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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At June 30, 2025	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	10,823,622	$	10,823,622	$	—	$	—
Corporate (1)	8,101,393		—		8,101,393		—
Asset-backed	1,454,458		—		1,413,522		40,936
Residential mortgage-backed	1,378,022		—		1,378,022		—
Non-U.S. government	698,646		—		698,646		—
Agencies	581,653		—		581,653		—
Commercial mortgage-backed	294,269		—		294,269		—
Total fixed maturity investments trading	23,332,063		10,823,622		12,467,505		40,936
Short term investments	5,663,239		25,475		5,637,764		—
Equity investments
Fixed income exchange traded funds	776,295		776,295		—		—
Other equity investments	136,150		136,150		—		—
Total equity investments	912,445		912,445		—		—
Other investments
Catastrophe bonds	1,686,786		—		1,686,786		—
Direct private equity investments	226,317		—		191,009		35,308

	1,913,103		—		1,877,795		35,308
Fund investments (2)	2,562,953		—		—		—
Total other investments	4,476,056		—		1,877,795		35,308
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(150)		—		—		(150)
Derivative assets (4)	47,069		19,199		27,870		—
Derivative liabilities (4)	(26,126)		(15,093)		(11,033)		—
Total other assets and (liabilities)	20,793		4,106		16,837		(150)
	$	34,404,596	$	11,765,648	$	19,999,901	$	76,094

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(2)Fund investments, which may include private equity funds, private credit funds, hedge funds and insurance-linked securities funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(3)Included in assumed and ceded (re)insurance contracts at June 30, 2025 was $0.2 million of other assets and $0.3 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.



At December 31, 2024	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments trading
U.S. treasuries	$	11,001,893	$	11,001,893	$	—	$	—
Corporate (1)	7,862,423		—		7,862,423		—
Residential mortgage-backed	1,707,056		—		1,707,056		—
Asset-backed	1,422,393		—		1,422,393		—
Agencies	623,489		—		623,489		—
Non-U.S. government	618,809		—		618,809		—
Commercial mortgage-backed	326,451		—		326,451		—
Total fixed maturity investments trading	23,562,514		11,001,893		12,560,621		—
Short term investments	4,531,655		99,343		4,432,312		—
Equity investments

Other equity investments	117,756		117,756		—		—

Other investments
Catastrophe bonds	1,984,396		—		1,984,396		—

Direct private equity investments	211,866		—		168,089		43,777
	2,196,262		—		2,152,485		43,777
Fund investments (2)	2,128,499		—		—		—


Total other investments	4,324,761		—		2,152,485		43,777
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(405)		—		—		(405)
Derivative assets (4)	34,538		10,614		23,924		—
Derivative liabilities (4)	(75,878)		(7,872)		(68,006)		—
Total other assets and (liabilities)	(41,745)		2,742		(44,082)		(405)
	$	32,494,941	$	11,221,734	$	19,101,336	$	43,372

(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.

(3)Included in assumed and ceded (re)insurance contracts at December 31, 2024 was $2.0 million of other assets and $2.4 million of other liabilities.

(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

Schedule of Quantitative Information Used as Level 3 Inputs

Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:



At June 30, 2025	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Fixed maturity investments trading
Asset-backed	$	40,936	Discounted cash flow	Discount rate	11.3		%
Total fixed maturity investments trading	40,936
Other investments
Direct private equity investments	35,308		Internal valuation model	Discount rate	14.0		%
				Liquidity discount	10.0		%
Total other investments	35,308
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(150)		Internal valuation model	Net undiscounted cash flows	$	12,746
				Expected loss ratio	0.6		%
				Discount rate	3.8		%
Total other assets and (liabilities)	(150)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	76,094



At December 31, 2024	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual




Other investments
Direct private equity investments	$	43,777	Internal valuation model	Discount rate	10.0		%
				Liquidity discount	15.0		%


Total other investments	43,777
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(405)		Internal valuation model	Net undiscounted cash flows	$	12,657
				Expected loss ratio	1.2		%
				Discount rate	4.4		%
Total other assets and (liabilities)	(405)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	43,372

Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - April 1, 2025	$	—	$	38,987	$	(234)	$	38,753
Net investment income	—		70		—		70
Net realized and unrealized gains (losses) on investments	—		(3,778)		—		(3,778)
Other income (loss)	—		—		126		126
Net foreign exchange gains (losses)	—		29		—		29
Purchases	41,459		—		—		41,459

Settlements	(523)		—		(42)		(565)



Balance - June 30, 2025	$	40,936	$	35,308	$	(150)	$	76,094





	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	—		139		—		139
Net realized and unrealized gains (losses) on investments	—		(8,651)		—		(8,651)
Other income (loss)	—		—		493		493
Net foreign exchange gains (losses)	—		43		—		43
Purchases	41,459		—		—		41,459

Settlements	(523)		—		(238)		(761)



Balance - June 30, 2025	$	40,936	$	35,308	$	(150)	$	76,094



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - April 1, 2024	$	59,964	$	97,433	$	(517)	$	156,880

Net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Other income (loss)	—		—		178		178
Net foreign exchange gains (losses)	1		—		—		1


Settlements	—		(794)		(101)		(895)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477





	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2024	$	59,905	$	97,658	$	(515)	$	157,048
Net investment income	63		—		—		63
Net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Other income (loss)	—		—		35		35
Net foreign exchange gains (losses)	(3)		—		—		(3)
Purchases	—		—		141		141

Settlements	—		(1,019)		(101)		(1,120)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477

Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.



	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - April 1, 2025	$	—	$	38,987	$	(234)	$	38,753
Net investment income	—		70		—		70
Net realized and unrealized gains (losses) on investments	—		(3,778)		—		(3,778)
Other income (loss)	—		—		126		126
Net foreign exchange gains (losses)	—		29		—		29
Purchases	41,459		—		—		41,459

Settlements	(523)		—		(42)		(565)



Balance - June 30, 2025	$	40,936	$	35,308	$	(150)	$	76,094





	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	—		139		—		139
Net realized and unrealized gains (losses) on investments	—		(8,651)		—		(8,651)
Other income (loss)	—		—		493		493
Net foreign exchange gains (losses)	—		43		—		43
Purchases	41,459		—		—		41,459

Settlements	(523)		—		(238)		(761)



Balance - June 30, 2025	$	40,936	$	35,308	$	(150)	$	76,094



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - April 1, 2024	$	59,964	$	97,433	$	(517)	$	156,880

Net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Other income (loss)	—		—		178		178
Net foreign exchange gains (losses)	1		—		—		1


Settlements	—		(794)		(101)		(895)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477





	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - January 1, 2024	$	59,905	$	97,658	$	(515)	$	157,048
Net investment income	63		—		—		63
Net realized and unrealized gains (losses) on investments	(14,687)		—		—		(14,687)
Other income (loss)	—		—		35		35
Net foreign exchange gains (losses)	(3)		—		—		(3)
Purchases	—		—		141		141

Settlements	—		(1,019)		(101)		(1,120)



Balance - June 30, 2024	$	45,278	$	96,639	$	(440)	$	141,477

Schedule of Balances Elected to Account for at Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:



	At June 30, 2025		At December 31, 2024
Other investments	$	4,476,056	$	4,324,761
Other assets	$	167	$	2,029
Other liabilities	$	317	$	2,434

Schedule of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At June 30, 2025

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private credit funds

1,337,818

1,433,962

See below

Private equity funds

702,066

677,191

See below

Hedge funds

379,615

—

See below

Insurance-linked securities funds

143,454

—

See below

Total other investments measured using net asset valuations

2,562,953

2,111,153

At December 31, 2024

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private credit funds

1,181,146

1,284,699

See below

Private equity funds

609,105

664,234

See below

Hedge funds

338,248

—

See below

Total other investments measured using net asset valuations

2,128,499

1,948,933

Schedule of Variable Interest Entities

The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as the Company’s maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
Other Investments	Carrying Amount		Unfunded Commitments		Total
At June 30, 2025	$	2,295,939	$	2,023,882	$	4,319,821
At December 31, 2024	$	1,993,362	$	1,863,142	$	3,856,504

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details