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INVESTMENTS
 12 Months Ended
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 31.20242023
U.S. treasuries$11,001,893 $10,060,203 
Corporate (1)
7,862,423 6,499,075 
Residential mortgage-backed1,707,056 1,420,362 
Asset-backed1,422,393 1,491,695 
Agencies623,489 489,117 
Non-U.S. government618,809 483,576 
Commercial mortgage-backed326,451 433,080 
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, 2024At December 31, 2023
Amortized 
Cost		Fair ValueAmortized CostFair 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-backed1,416,132 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 31.20242023
Financials$116,400 $106,542 
Basic materials595 — 
Industrial, utilities and energy312 — 
Communications and technology263 12 
Consumer154 212 
Healthcare32 — 
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 31,202420232022
Fixed maturity investments trading
$1,116,649 $744,457 $382,165 
Short term investments183,153 213,303 41,042 
Equity investments2,460 7,261 20,864 
Other investments
Catastrophe bonds238,844 200,572 94,784 
Other82,457 87,296 37,497 
Cash and cash equivalents54,241 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 31,202420232022
Gross realized gains on fixed maturity investments trading$142,243 $80,905 $38,781 
Gross realized losses on fixed maturity investments trading(206,172)(473,946)(771,342)
Net realized gains (losses) on fixed maturity investments trading(63,929)(393,041)(732,561)
Net unrealized gains (losses) on fixed maturity investments trading(182,494)685,095 (636,762)
Net realized and unrealized gains (losses) on fixed maturity investments trading(246,423)292,054 (1,369,323)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
(57,279)(68,272)(165,293)
Net realized gains (losses) on equity investments355 (27,492)43,035 
Net unrealized gains (losses) on equity investments10,621 73,243 (166,823)
Net realized and unrealized gains (losses) on equity investments10,976 45,751 (123,788)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds62,353 101,897 (130,335)
Net realized and unrealized gains (losses) on other investments - other202,533 43,092 (11,746)
Net realized and unrealized gains (losses) on investments$(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 31,20242023
Fund investments$2,128,499 $1,415,804 
Catastrophe bonds1,984,396 1,942,199 
Direct private equity investments211,866 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:
20242023
At December 31,Ownership %Carrying  ValueOwnership %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 31,202420232022
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.