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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Derivative Instruments [Abstract]

Schedule of Gross and Net Amounts of Recognized Derivative Assets and Liabilities at Fair Value

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 March 31, 2025			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			$	1,392					$	—					$	1,392					Other assets						$	—					$	1,392
			Foreign currency forward contracts (1)			7,132						—						7,132						Other assets						—						7,132
			Foreign currency forward contracts (2)			2						—						2						Other assets						—						2
			Credit default swaps			26						—						26						Other assets						—						26
			Equity futures			4,737						—						4,737						Other assets						—						4,737
			Commodity futures			9,871						—						9,871						Other assets						—						9,871
			Total derivative instruments not designated as hedges			23,160						—						23,160												—						23,160
			Derivative instruments designated as hedges
			Foreign currency forward contracts (3)			1,117						—						1,117						Other assets						—						1,117
			Total			$	24,277					$	—					$	24,277											$	—					$	24,277
						Derivative Liabilities
			At March 31, 2025			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			$	4,198					$	—					$	4,198					Other liabilities						$	3,996					$	202
			Foreign currency forward contracts (1)			7,518						—						7,518						Other liabilities						6,935						583
			Foreign currency forward contracts (2)			5,824						—						5,824						Other liabilities						—						5,824
			Credit default swaps			1,116						—						1,116						Other liabilities						1,116						—
			Total derivative instruments not designated as hedges			18,656						—						18,656												12,047						6,609
			Total			$	18,656					$	—					$	18,656											$	12,047					$	6,609

(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, 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.

Schedule of Location and Amount of the Gain (Loss) Recognized

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
			Three months ended March 31,						2025						2024
			Derivative instruments not designated as hedges
			Interest rate futures (1)			Net realized and unrealized gains (losses) on investments			$	66,203					$	(55,280)
			Foreign currency forward contracts (2)			Net foreign exchange gains (losses)			9,261						(4,481)
			Foreign currency forward contracts (3)			Net foreign exchange gains (losses)			(1,087)						(15,966)
			Credit default swaps (1)			Net realized and unrealized gains (losses) on investments			10,399						(21,304)
			Equity futures (4)			Net realized and unrealized gains (losses) on investments			(52,547)						—
			Commodity options			Net realized and unrealized gains (losses) on investments			(483)						(370)
			Commodity futures			Net realized and unrealized gains (losses) on investments			118,074						19,148
			Total derivative instruments not designated as hedges						149,820						(78,253)
			Derivative instruments designated as hedges
			Foreign currency forward contracts (5)			Accumulated other comprehensive income (loss)			(365)						2,854
			Total derivative instruments designated as hedges						(365)						2,854
			Total						$	149,455					$	(75,399)

(1)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 3. 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 3. 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 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:

						Three months ended
						March 31, 2025						March 31, 2024
			Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)			$	58,921					$	62,867
			Derivative gains (losses)			$	(365)					$	2,854

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- 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.

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-Topic 815
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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.

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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

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