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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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:

						June 30, 2024						December 31, 2023
			U.S. treasuries			$	10,165,179					$	10,060,203
			Corporate (1)			7,253,535						6,499,075
			Residential mortgage-backed			1,762,405						1,420,362
			Asset-backed			1,458,394						1,491,695
			Agencies			568,308						489,117
			Non-U.S. government			563,512						483,576
			Commercial mortgage-backed			320,738						433,080
			Total fixed maturity investments trading			$	22,092,071					$	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:

						June 30, 2024						December 31, 2023
			Financials			$	113,306					$	106,542
			Basic materials			694						—
			Industrial, utilities and energy			167						—
			Consumer			143						212
			Communications and technology			95						12
			Total			$	114,405					$	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.

						June 30, 2024												December 31, 2023
						Amortized  Cost						Fair Value						Amortized Cost						Fair Value
			Due in less than one year			$	755,556					$	750,101					$	587,720					$	582,519
			Due after one through five years			11,319,555						11,251,057						11,439,510						11,468,263
			Due after five through ten years			6,286,705						6,216,620						5,182,667						5,188,716
			Due after ten years			362,370						332,756						307,392						292,473
			Mortgage-backed			2,148,427						2,083,143						1,864,520						1,853,442
			Asset-backed			1,455,012						1,458,394						1,490,641						1,491,695
			Total			$	22,327,625					$	22,092,071					$	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												Six months ended
						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
			Fixed maturity investments trading			$	273,900					$	169,739					$	531,189					$	325,239
			Short term investments			48,386						50,231						95,177						83,181
			Equity investments			589						2,766						1,149						6,165
			Other investments
			Catastrophe bonds			58,436						49,522						116,685						88,353
			Other			20,663						20,820						38,588						45,391
			Cash and cash equivalents			15,399						4,585						30,121						8,849
						417,373						297,663						812,909						557,178
			Investment expenses			(6,528)						(5,001)						(11,289)						(10,138)
			Net investment income			$	410,845					$	292,662					$	801,620					$	547,040

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

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

						Three months ended												Six months ended
						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
			Net realized gains (losses) on fixed maturity investments trading			$	(65,813)					$	(74,212)					$	(56,017)					$	(178,977)
			Net unrealized gains (losses) on fixed maturity investments trading			(24,848)						(139,793)						(236,844)						172,233
			Net realized and unrealized gains (losses) on fixed maturity investments trading			(90,661)						(214,005)						(292,861)						(6,744)
			Net realized and unrealized gains (losses) on investment-related derivatives (1)			10,374						(65,051)						(47,432)						(52,889)
			Net realized gains (losses) on equity investments			15						(18,755)						15						(27,493)
			Net unrealized gains (losses) on equity investments			(5,507)						20,627						7,590						59,778
			Net realized and unrealized gains (losses) on equity investments			(5,492)						1,872						7,605						32,285
			Net realized and unrealized gains (losses) on other investments - catastrophe bonds			(34,107)						38,186						(15,200)						62,312
			Net realized and unrealized gains (losses) on other investments - other			(7,698)						16,217						6,650						21,706
			Net realized and unrealized gains (losses) on investments			$	(127,584)					$	(222,781)					$	(341,238)					$	56,670

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures 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.

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