XML 74 R55.htm IDEA: XBRL DOCUMENT
v3.25.0.1

DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Summary of Derivative Instruments [Abstract] |
Schedule of Location on Consolidated Balance Sheets and Fair Value of Principal Derivative Instruments | The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:
|  | Derivative Assets |
| At December 31, 2024 | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Assets Presented in the Balance Sheet |  | Balance Sheet Location |  | Collateral Received |  | Net Amount |
| Derivative instruments not designated as hedges |
| Interest rate futures | $ | 4,198 |  |  | $ | — |  |  | $ | 4,198 |  |  | Other assets |  | $ | — |  |  | $ | 4,198 |  |
| Foreign currency forward contracts (1) | 16,275 |  |  | — |  |  | 16,275 |  |  | Other assets |  | — |  |  | 16,275 |  |
| Foreign currency forward contracts (2) | 4,085 |  |  | — |  |  | 4,085 |  |  | Other assets |  | — |  |  | 4,085 |  |
| Commodity futures | 5,933 |  |  | — |  |  | 5,933 |  |  | Other assets |  | — |  |  | 5,933 |  |
| Commodity options | 483 |  |  | — |  |  | 483 |  |  | Other assets |  | — |  |  | 483 |  |
| Total derivative instruments not designated as hedges | 30,974 |  |  | — |  |  | 30,974 |  |  |  |  | — |  |  | 30,974 |  |
| Derivative instruments designated as hedges |
| Foreign currency forward contracts (3) | 3,564 |  |  | — |  |  | 3,564 |  |  | Other assets |  | — |  |  | 3,564 |  |
| Total | $ | 34,538 |  |  | $ | — |  |  | $ | 34,538 |  |  |  |  | $ | — |  |  | $ | 34,538 |  |
|  | Derivative Liabilities |
| At December 31, 2024 | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Liabilities Presented in the Balance Sheet |  | Balance Sheet Location |  | Collateral Pledged |  | Net Amount |
| Derivative instruments not designated as hedges |
| Interest rate futures | $ | 6,178 |  |  | $ | — |  |  | $ | 6,178 |  |  | Other liabilities |  | $ | 5,408 |  |  | $ | 770 |  |
| Foreign currency forward contracts (1) | 53,160 |  |  | — |  |  | 53,160 |  |  | Other liabilities |  | 5,632 |  |  | 47,528 |  |
| Foreign currency forward contracts (2) | 13,171 |  |  | — |  |  | 13,171 |  |  | Other liabilities |  | — |  |  | 13,171 |  |
| Credit default swaps | 1,675 |  |  | — |  |  | 1,675 |  |  | Other liabilities |  | 1,675 |  |  | — |  |
| Equity futures | 1,694 |  |  | — |  |  | 1,694 |  |  | Other liabilities |  | — |  |  | 1,694 |  |
| Total derivative instruments not designated as hedges | 75,878 |  |  | — |  |  | 75,878 |  |  |  |  | 12,715 |  |  | 63,163 |  |
| Total | $ | 75,878 |  |  | $ | — |  |  | $ | 75,878 |  |  |  |  | $ | 12,715 |  |  | $ | 63,163 |  |
(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2)Contracts used to manage foreign currency risks in investment operations. (3)Contracts designated as hedges of net investments in a foreign operation.
|  | Derivative Assets |
| At December 31, 2023 | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Assets Presented in the Balance Sheet |  | Balance Sheet Location |  | Collateral Received |  | Net Amount |
| Derivative instruments not designated as hedges |
| Interest rate futures | $ | 13,162 |  |  | $ | — |  |  | $ | 13,162 |  |  | Other assets |  | $ | — |  |  | $ | 13,162 |  |
| Foreign currency forward contracts (1) | 16,827 |  |  | — |  |  | 16,827 |  |  | Other assets |  | — |  |  | 16,827 |  |
| Foreign currency forward contracts (2) | 10,448 |  |  | — |  |  | 10,448 |  |  | Other assets |  | — |  |  | 10,448 |  |
| Credit default swaps | 749 |  |  | — |  |  | 749 |  |  | Other assets |  | — |  |  | 749 |  |
| Commodity options | 3,538 |  |  | — |  |  | 3,538 |  |  | Other assets |  | — |  |  | 3,538 |  |
| Total derivative instruments not designated as hedges | 44,724 |  |  | — |  |  | 44,724 |  |  |  |  | — |  |  | 44,724 |  |
| Total | $ | 44,724 |  |  | $ | — |  |  | $ | 44,724 |  |  |  |  | $ | — |  |  | $ | 44,724 |  |
|  | Derivative Liabilities |
| At December 31, 2023 | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts of Liabilities Presented in the Balance Sheet |  | Balance Sheet Location |  | Collateral Pledged |  | Net Amount |
| Derivative instruments not designated as hedges |
| Interest rate futures | $ | 5,768 |  |  | $ | — |  |  | $ | 5,768 |  |  | Other liabilities |  | $ | 5,720 |  |  | $ | 48 |  |
| Foreign currency forward contracts (1) | 11,890 |  |  | — |  |  | 11,890 |  |  | Other liabilities |  | — |  |  | 11,890 |  |
| Foreign currency forward contracts (2) | 2,603 |  |  | — |  |  | 2,603 |  |  | Other liabilities |  | — |  |  | 2,603 |  |
| Credit default swaps | 1,248 |  |  | — |  |  | 1,248 |  |  | Other liabilities |  | 1,248 |  |  | — |  |
| Commodity options | 3,162 |  |  | — |  |  | 3,162 |  |  | Other liabilities |  | — |  |  | 3,162 |  |
| Commodity futures | 1,441 |  |  | — |  |  | 1,441 |  |  | Other liabilities |  | — |  |  | 1,441 |  |
| Total derivative instruments not designated as hedges | 26,112 |  |  | — |  |  | 26,112 |  |  |  |  | 6,968 |  |  | 19,144 |  |
| Derivative instruments designated as hedges |
| Foreign currency forward contracts (3) | 3,879 |  |  | — |  |  | 3,879 |  |  | Other liabilities |  | — |  |  | 3,879 |  |
| Total | $ | 29,991 |  |  | $ | — |  |  | $ | 29,991 |  |  |  |  | $ | 6,968 |  |  | $ | 23,023 |  |
(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2)Contracts used to manage foreign currency risks in investment operations. (3)Contracts designated as hedges of net investments in a foreign operation.
Schedule of Gain (Loss) Recognized in Consolidated Statements of Operations Related to Principal Derivative Instruments | The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:
|  | Location of Gain (Loss) Recognized on Derivatives | Amount of Gain (loss) Recognized on Derivatives |  |  |
| Year ended December 31, |  | 2024 |  | 2023 |  | 2022 |  |  |
| Derivative instruments not designated as hedges
| Interest rate futures (1) | Net realized and unrealized gains (losses) on investments | $ | (81,400) |  |  | $ | 3,877 |  |  | $ | (86,863) |  |  |  |
| Foreign currency forward contracts (2) | Net foreign exchange gains (losses) | (27,918) |  |  | (877) |  |  | (51,401) |  |  |  |
| Foreign currency forward contracts (3) | Net foreign exchange gains (losses) | (32,687) |  |  | (11,761) |  |  | 21,689 |  |  |  |
| Credit default swaps (1) | Net realized and unrealized gains (losses) on investments | (54,757) |  |  | (70,924) |  |  | (9,084) |  |  |  |
| Total return swaps (1) | Net realized and unrealized gains (losses) on investments | — |  |  | — |  |  | (6) |  |  |  |
| Equity futures (4) | Net realized and unrealized gains (losses) on investments | 3,379 |  |  | (1,928) |  |  | (69,972) |  |  |  |
| Warrants | Net realized and unrealized gains (losses) on investments | (1,046) |  |  | — |  |  | 632 |  |  |  |
| Commodity options | Net realized and unrealized gains (losses) on investments | (4,517) |  |  | (4,553) |  |  | — |  |  |  |
| Commodity futures | Net realized and unrealized gains (losses) on investments | 81,062 |  |  | 5,256 |  |  | — |  |  |  |
| Total derivative instruments not designated as hedges |  | (117,884) |  |  | (80,910) |  |  | (195,005) |  |  |  |
| Derivative instruments designated as hedges
| Foreign currency forward contracts (5) | Accumulated other comprehensive income (loss) | 6,194 |  |  | 205 |  |  | 6,466 |  |  |  |
| Total |  | $ | (111,690) |  |  | $ | (80,705) |  |  | $ | (188,539) |  |  |  |
(1)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. (2)Contracts used to manage foreign currency risks in underwriting and non-investment operations. (3)Contracts used to manage foreign currency risks in investment operations. (4)Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. (5)Contracts designated as hedges of net investments in a foreign operation.
Schedule of Derivative Instruments Designated as Hedges of a Net Investment in a Foreign Operation | The table below provides a summary of derivative instruments designated as hedges of net investments in a foreign operation, including the weighted average U.S. dollar equivalent of foreign denominated net assets (liabilities) that were hedged and the resulting derivative gains (losses) that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity:
| Year ended December 31, | 2024 |  | 2023 |
| Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) | $ | 61,120 |  |  | $ | 59,664 |  |
| Derivative gains (losses) | $ | 6,194 |  |  | $ | 205 |  |

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CCC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SummaryOfDerivativeInstrumentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration