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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fixed Maturity and Short-Term Investments
The Company’s fixed maturity and short-term investments are as follows:

September 30, 2024
($ in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturities:
U.S. government treasuries$761,334 $9,273 $(5,679)$764,928 
U.S. states, territories and municipalities13,528 114 (175)13,467 
Non-U.S. sovereign governments and supranationals74,679 3,029 (532)77,176 
Corporate1,118,605 24,677 (9,485)1,133,797 
Residential mortgage-backed securities - Agency258,788 3,069 (10,343)251,514 
Residential mortgage-backed securities - Non-agency5,790 109 (540)5,359 
Commercial mortgage-backed securities - Non-agency33,189 535 (615)33,109 
Other asset-backed securities40,255 660 (81)40,834 
Total fixed maturities2,306,168 41,466 (27,450)2,320,184 
Short-term investments
506,244 1,709 (6)507,947 
Total$2,812,412 $43,175 $(27,456)$2,828,131 

December 31, 2023
($ in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturities:
U.S. government treasuries$717,134 $5,137 $(14,021)$708,250 
U.S. states, territories and municipalities4,656 — (286)4,370 
Non-U.S. sovereign governments and supranationals55,662 2,175 (1,591)56,246 
Corporate877,493 8,443 (22,060)863,876 
Residential mortgage-backed securities - Agency180,661 435 (12,583)168,513 
Residential mortgage-backed securities - Non-agency5,639 16 (671)4,984 
Commercial mortgage-backed securities - Non-agency11,473 — (1,050)10,423 
Other asset-backed securities14,781 20 (195)14,606 
Total fixed maturities1,867,499 16,226 (52,457)1,831,268 
Short-term investments
427,437 1,441 — 428,878 
 Total
$2,294,936 $17,667 $(52,457)$2,260,146 
Schedule of Contractual Maturities of Fixed Maturity Securities
The following table presents contractual maturities of fixed maturity securities. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30, 2024
($ in thousands)
Amortized CostFair Value
Due less than one year
$149,305 $148,136 
Due after one through five years
1,590,516 1,607,936 
Due after five through ten years
224,518 229,859 
Due after ten years
3,807 3,437 
Mortgage-backed securities
297,767 289,982 
Asset-backed securities
40,255 40,834 
Total
$2,306,168 $2,320,184 
Schedule of Investments in Two Sigma Funds
The Company’s investments in Two Sigma Funds are as follows:

September 30, 2024December 31, 2023
($ in thousands)
CostNet Unrealized Gains (Losses)Fair ValueCostNet Unrealized Gains (Losses)Fair Value
Two Sigma Futures Portfolio, LLC (FTV)
$352,138 $7,017 $359,155 $433,911 $(38,105)$395,806 
Two Sigma Spectrum Portfolio, LLC (STV)
337,247 55,581 392,828 193,299 88,228 281,527 
Two Sigma Equity Spectrum Portfolio, LLC
   (ESTV)
140,221 40,583 180,804 142,981 31,156 174,137 
Total
$829,606 $103,181 $932,787 $770,191 $81,279 $851,470 
Schedule of Certain Investments of FTV, STV and ESTV
The following table summarizes certain investments of FTV, STV and ESTV where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity:

September 30, 2024
($ in thousands)
Principal / Shares (1)
Fair
Value (1)
% of Members' Equity
State Street Treasury Obligations Money Market Fund185,175 $185,175 9.9 %
U.S. Treasury Securities, 0.0000% - 4.2500%, due 10/29/2024 - 8/15/20442,049,275 $2,073,372 110.3 %
State Street Institutional Treasury Plus Money Market Fund98,599 $98,599 5.3 %
U.S. Treasury Securities, 3.5000% - 4.2500%, due 9/30/2026 - 8/15/2054(852,058)$(850,202)(45.2)%
(1) Values represent TS Hamilton Fund’s proportionate share of the aggregate of FTV, STV and ESTV total holdings.
Schedule of Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss)
The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
($ in thousands)
2024202320242023
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses) on investments$93,711 $42,403 $382,646 $32,363 
Change in net unrealized gains (losses) on investments(45,483)4,940 72,205 69,518 
Net realized and unrealized gains (losses) on investments48,228 47,343 454,851 101,881 
Net investment income (loss):
Fixed maturities22,067 12,208 58,025 31,178 
Short-term investments10 38 50 287 
TS Hamilton Fund3,108 3,121 9,040 13,033 
Cash and cash equivalents4,384 4,029 12,594 8,752 
Other306 (104)1,473 1,015 
Interest and other29,875 19,292 81,182 54,265 
Management fees(12,207)(10,958)(36,640)(35,806)
Other expenses(338)(265)(875)(740)
Net investment income (loss)
17,330 8,069 43,667 17,719 
Total net realized and unrealized gains (losses) on investments and net investment income (loss)$65,558 $55,412 $498,518 $119,600 
Schedule of Realized Gain (Loss) on Investments
The components of net realized gains (losses) on investments are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
($ in thousands)
2024202320242023
Fixed maturities and short-term investments$2,769 $(7,688)$(1,866)$(10,796)
TS Hamilton Fund 90,942 50,091 384,228 42,948 
Other — — 284 211 
Net realized gains (losses) on investments$93,711 $42,403 $382,646 $32,363 
Schedule of Unrealized Gain (Loss) on Investments
The components of net unrealized gains (losses) on investments are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
($ in thousands)
2024202320242023
Fixed maturities and short-term investments$64,903 $(12,818)$50,304 $(9,800)
TS Hamilton Fund (110,386)17,758 21,901 79,318 
Net unrealized gains (losses) on investments$(45,483)$4,940 $72,205 $69,518