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INVESTMENTS (Tables)

9 Months Ended

Sep. 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:

						September 30, 2024						December 31, 2023
			U.S. treasuries			$	11,736,158					$	10,060,203
			Corporate (1)			7,790,634						6,499,075
			Residential mortgage-backed			1,753,318						1,420,362
			Asset-backed			1,440,194						1,491,695
			Agencies			615,627						489,117
			Non-U.S. government			609,355						483,576
			Commercial mortgage-backed			341,899						433,080
			Total fixed maturity investments trading			$	24,287,185					$	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:

						September 30, 2024						December 31, 2023
			Financials			$	131,775					$	106,542
			Basic materials			754						—
			Industrial, utilities and energy			288						—
			Consumer			141						212
			Communications and technology			101						12
			Healthcare			32						—
			Total			$	133,091					$	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.

						September 30, 2024												December 31, 2023
						Amortized  Cost						Fair Value						Amortized Cost						Fair Value
			Due in less than one year			$	1,224,238					$	1,226,745					$	587,720					$	582,519
			Due after one through five years			12,783,659						12,971,037						11,439,510						11,468,263
			Due after five through ten years			5,993,586						6,155,650						5,182,667						5,188,716
			Due after ten years			406,699						398,342						307,392						292,473
			Mortgage-backed			2,085,663						2,095,217						1,864,520						1,853,442
			Asset-backed			1,433,446						1,440,194						1,490,641						1,491,695
			Total			$	23,927,291					$	24,287,185					$	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												Nine months ended
						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
			Fixed maturity investments trading			$	289,687					$	188,781					$	820,876					$	514,020
			Short term investments			46,746						66,722						141,923						149,903
			Equity investments			670						510						1,819						6,675
			Other investments
			Catastrophe bonds			61,175						54,583						177,860						142,936
			Other			20,937						20,031						59,525						65,422
			Cash and cash equivalents			10,226						4,160						40,347						13,009
						429,441						334,787						1,242,350						891,965
			Investment expenses			(5,582)						(5,679)						(16,871)						(15,817)
			Net investment income			$	423,859					$	329,108					$	1,225,479					$	876,148

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

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

						Three months ended												Nine months ended
						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
			Net realized gains (losses) on fixed maturity investments trading			$	22,052					$	(121,112)					$	(33,965)					$	(300,089)
			Net unrealized gains (losses) on fixed maturity investments trading			590,309						(158,226)						353,465						14,007
			Net realized and unrealized gains (losses) on fixed maturity investments trading			612,361						(279,338)						319,500						(286,082)
			Net realized and unrealized gains (losses) on investment-related derivatives (1)			97,534						30,594						50,102						(22,295)
			Net realized gains (losses) on equity investments			340						(10)						355						(27,503)
			Net unrealized gains (losses) on equity investments			18,778						2,261						26,368						62,039
			Net realized and unrealized gains (losses) on equity investments			19,118						2,251						26,723						34,536
			Net realized and unrealized gains (losses) on other investments - catastrophe bonds			66,291						32,474						51,091						94,786
			Net realized and unrealized gains (losses) on other investments - other			148,441						(14,068)						155,091						7,638
			Net realized and unrealized gains (losses) on investments			$	943,745					$	(228,087)					$	602,507					$	(171,417)

(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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