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Investment Information
 12 Months Ended
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 GainsGross Unrealized LossesAllowance for Expected Credit LossesCost or
Amortized
Cost
December 31, 2025
Fixed maturities:
Corporate bonds$14,058 $265 $(142)$(10)$13,945 
U.S. government and government agencies7,445 23 (21)— 7,443 
Asset backed securities3,574 20 (15)(8)3,577 
Non-U.S. government securities3,270 53 (81)(1)3,299 
Residential mortgage backed securities2,705 34 (21)— 2,692 
Commercial mortgage backed securities1,212 11 (5)(1)1,207 
Municipal bonds162 — (4)— 166 
Total32,426 406 (289)(20)32,329 
Short-term investments2,625 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 agencies6,710 8 (149)— 6,851 
Asset backed securities2,900 19 (32)(8)2,921 
Non-U.S. government securities2,538 30 (107)(1)2,616 
Residential mortgage backed securities1,079 6 (31)— 1,104 
Commercial mortgage backed securities1,058 6 (11)(1)1,064 
Municipal bonds263 — (16)— 279 
Total27,035 179 (692)(22)27,570 
Short-term investments2,784 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 Months12 Months or MoreTotal
Estimated Fair
Value		Gross Unrealized LossesEstimated Fair
Value		Gross Unrealized LossesEstimated 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 agencies3,092 (15)274 (6)3,366 (21)
Non-U.S. government securities2,087 (35)432 (46)2,519 (81)
Residential mortgage backed securities312 (3)178 (18)490 (21)
Asset backed securities806 (2)332 (13)1,138 (15)
Commercial mortgage backed securities239 (1)48 (4)287 (5)
Municipal bonds6 — 137 (4)143 (4)
Total9,514 (120)2,765 (169)12,279 (289)
Short-term investments614 (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 agencies5,130 (100)516 (49)5,646 (149)
Non-U.S. government securities1,650 (58)418 (49)2,068 (107)
Residential mortgage backed securities571 (6)186 (25)757 (31)
Asset backed securities236 (8)426 (24)662 (32)
Commercial mortgage backed securities180 (1)434 (10)614 (11)
Municipal bonds48 (1)176 (15)224 (16)
Total12,397 (288)5,080 (404)17,477 (692)
Short-term investments97 (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, 2025December 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 years17,053 16,989 15,364 15,590 
Due after five years through 10 years6,893 6,877 5,811 6,039 
Due after 10 years619 621 385 401 
24,935 24,853 21,998 22,481 
Mortgage backed securities2,705 2,692 1,079 1,104 
Commercial mortgage backed securities1,212 1,207 1,058 1,064 
Asset backed securities3,574 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,
202520242023
Fixed maturities$1,465 $1,266 $917 
Short-term investments102 144 68 
Equity securities (dividends)41 40 22 
Other (1)109 136 93 
Gross investment income1,717 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,
202520242023
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 maturities29 3 18 
Other investments38 (144)27 
Equity securities— (1)1 
Short-term investments3 — — 
Equity securities, at fair value :
Net realized gains (losses) on securities sold84 62 61 
Net unrealized gains (losses) on equity securities still held at reporting date130 108 88 
Allowance for credit losses:
Investments related(6)— 3 
Underwriting related3 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,
20252024
Other investments$1,957 $2,135 
Fixed maturities1,110 854 
Equity securities5 7 
Short-term investments64 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 income1,225 1,055 
Private equity250 229 
Lending220 303 
Term loan investments173 430 
Credit related funds87 99 
Energy2 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,
20252024
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,

20252024
Private equity$2,397 $1,915 
Credit related funds1,616 1,487 
Real estate767 869 
Lending558 616 
Fixed income501 384 
Infrastructure346 425 
Equities231 217 
Energy37 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,
20252024
Invested assets$139,175 $113,977 
Total assets156,736 132,647 
Total liabilities37,031 36,614 
Net assets$119,705 $96,033 
Year Ended December 31,
202520242023
Total revenues$21,594 $19,160 $7,766 
Total expenses8,643 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, 2025Structured Securities (1)Non-U.S. Government SecuritiesCorporate
Bonds		Total
Balance at beginning of period$9 $1 $12 $22 
Additions for current-period provision for expected credit losses3 — 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,
20252024
Assets used for collateral or guarantees:
Affiliated transactions$5,323 $4,730 
Third party agreements6,784 5,999 
Deposits with U.S. regulatory authorities948 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,
202520242023
Cash$993 $979 $917 
Restricted cash (included in ‘other assets’)1,074 781 581 
Cash and restricted cash$2,067 $1,760 $1,498