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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,627,921					$	45,045					$	—					$	—					$	2,672,966
			Non-U.S. government			—						751,508						—						—						751,508
			Corporate debt			—						4,961,518						125,009						—						5,086,527
			Agency RMBS			—						1,601,027						—						—						1,601,027
			CMBS			—						824,715						—						—						824,715
			Non-agency RMBS			—						126,764						—						—						126,764
			ABS			—						1,370,644						—						—						1,370,644
			Municipals			—						150,986						—						—						150,986
						2,627,921						9,832,207						125,009						—						12,585,137
			Equity securities
			Common stocks			2,495						—						—						—						2,495
			Preferred stocks			3						5,839						—						—						5,842
			Exchange-traded funds			297,191						—						—						—						297,191
			Bond mutual funds			—						284,371						—						—						284,371
						299,689						290,210						—						—						589,899
			Other investments
			Multi-strategy funds			—						—						—						24,634						24,634
			Direct lending funds			—						—						—						167,137						167,137
			Private equity funds			—						—						—						318,608						318,608
			Real estate funds			—						—						—						309,793						309,793
			CLO-Equities			—						—						4,498						—						4,498
			Other privately held investments			—						—						85,288						26,722						112,010
						—						—						89,786						846,894						936,680
			Short-term investments			—						57,436						—						—						57,436
			Other assets
			Derivative instruments (refer to Note 6)			—						1,822						—						—						1,822
			Total Assets			$	2,927,610					$	10,181,675					$	214,795					$	846,894					$	14,170,974
			Liabilities
			Derivative instruments (refer to Note 6)			$	—					$	4,822					$	—					$	—					$	4,822
			Total Liabilities			$	—					$	4,822					$	—					$	—					$	4,822

						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 6)			—						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 6)			$	—					$	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 June 30, 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			$	4,498		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			$	14,593		Discounted cash flow			Discount rate			6.3%			6.3%
												Default rate			0.5%			0.5%
												Loss absorption yield			1.0%			1.0%
												Estimated maturity date			0-1 year			1 year

Note: Fixed maturities of $125 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 $71 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 June 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	126,475					$	—					$	—					$	(513)					$	1,517					$	8,239					$	(165)					$	(10,544)					$	125,009					$	—
						126,475						—						—						(513)						1,517						8,239						(165)						(10,544)						125,009						—
			Other investments
			CLO-Equities			4,986						—						—						—						—						—						—						(488)						4,498						—
			Other privately held investments			96,255						—						(6,899)						354						—						—						—						(4,422)						85,288						354
						101,241						—						(6,899)						354						—						—						—						(4,910)						89,786						354
			Total assets			$	227,716					$	—					$	(6,899)					$	(159)					$	1,517					$	8,239					$	(165)					$	(15,454)					$	214,795					$	354
			Six months ended June 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	135,753					$	—					$	—					$	(1,347)					$	1,022					$	12,471					$	(165)					$	(22,725)					$	125,009					$	—
						135,753						—						—						(1,347)						1,022						12,471						(165)						(22,725)						125,009						—
			Other investments
			CLO-Equities			5,300						—						—						—						—						—						—						(802)						4,498						—
			Other privately held investments			87,289						—						(6,899)						2,082						—						7,238						—						(4,422)						85,288						2,082
						92,589						—						(6,899)						2,082						—						7,238						—						(5,224)						89,786						2,082
			Total assets			$	228,342					$	—					$	(6,899)					$	735					$	1,022					$	19,709					$	(165)					$	(27,949)					$	214,795					$	2,082

(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.

						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 June 30, 2023
			Fixed maturities, available for sale
			Corporate debt			$	130,427					$	—					$	—					$	(3,304)					$	(1,354)					$	5,551					$	—					$	(2,274)					$	129,046					$	—
						130,427						—						—						(3,304)						(1,354)						5,551						—						(2,274)						129,046						—
			Other investments
			CLO-Equities			5,019						—						—						493						—						—						—						(635)						4,877						493
			Other privately held investments			140,953						—						—						(6,231)						—						14,858						(34,532)						—						115,048						(14,314)
						145,972						—						—						(5,738)						—						14,858						(34,532)						(635)						119,925						(13,821)
			Total assets			$	276,399					$	—					$	—					$	(9,042)					$	(1,354)					$	20,409					$	(34,532)					$	(2,909)					$	248,971					$	(13,821)
			Six months ended June 30, 2023
			Fixed maturities, available for sale
			Corporate debt			$	119,104					$	—					$	—					$	(3,311)					$	(170)					$	24,461					$	—					$	(11,038)					$	129,046					$	—
						119,104						—						—						(3,311)						(170)						24,461						—						(11,038)						129,046						—
			Other investments
			CLO-Equities			5,016						—						—						903						—						—						—						(1,042)						4,877						903
			Other privately held investments			136,158						—						—						(5,895)						—						19,317						(34,532)						—						115,048						(13,976)
						141,174						—						—						(4,992)						—						19,317						(34,532)						(1,042)						119,925						(13,073)
			Total assets			$	260,278					$	—					$	—					$	(8,303)					$	(170)					$	43,778					$	(34,532)					$	(12,080)					$	248,971					$	(13,073)

(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.

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- 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.

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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.

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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).

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