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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments
The following table summarizes the fair value of fixed maturity investments trading:
At June 30, 2025At December 31, 2024
U.S. treasuries$10,823,622 $11,001,893 
Corporate (1)
8,101,393 7,862,423 
Asset-backed1,454,458 1,422,393 
Residential mortgage-backed1,378,022 1,707,056 
Non-U.S. government698,646 618,809 
Agencies581,653 623,489 
Commercial mortgage-backed294,269 326,451 
Total fixed maturity investments trading$23,332,063 $23,562,514 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
The following table summarizes the fair value of equity investments:
At June 30, 2025At December 31, 2024
Fixed income exchange traded funds$776,295 $— 
Financials133,732 116,400 
Industrial, utilities and energy1,453 312 
Basic materials451 595 
Communications and technology279 263 
Consumer136 154 
Healthcare99 32 
Total$912,445 $117,756 
Schedule of Contractual Maturities of 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 June 30, 2025At December 31, 2024
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$1,762,786 $1,765,856 $1,374,089 $1,373,838 
Due after one through five years
12,765,842 12,904,956 12,139,153 12,131,114 
Due after five through ten years
5,169,662 5,236,010 6,339,563 6,246,506 
Due after ten years
323,579 298,492 387,413 355,156 
Mortgage-backed
1,707,665 1,672,291 2,094,190 2,033,507 
Asset-backed1,449,582 1,454,458 1,416,132 1,422,393 
Total$23,179,116 $23,332,063 $23,750,540 $23,562,514 
Schedule of Components of Net Investment Income
The components of net investment income are as follows:
Three months endedSix months ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Fixed maturity investments trading$282,173 $273,900 $566,896 $531,189 
Short term investments48,415 48,386 89,444 95,177 
Equity investments
Fixed income exchange traded funds
6,528 — 7,712 — 
Other equity investments
615 589 1,341 1,149 
Other investments
Catastrophe bonds47,948 58,436 102,702 116,685 
Other21,692 20,663 40,415 38,588 
Cash and cash equivalents12,333 15,399 23,443 30,121 
 419,704 417,373 831,953 812,909 
Investment expenses(6,596)(6,528)(13,492)(11,289)
Net investment income$413,108 $410,845 $818,461 $801,620 
Schedule of Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Gross realized gains on fixed maturity investments trading$13,922 $17,617 $52,883 $87,006 
Gross realized losses on fixed maturity investments trading(15,689)(83,430)(44,615)(143,023)
Net realized gains (losses) on fixed maturity investments trading(1,767)(65,813)8,268 (56,017)
Net unrealized gains (losses) on fixed maturity investments trading96,346 (24,848)322,586 (236,844)
Net realized and unrealized gains (losses) on fixed maturity investments trading94,579 (90,661)330,854 (292,861)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
175,431 10,374 317,077 (47,432)
Net realized gains (losses) on equity investments64 15 72 15 
Net unrealized gains (losses) on equity investments23,807 (5,507)26,757 7,590 
Net realized and unrealized gains (losses) on equity investments23,871 (5,492)26,829 7,605 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(14,016)(34,107)(54,429)(15,200)
Net realized and unrealized gains (losses) on other investments - other69,855 (7,698)62,329 6,650 
Net realized and unrealized gains (losses) on investments$349,720 $(127,584)$682,660 $(341,238)
(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 13. Derivative Instruments” for additional information.