 1,212 |  |  | 11 |  |  | (5) |  |  | (1) |  |  | 1,207 |
Municipal bonds | 162 |  |  | — |  |  | (4) |  |  | — |  |  | 166 |
Total | 32,426 |  |  | 406 |  |  | (289) |  |  | (20) |  |  | 32,329 |
Short-term investments | 2,625 |  |  | 2 |  |  | (1) |  |  | — |  |  | 2,624 |
Total | $ | 35,051 |  |  | $ | 408 |  |  | $ | (290) |  |  | $ | (20) |  |  | $ | 34,953 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 12,487 |  |  | $ | 110 |  |  | $ | (346) |  |  | $ | (12) |  |  | $ | 12,735 |
U.S. government and government agencies | 6,710 |  |  | 8 |  |  | (149) |  |  | — |  |  | 6,851 |
Asset backed securities | 2,900 |  |  | 19 |  |  | (32) |  |  | (8) |  |  | 2,921 |
Non-U.S. government securities | 2,538 |  |  | 30 |  |  | (107) |  |  | (1) |  |  | 2,616 |
Residential mortgage backed securities | 1,079 |  |  | 6 |  |  | (31) |  |  | — |  |  | 1,104 |
Commercial mortgage backed securities | 1,058 |  |  | 6 |  |  | (11) |  |  | (1) |  |  | 1,064 |
Municipal bonds | 263 |  |  | — |  |  | (16) |  |  | — |  |  | 279 |
Total | 27,035 |  |  | 179 |  |  | (692) |  |  | (22) |  |  | 27,570 |
Short-term investments | 2,784 |  |  | 2 |  |  | (2) |  |  | — |  |  | 2,784 |
Total | $ | 29,819 |  |  | $ | 181 |  |  | $ | (694) |  |  | $ | (22) |  |  | $ | 30,354 |
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
| Less than 12 Months |  | 12 Months or More |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,972 |  |  | $ | (64) |  |  | $ | 1,364 |  |  | $ | (78) |  |  | $ | 4,336 |  |  | $ | (142) |
U.S. government and government agencies | 3,092 |  |  | (15) |  |  | 274 |  |  | (6) |  |  | 3,366 |  |  | (21) |
Non-U.S. government securities | 2,087 |  |  | (35) |  |  | 432 |  |  | (46) |  |  | 2,519 |  |  | (81) |
Residential mortgage backed securities | 312 |  |  | (3) |  |  | 178 |  |  | (18) |  |  | 490 |  |  | (21) |
Asset backed securities | 806 |  |  | (2) |  |  | 332 |  |  | (13) |  |  | 1,138 |  |  | (15) |
Commercial mortgage backed securities | 239 |  |  | (1) |  |  | 48 |  |  | (4) |  |  | 287 |  |  | (5) |
Municipal bonds | 6 |  |  | — |  |  | 137 |  |  | (4) |  |  | 143 |  |  | (4) |
Total | 9,514 |  |  | (120) |  |  | 2,765 |  |  | (169) |  |  | 12,279 |  |  | (289) |
Short-term investments | 614 |  |  | (1) |  |  | — |  |  | — |  |  | 614 |  |  | (1) |
Total | $ | 10,128 |  |  | $ | (121) |  |  | $ | 2,765 |  |  | $ | (169) |  |  | $ | 12,893 |  |  | $ | (290) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 4,582 |  |  | $ | (114) |  |  | $ | 2,924 |  |  | $ | (232) |  |  | $ | 7,506 |  |  | $ | (346) |
U.S. government and government agencies | 5,130 |  |  | (100) |  |  | 516 |  |  | (49) |  |  | 5,646 |  |  | (149) |
Non-U.S. government securities | 1,650 |  |  | (58) |  |  | 418 |  |  | (49) |  |  | 2,068 |  |  | (107) |
Residential mortgage backed securities | 571 |  |  | (6) |  |  | 186 |  |  | (25) |  |  | 757 |  |  | (31) |
Asset backed securities | 236 |  |  | (8) |  |  | 426 |  |  | (24) |  |  | 662 |  |  | (32) |
Commercial mortgage backed securities | 180 |  |  | (1) |  |  | 434 |  |  | (10) |  |  | 614 |  |  | (11) |
Municipal bonds | 48 |  |  | (1) |  |  | 176 |  |  | (15) |  |  | 224 |  |  | (16) |
Total | 12,397 |  |  | (288) |  |  | 5,080 |  |  | (404) |  |  | 17,477 |  |  | (692) |
Short-term investments | 97 |  |  | (2) |  |  | — |  |  | — |  |  | 97 |  |  | (2) |
Total | $ | 12,494 |  |  | $ | (290) |  |  | $ | 5,080 |  |  | $ | (404) |  |  | $ | 17,574 |  |  | $ | (694) |
At December 31, 2025, on a lot level basis, approximately 7,240 security lots out of a total of approximately 25,330 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $4 million. The Company believes that such securities were temporarily impaired at December 31, 2025. At December 31, 2024, on a lot level basis, approximately 9,980 security lots out of a total of approximately 20,930 security lots were in an unrealized loss position and the largest single unrealized loss from a single lot in the Company’s fixed maturity portfolio was $8 million. The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | December 31, 2025 |  | December 31, 2024
Maturity |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less |  | $ | 370 |  |  | $ | 366 |  |  | $ | 438 |  |  | $ | 451 |
Due after one year through five years |  | 17,053 |  |  | 16,989 |  |  | 15,364 |  |  | 15,590 |
Due after five years through 10 years |  | 6,893 |  |  | 6,877 |  |  | 5,811 |  |  | 6,039 |
Due after 10 years |  | 619 |  |  | 621 |  |  | 385 |  |  | 401 |
|  | 24,935 |  |  | 24,853 |  |  | 21,998 |  |  | 22,481 |
Mortgage backed securities |  | 2,705 |  |  | 2,692 |  |  | 1,079 |  |  | 1,104 |
Commercial mortgage backed securities |  | 1,212 |  |  | 1,207 |  |  | 1,058 |  |  | 1,064 |
Asset backed securities |  | 3,574 |  |  | 3,577 |  |  | 2,900 |  |  | 2,921 |
Total |  | $ | 32,426 |  |  | $ | 32,329 |  |  | $ | 27,035 |  |  | $ | 27,570 |
Equity Securities, at Fair Value At December 31, 2025, the Company held $1.9 billion of equity securities, at fair value, compared to $1.7 billion at December 31, 2024. Net Investment Income The components of net investment income were derived from the following sources:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Fixed maturities | $ | 1,465 |  |  | $ | 1,266 |  |  | $ | 917 |
Short-term investments | 102 |  |  | 144 |  |  | 68 |
Equity securities (dividends) | 41 |  |  | 40 |  |  | 22 |
Other (1) | 109 |  |  | 136 |  |  | 93 |
Gross investment income | 1,717 |  |  | 1,586 |  |  | 1,100 |
Investment expenses | (92) |  |  | (91) |  |  | (77) |
Net investment income | $ | 1,625 |  |  | $ | 1,495 |  |  | $ | 1,023 |
(1) Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other items. Net Realized Gains (Losses) Net realized gains (losses) were as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Available for sale securities: |  |  |  |  |
Gross gains on investment sales | $ | 296 |  |  | $ | 259 |  |  | $ | 116 |
Gross losses on investment sales | (271) |  |  | (354) |  |  | (547) |
Change in fair value of assets and liabilities accounted for using the fair value option: |  |  |  |  |
Fixed maturities | 29 |  |  | 3 |  |  | 18 |
Other investments | 38 |  |  | (144) |  |  | 27 |
Equity securities | — |  |  | (1) |  |  | 1 |
Short-term investments | 3 |  |  | — |  |  | — |
Equity securities, at fair value : |  |  |  |  |
Net realized gains (losses) on securities sold | 84 |  |  | 62 |  |  | 61 |
Net unrealized gains (losses) on equity securities still held at reporting date | 130 |  |  | 108 |  |  | 88 |
Allowance for credit losses: |  |  |  |  |
Investments related | (6) |  |  | — |  |  | 3 |
Underwriting related | 3 |  |  | 5 |  |  | (1) |
Derivative instruments (1) | 327 |  |  | 8 |  |  | 59 |
Other (2) | (169) |  |  | 251 |  |  | 10 |
Net realized gains (losses) | $ | 464 |  |  | $ | 197 |  |  | $ | (165) |
(1) See note 11, for information on the Company’s derivative instruments. (2) Amounts in the 2025 periods primarily include losses related to the sale of certain alternative investments accounted for under the equity method, while amounts in the 2024 period include benefits from the sale of Castel Underwriting Agencies Limited and the acquisition of RMIC Companies, Inc. Other Investments, at Fair Value The following table summarizes the Company’s assets and liabilities which are accounted for using the fair value option:
| December 31,
| 2025 |  | 2024
Other investments | $ | 1,957 |  |  | $ | 2,135 |
Fixed maturities | 1,110 |  |  | 854 |
Equity securities | 5 |  |  | 7 |
Short-term investments | 64 |  |  | 70 |
Total other investments | $ | 3,136 |  |  | $ | 3,066 |
The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:
| December 31,
| 2025 |  | 2024
Investment grade fixed income | 1,225 |  |  | 1,055 |
Private equity | 250 |  |  | 229 |
Lending | 220 |  |  | 303 |
Term loan investments | 173 |  |  | 430 |
Credit related funds | 87 |  |  | 99 |
Energy | 2 |  |  | 19 |
Total | $ | 1,957 |  |  | $ | 2,135 |
Limited Partnership Interests In the normal course of its activities, the Company invests in limited partnerships as part of its overall investment strategy. Such amounts are included in ‘investments accounted for using the equity method’ and ‘investments accounted for using the fair value option.’ The Company determined that these limited partnership interests represented variable interests in the funds. The Company’s maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment. The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet item:
| December 31,
| 2025 |  | 2024
Investments accounted for using the equity method (1) | $ | 6,453 |  |  | $ | 5,980 |
Investments accounted for using the fair value option (2) | — |  |  | 48 |
Total | $ | 6,453 |  |  | $ | 6,028 |
(1) Aggregate unfunded commitments were $3.6 billion at December 31, 2025, compared to $4.3 billion at December 31, 2024. (2) Aggregate unfunded commitments were $65 million at December 31, 2025, compared to $21 million at December 31, 2024. Investments Accounted For Using the Equity Method The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
| December 31,
| 2025 |  | 2024
Private equity | $ | 2,397 |  |  | $ | 1,915 |
Credit related funds | 1,616 |  |  | 1,487 |
Real estate | 767 |  |  | 869 |
Lending | 558 |  |  | 616 |
Fixed income | 501 |  |  | 384 |
Infrastructure | 346 |  |  | 425 |
Equities | 231 |  |  | 217 |
Energy | 37 |  |  | 67 |
Total | $ | 6,453 |  |  | $ | 5,980 |
In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). Such investments are generally recorded on a one to three month lag based on the availability of reports from the investment funds. Equity in Net Income (Loss) of Investments Accounted For Using the Equity Method The Company recorded equity in net income related to investments accounted for using the equity method of $504 million for 2025, compared to $580 million for 2024 and $278 million for 2023. In applying the equity method, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the market value of the underlying securities in the funds). A summary of aggregated financial information for the Company’s investment funds and operating affiliates accounted for using the equity method is as follows:
| December 31,
| 2025 |  | 2024
Invested assets | $ | 139,175 |  |  | $ | 113,977 |
Total assets | 156,736 |  |  | 132,647 |
Total liabilities | 37,031 |  |  | 36,614 |
Net assets | $ | 119,705 |  |  | $ | 96,033 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Total revenues | $ | 21,594 |  |  | $ | 19,160 |  |  | $ | 7,766 |
Total expenses | 8,643 |  |  | 7,269 |  |  | 7,174 |
Net income (loss) | $ | 12,951 |  |  | $ | 11,891 |  |  | $ | 592 |
Certain of the Company’s other investments and investments accounted for using the equity method are in investment funds for which the Company has the option to redeem at agreed upon values as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investments in investment funds may be redeemed daily, monthly, quarterly or on other terms. Two common redemption restrictions which may impact the Company’s ability to redeem these investment funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the investment fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. If the investment funds are eligible to be redeemed, the time to redeem such fund can take weeks or months following the notification. Investments in Operating Affiliates Investments in which the Company has significant influence over the operating and financial policies are classified as ‘investments in operating affiliates’ on the Company’s balance sheets and are accounted for under the equity method. Such investments primarily include the Company’s investment in Coface SA (“Coface”), Greysbridge Holdings Ltd., (“Greysbridge”) and Premia Holdings Ltd. (“Premia”). Investments in Coface and Premia are generally recorded on a three month lag, while the Company’s investment in Greysbridge is not recorded on a lag. In 2021, the Company completed the share purchase agreement with Natixis to purchase 29.5% of the common equity of Coface, a France-based leader in the global trade credit insurance market. The consideration paid was €9.95 per share, or an aggregate €453 million (approximately $546 million) including related fees. As of December 31, 2025, the Company owned approximately 29.9% of the issued shares of Coface, or 30% excluding treasury shares, with a carrying value of $707 million, compared to $592 million at December 31, 2024. In 2021, the Company’s investment in Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) was acquired by Greysbridge for a cash purchase price of $35.00 per common share. As of December 31, 2025, the Company owns 30% of Greysbridge, compared to 40% at December 31, 2024, with the remaining interests held by third party investors. At December 31, 2025 the Company’s carrying value in Greysbridge was $486 million, compared to $523 million at December 31, 2024. See note 16. The Company recorded income from operating affiliates of $180 million for 2025, compared to $200 million for 2024 and $184 million for 2023. Allowance for Expected Credit Losses The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
Year Ended December 31, 2025 |  | Structured Securities (1) |  |  |  | Non-U.S. Government Securities |  | Corporate Bonds |  |  |  | Total
Balance at beginning of period |  | $ | 9 |  |  |  |  | $ | 1 |  |  | $ | 12 |  |  |  |  | $ | 22 |
Additions for current-period provision for expected credit losses |  | 3 |  |  |  |  | — |  |  | 2 |  |  |  |  | 5 |
Additions (reductions) for previously recognized expected credit losses |  | (3) |  |  |  |  | — |  |  | 3 |  |  |  |  | — |
Reductions due to disposals |  | — |  |  |  |  | — |  |  | (7) |  |  |  |  | (7) |
Balance at end of period |  | $ | 9 |  |  |  |  | $ | 1 |  |  | $ | 10 |  |  |  |  | $ | 20 |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 7 |  |  |  |  | $ | 1 |  |  | $ | 20 |  |  |  |  | $ | 28 |
Additions for current-period provision for expected credit losses |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |
Additions (reductions) for previously recognized expected credit losses |  | 3 |  |  |  |  | — |  |  | (3) |  |  |  |  | — |
Reductions due to disposals |  | (1) |  |  |  |  | — |  |  | (5) |  |  |  |  | (6) |
Balance at end of period |  | $ | 9 |  |  |  |  | $ | 1 |  |  | $ | 12 |  |  |  |  | $ | 22 |
(1) Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities. Restricted Assets The Company is required to maintain assets on deposit, which primarily consist of fixed maturities, with various regulatory authorities to support its underwriting operations. The Company’s subsidiaries maintain assets in trust accounts as collateral for transactions with affiliated companies and also have investments in segregated portfolios primarily to provide collateral or guarantees for letters of credit to third parties The following table details the value of the Company’s restricted assets:
| December 31,
| 2025 |  | 2024
Assets used for collateral or guarantees: |  |  |
Affiliated transactions | $ | 5,323 |  |  | $ | 4,730 |
Third party agreements | 6,784 |  |  | 5,999 |
Deposits with U.S. regulatory authorities | 948 |  |  | 882 |
Other (1) | 1,898 |  |  | 1,437 |
Total restricted assets | $ | 14,953 |  |  | $ | 13,048 |
(1) Primarily includes Funds at Lloyd’s, deposits with non-U.S. regulatory authorities and other restricted assets. Reconciliation of Cash and Restricted Cash The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
| December 31,
| 2025 |  | 2024 |  | 2023
Cash | $ | 993 |  |  | $ | 979 |  |  | $ | 917 |
Restricted cash (included in ‘other assets’) | 1,074 |  |  | 781 |  |  | 581 |
Cash and restricted cash | $ | 2,067 |  |  | $ | 1,760 |  |  | $ | 1,498 |

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