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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:
At September 30, 2024TotalQuoted
Prices in Active
Markets for
Identical 
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries$11,736,158 $11,736,158 $— $— 
Corporate (1)
7,790,634 — 7,790,634 — 
Residential mortgage-backed1,753,318 — 1,753,318 — 
Asset-backed1,440,194 — 1,440,194 — 
Agencies615,627 — 615,627 — 
Non-U.S. government609,355 — 609,355 — 
Commercial mortgage-backed341,899 — 341,899 — 
Total fixed maturity investments trading24,287,185 11,736,158 12,551,027 — 
Short term investments4,302,991 141,839 4,161,152 — 
Equity investments
133,091 133,091 — — 
Other investments
Catastrophe bonds1,896,075 — 1,896,075 — 
Direct private equity investments199,039 — 148,005 51,034 
Term loans94,575 — — 94,575 
2,189,689 — 2,044,080 145,609 
Fund investments (2)
1,982,762 — — — 
Total other investments4,172,451 — 2,044,080 145,609 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)
(497)— — (497)
Derivative assets (4)
87,029 9,329 77,700 — 
Derivative liabilities (4)
(78,668)(17,841)(60,827)— 
Total other assets and (liabilities)7,864 (8,512)16,873 (497)
 
$32,903,582 $12,002,576 $18,773,132 $145,112 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(2)Fund investments, which may include private equity funds, private credit funds, and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(3)Included in assumed and ceded (re)insurance contracts at September 30, 2024 was $3.0 million of other assets and $3.5 million of other liabilities.
(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.
At December 31, 2023TotalQuoted
Prices in Active
Markets for
Identical
 Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fixed maturity investments trading
U.S. treasuries$10,060,203 $10,060,203 $— $— 
Corporate (1)
6,499,075 — 6,499,075 — 
Asset-backed1,491,695 — 1,491,695 — 
Residential mortgage-backed1,420,362 — 1,420,362 — 
Agencies489,117 — 489,117 — 
Non-U.S. government483,576 — 483,576 — 
Commercial mortgage-backed433,080 — 433,080 — 
Total fixed maturity investments trading20,877,108 10,060,203 10,816,905 — 
Short term investments4,604,079 130,232 4,473,847 — 
Equity investments106,766 106,766 — — 
Other investments
Catastrophe bonds1,942,199 — 1,942,199 — 
Term loans97,658 — — 97,658 
Direct private equity investments59,905 — — 59,905 
2,099,762 — 1,942,199 157,563 
Fund investments (2)
1,415,804 — — — 
Total other investments3,515,566 — 1,942,199 157,563 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (3)
(515)— — (515)
Derivative assets (4)
44,724 16,701 28,023 — 
Derivative liabilities (4)
(29,992)(10,372)(19,620)— 
Total other assets and (liabilities)14,217 6,329 8,403 (515)
 $29,117,736 $10,303,530 $17,241,354 $157,048 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(2)Fund investments, which may include private equity funds, private credit funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value presented in this table is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(3)Included in assumed and ceded (re)insurance contracts at December 31, 2023 was $2.2 million of other assets and $2.7 million of other liabilities.
(4)Refer to “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.
Schedule of Quantitative Information Used as Level 3 Inputs
Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:
At September 30, 2024Fair Value
(Level 3)
Valuation TechniqueUnobservable
Inputs
Weighted Average or Actual
Other investments
Direct private equity investments$51,034 Internal valuation modelDiscount rate10.0 %
Liquidity discount15.0 %
Term loans94,575 Discounted cash flowCredit spread adjustment0.2 %
Risk premium2.6 %
Total other investments145,609 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts(497)Internal valuation modelNet undiscounted cash flows$12,612
Expected loss ratio1.5 %
Discount rate3.6 %
Total other assets and (liabilities)
(497)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs$145,112 
At December 31, 2023
Fair Value
(Level 3)
Valuation TechniqueUnobservable InputsWeighted Average or Actual
Other investments
Direct private equity investments$59,905 Internal valuation modelDiscount rate10.0 %
Liquidity discount15.0 %
Term loans97,658 Discounted cash flow
Credit spread adjustment
0.2 %
Risk premium2.6 %
Total other investments157,563 
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts
(515)Internal valuation modelNet undiscounted cash flows$12,478
Expected loss ratio2.3 %
Discount rate3.8 %
Total other assets and (liabilities)
(515)
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs$157,048 
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs
Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.
  
Other
Investments
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - July 1, 2024$45,278 $96,639 $(440)$141,477 
Included in net investment income125 — — 125 
Included in net realized and unrealized gains (losses) on investments5,298 — — 5,298 
Included in other income (loss)— — 151 151 
Total foreign exchange gains (losses)26 — — 26 
Purchases577 — 3,499 4,076 
Sales(270)— (3,626)(3,896)
Settlements— (2,064)(81)(2,145)
Balance - September 30, 2024$51,034 $94,575 $(497)$145,112 
Other
investments
  
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - January 1, 2024$59,905 $97,658 $(515)$157,048 
Included in net investment income188 — — 188 
Included in net realized and unrealized gains (losses) on investments
(9,389)— — (9,389)
Included in other income (loss)— — 186 186 
Total foreign exchange gains (losses)23 — — 23 
Purchases577 — 3,640 4,217 
Sales
(270)— (3,626)(3,896)
Settlements— (3,083)(182)(3,265)
Balance - September 30, 2024$51,034 $94,575 $(497)$145,112 
  
Other
Investments
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - July 1, 2023$71,155 $100,000 $(475)$170,680 
Included in net investment income63 — — 63 
Included in net realized and unrealized gains (losses) on investments(3,686)— — (3,686)
Included in other income (loss)— — (541)(541)
Total foreign exchange gains (losses)(17)— — (17)
Purchases— — 471 471 
Settlements— (1,124)— (1,124)
Balance - September 30, 2023$67,515 $98,876 $(545)$165,846 
Other
investments
  
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - January 1, 2023$66,780 $100,000 $(1,832)$164,948 
Included in net investment income187 — — 187 
Included in net realized and unrealized gains (losses) on investments
571 — — 571 
Included in other income (loss)— — (550)(550)
Total foreign exchange losses(23)— — (23)
Purchases— — 1,837 1,837 
Settlements— (1,124)— (1,124)
Balance - September 30, 2023$67,515 $98,876 $(545)$165,846 
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs
Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs.
  
Other
Investments
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - July 1, 2024$45,278 $96,639 $(440)$141,477 
Included in net investment income125 — — 125 
Included in net realized and unrealized gains (losses) on investments5,298 — — 5,298 
Included in other income (loss)— — 151 151 
Total foreign exchange gains (losses)26 — — 26 
Purchases577 — 3,499 4,076 
Sales(270)— (3,626)(3,896)
Settlements— (2,064)(81)(2,145)
Balance - September 30, 2024$51,034 $94,575 $(497)$145,112 
Other
investments
  
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - January 1, 2024$59,905 $97,658 $(515)$157,048 
Included in net investment income188 — — 188 
Included in net realized and unrealized gains (losses) on investments
(9,389)— — (9,389)
Included in other income (loss)— — 186 186 
Total foreign exchange gains (losses)23 — — 23 
Purchases577 — 3,640 4,217 
Sales
(270)— (3,626)(3,896)
Settlements— (3,083)(182)(3,265)
Balance - September 30, 2024$51,034 $94,575 $(497)$145,112 
  
Other
Investments
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - July 1, 2023$71,155 $100,000 $(475)$170,680 
Included in net investment income63 — — 63 
Included in net realized and unrealized gains (losses) on investments(3,686)— — (3,686)
Included in other income (loss)— — (541)(541)
Total foreign exchange gains (losses)(17)— — (17)
Purchases— — 471 471 
Settlements— (1,124)— (1,124)
Balance - September 30, 2023$67,515 $98,876 $(545)$165,846 
Other
investments
  
Direct Private Equity Investments
Term Loans
Other Assets
and
(Liabilities)
Total
Balance - January 1, 2023$66,780 $100,000 $(1,832)$164,948 
Included in net investment income187 — — 187 
Included in net realized and unrealized gains (losses) on investments
571 — — 571 
Included in other income (loss)— — (550)(550)
Total foreign exchange losses(23)— — (23)
Purchases— — 1,837 1,837 
Settlements— (1,124)— (1,124)
Balance - September 30, 2023$67,515 $98,876 $(545)$165,846 
Schedule of Balances Elected to Account for at Fair Value Below is a summary of the balances the Company has elected to account for at fair value:
September 30,
2024
December 31,
2023
Other investments$4,172,451 $3,515,566 
Other assets$2,960 $2,227 
Other liabilities$3,457 $2,742 
Schedule of Other Investments Measured Using Net Asset Valuations
The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:
At September 30, 2024Fair ValueUnfunded
Commitments
Redemption FrequencyRedemption
Notice Period (Minimum Days)
Redemption
Notice Period (Maximum Days)
Private credit funds$1,107,258 $1,104,342 See belowSee belowSee below
Private equity funds541,995 727,696 See belowSee belowSee below
Hedge funds
333,509 — See belowSee belowSee below
Total other investments measured using net asset valuations
$1,982,762 $1,832,038 
At December 31, 2023
Fair ValueUnfunded
Commitments
Redemption FrequencyRedemption
Notice Period (Minimum Days)
Redemption
Notice Period (Maximum Days)
Private credit funds$982,016 $949,135 See belowSee belowSee below
Private equity funds433,788 673,778 See belowSee belowSee below
Total other investments measured using net asset valuations
$1,415,804 $1,622,913 
Schedule of Variable Interest Entities
The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
At September 30, 2024Carrying amountUnfunded CommitmentsTotal
Other investments$1,843,323 $1,745,757 $3,589,080 
At December 31, 2023
Other investments$1,251,799 $1,550,452 $2,802,251