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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022			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 trading
			U.S. treasuries			$	6,012,779					$	6,012,779					$	—					$	—
			Agencies			366,752						—						366,752						—
			Non-U.S. government			450,590						—						450,590						—
			Corporate (1)			3,901,805						—						3,901,805						—
			Residential mortgage-backed			902,508						—						902,508						—
			Commercial mortgage-backed			443,070						—						443,070						—
			Asset-backed			1,007,863						—						1,007,863						—
			Total fixed maturity investments trading			13,085,367						6,012,779						7,072,588						—
			Short term investments			4,429,483						—						4,429,483						—
			Equity investments trading			692,747						692,747						—						—
			Other investments
			Catastrophe bonds			1,261,145						—						1,261,145						—
			Direct private equity investments			81,610						—						—						81,610
			Term loans			100,000						—						—						100,000
						1,442,755						—						1,261,145						181,610
			Fund investments (2)			871,477
			Total other investments			2,314,232						—						1,261,145						181,610
			Other assets and (liabilities)
			Assumed and ceded (re)insurance contracts (3)			(3,064)						—						—						(3,064)
			Derivative assets (4)			30,720						9,164						21,556						—
			Derivative liabilities (4)			(23,876)						(6,873)						(17,003)						—
			Total other assets and (liabilities)			3,780						2,291						4,553						(3,064)
						$	20,525,609					$	6,707,817					$	12,767,769					$	178,546

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which are comprised of private equity funds and private credit 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.

(3)Included in assumed and ceded (re)insurance contracts at June 30, 2022 was $2.9 million of other assets and $6.0 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

			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 trading
			U.S. treasuries			$	6,247,779					$	6,247,779					$	—					$	—
			Agencies			361,684						—						361,684						—
			Non-U.S. government			549,613						—						549,613						—
			Corporate (1)			3,689,286						—						3,689,286						—
			Residential mortgage-backed			955,301						—						955,301						—
			Commercial mortgage-backed			634,925						—						634,925						—
			Asset-backed			1,068,543						—						1,068,543						—
			Total fixed maturity investments trading			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 (2)			725,802
			Total other investments			1,993,059						—						1,104,034						163,223
			Other assets and (liabilities)
			Assumed and ceded (re)insurance contracts (3)			(4,727)						—						—						(4,727)
			Derivative assets (4)			17,889						1,067						16,822						—
			Derivative liabilities (4)			(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)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)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.

(3)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.

(4)Refer to “Note 13. 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 June 30, 2022

Fair Value (Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

Other investments

Direct private equity investments

$

81,610

Internal valuation model

Discount rate

n/a

n/a

7.5%

Liquidity discount

n/a

n/a

15.0

%

Term loans

100,000

Discounted cash flow

Credit spread adjustment

n/a

n/a

0.2

%

Risk premium

n/a

n/a

2.6

%

Total other investments

181,610

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(3,064)

Internal valuation model

Net undiscounted cash flows

n/a

n/a

$

14,933

Expected loss ratio

n/a

n/a

8.4

%

Discount rate

n/a

n/a

3.0

%

Total other assets and (liabilities)

(3,064)

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

$

178,546

At December 31, 2021

Fair Value (Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

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

Discounted cash flow

Credit Spread Adjustment

n/a

n/a

0.2

%

Risk Premium

n/a

n/a

2.6

%

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

Schedule of Assets and Liabilities Measured at Fair Value on 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 - April 1, 2022									$	80,213					$	85,000					$	(4,099)					$	161,114
			Included in net investment income									—						—						—						—
			Included in net realized and unrealized gains (losses) on investments									(3,603)						—						—						(3,603)
			Included in other income (loss)									—						—						280						280
			Total foreign exchange gains (losses)									—						—						—						—
			Purchases									5,000						15,000						755						20,755
			Settlements									—						—						—						—
			Balance - June 30, 2022									$	81,610					$	100,000					$	(3,064)					$	178,546
												Other Investments												Other Assets and (Liabilities)						Total
												Direct private equity investments						Term loans
			Balance - January 1, 2022									$	88,373					$	74,850					$	(4,727)					$	158,496
			Included in net investment income									—						605						—						605
			Included in net realized and unrealized gains (losses) on investments									(11,753)						—						—						(11,753)
			Included in other income (loss)									—						—						1,189						1,189
			Total foreign exchange gains (losses)									(10)						—						—						(10)
			Purchases									5,000						25,000						474						30,474
			Settlements									—						(455)						—						(455)
			Balance - June 30, 2022									$	81,610					$	100,000					$	(3,064)					$	178,546

												Other investments												Other assets  and (liabilities)						Total
												Direct private equity investments						Term loans
			Balance - April 1, 2021									$	75,874					$	—					$	(6,421)					$	69,453
			Included in net realized and unrealized gains (losses) on investments									1,415						—						—						1,415
			Included in other income (loss)									—						—						440						440
			Total foreign exchange gains (losses)									1						—						—						1
			Purchases									5,000						—						(212)						4,788
			Sales									(946)						—						—						(946)
			Balance - June 30, 2021									$	81,344					$	—					$	(6,193)					$	75,151
												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 losses
			Included in net realized and unrealized gains on investments									(2,521)						—						—						(2,521)
			Included in other income (loss)									—						—						536						536
			Total foreign exchange losses									4						—						—						4
			Purchases									5,000						—						(518)						4,482
			Sales									(946)						—						—						(946)
			Balance - June 30, 2021									$	81,344					$	—					$	(6,193)					$	75,151

Schedule of Assets and Liabilities Measured at Fair Value on 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 - April 1, 2022									$	80,213					$	85,000					$	(4,099)					$	161,114
			Included in net investment income									—						—						—						—
			Included in net realized and unrealized gains (losses) on investments									(3,603)						—						—						(3,603)
			Included in other income (loss)									—						—						280						280
			Total foreign exchange gains (losses)									—						—						—						—
			Purchases									5,000						15,000						755						20,755
			Settlements									—						—						—						—
			Balance - June 30, 2022									$	81,610					$	100,000					$	(3,064)					$	178,546
												Other Investments												Other Assets and (Liabilities)						Total
												Direct private equity investments						Term loans
			Balance - January 1, 2022									$	88,373					$	74,850					$	(4,727)					$	158,496
			Included in net investment income									—						605						—						605
			Included in net realized and unrealized gains (losses) on investments									(11,753)						—						—						(11,753)
			Included in other income (loss)									—						—						1,189						1,189
			Total foreign exchange gains (losses)									(10)						—						—						(10)
			Purchases									5,000						25,000						474						30,474
			Settlements									—						(455)						—						(455)
			Balance - June 30, 2022									$	81,610					$	100,000					$	(3,064)					$	178,546

												Other investments												Other assets  and (liabilities)						Total
												Direct private equity investments						Term loans
			Balance - April 1, 2021									$	75,874					$	—					$	(6,421)					$	69,453
			Included in net realized and unrealized gains (losses) on investments									1,415						—						—						1,415
			Included in other income (loss)									—						—						440						440
			Total foreign exchange gains (losses)									1						—						—						1
			Purchases									5,000						—						(212)						4,788
			Sales									(946)						—						—						(946)
			Balance - June 30, 2021									$	81,344					$	—					$	(6,193)					$	75,151
												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 losses
			Included in net realized and unrealized gains on investments									(2,521)						—						—						(2,521)
			Included in other income (loss)									—						—						536						536
			Total foreign exchange losses									4						—						—						4
			Purchases									5,000						—						(518)						4,482
			Sales									(946)						—						—						(946)
			Balance - June 30, 2021									$	81,344					$	—					$	(6,193)					$	75,151

Schedule of Balances Elected to Account for at Fair Value

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

						June 30, 2022						December 31, 2021
			Other investments			$	2,314,232					$	1,993,059
			Other assets			$	2,937					$	6,100
			Other liabilities			$	6,001					$	10,827

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 June 30, 2022			Fair Value						Unfunded Commitments						Redemption Frequency						Redemption Notice Period (Minimum Days)						Redemption Notice Period (Maximum Days)
			Private credit funds			$	619,003					$	812,427					See below						See below						See below
			Private equity funds			252,474						402,637						See below						See below						See below
			Total other investments measured using net asset valuations			$	871,477					$	1,215,064

At December 31, 2021

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private credit funds

$

473,112

$

868,571

See below

See below

See below

Private equity funds

241,297

458,566

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

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 June 30, 2022			Carrying amount						Unfunded Commitments						Total
			Other investments			$	691,065					$	1,167,352					$	1,858,417
			At December 31, 2021
			Other investments			$	539,866					$	1,282,451					$	1,822,317

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685

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