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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 2024 |  | December 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 | $ | 92,654 |  |  | $ | 414 |  |  | $ | 10 |  |  | $ | 49,307 |  |  | $ | 66 |  |  | $ | 274 |  |
| Relating to underwriting portfolio: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forward contracts | 1,565,756 |  |  | 1,408 |  |  | 4,812 |  |  | 1,347,559 |  |  | 4,358 |  |  | 9,891 |  |
| Total derivatives |  |  | $ | 1,822 |  |  | $ | 4,822 |  |  |  |  | $ | 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:
|  | June 30, 2024 |  | December 31, 2023 |
|  | Gross amounts | Gross amounts offset | Net amounts(1) |  | Gross amounts | Gross amounts offset | Net amounts(1) |
| Derivative assets | $ | 5,780 |  | $ | (3,958) |  | $ | 1,822 |  |  | $ | 8,708 |  | $ | (4,284) |  | $ | 4,424 |  |
| Derivative liabilities | $ | 8,780 |  | $ | (3,958) |  | $ | 4,822 |  |  | $ | 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:
|  | June 30, 2024 |  | December 31, 2023 |
|  | Gross amounts | Gross amounts offset | Net amounts(1) |  | Gross amounts | Gross amounts offset | Net amounts(1) |
| Derivative assets | $ | 5,780 |  | $ | (3,958) |  | $ | 1,822 |  |  | $ | 8,708 |  | $ | (4,284) |  | $ | 4,424 |  |
| Derivative liabilities | $ | 8,780 |  | $ | (3,958) |  | $ | 4,822 |  |  | $ | 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 June 30, |  | Six months ended June 30, |
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
|  | Relating to investment portfolio: |  |  |  |  |  |  |  |  |
|  | Foreign exchange forward contracts | Net investment gains (losses) | $ | 228 |  |  | $ | (527) |  |  | $ | 1,023 |  |  | $ | (1,474) |  |
|  | Relating to underwriting portfolio: |  |  |  |  |  |  |  |  |
|  | Foreign exchange forward contracts | Foreign exchange (losses) gains | 3,097 |  |  | (3,013) |  |  | 1,081 |  |  | 8,237 |  |
|  | Total |  | $ | 3,325 |  |  | $ | (3,540) |  |  | $ | 2,104 |  |  | $ | 6,763 |  |

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