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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 | $ | 8,818 |  |  | $ | — |  |  | $ | 8,818 |  |  | Other assets |  | $ | — |  |  | $ | 8,818 |  |
| Foreign currency forward contracts (1) | 20,006 |  |  | — |  |  | 20,006 |  |  | Other assets |  | — |  |  | 20,006 |  |
| Foreign currency forward contracts (2) | 654 |  |  | — |  |  | 654 |  |  | Other assets |  | — |  |  | 654 |  |
| Credit default swaps | 7,210 |  |  | — |  |  | 7,210 |  |  | Other assets |  | — |  |  | 7,210 |  |
| Equity futures | 4,914 |  |  | — |  |  | 4,914 |  |  | Other assets |  | — |  |  | 4,914 |  |
| Commodity futures | 5,467 |  |  | — |  |  | 5,467 |  |  | Other assets |  | — |  |  | 5,467 |  |
| Total derivative instruments not designated as hedges | 47,069 |  |  | — |  |  | 47,069 |  |  |  |  | — |  |  | 47,069 |  |
| Total | $ | 47,069 |  |  | $ | — |  |  | $ | 47,069 |  |  |  |  | $ | — |  |  | $ | 47,069 |  |
|  | Derivative Liabilities |
| At June 30, 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 | $ | 14,888 |  |  | $ | — |  |  | $ | 14,888 |  |  | Other liabilities |  | $ | 13,834 |  |  | $ | 1,054 |  |
| Foreign currency forward contracts (1) | 4,912 |  |  | — |  |  | 4,912 |  |  | Other liabilities |  | 4,444 |  |  | 468 |  |
| Foreign currency forward contracts (2) | 5,119 |  |  | — |  |  | 5,119 |  |  | Other liabilities |  | — |  |  | 5,119 |  |
| Credit default swaps | 139 |  |  | — |  |  | 139 |  |  | Other liabilities |  | 139 |  |  | — |  |
| Equity futures | 205 |  |  | — |  |  | 205 |  |  | Other liabilities |  | 205 |  |  | — |  |
| Total derivative instruments not designated as hedges | 25,263 |  |  | — |  |  | 25,263 |  |  |  |  | 18,622 |  |  | 6,641 |  |
| Derivative instruments designated as hedges |
| Foreign currency forward contracts (3) | 863 |  |  | — |  |  | 863 |  |  | Other liabilities |  | — |  |  | 863 |  |
| Total | $ | 26,126 |  |  | $ | — |  |  | $ | 26,126 |  |  |  |  | $ | 18,622 |  |  | $ | 7,504 |  |
(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 June 30, |  | 2025 |  | 2024 |
| Derivative instruments not designated as hedges |
| Interest rate futures (1) | Net realized and unrealized gains (losses) on investments | $ | 37,692 |  |  | $ | 2,931 |  |
| Foreign currency forward contracts (2) | Net foreign exchange gains (losses) | 35,673 |  |  | 8,554 |  |
| Foreign currency forward contracts (3) | Net foreign exchange gains (losses) | (1,788) |  |  | (3,886) |  |
| Credit default swaps (1) | Net realized and unrealized gains (losses) on investments | 17,239 |  |  | (1,725) |  |
| Equity futures (4) | Net realized and unrealized gains (losses) on investments | 87,247 |  |  | 10 |  |
| Warrants | Net realized and unrealized gains (losses) on investments | — |  |  | (1,046) |  |
| Commodity options | Net realized and unrealized gains (losses) on investments | (2,119) |  |  | (1,879) |  |
| Commodity futures | Net realized and unrealized gains (losses) on investments | 35,372 |  |  | 12,083 |  |
| Total derivative instruments not designated as hedges |  | 209,316 |  |  | 15,042 |  |
| Derivative instruments designated as hedges |
| Foreign currency forward contracts (5) | Accumulated other comprehensive income (loss) | (3,012) |  |  | (1,361) |  |
| Total |  | $ | 206,304 |  |  | $ | 13,681 |  |
(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.
|  | Location of Gain (Loss) Recognized on Derivatives | Amount of Gain (Loss) Recognized on Derivatives |
| Six months ended June 30, |  | 2025 |  | 2024 |
| Derivative instruments not designated as hedges |
| Interest rate futures (1) | Net realized and unrealized gains (losses) on investments | $ | 103,895 |  |  | $ | (52,349) |  |
| Foreign currency forward contracts (2) | Net foreign exchange gains (losses) | 44,934 |  |  | 4,073 |  |
| Foreign currency forward contracts (3) | Net foreign exchange gains (losses) | (2,875) |  |  | (19,852) |  |
| Credit default swaps (1) | Net realized and unrealized gains (losses) on investments | 27,638 |  |  | (23,029) |  |
| Equity futures (4) | Net realized and unrealized gains (losses) on investments | 34,700 |  |  | 10 |  |
| Warrants | Net realized and unrealized gains (losses) on investments | — |  |  | (1,046) |  |
| Commodity options | Net realized and unrealized gains (losses) on investments | (2,602) |  |  | (2,249) |  |
| Commodity futures | Net realized and unrealized gains (losses) on investments | 153,446 |  |  | 31,231 |  |
| Total derivative instruments not designated as hedges |  | 359,136 |  |  | (63,211) |  |
| Derivative instruments designated as hedges |
| Foreign currency forward contracts (5) | Accumulated other comprehensive income (loss) | (3,377) |  |  | 1,493 |  |
| Total |  | $ | 355,759 |  |  | $ | (61,718) |  |
(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 |  | Six months ended |
|  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
| Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) | $ | 60,870 |  |  | $ | 60,752 |  |  | $ | 59,507 |  |  | $ | 61,570 |  |
| Derivative gains (losses) | $ | (3,012) |  |  | $ | (1,361) |  |  | $ | (3,377) |  |  | $ | 1,493 |  |

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