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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2024
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,764,921					$	45,879					$	—					$	—					$	2,810,800
			Non-U.S. government			—						816,631						—						—						816,631
			Corporate debt			—						5,589,735						133,651						—						5,723,386
			Agency RMBS			—						1,747,063						—						—						1,747,063
			CMBS			—						810,757						—						—						810,757
			Non-agency RMBS			—						124,445						—						—						124,445
			ABS			—						1,585,102						—						—						1,585,102
			Municipals			—						150,009						—						—						150,009
						2,764,921						10,869,621						133,651						—						13,768,193
			Equity securities
			Common stocks			2,501						—						—						—						2,501
			Preferred stocks			14						6,070						—						—						6,084
			Exchange-traded funds			313,224						—						—						—						313,224
			Bond mutual funds			—						283,025						—						—						283,025
						315,739						289,095						—						—						604,834
			Other investments
			Multi-strategy funds			—						—						—						24,302						24,302
			Direct lending funds			—						—						—						174,441						174,441
			Private equity funds			—						—						—						314,444						314,444
			Real estate funds			—						—						—						310,130						310,130
			CLO-Equities			—						—						4,133						—						4,133
			Other privately held investments			—						—						84,397						27,887						112,284
						—						—						88,530						851,204						939,734
			Short-term investments			—						127,867						—						—						127,867
			Other assets
			Derivative instruments (refer to Note 6)			—						1,109						—						—						1,109
			Total Assets			$	3,080,660					$	11,287,692					$	222,181					$	851,204					$	15,441,737
			Liabilities
			Derivative instruments (refer to Note 6)			$	—					$	3,953					$	—					$	—					$	3,953
			Total Liabilities			$	—					$	3,953					$	—					$	—					$	3,953

						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 September 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			$	4,133		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			$	15,472		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 $134 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 $69 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 September 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	125,009					$	—					$	—					$	—					$	2,525					$	6,965					$	—					$	(848)					$	133,651					$	—
						125,009						—						—						—						2,525						6,965						—						(848)						133,651						—
			Other investments
			CLO-Equities			4,498						—						—						—						—						—						—						(365)						4,133						—
			Other privately held investments			85,288						—						—						(891)						—						—						—						—						84,397						(891)
						89,786						—						—						(891)						—						—						—						(365)						88,530						(891)
			Total assets			$	214,795					$	—					$	—					$	(891)					$	2,525					$	6,965					$	—					$	(1,213)					$	222,181					$	(891)
			Nine months ended September 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	135,753					$	—					$	—					$	(1,347)					$	3,547					$	19,436					$	(165)					$	(23,573)					$	133,651					$	—
						135,753						—						—						(1,347)						3,547						19,436						(165)						(23,573)						133,651						—
			Other investments
			CLO-Equities			5,300						—						—						—						—						—						—						(1,167)						4,133						—
			Other privately held investments			87,289						—						(6,899)						1,191						—						7,238						—						(4,422)						84,397						1,191
						92,589						—						(6,899)						1,191						—						7,238						—						(5,589)						88,530						1,191
			Total assets			$	228,342					$	—					$	(6,899)					$	(156)					$	3,547					$	26,674					$	(165)					$	(29,162)					$	222,181					$	1,191

(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 September 30, 2023
			Fixed maturities, available for sale
			Corporate debt			$	129,046					$	—					$	—					$	(733)					$	(1,243)					$	9,717					$	—					$	(3,319)					$	133,468					$	—
						129,046						—						—						(733)						(1,243)						9,717						—						(3,319)						133,468						—
			Other investments
			CLO-Equities			4,877						—						—						333						—						—						—						(526)						4,684						333
			Other privately held investments			115,048						—						(25,510)						(1,348)						—						1,761						—						—						89,951						(1,348)
						119,925						—						(25,510)						(1,015)						—						1,761						—						(526)						94,635						(1,015)
			Total assets			$	248,971					$	—					$	(25,510)					$	(1,748)					$	(1,243)					$	11,478					$	—					$	(3,845)					$	228,103					$	(1,015)
			Nine months ended September 30, 2023
			Fixed maturities, available for sale
			Corporate debt			$	119,104					$	—					$	—					$	(4,043)					$	(1,414)					$	34,178					$	—					$	(14,357)					$	133,468					$	—
						119,104						—						—						(4,043)						(1,414)						34,178						—						(14,357)						133,468						—
			Other investments
			CLO-Equities			5,016						—						—						1,236						—						—						—						(1,568)						4,684						1,236
			Other privately held investments			136,158						—						(25,510)						(7,242)						—						21,077						(34,532)						—						89,951						(15,324)
						141,174						—						(25,510)						(6,006)						—						21,077						(34,532)						(1,568)						94,635						(14,088)
			Total assets			$	260,278					$	—					$	(25,510)					$	(10,049)					$	(1,414)					$	55,255					$	(34,532)					$	(15,925)					$	228,103					$	(14,088)

(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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