AXIS Capital Holdings Limited (AXS) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-31721
Entity Registrant Name	AXIS CAPITAL HOLDINGS LIMITED
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0395986
Entity Address, Address Line One	92 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 08
City Area Code	441
Local Phone Number	496-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,181,033
Amendment flag	false
Document fiscal year focus	2024
Document fiscal period focus	Q2
Entity central index key	0001214816
Current fiscal year-end date	--12-31
Common shares
Document Information [Line Items]
Title of 12(b) Security	Common shares, par value $0.0125 per share
Trading Symbol	AXS
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/100th interest in a 5.50% Series E preferred share
Document Information [Line Items]
Title of 12(b) Security	Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share
Trading Symbol	AXS PRE
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $13,009,189; 2023: $12,634,254 Allowance for expected credit losses 2024: $4,631; 2023: $10,759)	$ 12,585,137	$ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $629,323; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil)	637,792	686,296
Equity securities, at fair value (Cost 2024: $547,443; 2023: $543,833)	589,899	588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $20,681; 2023: $6,220)	544,859	610,148
Other investments, at fair value	936,680	949,413
Equity method investments	193,705	174,634
Short-term investments, at fair value	57,436	17,216
Total investments	15,545,508	15,260,960
Cash and cash equivalents	1,092,567	953,476
Restricted cash and cash equivalents	562,496	430,509
Accrued interest receivable	118,147	106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $14,864; 2023: $11,997)	3,686,819	3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $43,043; 2023: $36,611)	6,591,821	6,323,083
Reinsurance recoverable on paid losses and loss expenses	483,447	575,847
Deferred acquisition costs	592,067	450,950
Prepaid reinsurance premiums	2,113,364	1,916,087
Receivable for investments sold	11,899	8,767
Goodwill	100,801	100,801
Intangible assets	181,426	186,883
Operating lease right-of-use assets	101,101	108,093
Loan advances made	328,921	305,222
Other assets	568,498	456,385
Total assets	32,078,882	30,250,672
Liabilities
Reserve for losses and loss expenses	16,738,871	16,434,018
Unearned premiums	5,674,787	4,747,602
Insurance and reinsurance balances payable	2,005,126	1,792,719
Debt	1,314,438	1,313,714
Federal Home Loan Bank advances	85,790	85,790
Payable for investments purchased	118,706	26,093
Operating lease liabilities	116,264	123,101
Other liabilities	365,429	464,439
Total liabilities	26,419,411	24,987,476
Shareholders’ equity
Preferred shares	550,000	550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 84,179; 2023: 85,286)	2,206	2,206
Additional paid-in capital	2,376,244	2,383,030
Accumulated other comprehensive income (loss)	(394,968)	(365,836)
Retained earnings	6,957,185	6,440,528
Treasury shares, at cost (2024: 92,401; 2023: 91,294)	(3,831,196)	(3,746,732)
Total shareholders’ equity	5,659,471	5,263,196
Total liabilities and shareholders’ equity	$ 32,078,882	$ 30,250,672

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 13,009,189	$ 12,634,254
Fixed maturities, available for sale, allowance for credit loss	4,631	10,759
Fixed maturities, held to maturity, fair value	629,323	675,851
Fixed maturities, held to maturity, allowance for credit loss	0	0
Equity securities, cost	547,443	543,833
Mortgage loans, held for investment, allowance for credit loss	20,681	6,220
Allowance for expected credit losses on insurance and reinsurance premium balances receivable	14,864	11,997
Allowance for expected credit losses on reinsurance recoverable for unpaid losses and loss expenses	$ 43,043	$ 36,611
Common shares, shares issued (in shares)	176,580	176,580
Common shares, shares outstanding (in shares)	84,179	85,286
Treasury shares, shares (in shares)	92,401	91,294

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Net premiums earned	$ 1,304,478	$ 1,265,745	$ 2,562,519	$ 2,495,944
Net investment income	190,975	136,829	358,358	270,601
Other insurance related income	8,526	5,524	16,867	6,100
Net investment gains (losses):
(Increase) decrease in allowance for expected credit losses	(12,963)	354	(8,300)	(2,456)
Impairment losses	(156)	(9,083)	(164)	(9,083)
Other realized and unrealized investment gains (losses)	(40,360)	(15,641)	(54,223)	(33,019)
Total net investment gains (losses)	(53,479)	(24,370)	(62,687)	(44,558)
Total revenues	1,450,500	1,383,728	2,875,057	2,728,087
Expenses
Net losses and loss expenses	765,988	736,257	1,494,659	1,456,899
Acquisition costs	265,091	253,265	519,345	483,638
General and administrative expenses	148,441	168,503	311,813	335,314
Foreign exchange losses (gains)	(7,384)	30,104	(30,936)	38,814
Interest expense and financing costs	17,010	16,738	34,157	33,632
Reorganization expenses	14,014	0	26,312	0
Amortization of intangible assets	2,729	2,729	5,458	5,458
Total expenses	1,205,889	1,207,596	2,360,808	2,353,755
Income before income taxes and interest in income (loss) of equity method investments	244,611	176,132	514,249	374,332
Income tax (expense) benefit	(40,547)	(27,558)	84,107	(43,454)
Interest in income (loss) of equity method investments	7,900	2,100	9,069	(105)
Net income	211,964	150,674	607,425	330,773
Preferred share dividends	7,563	7,563	15,125	15,125
Net income available to common shareholders	$ 204,401	$ 143,111	$ 592,300	$ 315,648
Earnings per common share:
Earnings per common share (in usd per share)	$ 2.42	$ 1.68	$ 6.99	$ 3.71
Earnings per diluted common share (in usd per share)	$ 2.40	$ 1.67	$ 6.93	$ 3.68
Weighted average common shares outstanding (in shares)	84,475	85,207	84,677	85,036
Weighted average diluted common shares outstanding (in shares)	85,326	85,812	85,509	85,833

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 211,964	$ 150,674	$ 607,425	$ 330,773
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during the period, net of reclassification adjustment	18,684	(61,796)	(18,378)	127,143
Foreign currency translation adjustment	(1,803)	3,183	(10,754)	2,648
Total other comprehensive income (loss), net of tax	16,881	(58,613)	(29,132)	129,791
Comprehensive income	228,845	92,061	578,293	460,564
Unrealized gains (losses) on available for sale investments
Other comprehensive income (loss), net of tax:
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income	54,372	36,621	77,787	77,370
Unrealized gains (losses) arising during the period, net of reclassification adjustment	18,684	(61,796)	(18,378)	127,143
Unrealized gains (losses) on available for sale investments | Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during period	(35,586)	(98,402)	(95,602)	41,700
Unrealized gains (losses) on available for sale investments | Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during period	$ (102)	$ (15)	$ (563)	$ 8,073

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands		Total	Preferred shares	Common shares (par value)	Additional paid-in capital	Accumulated other comprehensive income (loss)	Unrealized gains (losses) on available for sale investments, net of tax:	Cumulative foreign currency translation adjustments, net of tax:	Retained earnings	Treasury shares, at cost
Balance at beginning of period at Dec. 31, 2022			$ 550,000	$ 2,206	$ 2,366,253	$ (760,300)	$ (743,695)	$ (16,605)	$ 6,247,022	$ (3,765,271)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares reissued					(32,796)					34,500
Share-based compensation expense					27,728
Unrealized gains (losses) arising during the period, net of reclassification adjustment		$ 127,143					127,143
Foreign currency translation adjustment		2,648						2,648
Net income		330,773							330,773
Preferred share dividends	[1]								(15,125)
Common share dividends	[1]								(76,769)
Shares repurchased										(17,051)
Balance at end of period at Jun. 30, 2023		5,020,961	550,000	2,206	2,361,185	(630,509)	(616,552)	(13,957)	6,485,901	(3,747,822)
Balance at beginning of period at Mar. 31, 2023			550,000	2,206	2,347,637	(571,896)	(554,756)	(17,140)	6,381,201	(3,748,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares reissued					(2,203)					2,203
Share-based compensation expense					15,751
Unrealized gains (losses) arising during the period, net of reclassification adjustment		(61,796)					(61,796)
Foreign currency translation adjustment		3,183						3,183
Net income		150,674							150,674
Preferred share dividends	[1]								(7,563)
Common share dividends	[1]								(38,411)
Shares repurchased										(1,106)
Balance at end of period at Jun. 30, 2023		5,020,961	550,000	2,206	2,361,185	(630,509)	(616,552)	(13,957)	6,485,901	(3,747,822)
Balance at beginning of period at Dec. 31, 2023		5,263,196	550,000	2,206	2,383,030	(365,836)	(347,659)	(18,177)	6,440,528	(3,746,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares reissued					(27,816)					30,060
Share-based compensation expense					21,030
Unrealized gains (losses) arising during the period, net of reclassification adjustment		(18,378)					(18,378)
Foreign currency translation adjustment		(10,754)						(10,754)
Net income		607,425							607,425
Preferred share dividends	[1]								(15,125)
Common share dividends	[1]								(75,643)
Shares repurchased										(114,524)
Balance at end of period at Jun. 30, 2024		5,659,471	550,000	2,206	2,376,244	(394,968)	(366,037)	(28,931)	6,957,185	(3,831,196)
Balance at beginning of period at Mar. 31, 2024			550,000	2,206	2,368,144	(411,849)	(384,721)	(27,128)	6,790,558	(3,793,904)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares reissued					(1,504)					1,504
Share-based compensation expense					9,604
Unrealized gains (losses) arising during the period, net of reclassification adjustment		18,684					18,684
Foreign currency translation adjustment		(1,803)						(1,803)
Net income		211,964							211,964
Preferred share dividends	[1]								(7,563)
Common share dividends	[1]								(37,774)
Shares repurchased										(38,796)
Balance at end of period at Jun. 30, 2024		$ 5,659,471	$ 550,000	$ 2,206	$ 2,376,244	$ (394,968)	$ (366,037)	$ (28,931)	$ 6,957,185	$ (3,831,196)
[1]Refer to Note 10 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 211,964	$ 150,674	$ 607,425	$ 330,773
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses	53,479	24,370	62,687	44,558
Net realized and unrealized (gains) losses on other investments			(18,869)	5,236
Amortization of fixed maturities			(18,390)	(5,916)
Interest in (income) loss of equity method investments	(7,900)	(2,100)	(9,069)	105
Other amortization and depreciation			27,893	31,182
Share-based compensation expense, net of cash payments			23,275	24,640
Changes in:
Accrued interest receivable			(12,294)	(6,565)
Reinsurance recoverable on unpaid losses and loss expenses			(278,507)	(34,416)
Reinsurance recoverable on paid losses and loss expenses			80,018	(42,227)
Deferred acquisition costs			(143,481)	(114,124)
Prepaid reinsurance premiums			(197,903)	(215,019)
Reserve for losses and loss expenses			326,820	253,575
Unearned premiums			936,026	778,063
Insurance and reinsurance balances, net			(272,528)	(391,658)
Other items			(210,864)	(20,893)
Net cash provided by operating activities			902,239	637,314
Purchases of:
Fixed maturities, available for sale			(4,534,094)	(3,230,430)
Fixed maturities, held to maturity			(77,033)	(25,000)
Equity securities			(78,131)	(84,272)
Mortgage loans			(2,385)	(20,686)
Other investments			(38,059)	(57,124)
Equity method investments			(10,002)	0
Short-term investments			(104,190)	(76,052)
Proceeds from the sale of:
Fixed maturities, available for sale			3,341,151	2,694,067
Equity securities			97,430	14,220
Other investments			69,701	80,227
Short-term investments			24,488	58,875
Proceeds from redemption of fixed maturities, available for sale			829,963	423,836
Proceeds from redemption of fixed maturities, held to maturity			125,552	6,059
Proceeds from redemption of short-term investments			40,411	42,570
Proceeds from the repayment of mortgage loans			53,524	35,412
Proceeds from the (purchase) sale of other asset, net			(8,932)	(7,584)
Loan advances made			(139,585)	(36,235)
Net cash used in investing activities			(410,191)	(182,117)
Cash flows from financing activities:
Repurchase of common shares - open market			(99,968)	0
Taxes paid on withholding shares			(14,556)	(17,051)
Dividends paid - common shares			(77,509)	(78,022)
Dividends paid - preferred shares			(15,125)	(15,125)
Federal Home Loan Bank advances, net			0	5,250
Net cash used in financing activities			(207,158)	(104,948)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash			(13,812)	(6,632)
Increase in cash, cash equivalents and restricted cash			271,078	343,617
Cash, cash equivalents and restricted cash - beginning of period			1,383,985	1,174,653	$ 1,174,653
Cash, cash equivalents and restricted cash - end of period	$ 1,655,063	$ 1,518,270	1,655,063	1,518,270	$ 1,383,985
Supplemental disclosures of cash flow information:
Income taxes paid			24,853	31,547
Interest paid			$ 32,148	$ 31,600

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (PARENTHETICAL) - Related Party - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Monarch Point Re | Retrocession Agreement With Monarch Point Re
Reinsurance premiums	$ 92
Ceded losses and loss expenses	12
Monarch Point Re | Loan With Monarch Point Re
Non-cash repayment of advance	95
Interest received on advance	9
Third Party Reinsurer
Non-cash repayment of advance	45
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer
Non-cash repayment of advance	45	$ 58
Third Party Reinsurer | Retrocession Agreement with Third Party Reinsurer
Reinsurance premiums	$ 45	55
Ceded losses and loss expenses		$ 10

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION On April 1, 2024, AXIS Energy Transition Syndicate 2050 ("AXIS Syndicate 2050") commenced underwriting. AXIS Corporate Capital UK II Limited is the sole corporate member of AXIS Syndicate 2050. AXIS Managing Agency operates as managing agent for AXIS Syndicate 2050.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND ACCOUNTING POLICIES Basis of Presentation These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. At June 30, 2024, the Company presented loan advances made in 2023 separately in the consolidated statements of cash flows. These loan advances made were included in other assets and insurance and reinsurance balances payable in the consolidated statements of cash flows in 2023. This presentation was adopted to facilitate comparison to loan advances made in 2024. This reclassification did not impact results of operations, financial condition or liquidity. Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. Significant Accounting Policies There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2023.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets. Insurance The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk. Reinsurance The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020. The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets: 2024 2023 Three months ended and at June 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 1,814,066 $ 626,170 $ 2,440,236 $ 1,684,150 $ 600,228 $ 2,284,378 Net premiums written 1,194,197 379,547 1,573,744 1,021,021 425,336 1,446,357 Net premiums earned 958,212 346,266 1,304,478 842,751 422,994 1,265,745 Other insurance related income (loss) (61) 8,587 8,526 58 5,466 5,524 Net losses and loss expenses (542,591) (223,397) (765,988) (457,650) (278,607) (736,257) Acquisition costs (188,026) (77,065) (265,091) (156,972) (96,293) (253,265) Underwriting-related general and administrative expenses (111,894) (8,874) (120,768) (113,534) (19,721) (133,255) Underwriting income $ 115,640 $ 45,517 161,157 $ 114,653 $ 33,839 148,492 Net investment income 190,975 136,829 Net investment gains (losses) (53,479) (24,370) Corporate expenses (27,673) (35,248) Foreign exchange (losses) gains 7,384 (30,104) Interest expense and financing costs (17,010) (16,738) Reorganization expenses (14,014) — Amortization of intangible assets (2,729) (2,729) Income before income taxes and interest in income of equity method investments 244,611 176,132 Income tax (expense) benefit (40,547) (27,558) Interest in income of equity method investments 7,900 2,100 Net income 211,964 150,674 Preferred share dividends 7,563 7,563 Net income available to common shareholders $ 204,401 $ 143,111 Net losses and loss expenses ratio 56.6 % 64.5 % 58.7 % 54.3 % 65.9 % 58.2 % Acquisition cost ratio 19.6 % 22.3 % 20.3 % 18.6 % 22.8 % 20.0 % General and administrative expense ratio 11.7 % 2.5 % 11.4 % 13.5 % 4.6 % 13.3 % Combined ratio 87.9 % 89.3 % 90.4 % 86.4 % 93.3 % 91.5 % Goodwill and intangible assets $ 282,227 $ — $ 282,227 $ 293,143 $ — $ 293,143 2024 2023 Six months ended and at June 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 3,388,571 $ 1,706,092 $ 5,094,663 $ 3,099,762 $ 1,566,592 $ 4,666,354 Net premiums written 2,216,551 1,079,266 3,295,817 1,903,597 1,151,116 3,054,713 Net premiums earned 1,876,159 686,360 2,562,519 1,659,206 836,738 2,495,944 Other insurance related income (loss) (39) 16,906 16,867 112 5,988 6,100 Net losses and loss expenses (1,039,455) (455,204) (1,494,659) (907,117) (549,782) (1,456,899) Acquisition costs (364,055) (155,290) (519,345) (304,030) (179,608) (483,638) Underwriting-related general and administrative expenses (233,981) (24,580) (258,561) (230,164) (43,486) (273,650) Underwriting income $ 238,629 $ 68,192 306,821 $ 218,007 $ 69,850 287,857 Net investment income 358,358 270,601 Net investment gains (losses) (62,687) (44,558) Corporate expenses (53,252) (61,664) Foreign exchange (losses) gains 30,936 (38,814) Interest expense and financing costs (34,157) (33,632) Reorganization expenses (26,312) — Amortization of intangible assets (5,458) (5,458) Income before income taxes and interest in income (loss) of equity method investments 514,249 374,332 Income tax (expense) benefit 84,107 (43,454) Interest in income (loss) of equity method investments 9,069 (105) Net income 607,425 330,773 Preferred share dividends 15,125 15,125 Net income available to common shareholders $ 592,300 $ 315,648 Net losses and loss expenses ratio 55.4 % 66.3 % 58.3 % 54.7 % 65.7 % 58.4 % Acquisition cost ratio 19.4 % 22.6 % 20.3 % 18.3 % 21.5 % 19.4 % General and administrative expense ratio 12.5 % 3.6 % 12.2 % 13.9 % 5.2 % 13.4 % Combined ratio 87.3 % 92.5 % 90.8 % 86.9 % 92.4 % 91.2 % Goodwill and intangible assets $ 282,227 $ — $ 282,227 $ 293,143 $ — $ 293,143

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS a) Fixed Maturities, Available for Sale The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale: Amortized cost Allowance for expected credit losses Gross Gross unrealized losses Fair value At June 30, 2024 Available for sale U.S. government and agency $ 2,713,759 $ — $ 6,506 $ (47,299) $ 2,672,966 Non-U.S. government 771,227 (74) 3,605 (23,250) 751,508 Corporate debt 5,271,600 (4,303) 30,067 (210,837) 5,086,527 Agency RMBS (1) 1,692,741 — 2,304 (94,018) 1,601,027 CMBS (2) 874,187 — 540 (50,012) 824,715 Non-agency RMBS 138,135 (203) 456 (11,624) 126,764 ABS (3) 1,386,533 (51) 2,661 (18,499) 1,370,644 Municipals (4) 161,007 — 225 (10,246) 150,986 Total fixed maturities, available for sale $ 13,009,189 $ (4,631) $ 46,364 $ (465,785) $ 12,585,137 At December 31, 2023 Available for sale U.S. government and agency $ 3,049,445 $ — $ 13,211 $ (55,128) $ 3,007,528 Non-U.S. government 729,761 (30) 13,089 (18,861) 723,959 Corporate debt 4,651,654 (10,438) 49,434 (216,478) 4,474,172 Agency RMBS (1) 1,706,204 — 11,495 (83,038) 1,634,661 CMBS (2) 897,553 — 551 (58,408) 839,696 Non-agency RMBS 165,910 (194) 713 (13,033) 153,396 ABS (3) 1,265,187 (50) 2,855 (25,021) 1,242,971 Municipals (4) 168,540 (47) 414 (10,548) 158,359 Total fixed maturities, available for sale $ 12,634,254 $ (10,759) $ 91,762 $ (480,515) $ 12,234,742 (1) Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies. (2) Commercial mortgage-backed securities ("CMBS"). (3) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"). (4) Municipals include bonds issued by states, municipalities and political subdivisions. Contractual Maturities Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The table below provides the contractual maturities of fixed maturities classified as available for sale: Amortized cost Fair value % of Total fair value At June 30, 2024 Maturity Due in one year or less $ 569,486 $ 560,802 4.5 % Due after one year through five years 5,726,646 5,605,176 44.5 % Due after five years through ten years 2,436,399 2,318,770 18.4 % Due after ten years 185,062 177,239 1.4 % 8,917,593 8,661,987 68.8 % Agency RMBS 1,692,741 1,601,027 12.7 % CMBS 874,187 824,715 6.6 % Non-agency RMBS 138,135 126,764 1.0 % ABS 1,386,533 1,370,644 10.9 % Total $ 13,009,189 $ 12,585,137 100.0 % At December 31, 2023 Maturity Due in one year or less $ 474,557 $ 463,789 3.6 % Due after one year through five years 5,902,571 5,790,493 47.3 % Due after five years through ten years 2,064,619 1,954,449 16.0 % Due after ten years 157,653 155,287 1.3 % 8,599,400 8,364,018 68.2 % Agency RMBS 1,706,204 1,634,661 13.4 % CMBS 897,553 839,696 6.9 % Non-agency RMBS 165,910 153,396 1.3 % ABS 1,265,187 1,242,971 10.2 % Total $ 12,634,254 $ 12,234,742 100.0 % Gross Unrealized Losses The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses At June 30, 2024 Fixed maturities, available for sale U.S. government and agency $ 613,647 $ (36,799) $ 1,129,410 $ (10,500) $ 1,743,057 $ (47,299) Non-U.S. government 211,122 (18,833) 348,236 (4,417) 559,358 (23,250) Corporate debt 2,173,470 (194,191) 1,202,422 (16,646) 3,375,892 (210,837) Agency RMBS 765,043 (87,306) 501,789 (6,712) 1,266,832 (94,018) CMBS 666,929 (47,722) 81,346 (2,290) 748,275 (50,012) Non-agency RMBS 77,872 (11,582) 10,373 (42) 88,245 (11,624) ABS 342,311 (17,096) 272,328 (1,403) 614,639 (18,499) Municipals 117,590 (9,742) 20,588 (504) 138,178 (10,246) Total fixed maturities, available for sale $ 4,967,984 $ (423,271) $ 3,566,492 $ (42,514) $ 8,534,476 $ (465,785) At December 31, 2023 Fixed maturities, available for sale U.S. government and agency $ 846,503 $ (42,465) $ 867,733 $ (12,663) $ 1,714,236 $ (55,128) Non-U.S. government 233,038 (18,178) 115,112 (683) 348,150 (18,861) Corporate debt 2,623,304 (210,512) 240,813 (5,966) 2,864,117 (216,478) Agency RMBS 778,656 (80,070) 218,606 (2,968) 997,262 (83,038) CMBS 703,411 (54,856) 75,242 (3,552) 778,653 (58,408) Non-agency RMBS 98,483 (13,013) 10,017 (20) 108,500 (13,033) ABS 879,743 (24,747) 83,582 (274) 963,325 (25,021) Municipals 129,969 (10,156) 6,238 (392) 136,207 (10,548) Total fixed maturities, available for sale $ 6,293,107 $ (453,997) $ 1,617,343 $ (26,518) $ 7,910,450 $ (480,515) At June 30, 2024, 4,248 fixed maturities (2023: 3,535) were in an unrealized loss position of $466 million (2023: $481 million), of which $12 million (2023: $13 million) was related to securities below investment grade or not rated. At June 30, 2024 , 2,909 fixed maturities (2023: 3,212) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $4,968 million (2023 : $6,293 million ). The unrealized loss es of $466 million (2023: $481 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At June 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs. b) Fixed Maturities, Held to Maturity The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity: Amortized cost Allowance for expected credit losses Net carrying value Gross Gross unrealized losses Fair value At June 30, 2024 Held to maturity Corporate debt $ 105,192 $ — $ 105,192 $ 368 $ (9,229) $ 96,331 ABS (1) 532,600 — 532,600 759 (367) 532,992 Total fixed maturities, held to maturity $ 637,792 $ — $ 637,792 $ 1,127 $ (9,596) $ 629,323 At December 31, 2023 Held to maturity Corporate debt $ 95,200 $ — $ 95,200 $ 298 $ (8,827) $ 86,671 ABS (1) 591,096 — 591,096 5 (1,921) 589,180 Total fixed maturities, held to maturity $ 686,296 $ — $ 686,296 $ 303 $ (10,748) $ 675,851 (1) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs"). At June 30, 2024, fixed maturities, held to maturity of $638 million (2023: $686 million ) were presented net of an allowance for expected credit losse s of $nil (2023: $nil). The Company's ABS, held to maturity consist of CLO debt tranched securities. The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At June 30, 2024, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity w as $nil. To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At June 30, 2024, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to m aturity was $nil. Contractual Maturities Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a carrying value of $533 million (2023: $591 million). Corpo rate debt classified as held to maturity with a net carrying value of $22 million (2023: $nil) is due between 1 year and 3 years and corporate debt classified as held to maturity with a net carrying value of $83 million (2023: $95 million) is due between 3 years and 10 years. c) Equity Securities The following table provides the cost and fair values of the Company's equity securities: Cost Gross unrealized gains Gross unrealized losses Fair value At June 30, 2024 Equity securities Common stocks $ 2,843 $ 75 $ (423) $ 2,495 Preferred stocks 5,810 144 (112) 5,842 Exchange-traded funds 188,625 109,531 (965) 297,191 Bond mutual funds 350,165 1,662 (67,456) 284,371 Total equity securities $ 547,443 $ 111,412 $ (68,956) $ 589,899 At December 31, 2023 Equity securities Common stocks $ 2,843 $ 101 $ (398) $ 2,546 Preferred stocks 5,496 218 (113) 5,601 Exchange-traded funds 182,989 105,858 (1,572) 287,275 Bond mutual funds 352,505 4,119 (63,535) 293,089 Total equity securities $ 543,833 $ 110,296 $ (65,618) $ 588,511 d) Mortgage Loans The following table provides details of the Company's mortgage loans, held for investment: June 30, 2024 December 31, 2023 Carrying value % of Total Carrying value % of Total Mortgage loans, held for investment: Commercial $ 565,540 104 % $ 616,368 101 % Allowance for expected credit losses (20,681) (4 %) (6,220) (1) % Total mortgage loans, held for investment $ 544,859 100 % $ 610,148 100 % The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly. The Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.9x (2023: 1.9x) and a weighted average loan-to-value ratio of 74% (2023: 71%). At June 30, 2024, and 2023 there were no past due amounts associated with the commercial mortgage loans held by the Company. On a quarterly basis the Company's exposure to commercial mortgage loans in the office sector, which represents 43% (2023: 41%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable. Accordingly, any change in estimated credit losses are recognized as a change in the allowance for expected credit losses which is recorded in net investment gains (losses). At June 30, 2024, the Company's mortgage loan portfolio had an allowance for expected credit loss of $21 million (2023: $6 million). e) Other Investments The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category: Fair value Redemption frequency (if currently eligible) Redemption notice period At June 30, 2024 Multi-strategy funds $ 24,634 3 % Quarterly 60-90 days Direct lending funds 167,137 18 % Quarterly (1) 90 days Private equity funds 318,608 34 % n/a n/a Real estate funds 309,793 33 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities 4,498 — % n/a n/a Other privately held investments 112,010 12 % n/a n/a Total other investments $ 936,680 100 % At December 31, 2023 Multi-strategy funds $ 24,619 3 % Quarterly 60-90 days Direct lending funds 192,270 20 % Quarterly (1) 90 days Private equity funds 301,712 32 % n/a n/a Real estate funds 317,325 33 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities 5,300 1 % n/a n/a Other privately held investments 108,187 11 % n/a n/a Total other investments $ 949,413 100 % n/a - not applicable (1) Applies to one fund with a fair va lue of $10 million (2023: $17 million). (2) Applies to one fund with a fair value of $61 million (2023: $66 million ). (3) Applies to one fund with a fair value of $23 million (2023: $25 million ). Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the six months ended June 30, 2024 and 2023, neither of these restrictions impacted the Company's redemption requests. At June 30, 2024, there w ere no multi-strategy fund holdings (2023: $nil) where the Company is still within the lockup period. At June 30, 2024, the Company h ad $28 million (2023: $28 million) of unfunded commitments as a limited partner in multi-strategy hedge funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At June 30, 2024, the Company had $272 million (2023: $192 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four At June 30, 2024, the Company had $123 million (2023: $145 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years. At June 30, 2024, the Company had $98 million (2023: $107 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund. At June 30, 2024, the Company had $23 million (2023: $30 million) of unfunded commitments as a limited partner in three private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds ") . Two of these funds have investment terms of 5 years and one fund has an investment term of 10 years. f) Equity Method Investments During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $10 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd. and Monarch Point Re (ISA 2024) Ltd., individually or collectively "Monarch Point Re"). Monarch Point Re is an independent reinsurer jointly sponsored by the Company and Stone Point Credit, LLC ("Stone Point"). The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services. Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting. During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). During 2023, following a share tender offer, the Company's ownership interest in Harrington increased to 20%. Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally. Harrington is not a VIE that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs. g) Variable Interest Entities In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs . These structured securities include RMBS, CMBS and ABS. The Company also invests in limited partnerships which represent 75% of the Company's other investments. The investments in limited partnerships include multi-strategy funds , direct lending funds, private equity funds, real estate funds and CLO equity tranched securities, which are variable interests issued by VIEs (refer to Note 4(e) ' Other Investments '). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment. h) Net Investment Income Net investment income was derived from the following sources: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Fixed maturities $ 154,023 $ 124,390 $ 293,419 $ 242,652 Other investments 14,301 (5,341) 19,974 (4,855) Equity securities 3,057 2,990 5,819 5,445 Mortgage loans 9,108 8,880 18,237 17,266 Cash and cash equivalents 13,733 11,161 27,395 21,174 Short-term investments 3,766 2,129 7,229 3,789 Gross investment income 197,988 144,209 372,073 285,471 Investment expenses (7,013) (7,380) (13,715) (14,870) Net investment income $ 190,975 $ 136,829 $ 358,358 $ 270,601 i) Net Investment Gains (Losses) The following table provides an analysis of net investment gains (losses): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Gross realized investment gains Fixed maturities and short-term investments $ 6,182 $ 11,460 $ 20,581 $ 23,829 Equity securities — 17 30,626 1,535 Gross realized investment gains 6,182 11,477 51,207 25,364 Gross realized investment losses Fixed maturities and short-term investments (52,587) (43,695) (96,519) (97,343) Equity securities — — (7,712) (396) Gross realized investment losses (52,587) (43,695) (104,231) (97,739) (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale (394) 2,094 6,128 1,182 (Increase) decrease in allowance for expected credit losses, mortgage loans (12,569) (1,740) (14,428) (3,638) Impairment losses (1) (156) (9,083) (164) (9,083) Change in fair value of investment derivatives (2) 228 (528) 1,023 (1,474) Net unrealized gains (losses) on equity securities 5,817 17,105 (2,222) 40,830 Net investment losses $ (53,479) $ (24,370) $ (62,687) $ (44,558) (1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery. (2) Refer to Note 6 ' Derivative Instruments'. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 4,237 $ 12,645 $ 10,759 $ 11,733 Expected credit losses on securities where credit losses were not previously recognized 247 3,742 278 4,355 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 147 (1,223) (1,406) (304) Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — — Securities sold/redeemed/matured — (4,613) (5,000) (5,233) Balance at end of period $ 4,631 $ 10,551 $ 4,631 $ 10,551 j ) Reverse Repurchase Agreements At June 30, 2024, the Company held $45 million (2023: $12 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Hierarchy Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows: • Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy. Valuation Techniques The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below. Fixed Maturities At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below. U.S. Government and Agency U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2. Non-U.S. Government Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2. Corporate Debt Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3. Agency RMBS Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2. CMBS CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3. Non-agency RMBS Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3. ABS ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers t o estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3. Municipals Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2. Equity Securities Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks and exchange-traded funds are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2. Other Investments The fair value of an indirect investment in CLO-Equities is estimated using an income approach valuation technique, specifically an externally developed discounted cash flow model due to the lack of observable and relevant trades in secondary markets. As the significant inputs used to price this security are unobservable, the fair value of the indirect investment in CLO-Equities is classified as Level 3. Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies. As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators. Short-term Investments Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2. Derivative Instruments Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2. 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 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. Other Investments - CLO-Equities The CLO-Equities market continues to be relatively inactive with only a small number of transactions being observed, particularly related to transactions involving CLO-Equities held by the Company. Accordingly, the fair value of the Company's indirect investment in CLO-Equities is determined using a discounted cash flow model prepared by an external investment manager. The default and loss severity rates are the most judgmental unobservable market inputs to the discounted cash flow model to which the valuation of the Company's indirect investment in CLO-Equities is most sensitive. A significant increase (decrease) in either of these significant inputs in isolation would result in a lower (higher) fair value estimate for the investment in CLO-Equities and, in general, a change in default rate assumptions would be accompanied by a directionally similar change in loss severity rate assumptions. Collateral spreads and estimated maturity dates are less judgmental inputs as they are based on the historical average of actual spreads and the weighted average life of the current underlying portfolios, respectively. A significant increase (decrease) in either of these significant inputs in isolation would result in a higher (lower) fair value estimate for the investment in CLO-Equities. In general, these inputs have no significant interrelationship with each other or with default and loss severity rates. On a quarterly basis, the Company's valuation process for its indirect investment in CLO-Equities includes a review of the underlying cash flows and key assumptions used in the discounted cash flow model. The above significant unobservable inputs are reviewed and updated based on information obtained from secondary markets, including information received from the managers of the Company's CLO-Equities investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact future cash flows. In addition, the assumptions the Company uses in its models are updated through regular communication with industry participants and o ngoing monitoring of the deals in which the Company participates. Other Investments - Other Privately Held Securities Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows. 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 Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing 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. Transfers into Level 3 from Level 2 There were no transfers into Level 3 from Level 2 during the three and six months ended June 30, 2024 and 2023. Transfers out of Level 3 into Level 2 There were no transfers out of Level 3 into Level 2 during the three and six months ended June 30, 2024 and 2023. Other Transfers out of Level 3 During the three months ended June 30, 2024, one private company investment fund included in other privately held investments in the consolidated balance sheets was transferred from Level 3 to the NAV practical expedient. Measuring the Fair Value of Other Investments Using Net Asset Valuations The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP. For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At June 30, 2024 and December 31, 2023 all funds measured at fair value using NAVs are reported generally on a one quarter lag. The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values). The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy. Financial Instruments Disclosed, But Not Carried, at Fair Value The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts. At June 30, 2024, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2. At June 30, 2024, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $638 million (2023: $686 million) and a fair value of $629 million (2023: $676 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2. At June 30, 2024, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3. At June 30, 2024, the Company's debt was recorded at amortized cost with a carrying value of $1,314 million (2023: $1,314 million) and a fair value of $1,224 million (2023: $1,198 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2. At June 30, 2024, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $86 million (2023: $86 million) and a fair value of $86 million (2023: $86 million). As these advances are not actively traded, their fair values are classified as Level 2.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The following table provides the balance sheet classifications of derivatives recorded at fair value: June 30, 2024 December 31, 2023 Derivative notional amount Derivative asset fair value (1) Derivative liability fair value (1) Derivative notional amount Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 92,654 $ 414 $ 10 $ 49,307 $ 66 $ 274 Relating to underwriting portfolio: Foreign exchange forward contracts 1,565,756 1,408 4,812 1,347,559 4,358 9,891 Total derivatives $ 1,822 $ 4,822 $ 4,424 $ 10,165 (1) Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets. The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk. None of the Company's derivative instruments are designated as hedges. Offsetting Assets and Liabilities The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: June 30, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 5,780 $ (3,958) $ 1,822 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 8,780 $ (3,958) $ 4,822 $ 14,449 $ (4,284) $ 10,165 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets. Refer to Note 4 'Investments' for information on reverse repurchase agreements. a) Relating to Investment Portfolio Foreign Currency Risk The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes. b) Relating to Underwriting Portfolio Foreign Currency Risk The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures. The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges: Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 228 $ (527) $ 1,023 $ (1,474) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange (losses) gains 3,097 (3,013) 1,081 8,237 Total $ 3,325 $ (3,540) $ 2,104 $ 6,763

RESERVE FOR LOSSES AND LOSS EXP

RESERVE FOR LOSSES AND LOSS EXPENSES	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
RESERVE FOR LOSSES AND LOSS EXPENSES	RESERVE FOR LOSSES AND LOSS EXPENSES Reserve Roll-Forward The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses: Six months ended June 30, 2024 2023 Gross reserve for losses and loss expenses, beginning of period $ 16,434,018 $ 15,168,863 Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period (6,323,083) (5,831,172) Net reserve for unpaid losses and loss expenses, beginning of period 10,110,935 9,337,691 Net incurred losses and loss expenses related to: Current year 1,494,659 1,467,256 Prior years — (10,357) 1,494,659 1,456,899 Net paid losses and loss expenses related to: Current year (159,455) (129,414) Prior years (1,251,637) (1,210,101) (1,411,092) (1,339,515) Foreign exchange and other (47,452) 98,814 Net reserve for unpaid losses and loss expenses, end of period 10,147,050 9,553,889 Reinsurance recoverable on unpaid losses and loss expenses, end of period 6,591,821 5,865,609 Gross reserve for losses and loss expenses, end of period $ 16,738,871 $ 15,419,498 Estimates for Significant Catastrophe Events At June 30, 2024, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include Hurricane Ian, Winter Storm Elliot, June European Convective Storms, the Russia-Ukraine war and COVID-19. As a result, actual losses for these events may ultimately differ materially from current estimates. During the six months ended June 30, 2024, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $67 million (2023: $70 million). Prior Year Reserve Development The Company's net prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Insurance $ — $ 2,784 $ — $ 3,825 Reinsurance — 3,535 — 6,532 Total $ — $ 6,319 $ — $ 10,357 The following sections provide further details on net prior year reserve development by segment, line of business and accident year: Insurance Segment: Prior year reserve development by line of business was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Property $ — $ (208) $ 8,011 $ 5,692 Accident and health — (248) — (552) Marine and aviation — 2,682 (8,011) 15,903 Cyber — 676 — 9,128 Professional lines — (3,498) — (16,092) Credit and political risk — 8,430 — 12,949 Liability — (5,050) — (23,203) Total $ — $ 2,784 $ — $ 3,825 2024 For the three months ended June 30, 2024, net prior year reserve development of $nil was recognized. 2023 For the three months ended June 30, 2023, the Co mpany recognized $3 million of net favorable prior year reserve development, the principal components of which were: • $8 million of net favorable prior year reserve development on credit and political risk business primarily due to better than expected loss emergence mainly related to the 2018 through 2022 accident years. • $3 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence attributable to the marine cargo book of business related to 2022 catastrophe events, partially offset by increases in the loss estimates within the marine liability book of business related to the 2020 and 2021 accident years. • $5 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. excess casualty general liability and U.S. programs books of business mainly related to the 2017 through 2019 accident years. • $3 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. financial institutions book of business mainly related to the 2009 and 2018 accident years, U.S. commercial management solutions book of business mainly related to the 2017 through 2019 accident years, and an increase in the loss estimate attributable to a specific large claim within the U.S. design professional and environmental book of business mainly related to the 2019 accident year. 2024 For the six months ended June 30, 2024, net prior year reserve development of $nil was recognized, the principal components of which were: • $8 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years. • $8 million of net adverse prior year reserve development on marine and aviation business primarily due to an increase in the loss estimate attributable to a specific large claim related to the 2019 accident year. 2023 For the six months ended June 30, 2023, the Company recognized $4 million of net favorable prior year reserve development, the principal components of which were: • $16 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence attributable to the marine cargo book of business related to 2022 catastrophe events, partially offset by increases in the loss estimates within the marine liability book of business related to the 2020 and 2021 accident years. • $13 million of net favorable prior year reserve development on credit and political risk business primarily due to a decrease in the loss estimate attributable to a specific large claim related to the 2020 accident year and better than expected loss emergence related to recent accident years. • $9 million of net favorable prior year reserve development on cyber business primarily due to better than expected loss emergence mainly related to 2019 and older accident years. • $6 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence attributable to 2022 catastrophe events , partially offset by reserve strengthening related to the 2021 accident year . • $23 million of net adverse prior year reserve developmen t on liability business primarily due to reserve strengthening within the U.S. primary casualty book of business mainly related to the 2015, 2018 and 2021 accident years, and U.S. excess casualty general liability and U.S. programs book of business mainly related to the 2017 through 2019 accident years. • $16 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. financial institutions book of business mainly related to the 2009 and 2018 accident years, U.S. commercial management solutions book of business mainly related the 2017 through 2019 accident years, and U.S. design professional and environmental book of business mainly related to the 2019 accident year. Reinsurance Segment: Prior year reserve development by line of business was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable Favorable Favorable Favorable Accident and health $ — $ 7,284 $ — $ 14,273 Agriculture — 2,122 — 14,013 Marine and aviation — 5,197 — 4,947 Professional lines — (10,504) — (13,728) Credit and surety — (582) — (1,128) Motor — (4,825) — (21,946) Liability — (7,017) — (39,870) Run-off lines Catastrophe — 7,487 — 38,546 Property — 2,264 — 9,147 Engineering — 2,109 — 2,278 Total run-off lines — 11,860 — 49,971 Total $ — $ 3,535 $ — $ 6,532 2024 For the three months ended June 30, 2024, net prior year reserve development of $nil was recognized. 2023 For the three months ended June 30, 2023, the Company recognized $4 million of net favorable prior year reserve development, the principal components of which were: • $7 million of net favorable development on accident and health business primarily due to better than expected loss emergence mainly related to the 2022 accident year, partially offset by reserve strengthening mainly related to the 2021 accident year. • $5 million of net favorable development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2020 and 2022 accident years. • $11 million of net adverse development on professional lines business primarily due to reserve strengthening within the European proportional book of business related to several accidents years and reserve strengthening attributable to one cedant within the U.S. proportional book of business related to 2019 and older accident years. • $7 million of net adverse development on liability business primarily due to reserve strengthening within the U.S. proportional book of business related to 2018 and older accident years, increases in loss estimates attributable to several cedants within the European book of business related to the 2016 though 2018 accident years and increases in loss estimates attributable to several claims within the Multiline book of business related to older accident years. • $5 million of net adverse development on motor business primarily due to reserve strengthening related to the 2018 through 2022 accident years. Run-off lines • $7 million of net favorable development on catastrophe business primarily due to better than expected loss emergence mainly related to the 2018 and 2022 accident year. 2024 For the six months ended June 30, 2024, net prior year reserve development of $nil was recognized. 2023 For the six months ended June 30, 2023, the Company recognized $7 million of net favorable prior year reserve development, the principal components of which were: • $14 million of net favorable development on accident and health business primarily due to better than expected loss emergence mainly related to the 2019, 2020 and 2022 accident years. • $14 million of net favorable development on agriculture business primarily due to better than expected loss emergence mainly related to the 2022 accident year. • $5 million of net favorable development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years. • $40 million of net adverse development on liability business primarily due to reserve strengthening to reflect increased estimates of future loss trend due to inflation, an increase in the loss estimate attributable to a specific large claim within the European book of business related to the 2021 accident year and reserve strengthening within the U.S. proportional book of business related to 2019 and older accident years. • $22 million of net adverse development on motor business primarily due to reserve strengthening to reflect increased estimates of future loss trend due to inflation and reserve strengthening related to the 2018 through 2022 accident years. • $14 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the European proportional book of business related to several accident years and reserve strengthening attributable to one cedant within the U.S. proportional book of business related to 2019 and older accident years. Run-off lines • $39 million of net favorable development on catastrophe business primarily due to better than expected loss emergence mainly related to the 2022 accident year. • $9 million of net favorable development on property business primarily due to better than expected loss emergence attributable to the European book of business mainly related to the 2018 and 2019 accident years.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table presents a comparison of earnings per common share and earnings per diluted common share: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Earnings per common share Net income $ 211,964 $ 150,674 $ 607,425 $ 330,773 Less: Preferred share dividends 7,563 7,563 15,125 15,125 Net income available to common shareholders $ 204,401 $ 143,111 $ 592,300 $ 315,648 Weighted average common shares outstanding 84,475 85,207 84,677 85,036 Earnings per common share $ 2.42 $ 1.68 $ 6.99 $ 3.71 Earnings per diluted common share Net income available to common shareholders $ 204,401 $ 143,111 $ 592,300 $ 315,648 Weighted average common shares outstanding 84,475 85,207 84,677 85,036 Share-based compensation plans 851 605 832 797 Weighted average diluted common shares outstanding 85,326 85,812 85,509 85,833 Earnings per diluted common share $ 2.40 $ 1.67 $ 6.93 $ 3.68 Weighted average anti-dilutive shares excluded from the dilutive computation 6 736 377 770

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Performance Restricted Stock Units Performance Restricted Stock Units granted in 2024 with a market condition Certain share-settled performance restricted stock units granted in 2024 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target. Performance Restricted Stock Units granted in 2024 with a performance condition Certain share-settled performance restricted stock units granted in 2024 include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target. Valuation assumptions Performance Restricted Stock Units granted in 2024 and 2023 with a market condition The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model. The following table provides details of the significant inputs used in the Monte Carlo simulation model: Six months ended June 30, 2024 2023 (1) 2023 (2) 2023 (3) Expected volatility 26.00% 36.24% 29.30% 30.05% Expected term (in years) 3.0 3.0 1.0 3.0 Expected dividend yield n/a n/a n/a n/a Risk-free interest rate 4.06% 3.79% 4.61% 3.39% n/a - not applicable (1) Performance restricted stock units granted in the ordinary course of business (2) Performance restricted stock units granted in the three months ended March 31, 2023 in relation to senior leadership transition (3) Performance restricted stock units granted in the three months ended June 30, 2023 in relation to senior leadership transition Beginning share price, Ending share price and Expected term Performance restricted stock units granted in 2024 The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period. The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period. Performance for these awards is measured from January 1, 2024 to December 31, 2026. Performance restricted stock units granted in 2023 and performance restricted stock units granted in the three months ended March 31, 2023 in relation to senior leadership transition The beginning share price for awards was based on the average closing share price over the 10 trading days preceding and including the start of the performance period. The ending share price was based on the projected average closing share price over the 10 trading days preceding and including the end of the performance period. Performance for awards granted in 2023 is generally measured from January 1, 2023 to December 31, 2025, with performance for awards granted to one senior leader being measured from January 1, 2023 to December 31, 2023. Performance restricted stock units granted in 2023 in the three months ended June 30, 2023 in relation to senior leadership transition The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period. The ending share price of the awards was based on the average closing share price over the 30 trading days preceding and including the end of the performance period. Performance for awards being measured from May 4, 2023 to May 4, 2026 Expected volatility The expected volatility is estimated based on the Company's historical share price volatility. Expected dividend yield The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units. Risk-free interest rate The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units. Compensation expense associated with performance restricted stock units granted in 2024 and 2023 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period. During the three months ended March 31, 2023, the transition in our senior leadership resulted in a modification of the previously existing vesting terms of the outstanding restricted stock units and performance restricted stock units granted in 2022 and earlier of one senior leader, and a modification of the performance period of that leader's performance restricted stock units granted in 2022. The modifications did not result in incremental compensation expense. Performance Restricted Stock Units granted in 2024 with a performance condition The fair value of these performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date, and compensation expense is recognized on a straight-line basis over the requisite service period, and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period. The following table provides an activity summary of the Company's share-settled restricted stock units for the six months ended June 30, 2024: Share-Settled Performance Share-Settled Service Number of restricted stock units Weighted Number of restricted stock units Weighted average Non-vested restricted stock units - beginning of period 144 $ 65.69 1,855 $ 55.21 Granted 104 65.77 718 59.48 Vested — — (719) 54.78 Forfeited — — (106) 55.65 Non-vested restricted stock units - end of period 248 $ 65.73 1,748 $ 57.12 The following table provides additional information related to share-based compensation: Six months ended June 30, 2024 2023 Share-based compensation expense $ 23,273 $ 28,240 Tax benefits associated with share-based compensation expense $ 4,448 $ 4,840 Fair value of restricted stock units vested (1) $ 43,706 $ 53,614 Unrecognized share-based compensation expense $ 82,312 $ 96,649 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.6 years 2.7 years (1) Fair value is based on the closing price of the Company's common shares on the vest date.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY The following table presents changes in common shares issued and outstanding: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Shares issued, balance at beginning of period 176,580 176,580 176,580 176,580 Shares issued — — — — Total shares issued at end of period 176,580 176,580 176,580 176,580 Treasury shares, balance at beginning of period (91,893) (91,397) (91,294) (91,912) Shares repurchased (545) (20) (1,826) (282) Shares reissued 37 53 719 830 Total treasury shares at end of period (92,401) (91,364) (92,401) (91,364) Total shares outstanding 84,179 85,216 84,179 85,216 Treasury Shares At June 30, 2024, authorization under the Company's share repurchase program approved in December 2023 was exhausted. On May 16, 2024, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. The following table presents common shares repurchased from shares held in Treasury: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 In the open market: (1) Total shares 540 — 1,588 — Total cost $ 38,361 $ — $ 99,968 $ — Average price per share (2) $ 71.09 $ — $ 62.97 $ — From employees: (3) Total shares 5 20 238 282 Total cost $ 435 $ 1,106 $ 14,556 $ 17,051 Average price per share (2) $ 80.57 $ 53.95 $ 61.15 $ 60.32 Total shares repurchased: Total shares 545 20 1,826 282 Total cost $ 38,796 $ 1,106 $ 114,524 $ 17,051 Average price per share (2) $ 71.18 $ 53.95 $ 62.73 $ 60.32 (1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs. (2) Calculated using whole numbers. (3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units. Dividends The following table presents dividends declared and paid related to the Company's common and preferred shares: Per share data Dividends declared Dividends paid in period of declaration Dividends paid in period following declaration Three months ended June 30, 2024 Common shares $ 0.44 $ — $ 0.44 Series E preferred shares $ 34.38 $ — $ 34.38 Three months ended June 30, 2023 Common shares $ 0.44 $ — $ 0.44 Series E preferred shares $ 34.38 $ — $ 34.38 Six months ended June 30, 2024 Common shares $ 0.88 $ 0.44 $ 0.44 Series E preferred shares $ 68.75 $ 34.38 $ 34.38 Six months ended June 30, 2023 Common shares $ 0.88 $ 0.44 $ 0.44 Series E preferred shares $ 68.75 $ 34.38 $ 34.38

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING ARRANGEMENTS	DEBT AND FINANCING ARRANGEMENTS Loan Advances made to a Third Party Reinsurer At June 30, 2024, loan advances of $45 million (2023: $82 million) were repaid and were treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at June 30, 2024, of $35 million (2023: $80 million) is included in loan advances made in the consolidated balance sheets. At December 31, 2023, the Company had committed to advance a further $26 million to the third party reinsurer. During 2024, the third party reinsurer advised the Company that this advance was no longer required. Letter of Credit Facility

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES	FEDERAL HOME LOAN BANK ADVANCES The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB"). At June 30, 2024, the companies had admitted assets of a pproximately $3 billion (2023: $3 billion) which provides borrowing capacity of up to approximately $825 million (2023: $759 million). At June 30, 2024, the Company had borrowings under the FHLB program of $86 million (2023: $86 million) with maturities in 2024 and 2025 and interest payable at interest rate of 5.6% (2023: interest rates between 5.6% and 5.9%) . The Company incurred interest expense of $1 million ( 2023: $1 million) for the three months ended June 30, 2024 and $2 million ( 2023: $2 million) for the six months ended June 30, 2024. The borrowings under the FHLB program are secured by investments with a fair value of $92 million (2023: $95 million)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets. The Company is not party to any material legal proceedings arising outside the ordinary course of business. Investments Refer to Note 4 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the tax effects allocated to each component of other comprehensive income (loss): 2024 2023 Before tax amount Income tax (expense) benefit Net of tax amount Before tax amount Income tax (expense) benefit Net of tax amount Three months ended June 30, Available for sale investments: Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $ (38,138) $ 2,552 $ (35,586) $ (112,993) $ 14,591 $ (98,402) Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (126) 24 (102) (51) 36 (15) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 59,496 (5,124) 54,372 40,157 (3,536) 36,621 Unrealized gains (losses) arising during the period, net of reclassification adjustment 21,232 (2,548) 18,684 (72,887) 11,091 (61,796) Foreign currency translation adjustment (1,803) — (1,803) 3,183 — 3,183 Total other comprehensive income (loss), net of tax $ 19,429 $ (2,548) $ 16,881 $ (69,704) $ 11,091 $ (58,613) Six months ended June 30, Available for sale investments: Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $ (114,506) $ 18,904 $ (95,602) $ 46,744 $ (5,044) $ 41,700 Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (600) 37 (563) 9,013 (940) 8,073 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 84,375 (6,588) 77,787 84,277 (6,907) 77,370 Unrealized gains (losses) arising during the period, net of reclassification adjustment (30,731) 12,353 (18,378) 140,034 (12,891) 127,143 Foreign currency translation adjustment (10,754) — (10,754) 2,648 — 2,648 Total other comprehensive income (loss), net of tax $ (41,485) $ 12,353 $ (29,132) $ 142,682 $ (12,891) $ 129,791 The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss): Amount reclassified from AOCI (1) AOCI Components Consolidated statement of operations line item that includes reclassification adjustment Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Unrealized gains (losses) on available for sale investments Other realized gains (losses) $ (59,340) $ (31,074) $ (84,211) $ (75,194) Impairment losses (156) (9,083) (164) (9,083) Total before tax (59,496) (40,157) (84,375) (84,277) Income tax (expense) benefit 5,124 3,536 6,588 6,907 Net of tax $ (54,372) $ (36,621) $ (77,787) $ (77,370) (1) Amounts in parentheses are charges to net income (loss).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At June 30, 2024, the Company had invested $10 million in Monarch Point Re (refer to Note 4 'Investments' ), a collateralized reinsurer which is jointly sponsored by the Company and Stone Point. Loan to Monarch Point Re During 2024, the Company advanced $164 million (2023: $297 million) to Monarch Point Re. This loan will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under the retrocession agreement. At June 30, 2024, an amount of $95 million (2023: $72 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. The loan is expected to be repaid in full by November 15, 2025. The loan balance receivable at June 30, 2024 of $294 million (2023: $225 million) is included in loan advances made in the consolidated balance sheets. At June 30, 2024, the Company had committed to advance a further $89 million (20 23: $16 million) to Monarch Point Re. Interest on this loan is payable for this period at interest rate of 5.3% ( 2023: interest rates between 5.7% and 5.9%) Interest related to this loan o f $1 million ( 2023: $9 million) was received in advance and is included in other liabilities in the consolidated balance sheets. Harrington Re During 2018, the Company entered into a quota share retrocessional agreement with Harrington Re which was deemed to have met the established criteria for retroactive reinsurance accounting. During 2024, the Company entered into a reinsurer novation and replacement agreement with Harrington Re and a third party reinsurer with respect to this quota share retrocession contract.

REORGANIZATION EXPENSES

REORGANIZATION EXPENSES	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
REORGANIZATION EXPENSES	REORGANIZATION EXPENSES For the three and six months ended June 30, 2024, reorganization expenses were $14 million and $26 million, respectively, primarily related to severance costs attributable to the Company's "How We Work" program which is focused on simplifying the Company’s operating structure.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (the "Act") which will apply a corporate income tax of 15% for fiscal years beginning on or after January 1, 2025. The Act includes a provision referred to as the economic transition adjustment, which is intended to provide a fair and equitable transition into the tax regime. Pursuant to the Act and subsequently issued guidance, the Company recorded a net deferred tax asset of $nil and $163 million for the three and six months ended June 30, 2024 which it expects to utilize mainly over a 10-year period. The Company expects to incur increased taxes in Bermuda beginning in 2025. The following tables provide an analysis of income tax expense (benefit): Three months ended June 30, 2024 2023 Current income tax expense (benefit) U.S. $ 29,794 $ 23,479 Europe 4,402 5,346 Bermuda — — Deferred income tax expense (benefit) U.S. (5,005) (10,715) Europe 11,356 9,448 Bermuda — — Total income tax expense (benefit) $ 40,547 $ 27,558 Six months ended June 30, 2024 2023 Current income tax expense (benefit) U.S. $ 51,293 $ 34,383 Europe 9,930 8,520 Bermuda — 199 Deferred income tax expense (benefit) U.S. (2,260) (10,644) Europe 19,635 10,996 Bermuda (162,705) — Total income tax expense (benefit) $ (84,107) $ 43,454 The following tables present the distribution of income before income taxes between domestic and foreign jurisdictions and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Three months ended June 30, 2024 2023 Income before income taxes Bermuda (domestic) $ 64,090 $ 57,777 Foreign 188,421 120,455 Total income before income taxes $ 252,511 $ 178,232 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate — % — % Foreign taxes at local expected rates: U.S. 9.7 % 7.1 % Europe 6.0 % 7.5 % Valuation allowance (0.1 %) 0.3 % Bermuda Economic Transition Adjustment — % — % Other 0.5 % 0.6 % Actual tax rate 16.1 % 15.5 % Six months ended June 30, 2024 2023 Income before income taxes Bermuda (domestic) $ 147,321 $ 164,381 Foreign 375,997 209,846 Total income before income taxes $ 523,318 $ 374,227 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate — % — % Foreign taxes at local expected rates: U.S. 9.5 % 6.2 % Europe 5.5 % 5.2 % Valuation allowance (0.4 %) (0.8 %) Bermuda Economic Transition Adjustment (31.1 %) — % Other 0.4 % 1.0 % Actual tax rate (16.1 %) 11.6 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 211,964	$ 150,674	$ 607,425	$ 330,773

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. At June 30, 2024, the Company presented loan advances made in 2023 separately in the consolidated statements of cash flows. These loan advances made were included in other assets and insurance and reinsurance balances payable in the consolidated statements of cash flows in 2023. This presentation was adopted to facilitate comparison to loan advances made in 2024. This reclassification did not impact results of operations, financial condition or liquidity.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Underwriting Results Of Reportable Segments	The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets: 2024 2023 Three months ended and at June 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 1,814,066 $ 626,170 $ 2,440,236 $ 1,684,150 $ 600,228 $ 2,284,378 Net premiums written 1,194,197 379,547 1,573,744 1,021,021 425,336 1,446,357 Net premiums earned 958,212 346,266 1,304,478 842,751 422,994 1,265,745 Other insurance related income (loss) (61) 8,587 8,526 58 5,466 5,524 Net losses and loss expenses (542,591) (223,397) (765,988) (457,650) (278,607) (736,257) Acquisition costs (188,026) (77,065) (265,091) (156,972) (96,293) (253,265) Underwriting-related general and administrative expenses (111,894) (8,874) (120,768) (113,534) (19,721) (133,255) Underwriting income $ 115,640 $ 45,517 161,157 $ 114,653 $ 33,839 148,492 Net investment income 190,975 136,829 Net investment gains (losses) (53,479) (24,370) Corporate expenses (27,673) (35,248) Foreign exchange (losses) gains 7,384 (30,104) Interest expense and financing costs (17,010) (16,738) Reorganization expenses (14,014) — Amortization of intangible assets (2,729) (2,729) Income before income taxes and interest in income of equity method investments 244,611 176,132 Income tax (expense) benefit (40,547) (27,558) Interest in income of equity method investments 7,900 2,100 Net income 211,964 150,674 Preferred share dividends 7,563 7,563 Net income available to common shareholders $ 204,401 $ 143,111 Net losses and loss expenses ratio 56.6 % 64.5 % 58.7 % 54.3 % 65.9 % 58.2 % Acquisition cost ratio 19.6 % 22.3 % 20.3 % 18.6 % 22.8 % 20.0 % General and administrative expense ratio 11.7 % 2.5 % 11.4 % 13.5 % 4.6 % 13.3 % Combined ratio 87.9 % 89.3 % 90.4 % 86.4 % 93.3 % 91.5 % Goodwill and intangible assets $ 282,227 $ — $ 282,227 $ 293,143 $ — $ 293,143 2024 2023 Six months ended and at June 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 3,388,571 $ 1,706,092 $ 5,094,663 $ 3,099,762 $ 1,566,592 $ 4,666,354 Net premiums written 2,216,551 1,079,266 3,295,817 1,903,597 1,151,116 3,054,713 Net premiums earned 1,876,159 686,360 2,562,519 1,659,206 836,738 2,495,944 Other insurance related income (loss) (39) 16,906 16,867 112 5,988 6,100 Net losses and loss expenses (1,039,455) (455,204) (1,494,659) (907,117) (549,782) (1,456,899) Acquisition costs (364,055) (155,290) (519,345) (304,030) (179,608) (483,638) Underwriting-related general and administrative expenses (233,981) (24,580) (258,561) (230,164) (43,486) (273,650) Underwriting income $ 238,629 $ 68,192 306,821 $ 218,007 $ 69,850 287,857 Net investment income 358,358 270,601 Net investment gains (losses) (62,687) (44,558) Corporate expenses (53,252) (61,664) Foreign exchange (losses) gains 30,936 (38,814) Interest expense and financing costs (34,157) (33,632) Reorganization expenses (26,312) — Amortization of intangible assets (5,458) (5,458) Income before income taxes and interest in income (loss) of equity method investments 514,249 374,332 Income tax (expense) benefit 84,107 (43,454) Interest in income (loss) of equity method investments 9,069 (105) Net income 607,425 330,773 Preferred share dividends 15,125 15,125 Net income available to common shareholders $ 592,300 $ 315,648 Net losses and loss expenses ratio 55.4 % 66.3 % 58.3 % 54.7 % 65.7 % 58.4 % Acquisition cost ratio 19.4 % 22.6 % 20.3 % 18.3 % 21.5 % 19.4 % General and administrative expense ratio 12.5 % 3.6 % 12.2 % 13.9 % 5.2 % 13.4 % Combined ratio 87.3 % 92.5 % 90.8 % 86.9 % 92.4 % 91.2 % Goodwill and intangible assets $ 282,227 $ — $ 282,227 $ 293,143 $ — $ 293,143

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost and Fair Values of Fixed Maturities	The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale: Amortized cost Allowance for expected credit losses Gross Gross unrealized losses Fair value At June 30, 2024 Available for sale U.S. government and agency $ 2,713,759 $ — $ 6,506 $ (47,299) $ 2,672,966 Non-U.S. government 771,227 (74) 3,605 (23,250) 751,508 Corporate debt 5,271,600 (4,303) 30,067 (210,837) 5,086,527 Agency RMBS (1) 1,692,741 — 2,304 (94,018) 1,601,027 CMBS (2) 874,187 — 540 (50,012) 824,715 Non-agency RMBS 138,135 (203) 456 (11,624) 126,764 ABS (3) 1,386,533 (51) 2,661 (18,499) 1,370,644 Municipals (4) 161,007 — 225 (10,246) 150,986 Total fixed maturities, available for sale $ 13,009,189 $ (4,631) $ 46,364 $ (465,785) $ 12,585,137 At December 31, 2023 Available for sale U.S. government and agency $ 3,049,445 $ — $ 13,211 $ (55,128) $ 3,007,528 Non-U.S. government 729,761 (30) 13,089 (18,861) 723,959 Corporate debt 4,651,654 (10,438) 49,434 (216,478) 4,474,172 Agency RMBS (1) 1,706,204 — 11,495 (83,038) 1,634,661 CMBS (2) 897,553 — 551 (58,408) 839,696 Non-agency RMBS 165,910 (194) 713 (13,033) 153,396 ABS (3) 1,265,187 (50) 2,855 (25,021) 1,242,971 Municipals (4) 168,540 (47) 414 (10,548) 158,359 Total fixed maturities, available for sale $ 12,634,254 $ (10,759) $ 91,762 $ (480,515) $ 12,234,742 (1) Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies. (2) Commercial mortgage-backed securities ("CMBS"). (3) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"). (4) Municipals include bonds issued by states, municipalities and political subdivisions.
Summary of Contractual Maturities of Fixed Maturities	The table below provides the contractual maturities of fixed maturities classified as available for sale: Amortized cost Fair value % of Total fair value At June 30, 2024 Maturity Due in one year or less $ 569,486 $ 560,802 4.5 % Due after one year through five years 5,726,646 5,605,176 44.5 % Due after five years through ten years 2,436,399 2,318,770 18.4 % Due after ten years 185,062 177,239 1.4 % 8,917,593 8,661,987 68.8 % Agency RMBS 1,692,741 1,601,027 12.7 % CMBS 874,187 824,715 6.6 % Non-agency RMBS 138,135 126,764 1.0 % ABS 1,386,533 1,370,644 10.9 % Total $ 13,009,189 $ 12,585,137 100.0 % At December 31, 2023 Maturity Due in one year or less $ 474,557 $ 463,789 3.6 % Due after one year through five years 5,902,571 5,790,493 47.3 % Due after five years through ten years 2,064,619 1,954,449 16.0 % Due after ten years 157,653 155,287 1.3 % 8,599,400 8,364,018 68.2 % Agency RMBS 1,706,204 1,634,661 13.4 % CMBS 897,553 839,696 6.9 % Non-agency RMBS 165,910 153,396 1.3 % ABS 1,265,187 1,242,971 10.2 % Total $ 12,634,254 $ 12,234,742 100.0 %
Summary of Fixed Maturities and Equities in an Unrealized Loss Position	The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses At June 30, 2024 Fixed maturities, available for sale U.S. government and agency $ 613,647 $ (36,799) $ 1,129,410 $ (10,500) $ 1,743,057 $ (47,299) Non-U.S. government 211,122 (18,833) 348,236 (4,417) 559,358 (23,250) Corporate debt 2,173,470 (194,191) 1,202,422 (16,646) 3,375,892 (210,837) Agency RMBS 765,043 (87,306) 501,789 (6,712) 1,266,832 (94,018) CMBS 666,929 (47,722) 81,346 (2,290) 748,275 (50,012) Non-agency RMBS 77,872 (11,582) 10,373 (42) 88,245 (11,624) ABS 342,311 (17,096) 272,328 (1,403) 614,639 (18,499) Municipals 117,590 (9,742) 20,588 (504) 138,178 (10,246) Total fixed maturities, available for sale $ 4,967,984 $ (423,271) $ 3,566,492 $ (42,514) $ 8,534,476 $ (465,785) At December 31, 2023 Fixed maturities, available for sale U.S. government and agency $ 846,503 $ (42,465) $ 867,733 $ (12,663) $ 1,714,236 $ (55,128) Non-U.S. government 233,038 (18,178) 115,112 (683) 348,150 (18,861) Corporate debt 2,623,304 (210,512) 240,813 (5,966) 2,864,117 (216,478) Agency RMBS 778,656 (80,070) 218,606 (2,968) 997,262 (83,038) CMBS 703,411 (54,856) 75,242 (3,552) 778,653 (58,408) Non-agency RMBS 98,483 (13,013) 10,017 (20) 108,500 (13,033) ABS 879,743 (24,747) 83,582 (274) 963,325 (25,021) Municipals 129,969 (10,156) 6,238 (392) 136,207 (10,548) Total fixed maturities, available for sale $ 6,293,107 $ (453,997) $ 1,617,343 $ (26,518) $ 7,910,450 $ (480,515)
Summary of Fixed Maturities, Held-to-Maturity	The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity: Amortized cost Allowance for expected credit losses Net carrying value Gross Gross unrealized losses Fair value At June 30, 2024 Held to maturity Corporate debt $ 105,192 $ — $ 105,192 $ 368 $ (9,229) $ 96,331 ABS (1) 532,600 — 532,600 759 (367) 532,992 Total fixed maturities, held to maturity $ 637,792 $ — $ 637,792 $ 1,127 $ (9,596) $ 629,323 At December 31, 2023 Held to maturity Corporate debt $ 95,200 $ — $ 95,200 $ 298 $ (8,827) $ 86,671 ABS (1) 591,096 — 591,096 5 (1,921) 589,180 Total fixed maturities, held to maturity $ 686,296 $ — $ 686,296 $ 303 $ (10,748) $ 675,851 (1) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").
Summary of Cost and Fair Value of Equity Securities	The following table provides the cost and fair values of the Company's equity securities: Cost Gross unrealized gains Gross unrealized losses Fair value At June 30, 2024 Equity securities Common stocks $ 2,843 $ 75 $ (423) $ 2,495 Preferred stocks 5,810 144 (112) 5,842 Exchange-traded funds 188,625 109,531 (965) 297,191 Bond mutual funds 350,165 1,662 (67,456) 284,371 Total equity securities $ 547,443 $ 111,412 $ (68,956) $ 589,899 At December 31, 2023 Equity securities Common stocks $ 2,843 $ 101 $ (398) $ 2,546 Preferred stocks 5,496 218 (113) 5,601 Exchange-traded funds 182,989 105,858 (1,572) 287,275 Bond mutual funds 352,505 4,119 (63,535) 293,089 Total equity securities $ 543,833 $ 110,296 $ (65,618) $ 588,511
Summary of Mortgage Loans Net of Valuation Allowance	The following table provides details of the Company's mortgage loans, held for investment: June 30, 2024 December 31, 2023 Carrying value % of Total Carrying value % of Total Mortgage loans, held for investment: Commercial $ 565,540 104 % $ 616,368 101 % Allowance for expected credit losses (20,681) (4 %) (6,220) (1) % Total mortgage loans, held for investment $ 544,859 100 % $ 610,148 100 %
Summary of Portfolio of Other Investments	The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category: Fair value Redemption frequency (if currently eligible) Redemption notice period At June 30, 2024 Multi-strategy funds $ 24,634 3 % Quarterly 60-90 days Direct lending funds 167,137 18 % Quarterly (1) 90 days Private equity funds 318,608 34 % n/a n/a Real estate funds 309,793 33 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities 4,498 — % n/a n/a Other privately held investments 112,010 12 % n/a n/a Total other investments $ 936,680 100 % At December 31, 2023 Multi-strategy funds $ 24,619 3 % Quarterly 60-90 days Direct lending funds 192,270 20 % Quarterly (1) 90 days Private equity funds 301,712 32 % n/a n/a Real estate funds 317,325 33 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities 5,300 1 % n/a n/a Other privately held investments 108,187 11 % n/a n/a Total other investments $ 949,413 100 % n/a - not applicable (1) Applies to one fund with a fair va lue of $10 million (2023: $17 million). (2) Applies to one fund with a fair value of $61 million (2023: $66 million ). (3) Applies to one fund with a fair value of $23 million (2023: $25 million ).
Summary of Net Investment Income	Net investment income was derived from the following sources: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Fixed maturities $ 154,023 $ 124,390 $ 293,419 $ 242,652 Other investments 14,301 (5,341) 19,974 (4,855) Equity securities 3,057 2,990 5,819 5,445 Mortgage loans 9,108 8,880 18,237 17,266 Cash and cash equivalents 13,733 11,161 27,395 21,174 Short-term investments 3,766 2,129 7,229 3,789 Gross investment income 197,988 144,209 372,073 285,471 Investment expenses (7,013) (7,380) (13,715) (14,870) Net investment income $ 190,975 $ 136,829 $ 358,358 $ 270,601
Summary of Net Investment Gains (Losses)	The following table provides an analysis of net investment gains (losses): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Gross realized investment gains Fixed maturities and short-term investments $ 6,182 $ 11,460 $ 20,581 $ 23,829 Equity securities — 17 30,626 1,535 Gross realized investment gains 6,182 11,477 51,207 25,364 Gross realized investment losses Fixed maturities and short-term investments (52,587) (43,695) (96,519) (97,343) Equity securities — — (7,712) (396) Gross realized investment losses (52,587) (43,695) (104,231) (97,739) (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale (394) 2,094 6,128 1,182 (Increase) decrease in allowance for expected credit losses, mortgage loans (12,569) (1,740) (14,428) (3,638) Impairment losses (1) (156) (9,083) (164) (9,083) Change in fair value of investment derivatives (2) 228 (528) 1,023 (1,474) Net unrealized gains (losses) on equity securities 5,817 17,105 (2,222) 40,830 Net investment losses $ (53,479) $ (24,370) $ (62,687) $ (44,558) (1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery. (2) Refer to Note 6 ' Derivative Instruments'.
Summary of Allowance for Credit Loss	The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 4,237 $ 12,645 $ 10,759 $ 11,733 Expected credit losses on securities where credit losses were not previously recognized 247 3,742 278 4,355 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 147 (1,223) (1,406) (304) Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — — Securities sold/redeemed/matured — (4,613) (5,000) (5,233) Balance at end of period $ 4,631 $ 10,551 $ 4,631 $ 10,551

FAIR VALUE MEASUREMENTS (Tables

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 Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing 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.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Location and Amounts of Derivative Fair Values on the Consolidated Balance Sheet	The following table provides the balance sheet classifications of derivatives recorded at fair value: June 30, 2024 December 31, 2023 Derivative notional amount Derivative asset fair value (1) Derivative liability fair value (1) Derivative notional amount Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 92,654 $ 414 $ 10 $ 49,307 $ 66 $ 274 Relating to underwriting portfolio: Foreign exchange forward contracts 1,565,756 1,408 4,812 1,347,559 4,358 9,891 Total derivatives $ 1,822 $ 4,822 $ 4,424 $ 10,165 (1) Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Assets to Net Amounts Presented in Balance Sheets	The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: June 30, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 5,780 $ (3,958) $ 1,822 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 8,780 $ (3,958) $ 4,822 $ 14,449 $ (4,284) $ 10,165 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Reconciliation of Gross Derivative Liabilities to Net Amounts Presented in Balance Sheets	The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: June 30, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 5,780 $ (3,958) $ 1,822 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 8,780 $ (3,958) $ 4,822 $ 14,449 $ (4,284) $ 10,165 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Summary of Total Unrealized and Realized Gains (Loss) on Derivatives Not Designated as Hedges Recorded in Earnings	The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges: Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 228 $ (527) $ 1,023 $ (1,474) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange (losses) gains 3,097 (3,013) 1,081 8,237 Total $ 3,325 $ (3,540) $ 2,104 $ 6,763

RESERVE FOR LOSSES AND LOSS E_2

RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Summary of Reconciliation of Beginning and Ending Gross Reserve for Losses and Loss Expenses and Net Reserve for Unpaid Losses and Loss Expenses	The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses: Six months ended June 30, 2024 2023 Gross reserve for losses and loss expenses, beginning of period $ 16,434,018 $ 15,168,863 Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period (6,323,083) (5,831,172) Net reserve for unpaid losses and loss expenses, beginning of period 10,110,935 9,337,691 Net incurred losses and loss expenses related to: Current year 1,494,659 1,467,256 Prior years — (10,357) 1,494,659 1,456,899 Net paid losses and loss expenses related to: Current year (159,455) (129,414) Prior years (1,251,637) (1,210,101) (1,411,092) (1,339,515) Foreign exchange and other (47,452) 98,814 Net reserve for unpaid losses and loss expenses, end of period 10,147,050 9,553,889 Reinsurance recoverable on unpaid losses and loss expenses, end of period 6,591,821 5,865,609 Gross reserve for losses and loss expenses, end of period $ 16,738,871 $ 15,419,498
Summary of Prior Year Loss Development	The following table presents net prior year reserve development by segment: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Insurance $ — $ 2,784 $ — $ 3,825 Reinsurance — 3,535 — 6,532 Total $ — $ 6,319 $ — $ 10,357 Insurance Segment: Prior year reserve development by line of business was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Favorable (Adverse) Property $ — $ (208) $ 8,011 $ 5,692 Accident and health — (248) — (552) Marine and aviation — 2,682 (8,011) 15,903 Cyber — 676 — 9,128 Professional lines — (3,498) — (16,092) Credit and political risk — 8,430 — 12,949 Liability — (5,050) — (23,203) Total $ — $ 2,784 $ — $ 3,825 Reinsurance Segment: Prior year reserve development by line of business was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Favorable Favorable Favorable Favorable Accident and health $ — $ 7,284 $ — $ 14,273 Agriculture — 2,122 — 14,013 Marine and aviation — 5,197 — 4,947 Professional lines — (10,504) — (13,728) Credit and surety — (582) — (1,128) Motor — (4,825) — (21,946) Liability — (7,017) — (39,870) Run-off lines Catastrophe — 7,487 — 38,546 Property — 2,264 — 9,147 Engineering — 2,109 — 2,278 Total run-off lines — 11,860 — 49,971 Total $ — $ 3,535 $ — $ 6,532

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Common Share	The following table presents a comparison of earnings per common share and earnings per diluted common share: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Earnings per common share Net income $ 211,964 $ 150,674 $ 607,425 $ 330,773 Less: Preferred share dividends 7,563 7,563 15,125 15,125 Net income available to common shareholders $ 204,401 $ 143,111 $ 592,300 $ 315,648 Weighted average common shares outstanding 84,475 85,207 84,677 85,036 Earnings per common share $ 2.42 $ 1.68 $ 6.99 $ 3.71 Earnings per diluted common share Net income available to common shareholders $ 204,401 $ 143,111 $ 592,300 $ 315,648 Weighted average common shares outstanding 84,475 85,207 84,677 85,036 Share-based compensation plans 851 605 832 797 Weighted average diluted common shares outstanding 85,326 85,812 85,509 85,833 Earnings per diluted common share $ 2.40 $ 1.67 $ 6.93 $ 3.68 Weighted average anti-dilutive shares excluded from the dilutive computation 6 736 377 770

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Additional Information Related to Share-based Compensation	The following table provides details of the significant inputs used in the Monte Carlo simulation model: Six months ended June 30, 2024 2023 (1) 2023 (2) 2023 (3) Expected volatility 26.00% 36.24% 29.30% 30.05% Expected term (in years) 3.0 3.0 1.0 3.0 Expected dividend yield n/a n/a n/a n/a Risk-free interest rate 4.06% 3.79% 4.61% 3.39% n/a - not applicable (1) Performance restricted stock units granted in the ordinary course of business (2) Performance restricted stock units granted in the three months ended March 31, 2023 in relation to senior leadership transition (3) Performance restricted stock units granted in the three months ended June 30, 2023 in relation to senior leadership transition The following table provides additional information related to share-based compensation: Six months ended June 30, 2024 2023 Share-based compensation expense $ 23,273 $ 28,240 Tax benefits associated with share-based compensation expense $ 4,448 $ 4,840 Fair value of restricted stock units vested (1) $ 43,706 $ 53,614 Unrecognized share-based compensation expense $ 82,312 $ 96,649 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.6 years 2.7 years (1) Fair value is based on the closing price of the Company's common shares on the vest date.
Summary of Share-Settled Restricted Stock Units	The following table provides an activity summary of the Company's share-settled restricted stock units for the six months ended June 30, 2024: Share-Settled Performance Share-Settled Service Number of restricted stock units Weighted Number of restricted stock units Weighted average Non-vested restricted stock units - beginning of period 144 $ 65.69 1,855 $ 55.21 Granted 104 65.77 718 59.48 Vested — — (719) 54.78 Forfeited — — (106) 55.65 Non-vested restricted stock units - end of period 248 $ 65.73 1,748 $ 57.12

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Common Shares Issued and Outstanding	The following table presents changes in common shares issued and outstanding: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Shares issued, balance at beginning of period 176,580 176,580 176,580 176,580 Shares issued — — — — Total shares issued at end of period 176,580 176,580 176,580 176,580 Treasury shares, balance at beginning of period (91,893) (91,397) (91,294) (91,912) Shares repurchased (545) (20) (1,826) (282) Shares reissued 37 53 719 830 Total treasury shares at end of period (92,401) (91,364) (92,401) (91,364) Total shares outstanding 84,179 85,216 84,179 85,216
Summary of Share Repurchases	The following table presents common shares repurchased from shares held in Treasury: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 In the open market: (1) Total shares 540 — 1,588 — Total cost $ 38,361 $ — $ 99,968 $ — Average price per share (2) $ 71.09 $ — $ 62.97 $ — From employees: (3) Total shares 5 20 238 282 Total cost $ 435 $ 1,106 $ 14,556 $ 17,051 Average price per share (2) $ 80.57 $ 53.95 $ 61.15 $ 60.32 Total shares repurchased: Total shares 545 20 1,826 282 Total cost $ 38,796 $ 1,106 $ 114,524 $ 17,051 Average price per share (2) $ 71.18 $ 53.95 $ 62.73 $ 60.32 (1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs. (2) Calculated using whole numbers. (3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.
Summary of Dividends Declared and Paid	The following table presents dividends declared and paid related to the Company's common and preferred shares: Per share data Dividends declared Dividends paid in period of declaration Dividends paid in period following declaration Three months ended June 30, 2024 Common shares $ 0.44 $ — $ 0.44 Series E preferred shares $ 34.38 $ — $ 34.38 Three months ended June 30, 2023 Common shares $ 0.44 $ — $ 0.44 Series E preferred shares $ 34.38 $ — $ 34.38 Six months ended June 30, 2024 Common shares $ 0.88 $ 0.44 $ 0.44 Series E preferred shares $ 68.75 $ 34.38 $ 34.38 Six months ended June 30, 2023 Common shares $ 0.88 $ 0.44 $ 0.44 Series E preferred shares $ 68.75 $ 34.38 $ 34.38

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)	The following table presents the tax effects allocated to each component of other comprehensive income (loss): 2024 2023 Before tax amount Income tax (expense) benefit Net of tax amount Before tax amount Income tax (expense) benefit Net of tax amount Three months ended June 30, Available for sale investments: Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $ (38,138) $ 2,552 $ (35,586) $ (112,993) $ 14,591 $ (98,402) Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (126) 24 (102) (51) 36 (15) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 59,496 (5,124) 54,372 40,157 (3,536) 36,621 Unrealized gains (losses) arising during the period, net of reclassification adjustment 21,232 (2,548) 18,684 (72,887) 11,091 (61,796) Foreign currency translation adjustment (1,803) — (1,803) 3,183 — 3,183 Total other comprehensive income (loss), net of tax $ 19,429 $ (2,548) $ 16,881 $ (69,704) $ 11,091 $ (58,613) Six months ended June 30, Available for sale investments: Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $ (114,506) $ 18,904 $ (95,602) $ 46,744 $ (5,044) $ 41,700 Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (600) 37 (563) 9,013 (940) 8,073 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 84,375 (6,588) 77,787 84,277 (6,907) 77,370 Unrealized gains (losses) arising during the period, net of reclassification adjustment (30,731) 12,353 (18,378) 140,034 (12,891) 127,143 Foreign currency translation adjustment (10,754) — (10,754) 2,648 — 2,648 Total other comprehensive income (loss), net of tax $ (41,485) $ 12,353 $ (29,132) $ 142,682 $ (12,891) $ 129,791
Summary of Reclassifications Out of AOCI Into Net Income Available to Common Shareholders	The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss): Amount reclassified from AOCI (1) AOCI Components Consolidated statement of operations line item that includes reclassification adjustment Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Unrealized gains (losses) on available for sale investments Other realized gains (losses) $ (59,340) $ (31,074) $ (84,211) $ (75,194) Impairment losses (156) (9,083) (164) (9,083) Total before tax (59,496) (40,157) (84,375) (84,277) Income tax (expense) benefit 5,124 3,536 6,588 6,907 Net of tax $ (54,372) $ (36,621) $ (77,787) $ (77,370) (1) Amounts in parentheses are charges to net income (loss).

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Analysis of Income Tax Expense (Benefit)	The following tables provide an analysis of income tax expense (benefit): Three months ended June 30, 2024 2023 Current income tax expense (benefit) U.S. $ 29,794 $ 23,479 Europe 4,402 5,346 Bermuda — — Deferred income tax expense (benefit) U.S. (5,005) (10,715) Europe 11,356 9,448 Bermuda — — Total income tax expense (benefit) $ 40,547 $ 27,558 Six months ended June 30, 2024 2023 Current income tax expense (benefit) U.S. $ 51,293 $ 34,383 Europe 9,930 8,520 Bermuda — 199 Deferred income tax expense (benefit) U.S. (2,260) (10,644) Europe 19,635 10,996 Bermuda (162,705) — Total income tax expense (benefit) $ (84,107) $ 43,454
Summary of Distribution of Income Before Income Taxes and Reconciliation of Income Tax Rate To Effective Tax Rate	The following tables present the distribution of income before income taxes between domestic and foreign jurisdictions and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Three months ended June 30, 2024 2023 Income before income taxes Bermuda (domestic) $ 64,090 $ 57,777 Foreign 188,421 120,455 Total income before income taxes $ 252,511 $ 178,232 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate — % — % Foreign taxes at local expected rates: U.S. 9.7 % 7.1 % Europe 6.0 % 7.5 % Valuation allowance (0.1 %) 0.3 % Bermuda Economic Transition Adjustment — % — % Other 0.5 % 0.6 % Actual tax rate 16.1 % 15.5 % Six months ended June 30, 2024 2023 Income before income taxes Bermuda (domestic) $ 147,321 $ 164,381 Foreign 375,997 209,846 Total income before income taxes $ 523,318 $ 374,227 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate — % — % Foreign taxes at local expected rates: U.S. 9.5 % 6.2 % Europe 5.5 % 5.2 % Valuation allowance (0.4 %) (0.8 %) Bermuda Economic Transition Adjustment (31.1 %) — % Other 0.4 % 1.0 % Actual tax rate (16.1 %) 11.6 %

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Segment Information [Line Items]
Net premiums earned	$ 1,304,478	$ 1,265,745	$ 2,562,519	$ 2,495,944
Other insurance related income (loss)	8,526	5,524	16,867	6,100
Net losses and loss expenses	(765,988)	(736,257)	(1,494,659)	(1,456,899)
Acquisition costs	(265,091)	(253,265)	(519,345)	(483,638)
Underwriting-related general and administrative expenses and corporate expenses	(148,441)	(168,503)	(311,813)	(335,314)
Net investment income	190,975	136,829	358,358	270,601
Foreign exchange (losses) gains	7,384	(30,104)	30,936	(38,814)
Interest expense and financing costs	(17,010)	(16,738)	(34,157)	(33,632)
Reorganization expenses	(14,014)	0	(26,312)	0
Amortization of intangible assets	(2,729)	(2,729)	(5,458)	(5,458)
Income before income taxes and interest in income (loss) of equity method investments	244,611	176,132	514,249	374,332
Income tax (expense) benefit	(40,547)	(27,558)	84,107	(43,454)
Interest in income of equity method investments	7,900	2,100	9,069	(105)
Net income	211,964	150,674	607,425	330,773
Preferred share dividends	7,563	7,563	15,125	15,125
Net income available to common shareholders	204,401	143,111	592,300	315,648
Operating Segments
Segment Information [Line Items]
Gross premiums written	2,440,236	2,284,378	5,094,663	4,666,354
Net premiums written	1,573,744	1,446,357	3,295,817	3,054,713
Net premiums earned	1,304,478	1,265,745	2,562,519	2,495,944
Other insurance related income (loss)	8,526	5,524	16,867	6,100
Net losses and loss expenses	(765,988)	(736,257)	(1,494,659)	(1,456,899)
Acquisition costs	(265,091)	(253,265)	(519,345)	(483,638)
Underwriting-related general and administrative expenses and corporate expenses	(120,768)	(133,255)	(258,561)	(273,650)
Underwriting income	$ 161,157	$ 148,492	$ 306,821	$ 287,857
Net losses and loss expenses ratio (as a percent)	58.70%	58.20%	58.30%	58.40%
Acquisition cost ratio (as a percent)	20.30%	20%	20.30%	19.40%
General and administrative expense ratio (as a percent)	11.40%	13.30%	12.20%	13.40%
Combined ratio (as a percent)	90.40%	91.50%	90.80%	91.20%
Goodwill and intangible assets	$ 282,227	$ 293,143	$ 282,227	$ 293,143
Operating Segments | Insurance
Segment Information [Line Items]
Gross premiums written	1,814,066	1,684,150	3,388,571	3,099,762
Net premiums written	1,194,197	1,021,021	2,216,551	1,903,597
Net premiums earned	958,212	842,751	1,876,159	1,659,206
Other insurance related income (loss)	(61)	58	(39)	112
Net losses and loss expenses	(542,591)	(457,650)	(1,039,455)	(907,117)
Acquisition costs	(188,026)	(156,972)	(364,055)	(304,030)
Underwriting-related general and administrative expenses and corporate expenses	(111,894)	(113,534)	(233,981)	(230,164)
Underwriting income	$ 115,640	$ 114,653	$ 238,629	$ 218,007
Net losses and loss expenses ratio (as a percent)	56.60%	54.30%	55.40%	54.70%
Acquisition cost ratio (as a percent)	19.60%	18.60%	19.40%	18.30%
General and administrative expense ratio (as a percent)	11.70%	13.50%	12.50%	13.90%
Combined ratio (as a percent)	87.90%	86.40%	87.30%	86.90%
Goodwill and intangible assets	$ 282,227	$ 293,143	$ 282,227	$ 293,143
Operating Segments | Reinsurance
Segment Information [Line Items]
Gross premiums written	626,170	600,228	1,706,092	1,566,592
Net premiums written	379,547	425,336	1,079,266	1,151,116
Net premiums earned	346,266	422,994	686,360	836,738
Other insurance related income (loss)	8,587	5,466	16,906	5,988
Net losses and loss expenses	(223,397)	(278,607)	(455,204)	(549,782)
Acquisition costs	(77,065)	(96,293)	(155,290)	(179,608)
Underwriting-related general and administrative expenses and corporate expenses	(8,874)	(19,721)	(24,580)	(43,486)
Underwriting income	$ 45,517	$ 33,839	$ 68,192	$ 69,850
Net losses and loss expenses ratio (as a percent)	64.50%	65.90%	66.30%	65.70%
Acquisition cost ratio (as a percent)	22.30%	22.80%	22.60%	21.50%
General and administrative expense ratio (as a percent)	2.50%	4.60%	3.60%	5.20%
Combined ratio (as a percent)	89.30%	93.30%	92.50%	92.40%
Goodwill and intangible assets	$ 0	$ 0	$ 0	$ 0
Segment Reconciling Items
Segment Information [Line Items]
Net investment income	190,975	136,829	358,358	270,601
Net investment gains (losses)	(53,479)	(24,370)	(62,687)	(44,558)
Foreign exchange (losses) gains	7,384	(30,104)	30,936	(38,814)
Interest expense and financing costs	(17,010)	(16,738)	(34,157)	(33,632)
Reorganization expenses	(14,014)	0	(26,312)	0
Amortization of intangible assets	(2,729)	(2,729)	(5,458)	(5,458)
Corporate expenses
Segment Information [Line Items]
Underwriting-related general and administrative expenses and corporate expenses	$ (27,673)	$ (35,248)	$ (53,252)	$ (61,664)

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Available for sale
Amortized cost	$ 13,009,189		$ 12,634,254
Allowance for expected credit losses	(4,631)	$ (4,237)	(10,759)	$ (10,551)	$ (12,645)	$ (11,733)
Gross unrealized gains	46,364		91,762
Gross unrealized losses	(465,785)		(480,515)
Fair value	12,585,137		12,234,742
U.S. government and agency
Available for sale
Amortized cost	2,713,759		3,049,445
Allowance for expected credit losses	0		0
Gross unrealized gains	6,506		13,211
Gross unrealized losses	(47,299)		(55,128)
Fair value	2,672,966		3,007,528
Non-U.S. government
Available for sale
Amortized cost	771,227		729,761
Allowance for expected credit losses	(74)		(30)
Gross unrealized gains	3,605		13,089
Gross unrealized losses	(23,250)		(18,861)
Fair value	751,508		723,959
Corporate debt
Available for sale
Amortized cost	5,271,600		4,651,654
Allowance for expected credit losses	(4,303)		(10,438)
Gross unrealized gains	30,067		49,434
Gross unrealized losses	(210,837)		(216,478)
Fair value	5,086,527		4,474,172
Agency RMBS
Available for sale
Amortized cost	1,692,741		1,706,204
Allowance for expected credit losses	0		0
Gross unrealized gains	2,304		11,495
Gross unrealized losses	(94,018)		(83,038)
Fair value	1,601,027		1,634,661
CMBS
Available for sale
Amortized cost	874,187		897,553
Allowance for expected credit losses	0		0
Gross unrealized gains	540		551
Gross unrealized losses	(50,012)		(58,408)
Fair value	824,715		839,696
Non-agency RMBS
Available for sale
Amortized cost	138,135		165,910
Allowance for expected credit losses	(203)		(194)
Gross unrealized gains	456		713
Gross unrealized losses	(11,624)		(13,033)
Fair value	126,764		153,396
ABS
Available for sale
Amortized cost	1,386,533		1,265,187
Allowance for expected credit losses	(51)		(50)
Gross unrealized gains	2,661		2,855
Gross unrealized losses	(18,499)		(25,021)
Fair value	1,370,644		1,242,971
Municipals
Available for sale
Amortized cost	161,007		168,540
Allowance for expected credit losses	0		(47)
Gross unrealized gains	225		414
Gross unrealized losses	(10,246)		(10,548)
Fair value	$ 150,986		$ 158,359

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 569,486,000	$ 474,557,000
Due after one year through five years	5,726,646,000	5,902,571,000
Due after five years through ten years	2,436,399,000	2,064,619,000
Due after ten years	185,062,000	157,653,000
Total fixed maturities with a single maturity date	8,917,593,000	8,599,400,000
Amortized cost, total	13,009,189,000	12,634,254,000
Fair value
Due in one year or less	560,802,000	463,789,000
Due after one year through five years	5,605,176,000	5,790,493,000
Due after five years through ten years	2,318,770,000	1,954,449,000
Due after ten years	177,239,000	155,287,000
Total fixed maturities with a single maturity date	8,661,987,000	8,364,018,000
Fair value, total	$ 12,585,137,000	$ 12,234,742,000
% of Total fair value
Due in one year or less	4.50%	3.60%
Due after one year through five years (as a percent)	44.50%	47.30%
Due after five years through ten years (as a percent)	18.40%	16%
Due after ten years (as a percent)	1.40%	1.30%
Fixed maturities with a single maturity date (as a percent)	68.80%	68.20%
Total (as a percent)	100%	100%
Agency RMBS
Amortized cost
Fixed maturities without a single maturity date	$ 1,692,741,000	$ 1,706,204,000
Amortized cost, total	1,692,741,000	1,706,204,000
Fair value
Fixed maturities without a single maturity date	1,601,027,000	1,634,661,000
Fair value, total	$ 1,601,027,000	$ 1,634,661,000
% of Total fair value
Fixed maturities without a single maturity date (as a percent)	12.70%	13.40%
CMBS
Amortized cost
Fixed maturities without a single maturity date	$ 874,187,000	$ 897,553,000
Amortized cost, total	874,187,000	897,553,000
Fair value
Fixed maturities without a single maturity date	824,715,000	839,696,000
Fair value, total	$ 824,715,000	$ 839,696,000
% of Total fair value
Fixed maturities without a single maturity date (as a percent)	6.60%	6.90%
Non-agency RMBS
Amortized cost
Fixed maturities without a single maturity date	$ 138,135,000	$ 165,910,000
Amortized cost, total	138,135,000	165,910,000
Fair value
Fixed maturities without a single maturity date	126,764,000	153,396,000
Fair value, total	$ 126,764,000	$ 153,396,000
% of Total fair value
Fixed maturities without a single maturity date (as a percent)	1%	1.30%
ABS
Amortized cost
Fixed maturities without a single maturity date	$ 1,386,533,000	$ 1,265,187,000
Amortized cost, total	1,386,533,000	1,265,187,000
Fair value
Fixed maturities without a single maturity date	1,370,644,000	1,242,971,000
Fair value, total	$ 1,370,644,000	$ 1,242,971,000
% of Total fair value
Fixed maturities without a single maturity date (as a percent)	10.90%	10.20%
Held-to-maturity securities without a single maturity date	$ 533,000,000	$ 591,000,000
Corporate debt
Amortized cost
Amortized cost, total	5,271,600,000	4,651,654,000
Fair value
Fair value, total	5,086,527,000	4,474,172,000
% of Total fair value
Held-to-maturity securities with maturity after one year through three years	22,000,000	0
Held-to-maturity securities with maturity after three years through ten years	$ 83,000,000	$ 95,000,000

INVESTMENTS - Gross Unrealized

INVESTMENTS - Gross Unrealized Losses (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair value
12 months or greater	$ 4,967,984	$ 6,293,107
Less than 12 months	3,566,492	1,617,343
Total	8,534,476	7,910,450
Unrealized losses
12 months or greater	(423,271)	(453,997)
Less than 12 months	(42,514)	(26,518)
Total	$ (465,785)	$ (480,515)
Number of securities in unrealized loss position | security	4,248	3,535
Number of securities in a continuous unrealized loss position | security	2,909	3,212
Below Investment Grade or Not Rated
Unrealized losses
Total	$ (12,000)	$ (13,000)
U.S. government and agency
Fair value
12 months or greater	613,647	846,503
Less than 12 months	1,129,410	867,733
Total	1,743,057	1,714,236
Unrealized losses
12 months or greater	(36,799)	(42,465)
Less than 12 months	(10,500)	(12,663)
Total	(47,299)	(55,128)
Non-U.S. government
Fair value
12 months or greater	211,122	233,038
Less than 12 months	348,236	115,112
Total	559,358	348,150
Unrealized losses
12 months or greater	(18,833)	(18,178)
Less than 12 months	(4,417)	(683)
Total	(23,250)	(18,861)
Corporate debt
Fair value
12 months or greater	2,173,470	2,623,304
Less than 12 months	1,202,422	240,813
Total	3,375,892	2,864,117
Unrealized losses
12 months or greater	(194,191)	(210,512)
Less than 12 months	(16,646)	(5,966)
Total	(210,837)	(216,478)
Agency RMBS
Fair value
12 months or greater	765,043	778,656
Less than 12 months	501,789	218,606
Total	1,266,832	997,262
Unrealized losses
12 months or greater	(87,306)	(80,070)
Less than 12 months	(6,712)	(2,968)
Total	(94,018)	(83,038)
CMBS
Fair value
12 months or greater	666,929	703,411
Less than 12 months	81,346	75,242
Total	748,275	778,653
Unrealized losses
12 months or greater	(47,722)	(54,856)
Less than 12 months	(2,290)	(3,552)
Total	(50,012)	(58,408)
Non-agency RMBS
Fair value
12 months or greater	77,872	98,483
Less than 12 months	10,373	10,017
Total	88,245	108,500
Unrealized losses
12 months or greater	(11,582)	(13,013)
Less than 12 months	(42)	(20)
Total	(11,624)	(13,033)
ABS
Fair value
12 months or greater	342,311	879,743
Less than 12 months	272,328	83,582
Total	614,639	963,325
Unrealized losses
12 months or greater	(17,096)	(24,747)
Less than 12 months	(1,403)	(274)
Total	(18,499)	(25,021)
Municipals
Fair value
12 months or greater	117,590	129,969
Less than 12 months	20,588	6,238
Total	138,178	136,207
Unrealized losses
12 months or greater	(9,742)	(10,156)
Less than 12 months	(504)	(392)
Total	$ (10,246)	$ (10,548)

INVESTMENTS - Fixed Maturitie_2

INVESTMENTS - Fixed Maturities Held to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Held to maturity
Amortized cost	$ 637,792	$ 686,296
Allowance for expected credit losses	0	0
Net carrying value	637,792	686,296
Gross unrealized gains	1,127	303
Gross unrealized losses	(9,596)	(10,748)
Fair value	629,323	675,851
Corporate debt
Held to maturity
Amortized cost	105,192	95,200
Allowance for expected credit losses	0	0
Net carrying value	105,192	95,200
Gross unrealized gains	368	298
Gross unrealized losses	(9,229)	(8,827)
Fair value	96,331	86,671
ABS
Held to maturity
Amortized cost	532,600	591,096
Allowance for expected credit losses	0	0
Net carrying value	532,600	591,096
Gross unrealized gains	759	5
Gross unrealized losses	(367)	(1,921)
Fair value	$ 532,992	$ 589,180

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 547,443	$ 543,833
Gross unrealized gains	111,412	110,296
Gross unrealized losses	(68,956)	(65,618)
Fair value	589,899	588,511
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	2,843	2,843
Gross unrealized gains	75	101
Gross unrealized losses	(423)	(398)
Fair value	2,495	2,546
Preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	5,810	5,496
Gross unrealized gains	144	218
Gross unrealized losses	(112)	(113)
Fair value	5,842	5,601
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	188,625	182,989
Gross unrealized gains	109,531	105,858
Gross unrealized losses	(965)	(1,572)
Fair value	297,191	287,275
Bond mutual funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	350,165	352,505
Gross unrealized gains	1,662	4,119
Gross unrealized losses	(67,456)	(63,535)
Fair value	$ 284,371	$ 293,089

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Mortgage loans, held for investment:
Commercial	$ 565,540,000	$ 616,368,000
Allowance for expected credit losses	(20,681,000)	(6,220,000)
Total mortgage loans, held for investment	$ 544,859,000	$ 610,148,000
Commercial (as a percent)	104%	101%
Allowance for expected credit losses (as a percent)	(4.00%)	(1.00%)
Total mortgage loans, held-for investment (as a percent)	100%	100%
Weighted average debt service coverage ratios	1.9	1.9
Weighted average loan-to-value ratios (as a percent)	74%	71%
Commercial mortgage loans, past due amount	$ 0		$ 0
Sector concentration | Mortgage loans | Mortgage Loans
Mortgage loans, held for investment:
Representation (percent)	43%	41%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) fund	Dec. 31, 2023 USD ($)
Other Investments [Line Items]
Other investments, at fair value	$ 936,680	$ 949,413
Percentage of total fair value (as a percent)	100%	100%
Multi-strategy funds
Other Investments [Line Items]
Other investments, at fair value	$ 24,634	$ 24,619
Percentage of total fair value (as a percent)	3%	3%
Multi-strategy funds | Lockup Redemption Restriction
Other Investments [Line Items]
Fair value of other investments subject to redemption restrictions	$ 0	$ 0
Multi-strategy funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 28,000	$ 28,000
Multi-strategy funds | Minimum
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Multi-strategy funds | Minimum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	2 years
Multi-strategy funds | Maximum
Other Investments [Line Items]
Redemption notice period	90 days	90 days
Direct lending funds
Other Investments [Line Items]
Other investments, at fair value	$ 167,137	$ 192,270
Percentage of total fair value (as a percent)	18%	20%
Redemption notice period	90 days	90 days
Direct lending funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 272,000	$ 192,000
Optional extension of investment term	3 years
Direct lending funds | Quarterly Redemption
Other Investments [Line Items]
Other investments, at fair value	$ 10,000	17,000
Number of funds | fund	1
Direct lending funds | Minimum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	4 years
Direct lending funds | Maximum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	10 years
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	$ 318,608	$ 301,712
Percentage of total fair value (as a percent)	34%	32%
Private equity funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 123,000	$ 145,000
Investment term	6 years
Real estate funds
Other Investments [Line Items]
Other investments, at fair value	$ 309,793	$ 317,325
Percentage of total fair value (as a percent)	33%	33%
Real estate funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 98,000	$ 107,000
Real estate funds | Quarterly Redemption
Other Investments [Line Items]
Other investments, at fair value	$ 61,000	66,000
Number of funds | fund	1
Real estate funds | Annual Redemption
Other Investments [Line Items]
Other investments, at fair value	$ 23,000	$ 25,000
Number of funds | fund	1
Real estate funds | Minimum
Other Investments [Line Items]
Redemption notice period	45 days	45 days
Real estate funds | Minimum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	2 years
Real estate funds | Maximum
Other Investments [Line Items]
Redemption notice period	90 days	90 days
CLO-Equities
Other Investments [Line Items]
Other investments, at fair value	$ 4,498	$ 5,300
Percentage of total fair value (as a percent)	0%	1%
Other privately held investments
Other Investments [Line Items]
Other investments, at fair value	$ 112,010	$ 108,187
Percentage of total fair value (as a percent)	12%	11%
Private Company Investment Funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 23,000	$ 30,000
Number of funds | fund	3
Private Company Investment Funds | Other Redemption Restriction | Investment Funds, Term, Period One
Other Investments [Line Items]
Investment term	5 years
Number of funds | fund	2
Private Company Investment Funds | Other Redemption Restriction | Investment Funds, Term, Period Two
Other Investments [Line Items]
Investment term	10 years
Number of funds | fund	1

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investments (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 10,002	$ 0
Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments			$ 22,000
Equity method investment, ownership percentage (as a percent)			18%
Monarch Point Re (ISA 2024) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd. and Monarch Point Re (ISA 2024) Ltd
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 10,000
Equity method investment, ownership percentage (as a percent)	18%
Harrington Reinsurance Holdings Limited
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments				$ 108,000
Equity method investment, ownership percentage (as a percent)			20%	19%
Equity method investment, difference between carrying amount and underlying equity				$ 5,000

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details)	Jun. 30, 2024
Limited Partnership
Debt Securities, Available-for-sale [Line Items]
Percentage of investment composition (as a percent)	75%

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Gross investment income	$ 197,988	$ 144,209	$ 372,073	$ 285,471
Investment expenses	(7,013)	(7,380)	(13,715)	(14,870)
Net investment income	190,975	136,829	358,358	270,601
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	154,023	124,390	293,419	242,652
Other investments
Net Investment Income [Line Items]
Gross investment income	14,301	(5,341)	19,974	(4,855)
Equity securities
Net Investment Income [Line Items]
Gross investment income	3,057	2,990	5,819	5,445
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	9,108	8,880	18,237	17,266
Cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	13,733	11,161	27,395	21,174
Short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 3,766	$ 2,129	$ 7,229	$ 3,789

INVESTMENTS - Net Investment Ga

INVESTMENTS - Net Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gross realized investment gains
Fixed maturities and short-term investments	$ 6,182	$ 11,460	$ 20,581	$ 23,829
Equity securities	0	17	30,626	1,535
Gross realized investment gains	6,182	11,477	51,207	25,364
Gross realized investment losses
Fixed maturities and short-term investments	(52,587)	(43,695)	(96,519)	(97,343)
Equity securities	0	0	(7,712)	(396)
Gross realized investment losses	(52,587)	(43,695)	(104,231)	(97,739)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	(394)	2,094	6,128	1,182
(Increase) decrease in allowance for expected credit losses, mortgage loans	(12,569)	(1,740)	(14,428)	(3,638)
Impairment losses	(156)	(9,083)	(164)	(9,083)
Change in fair value of investment derivatives	228	(528)	1,023	(1,474)
Net unrealized gains (losses) on equity securities	5,817	17,105	(2,222)	40,830
Total net investment gains (losses)	$ (53,479)	$ (24,370)	$ (62,687)	$ (44,558)

INVESTMENTS - Allowance for Exp

INVESTMENTS - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 4,237	$ 12,645	$ 10,759	$ 11,733
Expected credit losses on securities where credit losses were not previously recognized	247	3,742	278	4,355
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	147	(1,223)	(1,406)	(304)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	0	0	0	0
Securities sold/redeemed/matured	0	(4,613)	(5,000)	(5,233)
Balance at end of period	$ 4,631	$ 10,551	$ 4,631	$ 10,551

INVESTMENTS - Reverse Repurchas

INVESTMENTS - Reverse Repurchase Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 45	$ 12
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal (as a percent)	102%

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Fixed maturities, available for sale	$ 12,585,137	$ 12,234,742
Equity securities	589,899	588,511
Other investments	936,680	949,413
Short-term investments	57,436	17,216
Derivative instruments (refer to Note 6)	1,822	4,424
Total Assets	14,170,974	13,794,306
Liabilities
Derivative instruments	4,822	10,165
Total Liabilities	4,822	10,165
U.S. government and agency
Assets
Fixed maturities, available for sale	2,672,966	3,007,528
Non-U.S. government
Assets
Fixed maturities, available for sale	751,508	723,959
Corporate debt
Assets
Fixed maturities, available for sale	5,086,527	4,474,172
Agency RMBS
Assets
Fixed maturities, available for sale	1,601,027	1,634,661
CMBS
Assets
Fixed maturities, available for sale	824,715	839,696
Non-agency RMBS
Assets
Fixed maturities, available for sale	126,764	153,396
ABS
Assets
Fixed maturities, available for sale	1,370,644	1,242,971
Municipals
Assets
Fixed maturities, available for sale	150,986	158,359
Common stocks
Assets
Equity securities	2,495	2,546
Preferred stocks
Assets
Equity securities	5,842	5,601
Exchange-traded funds
Assets
Equity securities	297,191	287,275
Bond mutual funds
Assets
Equity securities	284,371	293,089
Multi-strategy funds
Assets
Other investments	24,634	24,619
Direct lending funds
Assets
Other investments	167,137	192,270
Private equity funds
Assets
Other investments	318,608	301,712
Real estate funds
Assets
Other investments	309,793	317,325
CLO-Equities
Assets
Other investments	4,498	5,300
Other privately held investments
Assets
Other investments	112,010	108,187
Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed maturities, available for sale	2,627,921	2,989,612
Equity securities	299,689	289,822
Other investments	0	0
Short-term investments	0	0
Derivative instruments (refer to Note 6)	0	0
Total Assets	2,927,610	3,279,434
Liabilities
Derivative instruments	0	0
Total Liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) | U.S. government and agency
Assets
Fixed maturities, available for sale	2,627,921	2,989,612
Quoted prices in active markets for identical assets (Level 1) | Non-U.S. government
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | Corporate debt
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | Agency RMBS
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | CMBS
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | Non-agency RMBS
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | ABS
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | Municipals
Assets
Fixed maturities, available for sale	0	0
Quoted prices in active markets for identical assets (Level 1) | Common stocks
Assets
Equity securities	2,495	2,546
Quoted prices in active markets for identical assets (Level 1) | Preferred stocks
Assets
Equity securities	3	1
Quoted prices in active markets for identical assets (Level 1) | Exchange-traded funds
Assets
Equity securities	297,191	287,275
Quoted prices in active markets for identical assets (Level 1) | Bond mutual funds
Assets
Equity securities	0	0
Quoted prices in active markets for identical assets (Level 1) | Multi-strategy funds
Assets
Other investments	0	0
Quoted prices in active markets for identical assets (Level 1) | Direct lending funds
Assets
Other investments	0	0
Quoted prices in active markets for identical assets (Level 1) | Private equity funds
Assets
Other investments	0	0
Quoted prices in active markets for identical assets (Level 1) | Real estate funds
Assets
Other investments	0	0
Quoted prices in active markets for identical assets (Level 1) | CLO-Equities
Assets
Other investments	0	0
Quoted prices in active markets for identical assets (Level 1) | Other privately held investments
Assets
Other investments	0	0
Significant other observable inputs (Level 2)
Assets
Fixed maturities, available for sale	9,832,207	9,109,377
Equity securities	290,210	298,689
Other investments	0	0
Short-term investments	57,436	17,216
Derivative instruments (refer to Note 6)	1,822	4,424
Total Assets	10,181,675	9,429,706
Liabilities
Derivative instruments	4,822	10,165
Total Liabilities	4,822	10,165
Significant other observable inputs (Level 2) | U.S. government and agency
Assets
Fixed maturities, available for sale	45,045	17,916
Significant other observable inputs (Level 2) | Non-U.S. government
Assets
Fixed maturities, available for sale	751,508	723,959
Significant other observable inputs (Level 2) | Corporate debt
Assets
Fixed maturities, available for sale	4,961,518	4,338,419
Significant other observable inputs (Level 2) | Agency RMBS
Assets
Fixed maturities, available for sale	1,601,027	1,634,661
Significant other observable inputs (Level 2) | CMBS
Assets
Fixed maturities, available for sale	824,715	839,696
Significant other observable inputs (Level 2) | Non-agency RMBS
Assets
Fixed maturities, available for sale	126,764	153,396
Significant other observable inputs (Level 2) | ABS
Assets
Fixed maturities, available for sale	1,370,644	1,242,971
Significant other observable inputs (Level 2) | Municipals
Assets
Fixed maturities, available for sale	150,986	158,359
Significant other observable inputs (Level 2) | Common stocks
Assets
Equity securities	0	0
Significant other observable inputs (Level 2) | Preferred stocks
Assets
Equity securities	5,839	5,600
Significant other observable inputs (Level 2) | Exchange-traded funds
Assets
Equity securities	0	0
Significant other observable inputs (Level 2) | Bond mutual funds
Assets
Equity securities	284,371	293,089
Significant other observable inputs (Level 2) | Multi-strategy funds
Assets
Other investments	0	0
Significant other observable inputs (Level 2) | Direct lending funds
Assets
Other investments	0	0
Significant other observable inputs (Level 2) | Private equity funds
Assets
Other investments	0	0
Significant other observable inputs (Level 2) | Real estate funds
Assets
Other investments	0	0
Significant other observable inputs (Level 2) | CLO-Equities
Assets
Other investments	0	0
Significant other observable inputs (Level 2) | Other privately held investments
Assets
Other investments	0	0
Significant unobservable inputs (Level 3)
Assets
Fixed maturities, available for sale	125,009	135,753
Equity securities	0	0
Other investments	89,786	92,589
Short-term investments	0	0
Derivative instruments (refer to Note 6)	0	0
Total Assets	214,795	228,342
Liabilities
Derivative instruments	0	0
Total Liabilities	0	0
Significant unobservable inputs (Level 3) | U.S. government and agency
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | Non-U.S. government
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | Corporate debt
Assets
Fixed maturities, available for sale	125,009	135,753
Significant unobservable inputs (Level 3) | Agency RMBS
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | CMBS
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | Non-agency RMBS
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | ABS
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | Municipals
Assets
Fixed maturities, available for sale	0	0
Significant unobservable inputs (Level 3) | Common stocks
Assets
Equity securities	0	0
Significant unobservable inputs (Level 3) | Preferred stocks
Assets
Equity securities	0	0
Significant unobservable inputs (Level 3) | Exchange-traded funds
Assets
Equity securities	0	0
Significant unobservable inputs (Level 3) | Bond mutual funds
Assets
Equity securities	0	0
Significant unobservable inputs (Level 3) | Multi-strategy funds
Assets
Other investments	0	0
Significant unobservable inputs (Level 3) | Direct lending funds
Assets
Other investments	0	0
Significant unobservable inputs (Level 3) | Private equity funds
Assets
Other investments	0	0
Significant unobservable inputs (Level 3) | Real estate funds
Assets
Other investments	0	0
Significant unobservable inputs (Level 3) | CLO-Equities
Assets
Other investments	4,498	5,300
Significant unobservable inputs (Level 3) | Other privately held investments
Assets
Other investments	85,288	87,289
Fair value based on NAV practical expedient
Assets
Other investments	846,894	856,824
Total Assets	846,894	856,824
Fair value based on NAV practical expedient | Multi-strategy funds
Assets
Other investments	24,634	24,619
Fair value based on NAV practical expedient | Direct lending funds
Assets
Other investments	167,137	192,270
Fair value based on NAV practical expedient | Private equity funds
Assets
Other investments	318,608	301,712
Fair value based on NAV practical expedient | Real estate funds
Assets
Other investments	309,793	317,325
Fair value based on NAV practical expedient | Other privately held investments
Assets
Other investments	$ 26,722	$ 20,898

FAIR VALUE MEASUREMENTS - Signi

FAIR VALUE MEASUREMENTS - Significant Unobservable Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments, at fair value	$ 936,680	$ 949,413
Fixed maturities, available for sale	12,585,137	12,234,742
Significant unobservable inputs (Level 3)
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments, at fair value	89,786	92,589
Fixed maturities, available for sale	125,009	$ 135,753
Significant unobservable inputs (Level 3) | Valuation, Market Approach
Fair Value Inputs Assets Quantitative Information [Line Items]
Fixed maturities, available for sale	125,000
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments, at fair value	$ 4,498
Estimated maturity date	4 years
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date	4 years
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Default rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.045
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Default rate | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.045
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Loss severity rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.500
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Loss severity rate | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.500
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Collateral spread
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.030
Significant unobservable inputs (Level 3) | Other investments - CLO-Equities | Discounted cash flow | Collateral spread | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.030
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments, at fair value	$ 14,593
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date	1 year
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date	0 years
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date	1 year
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Default rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.005
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Default rate | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.005
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Discount rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.063
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Discount rate | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.063
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Loss absorption yield
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.010
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Discounted cash flow | Loss absorption yield | Weighted average
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input (as a percent)	0.010
Significant unobservable inputs (Level 3) | Other investments - Other privately held investments | Valuation, Market Approach
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments, at fair value	$ 71,000

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Level 3 for Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	$ 227,716,000	$ 276,399,000	$ 228,342,000	$ 260,278,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(6,899,000)	0	(6,899,000)	0
Included in net income	(159,000)	(9,042,000)	735,000	(8,303,000)
Included in OCI	1,517,000	(1,354,000)	1,022,000	(170,000)
Purchases	8,239,000	20,409,000	19,709,000	43,778,000
Sales	(165,000)	(34,532,000)	(165,000)	(34,532,000)
Settlements/ distributions	(15,454,000)	(2,909,000)	(27,949,000)	(12,080,000)
Closing balance	214,795,000	248,971,000	214,795,000	248,971,000
Change in unrealized investment gains/(losses)	354,000	(13,821,000)	2,082,000	(13,073,000)
Transfers out of Level 3 into Level 2	0	0	0	0
Fixed maturities, available for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	126,475,000	130,427,000	135,753,000	119,104,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Included in net income	(513,000)	(3,304,000)	(1,347,000)	(3,311,000)
Included in OCI	1,517,000	(1,354,000)	1,022,000	(170,000)
Purchases	8,239,000	5,551,000	12,471,000	24,461,000
Sales	(165,000)	0	(165,000)	0
Settlements/ distributions	(10,544,000)	(2,274,000)	(22,725,000)	(11,038,000)
Closing balance	125,009,000	129,046,000	125,009,000	129,046,000
Change in unrealized investment gains/(losses)	0	0	0	0
Fixed maturities, available for sale | Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	126,475,000	130,427,000	135,753,000	119,104,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Included in net income	(513,000)	(3,304,000)	(1,347,000)	(3,311,000)
Included in OCI	1,517,000	(1,354,000)	1,022,000	(170,000)
Purchases	8,239,000	5,551,000	12,471,000	24,461,000
Sales	(165,000)	0	(165,000)	0
Settlements/ distributions	(10,544,000)	(2,274,000)	(22,725,000)	(11,038,000)
Closing balance	125,009,000	129,046,000	125,009,000	129,046,000
Change in unrealized investment gains/(losses)	0	0	0	0
Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	101,241,000	145,972,000	92,589,000	141,174,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(6,899,000)	0	(6,899,000)	0
Included in net income	354,000	(5,738,000)	2,082,000	(4,992,000)
Included in OCI	0	0	0	0
Purchases	0	14,858,000	7,238,000	19,317,000
Sales	0	(34,532,000)	0	(34,532,000)
Settlements/ distributions	(4,910,000)	(635,000)	(5,224,000)	(1,042,000)
Closing balance	89,786,000	119,925,000	89,786,000	119,925,000
Change in unrealized investment gains/(losses)	354,000	(13,821,000)	2,082,000	(13,073,000)
Other investments | CLO-Equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	4,986,000	5,019,000	5,300,000	5,016,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Included in net income	0	493,000	0	903,000
Included in OCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements/ distributions	(488,000)	(635,000)	(802,000)	(1,042,000)
Closing balance	4,498,000	4,877,000	4,498,000	4,877,000
Change in unrealized investment gains/(losses)	0	493,000	0	903,000
Other investments | Other privately held investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	96,255,000	140,953,000	87,289,000	136,158,000
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(6,899,000)	0	(6,899,000)	0
Included in net income	354,000	(6,231,000)	2,082,000	(5,895,000)
Included in OCI	0	0	0	0
Purchases	0	14,858,000	7,238,000	19,317,000
Sales	0	(34,532,000)	0	(34,532,000)
Settlements/ distributions	(4,422,000)	0	(4,422,000)	0
Closing balance	85,288,000	115,048,000	85,288,000	115,048,000
Change in unrealized investment gains/(losses)	$ 354,000	$ (14,314,000)	$ 2,082,000	$ (13,976,000)

FAIR VALUE MEASUREMENTS - Fin_2

FAIR VALUE MEASUREMENTS - Financial Instruments Disclosed, But Not Carried, at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fixed maturities, held to maturity, amortized cost	$ 637,792	$ 686,296
Fixed maturities, held to maturity, fair value	629,323	675,851
Notes payable	1,314,438	1,313,714
Notes payable, fair value	1,224,000	1,198,000
Federal Home Loan Bank advances	85,790	85,790
Federal Home Loan Bank advances, fair value	$ 86,000	$ 86,000

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative asset fair value	$ 1,822	$ 4,424
Derivative liability fair value	$ 4,822	$ 10,165
Derivative asset, statement of financial position [Extensible Enumeration]	Other assets	Other assets
Derivative liability, statement of financial position [Extensible Enumeration]	Other liabilities	Other liabilities
Not Designated as Hedging Instruments
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative asset fair value	$ 1,822	$ 4,424
Derivative liability fair value	4,822	10,165
Not Designated as Hedging Instruments | Relating to investment portfolio: | Foreign exchange forward contracts
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative notional amount	92,654	49,307
Derivative asset fair value	414	66
Derivative liability fair value	10	274
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Foreign exchange forward contracts
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative notional amount	1,565,756	1,347,559
Derivative asset fair value	1,408	4,358
Derivative liability fair value	$ 4,812	$ 9,891

DERIVATIVE INSTRUMENTS - Offset

DERIVATIVE INSTRUMENTS - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross amounts	$ 5,780	$ 8,708
Gross amounts offset	(3,958)	(4,284)
Net amounts	1,822	4,424
Derivative liabilities
Gross amounts	8,780	14,449
Gross amounts offset	(3,958)	(4,284)
Net amounts	$ 4,822	$ 10,165

DERIVATIVE INSTRUMENTS - Gains

DERIVATIVE INSTRUMENTS - Gains (Losses) on Derivatives Recognized in Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ 3,325	$ (3,540)	$ 2,104	$ 6,763
Relating to investment portfolio: | Foreign exchange forward contracts | Net investment gains (losses)
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	228	(527)	1,023	(1,474)
Relating to underwriting portfolio: | Foreign exchange forward contracts | Foreign exchange (losses) gains
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ 3,097	$ (3,013)	$ 1,081	$ 8,237

RESERVE FOR LOSSES AND LOSS E_3

RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve Roll-Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for losses and loss expenses, beginning of period			$ 16,434,018	$ 15,168,863
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period			(6,323,083)	(5,831,172)
Net reserve for unpaid losses and loss expenses, beginning of period			10,110,935	9,337,691
Net incurred losses and loss expenses related to:
Current year			1,494,659	1,467,256
Prior years	$ 0	$ (6,319)	0	(10,357)
Net incurred losses and loss expenses	765,988	736,257	1,494,659	1,456,899
Net paid losses and loss expenses related to:
Current year			(159,455)	(129,414)
Prior years			(1,251,637)	(1,210,101)
Net paid losses and loss expenses			(1,411,092)	(1,339,515)
Foreign exchange and other			(47,452)	98,814
Net reserve for unpaid losses and loss expenses, end of period	10,147,050	9,553,889	10,147,050	9,553,889
Reinsurance recoverable on unpaid losses and loss expenses, end of period	6,591,821	5,865,609	6,591,821	5,865,609
Gross reserve for losses and loss expenses, end of period	$ 16,738,871	$ 15,419,498	$ 16,738,871	$ 15,419,498

RESERVE FOR LOSSES AND LOSS E_4

RESERVE FOR LOSSES AND LOSS EXPENSES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Net loss and loss expenses	$ 1,494,659	$ 1,467,256
Catastrophe and Weather-related Events
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Net loss and loss expenses	$ 67,000	$ 70,000

RESERVE FOR LOSSES AND LOSS E_5

RESERVE FOR LOSSES AND LOSS EXPENSES - Prior Year Development (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years - net favorable (adverse) effect	$ 0	$ 6,319	$ 0	$ 10,357
Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years - net favorable (adverse) effect	0	2,784	0	3,825
Reinsurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years - net favorable (adverse) effect	$ 0	$ 3,535	$ 0	$ 6,532

RESERVE FOR LOSSES AND LOSS E_6

RESERVE FOR LOSSES AND LOSS EXPENSES - Prior Year Reserve Development By Segment and Line of Business (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	$ 0	$ 6,319	$ 0	$ 10,357
Insurance
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	2,784	0	3,825
Insurance | Property
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(208)	8,011	5,692
Insurance | Accident and health
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(248)	0	(552)
Insurance | Marine and aviation
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	2,682	(8,011)	15,903
Insurance | Cyber
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	676	0	9,128
Insurance | Professional lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(3,498)	0	(16,092)
Insurance | Credit and political risk
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	8,430	0	12,949
Insurance | Liability
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(5,050)	0	(23,203)
Reinsurance
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	3,535	0	6,532
Reinsurance | Accident and health
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	7,284	0	14,273
Reinsurance | Marine and aviation
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	5,197	0	4,947
Reinsurance | Professional lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(10,504)	0	(13,728)
Reinsurance | Liability
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(7,017)	0	(39,870)
Reinsurance | Agriculture
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	2,122	0	14,013
Reinsurance | Credit and surety
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(582)	0	(1,128)
Reinsurance | Motor
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	(4,825)	0	(21,946)
Reinsurance | Run-Off Lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	11,860	0	49,971
Reinsurance | Run-Off Lines | Property
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	2,264	0	9,147
Reinsurance | Run-Off Lines | Catastrophe
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	0	7,487	0	38,546
Reinsurance | Run-Off Lines | Engineering
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable (adverse) prior year reserve development	$ 0	$ 2,109	$ 0	$ 2,278

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per common share
Net income	$ 211,964	$ 150,674	$ 607,425	$ 330,773
Less: Preferred share dividends	7,563	7,563	15,125	15,125
Net income available to common shareholders	$ 204,401	$ 143,111	$ 592,300	$ 315,648
Weighted average common shares outstanding (in shares)	84,475	85,207	84,677	85,036
Earnings per common share (in usd per share)	$ 2.42	$ 1.68	$ 6.99	$ 3.71
Earnings per diluted common share
Net income available to common shareholders	$ 204,401	$ 143,111	$ 592,300	$ 315,648
Weighted average common shares outstanding (in shares)	84,475	85,207	84,677	85,036
Share-based compensation plans (in shares)	851	605	832	797
Weighted average diluted common shares outstanding (in shares)	85,326	85,812	85,509	85,833
Earnings per diluted common share (in usd per share)	$ 2.40	$ 1.67	$ 6.93	$ 3.68
Weighted average anti-dilutive shares excluded from the dilutive computation (in shares)	6	736	377	770

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - d	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Trading days preceding performance period	30
Senior Leadership
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Trading days preceding performance period		30	10
Performance Vesting Restricted Stock Units | Market Condition
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting period	3 years
Performance Vesting Restricted Stock Units | Market Condition | Minimum
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting as a percentage of target (percent)	0%
Performance Vesting Restricted Stock Units | Market Condition | Maximum
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting as a percentage of target (percent)	200%
Performance Vesting Restricted Stock Units | Performance Condition
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting period	3 years
Performance Vesting Restricted Stock Units | Performance Condition | Minimum
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting as a percentage of target (percent)	0%
Performance Vesting Restricted Stock Units | Performance Condition | Maximum
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Vesting as a percentage of target (percent)	200%

SHARE-BASED COMPENSATION - Valu

SHARE-BASED COMPENSATION - Valuation Assumptions (Details) - Performance Vesting Restricted Stock Units	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Expected volatility (as a percent)			26%	36.24%
Expected term (in years)			3 years	3 years
Risk-free interest rate (as a percent)			4.06%	3.79%
Senior Leadership
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Line Items]
Expected volatility (as a percent)	30.05%	29.30%
Expected term (in years)	3 years	1 year
Risk-free interest rate (as a percent)	3.39%	4.61%

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Unit Awards by Type (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Performance Vesting Restricted Stock Units
Number of restricted stock units
Nonvested restricted stock units - beginning of period (in shares) | shares	144
Granted (in shares) | shares	104
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Nonvested restricted stock units - end of period (in shares) | shares	248
Weighted  average grant date fair value
Nonvested restricted stock units - beginning of period (in usd per share) | $ / shares	$ 65.69
Granted (in usd per share) | $ / shares	65.77
Vested (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	0
Nonvested restricted stock units - end of period (in usd per share) | $ / shares	$ 65.73
Restricted Stock Units (RSUs)
Number of restricted stock units
Nonvested restricted stock units - beginning of period (in shares) | shares	1,855
Granted (in shares) | shares	718
Vested (in shares) | shares	(719)
Forfeited (in shares) | shares	(106)
Nonvested restricted stock units - end of period (in shares) | shares	1,748
Weighted  average grant date fair value
Nonvested restricted stock units - beginning of period (in usd per share) | $ / shares	$ 55.21
Granted (in usd per share) | $ / shares	59.48
Vested (in usd per share) | $ / shares	54.78
Forfeited (in usd per share) | $ / shares	55.65
Nonvested restricted stock units - end of period (in usd per share) | $ / shares	$ 57.12

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Additional Information Related to Share-based Compensation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share based compensation expense	$ 23,273	$ 28,240
Tax benefits associated with share-based compensation expense	4,448	4,840
Fair value of restricted stock units vested	43,706	53,614
Unrecognized share-based compensation expense	$ 82,312	$ 96,649
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2 years 7 months 6 days	2 years 8 months 12 days

SHAREHOLDERS' EQUITY - Common S

SHAREHOLDERS' EQUITY - Common Shares Issued and Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, balance at beginning of period (in shares)			176,580
Total shares issued at end of period (in shares)	176,580		176,580
Treasury shares, balance at beginning of period (in shares)			(91,294)
Total treasury shares at end of period (in shares)	(92,401)		(92,401)
Total shares outstanding (in shares)	84,179		84,179		85,286
Common shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, balance at beginning of period (in shares)	176,580	176,580	176,580	176,580
Shares issued (in shares)	0	0	0	0
Total shares issued at end of period (in shares)	176,580	176,580	176,580	176,580
Treasury shares, balance at beginning of period (in shares)	(91,893)	(91,397)	(91,294)	(91,912)
Shares repurchased (in shares)	(545)	(20)	(1,826)	(282)
Share reissued (in shares)	37	53	719	830
Total treasury shares at end of period (in shares)	(92,401)	(91,364)	(92,401)	(91,364)
Total shares outstanding (in shares)	84,179	85,216	84,179	85,216

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - Common shares $ in Millions	May 16, 2024 USD ($)
Equity [Abstract]
Amount of stock repurchase plan authorized.	$ 300
Class of Stock [Line Items]
Amount of stock repurchase plan authorized.	$ 300

SHAREHOLDERS' EQUITY - Treasury

SHAREHOLDERS' EQUITY - Treasury Shares (Details) - Common shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Treasury Shares [Line Items]
Total shares (in shares)	545	20	1,826	282
Total cost	$ 38,796	$ 1,106	$ 114,524	$ 17,051
Average price per share (in usd per share)	$ 71.18	$ 53.95	$ 62.73	$ 60.32
In the open market
Treasury Shares [Line Items]
Total shares (in shares)	540	0	1,588	0
Total cost	$ 38,361	$ 0	$ 99,968	$ 0
Average price per share (in usd per share)	$ 71.09	$ 0	$ 62.97	$ 0
From employees
Treasury Shares [Line Items]
Total shares (in shares)	5	20	238	282
Total cost	$ 435	$ 1,106	$ 14,556	$ 17,051
Average price per share (in usd per share)	$ 80.57	$ 53.95	$ 61.15	$ 60.32

SHAREHOLDERS' EQUITY - Dividend

SHAREHOLDERS' EQUITY - Dividends (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common shares
Class of Stock [Line Items]
Dividends declared, common shares (in usd per share)	$ 0.44	$ 0.44	$ 0.88	$ 0.88
Dividends paid in period of declaration, common shares (in usd per share)	0	0	0.44	0.44
Dividends paid in period following declaration (in usd per share)	0.44	0.44	0.44	0.44
Series E preferred shares
Class of Stock [Line Items]
Dividends declared, preferred shares (in usd per share)	34.38	34.38	68.75	68.75
Dividends paid in period of declaration, preferred shares (in usd per share)	0	0	34.38	34.38
Dividends paid in period following declaration (in usd per share)	$ 34.38	$ 34.38	$ 34.38	$ 34.38

DEBT AND FINANCING ARRANGEMEN_2

DEBT AND FINANCING ARRANGEMENTS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 26, 2024	Mar. 25, 2024
Line of Credit Facility [Line Items]
Loan advances made	$ 328,921		$ 305,222
Letter of Credit | LOC Facility
Line of Credit Facility [Line Items]
Line of credit facility				$ 300,000	$ 500,000
Third Party Reinsurer | Related Party
Line of Credit Facility [Line Items]
Non-cash repayment of advance	45,000
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer | Related Party
Line of Credit Facility [Line Items]
Non-cash repayment of advance	45,000	$ 82,000	58,000
Loan advances made	$ 35,000		80,000
Commitment to advance amounts to reinsurer			$ 26,000

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Advance from Federal Home Loan Bank
Federal home loan bank advances	$ 85,790		$ 85,790		$ 85,790
Federal Home Loan Bank of Chicago
Advance from Federal Home Loan Bank
FHLB program, admitted assets, actual	3,000,000		3,000,000		3,000,000
FHLB program, maximum borrowing capacity	825,000		825,000		759,000
Federal home loan bank advances	$ 86,000		$ 86,000		86,000
FHLB advances, interest rate (as a percent)	5.60%		5.60%
Interest expense on FHLB borrowings	$ 1,000	$ 1,000	$ 2,000	$ 2,000
FHLB program, investments pledged as security	$ 92,000		$ 92,000		$ 95,000
Federal Home Loan Bank of Chicago | Minimum
Advance from Federal Home Loan Bank
FHLB advances, interest rate (as a percent)					5.60%
Federal Home Loan Bank of Chicago | Maximum
Advance from Federal Home Loan Bank
FHLB advances, interest rate (as a percent)					5.90%

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) - Tax Effects of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Before tax amount
Unrealized gains (losses) arising during the period, net of reclassification adjustment	$ 21,232	$ (72,887)	$ (30,731)	$ 140,034
Foreign currency translation adjustment	(1,803)	3,183	(10,754)	2,648
Total other comprehensive income (loss), before tax	19,429	(69,704)	(41,485)	142,682
Income tax (expense) benefit
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(2,548)	11,091	12,353	(12,891)
Foreign currency translation adjustment	0	0	0	0
Income tax (expense) benefit	(2,548)	11,091	12,353	(12,891)
Net of tax amount
Unrealized gains (losses) arising during the period, net of reclassification adjustment	18,684	(61,796)	(18,378)	127,143
Foreign currency translation adjustment	(1,803)	3,183	(10,754)	2,648
Total other comprehensive income (loss), net of tax	16,881	(58,613)	(29,132)	129,791
Available for sale investments
Before tax amount
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	59,496	40,157	84,375	84,277
Income tax (expense) benefit
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	(5,124)	(3,536)	(6,588)	(6,907)
Net of tax amount
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	54,372	36,621	77,787	77,370
Unrealized gains (losses) arising during the period, net of reclassification adjustment	18,684	(61,796)	(18,378)	127,143
Available for sale investments | Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized
Before tax amount
Unrealized gains (losses) arising during the period	(38,138)	(112,993)	(114,506)	46,744
Income tax (expense) benefit
Unrealized gains (losses) arising during the period	2,552	14,591	18,904	(5,044)
Net of tax amount
Unrealized gains (losses) arising during the period	(35,586)	(98,402)	(95,602)	41,700
Available for sale investments | Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized
Before tax amount
Unrealized gains (losses) arising during the period	(126)	(51)	(600)	9,013
Income tax (expense) benefit
Unrealized gains (losses) arising during the period	24	36	37	(940)
Net of tax amount
Unrealized gains (losses) arising during the period	$ (102)	$ (15)	$ (563)	$ 8,073

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications Out of AOCI Into Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Impairment losses	$ (156)	$ (9,083)	$ (164)	$ (9,083)
Income before income taxes and interest in income (loss) of equity method investments	244,611	176,132	514,249	374,332
Income tax (expense) benefit	(40,547)	(27,558)	84,107	(43,454)
Net income	211,964	150,674	607,425	330,773
Unrealized gains (losses) on available for sale investments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized gains (losses)	(59,340)	(31,074)	(84,211)	(75,194)
Impairment losses	(156)	(9,083)	(164)	(9,083)
Income before income taxes and interest in income (loss) of equity method investments	(59,496)	(40,157)	(84,375)	(84,277)
Income tax (expense) benefit	5,124	3,536	6,588	6,907
Net income	$ (54,372)	$ (36,621)	$ (77,787)	$ (77,370)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Payments to acquire equity method investments	$ 10,002	$ 0
Advances to affiliate during the period	139,585	36,235
Other liabilities	365,429		$ 464,439
Monarch Point Re | Loan With Monarch Point Re | Related Party
Related Party Transaction [Line Items]
Advances to affiliate during the period	164,000		297,000
Non-cash repayment of advance	95,000	$ 72,000
Loan balance receivable	294,000		225,000
Commitment to advance amounts to reinsurer	$ 89,000		16,000
Stated interest rate (as a percent)	5.30%
Other liabilities	$ 1,000		$ 9,000
Monarch Point Re | Loan With Monarch Point Re | Related Party | Minimum
Related Party Transaction [Line Items]
Stated interest rate (as a percent)		5.70%
Monarch Point Re | Loan With Monarch Point Re | Related Party | Maximum
Related Party Transaction [Line Items]
Stated interest rate (as a percent)		5.90%
Monarch Point Re (ISA 2024) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd. and Monarch Point Re (ISA 2024) Ltd
Related Party Transaction [Line Items]
Payments to acquire equity method investments	$ 10,000

REORGANIZATION EXPENSES (Detail

REORGANIZATION EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Reorganization expenses	$ 14,014	$ 0	$ 26,312	$ 0

INCOME TAXES - Summary of Analy

INCOME TAXES - Summary of Analysis of Income Tax Expense (Benefit) and Tax Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred income tax expense (benefit)	$ 0		$ (163,000)
Total income tax expense (benefit)	40,547	$ 27,558	(84,107)	$ 43,454
U.S. | Foreign Tax Authority
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Current income tax expense (benefit)	29,794	23,479	51,293	34,383
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred income tax expense (benefit)	(5,005)	(10,715)	(2,260)	(10,644)
Europe | Foreign Tax Authority
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Current income tax expense (benefit)	4,402	5,346	9,930	8,520
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred income tax expense (benefit)	11,356	9,448	19,635	10,996
Bermuda | Bermuda Taxing Authority
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Current income tax expense (benefit)	0	0	0	199
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred income tax expense (benefit)	$ 0	$ 0	$ (162,705)	$ 0

INCOME TAXES - Summary of Distr

INCOME TAXES - Summary of Distribution of Income Before Income Taxes and Reconciliation of Income Tax Rate To Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income before income taxes
Bermuda (domestic)	$ 64,090	$ 57,777	$ 147,321	$ 164,381
Foreign	188,421	120,455	375,997	209,846
Income before income taxes and interest in income (loss) of equity method investments	$ 252,511	$ 178,232	$ 523,318	$ 374,227
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate	0%	0%	0%	0%
Valuation allowance	(0.10%)	0.30%	(0.40%)	(0.80%)
Bermuda Economic Transition Adjustment	0	0	(0.311)	0
Other	0.50%	0.60%	0.40%	1%
Actual tax rate	16.10%	15.50%	(16.10%)	11.60%
U.S. | Foreign Tax Authority
Reconciliation of effective tax rate (% of income before income taxes)
Foreign taxes at local expected rates:	9.70%	7.10%	9.50%	6.20%
Europe | Foreign Tax Authority
Reconciliation of effective tax rate (% of income before income taxes)
Foreign taxes at local expected rates:	6%	7.50%	5.50%	5.20%