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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

			At December 31, 2020			Total						Quoted Prices in Active Markets for Identical  Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			Fixed maturity investments
			U.S. treasuries			$	4,960,409					$	4,960,409					$	—					$	—
			Agencies			368,032						—						368,032						—
			Non-U.S. government			491,531						—						491,531						—
			Non-U.S. government-backed corporate			338,014						—						338,014						—
			Corporate			4,261,025						—						4,261,025						—
			Agency mortgage-backed			1,113,792						—						1,113,792						—
			Non-agency mortgage-backed			291,444						—						291,444						—
			Commercial mortgage-backed			791,272						—						791,272						—
			Asset-backed			890,984						—						890,984						—
			Total fixed maturity investments			13,506,503						4,960,409						8,546,094						—
			Short term investments			4,993,735						—						4,993,735						—
			Equity investments trading			702,617						702,617						—						—
			Other investments
			Catastrophe bonds			881,290						—						881,290						—
			Private equity investments (1)			345,501						—						—						79,807
			Senior secured bank loan funds (1)			19,604						—						—						—
			Hedge funds (1)			10,553						—						—						—
			Total other investments			1,256,948						—						881,290						79,807
			Other assets and (liabilities)
			Assumed and ceded (re)insurance contracts (2)			(6,211)						—						—						(6,211)
			Derivatives (3)			22,873						(411)						23,284						—
			Total other assets and (liabilities)			16,662						(411)						23,284						(6,211)
						$	20,476,465					$	5,662,615					$	14,444,403					$	73,596

(1)     Certain investments, that are measured at fair value using the net asset value per share (or its equivalent) practical expedient, have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)    Included in assumed and ceded (re)insurance contracts at December 31, 2020 was $1.4 million of other assets and $7.6 million of other liabilities.

(3)    Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

			At December 31, 2019			Total						Quoted Prices in Active Markets for Identical  Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			Fixed maturity investments
			U.S. treasuries			$	4,467,345					$	4,467,345					$	—					$	—
			Agencies			343,031						—						343,031						—
			Non-U.S. government			497,392						—						497,392						—
			Non-U.S. government-backed corporate			321,356						—						321,356						—
			Corporate			3,075,660						—						3,075,660						—
			Agency mortgage-backed			1,148,499						—						1,148,499						—
			Non-agency mortgage-backed			294,604						—						294,604						—
			Commercial mortgage-backed			468,698						—						468,698						—
			Asset-backed			555,070						—						555,070						—
			Total fixed maturity investments			11,171,655						4,467,345						6,704,310						—
			Short term investments			4,566,277						—						4,566,277						—
			Equity investments trading			436,931						436,931						—						—
			Other investments
			Catastrophe bonds			781,641						—						781,641						—
			Private equity investments (1)			271,047						—						—						74,634
			Senior secured bank loan funds (1)			22,598						—						—						—
			Hedge funds (1)			12,091						—						—						—
			Total other investments			1,087,377						—						781,641						74,634
			Other assets and (liabilities)
			Assumed and ceded (re)insurance contracts (2)			4,731						—						—						4,731
			Derivatives (3)			16,937						(1,020)						17,957						—
			Total other assets and (liabilities)			21,668						(1,020)						17,957						4,731
						$	17,283,908					$	4,903,256					$	12,070,185					$	79,365

(1)     Certain investments, that are measured at fair value using the net asset value per share (or its equivalent) practical expedient, have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)    Included in assumed and ceded (re)insurance contracts at December 31, 2019 was $32.9 million of other assets and $28.2 million of other liabilities.

(3)     Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At December 31, 2020

Fair Value (Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

Other investments

Private equity investment

$

79,807

Internal valuation model

Discount rate

n/a

n/a

9.0

%

Liquidity discount

n/a

n/a

15.0

%

Total other investments

79,807

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(190)

Internal valuation model

Bond price

n/a

n/a

$

99.31

Liquidity discount

n/a

n/a

1.3

%

Assumed and ceded (re)insurance contracts

(7,395)

Internal valuation model

Net undiscounted cash flows

n/a

n/a

$

12,514

Expected loss ratio

n/a

n/a

24.0

%

Discount rate

n/a

n/a

0.4

%

Assumed and ceded (re)insurance contracts

1,374

Internal valuation model

Expected loss ratio

n/a

n/a

0.0

%

Total other assets and (liabilities)

(6,211)

Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

$

73,596

Schedule of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

												Other Investments						Other Assets and (Liabilities)						Total
			Balance - January 1, 2020									$	74,634					$	4,731					$	79,365
			Total realized and unrealized losses
			Included in net realized and unrealized gains (losses) on investments									(5,662)						—						(5,662)
			Included in other income									—						(3,191)						(3,191)
			Total foreign exchange gains									10						—						10
			Purchases									20,962						(2,012)						18,950
			Sales									(10,137)						—						(10,137)
			Settlements									—						(5,739)						(5,739)
			Balance - December 31, 2020									$	79,807					$	(6,211)					$	73,596

												Other Investments						Other Assets and (Liabilities)						Total
			Balance - January 1, 2019									$	54,545					$	(8,359)					$	46,186
			Total realized and unrealized gains (losses)
			Included in net realized and unrealized gains (losses) on investments									2,126						—						2,126
			Included in other income									—						(2,347)						(2,347)
			Total foreign exchange gains									5						—						5
			Purchases									17,958						(4,553)						13,405
			Settlements									—						20						20
			Amounts acquired (1)									—						19,970						19,970
			Balance - December 31, 2019									$	74,634					$	4,731					$	79,365

(1)    Represents the fair value of the other assets acquired from TMR, measured at fair value on a recurring basis using Level 3 inputs at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR.

Schedule of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

												Other Investments						Other Assets and (Liabilities)						Total
			Balance - January 1, 2020									$	74,634					$	4,731					$	79,365
			Total realized and unrealized losses
			Included in net realized and unrealized gains (losses) on investments									(5,662)						—						(5,662)
			Included in other income									—						(3,191)						(3,191)
			Total foreign exchange gains									10						—						10
			Purchases									20,962						(2,012)						18,950
			Sales									(10,137)						—						(10,137)
			Settlements									—						(5,739)						(5,739)
			Balance - December 31, 2020									$	79,807					$	(6,211)					$	73,596

												Other Investments						Other Assets and (Liabilities)						Total
			Balance - January 1, 2019									$	54,545					$	(8,359)					$	46,186
			Total realized and unrealized gains (losses)
			Included in net realized and unrealized gains (losses) on investments									2,126						—						2,126
			Included in other income									—						(2,347)						(2,347)
			Total foreign exchange gains									5						—						5
			Purchases									17,958						(4,553)						13,405
			Settlements									—						20						20
			Amounts acquired (1)									—						19,970						19,970
			Balance - December 31, 2019									$	74,634					$	4,731					$	79,365

(1)    Represents the fair value of the other assets acquired from TMR, measured at fair value on a recurring basis using Level 3 inputs at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR.

Schedule of the Balances the Company has Elected to Account for at Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:

			At December 31,			2020						2019
			Other investments			$	1,256,948					$	1,087,377
			Other assets			$	8,982					$	32,944
			Other liabilities			$	15,193					$	28,213

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At December 31, 2020

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity investments

$

265,694

$

727,214

See below

See below

See below

Senior secured bank loan funds

19,604

252,104

See below

See below

See below

Hedge funds

10,553

—

See below

See below

See below

Total other investments measured using net asset valuations

$

295,851

$

979,318

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