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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:

						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)						Fair value based on NAV practical expedient						Total fair value
			At March 31, 2024
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,576,715					$	17,002					$	—					$	—					$	2,593,717
			Non-U.S. government			—						738,198						—						—						738,198
			Corporate debt			—						4,789,463						126,475						—						4,915,938
			Agency RMBS			—						1,585,620						—						—						1,585,620
			CMBS			—						820,393						—						—						820,393
			Non-agency RMBS			—						139,992						—						—						139,992
			ABS			—						1,317,905						—						—						1,317,905
			Municipals			—						157,547						—						—						157,547
						2,576,715						9,566,120						126,475						—						12,269,310
			Equity securities
			Common stocks			2,452						—						—						—						2,452
			Preferred stocks			2						5,700						—						—						5,702
			Exchange-traded funds			287,166						—						—						—						287,166
			Bond mutual funds			—						286,858						—						—						286,858
						289,620						292,558						—						—						582,178
			Other investments
			Multi-strategy funds			—						—						—						24,950						24,950
			Direct lending funds			—						—						—						168,987						168,987
			Private equity funds			—						—						—						309,399						309,399
			Real estate funds			—						—						—						309,545						309,545
			CLO-Equities			—						—						4,986						—						4,986
			Other privately held investments			—						—						96,255						20,602						116,857
						—						—						101,241						833,483						934,724
			Short-term investments			—						75,879						—						—						75,879
			Other assets
			Derivative instruments (refer to Note 5)			—						1,232						—						—						1,232
			Total Assets			$	2,866,335					$	9,935,789					$	227,716					$	833,483					$	13,863,323
			Liabilities
			Derivative instruments (refer to Note 5)			$	—					$	2,282					$	—					$	—					$	2,282
			Total Liabilities			$	—					$	2,282					$	—					$	—					$	2,282

						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)						Fair value based on NAV practical expedient						Total fair value
			At December 31, 2023
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,989,612					$	17,916					$	—					$	—					$	3,007,528
			Non-U.S. government			—						723,959						—						—						723,959
			Corporate debt			—						4,338,419						135,753						—						4,474,172
			Agency RMBS			—						1,634,661						—						—						1,634,661
			CMBS			—						839,696						—						—						839,696
			Non-agency RMBS			—						153,396						—						—						153,396
			ABS			—						1,242,971						—						—						1,242,971
			Municipals			—						158,359						—						—						158,359
						2,989,612						9,109,377						135,753						—						12,234,742
			Equity securities
			Common stocks			2,546						—						—						—						2,546
			Preferred stocks			1						5,600						—						—						5,601
			Exchange-traded funds			287,275						—						—						—						287,275
			Bond mutual funds			—						293,089						—						—						293,089
						289,822						298,689						—						—						588,511
			Other investments
			Multi-strategy funds			—						—						—						24,619						24,619
			Direct lending funds			—						—						—						192,270						192,270
			Private equity funds			—						—						—						301,712						301,712
			Real estate funds			—						—						—						317,325						317,325
			CLO-Equities			—						—						5,300						—						5,300
			Other privately held investments			—						—						87,289						20,898						108,187
						—						—						92,589						856,824						949,413
			Short-term investments			—						17,216						—						—						17,216
			Other assets
			Derivative instruments (refer to Note 5)			—						4,424						—						—						4,424
			Total Assets			$	3,279,434					$	9,429,706					$	228,342					$	856,824					$	13,794,306
			Liabilities
			Derivative instruments (refer to Note 5)			$	—					$	10,165					$	—					$	—					$	10,165
			Total Liabilities			$	—					$	10,165					$	—					$	—					$	10,165

Summary of Level 3 Fair Value Measurement Inputs

The following table quantifies the significant unobservable inputs used in estimating fair values at March 31, 2024 of investments classified as Level 3 in the fair value hierarchy:

						Asset fair value			Valuation technique			Unobservable input			Amount / Range			Weighted average
			Other investments - CLO-Equities			$	4,986		Discounted cash flow			Default rate			4.5%			4.5%
												Loss severity rate			50.0%			50.0%
												Collateral spread			3.0%			3.0%
												Estimated maturity date			4 years			4 years
			Other investments - Other privately held investments			$	18,728		Discounted cash flow			Discount rate			6.0%			6.0%
												Default rate			0.5%			0.5%
												Loss absorption yield			1.0%			1.0%
												Estimated maturity date			0-2 years			1 year

Note: Fixed maturities of $126 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $78 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.

Summary of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis, Assets

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:

						Opening balance						Transfers into Level 3						Transfers out of Level 3						Included  in net income(1)						Included in OCI (2)						Purchases						Sales						Settlements/ distributions						Closing balance						Change in unrealized gains/(losses) (3)
			Three months ended March 31, 2024
			Fixed maturities, available for sale
			Corporate debt			$	135,753					$	—					$	—					$	(834)					$	(495)					$	4,231					$	—					$	(12,180)					$	126,475					$	—
						135,753						—						—						(834)						(495)						4,231						—						(12,180)						126,475						—
			Other investments
			CLO-Equities			5,300						—						—						—						—						—						—						(314)						4,986						—
			Other privately held investments			87,289						—						—						1,728						—						7,238						—						—						96,255						1,728
						92,589						—						—						1,728						—						7,238						—						(314)						101,241						1,728
			Total assets			$	228,342					$	—					$	—					$	894					$	(495)					$	11,469					$	—					$	(12,494)					$	227,716					$	1,728
			Three months ended March 31, 2023
			Fixed maturities, available for sale
			Corporate debt			$	119,104					$	—					$	—					$	(7)					$	1,183					$	18,910					$	—					$	(8,763)					$	130,427					$	—
						119,104						—						—						(7)						1,183						18,910						—						(8,763)						130,427						—
			Other investments
			CLO-Equities			5,016						—						—						411						—						—						—						(408)						5,019						411
			Other privately held investments			136,158						—						—						336						—						4,459						—						—						140,953						336
						141,174						—						—						747						—						4,459						—						(408)						145,972						747
			Total assets			$	260,278					$	—					$	—					$	740					$	1,183					$	23,369					$	—					$	(9,171)					$	276,399					$	747

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
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-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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