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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
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, 2025Gross Amounts of Recognized AssetsGross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance SheetBalance Sheet LocationCollateral ReceivedNet 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 swaps7,210 — 7,210 Other assets— 7,210 
Equity futures4,914 — 4,914 Other assets— 4,914 
Commodity futures5,467 — 5,467 Other assets— 5,467 
Total derivative instruments not designated as hedges47,069 — 47,069 — 47,069 
Total$47,069 $— $47,069 $— $47,069 
Derivative Liabilities
At June 30, 2025Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance SheetBalance Sheet LocationCollateral PledgedNet 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 liabilities4,444 468 
Foreign currency forward contracts (2)
5,119 — 5,119 Other liabilities— 5,119 
Credit default swaps139 — 139 Other liabilities139 — 
Equity futures205 — 205 Other liabilities205 — 
Total derivative instruments not designated as hedges25,263 — 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, 2024Gross Amounts of Recognized AssetsGross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance SheetBalance Sheet LocationCollateral ReceivedNet 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 futures5,933 — 5,933 Other assets— 5,933 
Commodity options483 — 483 Other assets— 483 
Total derivative instruments not designated as hedges30,974 — 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, 2024Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance SheetBalance Sheet LocationCollateral PledgedNet 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 liabilities5,632 47,528 
Foreign currency forward contracts (2)
13,171 — 13,171 Other liabilities— 13,171 
Credit default swaps1,675 — 1,675 Other liabilities1,675 — 
Equity futures1,694 — 1,694 Other liabilities— 1,694 
Total derivative instruments not designated as hedges75,878 — 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 30,20252024
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 investments17,239 (1,725)
Equity futures (4)
Net realized and unrealized gains (losses) on investments87,247 10 
WarrantsNet realized and unrealized gains (losses) on investments— (1,046)
Commodity optionsNet realized and unrealized gains (losses) on investments(2,119)(1,879)
Commodity futuresNet realized and unrealized gains (losses) on investments35,372 12,083 
Total derivative instruments not designated as hedges209,316 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 30,20252024
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 investments27,638 (23,029)
Equity futures (4)
Net realized and unrealized gains (losses) on investments34,700 10 
WarrantsNet realized and unrealized gains (losses) on investments— (1,046)
Commodity optionsNet realized and unrealized gains (losses) on investments(2,602)(2,249)
Commodity futuresNet realized and unrealized gains (losses) on investments153,446 31,231 
Total derivative instruments not designated as hedges359,136 (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 endedSix 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