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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value of Fixed Maturity Investments Trading | The following table summarizes the fair value of fixed maturity investments trading:
| At December 31. | 2023 |  | 2022 |
| U.S. treasuries | $ | 10,060,203 |  |  | $ | 7,180,129 |  |
| Corporate (1) | 6,499,075 |  |  | 4,390,568 |  |
| Asset-backed | 1,491,695 |  |  | 1,077,302 |  |
| Residential mortgage-backed | 1,420,362 |  |  | 710,429 |  |
| Agencies | 489,117 |  |  | 395,149 |  |
| Non-U.S. government | 483,576 |  |  | 383,838 |  |
| Commercial mortgage-backed | 433,080 |  |  | 213,987 |  |
| Total fixed maturity investments trading | $ | 20,877,108 |  |  | $ | 14,351,402 |  |
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments. The following table summarizes the fair value of equity investments:
| At December 31. | 2023 |  | 2022 |
| Financials | $ | 106,542 |  |  | $ | 103,250 |  |
| Consumer | 212 |  |  | 33,447 |  |
| Communications and technology | 12 |  |  | 48,687 |  |
| Fixed income exchange traded funds | — |  |  | 295,481 |  |
| Equity exchange traded funds | — |  |  | 90,510 |  |
| Industrial, utilities and energy | — |  |  | 25,326 |  |
| Healthcare | — |  |  | 24,617 |  |
| Basic materials | — |  |  | 3,740 |  |
| Total | $ | 106,766 |  |  | $ | 625,058 |  |
Schedule of Contractual Maturities of Fixed Maturity Investments | Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | At December 31, 2023 |  | At December 31, 2022 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
| Due in less than one year | $ | 587,720 |  |  | $ | 582,519 |  |  | $ | 364,501 |  |  | $ | 356,770 |  |
| Due after one through five years | 11,439,510 |  |  | 11,468,263 |  |  | 8,117,971 |  |  | 7,875,771 |  |
| Due after five through ten years | 5,182,667 |  |  | 5,188,716 |  |  | 4,072,142 |  |  | 3,805,287 |  |
| Due after ten years | 307,392 |  |  | 292,473 |  |  | 356,268 |  |  | 311,856 |  |
| Mortgage-backed | 1,864,520 |  |  | 1,853,442 |  |  | 1,009,205 |  |  | 924,416 |  |
| Asset-backed | 1,490,641 |  |  | 1,491,695 |  |  | 1,118,464 |  |  | 1,077,302 |  |
| Total | $ | 20,872,450 |  |  | $ | 20,877,108 |  |  | $ | 15,038,551 |  |  | $ | 14,351,402 |  |
Schedule of Net Investment Income | The components of net investment income are as follows:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
| Fixed maturity investments trading | $ | 744,457 |  |  | $ | 382,165 |  |  | $ | 234,911 |  |
| Short term investments | 213,303 |  |  | 41,042 |  |  | 2,333 |  |
| Equity investments | 7,261 |  |  | 20,864 |  |  | 9,017 |  |
| Other investments |  |  |  |  |  |
| Catastrophe bonds | 200,572 |  |  | 94,784 |  |  | 64,860 |  |
| Other | 87,296 |  |  | 37,497 |  |  | 28,811 |  |
| Cash and cash equivalents | 23,123 |  |  | 5,197 |  |  | 297 |  |
|  | 1,276,012 |  |  | 581,549 |  |  | 340,229 |  |
| Investment expenses | (22,902) |  |  | (21,617) |  |  | (20,750) |  |
| Net investment income | $ | 1,253,110 |  |  | $ | 559,932 |  |  | $ | 319,479 |  |
Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments | Net realized and unrealized gains (losses) on investments are as follows:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
| Net realized gains (losses) on fixed maturity investments trading | $ | (393,041) |  |  | $ | (732,561) |  |  | $ | 79,588 |  |
| Net unrealized gains (losses) on fixed maturity investments trading | 685,095 |  |  | (636,762) |  |  | (389,376) |  |
| Net realized and unrealized gains (losses) on fixed maturity investments trading | 292,054 |  |  | (1,369,323) |  |  | (309,788) |  |
| Net realized and unrealized gains (losses) on investment-related derivatives (1) | (68,272) |  |  | (165,293) |  |  | (12,237) |  |
| Net realized gains (losses) on equity investments | (27,492) |  |  | 43,035 |  |  | 335,491 |  |
| Net unrealized gains (losses) on equity investments | 73,243 |  |  | (166,823) |  |  | (285,882) |  |
| Net realized and unrealized gains (losses) on equity investments | 45,751 |  |  | (123,788) |  |  | 49,609 |  |
| Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 101,897 |  |  | (130,335) |  |  | (35,033) |  |
| Net realized and unrealized gains (losses) on other investments - other | 43,092 |  |  | (11,746) |  |  | 89,315 |  |
| Net realized and unrealized gains (losses) on investments | $ | 414,522 |  |  | $ | (1,800,485) |  |  | $ | (218,134) |  |
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information.
Schedule of Other Investments | The table below shows the fair value of the Company’s portfolio of other investments:
| At December 31, | 2023 |  | 2022 |
| Catastrophe bonds | $ | 1,942,199 |  |  | $ | 1,241,468 |  |
| Fund investments | 1,415,804 |  |  | 1,086,706 |  |
| Term loans | 97,658 |  |  | 100,000 |  |
| Direct private equity investments | 59,905 |  |  | 66,780 |  |
| Total other investments | $ | 3,515,566 |  |  | $ | 2,494,954 |  |
Schedule of Equity Method Investments | The table below shows the Company’s portfolio of investments in other ventures, under equity method:
|  |  |  | 2023 |  |  |  | 2022 |
| At December 31, |  |  | Ownership % |  | Carrying Value |  |  |  | Ownership % |  | Carrying Value |
| Tower Hill Companies (1) |  |  | 2.0% - 25.0% |  | 13,970 |  |  |  |  | 2.0% - 25.0% |  | 10,897 |  |
| Top Layer |  |  | 50.0% |  | 31,768 |  |  |  |  | 50.0% |  | 23,562 |  |
| Other |  |  | 25.3% |  | 66,886 |  |  |  |  | 22.8% |  | 45,291 |  |
| Total investments in other ventures, under equity method |  |  |  |  | $ | 112,624 |  |  |  |  |  |  | $ | 79,750 |  |
(1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).
Schedule of Equity In Earnings of Equity Method Investments | The table below shows the Company’s equity in earnings of other ventures, under equity method:
| Year ended December 31, | 2023 |  | 2022 |  | 2021 |
| Top Layer | $ | 15,977 |  |  | $ | 6,347 |  |  | $ | 8,286 |  |
| Tower Hill Companies | 24,815 |  |  | (921) |  |  | (2,073) |  |
| Other | 2,682 |  |  | 5,823 |  |  | 6,096 |  |
| Total equity in earnings of other ventures, under equity method | $ | 43,474 |  |  | $ | 11,249 |  |  | $ | 12,309 |  |
Net Sales (Purchases) of Investments | The table below shows the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures.
| Year ended December 31, 2023 | Gross Purchases |  | Gross Sales |  | Net |
| Equity investments | $ | (1,715) |  |  | $ | 566,041 |  |  | $ | 564,326 |  |
| Short term investments | $ | (39,309,700) |  |  | $ | 41,152,880 |  |  | $ | 1,843,180 |  |
| Other investments | $ | (1,291,508) |  |  | $ | 489,658 |  |  | $ | (801,850) |  |
| Investments in other ventures | $ | (25,265) |  |  | $ | 5,554 |  |  | $ | (19,711) |  |
| Year ended December 31, 2022 | Gross Purchases |  | Gross Sales |  | Net |
| Equity investments | $ | (861,508) |  |  | $ | 659,199 |  |  | $ | (202,309) |  |
| Short term investments | $ | (25,972,174) |  |  | $ | 26,612,585 |  |  | $ | 640,411 |  |
| Other investments | $ | (1,027,734) |  |  | $ | 408,944 |  |  | $ | (618,790) |  |
| Investments in other ventures | $ | (4,318) |  |  | $ | 3,545 |  |  | $ | (773) |  |

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