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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021			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			$	6,247,779					$	6,247,779					$	—					$	—
			Agencies			361,684						—						361,684						—
			Non-U.S. government			549,613						—						549,613						—
			Non-U.S. government-backed corporate			474,848						—						474,848						—
			Corporate			3,214,438						—						3,214,438						—
			Agency mortgage-backed			721,955						—						721,955						—
			Non-agency mortgage-backed			233,346						—						233,346						—
			Commercial mortgage-backed			634,925						—						634,925						—
			Asset-backed			1,068,543						—						1,068,543						—
			Total fixed maturity investments			13,507,131						6,247,779						7,259,352						—
			Short term investments			5,298,385						—						5,298,385						—
			Equity investments trading			546,016						546,016						—						—
			Other investments
			Catastrophe bonds			1,104,034						—						1,104,034						—
			Direct private equity investments			88,373						—						—						88,373
			Term loans			74,850																		74,850
						1,267,257						—						1,104,034						163,223
			Fund investments (1)			725,802
			Total other investments			1,993,059						—						1,104,034						163,223
			Other assets and (liabilities)
			Assumed and ceded (re)insurance contracts (2)			(4,727)						—						—						(4,727)
			Derivative assets (3)			17,889						1,067						16,822						—
			Derivatives liabilities (3)			(16,954)						(1,598)						(15,356)						—
			Total other assets and (liabilities)			(3,792)						(531)						1,466						(4,727)
						$	21,340,799					$	6,793,264					$	13,663,237					$	158,496

(1)     Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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, 2021 was $6.1 million of other assets and $10.8 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, 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						—
			Direct private equity investments (1)			79,807						—						—						79,807
						961,097						—						881,290						79,807
			Fund investments (1)			295,851
			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)
			Derivative assets			45,233						156						45,077						—
			Derivative liabilities (3)			(22,360)						(567)						(21,793)						—
			Total other assets and (liabilities)			16,662						(411)						23,284						(6,211)
						$	20,476,465					$	5,662,615					$	14,444,403					$	73,596

(1)     Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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.

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, 2021

Fair Value (Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

Other investments

Direct private equity investments

$

88,373

Internal valuation model

Discount rate

n/a

n/a

7.5

%

Liquidity discount

n/a

n/a

15.0

%

Term loans

74,850

Yield analysis

Transaction yield

n/a

n/a

2.78

%

Total other investments

163,223

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(4,727)

Internal valuation model

Net undiscounted cash flows

n/a

n/a

$

14,920

Expected loss ratio

n/a

n/a

14.7

%

Discount rate

n/a

n/a

1.3

%

Total other assets and (liabilities)

(4,727)

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

$

158,496

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
												Direct private equity investments						Term loans
			Balance - January 1, 2021									$	79,807					$	—					$	(6,211)					$	73,596
			Total realized and unrealized gains (losses)
			Included in net realized and unrealized gains (losses) on investments									(159)						—						—						(159)
			Included in other income									—						—						2,624						2,624
			Total foreign exchange gains									(3)						—						—						(3)
			Purchases									9,676						74,850						(1,140)						83,386
			Sales									(948)						—						—						(948)
			Settlements									—						—						—						—
			Balance - December 31, 2021									$	88,373					$	74,850					$	(4,727)					$	158,496

									Other Investments												Other Assets and (Liabilities)						Total
									Direct private equity investments						Term loans
			Balance - January 1, 2020						$	74,634					$	—					$	4,731					$	79,365
			Total realized and unrealized gains (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

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
												Direct private equity investments						Term loans
			Balance - January 1, 2021									$	79,807					$	—					$	(6,211)					$	73,596
			Total realized and unrealized gains (losses)
			Included in net realized and unrealized gains (losses) on investments									(159)						—						—						(159)
			Included in other income									—						—						2,624						2,624
			Total foreign exchange gains									(3)						—						—						(3)
			Purchases									9,676						74,850						(1,140)						83,386
			Sales									(948)						—						—						(948)
			Settlements									—						—						—						—
			Balance - December 31, 2021									$	88,373					$	74,850					$	(4,727)					$	158,496

									Other Investments												Other Assets and (Liabilities)						Total
									Direct private equity investments						Term loans
			Balance - January 1, 2020						$	74,634					$	—					$	4,731					$	79,365
			Total realized and unrealized gains (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

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,			2021						2020
			Other investments			$	1,993,059					$	1,256,948
			Other assets			$	6,100					$	8,982
			Other liabilities			$	10,827					$	15,193

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, 2021

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity funds

$

241,297

$

458,566

See below

See below

See below

Private credit funds

473,112

868,571

See below

See below

See below

Hedge funds

11,394

—

See below

See below

See below

Total other investments measured using net asset valuations

$

725,803

$

1,327,137

At December 31, 2020

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity funds

$

140,743

$

286,893

See below

See below

See below

Private credit funds

144,556

692,425

See below

See below

See below

Hedge funds

10,553

—

See below

See below

See below

Total other investments measured using net asset valuations

$

295,852

$

979,318

Schedule of Variable Interest Entities

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:

						Maximum Exposure to Loss
			At December 31, 2021			Carrying amount						Unfunded Commitments						Total
			Other investments			$	539,866					$	1,282,451					$	1,822,317
			At December 31, 2020
			Other investments			$	240,058					$	659,119					$	899,177

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