XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.25.3

Investment Funds | 9 Months Ended
--- | ---
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment Funds | Investment Funds The Company evaluates whether it is an investor in a variable interest entity ("VIE"). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investment funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments, which were $252 million as of September 30, 2025. Investment funds consisted of the following:
| Carrying Value as of |  | Income (Loss) from Investment Funds
| September 30, |  | December 31, |  | For the Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Financial services | $ | 374,134 |  |  | $ | 430,163 |  |  | $ | 9,917 |  |  | $ | (16,908) |
Transportation | 272,874 |  |  | 286,426 |  |  | 29,325 |  |  | 962 |
Real Estate | 177,082 |  |  | 178,685 |  |  | 2,054 |  |  | 11,471 |
Infrastructure | 164,911 |  |  | 151,560 |  |  | 10,279 |  |  | 12,730 |
Energy | 42,429 |  |  | 42,776 |  |  | 667 |  |  | 9,473 |
Other funds | 399,561 |  |  | 378,636 |  |  | 7,471 |  |  | (16,860) |
Total | $ | 1,430,991 |  |  | $ | 1,468,246 |  |  | $ | 59,713 |  |  | $ | 868 |
The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Financial services investment funds include the minority investment in Lifson Re Ltd. ("Lifson Re"), a Bermuda reinsurance company. Lifson Re participated on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 30.0% share of placed amounts in 2024, which percentage was increased to 32.5% effective January 1, 2025. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. For the nine months ended September 30, 2025 and 2024, the Company ceded approximately $482 million and $315 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $42 million and $38 million as of September 30, 2025 and December 31, 2024, respectively. These assets support other liabilities reflected in the balance sheet of an equal amount for employees who have elected to defer a portion of their compensation. The change in the net asset value of the trust is recorded in other funds within net investment income with an offsetting equal amount within corporate expenses.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration