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INVESTMENTS - Fixed Maturities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | --- | --- | ---
Available for sale |  |  |  |
Amortized cost | $ 11,997,330 | $ 12,419,905 |  |
Allowance for expected credit losses | (4,183) | (3,938) | $ (4,237) | $ (10,759)
Gross unrealized gains | 80,097 | 48,121 |  |
Gross unrealized losses | (207,764) | (311,335) |  |
Fair value | 11,865,480 | 12,152,753 |  |
U.S. government and agency |  |  |  |
Available for sale |  |  |  |
Amortized cost | 2,550,984 | 2,830,111 |  |
Allowance for expected credit losses | 0 | 0 |  |
Gross unrealized gains | 14,930 | 6,011 |  |
Gross unrealized losses | (12,071) | (33,136) |  |
Fair value | 2,553,843 | 2,802,986 |  |
Non-U.S. government |  |  |  |
Available for sale |  |  |  |
Amortized cost | 719,115 | 753,315 |  |
Allowance for expected credit losses | (59) | 0 |  |
Gross unrealized gains | 8,044 | 2,584 |  |
Gross unrealized losses | (12,575) | (25,960) |  |
Fair value | 714,525 | 729,939 |  |
Corporate debt |  |  |  |
Available for sale |  |  |  |
Amortized cost | 4,690,383 | 4,941,510 |  |
Allowance for expected credit losses | (3,875) | (3,690) |  |
Gross unrealized gains | 38,761 | 30,594 |  |
Gross unrealized losses | (97,659) | (126,224) |  |
Fair value | 4,627,610 | 4,842,190 |  |
Agency RMBS |  |  |  |
Available for sale |  |  |  |
Amortized cost | 1,591,388 | 1,245,681 |  |
Allowance for expected credit losses | 0 | 0 |  |
Gross unrealized gains | 8,903 | 1,154 |  |
Gross unrealized losses | (42,737) | (61,990) |  |
Fair value | 1,557,554 | 1,184,845 |  |
CMBS |  |  |  |
Available for sale |  |  |  |
Amortized cost | 879,004 | 852,534 |  |
Allowance for expected credit losses | 0 | 0 |  |
Gross unrealized gains | 3,347 | 1,244 |  |
Gross unrealized losses | (26,243) | (34,170) |  |
Fair value | 856,108 | 819,608 |  |
Non-agency RMBS |  |  |  |
Available for sale |  |  |  |
Amortized cost | 195,220 | 132,116 |  |
Allowance for expected credit losses | (196) | (195) |  |
Gross unrealized gains | 731 | 597 |  |
Gross unrealized losses | (6,016) | (9,982) |  |
Fair value | 189,739 | 122,536 |  |
ABS |  |  |  |
Available for sale |  |  |  |
Amortized cost | 1,296,928 | 1,547,350 |  |
Allowance for expected credit losses | (53) | (53) |  |
Gross unrealized gains | 5,120 | 5,812 |  |
Gross unrealized losses | (8,121) | (13,277) |  |
Fair value | 1,293,874 | 1,539,832 |  |
Municipals |  |  |  |
Available for sale |  |  |  |
Amortized cost | 74,308 | 117,288 |  |
Allowance for expected credit losses | 0 | 0 |  |
Gross unrealized gains | 261 | 125 |  |
Gross unrealized losses | (2,342) | (6,596) |  |
Fair value | $ 72,227 | $ 110,817 |  |

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- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 + Details
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- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 + Details
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