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INVESTMENTS | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading:
| At December 31. | 2024 |  | 2023 |
| U.S. treasuries | $ | 11,001,893 |  |  | $ | 10,060,203 |  |
| Corporate (1) | 7,862,423 |  |  | 6,499,075 |  |
| Residential mortgage-backed | 1,707,056 |  |  | 1,420,362 |  |
| Asset-backed | 1,422,393 |  |  | 1,491,695 |  |
| Agencies | 623,489 |  |  | 489,117 |  |
| Non-U.S. government | 618,809 |  |  | 483,576 |  |
| Commercial mortgage-backed | 326,451 |  |  | 433,080 |  |
| Total fixed maturity investments trading | $ | 23,562,514 |  |  | $ | 20,877,108 |  |
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate 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, 2024 |  | At December 31, 2023 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
| Due in less than one year | $ | 1,374,089 |  |  | $ | 1,373,838 |  |  | $ | 587,720 |  |  | $ | 582,519 |  |
| Due after one through five years | 12,139,153 |  |  | 12,131,114 |  |  | 11,439,510 |  |  | 11,468,263 |  |
| Due after five through ten years | 6,339,563 |  |  | 6,246,506 |  |  | 5,182,667 |  |  | 5,188,716 |  |
| Due after ten years | 387,413 |  |  | 355,156 |  |  | 307,392 |  |  | 292,473 |  |
| Mortgage-backed | 2,094,190 |  |  | 2,033,507 |  |  | 1,864,520 |  |  | 1,853,442 |  |
| Asset-backed | 1,416,132 |  |  | 1,422,393 |  |  | 1,490,641 |  |  | 1,491,695 |  |
| Total | $ | 23,750,540 |  |  | $ | 23,562,514 |  |  | $ | 20,872,450 |  |  | $ | 20,877,108 |  |
Equity Investments The following table summarizes the fair value of equity investments:
| At December 31. | 2024 |  | 2023 |
| Financials | $ | 116,400 |  |  | $ | 106,542 |  |
| Basic materials | 595 |  |  | — |  |
| Industrial, utilities and energy | 312 |  |  | — |  |
| Communications and technology | 263 |  |  | 12 |  |
| Consumer | 154 |  |  | 212 |  |
| Healthcare | 32 |  |  | — |  |
| Total | $ | 117,756 |  |  | $ | 106,766 |  |
Pledged Investments At December 31, 2024, $10.3 billion (2023 - $10.5 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. Of this amount, $3.1 billion (2023 - $2.9 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities. Reverse Repurchase Agreements At December 31, 2024, the Company held $169.4 million (2023 - $159.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments. Upon maturity, the Company receives principal and interest income. Net Investment Income The components of net investment income are as follows:
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Fixed maturity investments trading | $ | 1,116,649 |  |  | $ | 744,457 |  |  | $ | 382,165 |  |
| Short term investments | 183,153 |  |  | 213,303 |  |  | 41,042 |  |
| Equity investments | 2,460 |  |  | 7,261 |  |  | 20,864 |  |
| Other investments |  |  |  |  |  |
| Catastrophe bonds | 238,844 |  |  | 200,572 |  |  | 94,784 |  |
| Other | 82,457 |  |  | 87,296 |  |  | 37,497 |  |
| Cash and cash equivalents | 54,241 |  |  | 23,123 |  |  | 5,197 |  |
|  | 1,677,804 |  |  | 1,276,012 |  |  | 581,549 |  |
| Investment expenses | (23,515) |  |  | (22,902) |  |  | (21,617) |  |
| Net investment income | $ | 1,654,289 |  |  | $ | 1,253,110 |  |  | $ | 559,932 |  |
Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows:
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Gross realized gains on fixed maturity investments trading | $ | 142,243 |  |  | $ | 80,905 |  |  | $ | 38,781 |  |
| Gross realized losses on fixed maturity investments trading | (206,172) |  |  | (473,946) |  |  | (771,342) |  |
| Net realized gains (losses) on fixed maturity investments trading | (63,929) |  |  | (393,041) |  |  | (732,561) |  |
| Net unrealized gains (losses) on fixed maturity investments trading | (182,494) |  |  | 685,095 |  |  | (636,762) |  |
| Net realized and unrealized gains (losses) on fixed maturity investments trading | (246,423) |  |  | 292,054 |  |  | (1,369,323) |  |
| Net realized and unrealized gains (losses) on investment-related derivatives (1) | (57,279) |  |  | (68,272) |  |  | (165,293) |  |
| Net realized gains (losses) on equity investments | 355 |  |  | (27,492) |  |  | 43,035 |  |
| Net unrealized gains (losses) on equity investments | 10,621 |  |  | 73,243 |  |  | (166,823) |  |
| Net realized and unrealized gains (losses) on equity investments | 10,976 |  |  | 45,751 |  |  | (123,788) |  |
| Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 62,353 |  |  | 101,897 |  |  | (130,335) |  |
| Net realized and unrealized gains (losses) on other investments - other | 202,533 |  |  | 43,092 |  |  | (11,746) |  |
| Net realized and unrealized gains (losses) on investments | $ | (27,840) |  |  | $ | 414,522 |  |  | $ | (1,800,485) |  |
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives, equity investments related derivatives and commodity related derivatives. See “Note 19. Derivative Instruments” for additional information. Other Investments The table below shows the fair value of the Company’s portfolio of other investments:
| At December 31, | 2024 |  | 2023 |
| Fund investments | $ | 2,128,499 |  |  | $ | 1,415,804 |  |
| Catastrophe bonds | 1,984,396 |  |  | 1,942,199 |  |
| Direct private equity investments | 211,866 |  |  | 59,905 |  |
| Term loans | — |  |  | 97,658 |  |
| Total other investments | $ | 4,324,761 |  |  | $ | 3,515,566 |  |
During 2024, the Company recorded a net loss of $9.7 million (2023 - loss of $3.0 million, 2022 - income of $19.8 million), representing the change between the Company’s fair value estimate for funds as at the prior year end, and the final reported net asset values provided by the Company’s fund investment managers, as discussed in “Note 2. Significant Accounting Policies.” This net loss was included between net investment income and net realized and unrealized gains (losses) on investments for the year ended December 31, 2024. The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $4.5 billion, of which $2.5 billion has been contributed at December 31, 2024 (2023 - $3.6 billion and $2.0 billion, respectively). The Company’s remaining commitments to these investments at December 31, 2024 totaled $2.0 billion (2023 - $1.6 billion). In the future, the Company may enter into additional commitments for such investments. Fund Investments Fund investments are limited partnership or similar interests in private equity funds, private credit funds and hedge funds managed by unrelated third parties. Catastrophe Bonds Catastrophe bonds are non-investment grade bonds generally issued by unrelated third parties that generally mature within 1 to 5 years. Direct Private Equity Investments Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets. Term Loans Term loans represent the Company’s participation interest in a senior secured term loan facility, which the Company disposed of during 2024. The Company had committed to a loan participation interest of $100.0 million which was fully funded as at December 31, 2023. This facility paid interest, had a 5-year maturity and was fully secured by a diversified pool of primarily private equity assets. Investments in Other Ventures, under Equity Method The table below shows the Company’s portfolio of investments in other ventures, under equity method:
|  |  |  | 2024 |  |  |  | 2023 |
| At December 31, |  |  | Ownership % |  | Carrying Value |  |  |  | Ownership % |  | Carrying Value |
| Investments in other ventures, under equity method |  |  | 0.1% - 50.0% |  | $ | 102,770 |  |  |  |  | 0.1% - 50.0% |  | $ | 112,624 |  |
The table below shows the Company’s equity in earnings (losses) of other ventures:
| Year ended December 31, | 2024 |  | 2023 |  | 2022 |
| Equity in earnings (losses) of other ventures | $ | 47,087 |  |  | $ | 43,474 |  |  | $ | 11,249 |  |
During 2024, the Company received $109.8 million of distributions from its investments in other ventures, under equity method (2023 - $41.4 million, 2022 - $24.2 million). The equity in earnings (losses) of Top Layer Reinsurance Ltd. (“Top Layer”), a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance, is recorded on a current quarter basis. The equity in earnings (losses) of the Company’s investments in other ventures are reported one quarter in arrears.

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