INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments

The following table summarizes the fair value of fixed maturity investments trading:



	March 31, 2024		December 31, 2023
U.S. treasuries	$	9,793,911	$	10,060,203
Corporate (1)	7,064,030		6,499,075
Residential mortgage-backed	1,616,444		1,420,362
Asset-backed	1,428,513		1,491,695
Agencies	594,522		489,117
Non-U.S. government	495,426		483,576
Commercial mortgage-backed	316,614		433,080
Total fixed maturity investments trading	$	21,309,460	$	20,877,108

(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:



	March 31, 2024		December 31, 2023
Financials	$	119,657	$	106,542
Consumer	148		212
Industrial, utilities and energy	105		—
Communications and technology	82		12




Total	$	119,992	$	106,766

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.




	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	561,262	$	556,795	$	587,720	$	582,519
Due after one through five years	11,305,216		11,229,683		11,439,510		11,468,263
Due after five through ten years	5,921,030		5,863,512		5,182,667		5,188,716
Due after ten years	320,954		297,899		307,392		292,473
Mortgage-backed	1,985,128		1,933,058		1,864,520		1,853,442
Asset-backed	1,425,554		1,428,513		1,490,641		1,491,695
Total	$	21,519,144	$	21,309,460	$	20,872,450	$	20,877,108

Schedule of Components of Net Investment Income

The components of net investment income are as follows:



	Three months ended
	March 31, 2024		March 31, 2023
Fixed maturity investments trading	$	257,289	$	155,500
Short term investments	46,791		32,950
Equity investments	560		3,399
Other investments
Catastrophe bonds	58,249		38,831
Other	17,925		24,571
Cash and cash equivalents	14,722		4,264
	395,536		259,515
Investment expenses	(4,761)		(5,137)
Net investment income	$	390,775	$	254,378

Schedule of Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:



	Three months ended
	March 31, 2024		March 31, 2023


Net realized gains (losses) on fixed maturity investments trading	$	9,796	$	(104,765)
Net unrealized gains (losses) on fixed maturity investments trading	(211,996)		312,026
Net realized and unrealized gains (losses) on fixed maturity investments trading	(202,200)		207,261
Net realized and unrealized gains (losses) on investment-related derivatives(1)	(57,806)		12,162
Net realized gains (losses) on equity investments	—		(8,738)
Net unrealized gains (losses) on equity investments	13,097		39,151
Net realized and unrealized gains (losses) on equity investments	13,097		30,413
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	18,907		24,126
Net realized and unrealized gains (losses) on other investments - other	14,348		5,489
Net realized and unrealized gains (losses) on investments	$	(213,654)	$	279,451

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” for additional information.