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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 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	$	10,423,051	$	10,423,051	$	—	$	—
Corporate (1)	8,127,496		—		8,127,496		—
Residential mortgage-backed	2,249,921		—		2,249,921		—
Asset-backed	1,456,067		—		1,417,242		38,825
Non-U.S. government	692,295		—		692,295		—
Agencies	521,942		—		521,942		—
Commercial mortgage-backed	301,450		—		301,450		—
Total fixed maturity investments trading	23,772,222		10,423,051		13,310,346		38,825
Short term investments	6,018,146		3,846		6,014,300		—
Equity investments
Fixed income exchange traded funds	1,329,544		1,329,544		—		—
Other equity investments	136,289		136,289		—		—
Total equity investments	1,465,833		1,465,833		—		—
Other investments
Catastrophe bonds	1,709,277		—		1,709,277		—
Direct private equity investments	182,263		—		149,751		32,512

	1,891,540		—		1,859,028		32,512
Fund investments (2)	2,540,849		—		—		—
Total other investments	4,432,389		—		1,859,028		32,512
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)	(93)		—		—		(93)
Derivative assets (4)	25,652		17,191		8,461		—
Derivative liabilities (4)	(4,980)		(474)		(4,506)		—
Total other assets and (liabilities)	20,579		16,717		3,955		(93)
	$	35,709,169	$	11,909,447	$	21,187,629	$	71,244

(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 September 30, 2025 was $0.1 million of other assets and $0.2 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 September 30, 2025	Fair Value (Level 3)		Valuation Technique	Unobservable Inputs	Weighted Average or Actual
Fixed maturity investments trading
Asset-backed	$	38,825	Discounted cash flow	Discount rate	11.3		%
Total fixed maturity investments trading	38,825
Other investments
Direct private equity investments	32,512		Internal valuation model	Discount rate	14.0		%
				Liquidity discount	10.0		%
Total other investments	32,512
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(93)		Internal valuation model	Net undiscounted cash flows	$	12,791
				Expected loss ratio	0.3		%
				Discount rate	3.7		%
Total other assets and (liabilities)	(93)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs	$	71,244



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 - July 1, 2025	$	40,936	$	35,308	$	(150)	$	76,094
Net investment income	980		82		—		1,062
Net realized and unrealized gains (losses) on investments	—		(3,868)		—		(3,868)
Other income (loss)	—		—		90		90
Net foreign exchange gains (losses)	—		(10)		—		(10)
Purchases	222		1,000		—		1,222

Settlements	(3,313)		—		(33)		(3,346)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244





	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	980		221		—		1,201
Net realized and unrealized gains (losses) on investments	—		(12,519)		—		(12,519)
Other income (loss)	—		—		583		583
Net foreign exchange gains (losses)	—		33		—		33
Purchases	41,681		1,000		—		42,681

Settlements	(3,836)		—		(271)		(4,107)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - July 1, 2024	$	45,278	$	96,639	$	(440)	$	141,477
Net investment income	125		—		—		125
Net realized and unrealized gains (losses) on investments	5,298		—		—		5,298
Other income (loss)	—		—		151		151
Net foreign exchange gains (losses)	26		—		—		26
Purchases	577		—		3,499		4,076
Sales	(270)		—		(3,626)		(3,896)
Settlements	—		(2,064)		(81)		(2,145)



Balance - September 30, 2024	$	51,034	$	94,575	$	(497)	$	145,112





	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	188		—		—		188
Net realized and unrealized gains (losses) on investments	(9,389)		—		—		(9,389)
Other income (loss)	—		—		186		186
Net foreign exchange gains (losses)	23		—		—		23
Purchases	577		—		3,640		4,217
Sales	(270)		—		(3,626)		(3,896)
Settlements	—		(3,083)		(182)		(3,265)



Balance - September 30, 2024	$	51,034	$	94,575	$	(497)	$	145,112

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 - July 1, 2025	$	40,936	$	35,308	$	(150)	$	76,094
Net investment income	980		82		—		1,062
Net realized and unrealized gains (losses) on investments	—		(3,868)		—		(3,868)
Other income (loss)	—		—		90		90
Net foreign exchange gains (losses)	—		(10)		—		(10)
Purchases	222		1,000		—		1,222

Settlements	(3,313)		—		(33)		(3,346)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244





	Asset-backed		Direct Private Equity Investments		Other Assets and (Liabilities)		Total
Balance - January 1, 2025	$	—	$	43,777	$	(405)	$	43,372
Net investment income	980		221		—		1,201
Net realized and unrealized gains (losses) on investments	—		(12,519)		—		(12,519)
Other income (loss)	—		—		583		583
Net foreign exchange gains (losses)	—		33		—		33
Purchases	41,681		1,000		—		42,681

Settlements	(3,836)		—		(271)		(4,107)



Balance - September 30, 2025	$	38,825	$	32,512	$	(93)	$	71,244



	Other Investments
	Direct Private Equity Investments		Term Loans		Other Assets and (Liabilities)		Total
Balance - July 1, 2024	$	45,278	$	96,639	$	(440)	$	141,477
Net investment income	125		—		—		125
Net realized and unrealized gains (losses) on investments	5,298		—		—		5,298
Other income (loss)	—		—		151		151
Net foreign exchange gains (losses)	26		—		—		26
Purchases	577		—		3,499		4,076
Sales	(270)		—		(3,626)		(3,896)
Settlements	—		(2,064)		(81)		(2,145)



Balance - September 30, 2024	$	51,034	$	94,575	$	(497)	$	145,112





	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	188		—		—		188
Net realized and unrealized gains (losses) on investments	(9,389)		—		—		(9,389)
Other income (loss)	—		—		186		186
Net foreign exchange gains (losses)	23		—		—		23
Purchases	577		—		3,640		4,217
Sales	(270)		—		(3,626)		(3,896)
Settlements	—		(3,083)		(182)		(3,265)



Balance - September 30, 2024	$	51,034	$	94,575	$	(497)	$	145,112

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 September 30, 2025		At December 31, 2024
Other investments	$	4,432,389	$	4,324,761
Other assets	$	104	$	2,029
Other liabilities	$	197	$	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 September 30, 2025

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private credit funds

1,295,385

1,438,925

See below

Private equity funds

689,750

680,049

See below

Hedge funds

404,735

50,000

See below

Insurance-linked securities funds

150,979

—

See below

Total other investments measured using net asset valuations

2,540,849

2,168,974

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 included in other investments on the Company’s consolidated balance sheets, as well as the Company’s maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
	Carrying Amount		Unfunded Commitments		Total
At September 30, 2025	$	2,276,101	$	2,073,224	$	4,349,325
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