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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Location and Amounts of Derivative Fair Values on the Consolidated Balance Sheet
The following table provides the balance sheet classifications of derivatives recorded at fair value:
  March 31, 2024December 31, 2023
  
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Relating to investment portfolio:
Foreign exchange forward contracts$110,733 $204 $2 $49,307 $66 $274 
Relating to underwriting portfolio:
Foreign exchange forward contracts1,547,244 1,028 2,280 1,347,559 4,358 9,891 
Total derivatives$1,232 $2,282 $4,424 $10,165 
(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Assets to Net Amounts Presented in Balance Sheets
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
March 31, 2024December 31, 2023
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$4,516 $(3,284)$1,232 $8,708 $(4,284)$4,424 
Derivative liabilities$5,566 $(3,284)$2,282 $14,449 $(4,284)$10,165 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Liabilities to Net Amounts Presented in Balance Sheets
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
March 31, 2024December 31, 2023
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$4,516 $(3,284)$1,232 $8,708 $(4,284)$4,424 
Derivative liabilities$5,566 $(3,284)$2,282 $14,449 $(4,284)$10,165 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Total Unrealized and Realized Gains (Loss) on Derivatives Not Designated as Hedges Recorded in Earnings
The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:
  Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)Three months ended March 31,
  20242023
Relating to investment portfolio:
Foreign exchange forward contractsNet investment gains (losses)$795 $(947)
Relating to underwriting portfolio:
Foreign exchange forward contractsForeign exchange (losses) gains(2,015)11,250 
Total$(1,220)$10,303