AXIS Capital Holdings Limited (AXS) 10-K 26 Feb 25 2024 FY Annual report Financial data

COVER

COVER - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filer	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 5.9
Entity Common Stock, Shares Outstanding		80,786,584
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to the annual meeting of shareholders to be held on May 16, 2025 are incorporated by reference in response to items 10, 11, 12, 13 and 14 in Part III of this Form 10-K. The definitive proxy statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant's fiscal year ended December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Central Index Key	0001214816
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

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	5230
Auditor Name	Deloitte Ltd.
Auditor Location	Hamilton, Bermuda

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $12,419,905; 2023: $12,634,254 Allowance for expected credit losses 2024: $3,938; 2023: $10,759)	$ 12,152,753	$ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $436,751; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil)	443,400	686,296
Equity securities, at fair value (Cost 2024: $520,743; 2023: $543,833)	579,274	588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $23,378; 2023: $6,220)	505,697	610,148
Other investments, at fair value	930,278	949,413
Equity method investments	206,994	174,634
Short-term investments, at fair value	223,666	17,216
Total investments	15,042,062	15,260,960
Cash and cash equivalents	2,143,471	953,476
Restricted cash and cash equivalents	920,150	430,509
Accrued interest receivable	114,012	106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $17,339; 2023: $11,997)	3,169,355	3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $43,445; 2023: $36,611)	6,840,897	6,323,083
Reinsurance recoverable on paid losses and loss expenses	546,287	575,847
Deferred acquisition costs	524,837	450,950
Prepaid reinsurance premiums	1,936,979	1,916,087
Receivable for investments sold	3,693	8,767
Goodwill	66,498	100,801
Intangible assets	175,967	186,883
Operating lease right-of-use assets	92,516	108,093
Loan advances made	247,775	305,222
Other assets	695,794	456,385
Total assets	32,520,293	30,250,672
Liabilities
Reserve for losses and loss expenses	17,218,929	16,434,018
Unearned premiums	5,211,865	4,747,602
Insurance and reinsurance balances payable	1,713,798	1,792,719
Debt	1,315,179	1,313,714
Federal Home Loan Bank advances	66,380	85,790
Payable for investments purchased	269,728	26,093
Operating lease liabilities	106,614	123,101
Other liabilities	528,421	464,439
Total liabilities	26,430,914	24,987,476
Commitments and Contingencies
Shareholders' equity
Preferred shares	550,000	550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 82,984; 2023: 85,286)	2,206	2,206
Additional paid-in capital	2,394,063	2,383,030
Accumulated other comprehensive income (loss)	(267,557)	(365,836)
Retained earnings	7,341,569	6,440,528
Treasury shares, at cost (2024: 93,596; 2023: 91,294)	(3,930,902)	(3,746,732)
Total shareholders’ equity	6,089,379	5,263,196
Total liabilities and shareholders’ equity	$ 32,520,293	$ 30,250,672

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 12,419,905	$ 12,634,254
Fixed maturities, available for sale, allowance for credit loss	3,938	10,759	$ 11,733	$ 313
Fixed maturities, held to maturity, fair value	436,751	675,851
Fixed maturities, held to maturity, allowance for credit loss	0	0
Equity securities, cost	520,743	543,833
Allowance for expected credit losses	23,378	6,220	0	$ 0
Allowance for credit losses on premium balances receivable	17,339	11,997	9,521
Allowance for credit losses on reinsurance recoverable for unpaid losses and loss expenses	$ 43,445	$ 36,611	$ 30,715
Common shares, shares issued (in shares)	176,580	176,580
Common shares, shares outstanding (in shares)	82,984	85,286
Treasury shares (in shares)	93,596	91,294

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Net premiums earned	$ 5,306,235	$ 5,083,781	$ 5,160,326
Net investment income	759,229	611,742	418,829
Other insurance related income	30,721	22,495	13,073
Net investment gains (losses):
Increase in allowance for expected credit losses	(10,338)	(5,246)	(11,421)
Impairment losses	(408)	(12,757)	(12,568)
Other realized and unrealized investment gains (losses)	(127,788)	(56,627)	(432,800)
Total net investment gains (losses)	(138,534)	(74,630)	(456,789)
Total revenues	5,957,651	5,643,388	5,135,439
Expenses
Net losses and loss expenses	3,158,487	3,393,102	3,242,410
Acquisition costs	1,070,551	1,000,945	1,022,017
General and administrative expenses	666,202	684,446	680,343
Foreign exchange losses (gains)	(50,822)	58,115	(157,945)
Interest expense and financing costs	67,766	68,421	63,146
Reorganization expenses	26,312	28,997	31,426
Amortization of intangible assets	10,917	10,917	10,917
Total expenses	4,949,413	5,244,943	4,892,314
Income before income taxes and interest in income of equity method investments	1,008,238	398,445	243,125
Income tax (expense) benefit	55,595	(26,316)	(22,037)
Interest in income of equity method investments	17,953	4,163	1,995
Net income	1,081,786	376,292	223,083
Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	$ 1,051,536	$ 346,042	$ 192,833
Earnings per common share:
Earnings per common share (in dollars per share)	$ 12.49	$ 4.06	$ 2.27
Earnings per diluted common share (in dollars per share)	$ 12.35	$ 4.02	$ 2.25
Weighted average common shares outstanding (in shares)	84,165	85,142	84,864
Weighted average diluted common shares outstanding (in shares)	85,176	86,012	85,669

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 1,081,786	$ 376,292	$ 223,083
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during the year, net of reclassification adjustment	122,042	396,036	(805,850)
Foreign currency translation adjustment	(23,763)	(1,572)	(10,986)
Total other comprehensive income (loss), net of tax	98,279	394,464	(816,836)
Comprehensive income (loss)	1,180,065	770,756	(593,753)
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 (loss)	155,320	128,513	304,925
Unrealized gains (losses) arising during the year, net of reclassification adjustment	122,042	396,036	(805,850)
Unrealized gains (losses) on available for sale investments | Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during the year	(33,030)	257,940	(1,043,625)
Unrealized gains (losses) on available for sale investments | Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) arising during the year	$ (248)	$ 9,583	$ (67,150)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - 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 year at Dec. 31, 2021			$ 550,000	$ 2,206	$ 2,346,179	$ 56,536	$ 62,155	$ (5,619)	$ 6,204,745	$ (3,749,010)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares reissued					(31,175)					32,720
Share-based compensation expense					51,249
Unrealized gains (losses) arising during the year, net of reclassification adjustment		$ (805,850)					(805,850)
Foreign currency translation adjustment		(10,986)						(10,986)
Net income		223,083							223,083
Preferred share dividends	[1]								(30,250)
Common share dividends	[1]								(150,556)
Shares repurchased										(48,981)
Balance at end of year at Dec. 31, 2022		4,639,910	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					(40,430)					42,135
Share-based compensation expense					57,207
Unrealized gains (losses) arising during the year, net of reclassification adjustment		396,036					396,036
Foreign currency translation adjustment		(1,572)						(1,572)
Net income		376,292							376,292
Preferred share dividends	[1]								(30,250)
Common share dividends	[1]								(152,536)
Shares repurchased										(23,596)
Balance at end of year 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					(29,454)					31,698
Share-based compensation expense					40,487
Unrealized gains (losses) arising during the year, net of reclassification adjustment		122,042					122,042
Foreign currency translation adjustment		(23,763)						(23,763)
Net income		1,081,786							1,081,786
Preferred share dividends	[1]								(30,250)
Common share dividends	[1]								(150,495)
Shares repurchased										(215,868)
Balance at end of year at Dec. 31, 2024		$ 6,089,379	$ 550,000	$ 2,206	$ 2,394,063	$ (267,557)	$ (225,617)	$ (41,940)	$ 7,341,569	$ (3,930,902)
[1]Refer to Note 15 '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 - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income		$ 1,081,786	$ 376,292	$ 223,083
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment losses (1)	[1]	144,175	74,630	456,789
Net realized and unrealized gains on other investments		(47,203)	(19,682)	(55,757)
Amortization of fixed maturities		(38,428)	(20,167)	26,138
Interest in income of equity method investments		(17,953)	(4,163)	(1,995)
Other amortization and depreciation		55,306	75,552	68,288
Share-based compensation expense, net of cash payments		42,731	54,120	48,494
Changes in:
Accrued interest receivable		(8,441)	(11,777)	(30,432)
Reinsurance recoverable on unpaid losses and loss expenses		(543,442)	(493,831)	(825,608)
Reinsurance recoverable on paid losses and loss expenses		(3,764)	(60,860)	92,781
Deferred acquisition costs		(74,506)	21,499	(10,548)
Prepaid reinsurance premiums		(31,265)	(365,732)	(176,498)
Reserve for losses and loss expenses		841,727	1,272,999	544,459
Unearned premiums		482,867	388,747	287,082
Insurance and reinsurance balances, net		118,271	13,813	197,610
Other items		(157,048)	(45,881)	(45,848)
Net cash provided by operating activities		1,844,813	1,255,559	798,038
Purchases of:
Fixed maturities, available for sale		(10,530,382)	(6,348,753)	(7,476,440)
Fixed maturities, held to maturity		(105,755)	(37,499)	(255,610)
Equity securities		(114,519)	(89,502)	(94,324)
Mortgage loans		(17,655)	(24,867)	(117,023)
Other investments		(69,596)	(91,010)	(147,717)
Equity method investments		(14,407)	(22,183)	0
Short-term investments		(331,267)	(247,499)	(176,968)
Unsettled payable for reverse repurchase agreements included in cash and cash equivalents		247,495	0	0
Proceeds from the sale of:
Fixed maturities, available for sale		9,059,672	4,848,826	6,110,148
Equity securities		154,645	55,651	138,542
Other investments		135,975	158,348	156,719
Short-term investments		58,151	227,318	116,752
Proceeds from redemption of fixed maturities, available for sale		1,508,473	934,017	1,018,922
Proceeds from redemption of fixed maturities, held to maturity		348,812	49,609	3,541
Proceeds from redemption of short-term investments		69,010	76,545	20,124
Proceeds from the repayment of mortgage loans		98,241	36,375	84,365
Proceeds from the purchase of other assets, net		(17,396)	(31,144)	(36,829)
Loan advances made		(199,045)	(349,842)	(105,822)
Net cash provided by (used in) investing activities		280,452	(855,610)	(761,620)
Cash flows from financing activities:
Repurchase of common shares - open market		(199,944)	0	(34,987)
Taxes paid on withholding shares		(15,925)	(23,596)	(13,994)
Dividends paid - common shares		(151,765)	(153,775)	(149,341)
Dividends paid - preferred shares		(30,250)	(30,250)	(30,250)
Federal Home Loan Bank advances, net		(19,410)	5,250	78,950
Net cash used in financing activities		(417,294)	(202,371)	(149,622)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash		(28,335)	11,754	(29,833)
Increase (decrease) in cash, cash equivalents and restricted cash		1,679,636	209,332	(143,037)
Cash, cash equivalents and restricted cash - beginning of year		1,383,985	1,174,653	1,317,690
Cash, cash equivalents and restricted cash - end of year		3,063,621	1,383,985	1,174,653
Supplemental disclosures of cash flow information:
Income taxes paid		80,557	77,479	33,418
Interest paid		$ 64,180	$ 63,596	$ 59,886
[1] (1) In 2024, net investment losses in the consolidated statement of cash flows included net realized gains on overseas deposits of $6 million that are included in net investment gains (losses) in the consolidated statement of operations.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gain on overseas deposit	$ 6,000
Ceded premiums	3,248,537	$ 3,254,200	$ 2,951,539
Ceded losses and loss expenses	2,039,000	1,754,000	1,754,000
Federal Home Loan Bank advances	66,380	85,790
Retrocession Agreement with Third Party Reinsurer | Related Party
Ceded premiums		107,000	88,000
Monarch Point Re | Related Party
Ceded premiums	323,000	287,000
Ceded losses and loss expenses	214,000	37,000
Monarch Point Re | Loan Agreement With Monarch Point Re | Related Party
Non-cash repayment of advance	236,000	72,000
Interest received	14,000	12,000
Monarch Point Re | Retrocession Agreement With Monarch Point Re | Related Party
Ceded premiums	227,000	66,000
Ceded losses and loss expenses	32,000	4,000
Third Party Reinsurer | Related Party
Non-cash repayment of advance		110,000
Interest received		4,000
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer | Related Party
Non-cash repayment of advance	75,000	82,000	90,000
Interest received	0	1,000	1,000
Third Party Reinsurer | Retrocession Agreement with Third Party Reinsurer | Related Party
Ceded premiums	$ 75,000
Ceded losses and loss expenses		$ 21,000	9,000
Federal Home Loan Bank of Chicago
Federal Home Loan Bank advances			81,000
Transfer of FHLB stock			$ 2,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION AXIS Capital Holdings Limited ("AXIS Capital" and together with its wholly-owned subsidiaries the "Company"), was incorporated on December 9, 2002, under the laws of Bermuda. The Company is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company's principal operating subsidiaries, located in Bermuda, the United States ("U.S."), Europe, Singapore and Canada, are described below: • AXIS Specialty Limited ("AXIS Specialty Bermuda"), a Bermuda domiciled company, is licensed to provide specialty lines insurance and treaty reinsurance products on a worldwide basis. In addition, AXIS Specialty Bermuda conducts insurance and reinsurance business through its branch in Singapore, AXIS Specialty Limited (Singapore Branch). AXIS Specialty Bermuda ceased writing new business through its branch in Singapore on January 1, 2024, and will close this branch, subject to meeting all regulatory and legal requirements. AXIS Specialty Insurance Limited ("AXIS Specialty Insurance Bermuda"), a Bermuda domiciled company, incorporated on August 19, 2024, was licensed on December 17, 2024 to provide specialty lines insurance and treaty reinsurance products on a worldwide basis. • AXIS Insurance Company, domiciled in Illinois, and AXIS Reinsurance Company, domiciled in New York, together with AXIS Reinsurance Company (Canadian Branch) are licensed to offer a range of specialty lines insurance and treaty reinsurance products to a variety of niche markets on a worldwide basis. AXIS Surplus Insurance Company, domiciled in Illinois, is eligible to write insurance on a surplus lines basis. • AXIS Specialty Europe SE ("AXIS Specialty Europe") is a European public limited liability company, incorporated as a non-life insurer under the laws of Ireland. It is a Societas Europaea (SE), or European society company registered in accordance with company law of the EU. AXIS Specialty Europe also conducts insurance business through its branch in the United Kingdom ("U.K."), AXIS Specialty Europe SE (UK Branch). The U.K. withdrew from the European Union on January 31, 2020 and is now considered a third-country. Effective October 28, 2022, AXIS Specialty Europe SE (UK Branch) is fully regulated by the Prudential Regulation Authority and the U.K. Financial Conduct Authority as a third-country branch. • AXIS Re SE is a European public limited liability company, incorporated as a reinsurer under the laws of Ireland. AXIS Re SE is also a Societas Europaea (SE), or European society company registered in accordance with company law of the EU. AXIS Re SE also conducts reinsurance business through its branch in Switzerland, AXIS Re SE, Dublin (Zurich Branch). • The Company operates in the Lloyd's of London ("Lloyd's") market through its corporate members AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, that provided 70% and 30% capital support, respectively, to AXIS Syndicate 1686 ("Syndicate 1686") through December 31, 2024. AXIS Corporate Capital UK II Limited will provide 100% capital support to Syndicate 1686 for underwriting activities effective January 1, 2025. Syndicate 1686 is managed by AXIS Managing Agency Ltd. ("AXIS Managing Agency"). • AXIS Energy Transition Syndicate 2050 ("Syndicate 2050") commenced underwriting on April 1, 2024. AXIS Corporate Capital UK II Limited is the sole corporate member of Syndicate 2050. Syndicate 2050 is managed by AXIS Managing Agency. • AXIS Reinsurance Managers Limited ("AXIS Reinsurance Managers") is regulated by the BMA as an insurance manager and generates fee income from services provided to strategic capital partners.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and include AXIS Capital Holdings Limited and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. Use of Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses; • gross premiums written and net premiums earned; • fair value measurements of financial assets and liabilities; and • the allowance for credit losses associated with fixed maturities, available for sale. The Company's significant accounting policies are as follows: a) Investments Fixed Maturities, Available for Sale, at Fair Value and Fixed Maturities, Held to Maturity, at Amortized Cost Fixed maturities classified as available for sale are reported at fair value (refer to Note 6 ' Fair Value Measurements ') and are presented net of an allowance for expected credit losses. The change in fair values of fixed maturities, net of tax is recognized in accumulated other comprehensive income (loss) ("AOCI") in total shareholders’ equity. Fixed maturities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity or redemption. Fixed maturities classified as held to maturity are reported at amortized cost and are presented net of an allowance for expected credit losses. Net investment income includes interest income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of fixed maturities are recorded on a trade-date basis and realized gains (losses) on sales of fixed maturities are determined based on the specific identification method. Realized gains (losses) on fixed maturities are included in net investment gains (losses) in the consolidated statements of operations. The Company recognizes investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if applicable. The effective yield used to determine the amortization of fixed maturities subject to prepayment risk (e.g., asset-backed, mortgage-backed and other structured securities) is recalculated and adjusted periodically based on historical and/or projected future cash flows. Adjustments to the yield for highly rated prepayable fixed maturities are accounted for using the retrospective method. Adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. Credit Losses - Fixed Maturities, Available for Sale A fixed maturity, available for sale security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, available for sale securities for impairment losses. If a fixed maturity, available for sale security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and is included in net investment gains (losses). In instances where the Company intends to hold the impaired fixed maturity, available for sale security the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If the Company does not anticipate to fully recover the amortized cost , an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on fixed maturities, available for sale represent credit impairments by considering the following factors: a. the extent to which the fair value is less than amortized cost; b. adverse conditions related to the security, industry, or geographical area; c. downgrades in the security's credit rating by a credit rating agency; and d. failure of the issuer to make scheduled principal or interest payments. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists. If a security is assessed to be credit impaired, it is subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss (i.e., related to interest rates, market conditions, etc.) is recognized in other comprehensive income (loss). The Company reports accrued interest receivable related to available for sale debt securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains (losses) in the consolidated statements of operations in the period in which they are deemed uncollectible. Credit Losses - Fixed Maturities, Held to Maturity A fixed maturity, held to maturity security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, held to maturity securities for impairment losses. The Company's fixed maturity, held to maturity securities portfolio consists of asset-backed securities ("ABS") and corporate debt securities. 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. 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. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Equity Securities, at Fair Value Equity securities are reported at fair value. The change in the fair values of equity securities, net of tax is recognized in net investment gains (losses) in the consolidated statements of operations. Net investment income includes dividend income and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of equity securities are recorded on a trade-date basis and realized gains (losses) on sales of equity securities are determined based on the specific identification method. Realized gains (losses) on equity securities are included in net investment gains (losses) in the consolidated statements of operations. Mortgage Loans, Held for Investment, at Fair Value Mortgage loans, held for investment are reported at amortized cost which is calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses. Interest income and prepayment fees are recognized when earned. Interest income is recognized based on an effective yield method which gives effect to the amortization of premiums and accretion of discounts. Mortgage loans, held for investment are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. These projections take into account the Company’s experience with credit quality indicators, loan losses, defaults, loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. The allowance for expected credit losses is recognized in net investment gains (losses) in the consolidated statements of operations. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Other Investments Other investments are recorded at fair value (refer to Note 6 ' Fair Value Measurements '). Changes in fair value and realized gains (losses) are reported in net investment income in the consolidated statements of operations. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the investee. Adjustments are based on the most recently available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as interest in income (loss) of equity method investments. Short-term Investments Short-term investments primarily comprise highly liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value. b) Cash and Cash Equivalents Cash equivalents include money-market funds, fixed interest deposits and reverse repurchase agreements with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Restricted cash primarily relates to funds held in trust to support obligations in regulatory jurisdictions where the Company operates as a non-admitted carrier and to support underwriting activities at Lloyd's. c) Premiums and Acquisition Costs Premiums Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract based on estimates received from ceding companies. For multi-year contracts insurance and reinsurance premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. Premiums are recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the contract. Any adjustments to insurance and reinsurance premium estimates are recognized in the period in which they are determined. Insurance and reinsurance premiums are earned over the period during which the Company is exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums which relate to the unexpired term under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The recognition of reinstatement premiums is based on estimates of losses and loss expenses, which reflects management’s judgment (refer to Note 2(d) ' Losses and Loss Expenses '). Insurance and reinsurance premium balances receivable ("premium balances receivable") are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Acquisition Costs Acquisition costs vary with and are directly related to the successful acquisition efforts of acquiring new or renewing existing insurance and reinsurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. In addition, certain of the Company's contracts include profit commission provisions or other adjustable features that are estimated based on expected losses and loss expenses for those contracts. Acquisition costs are shown net of commissions on reinsurance purchased. Net acquisition costs are deferred and charged to net income (loss) as the related premium is earned. Insurance and reinsurance premium balances receivable is presented net of acquisition costs when contract terms provide for the right of offset. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of deferred acquisition costs. Deferred acquisition cost amounts that are assessed to be irrecoverable are recognized in net income (loss) in the period in which the determination is made. Compensation expenses for personnel involved in contract acquisition, and advertising costs, are charged to net income (loss) when incurred. d) Losses and Loss Expenses Reserve for losses and loss expenses represents an estimate of the unpaid portion of the ultimate liability for losses and loss expenses for insured and reinsured events that have occurred at or before the balance sheet date. These amounts reflect claims that have been reported ("case reserves") and claims that have been incurred but have not yet been reported ("IBNR") and are reduced for estimated amounts of salvage and subrogation recoveries. The Company reviews its reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported by clients and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Chain Ladder and Bornhuetter-Ferguson methods. The estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident/underwriting year and line of business. Historical claims data may be supplemented with industry benchmarks when applying these methodologies. Any adjustments to estimates of reserve for losses and loss expenses are recognized in the period in which they are determined. While the Company believes that its reserves for losses and loss expenses are adequate, this estimate requires significant judgment and new information, events or circumstances may result in ultimate losses that are materially greater or less than provided for in the consolidated balance sheets. e) Reinsurance In the normal course of business, the Company purchases facultative and treaty reinsurance protection to limit its ultimate losses and to reduce its loss aggregation risk. The premiums paid to reinsurers (i.e., ceded premiums written) are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinsurance recoverable on unpaid losses and loss expenses ("reinsurance recoverables") related to case reserves is estimated on a case-by-case basis by applying the terms of applicable reinsurance cover to individual case reserve estimates. Reinsurance recoverables related to IBNR is generally developed as part of the Company's loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. Estimates of amounts to be ceded under excess of loss reinsurance contracts also take into account pricing information for those contracts and require greater judgment than estimates for proportional contracts. Reinsurance recoverable balances are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that we deem are unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers current and forecasted economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retroactive elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into net income (loss) over the claims settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in net income (loss) in the period in which the change is determined so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction. f) Foreign Exchange The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in functional currency using the rates of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are remeasured to functional currency at the rates of exchange in effect at the balance sheet date with the resulting foreign exchange losses (gains) generally being recognized in the consolidated statements of operations. Foreign exchange losses (gains) related to available for sale securities denominated in foreign currency represent an unrealized appreciation (depreciation) in the market value of the securities and are included in AOCI in total shareholders’ equity. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. The Company’s reporting currency is the U.S. dollar. Assets and liabilities of the Company's subsidiaries and branches where the functional currency is not the U.S. dollar, are translated into U.S. dollars using the rates of exchange in effect at the balance sheet date, and revenue and expenses are translated using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in total shareholders’ equity. g) Share-based Compensation The Company is authorized to issue restricted shares, restricted stock units, performance restricted stock units, stock options, stock appreciation rights and other equity-based awards to its employees and directors. The Company's plan includes share-settled and cash-settled service awards and share-settled performance awards. Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled and cash-settled service awards is based on market value of the Company's common shares measured at the grant date and is expensed over the requisite service period. The fair value of the cash-settled service awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. Performance Restricted Stock Units - Share-Settled The fair value of share-settled performance awards which include a market condition is measured on the grant date using a Monte Carlo simulation model which requires inputs including share price, expected volatility, expected term, expected dividend yield and risk-free interest rates. The fair value of share-settled performance awards which include a performance condition is based on the closing price of the Company's common shares measured at the grant date. The fair value of share-settled performance awards is recognized on a straight-line basis over the requisite service period. The Company recognizes forfeitures when they occur. h) Derivative Instruments The Company may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of its overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. From time to time the Company may also enter into insurance and reinsurance contracts that meet the Financial Accounting Standards Board's ("FASB") definition of a derivative contract. The Company measures all derivative instruments at fair value (refer to Note 6 ' Fair Value Measurements ') and recognizes these instruments in either other assets or other liabilities in the consolidated balance sheets. Subsequent changes in fair value and realized gains (losses) are recognized in net income (loss) in the consolidated statements of operations. i) Goodwill and Intangible Assets The Company recognizes goodwill and other intangible assets in connection with certain acquisitions. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in these acquisitions and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful live of the intangible asset. Other intangible assets with an indefinite life are not amortized. The Company tests goodwill and indefinite-lived intangible assets for potential impairment during the fourth quarter each year and between annual tests if an event occurs or changes in circumstances indicate that the asset is impaired. Such events or circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. For the purpose of evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. For the purpose of evaluating indefinite-lived intangibles for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. If the Company elects to perform a qualitative assessment, it first assesses qualitative factors to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. If the Company determines that it is more likely than not that the indefinite lived intangible asset is impaired, the Company performs the quantitative impairment test. For the purposes of evaluating goodwill and indefinite-lived intangible assets for impairment, the Company has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The Company may resume performing the qualitative assessment in any subsequent period. For other finite-lived intangible assets the Company tests for recoverability whenever events or changes in circumstances indicate its carrying amount may not be recoverable. The Company recognizes an impairment loss if the carrying amount of the asset is not recoverable and exceeds its fair value. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If goodwill or an intangible asset is impaired, the carrying value of the asset is reduced to fair value and a corresponding expense is recorded in the consolidated statements of operations. j) Income Taxes Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income (loss), or in certain cases to AOCI, based on enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities reported in the consolidated balance sheets and those reported in the various jurisdictional tax returns. When the assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. The Company recognizes the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained on audit by the relevant taxing authorities. k) Treasury Shares Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the average cost method to determine the cost of shares reissued from treasury. l) Leases The Company recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term related to office property and equipment leases. The Company accounts for non-lease components separately from lease components. As a result, the non-lease components associated with the Company's leases are not included in the lease liabilities and right-of-use assets in the Company's consolidated balance sheets. The Company does not record office property and equipment leases with an initial term of 12 months or less (short-term) in the Company's consolidated balance sheets. m) New Accounting Standards Adopted in 2024 Segment Reporting Effective October 1, 2024, the Company adopted Accounting Standards Update ("ASU" or "Update") ASU 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures " which aims to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments applicable to the Company require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and are included within the Company's reported measure of segment profit or loss (collectively referred to as the "significant expense principle"). In addition, the Company is required to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources (refer to Note 3 'Segment Information'). The adoption of this guidance did not impact the Company's results of operations, financial condition, or liquidity. n) Recently Issued Accounting Standards Not Yet Adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ". The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information as follows: Rate Reconciliation The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). Income Taxes Paid The amendments in this Update require that all entities disclose on an annual basis (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) if equal to or greater than 5 percent of total income taxes paid (net of refunds received) Other Disclosures The amendments in this Update require that all entities disclose (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this Update eliminate the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION AXIS Capital'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. 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 Company has identified its President and Chief Executive Officer as its chief operating decision maker ("CODM"). The CODM evaluates performance and decides how to allocate resources based on underwriting income (loss) for each of the Company's reportable segments. During quarterly Results Review meetings, an analysis of each reportable segment's underwriting income (loss) compared to the same period in the prior year, and compared to plan, is provided by business leaders to the CODM to facilitate the evaluation of segment performance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets. 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: At and year ended December 31, 2024 Insurance Reinsurance Total Gross premiums written $ 6,615,584 $ 2,390,304 $ 9,005,888 Net premiums written 4,250,545 1,506,806 5,757,351 Net premiums earned 3,926,036 1,380,199 5,306,235 Other insurance related income 94 30,627 30,721 Current accident year net losses and loss expenses (2,261,629) (921,181) (3,182,810) Net favorable prior year reserve development 16,209 8,114 24,323 Acquisition costs (766,915) (303,636) (1,070,551) Underwriting-related general and administrative expenses (485,929) (50,513) (536,442) Underwriting income $ 427,866 $ 143,610 571,476 Net investment income 759,229 Net investment gains (losses) (138,534) Corporate expenses (129,760) Foreign exchange gains 50,822 Interest expense and financing costs (67,766) Reorganization expenses (26,312) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 1,008,238 Income tax benefit 55,595 Interest in income of equity method investments 17,953 Net income 1,081,786 Preferred share dividends 30,250 Net income available to common shareholders $ 1,051,536 Current accident year loss ratio 57.6 % 66.7 % 60.0 % Prior year reserve development ratio (0.4 %) (0.5 %) (0.5 %) Net losses and loss expenses ratio 57.2 % 66.2 % 59.5 % Acquisition cost ratio 19.5 % 22.0 % 20.2 % General and administrative expense ratio 12.4 % 3.6 % 12.6 % Combined ratio 89.1 % 91.8 % 92.3 % Goodwill and intangible assets $ 242,465 $ — $ 242,465 At and year ended December 31, 2023 Insurance Reinsurance Total Gross premiums written $ 6,140,764 $ 2,215,761 $ 8,356,525 Net premiums written 3,758,720 1,343,605 5,102,325 Net premiums earned 3,461,700 1,622,081 5,083,781 Other insurance related income (loss) (198) 22,693 22,495 Current accident year net losses and loss expenses (1,903,648) (1,077,572) (2,981,220) Net favorable (adverse) prior year reserve development (176,353) (235,529) (411,882) Acquisition costs (648,463) (352,482) (1,000,945) Underwriting-related general and administrative expenses (472,094) (79,373) (551,467) Underwriting income (loss) $ 260,944 $ (100,182) 160,762 Net investment income 611,742 Net investment gains (losses) (74,630) Corporate expenses (132,979) Foreign exchange (losses) gains (58,115) Interest expense and financing costs (68,421) Reorganization expenses (28,997) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 398,445 Income tax (expense) benefit (26,316) Interest in income of equity method investments 4,163 Net income 376,292 Preferred share dividends 30,250 Net income available to common shareholders $ 346,042 Current accident year loss ratio 55.0 % 66.4 % 58.6 % Prior year reserve development ratio 5.1 % 14.6 % 8.1 % Net losses and loss expenses ratio 60.1 % 81.0 % 66.7 % Acquisition cost ratio 18.7 % 21.7 % 19.7 % General and administrative expense ratio 13.7 % 4.9 % 13.5 % Combined ratio 92.5 % 107.6 % 99.9 % Goodwill and intangible assets $ 287,684 $ — $ 287,684 At and year ended December 31, 2022 Insurance Reinsurance Total Gross premiums written $ 5,585,581 $ 2,629,014 $ 8,214,595 Net premiums written 3,377,906 1,885,150 5,263,056 Net premiums earned 3,134,155 2,026,171 5,160,326 Other insurance related income 559 12,514 13,073 Current accident year net losses and loss expenses (1,802,204) (1,465,739) (3,267,943) Net favorable prior year reserve development 16,350 9,183 25,533 Acquisition costs (577,838) (444,179) (1,022,017) Underwriting-related general and administrative expenses (443,704) (106,585) (550,289) Underwriting income $ 327,318 $ 31,365 358,683 Net investment income 418,829 Net investment gains (losses) (456,789) Corporate expenses (130,054) Foreign exchange gains 157,945 Interest expense and financing costs (63,146) Reorganization expenses (31,426) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 243,125 Income tax (expense) benefit (22,037) Interest in income of equity method investments 1,995 Net income 223,083 Preferred share dividends 30,250 Net income available to common shareholders $ 192,833 Current accident year loss ratio 57.5 % 72.3 % 63.3 % Prior year reserve development ratio (0.5 %) (0.4 %) (0.5 %) Net losses and loss expenses ratio 57.0 % 71.9 % 62.8 % Acquisition cost ratio 18.4 % 21.9 % 19.8 % General and administrative expense ratio 14.2 % 5.3 % 13.2 % Combined ratio 89.6 % 99.1 % 95.8 % Goodwill and intangible assets $ 298,601 $ — $ 298,601 The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years ended December 31, 2024 2023 2022 U.S. $ 4,864,074 $ 4,484,789 $ 4,342,707 Ireland 1,923,006 1,837,177 1,931,815 Lloyd's of London 1,998,217 1,759,990 1,567,458 Bermuda 220,591 274,569 372,615 Gross premiums written $ 9,005,888 $ 8,356,525 $ 8,214,595 The following table presents net premiums earned by segment and line of business: Years ended December 31, 2024 2023 2022 Insurance Professional lines $ 817,535 $ 764,558 $ 817,924 Property 1,139,308 878,849 755,986 Liability 494,561 496,381 459,775 Cyber 347,842 323,025 309,004 Marine and aviation 614,826 567,292 479,499 Accident and health 360,894 306,061 209,548 Credit and political risk 151,070 125,534 102,419 Total Insurance 3,926,036 3,461,700 3,134,155 Reinsurance Liability 309,265 403,239 484,681 Accident and health 322,932 341,806 368,747 Professional lines 169,074 205,404 250,911 Credit and surety 231,780 236,408 192,926 Motor 123,545 155,942 205,774 Agriculture 126,549 121,628 122,289 Marine and aviation 64,609 65,658 78,504 Run-off lines Catastrophe 13,412 33,963 156,232 Property 6,266 44,508 135,480 Engineering 12,767 13,525 30,627 Total run-off lines 32,445 91,996 322,339 Total Reinsurance 1,380,199 1,622,081 2,026,171 Total $ 5,306,235 $ 5,083,781 $ 5,160,326

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The table below provides details of goodwill and intangible assets related to the Company's insurance segment: Goodwill Intangible Intangible Total At December 31, 2022 Gross amount $ 95,890 $ 120,785 $ 394,604 $ 611,279 Accumulated amortization n/a n/a (306,671) (306,671) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 87,933 309,519 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — At December 31, 2023 Gross amount 95,890 120,785 394,604 611,279 Accumulated amortization n/a n/a (317,588) (317,588) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 77,016 298,602 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — At December 31, 2024 Gross amount 95,890 120,785 394,604 611,279 Accumulated amortization n/a n/a (328,505) (328,505) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 66,099 287,685 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — Tax-related adjustments (34,303) — — (34,303) $ 66,498 $ 120,785 $ 55,182 $ 242,465 n/a – not applicable Intangible Assets with an Indefinite Life Intangible assets with an indefinite life include U.S. state licenses that provide a legal right to transact business indefinitely and the value of Lloyd's syndicate capacity, which represents the right to underwrite a certain allocated limit of premium in the Lloyd's market. Impairment Review For the years ended December 31, 2024, 2023 and 2022, the Company's impairment review of goodwill did not result in the recognition of an impairment loss. Tax-related Adjustments During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities were no longer required and recognized a tax-related adjustment of $34 million. The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets: VOBA and intangible assets At December 31, 2024 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (12,993) 337 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (38,408) 25,157 Large brokers (2) 46,641 (22,545) 24,096 SME brokers (2) 14,126 (8,533) 5,593 $ 515,388 $ (339,421) $ 175,967 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2023 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (11,661) 1,669 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (33,110) 30,455 Large brokers (2) 46,641 (19,435) 27,206 SME brokers (2) 14,126 (7,357) 6,769 $ 515,388 $ (328,505) $ 186,883 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. The table below provides details of estimated amortization expense of intangible assets with a finite life: Total 2025 $ 9,921 2026 9,583 2027 9,583 2028 9,583 2029 7,965 After 2029 8,547 Total remaining amortization expense 55,182 Indefinite lived intangible assets 120,785 Total intangible assets $ 175,967 The estimated remaining average useful life of finite lived intangible assets is 6 years.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 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 Allowance for expected credit losses Gross Gross Fair At December 31, 2024 Available for sale U.S. government and agency $ 2,830,111 $ — $ 6,011 $ (33,136) $ 2,802,986 Non-U.S. government 753,315 — 2,584 (25,960) 729,939 Corporate debt 4,941,510 (3,690) 30,594 (126,224) 4,842,190 Agency RMBS (1) 1,245,681 — 1,154 (61,990) 1,184,845 CMBS (2) 852,534 — 1,244 (34,170) 819,608 Non-agency RMBS 132,116 (195) 597 (9,982) 122,536 ABS (3) 1,547,350 (53) 5,812 (13,277) 1,539,832 Municipals (4) 117,288 — 125 (6,596) 110,817 Total fixed maturities, available for sale $ 12,419,905 $ (3,938) $ 48,121 $ (311,335) $ 12,152,753 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 Fair % of Total At December 31, 2024 Maturity Due in one year or less $ 895,177 $ 885,866 7.4 % Due after one year through five years 5,637,336 5,567,905 45.8 % Due after five years through ten years 1,895,116 1,826,564 15.0 % Due after ten years 214,595 205,597 1.7 % 8,642,224 8,485,932 69.9 % Agency RMBS 1,245,681 1,184,845 9.7 % CMBS 852,534 819,608 6.7 % Non-agency RMBS 132,116 122,536 1.0 % ABS 1,547,350 1,539,832 12.7 % Total $ 12,419,905 $ 12,152,753 100.0 % 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 Unrealized Fair Unrealized Fair Unrealized At December 31, 2024 Fixed maturities, available for sale U.S. government and agency $ 262,368 $ (17,515) $ 1,026,139 $ (15,621) $ 1,288,507 $ (33,136) Non-U.S. government 98,846 (9,179) 457,889 (16,781) 556,735 (25,960) Corporate debt 934,975 (78,979) 2,032,254 (47,245) 2,967,229 (126,224) Agency RMBS 280,550 (35,333) 749,040 (26,657) 1,029,590 (61,990) CMBS 410,213 (22,334) 260,411 (11,836) 670,624 (34,170) Non-agency RMBS 69,418 (9,900) 8,302 (82) 77,720 (9,982) ABS 147,281 (8,471) 295,897 (4,806) 443,178 (13,277) Municipals 49,495 (4,198) 51,002 (2,398) 100,497 (6,596) Total fixed maturities, available for sale $ 2,253,146 $ (185,909) $ 4,880,934 $ (125,426) $ 7,134,080 $ (311,335) 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 December 31, 2024, 3,994 fixed maturities (2023: 3,535) were in an unrealized loss position of $311 million (2023: $481 million) of which $14 million (2023: $13 million) was related to securities below investment grade or not rated. At December 31, 2024, 2,108 fixed maturities (2023: 3,212) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $2,253 million (2023: $6,293 million). The unrealized losses of $311 million (2023: $481 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At December 31, 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 December 31, 2024 Held to maturity Corporate debt $ 122,706 $ — $ 122,706 $ 675 $ (7,764) $ 115,617 ABS (1) 320,694 — 320,694 560 (120) 321,134 Total fixed maturities, held to maturity $ 443,400 $ — $ 443,400 $ 1,235 $ (7,884) $ 436,751 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 December 31, 2024, fixed maturities, held to maturity of $443 million (2023: $686 million) were presented net of an allowance for expected credit losses of $nil (2023: $nil). The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). 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 December 31, 2024 and 2023, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $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 December 31, 2024 and 2023, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity 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 net carrying value of $321 million (2023: $591 million). Corporate debt classified as held to maturity with a net carrying value of $28 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 $95 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 Gross Fair At December 31, 2024 Equity securities Common stocks $ 3,061 $ 65 $ (488) $ 2,638 Preferred stocks 5,843 136 (112) 5,867 Exchange-traded funds 188,771 126,477 (1,206) 314,042 Bond mutual funds 323,068 540 (66,881) 256,727 Total equity securities $ 520,743 $ 127,218 $ (68,687) $ 579,274 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: December 31, 2024 December 31, 2023 Carrying value % of Total Carrying value % of Total Mortgage loans held for investment: Commercial $ 529,075 105 % $ 616,368 101 % Allowance for expected credit losses (23,378) (5 %) (6,220) (1 %) Total mortgage loans held for investment $ 505,697 100 % $ 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 rat io of 1.7 x (2023: 1.9x) and a weighted average loan-to-value ratio o f 78% (2023: 71%) . At December 31, 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, that 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 is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses). At December 31, 2024, the Company's mortgage loan portfolio had an allowance for expected credit losses of $23 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 Redemption At December 31, 2024 Multi-strategy funds $ 24,919 3 % Quarterly 60-90 days Direct lending funds 171,048 18 % Quarterly (1) 90 days Private equity funds 320,690 35 % n/a n/a Real estate funds 291,640 31 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities — — % n/a n/a Other privately held investments 121,981 13 % n/a n/a Total other investments $ 930,278 100 % 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 value of $3 million (2023: $17 million). (2) Applies to one fund with a fair value of $51 million (2023: $66 million). (3) Applies to one fund with a fair value of $21 million (2023: $25 million). The investment strategies for the above funds are as follows: • Multi-strategy funds : Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies. • Direct lending funds : Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers. • Private equity funds : Seek to achieve attractive risk-adjusted returns by investing in private transactions over the course of several years. • Real estate funds : Seek to achieve attractive risk-adjusted returns by making and managing investments in real estate and real estate securities and businesses. 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 2024 and 2023, neither of these restrictions impacted the Company's redemption requests. At December 31, 2024, there were no multi-strategy fund holdings (2023: nil) where the Company is still within the lockup period. At December 31, 2024, the Company had $28 million (2023: $28 million) of unfunded commitments as a limited partner in multi-strategy 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 December 31, 2024, the Company had $170 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 three At December 31, 2024, the Company had $215 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 December 31, 2024, the Company had $91 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 December 31, 2024, the Company had $21 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 five years and one fund has an investment term of ten 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 $14 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"). The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC ("Stone Point" refer to Note 18 ' Related Party Transactions ') 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"). Following share tender offers in 2024 and 2023, the Company's ownership interest in Harrington increased to 22% and 20%, respectively. 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. 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 74% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds, that are variable interests issued by VIEs (refer to Note 5(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: Year ended December 31, 2024 2023 2022 Fixed maturities $ 620,704 $ 514,842 $ 329,858 Other investments 48,666 20,411 57,043 Equity securities 12,922 12,088 10,390 Mortgage loans 34,028 35,312 23,407 Cash and cash equivalents 59,600 50,261 20,273 Short-term investments 12,569 8,924 3,535 Gross investment income 788,489 641,838 444,506 Investment expenses (29,260) (30,096) (25,677) Net investment income $ 759,229 $ 611,742 $ 418,829 i) Net Investment Gains (Losses) The following table provides an analysis of net investment gains (losses): Year ended December 31, 2024 2023 2022 Gross realized investment gains Fixed maturities, short-term investments, and cash and cash equivalents $ 77,525 $ 32,920 $ 16,671 Equity securities 32,292 16,847 7,687 Gross realized investment gains 109,817 49,767 24,358 Gross realized investment losses Fixed maturities, short-term investments, and cash and cash equivalents (230,774) (158,080) (328,493) Equity securities (15,251) (639) (406) Mortgage loans (7,215) — — Gross realized investment losses (253,240) (158,719) (328,899) (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale 6,821 974 (11,421) (Increase) decrease in allowance for expected credit losses, mortgage loans (17,159) (6,220) — Impairment losses (1) (408) (12,757) (12,568) Change in fair value of investment derivatives (2) 1,783 (1,456) 7,656 Net unrealized gains (losses) on equity securities 13,852 53,781 (135,915) Net investment losses $ (138,534) $ (74,630) $ (456,789) (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 7 '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: Year ended December 31, 2024 2023 2022 Balance at beginning of period $ 10,759 $ 11,733 $ 313 Expected credit losses on securities where credit losses were not previously recognized 926 5,200 17,830 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized (2,319) 4,934 (3,831) Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — Securities sold/redeemed/matured (5,428) (11,108) (2,579) Balance at end of period $ 3,938 $ 10,759 $ 11,733 The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans: Year ended December 31, 2024 2023 2022 Balance at beginning of period $ 6,220 $ — $ — Expected credit losses on loans where credit losses were not previously recognized 21,757 6,220 — Additions (reductions) for expected credit losses on loans where credit losses were previously recognized 2,616 — — Loans sold/redeemed/matured (7,215) — — Balance at end of period $ 23,378 $ 6,220 $ — Fixed Maturities The Company evaluates available for sale securities for expected credit losses when fair value is below amortized cost. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss that relates to credit losses is recorded in net income (loss). A summary of credit loss activity by asset class, the significant inputs and the methodology used to estimate credit losses are described below. U.S. Government, U.S. Agency and U.S. Agency RMBS Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that the possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for intention to sell and likely requirement to sell. Non-U.S. Government Non-U.S. government securities are evaluated for expected credit losses primarily through qualitative assessments of the likelihood of credit losses using information such as severity of unrealized losses, credit ratings and price volatility. At December 31, 2024, the gross unrealized losses of $26 million includ ed foreign exchange losses of $19 million . At December 31, 2023 , the gross unrealized losses of $19 million includ ed foreign exchange losses of $6 million . At December 31, 2023 , the allowance for expected credit losses on non-U.S. government fixed maturities related to loss severity where the forecasted recovery to amortized cost is uncertain. Corporate Debt To estimate expected credit losses for corporate debt securities, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, probability of default and projected recovery rates. The Company's default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. At December 31, 2024 and 2023, the allowance for expected credit losses on corporate debt securities mainly related to loss severity where the forecasted recovery to amortized cost was uncertain. CMBS The Company's investments in CMBS are diversified and primarily rated AA or better. At December 31, 2024, CMBS had a weighted average estimated subordination percentage of 34% (2023: 37%). Based on discounted cash flows at December 31, 2024 and 2023 , the current level of subordination is sufficient to cover the estimated loan losses on the underlying collateral of the CMBS. Non-agency RMBS To estimate expected credit losses for non-agency RMBS , the Company's projected c ash flows incorporated underlying data from widely accepted third-party data sources along with certain internal assumptions and judgments regarding the future performance of the security. These assumptions included default, delinquency, loss severity and prepayment rates. At December 31, 2024, the fair value of the Company's non-agency RMBS was $123 million (2023: $153 million), consisting primarily of $15 million (2023: $34 million) of Prime and $92 million (2023: $100 million) of Alt-A, Non-qualified, and Home Equity MBS . At December 31, 2024 and 2023, the allowance for expected credit losses on non-agency RMBS related to loss severity where the forecasted recovery to amortized cost is uncertain. ABS The Company's investments in ABS consist mainly of CLO Debt purchased primarily as new issues between 2018 and 2024. Substantially all of these new issues had credit ratings of AA or better. The Company utilizes a scenario-based approach to review its CLO Debt portfolio based on the current asset market price. The Company also reviews subordination levels of these securities to determine their ability to absorb credit losses of 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 December 31, 2024 and 2023 , the allowance for expected credit losses on ABS related to loss severity where the forecasted recovery to amortized cost is uncertain. Municipals Municipal securities are evaluated for expected credit losses primarily through qualitative assessments of the likelihood of credit losses using information such as severity of unrealized losses, credit ratings and price volatility. At December 31, 2024 and 2023, the allowance for expected credit losses on municipals related to loss severity where the forecasted recovery to amortized cost is uncertain. j) Restricted Assets In order to support the Company's obligations in regulatory jurisdictions where it operates as a non-admitted carrier, the Company provides collateral in the form of assets held in trust including $2 billion related to AXIS Specialty Insurance Bermuda (refer to Note 1 'Organization' ) and, to a lesser extent, letters of credit (refer to Note 10(c) ' Debt and Financing Arrangement s'). In addition, the Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited (refer to Note 1 ' Organization ' ). Lloyd’s sets capital requirements for corporate members annually through the application of a capital model that is based on regulatory rules pursuant to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of business of Insurance and Reinsurance (Solvency II) ("Solvency II"). The capital provided to support underwriting, or Funds at Lloyd’s ("FAL"), may be satisfied by cash, certain investments and letters of credit provided by approved banks (refer to Note 12 'Commitments and Contingencies' and Note 22 ' Statutory Financial Information' ). At December 31, 2024, collateral held in trust for third-party agreements of $2,602 million (2023: $2,598 million) in cluded $572 million (2023: $550 million) of fixed maturities, and cash of $237 million (2023: $296 million) held on deposit to support the underwriting activities of Syndicate 1686. The Company's restricte d investments and cash pr imarily consist of high-quality fixed maturity and short-term investment securities. The table below provides the fair values of the Company's restr icted investments and cash: At December 31, 2024 2023 Collateral in trust for inter-company agreements $ 2,549,220 $ 614,089 Collateral for secured letter of credit facility 208,090 423,522 Funds at Lloyd's 883,362 893,177 Collateral in trust for third-party agreements 2,602,306 2,597,633 Securities on deposit or in trust with regulatory authorities 632,268 772,472 Total restricted investments and cash $ 6,875,246 $ 5,300,893 k ) Reverse Repurchase Agreements

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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. In 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. In 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 Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2024 Assets Fixed maturities, available for sale U.S. government and agency $ 2,767,315 $ 35,671 $ — $ — $ 2,802,986 Non-U.S. government — 729,939 — — 729,939 Corporate debt — 4,715,799 126,391 — 4,842,190 Agency RMBS — 1,184,845 — — 1,184,845 CMBS — 819,608 — — 819,608 Non-agency RMBS — 122,536 — — 122,536 ABS — 1,519,000 20,832 — 1,539,832 Municipals — 110,817 — — 110,817 2,767,315 9,238,215 147,223 — 12,152,753 Equity securities Common stocks 2,638 — — — 2,638 Preferred stocks 3 5,864 — — 5,867 Exchange-traded funds 314,042 — — — 314,042 Bond mutual funds — 256,727 — — 256,727 316,683 262,591 — — 579,274 Other investments Multi-strategy funds — — — 24,919 24,919 Direct lending funds — — — 171,048 171,048 Private equity funds — — — 320,690 320,690 Real estate funds — — — 291,640 291,640 CLO-Equities — — — — — Other privately held investments — — 92,230 29,751 121,981 — — 92,230 838,048 930,278 Short-term investments — 223,666 — — 223,666 Other assets Derivative instruments (refer to Note 7) — 9,439 — — 9,439 Total Assets $ 3,083,998 $ 9,733,911 $ 239,453 $ 838,048 $ 13,895,410 Liabilities Derivative instruments (refer to Note 7) $ — $ 3,100 $ — $ — $ 3,100 Total Liabilities $ — $ 3,100 $ — $ — $ 3,100 Quoted prices in active markets Significant other observable 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 7) — 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 7) $ — $ 10,165 $ — $ — $ 10,165 Total Liabilities $ — $ 10,165 $ — $ — $ 10,165 The following table quantifies the significant unobservable inputs used in estimating fair values at December 31, 2024 of investments classified as Level 3 in the fair value hierarchy: Asset fair value Valuation technique Unobservable input Amount /Range Weighted Other investments - Other privately $ 14,912 Discounted cash flow Discount rate 5.7% 5.7% 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 $147 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 $77 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 - 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 Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing Change in unrealized gains/(losses) (3) Year ended December 31, 2024 Fixed maturities, available for sale Corporate debt $ 135,753 $ — $ (20,832) $ (1,347) $ 2,051 $ 35,744 $ (165) $ (24,813) $ 126,391 $ — ABS — 20,832 — — — — — — 20,832 — 135,753 20,832 (20,832) (1,347) 2,051 35,744 (165) (24,813) 147,223 — Other investments CLO-Equities 5,300 — — 849 — — — (6,149) — — Other privately held investments 87,289 — (6,899) 4,024 — 12,238 — (4,422) 92,230 4,024 92,589 — (6,899) 4,873 — 12,238 — (10,571) 92,230 4,024 Total assets $ 228,342 $ 20,832 $ (27,731) $ 3,526 $ 2,051 $ 47,982 $ (165) $ (35,384) $ 239,453 $ 4,024 Year ended December 31, 2023 Fixed maturities, available for sale Corporate debt $ 119,104 $ — $ — $ (8,527) $ 2,438 $ 38,173 $ (770) $ (14,665) $ 135,753 $ — ABS — — — — — — — — — — 119,104 — — (8,527) 2,438 38,173 (770) (14,665) 135,753 — Other investments CLO-Equities 5,016 — — 2,395 — — — (2,111) 5,300 2,395 Other privately held investments 136,158 — (25,510) (9,904) — 21,077 (34,532) — 87,289 (17,986) 141,174 — (25,510) (7,509) — 21,077 (34,532) (2,111) 92,589 (15,591) Total assets $ 260,278 $ — $ (25,510) $ (16,036) $ 2,438 $ 59,250 $ (35,302) $ (16,776) $ 228,342 $ (15,591) (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 2024 and 2023. Transfers out of Level 3 into Level 2 There were no transfers out of Level 3 into Level 2 during 2024 and 2023. During 2024 there was a change in an asset classification that resulted in a Level 3 corporate bond being reclassified as a Level 3 ABS. Other Transfers out of Level 3 During 2024, one private company inv estment fund included in other privately held investments in the consolidated balance sheets was transferred from Level 3 to the NAV practical expedient. During 2023, two private company investment funds included in other privately held investments in the consolidated balance sheets were transferred from Level 3 to the NAV practical expedient. In addition, the Company's investment in Monarch Point Re was transferred from Level 3 to equity method investments (refer to Note 5(f) 'Equity Method Investments' ). 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 December 31, 2024 and 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 December 31, 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 December 31, 2024, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $443 million (2023: $686 million) and a fair value of $437 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 December 31, 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 December 31, 2024, the Company's debt was recorded at amortized cost with a carrying value of $1,315 million (2023: $1,314 million) and a fair value of $1,247 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 December 31, 2024, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2023: $86 million) and a fair value of $66 million (2023: $86 million). As these advances are not actively traded, their fair values are classified as Level 2.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 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: December 31, 2024 December 31, 2023 Derivative Derivative asset fair value (1) Derivative liability fair value (1) Derivative Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 17,655 $ 323 $ — $ 49,307 $ 66 $ 274 Relating to underwriting portfolio: Foreign exchange forward contracts 1,323,714 9,116 3,100 1,347,559 4,358 9,891 Total derivatives $ 9,439 $ 3,100 $ 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: December 31, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 20,067 $ (10,628) $ 9,439 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 13,728 $ (10,628) $ 3,100 $ 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 5 '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 currency 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. Other Underwriting-related Risks The Company enters into insurance and reinsurance contracts that are accounted for as derivatives. These insurance or reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. 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 Amount of gain (loss) recognized in 2024 2023 2022 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 1,783 $ (1,456) $ 7,656 Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange (losses) gains 13,399 8,121 (31,609) Other underwriting-related contracts Other insurance related income — — 3,542 Total $ 15,182 $ 6,665 $ (20,411)

RESERVE FOR LOSSES AND LOSS EXP

RESERVE FOR LOSSES AND LOSS EXPENSES	12 Months Ended
	Dec. 31, 2024
Insurance Loss Reserves [Abstract]
RESERVE FOR LOSSES AND LOSS EXPENSES	RESERVE FOR LOSSES AND LOSS EXPENSES Reserving Methodology Sources of Information The Company's loss reserving process begins with the collection and analysis of paid and incurred claim data for each of the Company's segments. The segment data is disaggregated by line of business and further disaggregated by underwriting year and accident year. Underwriting year or accident year information is used to analyze the Company's business and to estimate reserves for losses and loss expenses. Lines of business are reviewed to ensure that the underlying contracts have homogeneous loss development characteristics, while remaining large enough to make the estimation of trends credible. The Company's lines of business are reviewed on a regular basis and adjusted over time as the Company's business evolves. The paid and incurred claim data serves as a key input to many of the methods employed by the Company's actuaries. Actuarial Analysis Multiple actuarial methods are available to estimate ultimate losses. Each method has its own assumptions and its own advantages and disadvantages, with no single estimation method being better than the others in all situations and no one set of assumption variables being meaningful for all lines of business. The relative strengths and weaknesses of the particular estimation methods when applied to a particular group of claims can also change over time. The following is a brief description of the reserve estimation methods commonly employed by the Company's actuaries including a discussion of their particular strengths and weaknesses: • Expected Loss Ratio Method ("ELR Method") : This method estimates ultimate losses for an accident year or underwriting year by applying an expected loss ratio ("ELR") to the earned or written premium for that year. Generally, expected loss ratios are based on one or more of (a) an analysis of historical loss experience to date, (b) pricing information and (c) industry benchmark information, adjusted as appropriate, to reflect premium rate changes, loss and exposure trends, and terms and conditions. This method is insensitive to actual incurred losses for the accident year or underwriting year in question and is, therefore, often useful in the early stages of development when very few losses have been incurred. Conversely, the lack of sensitivity to incurred/paid losses for the accident year or underwriting year in question means that this method is usually inappropriate in later stages of an accident year or underwriting year’s development. • Loss Development Method (also referred to as the "Chain Ladder Method" or "Link Ratio Method") : This method assumes that the losses incurred/paid for each accident year or underwriting year at a particular development stage follow a relatively similar pattern. It assumes that on average, every accident year or underwriting year will display the same percentage of ultimate losses incurred/paid at the same point in time after the inception of that year. The percentages incurred/paid are established for each development stage (e.g., 12 months, 24 months, etc.) after examining averages from historical loss development data and/or, in limited instances, industry benchmark information. Ultimate losses are then estimated by multiplying the actual incurred/paid losses by the reciprocal of the established incurred/paid percentage. The strengths of this method are that it reacts to loss emergence/payments and that it makes full use of historical claim emergence/payment experience. However, this method has weaknesses when the underlying assumption of stable loss development/payment patterns is not valid. This could be the consequence of changes in business mix, claim inflation trends or claim reporting practices and/or the presence of large claims, among other things. Furthermore, this method tends to produce volatile estimates of ultimate losses where there is volatility in the underlying incurred/paid patterns. In particular, where the expected percentage of incurred/paid losses is low, small deviations between actual and expected claims can lead to very volatile estimates of ultimate losses. As a result, this method is often unsuitable at early development stages for an accident year or underwriting year. • Bornhuetter-Ferguson Method ("BF Method") : This method can be seen as a combination of the ELR and Loss Development Methods, under which the Loss Development Method is given progressively more weight as an accident year or underwriting year matures. The main advantage of the BF Method is that it provides a more stable estimate of ultimate losses than the Loss Development Method at earlier stages of development, while remaining more responsive to emerging loss development than the ELR Method. In addition, the BF Method allows for the incorporation of external market information through the use of expected loss ratios, whereas the Loss Development Method does not incorporate such information. As part of the loss reserving process, the Company's actuaries employ the estimation method(s) that they believe will produce the most reliable estimate of ultimate losses, at that particular evaluation date, for each line of business and accident year or underwriting year combination. Often, this is a blend (i.e., weighted average) of the results of two or more appropriate actuarial methods. These ultimate loss estimates are generally utilized to evaluate the adequacy of ultimate loss estimates for previous accident or underwriting years, established in the prior reporting period. For the initial estimate of the current accident or underwriting year, the available claim data is typically insufficient to produce a reliable estimate of ultimate losses. As a result, initial estimates for an accident or underwriting year are generally based on the ELR Method for longer tailed lines and a BF Method for shorter tailed lines. The initial ELR for each line of business is established by the Company's actuaries at the start of the year as part of the planning process, taking into consideration prior accident years’ or underwriting years' experience and industry benchmark information, adjusted after considering factors such as loss and exposure trends, rate differences, changes in contract terms and conditions, business mix changes and other known differences between the current and prior accident or underwriting years. The initial expected loss ratios for a given accident or underwriting year may be modified over time if the underlying assumptions, such as loss development or premium rate changes, differ from the original assumptions. Key Actuarial Assumptions The use of the above actuarial methods requires the Company to make certain explicit assumptions, the most significant of which are expected loss ratios and loss development patterns and the Company relies on historical loss experience in establishing these assumptions. In establishing expected loss ratios for the insurance segment, consideration is given to a number of other factors, including exposure trends, rate adequacy on new and renewal business, ceded reinsurance costs, changes in claims emergence and the Company's underwriters’ view of terms and conditions in the market environment. For the reinsurance segment, expected loss ratios are based on a contract-by-contract review, which considers information provided by clients together with estimates provided by the Company's underwriters and actuaries about the impact of changes in pricing, terms and conditions and coverage. Market experience for some lines of business as compiled and analyzed by an independent actuarial firm is also considered, as appropriate. Reserving for Catastrophic Events The Company cannot estimate losses from widespread catastrophic events, such as hurricanes and earthquakes, using the traditional actuarial methods described above. The magnitude and complexity of losses associated with 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. As a result, actual losses for these events may ultimately differ materially from the Company's current estimates. Net reserves for losses and loss expenses related to catastrophes represent the Company's best estimate of losses and loss expenses that have been incurred at December 31, 2024. The determination of these net reserves for losses and loss expenses is estimated by management after a catastrophe occurs by completing an in-depth analysis of individual contracts which may potentially have been impacted by the catastrophic event. This in-depth analysis may rely on several sources of information including: • estimates of the size of insured industry losses from the catastrophic event and the Company's corresponding market share; • a review of the Company's portfolio of contracts to identify those contracts which may be exposed to the catastrophic event; • a review of the Company's claims notifications • a review of modeled loss estimates based on information previously reported by customers and brokers, including exposure data obtained during the underwriting process; • a review of the coverage provided by the Company's ceded reinsurance; • discussions of the impact of the event with customers and brokers; and • catastrophe bulletins published by various independent statistical reporting agencies. A blend of these information sources is generally used to arrive at aggregate estimates of the ultimate losses arising from these catastrophic events. While the Company believes its estimate of net reserves for losses and loss expenses is adequate for losses and loss expenses that have been incurred at December 31, 2024 based on current facts and circumstances, the Company monitors changes in paid and incurred losses in relation to each catastrophe in subsequent reporting periods and adjustments are made to estimates of ultimate losses for each event if there are developments that are different from previous expectations. Adjustments are recorded in the period in which they are identified. Actual losses for these events may ultimately differ materially from the Company's current estimates. Selection of Reported Reserves – Management’s Best Estimate The Company's loss reserving process involves the collaboration of its underwriting, claims, actuarial, ceded reinsurance and finance departments, including multiple committee meetings and culminates with the approval of a single point best estimate by the Company's Group Reserving Committee, which comprises senior management. In selecting this best estimate, management considers actuarial estimates and applies informed judgment regarding qualitative factors that may not be fully captured in these actuarial estimates. Such factors include, but are not limited to, the timing of the emergence of claims, volume and complexity of claims, social and judicial trends, potential severity of individual claims and the extent of Company historical loss data versus industry benchmark information. While these qualitative factors are considered in arriving at the point estimate, no specific provisions for qualitative factors are established. Reserve for Losses and Loss Expenses Reserve for losses and loss expenses comprise the following: At December 31, 2024 2023 Reserve for reported losses and loss expenses $ 5,433,903 $ 5,559,261 Reserve for losses incurred but not reported 11,785,026 10,874,757 Reserve for losses and loss expenses $ 17,218,929 $ 16,434,018 Reserve Roll-forward The following table presents a reconciliation of the Company's beginning and ending gross reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses: Year ended December 31, 2024 2023 2022 Gross reserve for losses and loss expenses, beginning of year $ 16,434,018 $ 15,168,863 $ 14,653,094 Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year (6,323,083) (5,831,172) (5,017,611) Net reserve for unpaid losses and loss expenses, beginning of year 10,110,935 9,337,691 9,635,483 Net incurred losses and loss expenses related to: Current year 3,182,810 2,981,220 3,267,943 Prior years (24,323) 411,882 (25,533) 3,158,487 3,393,102 3,242,410 Net paid losses and loss expenses related to: Current year (538,709) (488,016) (457,857) Prior years (2,360,100) (2,185,588) (2,397,213) (2,898,809) (2,673,604) (2,855,070) Foreign exchange and other 7,419 53,746 (685,132) Net reserve for unpaid losses and loss expenses, end of year 10,378,032 10,110,935 9,337,691 Reinsurance recoverable on unpaid losses and loss expenses, end of year 6,840,897 6,323,083 5,831,172 Gross reserve for losses and loss expenses, end of year $ 17,218,929 $ 16,434,018 $ 15,168,863 The Company writes business with loss experience generally characterized as low frequency and high severity in nature, which can result in volatility in its financial results. During 2024, 2023 and 2022, the Company recognized catastrophe and weather-related losses, net of reinstatement premiums, of $226 million, $138 million and $403 million. On September 22, 2023, the Company entered into a retrocession reinsurance agreement with a third-party reinsurer which was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2023, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $74 million related to this transaction. On December 9, 2022, the Company entered into loss portfolio transfer reinsurance agreements with a third-party reinsurer which were deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2022, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $422 million related to this transaction. Estimates for Catastrophe Events At December 31, 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 Milton and Hurricane Helene in 2024, Cyclone Gabrielle in 2023, Hurricane Ian, Winter Storm Elliot, June European Convective Storms, the Russia-Ukraine war and COVID-19 in 2022. As a result, actual losses for these events may ultimately differ materially from the Company's current estimates. Prior Year Reserve Development The Company's net favorable (adverse) prior year reserve development arises from changes to estimates for losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment: Favorable (Adverse) Insurance Reinsurance Total Year ended December 31, 2024 $ 16,209 $ 8,114 $ 24,323 Year ended December 31, 2023 $ (176,353) $ (235,529) $ (411,882) Year ended December 31, 2022 $ 16,350 $ 9,183 $ 25,533 The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year. Insurance Segment : Favorable (Adverse) Years ended December 31, 2024 2023 2022 Property $ 17,718 $ 16,195 $ 52,512 Accident and health 4,191 (10,236) (12,856) Marine and aviation (10,656) 26,977 27,927 Cyber — 35,579 8,416 Professional lines — (41,243) (29,093) Credit and political risk 4,956 31,691 24,361 Liability — (235,316) (54,917) Total $ 16,209 $ (176,353) $ 16,350 In 2024, we recognized $16 million of net favorable prior year reserve development, the principal components of which were: • $18 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2022 accident year. • $5 million of net favorable prior year reserve development on credit and political risk business primarily due to better than expected loss emergence related to 2013 and older accident years and 2019 through 2022 accident years. • $4 million of net favorable prior year development on accident and health business primarily due to better than expected loss emergence related to pet insurance business. • $11 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. In 2023, we recognized $176 million of net adverse prior year reserve development, the principal components of which were: • $235 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. primary casualty book of business mainly related to 2022 and older accident years and U.S. programs books of business mainly related to 2017 through 2022 accident years. The reserve strengthening was attributable to updated trend assumptions, emerging development patterns and new industry data reflecting the impact of current economic and social inflation trends in the U.S. casualty market. • $41 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. financial institutions, U.S. commercial management solutions, U.S. design professional and environmental, and the international book of business related to 2019 and older accident years, and increases in loss estimates attributable to specific large claims within the international book of business related to 2012 and older accident years. • $10 million of net adverse prior year development on accident and health business primarily due to reserve strengthening within the international book of business mainly related to the 2021 and 2022 accident years. • $36 million of net favorable prior year reserve development on cyber business primarily due to better than expected loss emergence related to most accident years, partially offset by increases in loss estimates attributable to specific large claims related to the 2020 accident year. • $32 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 several accident years. • $27 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 and aviation books of business related to several accident years and better than expected loss emergence attributable to several catastrophe events. • $16 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to 2017 through 2019 accident years and better than expected loss emergence attributable to 2022 catastrophe events, p artially offset by increases in loss estimates attributable to two specific large claims within the E&S book of business related to the 2016 and 2022 accident years. In 2022 , we recognized $16 million of net favorable prior year reserve development, the principal components of which were: • $53 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence attributable to 2018 and 2020 catastrophe events and decreases in loss estimates attributable to specific large claims related to 2012 and older accident years. • $28 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 and specie, and marine offshore energy books of business mainly related to the 2018, 2019 and 2021 accident years, and better than expected loss emergence attributable to aviation business mainly related to the 2021 accident year. • $24 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 2017 through 2021 accident years. • $8 million of net favorable prior year reserve development on cyber business primarily due to better than expected loss emergence mainly related to 2020 and older accident years, partially offset by reserve strengthening related to the 2021 accident year. • $55 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. programs book of business mainly related to 2016 through 2021 accident years, and the U.S. primary casualty book of business mainly related to 2015 through 2018 and the 2021 accident years. • $29 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. commercial management solutions book of business mainly related to the 2015, 2018 and 2019 accident years. • $13 million of net adverse prior year development on accident and health business primarily due to reserve strengthening mainly related to 2019 through 2021 accident years. Reinsurance Segment : Favorable (Adverse) Years ended December 31, 2024 2023 2022 Accident and health $ — $ 29,947 $ 14,199 Agriculture — 10,781 11,703 Marine and aviation 4,111 12,595 2,597 Professional lines — (92,181) (54,820) Credit and surety 4,003 8,306 43,567 Motor — (9,653) 18,161 Liability — (262,114) (58,148) Run-off lines Catastrophe — 46,297 (504) Property — 15,225 42,523 Engineering — 5,268 (10,095) Total run-off lines — 66,790 31,924 Total $ 8,114 $ (235,529) $ 9,183 In 2024, we recognized $8 million of net favorable prior year reserve development, the principal components of which were: • $4 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2022 accident year. • $4 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence attributable to the mortgage book of business mainly related to the 2020 accident year. In 2023, we recognized $236 million of net adverse prior year reserve development, the principal components of which were: • $262 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. casualty and U.S. multiline/regional books of business related to all accident years. The reserve strengthening was attributable to updated trend assumptions, emerging development patterns and new industry data reflecting the impact of current economic and social inflation trends in the U.S. casualty market. • $92 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. proportional book of business mainly related to 2019 and older accident years, partially offset by better than expected loss emergence mainly related to the 2021 and 2022 accident years. • $10 million of net adverse prior year reserve development on motor business primarily due to reserve strengthening to reflect increased estimates of future loss trend due to inflation and reserve strengthening attributable to the proportional book of business mainly related to 2018 through 2022 accident years . • $30 million of net favorable prior year reserve development on accident and health business primarily due to better than expected loss emergence mainly related to 2018 through 2021 accident years. • $13 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years. • $11 million of net favorable prior year reserve development on agriculture business primarily due to better than expected loss emergence mainly related to the 2022 accident year. • $8 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence attributable to the international credit and mortgage books of business mainly related to the 2018 and 2019 accident years and the 2021 and 2022 accident years, partially offset by increases in loss estimates attributable to specific large claims related to the 2020 accident year. Run-off lines • $46 million of net favorable prior year reserve development on catastrophe business primarily due to better than expected loss emergence mainly attributable to 2022 events. • $15 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly attributable to 2022 catastrophe events. • $5 million of net favorable prior year reserve development on engineering business primarily due to better than expected loss emergence mainly related to older accident years. In 2022, we rec ognized $9 million of net favorable prior year reserve development, the principal components of which were: • $44 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence mainly related to 2015 through 2021 accident years, most notably within the mortgage book of business related to the 2020 and 2021 accident years. • $18 million of net favorable prior year reserve development on motor business primarily due to better than expected loss emergence mainly related to 2017 through 2020 accident years. • $14 million of net favorable prior year reserve development on accident and health business primarily due to better than expected loss emergence mainly related to 2019 through 2021 accident years. • $12 million of net favorable prior year reserve development on agriculture business primarily due to better than expected loss emergence mainly related to the 2019 and 2021 accident years. • $58 million of net adverse prior year reserve development on liability business primarily due to increases in loss estimates attributable to specific large claims related to the 2018 and 2021 accident years and reserve strengthening within the U.S. non-proportional book of business related to 2016 through 2019 accident years. • $55 million of net adverse prior year reserve development on professional lines business primarily due to increases in loss estimates attributable to one cedant related to several accident years, and reserve strengthening within the U.S. public D&O proportional book of business related to 2017 and older accident years. Run-off line s • $43 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence attributable to 2017 through 2021 catastrophe events and better than expected attritional loss emergence related to the 2021 accident year. • $10 million of net adverse prior year reserve development on engineering business primarily due to increases in loss estimates attributable to specific large claims mainly related to the 2011, 2018 and 2019 accident years. Net Incurred and Paid Claims Development Tables by Accident Year The following tables present net incurred and paid claims development by accident year, total incurred-but-not-reported liabilities plus expected development on reported claims, cumulative reported claims frequency and average annual percentage payout of incurred claims by age for each line of business. The loss development tables are presented on an accident year basis for each line of business in the insurance and reinsurance segments. The Company does not discount reserves for losses and loss expenses. Non-U.S. dollar denominated loss data is converted to U.S. dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in foreign currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using the rates of exchange in effect at the balance sheet date. There are many considerations in establishing net reserves for losses and loss expenses. An attempt to evaluate net reserves for losses and loss expenses using solely the paid losses and claim counts presented in these tables could be misleading. When projecting net reserves for losses and loss expenses, the Company relies on several inputs in addition to the information presented in this disclosure including case incurred loss projections, changes in mix of business, external trends, and additional qualitative information. The Company cautions against mechanical application of standard actuarial methodologies to project ultimate losses using data presented in this disclosure. Insurance Segment The reporting of cumulative claims frequency for the lines of business within the insurance segment has been measured by counting the number of unique claim references including claim references assigned to nil and nominal case reserves. Claim references are grouped by claimant by loss event for each line of business. For certain insurance facilities and business produced by managing general agents where underlying data is reported to the Company in an aggregated format, the information necessary to provide cumulative claims frequency is not available therefore reporting of claims frequency is deemed to be impracticable. Insurance Property The property line of business provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed. In general, reporting and payment patterns are relatively short although they can be volatile due to the incidence of catastrophe events. Insurance property Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 207,189 $ 199,448 $ 191,577 $ 189,373 $ 186,032 $ 187,860 $ 177,908 $ 180,172 $ 180,785 $ 184,012 $ 1,053 4,199 2016 261,565 284,462 276,891 262,436 256,514 256,766 256,192 261,379 260,698 (854) 6,685 2017 789,318 694,953 682,582 673,336 668,663 668,986 663,510 662,072 11,091 10,117 2018 600,141 629,218 608,937 601,674 600,469 591,064 585,484 5,167 9,701 2019 368,594 357,615 349,495 360,367 343,816 343,852 1,904 9,630 2020 644,750 627,229 575,827 584,608 590,238 15,480 12,528 2021 375,981 370,445 366,781 366,639 10,732 7,943 2022 411,156 413,181 396,296 27,546 7,707 2023 395,636 392,842 95,149 7,143 2024 539,252 274,741 6,578 Total $ 4,321,385 Insurance property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 67,399 $ 144,389 $ 165,268 $ 178,896 $ 178,566 $ 184,856 $ 176,079 $ 180,900 $ 180,576 $ 182,683 2016 82,296 204,637 240,568 248,054 248,118 252,951 250,353 256,535 260,805 2017 190,148 509,202 616,838 644,936 639,939 629,525 641,640 642,182 2018 218,293 461,816 554,132 564,129 581,594 567,762 576,747 2019 145,556 251,877 298,564 335,077 323,935 328,429 2020 181,138 420,774 474,714 523,474 553,239 2021 133,671 284,332 319,737 338,393 2022 96,815 259,261 323,805 2023 90,343 206,885 2024 111,368 Total 3,524,536 All outstanding liabilities before 2015, net of reinsurance 13,825 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 810,674 Insurance property Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 31.2% 40.2% 13.2% 5.7% 0.6% 0.5% (0.6%) 1.7% 0.7% 1.1% Insurance Accident and Health The accident and health line of business includes personal accident, travel insurance and specialty health products for employer and affi

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
REINSURANCE	REINSURANCE In the normal course of business, the Company purchases facultative and treaty reinsurance protection to limit ultimate losses and reduce loss aggregation risk. Facultative reinsurance provides cover for all or a portion of the losses incurred for a single policy and the Company separately negotiates each facultative contract. Treaty reinsurance provides cover for a specified type or category of risks. The Company's treaty reinsurance agreements provide this cover on either an excess of loss or a proportional basis. Excess of loss covers provide a contractually set amount of coverage after a specified loss amount has been reached. These treaties can provide cover for a number of lines of business within one contract. Under proportional reinsurance, the Company cedes an agreed percentage of the premiums and the losses and loss expenses on the policies it underwrites. These treaties provide the Company with a specified percentage of coverage from the first dollar of loss. All of these reinsurance contracts provide the Company with the right to recover a specified amount of losses and loss expenses from reinsurers. To the extent that reinsurers do not meet their obligations under these agreements due to solvency issues, contractual disputes over contract language or coverage and/or other reasons, the Company remains liable. The following table presents gross and net premiums written and earned: Year ended December 31, 2024 2023 2022 Premiums Premiums Premiums Premiums Premiums Premiums Gross $ 9,005,888 $ 8,529,567 $ 8,356,525 $ 7,973,577 $ 8,214,595 $ 7,936,382 Ceded (3,248,537) (3,223,332) (3,254,200) (2,889,796) (2,951,539) (2,776,056) Net $ 5,757,351 $ 5,306,235 $ 5,102,325 $ 5,083,781 $ 5,263,056 $ 5,160,326 For the year ended December 31, 2024, the Company recognized ceded losses and loss expenses of $2,039 million (2023: $1,754 million; 2022: $1,754 million). At December 31, 2024 , the Company’s reinsurance recoverable on unpaid and paid losses and loss expenses was $7.4 billion ( 2023: $6.9 billion). At December 31, 2024, the Company's allowance for expected credit losses to be recognized over the life of the Company’s r einsurance recoverables balance was $43 million (2023: $37 million; 2022: $31 million ). The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses related to the Company’s reinsurance recoverable balance: Year ended December 31, 2024 2023 Beginning balance $ 36,611 $ 30,715 Increase (decrease) in allowance for expected credit losses 6,834 5,896 Ending Balance $ 43,445 $ 36,611 Loss Portfolio Transfer Reinsurance Agreement On December 13, 2024, the Company entered into a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years (refer to Note 18 ' Related Party Transactions' ). The transaction is subject to regulatory approvals and other customary conditions and is expected to close during the first half of 2025. The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $3.1 billion at September 30, 2024 and provides cover up to a policy limit of approximately $940 million. Pursuant to the LPT Agreement, the Company will maintain responsibility for claims management subject to certain administrative rights of Enstar and will enter into collateral agreements with the Reinsurer under which the Company may be obligated to maintain certain types of eligible assets as partial collateral securing the Reinsurer’s obligations with respect to the Subject Business.

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING ARRANGEMENTS	DEBT AND FINANCING ARRANGEMENTS a) Debt The following table summarizes the Company's debt: Year ended December 31, 2024 2023 5.150% Senior Notes $ 246,873 $ 246,789 4.000% Senior Notes 348,774 348,389 3.900% Senior Notes 297,556 297,076 Junior Subordinated Notes 421,976 421,460 Total Debt $ 1,315,179 $ 1,313,714 The tables below provide the key terms of the Company's debt: Description Issuance Date Aggregate Principal Issue Price Net Proceeds Maturity Date 5.150% Senior Notes March 13, 2014 $ 250,000 99.474 % $ 246,000 April 1, 2045 4.000% Senior Notes December 6, 2017 $ 350,000 99.780 % $ 347,000 December 6, 2027 3.900% Senior Notes June 19, 2019 $ 300,000 99.360 % $ 296,000 July 15, 2029 Junior Subordinated Notes December 10, 2019 $ 425,000 99.000 % $ 420,750 January 15, 2040 Description Interest Rate Interest Payments Due 5.150% Senior Notes 5.150 % Semi-annually in arrears on April 1 and October 1 of each year 4.000% Senior Notes 4.000 % Semi-annually in arrears on June 6 and December 6 of each year 3.900% Senior Notes 3.900 % Semi-annually in arrears on January 15 and July 15 of each year Junior Subordinated Notes (1) 4.900 % Semi-annually on January 15 and July 15 of each year (1) The Junior Subordinated Notes accrue interest from the date of issuance to, but excluding, January 15, 2030 (the "Par Call Date") at the fixed rate of 4.900% and from, and including, the Par Call Date, at a rate equal to the Five-Year Treasury Rate as of the Reset Interest Determination Date, plus 3.186%. Interest on the Junior Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2020. 5.150% Senior Notes The 5.150% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC under the 5.150% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. 4.000% Senior Notes The 4.000% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC under the 4.000% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. 3.900% Senior Notes The 3.900% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC under the 3.900% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. The Company has the option to redeem the Senior Notes at any time and from time to time, in whole or in part, at a ''make-whole'' redemption price, which is equal to the greater of the aggregate principal amount or the sum of the present values of the remaining scheduled payments of principal and interest. The related indentures contain various covenants, including limitations on liens on the stock of restricted subsidiaries, restrictions as to the disposition of the stock of restricted subsidiaries and limitations on mergers and consolidations. The Company was in compliance with all the covenants contained in the indentures at December 31, 2024. Interest expense recognized in relation to the Senior Notes includes interest payable, amortization of the offering discounts and amortization of debt offering expenses. The offering discounts and debt offering expenses are amortized over the period of time during which the Senior Notes are outstanding. For the year ended December 31, 2024, the Company incurred interest expense of $40 million (2023: $40 million, 2022: $40 million). Junior Subordinated Notes The 4.900% Fixed-Rate Reset Junior Notes are ranked as unsecured junior subordinated obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC under the Junior Notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital. Interest expense recognized in relation to the Junior Notes includes interest payable and amortization of debt offering expenses. The debt offering expenses are amortized over the period of time during which the Junior Notes are outstanding. For the year ended December 31, 2024, the Company incurred interest expense of $21 million (2023: $21 million, 2022: $21 million). Scheduled Debt Maturity The following table provides the scheduled maturity of the Company's debt obligations at December 31, 2024: Year ended December 31, 2025 $ — 2026 — 2027 350,000 2028 — 2029 300,000 After 2029 675,000 Unamortized discount and debt issuance expenses (9,821) Total senior notes and notes payable $ 1,315,179 b) Loan Advances made to a Third Party Reinsurer During 2024, the Company advanced $nil (2023: $102 million) to a third party reinsurer. Loans advanced in prior years are being repaid in a manner consistent with the timing of amounts due to the third party reinsurer under retrocession agreements. At December 31, 2024, $75 million (2023: $82 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. Loan advances made are expected to be repaid in full by February 15, 2026 (2023: February 15, 2026). The loan balance receivable at December 31, 2024, of $5 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. Interest on this loan is payable at an interest rate of 5.4% (2023: interest rates between 0.8% and 4.0%). Interest of $nil (2023: $1 million) related to this loan was received in advance and is included in other liabilities in the consolidated balance sheets and was treated as a non-cash activity in the consolidated statement of cash flows. c) Letter of Credit Facility At December 31, 2023, certain of AXIS Capital’s operating subsidiaries (the "Participating Subsidiaries") had a $500 million letter of credit facility available from Citibank Europe plc ("Citibank") (the " $500 million Facility"), pursuant to a Master Reimbursement Agreement May 14, 2010, as amended, and Committed Letter of Credit Facility Letter dated December 18, 2015, as amended. (together, the "LOC Facility Documents"). Under the terms of the $500 million Facility, letters of credit to a maximum aggregate amount of $500 million are available for issuance on behalf of the Participating Subsidiaries. These letters of credit are principally used to support the reinsurance obligations of the Participating Subsidiaries. The $500 million Facility is subject to certain covenants, including the requirement to maintain sufficient collateral, as defined in the LOC Facility Documents to cover all of the obligations under the $500 million Facility. Such obligations include contingent reimbursement obligations for outstanding letters of credit and fees payable to Citibank. In the event of default, Citibank may exercise certain remedies, including the exercise of control over pledged collateral and the termination of the availability of the $500 million Facilit y to any or all of the Participating Subsidiaries. On March 26, 2024, the $500 million Facility was amended to reduce the committed utilization capacity available under the Facility to $300 million (the "$300 million Facility"), enter into an uncommitted secured letter of credit facility with Citibank Europe plc, extend the tenors of issuable letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements. At December 31, 2024, letters of credit outstanding under the LOC Facility were $235 million (2023: $325 million). At December 31, 2024, the Participating Subsidiaries were in compliance with all LOC Facility covenants.

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES	12 Months Ended
	Dec. 31, 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"). Members may borrow from the FHLB at competitive rates subject to certain conditions. At December 31, 2024, the companies had admitted assets of approximately $3.2 billion (2023: $3.0 billion) which provides borrowing capacity of up to approximately $798 million (2023: $759 million). Conditions of membership include maintaining sufficient collateral deposits for funding, a requirement to maintain member stock at 0.4% of mortgage-related assets at December 31st of the prior year, and a requirement to purchase additional member stock of 2.0% or 4.5% of any amount borrowed. At December 31, 2024, the Company had borrowings under the FHLB program of $66 million (2023: $86 million ). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity. The FHLB advances have maturities in 2025 and interest payable at interest rates between 4.5% and 5.5% (2023: 5.6% and 5.9%). For the year ended December 31, 2024, the Company incurred interest expense of $4 million (2023: $5 million). The borrowings under the FHLB program are secured by cash and investments with a fair value of $72 million

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES a) Concentrations of Credit Risk Credit Risk Aggregation The Company monitors and manages the aggregation of credit risk on a group-wide basis allowing it to consider exposure management strategies for individual companies, countries, regions, sectors and any other relevant inter-dependencies. The Company's credit exposures are aggregated based on the origin of risk. Credit risk aggregation is also managed through minimizing overlaps in underwriting, financing and investing activities. As part of its credit aggregation framework, the Company also assigns aggregate credit limits by country and by single counterparty (or parent of affiliated counterparties). These limits are based on and adjusted for a variety of factors including the prevailing economic environment and the nature of the underlying credit exposures. The Company's credit aggregation measurement and reporting process is facilitated by its credit risk exposure database, which contains relevant information on counterparty details and credit risk exposures. The database is accessible by management throughout the Company, therefore providing transparency to allow for the implementation of active exposure management strategies. The Company also licenses third-party tools to provide credit risk assessments. The Company monitors all its credit aggregations and, where appropriate, adjusts its internal risk limits and/or takes specific actions to reduce our risk exposures. The assets that potentially subject the Company to concentrations of credit risk consist principally of cash and investments, reinsurance recoverable on unpaid and paid claims, and insurance and reinsurance premiums balances receivable, as described below: (i) Cash and Investments In order to mitigate concentration and operational risks related to cash and cash equivalents, the Company limits the maximum amount of cash that can be deposited with a single counterparty and limits acceptable counterparties based on current rating, outlook and other relevant factors. The Company's fixed maturities portfolio, which represents approximately $12.6 billion or 39% of its total assets, is exposed to potential losses arising from the diminished creditworthiness of issuers of bonds. The Company's investment portfolio is managed by external investment managers in accordance with its investment guidelines. The Company limits credit risk through diversification and issuer exposure limits graded by ratings and, with respect to custodians, through contractual and other legal remedies. Excluding Government and agency securities, the Company limits its concentration of credit risk to any single corporate issuer to 1% of its investment grade fixed maturities portfolio for securities rated A- or above and 0.5% of its investment grade fixed maturities portfolio for securities rated below A-. At December 31, 2024, the Company was in compliance with these limits. (ii) Reinsurance Recoverable on Unpaid and Paid Losses and Loss Expenses The Company is exposed to the credit risk associated with reinsurance recoverable on unpaid and paid losses and loss expenses to the extent that any of its reinsurers fail to meet their obligations under reinsurance contracts. To help mitigate this risk, the Company's purchase of reinsurance is subject to financial security requirements specified by its Reinsurance Security Committee. This Committee maintains a list of approved reinsurers, performs credit risk assessments for potential new reinsurers, regularly monitors approved reinsurers with consideration for events which may have a material impact on their creditworthiness, recommends counterparty tolerance levels for different types of ceded business and monitors concentrations of credit risk. This assessment considers a wide range of individual attributes, including a review of the counterparty’s financial strength, industry position and other qualitative factors. Generally, the Committee requires that reinsurers who do not meet specified requirements provide collateral. At December 31, 2024, the three largest balances by reinsurer accounted for 12%, 7% and 5% (2023: 14%, 9% and 4%) of reinsurance recoverable on unpaid and paid losses and loss expenses. At December 31, 2024, amounts recoverable from reinsurers included 17% that is fully collateralized, 81% that is recoverable from reinsurers rated A- or higher by A.M. Best and 2% that is recoverable from reinsurers rated lower than A- by A.M. Best (2023: 14%, 83% and 3%, respectively). (iii) Insurance and Reinsurance Premium Balances Receivable The diversity of the Company's client base limits credit risk associated with its premium balances receivable. In addition, for insurance contracts the Company has contractual rights to cancel coverage for non-payment of premiums and for reinsurance contracts the Company has contractual rights to offset premium balances receivable against corresponding payments for losses and loss expenses. Brokers and other intermediaries collect premiums from customers on behalf of the Company. The Company has procedures in place to manage and monitor credit risk from intermediaries with a focus on day-to-day monitoring of the largest positions. These contractual rights contribute to the mitigation of credit risk, together with the monitoring of aged premium balances receivable. In light of these mitigating factors and considering that a significant portion of premium balances receivable are not currently due based on the terms of the underlying contracts, the Company does not utilize specific credit quality indicators to monitor its premium balances receivable. At December 31, 2024 , the Company’s premium balances receivable was $3 billion (2023 - $3 billion). At December 31, 2024, the Company's allowance for expected credit losses to be recognized over the life of the Company’s premium balances receivable was $17 million (2023: $12 million). The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses related to the Company’s premiums balances receivable: Year ended December 31, 2024 2023 Beginning balance $ 11,997 $ 9,521 Increase (decrease) in allowance for expected credit losses 5,342 2,476 Ending balance $ 17,339 $ 11,997 For the year ended December 31, 2024, bad debt expense was $3 million (2023: $2 million; 2022: $nil). b) Brokers The Company produces business through brokers. For the year ended December 31, 2024, 2023 and 2022, three brokers accounted for 38%, 38% and 43% of gross premiums written, respectively. Aon plc accounted for 14% (2023: 15%, 2022: 17%), Marsh & McLennan Companies Inc. accounted for 14% (2023: 14%, 2022: 17%), and Arthur J. Gallagher & Co. accounted for 10% (2023: 9%, 2022: 9%). No other broker and no single insured or reinsured accounted for more than 10% of gross premiums written in any of the last three years. c) Reinsurance Purchase Commitment In the normal course of business, the Company purchases reinsurance and retrocessional (collectively referred to as "reinsurance") protection for its insurance and reinsurance business. Minimum reinsurance premiums are contractually due in advance on a quarterly basis. At December 31, 2024, the Company had outstanding reinsurance purchase commitments of $nil (2023: $6 million due before June 2025). Actual payments under the reinsurance contracts will depend on the underlying subject premium and may exceed the minimum reinsurance premiums. d) 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 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. e) Investments At December 31, 2024, the Company has $526 million (2023: $502 million) of unfunded investment commitments related to its other investment portfolio, which are callable by investment managers (refer to Note 5(e) ' Investments '). At December 31, 2024, the Company has $9 million (2023: $10 million) of unfunded investment commitments to purchase commercial mortgage loans and $94 million (2023: $16 million) of unfunded investment commitments to purchase corporate debt. f) Funds at Lloyd's The Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited. Lloyd’s sets capital requirements for corporate members annually through the application of a capital model that is based on regulatory rules pursuant to Solvency II. The capital provided to support underwriting or FAL may be satisfied by cash, certain investments and letters of credit provided by approved banks. At December 31, 2024, investments and cash of $883 million (2023: $893 million) were restricted to satisfy the Company's FAL requirements (refer to Note 5 'Investments' and Note 22 ' Statutory Financial Information' ).

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES In the ordinary course of business, the Company renews and enters into new leases for office property and equipment, which expire at various dates. At the lease inception date, the Company assesses whether a contract is or contains a lease. At the commencement date, the Company determines the classification of each separate lease component as either a finance lease or an operating lease. The Company's leases are all currently classified as operating leases. For operating leases that have a lease term of more than 12 months, the Company recognizes a lease liability and a right-of-use asset in the Company's consolidated balance sheets at the present value of the lease payments at the lease commencement date. At the commencement date, the Company determines lease terms by assuming the exercise of those renewal options that are deemed to be reasonably certain. The exercise of lease renewal options is at the sole discretion of the Company. As the lease contracts generally do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on information available at the commencement date to determine the present value of lease payments. The incremental borrowing rate is based on a borrowing with a term that is similar to the term of the associated lease. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the commencement date. The following table presents the Company’s total lease expense and the cash flows arising from lease transactions: Year ended December 31, 2024 2023 2022 Lease cost: Operating lease expense $ 17,273 $ 21,499 $ 20,611 Short-term lease expense (1) 781 2,291 813 Sublease income (2) (4,554) (4,531) (3,423) Total lease expense $ 13,500 $ 19,259 $ 18,001 Other information: Operating cash outflows from operating leases $ 17,035 $ 20,190 $ 22,932 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ (3,209) $ 34,988 $ 6,514 Weighted-average remaining lease term - operating leases (4) 9.3 years 9.8 years 9.9 years Weighted-average discount rate - operating lease (5) 4.9% 4.4 % 4.1 % (1) Short-term lease expense is recognized on a straight-line basis over the lease term. (2) Sublease income largely relates to office properties in Chicago, Alpharetta and London. (3) In 2024, the Company modified a lease agreement to reflect an increase in lease payments for its office property in London, terminated a lease agreement for its office property in Singapore and entered into a new lease agreement for an office property with a reduced floor in Singapore. (4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date. (5) Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date. The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2024: Year ended December 31, Expected cash flows 2025 $ 17,787 2026 15,181 2027 13,026 2028 12,283 2029 12,280 Later years 62,663 Discount (26,606) Total discounted operating lease liabilities $ 106,614 The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2023: Year ended December 31, Expected cash flows 2024 $ 17,543 2025 18,122 2026 15,767 2027 13,519 2028 12,691 Later years 74,852 Discount (29,393) Total discounted operating lease liabilities $ 123,101

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table presents a comparison of earnings (loss) per common share and earnings (loss) per diluted common share: At and year ended December 31, 2024 2023 2022 Earnings per common share Net income $ 1,081,786 $ 376,292 $ 223,083 Less: Preferred share dividends 30,250 30,250 30,250 Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833 Weighted average common shares outstanding 84,165 85,142 84,864 Earnings per common share $ 12.49 $ 4.06 $ 2.27 Earnings per diluted common share Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833 Weighted average common shares outstanding 84,165 85,142 84,864 Share-based compensation plans 1,011 870 805 Weighted average diluted common shares outstanding 85,176 86,012 85,669 Earnings per diluted common share $ 12.35 $ 4.02 $ 2.25 Weighted average anti-dilutive shares excluded from the dilutive computation 192 405 324

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY a) Common Shares The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share. The following table presents changes in common shares issued and outstanding: Year ended December 31, 2024 2023 2022 Shares issued, balance at beginning of year 176,580 176,580 176,580 Shares issued — — — Total shares issued at end of year 176,580 176,580 176,580 Treasury shares, balance at beginning of year (91,294) (91,912) (91,806) Shares repurchased (3,061) (398) (897) Shares reissued 759 1,016 791 Total treasury shares at end of year (93,596) (91,294) (91,912) Total shares outstanding 82,984 85,286 84,668 Treasury Shares On December 7, 2023, the Company's Board of Directors renewed its authorization for the repurchase of up to $100 million of the Company's common shares, effective January 1, 2024, through December 31, 2024. 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: Year ended December 31, 2024 2023 2022 In the open market: (1) Total shares 2,806 — 634 Total cost $ 199,943 $ — $ 34,987 Average price per share (2) $ 71.27 $ — $ 55.22 From employees: (3) Total shares 255 398 263 Total cost $ 15,925 $ 23,596 $ 13,994 Average price per share (2) $ 62.45 $ 59.15 $ 53.13 Total shares repurchased: Total shares 3,061 398 897 Total cost $ 215,868 $ 23,596 $ 48,981 Average price per share (2) $ 70.53 $ 59.15 $ 54.61 (1) Shares were 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. b) Preferred Shares Series E Preferred Shares On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company could redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares are entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. 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 year of declaration Dividends paid in year following declaration Year ended December 31, 2024 Common shares $ 1.76 $ 1.32 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2023 Common shares $ 1.76 $ 1.32 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2022 Common shares $ 1.73 $ 1.29 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS The Company maintains defined contribution plans to provide retirement benefits to eligible employees. Contributions to the plans, which are managed externally, are based on eligible compensation. For eligible U.S. employees, the Company provides a non-qualified deferred compensation plan that enables employees to make contributions to the plan that are in excess of those permitted under the Company's 401(k) Plan. In addition, employees are permitted to make additional contributions from any bonus received and to benefit from discretionary employer contribution to the Plan. For the year ended December 31, 2024, total pension expenses were $35 million (2023: $35 million and 2022: $34 million) for the above retirement benefit.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In May 2017, shareholders approved the establishment of the AXIS Capital Holdings Limited 2017 Long-Term Equity Compensation Plan (the "2017 Plan"). The 2017 Plan provides for, among other things, the issuance of restricted shares, restricted stock units (share-settled awards and cash-settled awards), performance units (share-settled awards and cash-settled awards), stock options, stock appreciation rights and other equity-based awards to the Company's employees and directors. The 2017 Plan authorizes the issuance of a total of 3,400,000 common shares. On May 7, 2021, at the Annual General Meeting of Shareholders of the Company, the Company’s shareholders approved an amendment to the Company’s 2017 Plan to increase by 1,600,000 the number of common shares authorized for issuance under the Plan. On May 4, 2023, at the Annual General Meeting of Shareholders of the Company, the Company’s shareholders approved an amendment to the Company’s 2017 Plan to increase by 1,125,000 the number of common shares authorized for issuance under the Plan. At December 31, 2024, 2,473,947 equity-based awards remained available for grant pursuant to the 2017 Plan. Restricted Stock Units - Share-Settled The grant date fair value of share-settled restricted stock units granted pursuant to the 2017 Plan is established at the fair market value of the Company's common shares at the date of grant. These awards either cliff vest at the end of a three year period, vest in accordance with a three year graded vesting schedule in three annual installments beginning on the grant date, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Restricted Stock Units - Cash-Settled The grant date fair value of cash-settled restricted stock units granted pursuant to the 2017 Plan is established at the fair market value of the Company's common shares at the date of grant. These awards are liability awards and generally cliff vest at the end of a three year period, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Performance Restricted Stock Units - Share-Settled Performance restricted stock units granted pursuant to the 2017 Plan represent the right to receive a specified number of common shares in the future, based on the achievement of established performance criteria and continued service during the applicable performance period. The grant date fair value of performance restricted stock units granted subsequent to 2021 with a market condition were measured on the grant date using a Monte Carlo simulation model. The grant date fair value of performance restricted stock units granted in 2024 with a performance condition was determined based on the closing price of the Company's common shares on the grant date. Awards granted pursuant to the 2017 Plan generally cliff vest at the end of a three year period. Compensation expense is recognized on a straight-line basis over the applicable requisite service period. Acceleration Provisions Grants provided under the 2017 Plan generally allow for accelerated vesting provisions on the employee’s death, permanent disability, or certain terminations following a change in control of the Company occurring within two years of the change in control event. Notwithstanding these vesting provisions, the Compensation Committee of the Company's Board of Directors has broad authority to accelerate vesting at its discretion. Retirement Plan In 2016, the Company established the AXIS Executive Restricted Stock Unit Retirement Plan (the "Plan") to reward certain eligible long-term employees of the Company for their dedicated service. The Plan was implemented in 2017. Subject to certain conditions being met, eligible employees do not forfeit all of their outstanding share-settled restricted stock units, share-settled performance restricted stock units or cash-settled restricted stock units on or following their retirement. Absent the Plan, outstanding restricted stock units are generally forfeited on termination of employment. a) Performance Restricted Stock Units Performance Restricted Stock Units granted in 2024, 2023 and 2022 with a market condition Certain share-settled performance restricted stock units granted in 2024, and share-settled performance restricted stock units granted in 2023 and 2022 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. Performance Restricted Stock Units granted in the three months ended March 31, 2023 in relation to senior leadership transition Share-settled performance restricted stock units granted in the three months ended March 31, 2023 to one senior leader 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, 50% of these awards will vest at the end of a one-year performance period, and the remaining 50% of these awards will vest at the end of a three-year vest period within a range of 0% to 200% of target. Performance Restricted Stock Units granted in the three months ended June 30, 3023 in relation to senior leadership transition Share-settled performance restricted stock units granted in the three months ended June 30, 2023 to one senior leader include a market condition which is the Company’s total shareholder return's compound annual growth rate ("TSR CAGR") over the performance period. TSR CAGR 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, 2023 and 2022 with a market condition The fair values of these performance restricted stock units were 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: Year ended December 31, 2024 2023 (1) 2023 (2) 2023 (3) 2022 Expected volatility 26.00% 36.24% 29.30% 30.05% 33.44% Expected term (in years) 3.0 3.0 1.0 3.0 3.0 Expected dividend yield n/a n/a n/a n/a n/a Risk-free interest rate 4.06% 3.79% 4.61% 3.39% 1.26% 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 2022, 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 for awards granted in 2022 is generally measured January 1, 2022 to December 31, 2024, Performance restricted stock units granted 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 was 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 was 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, 2023 and 2022 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. b) Share-Settled Awards The following table provides an activity summary of the Company's share-settled restricted stock units: Share-Settled Performance Share-Settled Service Number of Weighted average grant date Number of Weighted average Nonvested restricted stock units - December 31, 2022 330 $ 60.01 2,117 $ 53.16 Granted 122 66.13 918 57.53 Vested (88) 63.88 (929) 53.02 Forfeited (220) 58.15 (251) 54.49 Nonvested restricted stock units - December 31, 2023 144 65.69 1,855 55.21 Granted 104 65.77 748 60.50 Vested — — (759) 54.65 Forfeited (1) 65.78 (202) 56.66 Nonvested restricted stock units - December 31, 2024 247 $ 65.73 1,642 $ 57.73 c) Cash-Settled Awards The following table provides an activity summary of the Company's cash-settled restricted stock units: Cash-Settled Service Restricted Stock Units Number of Nonvested restricted stock units - December 31, 2022 60 Granted — Vested (59) Forfeited (1) Nonvested restricted stock units - December 31, 2023 (1) — (1) No further cash-settled restricted stock units were granted subsequent to 2019 and all cash-settled restricted stock units were vested at December 31, 2023. The following table provides additional information related to share-based compensation: Year ended December 31, 2024 2023 2022 Share-based compensation expense (1) $ 42,713 $ 57,729 $ 56,136 Tax benefits associated with share-based compensation expense $ 8,007 $ 8,819 $ 8,839 Liability for cash-settled restricted stock units (2) $ — $ — $ 4,792 Fair value of restricted stock units vested (3) $ 46,884 $ 64,156 $ 49,792 Unrecognized share-based compensation expense $ 60,192 $ 62,416 $ 74,601 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.4 years 2.4 years 2.3 years (1) Related to share-settled restricted stock units and cash-settled restricted stock units. (2) Included in other liabilities in the consolidated balance sheets. (3) Fair value is based on the closing price of the Company's common shares on the vest date.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related Party Transactions with Stone Point Capital, LLC ("Stone Point") A member of the Company’s Board of Directors, Mr. Charles Davis, is the Chief Executive Officer of Stone Point Capital, LLC ("Stone Point"). In the ordinary course of business, the Company engages SKY Harbor Capital Management, LLC, which is majority-owned by Stone Point's private equity fund Trident V, L.P. ("Trident V"), to provide asset management services for certain high yield debt portfolios. For the year ended December 31, 2024, total fees paid to SKY Harbor Capital Management, LLC, were $3 million (2023: $3 million; 2022: $2 million). In addition, the Company has an investment of $3 million (2023: $17 million) in the Freedom Consumer Credit Fund, LLC - Series B. The manager of this fund is Freedom Financial Asset Management, LLC ("Freedom") which is an indirect subsidiary of Pantheon Partners, LLC ("Pantheon"). A Stone Point private equity fund, Trident VI, L.P. ("Trident VI") owns approximately 14.5% of Pantheon. For the year ended December 31, 2024, fees paid to Freedom were $nil (2023: $1 million; 2022: $2 million). The Company has an investment of $92 million (2023: $87 million) in Stone Point's private equity fund, Trident VIII, L.P. ("Trident VIII") and co-investments of $30 million (2023: $26 million) with Trident VIII. For the year ended December 31, 2024, fees paid to Stone Point in relation to Trident VIII were $4 million (2023: $2 million; 2022: $2 million). The Company has an investment of $39 million (2023: $24 million) in Stone Point's private equity fund, Trident IX, L.P. ("Trident IX"). For the year ended December 31, 2024, fees paid to Stone Point in relation to Trident IX were $3 million (2023: $1 million; 2022: $1 million). The Company has an investment of $48 million (2023: $43 million) with Rialto Real Estate IV-Property ("Rialto") and co-investments of $23 million (2023: $19 million) with Rialto, a fund managed by a portfolio company of Stone Point's private equity fund, Trident VII, L.P. ("Trident VII"). For the year ended December 31, 2024, fees paid to Rialto were $2 million (2023: $2 million; 2022: $2 million). The Company has an investment of $18 million (2023: $18 million) in Stone Point Credit Corporation. For the year ended December 31, 2024, fees paid to Stone Point in relation to Stone Point Credit Corporation were $0.5 million (2023: $0.5 million; 2022: $0.3 million). The Company has an investment of $18 million (2023: $18 million) in Stone Point Credit Corporation bonds. For the year ended December 31, 2024, the Company earned income of $1 million (2023: $1 million; 2022: $0.6 million) in relation to this bond. The Company has an investment of $7 million (2023: $7 million) in a loan to Eagle Point Credit Management LLC ("Eagle Point"), which is majority-owned by Trident IX. For the year ended December 31, 2024, the Company earned income of $0.7 million (2023: $0.5 million) in relation to this loan. The Company has an investment of $6 million (2023: $6 million) in cumulative preferred shares of Aspida Holdings Ltd. ("Aspida"). The investment was syndicated to the Company by Stone Point Credit Corporation. For the year ended December 31, 2024 and 2023, the Company did not pay any fees to Aspida. The Company has an investment of $43 million (2023: $22 million) in Monarch Point Re (refer to Note 5 ' Investments '), a newly created collateralized reinsurer which is jointly sponsored by the Company and Stone Point Credit Adviser LLC. For the year ended December 31, 2024, fees paid by Monarch Point Re to Stone Point Credit Adviser LLC were $1 million (2023: $0.1 million). At December 31, 2023, the Company had an investment of $5 million in a syndicated accounts receivable loan for which Sound Point Capital Management LP ("Sound Point"), an affiliate of Stone Point, was the lead originator. For the year ended December 31, 2023, the Company did not pay any fees to Sound Point. At December 31, 2023, the Company had co-investments of $9 million with Gordon Brothers, which is majority-owned by Trident VII. For the year ended December 31, 2023, fees paid to Gordon Brothers were $0.1 million (2022: $0.1 million). Commitments At December 31, 2024, the Company had up to $25 million of unfunded commitments to Stone Point's private equity fund, Trident X L.P. ("Trident X"). At December 31, 2024, the Company had up to $60 million of unfunded commitments to a separately managed account ("SMA) that will be managed by Stone Point Credit LLC. Stock Repurchase Agreement with Stone Point On February 3, 2025, the Company entered into a stock repurchase agreement (the "Repurchase Agreement") with T-VIII PubOpps LP ("T8"), an investment vehicle managed by Stone Point, pursuant to which T8 agreed to sell 2,234,636 shares to the Company for an aggregate price of approximately $200 million (the "Repurchase"). Loss Portfolio Transfer Reinsurance Agreement with Enstar On December 13, 2024, the Company entered into a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business (refer to Note 19 ' Reinsurance' for further details). Stone Point serves as the manager of Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. (collectively, "Trident V Funds"), that indirectly held an aggregate ownership interest of approximately 9.5% in Enstar at December 31, 2024. Retrocession Agreement with Monarch Point Re On September 22, 2023 (the "closing date"), the Company entered into an agreement, with an effective date of January 1, 2023, to retrocede a diversified portfolio of casualty reinsurance business to Monarch Point Re. The agreement covers losses both on a prospective basis and on a retroactive basis. Therefore, the Company has bifurcated the prospective and retroactive elements of the agreement and is accounting for each element separately. Retroactive element Reinsurance premiums of $119 million were allocated to the retroactive element of the agreement which was deemed to have met the established criteria for retroactive reinsurance accounting. At the closing date, the Company recognized acquisition costs of $33 million and a loss expense of $7 million in the consolidated statement of operations associated with the retroactive element of the agreement. In addition, the Company recognized reinsurance recoverable on unpaid losses of $76 million and reinsurance recoverable on paid losses of $4 million in the consolidated balance sheets associated with the retroactive element of the agreement (refer to Note 8 'Reserve for Losses and Loss Expenses'). Prospective element For the year ended December 31, 2024, the Company ceded reinsurance premiums of $323 million (2023: $287 million) and ceded losses of $214 million (2023: $37 million) to Monarch Point Re. In addition, Monarch Point Re paid certain acquisition costs and administrative fees to the Company. At December 31, 2024, the amount of reinsurance recoverable on unpaid and paid losses was $246 million (2023: $37 million) and the amount of ceded reinsurance payable included in insurance and reinsurance balances payable was $226 million (2023: $166 million) in the consolidated balance sheets. This transaction was conducted at market rates consistent with negotiated arms-length contracts. Loan to Monarch Point Re During 2024, the Company advanced $253 million (2023: $297 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At December 31, 2024, an amount of $236 million (2023: $72 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by May 15, 2026. The loan balance receivable at December 31, 2024 of $243 million (2023: $225 million) is included in loan advances made in the consolidated balance sheets. At December 31, 2024, the Company had committed to advance a further $nil (2023: $16 million) to Monarch Point Re. Interest on this loan is payable for this period at an interest rate of 4.7% and 5.5% (2023: interest rates between 5.7% and 5.9%). Interest related to this loan of $7 million (2023: $9 million) was received in advance and is included in other liabilities in the consolidated balance sheets. Significant Influence considerations The Company's investment portfolio includes certain investments where it is considered to have the ability to exercise significant influence over the operating and financial policies of the investee. Significant influence is generally deemed to exist where the Company has an investment of 20% or more in the common stock of a corporation or an investment greater than 3% to 5% in closed end funds, limited partnerships, LLCs or similar investment vehicles. At December 31, 2024, the Company h as $448 million (2023: $424 million) of investments where it is deemed to have the ability to exercise such significant influence. The Company generally pays management and performance fees to the investment managers of these investments. The Company considers all fees paid to the investment managers to be at market rates consistent with negotiated arms-length contracts. Retrocession Agreement with Harrington Re Harrington and Harrington Re commenced operations in 2016 (refer to Note 5 ' Investments '). The Company has the ability to exercise significant influence over the operating and financial policies of Harrington and Harrington Re. In the normal course of business, the Company enters into certain reinsurance transactions with Harrington Re. For the year ended December 31, 2024, the Company ceded reinsurance premiums of $218 million (2023: $298 million; 2022: $324 million) and ceded losses of $197 million (2023: $229 million; 2022: $234 million) to Harrington Re. In addition, Harrington Re paid certain acquisition costs and administrative fees to the Company. At December 31, 2024, the amount of reinsurance recoverable on unpaid and paid losses was $884 million (2023: $933 million) and the amount of ceded reinsurance payable included in insurance and reinsurance balances payable was $181 million (2023: $219 million) in the consolidated balance sheets. This transaction was conducted at market rates consistent with negotiated arms-length contracts. 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. On June 29, 2021, the Company invested $10 million in 7.25% fixed to floating rate, senior unsecured notes ("Harrington Notes") due 2031, issued by Harrington. On June 29, 2024, the Harrington Notes were fully redeemed.

REORGANIZATION EXPENSES

REORGANIZATION EXPENSES	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
REORGANIZATION EXPENSES	REORGANIZATION EXPENSES For the year ended December 31, 2024, reorganization expenses were $26 million (2023: $29 million and 2022: $31 million). In 2024, reorganization expenses were primarily related to severance costs attributable to the Company's "How We Work" program. In 2023, reorganization expenses were primarily related to impairments of computer software assets and 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	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Under current Bermuda law, AXIS Capital's Bermuda subsidiaries are not required to pay any taxes in Bermuda on income or capital gains. The Company has received assurance from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, it will be exempt from taxation in Bermuda until March 2035. Notwithstanding the above, on December 27, 2023, the Bermuda government enacted a corporate income tax which will apply for fiscal years beginning on or after January 1, 2025. Importantly, under the Corporate Income Tax Act 2023 of Bermuda, any liability to the tax will apply regardless of any assurances previously provided under the Exempted Undertakings Tax Protection Act 1966 of Bermuda. The Act includes a provision referred to as the economic transition adjustment ("Bermuda ETA") , 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 $177 million in 2024. AXIS Specialty Insurance Bermuda (refer to Note 1 'Organization' ) that is a wholly owned subsidiary of AXIS Specialty U.S. Holdings, Inc, is in the process of making an election to be treated as a U.S. taxpayer under section 953(d) of the Internal Revenue Code of 1986, as amended ("U.S. Internal Revenue Code"). AXIS Specialty Insurance Bermuda will be subject to tax in the U.S. in 2024 and in the U.S. and Bermuda in 2025, when applicable. Any U.S. tax incurred as a result of this election is expected to be fully creditable against the Bermuda corporate income tax. AXIS Capital's primary Bermuda subsidiary has an operating branch in Singapore, which is subject to the relevant taxes in that jurisdiction. The Singapore branch is not under examination in that tax jurisdiction but remains subject to examination for tax years 2021 through 2024. AXIS Capital's U.S. subsidiaries are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code. Should the U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. The U.S. subsidiaries are currently under examination for the 2019, 2021, and 2022 tax years and remain subject to examination for tax years 2019, and 2021 through 2024. In Canada, AXIS Capital's U.S. reinsurance company operates through a branch and its U.S. service company has an unlimited liability company subsidiary based in Canada. The Canadian operations are subject to the relevant taxes in that jurisdiction and remain subject to examination for tax years 2020 through 2024. AXIS Capital had subsidiaries in Ireland, the U.K., and Brazil with branches in the U.K., Switzerland, and Belgium. These subsidiaries and their branches are not under examination but remain subject to examination in all applicable jurisdictions for tax years 2020 through 2024. In the U.K., the Company operates through a Lloyd’s syndicate whose income is subject to tax in the U.K., payable by its corporate members. The income from operations at Lloyd’s is also subject to taxes in other jurisdictions in which Lloyd's operates, including the U.S. Under a Closing Agreement between Lloyd’s and the IRS, Lloyd's corporate members pay U.S. income tax on U.S. connected income written by Lloyd’s syndicates. To the extent that the Lloyd’s syndicates incur taxes outside the U.K., they may claim a credit for foreign taxes incurred, limited to the U.K. equivalent tax on the same income. The following table provides an analysis of income tax expense (benefit) and net tax assets: Year ended December 31, 2024 2023 2022 Current income tax expense (benefit) U.S. $ 84,255 $ 12,021 $ 11,491 Europe 19,260 32,386 2,366 Bermuda 3,425 291 (147) Deferred income tax expense (benefit) U.S. 716 (24,042) (8,147) Europe 7,290 18,932 16,474 Bermuda (1) (170,541) (13,272) — Total income tax expense (benefit) $ (55,595) $ 26,316 $ 22,037 Net current tax receivables $ 42,991 $ 78,570 $ 46,704 Net deferred tax assets (liabilities) 278,474 72,850 108,220 Net tax assets $ 321,465 $ 151,420 $ 154,924 (1) Reflects the recognition of a tax benefit related to the Bermuda ETA, offset by a partial reversal of the 2023 tax benefit on unrealized investment losses included in other comprehensive income (loss) due to the enactment of corporate income tax, effective January 1, 2025. Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The following table provides details of the significant components of deferred tax assets and liabilities: At December 31, 2024 2023 Deferred tax assets: Discounting of net reserves for losses and loss expenses $ 66,338 $ 62,316 Unearned premiums 62,656 54,104 Net unrealized investments losses 36,536 54,395 Operating and capital loss carryforwards 75,864 100,907 Accruals not currently deductible 36,253 36,407 Tax credits 2,414 11,602 Bermuda economic transition adjustment 176,923 — Other deferred tax assets 3,681 4,149 Deferred tax assets before valuation allowance 460,665 323,880 Valuation allowance (19,829) (38,711) Deferred tax assets net of valuation allowance 440,836 285,169 Deferred tax liabilities: Deferred acquisition costs (35,401) (27,109) Other investment adjustments and impairments (7,933) (7,173) Intangible assets (47,355) (49,486) Depreciation and amortization (7,586) (1,140) Equalization reserves (2,347) (2,726) Acquisition adjustments (1) — (79,466) Lloyd’s deferred year of account results (51,770) (38,194) Other deferred tax liabilities (9,970) (7,025) Deferred tax liabilities (162,362) (212,319) Net deferred tax assets (liabilities) $ 278,474 $ 72,850 (1) During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities related to acquisitions were no longer required. The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2024 2023 Operating and Capital Loss Carryforwards (1) Singapore operating loss carryforward $ 91,924 $ 70,815 U.K. operating loss carryforward 216,928 293,533 U.K. capital loss carryforward 93 — Ireland operating loss carryforward 27 78,154 Ireland capital loss carryforward 1,372 716 Switzerland operating loss carryforward (2) 68,573 123,453 U.S. capital loss carryforward (3) 59,434 — Tax Credits (1) Ireland foreign tax credit $ 333 $ 6,922 U.K. foreign tax credit 504 2,605 U.S. foreign tax credit (4) 1,577 2,074 (1) At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029. (3) At December 31, 2024, the U.S. capital loss carryforwards expire in 2029. (4) At December 31, 2024, the U.S. foreign tax credits expire in 2032. The following table shows an analysis of the movement in the Company's valuation allowance: At December 31, 2024 2023 Income tax expense (benefit): Valuation allowance - beginning of year $ 31,688 $ 39,782 Operating loss carryforwards (6,572) (8,713) Foreign tax credit (6,589) 4,184 U.K. branch assets and other foreign rate differentials (1,567) (3,565) Capital loss carryforwards and impaired investments 261 — Valuation allowance - end of year $ 17,221 $ 31,688 Accumulated other comprehensive income (loss): Valuation allowance - beginning of year $ 7,023 $ 20,287 Change in investment - related items (4,415) (13,264) Valuation allowance - end of year 2,608 7,023 Total valuation allowance - end of year $ 19,829 $ 38,711 At December 31, 2024 and 2023, the Company had a full val uation allowance on operating loss carryforwards relating to operations in Singapore, Ireland and Switzerland, foreign tax credits available in Ireland and certain other deferred tax assets related to branch operations. In 2024, the valuation allowance decreased by $19 million (2023: $21 million). The net gain incurred by the AXIS Re SE, the Irish reinsurance company, resulted in the release of a valuation allowance of $13 million (2023: $25 million) against the net deferred tax assets of AXIS Re SE and AXIS Re Europe, the Swiss branch of the Irish reinsurance company, of which $8 million (2023: $12 million) was released in net income (loss) and $5 million (2023: $13 million) was released in other comprehensive income (loss). In 2024, a valuation allowance of $7 million was released against foreign tax credits held by AXIS Specialty Europe and in 2023 a valuation allowance of $6 million was recorded against foreign tax credits held by AXIS Specialty Europe SE. In 2023, a valuation allowance of $2 million was also released against U.S. foreign tax credits that were utilized. At December 31, 2024 and 2023, the Company's U.S. operations had a deferred tax asset of $19 million and $41 million, respectively, for the unrealized losses on its fixed maturities that were recorded in other comprehensive income (loss). The Company examined the need for a valuation allowance and after considering all positive and negative evidence concluded a valuation allowance against its net unrealized investment losses in the U.S was not required. At December 31, 2024, the Company’s Bermuda operations had a deferred tax asset of $177 million related to the Bermuda ETA. The Company examined the need for a valuation allowance and after considering all positive and negative evidence concluded a valuation allowance against this asset in Bermuda was not required. Although realization is not assured, management believes it is more likely than not that the tax benefit of the recorded net deferred tax assets will be realized. In evaluating the Company's ability to recover these tax assets within the jurisdiction from which they arise, it considered all available positive and negative evidence, including historical results, operating loss carry-back potential and scheduled reversals of deferred tax liabilities. The Company believes its U.S. and U.K. operations will produce significant taxable income in future periods and have deferred tax liabilities that will reverse in future periods, such that the Company believes sufficient ordinary taxable income is available to utilize all remaining ordinary deferred tax assets. A deferred tax liability has not been recorded on undistributed earnings as the U.S. group satisfies the indefinite reversal criteria. At December 31, 2024 and 2023, there were no unrecognized tax benefits. The following table presents 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: Year ended December 31, 2024 2023 2022 Income (loss) before income taxes Bermuda (domestic) $ 323,688 $ 213,539 $ 236,781 Foreign 702,503 189,067 8,340 Total income before income taxes $ 1,026,191 $ 402,606 $ 245,121 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: U.S. 8.4 % (2.5 %) 0.2 % Europe 6.0 % 11.9 % 1.9 % Valuation allowance (1.4 %) (2.0 %) 9.5 % Prior year adjustments (1.5 %) 1.3 % (0.3 %) Incremental branch taxes 1.1 % 0.9 % (0.4 %) Change in enacted tax rate (1) (1.9 %) (3.3 %) (2.2 %) Bermuda economic transition adjustment (17.2 %) — % — % Change in unrealized investment gain/(loss) 0.6 % — % — % Withholding tax 0.3 % — % — % Other 0.2 % 0.2 % 0.3 % Actual tax rate (5.4 %) 6.5 % 9.0 % (1) At December 31, 2024, the change in enacted tax rate represents the rate change related to deferred tax assets and deferred tax liabilities on acquisition adjustments no longer required. At December 31, 2023, the change in enacted tax rate represents the enactment of the Bermuda Corporate Income Tax Act of 2023 related to unrealized investment losses included in other comprehensive income (loss). At December 31, 2022, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 30% to 25%.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 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): Before tax amount Income tax (expense) benefit Net of tax amount Year ended December 31, 2024 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (44,964) $ 11,934 $ (33,030) Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized (278) 30 (248) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 170,984 (15,664) 155,320 Unrealized gains (losses) arising during the year, net of reclassification adjustment 125,742 (3,700) 122,042 Foreign currency translation adjustment (23,763) — (23,763) Total other comprehensive income (loss), net of tax $ 101,979 $ (3,700) $ 98,279 Year ended December 31, 2023 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ 294,933 $ (36,993) $ 257,940 Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized 11,220 (1,637) 9,583 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 142,324 (13,811) 128,513 Unrealized gains (losses) arising during the year, net of reclassification adjustment 448,477 (52,441) 396,036 Foreign currency translation adjustment (1,572) — (1,572) Total other comprehensive income (loss), net of tax $ 446,905 $ (52,441) $ 394,464 Year ended December 31, 2022 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (1,171,381) $ 127,756 $ (1,043,625) Unrealized gains (losses) arising during the year for which an allowance (73,063) 5,913 (67,150) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 335,294 (30,369) 304,925 Unrealized gains (losses) arising during the year, net of reclassification adjustment (909,150) 103,300 (805,850) Foreign currency translation adjustment (10,986) — (10,986) Total other comprehensive income (loss), net of tax $ (920,136) $ 103,300 $ (816,836) The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss): Amounts reclassified from AOCI (1) AOCI components Consolidated statement of operations line item that includes reclassification adjustment Year ended December 31, 2024 2023 2022 Unrealized gains (losses) on available for sale investments Other realized and unrealized investment gains (losses) $ (170,576) $ (129,567) $ (322,726) Impairment losses (408) (12,757) (12,568) Total before tax (170,984) (142,324) (335,294) Income tax (expense) benefit 15,664 13,811 30,369 Net of tax $ (155,320) $ (128,513) $ (304,925) (1) Amounts in parentheses are charges to net income (loss).

STATUTORY FINANCIAL INFORMATION

STATUTORY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2024
STATUTORY FINANCIAL INFORMATION [Abstract]
STATUTORY FINANCIAL INFORMATION	STATUTORY FINANCIAL INFORMATION The Company's insurance and reinsurance operations are subject to laws and regulations in the jurisdictions in which they operate, the most significant of which include Bermuda, Ireland, and the U.S. In addition, the Company is regulated by Lloyd's. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval from insurance regulatory authorities. The statutory capital and surplus in each of the Company's most significant regulatory jurisdictions is shown in the following table: Bermuda Ireland U.S. At December 31, 2024 2023 2024 2023 2024 2023 Required statutory capital and surplus $ 1,982,025 $ 1,269,943 $ 733,689 $ 755,076 $ 675,672 $ 739,829 Available statutory capital and surplus $ 4,475,219 $ 3,170,556 $ 1,197,127 $ 1,160,932 $ 2,483,658 $ 2,187,371 Bermuda Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (the "Insurance Act"), the Company's Bermuda subsidiaries, AXIS Specialty Bermuda and AXIS Specialty Insurance Bermuda are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR"). The MSM is the greater of $100 million, 50% of net premiums written, 15% of net reserve for losses and loss expenses, and 25% of the ECR. The Company's ECR is based on an Economic Balance Sheet ("EBS") framework and is calculated using a standard risk-based capital model developed by the Bermuda Monetary Authority ("BMA"). At December 31, 2024 and 2023, the required and available statutory capital and surplus were based on this EBS framework. Under the Act, AXIS Specialty Bermuda is restricted as to the payment of dividends for amounts greater than 25% of the prior year’s statutory capital and surplus, whereby an affidavit signed by at least two members of the Board of Directors is required, attesting that any dividend in excess of this amount would not cause the Company to fail to meet its relevant margins. At December 31, 2024, the maximum dividend AXIS Specialty Bermuda could pay, without a signed affidavit, having met minimum levels of statutory capital and surplus requirements, was approximately $958 million (2023: $730 million). Ireland The Company's Irish subsidiaries, AXIS Specialty Europe and AXIS Re SE, are required to continuously maintain the Minimum Capital Requirement ("MCR") and the Solvency Capital Requirement ("SCR"). The capital requirements are calculated by reference to Solvency II definitions. If an entity falls below the MCR or SCR, the Central Bank of Ireland is authorized to take action to restore the financial position of the Company's Irish subsidiaries. During 2024 and 2023, the Company's Irish subsidiaries were in compliance with these requirements. The Company's Irish subsidiaries may declare dividends subject to meeting their solvency and capital requirements. The maximum dividend is limited to "excess eligible own funds" which is defined as excess Solvency II capital over the SCR and may also be limited to "profits available for distribution'', which is defined as accumulated realized profits less accumulated realized losses and statutory reserves. In addition, a target coverage ratio range of excess eligible own funds to SCR is set by the Company’s Irish subsidiaries to ensure their ability to absorb stress events without breaches of required capital levels. Own Fund balances in excess of the target coverage ratio range may be considered for distribution back to Group. At December 31, 2024, the maximum dividend the Company's Irish subsidiaries could pay, having met their target solvency and capital requirements was approximately $97 million (2023: $28 million). United States The Company's U.S. operations required statutory capital and surplus is determined using the risk-based capital formula ("RBC"), which is the National Association of Insurance Commissioners' (the "Commissioner") method of measuring the minimum capital appropriate for U.S. reporting entities to support its overall business operations in consideration of its size and risk profile. If a company falls below the authorized control level as determined under the RBC, the domiciliary states are authorized to take whatever regulatory actions may be considered necessary to protect policyholders and creditors. The maximum dividend that may be paid by the Company's U.S. insurance subsidiaries is restricted by the regulatory requirements of the domiciliary states. Generally, the maximum dividend that may be paid by each of the Company's U.S. insurance subsidiaries is limited to unassigned surplus (statutory equivalent of retained earnings) and may also be limited to statutory net income, net investment income or 10% of total statutory capital and surplus. At December 31, 2024, the maximum dividend that the Company's U.S. insurance operations could pay without regulatory approval was approximately $344 million (2023: $181 million). Lloyd's of London The Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, that provided 70% and 30% capital support, respectively, to Syndicate 1686's through December 31, 2024. AXIS Corporate Capital UK II Limited will provide 100% capital support to Syndicate 1686 for underwriting activities effective January 1, 2025. AXIS Corporate Capital UK II Limited also provides 100% capital support to Syndicate 2050. Syndicate 1686 and Syndicate 2050 are managed by AXIS Managing Agency. Corporate members of Lloyd’s and Lloyd’s syndicates are bound by the rules of Lloyd’s, which are prescribed by Bye-laws and Requirements made by the Council of Lloyd’s under powers conferred by the Lloyd’s Act 1982. These rules prescribe membership subscriptions, contributions to the Lloyd’s Central Fund and assets that must be deposited with Lloyd’s in support of members' underwriting. The Council of Lloyd’s has broad powers to sanction breaches of its rules, including the power to restrict or prohibit a member’s participation on Lloyd’s syndicates. The capital provided to support underwriting, or FAL, is not available for distribution for the payment of dividends or for working capital requirements. Corporate members may also be required to maintain funds under the control of Lloyd’s in excess of their capital requirements and such funds also may not be available for distribution for the payment of dividends. Lloyd’s sets the corporate members’ required capital annually and reviews funds held compared to latest capital requirements on a quarterly basis. This process is supported by the application of a capital model that is based on regulatory rules pursuant to Solvency II. FAL may be satisfied by cash, certain investments and letters of credit provided by approved banks. At December 31, 2024, fixed maturities and short-term investments with a fair value of $328 million (2023: $587 million) and cash of $4 million (2023: $13 million), respectively, were restricted to satisfy AXIS Corporate Capital UK Limited FAL requirements. At December 31, 2024, fixed maturities and short-term investments with a fair value of $424 million (2023: $261 million), equity securities with a fair value of $27 million (2023: $27 million), and cash of $99 million (2023: $6 million) were restricted to satisfy AXIS Corporate Capital UK II Limited FAL requirements (refer to Note 5 ' Investments ' and Note 12 'Commitments and Contingencies' ). Corporate members can apply to Lloyd's to release accumulated funds, whether syndicate profits or interest on FAL, which are in excess of the agreed FAL requirements on a quarterly basis. At December 31, 2024 and 2023, actual capital and assets exceeded the FAL requirements for Syndicate 1686 and Syndicate 2050. Branch Offices The Company's operating subsidiaries in Bermuda and the U.S. maintain branch offices in Singapore and Canada, respectively. The Company's Irish operating subsidiaries maintain branch offices in the U.K., Switzerland and Belgium. As branch offices are not considered separate entities for regulatory purposes, the required and actual statutory capital and surplus amounts for each jurisdiction in the table above, incl ude amounts related to the applicable branch offices. The Company's branch offices in Singapore and Canada are subject to additional minimum capital or asset requirements in their countries of domicile. At December 31, 2024 and 2023, the actual capital/assets for each of these branches exceeded the relevant local regulatory requirements. Total statutory net income (loss) of the Company's operating subsidiaries was $1.0 billion, $471 million, and $134 million for 2024, 2023 and 2022, respectively. The differences between statutory financial statements and statements prepared in accordance with U.S. GAAP vary by jurisdiction, however, the primary differences are that statutory financial statements may not reflect deferred acquisition costs, certain net deferred tax assets, goodwill and intangible assets, unrealized gains (losses) on fixed maturities or certain unauthorized reinsurance recoverable balances.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Share Repurchase program On February 6, 2025, authorization under the Company's share repurchase program approved in May 2024 (refer to Note 15 'Shareholders' Equity') was exhausted.

SCHEDULE I - SUMMARY OF INVESTM

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	AXIS CAPITAL HOLDINGS LIMITED SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES At December 31, 2024 Amortized cost Fair value Amount shown on the balance sheet (in thousands) Type of investment: Fixed maturities, available for sale, at fair value U.S. government and agency $ 2,830,111 $ 2,802,986 $ 2,802,986 Non-U.S. government 753,315 729,939 729,939 Corporate debt 4,941,510 4,842,190 4,842,190 Agency RMBS 1,245,681 1,184,845 1,184,845 CMBS 852,534 819,608 819,608 Non-agency RMBS 132,116 122,536 122,536 ABS 1,547,350 1,539,832 1,539,832 Municipals 117,288 110,817 110,817 Total fixed maturities, available for sale $ 12,419,905 12,152,753 12,152,753 Fixed maturities, held to maturity, at amortized cost Corporate debt $ 122,706 115,617 122,706 ABS 320,694 321,134 320,694 Total fixed maturities, held to maturity $ 443,400 436,751 443,400 Mortgage loans, held for investment, at fair value 505,697 505,697 Short-term investments, at fair value 223,666 223,666 Equity securities, at fair value 579,274 579,274 Other investments, at fair value (1) 689,159 930,278 Equity method investments (2) — 206,994 Total investments $ 14,587,300 $ 15,042,062 (1) In the fair value column in the table above, other investments exclude investments where the Company is considered to have the ability to exercise significant influence over the operating and financial policies of the investees. (2) In the fair value column in the table above, equity method investments are excluded as the Company has the ability to exercise significant influence over the operating and financial policies of the investees.

SCHEDULE II - CONDENSED FINANCI

SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2024 AND 2023 2024 2023 (in thousands) Assets Investments in subsidiaries $ 6,209,792 $ 5,415,302 Cash and cash equivalents 3,768 412 Other assets 4,465 4,751 Total assets $ 6,218,025 $ 5,420,465 Liabilities Intercompany payable $ 70,183 $ 89,430 Dividends payable 50,478 51,749 Other liabilities 7,985 16,090 Total liabilities 128,646 157,269 Shareholders’ equity Preferred shares 550,000 550,000 Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 82,984; 2023: 85,286) 2,206 2,206 Additional paid-in capital 2,394,063 2,383,030 Accumulated other comprehensive income (loss) (267,557) (365,836) Retained earnings 7,341,569 6,440,528 Treasury shares, at cost (2024: 93,596; 2023: 91,294) (3,930,902) (3,746,732) Total shareholders’ equity 6,089,379 5,263,196 Total liabilities and shareholders’ equity $ 6,218,025 $ 5,420,465 (1) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (2) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (3) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (4) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital. SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 2024 2023 2022 (in thousands) Revenues Net investment income $ — $ — $ — Total revenues — — — Expenses General and administrative expenses 52,599 52,334 60,252 Total expenses 52,599 52,334 60,252 Income (loss) before equity in net income of subsidiaries (52,599) (52,334) (60,252) Equity in net income of subsidiaries 1,134,385 428,626 283,335 Net income 1,081,786 376,292 223,083 Preferred share dividends 30,250 30,250 30,250 Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833 Comprehensive income (loss) $ 1,180,065 $ 770,756 $ (593,753) SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 2024 2023 2022 (in thousands) Cash flows from operating activities: Net income $ 1,081,786 $ 376,292 $ 223,083 Adjustments to reconcile net income to net cash provided by operating activities: Equity in income loss of subsidiaries (1,134,385) (428,626) (283,335) Change in intercompany payable (19,247) (136,059) 32,871 Dividends received from subsidiaries 459,000 375,000 225,000 Other items (28,645) (34,626) (17,140) Share-based compensation expense, net of cash payments 42,731 54,119 48,494 Net cash provided by operating activities 401,240 206,100 228,973 Cash flows from financing activities: Taxes paid on withholding shares (15,925) (23,595) (13,994) Dividends paid - common shares (151,765) (153,775) (149,341) Repurchase of common shares - open market (199,944) — (34,987) Dividends paid - preferred shares (30,250) (30,250) (30,250) Net cash used in financing activities (397,884) (207,620) (228,572) Increase (decrease) in cash, cash equivalents and restricted cash 3,356 (1,520) 401 Cash, cash equivalents and restricted cash - beginning of year 412 1,932 1,531 Cash, cash equivalents and restricted cash - end of year $ 3,768 $ 412 $ 1,932

SCHEDULE III - SUPPLEMENTARY IN

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY INSURANCE INFORMATION At and year ended December 31, 2024 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 343,476 $ 10,499,703 $ 3,859,162 $ 3,926,036 $ — $ 2,245,420 $ 766,915 $ 485,929 $ 4,250,545 Reinsurance 181,361 6,719,226 1,352,703 1,380,199 — 913,067 303,636 50,513 1,506,806 Corporate — — — — 759,229 — — 129,760 — Total $ 524,837 $ 17,218,929 $ 5,211,865 $ 5,306,235 $ 759,229 $ 3,158,487 $ 1,070,551 $ 666,202 $ 5,757,351 At and year ended December 31, 2023 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 298,249 $ 9,507,409 $ 3,507,519 $ 3,461,700 $ — $ 2,080,001 $ 648,463 $ 472,094 $ 3,758,720 Reinsurance 152,701 6,926,609 1,240,083 1,622,081 — 1,313,101 352,482 79,373 1,343,605 Corporate — — — — 611,742 — — 132,979 — Total $ 450,950 $ 16,434,018 $ 4,747,602 $ 5,083,781 $ 611,742 $ 3,393,102 $ 1,000,945 $ 684,446 $ 5,102,325 At and year ended December 31, 2022 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 249,407 $ 8,381,593 $ 3,077,628 $ 3,134,155 $ — $ 1,785,854 $ 577,838 $ 443,704 $ 3,377,906 Reinsurance 224,162 6,787,270 1,283,819 2,026,171 — 1,456,556 444,179 106,585 1,885,150 Corporate — — — — 418,829 — — 130,054 — Total $ 473,569 $ 15,168,863 $ 4,361,447 $ 5,160,326 $ 418,829 $ 3,242,410 $ 1,022,017 $ 680,343 $ 5,263,056 (1) The Company evaluates underwriting results of its reportable segments separately from the performance of its investment portfolio. Therefore, the Company believes it is appropriate to exclude net investment income from its underwriting profitability measure. (2) Amounts related to the Company's reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, presented in the table above, also includes corporate expenses of $130 million, $133 million, and $130 million for the years ended December 31, 2024, 2023 and 2022, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.

SCHEDULE IV - SUPPLEMENTARY REI

SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION	AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY REINSURANCE INFORMATION YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (in thousands) GROSS CEDED TO ASSUMED NET PERCENTAGE 2024 Property and Casualty $ 5,596,538 $ 3,085,338 $ 2,522,244 $ 5,033,444 50.1 % Accident and Health 437,817 163,199 449,289 723,907 62.1 % Total $ 6,034,355 $ 3,248,537 $ 2,971,533 $ 5,757,351 51.6 % 2023 Property and Casualty $ 5,223,919 $ 3,161,438 $ 2,402,378 $ 4,464,859 53.8 % Accident and Health 311,970 92,762 418,258 637,466 65.6 % Total $ 5,535,889 $ 3,254,200 $ 2,820,636 $ 5,102,325 55.3 % 2022 Property and Casualty $ 4,858,629 $ 2,900,300 $ 2,685,677 $ 4,644,006 57.8 % Accident and Health 244,329 51,239 425,960 619,050 68.8 % Total $ 5,102,958 $ 2,951,539 $ 3,111,637 $ 5,263,056 59.1 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 1,081,786	$ 376,292	$ 223,083

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company’s information risk management program is designed to protect the confidentiality of nonpublic, sensitive information and the integrity and availability of our information systems. The program includes policies and procedures that identify how security measures and controls are developed, implemented, and maintained. We have designed our enterprise-wide information security program consistent with industry standards using the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Risk assessment, risk-based analysis, and judgment are used to select security controls to address risks. Information about cybersecurity risks and our risk management processes is collected, analyzed and considered as part of our overall enterprise risk management program. Key components of our cybersecurity risk management program include: • risk assessments designed to help identify cybersecurity risks to our critical systems, information, and services. • a security team principally responsible for managing (1) our cybersecurity policies & risk assessment processes, (2) security architecture and engineering, (3) identifying vulnerabilities, managing remediation, and testing of our security controls, and (4) our cybersecurity monitoring & incident response. • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes. • managing a cybersecurity awareness and training program that covers employees and contractors who access internal systems. • a cybersecurity incident response plan that includes procedures for responding to various types of cybersecurity incidents and tested through periodic tabletop exercises. • a third-party security risk assessment team, which is involved with identifying, assessing, and controlling risks that occur due to interactions with third parties including vendors and procurement. • restricted physical access to critical areas, servers, and network equipment. • support of our business continuity and disaster response plans.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s information risk management program is designed to protect the confidentiality of nonpublic, sensitive information and the integrity and availability of our information systems. The program includes policies and procedures that identify how security measures and controls are developed, implemented, and maintained. We have designed our enterprise-wide information security program consistent with industry standards using the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Risk assessment, risk-based analysis, and judgment are used to select security controls to address risks. Information about cybersecurity risks and our risk management processes is collected, analyzed and considered as part of our overall enterprise risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	With over 30 years of industry cybersecurity experience, the Company’s Chief Information Security Officer ("CISO") is the member of the Company’s management team with primary responsibility for the development, operation, and maintenance of the Company’s information security program. The CISO supervises the Company’s cybersecurity team, facilitates the incident response plan and acts as the liaison to the Company’s executive management team, including relaying strategies, resource requests and incident updates. The Company’s security event monitoring and detection capabilities are performed by our Cybersecurity team and third parties through the use of processes and tooling. Cybersecurity incidents are responded to by a multi-disciplinary Incident Response team and if appropriate, escalated to our Cybersecurity Disclosure Subcommittee, Executive Management, and the Board. The level of escalation will vary depending on the severity and scope of the cyber incident. In the event of a severe cyber incident, the CISO will escalate to the relevant subcommittee to determine the course of action. All relevant roles are trained on their responsibilities regularly. The Board, along with the Risk and Audit Committees of the Board, oversees our information security program. In 2024, our Board and Risk and Audit Committees received periodic updates throughout the year on cybersecurity matters, and these updates are part of their standing agendas. These updates include reports regarding items such as cybersecurity strategies, program effectiveness, key risks and performance metrics related to the Company’s information security program and the Company’s mitigating controls.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board, along with the Risk and Audit Committees of the Board, oversees our information security program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Cybersecurity incidents are responded to by a multi-disciplinary Incident Response team and if appropriate, escalated to our Cybersecurity Disclosure Subcommittee, Executive Management, and the Board. The level of escalation will vary depending on the severity and scope of the cyber incident. In the event of a severe cyber incident, the CISO will escalate to the relevant subcommittee to determine the course of action. All relevant roles are trained on their responsibilities regularly. The Board, along with the Risk and Audit Committees of the Board, oversees our information security program. In 2024, our Board and Risk and Audit Committees received periodic updates throughout the year on cybersecurity matters, and these updates are part of their standing agendas. These updates include reports regarding items such as cybersecurity strategies, program effectiveness, key risks and performance metrics related to the Company’s information security program and the Company’s mitigating controls.
Cybersecurity Risk Role of Management [Text Block]	The CISO supervises the Company’s cybersecurity team, facilitates the incident response plan and acts as the liaison to the Company’s executive management team, including relaying strategies, resource requests and incident updates. The Company’s security event monitoring and detection capabilities are performed by our Cybersecurity team and third parties through the use of processes and tooling. Cybersecurity incidents are responded to by a multi-disciplinary Incident Response team and if appropriate, escalated to our Cybersecurity Disclosure Subcommittee, Executive Management, and the Board. The level of escalation will vary depending on the severity and scope of the cyber incident. In the event of a severe cyber incident, the CISO will escalate to the relevant subcommittee to determine the course of action. All relevant roles are trained on their responsibilities regularly.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	With over 30 years of industry cybersecurity experience, the Company’s Chief Information Security Officer ("CISO") is the member of the Company’s management team with primary responsibility for the development, operation, and maintenance of the Company’s information security program.Cybersecurity incidents are responded to by a multi-disciplinary Incident Response team and if appropriate, escalated to our Cybersecurity Disclosure Subcommittee, Executive Management, and the Board
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	With over 30 years of industry cybersecurity experience, the Company’s Chief Information Security Officer ("CISO") is the member of the Company’s management team with primary responsibility for the development, operation, and maintenance of the Company’s information security program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO supervises the Company’s cybersecurity team, facilitates the incident response plan and acts as the liaison to the Company’s executive management team, including relaying strategies, resource requests and incident updates. The Company’s security event monitoring and detection capabilities are performed by our Cybersecurity team and third parties through the use of processes and tooling. Cybersecurity incidents are responded to by a multi-disciplinary Incident Response team and if appropriate, escalated to our Cybersecurity Disclosure Subcommittee, Executive Management, and the Board. The level of escalation will vary depending on the severity and scope of the cyber incident. In the event of a severe cyber incident, the CISO will escalate to the relevant subcommittee to determine the course of action. All relevant roles are trained on their responsibilities regularly.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and include AXIS Capital Holdings Limited and its wholly-owned subsidiaries. Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.
Consolidation/VIEs	All inter-company accounts and transactions have been eliminated.
Use of Estimates	The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses; • gross premiums written and net premiums earned; • fair value measurements of financial assets and liabilities; and • the allowance for credit losses associated with fixed maturities, available for sale.
Investments	Fixed Maturities, Available for Sale, at Fair Value and Fixed Maturities, Held to Maturity, at Amortized Cost Fixed maturities classified as available for sale are reported at fair value (refer to Note 6 ' Fair Value Measurements ') and are presented net of an allowance for expected credit losses. The change in fair values of fixed maturities, net of tax is recognized in accumulated other comprehensive income (loss) ("AOCI") in total shareholders’ equity. Fixed maturities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity or redemption. Fixed maturities classified as held to maturity are reported at amortized cost and are presented net of an allowance for expected credit losses. Net investment income includes interest income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of fixed maturities are recorded on a trade-date basis and realized gains (losses) on sales of fixed maturities are determined based on the specific identification method. Realized gains (losses) on fixed maturities are included in net investment gains (losses) in the consolidated statements of operations. The Company recognizes investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if applicable. The effective yield used to determine the amortization of fixed maturities subject to prepayment risk (e.g., asset-backed, mortgage-backed and other structured securities) is recalculated and adjusted periodically based on historical and/or projected future cash flows. Adjustments to the yield for highly rated prepayable fixed maturities are accounted for using the retrospective method. Adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. Credit Losses - Fixed Maturities, Available for Sale A fixed maturity, available for sale security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, available for sale securities for impairment losses. If a fixed maturity, available for sale security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and is included in net investment gains (losses). In instances where the Company intends to hold the impaired fixed maturity, available for sale security the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If the Company does not anticipate to fully recover the amortized cost , an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on fixed maturities, available for sale represent credit impairments by considering the following factors: a. the extent to which the fair value is less than amortized cost; b. adverse conditions related to the security, industry, or geographical area; c. downgrades in the security's credit rating by a credit rating agency; and d. failure of the issuer to make scheduled principal or interest payments. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists. If a security is assessed to be credit impaired, it is subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss (i.e., related to interest rates, market conditions, etc.) is recognized in other comprehensive income (loss). The Company reports accrued interest receivable related to available for sale debt securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains (losses) in the consolidated statements of operations in the period in which they are deemed uncollectible. Credit Losses - Fixed Maturities, Held to Maturity A fixed maturity, held to maturity security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, held to maturity securities for impairment losses. The Company's fixed maturity, held to maturity securities portfolio consists of asset-backed securities ("ABS") and corporate debt securities. 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. 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. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Equity Securities, at Fair Value Equity securities are reported at fair value. The change in the fair values of equity securities, net of tax is recognized in net investment gains (losses) in the consolidated statements of operations. Net investment income includes dividend income and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of equity securities are recorded on a trade-date basis and realized gains (losses) on sales of equity securities are determined based on the specific identification method. Realized gains (losses) on equity securities are included in net investment gains (losses) in the consolidated statements of operations. Mortgage Loans, Held for Investment, at Fair Value Mortgage loans, held for investment are reported at amortized cost which is calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses. Interest income and prepayment fees are recognized when earned. Interest income is recognized based on an effective yield method which gives effect to the amortization of premiums and accretion of discounts. Mortgage loans, held for investment are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. These projections take into account the Company’s experience with credit quality indicators, loan losses, defaults, loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. The allowance for expected credit losses is recognized in net investment gains (losses) in the consolidated statements of operations. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Other Investments Other investments are recorded at fair value (refer to Note 6 ' Fair Value Measurements '). Changes in fair value and realized gains (losses) are reported in net investment income in the consolidated statements of operations. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the investee. Adjustments are based on the most recently available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as interest in income (loss) of equity method investments. Short-term Investments Short-term investments primarily comprise highly liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value.
Cash and Cash Equivalents	Cash equivalents include money-market funds, fixed interest deposits and reverse repurchase agreements with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Restricted cash primarily relates to funds held in trust to support obligations in regulatory jurisdictions where the Company operates as a non-admitted carrier and to support underwriting activities at Lloyd's.
Premiums - Gross Premiums Written	Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract based on estimates received from ceding companies. For multi-year contracts insurance and reinsurance premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. Premiums are recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the contract. Any adjustments to insurance and reinsurance premium estimates are recognized in the period in which they are determined.
Premiums - Net Premiums Earned	Insurance and reinsurance premiums are earned over the period during which the Company is exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums which relate to the unexpired term under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The recognition of reinstatement premiums is based on estimates of losses and loss expenses, which reflects management’s judgment (refer to Note 2(d) ' Losses and Loss Expenses ').
Premiums - Receivables	Insurance and reinsurance premium balances receivable ("premium balances receivable") are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.
Acquisition Costs	Acquisition costs vary with and are directly related to the successful acquisition efforts of acquiring new or renewing existing insurance and reinsurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. In addition, certain of the Company's contracts include profit commission provisions or other adjustable features that are estimated based on expected losses and loss expenses for those contracts. Acquisition costs are shown net of commissions on reinsurance purchased. Net acquisition costs are deferred and charged to net income (loss) as the related premium is earned. Insurance and reinsurance premium balances receivable is presented net of acquisition costs when contract terms provide for the right of offset. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of deferred acquisition costs. Deferred acquisition cost amounts that are assessed to be irrecoverable are recognized in net income (loss) in the period in which the determination is made. Compensation expenses for personnel involved in contract acquisition, and advertising costs, are charged to net income (loss) when incurred.
Losses and Loss Expenses	Reserve for losses and loss expenses represents an estimate of the unpaid portion of the ultimate liability for losses and loss expenses for insured and reinsured events that have occurred at or before the balance sheet date. These amounts reflect claims that have been reported ("case reserves") and claims that have been incurred but have not yet been reported ("IBNR") and are reduced for estimated amounts of salvage and subrogation recoveries. The Company reviews its reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported by clients and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Chain Ladder and Bornhuetter-Ferguson methods. The estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident/underwriting year and line of business. Historical claims data may be supplemented with industry benchmarks when applying these methodologies. Any adjustments to estimates of reserve for losses and loss expenses are recognized in the period in which they are determined. While the Company believes that its reserves for losses and loss expenses are adequate, this estimate requires significant judgment and new information, events or circumstances may result in ultimate losses that are materially greater or less than provided for in the consolidated balance sheets.
Reinsurance	In the normal course of business, the Company purchases facultative and treaty reinsurance protection to limit its ultimate losses and to reduce its loss aggregation risk. The premiums paid to reinsurers (i.e., ceded premiums written) are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinsurance recoverable on unpaid losses and loss expenses ("reinsurance recoverables") related to case reserves is estimated on a case-by-case basis by applying the terms of applicable reinsurance cover to individual case reserve estimates. Reinsurance recoverables related to IBNR is generally developed as part of the Company's loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. Estimates of amounts to be ceded under excess of loss reinsurance contracts also take into account pricing information for those contracts and require greater judgment than estimates for proportional contracts. Reinsurance recoverable balances are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that we deem are unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers current and forecasted economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retroactive elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into net income (loss) over the claims settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in net income (loss) in the period in which the change is determined so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction.
Foreign Exchange	The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in functional currency using the rates of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are remeasured to functional currency at the rates of exchange in effect at the balance sheet date with the resulting foreign exchange losses (gains) generally being recognized in the consolidated statements of operations. Foreign exchange losses (gains) related to available for sale securities denominated in foreign currency represent an unrealized appreciation (depreciation) in the market value of the securities and are included in AOCI in total shareholders’ equity. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. The Company’s reporting currency is the U.S. dollar. Assets and liabilities of the Company's subsidiaries and branches where the functional currency is not the U.S. dollar, are translated into U.S. dollars using the rates of exchange in effect at the balance sheet date, and revenue and expenses are translated using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in total shareholders’ equity.
Share-based Compensation	The Company is authorized to issue restricted shares, restricted stock units, performance restricted stock units, stock options, stock appreciation rights and other equity-based awards to its employees and directors. The Company's plan includes share-settled and cash-settled service awards and share-settled performance awards. Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled and cash-settled service awards is based on market value of the Company's common shares measured at the grant date and is expensed over the requisite service period. The fair value of the cash-settled service awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. Performance Restricted Stock Units - Share-Settled The fair value of share-settled performance awards which include a market condition is measured on the grant date using a Monte Carlo simulation model which requires inputs including share price, expected volatility, expected term, expected dividend yield and risk-free interest rates. The fair value of share-settled performance awards which include a performance condition is based on the closing price of the Company's common shares measured at the grant date.
Derivative Instruments	The Company may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of its overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. From time to time the Company may also enter into insurance and reinsurance contracts that meet the Financial Accounting Standards Board's ("FASB") definition of a derivative contract. The Company measures all derivative instruments at fair value (refer to Note 6 ' Fair Value Measurements ') and recognizes these instruments in either other assets or other liabilities in the consolidated balance sheets. Subsequent changes in fair value and realized gains (losses) are recognized in net income (loss) in the consolidated statements of operations.
Goodwill and Intangible Assets	The Company recognizes goodwill and other intangible assets in connection with certain acquisitions. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in these acquisitions and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful live of the intangible asset. Other intangible assets with an indefinite life are not amortized. The Company tests goodwill and indefinite-lived intangible assets for potential impairment during the fourth quarter each year and between annual tests if an event occurs or changes in circumstances indicate that the asset is impaired. Such events or circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. For the purpose of evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. For the purpose of evaluating indefinite-lived intangibles for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. If the Company elects to perform a qualitative assessment, it first assesses qualitative factors to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. If the Company determines that it is more likely than not that the indefinite lived intangible asset is impaired, the Company performs the quantitative impairment test. For the purposes of evaluating goodwill and indefinite-lived intangible assets for impairment, the Company has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The Company may resume performing the qualitative assessment in any subsequent period. For other finite-lived intangible assets the Company tests for recoverability whenever events or changes in circumstances indicate its carrying amount may not be recoverable. The Company recognizes an impairment loss if the carrying amount of the asset is not recoverable and exceeds its fair value. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If goodwill or an intangible asset is impaired, the carrying value of the asset is reduced to fair value and a corresponding expense is recorded in the consolidated statements of operations.
Income Taxes	Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income (loss), or in certain cases to AOCI, based on enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities reported in the consolidated balance sheets and those reported in the various jurisdictional tax returns. When the assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. The Company recognizes the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained on audit by the relevant taxing authorities.
Treasury Shares	Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the average cost method to determine the cost of shares reissued from treasury.
Leases	The Company recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term related to office property and equipment leases. The Company accounts for non-lease components separately from lease components. As a result, the non-lease components associated with the Company's leases are not included in the lease liabilities and right-of-use assets in the Company's consolidated balance sheets.
New Accounting Standards Adopted in 2024 and Recently Issued Accounting Standards Not Yet Adopted	New Accounting Standards Adopted in 2024 Segment Reporting Effective October 1, 2024, the Company adopted Accounting Standards Update ("ASU" or "Update") ASU 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures " which aims to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The amendments applicable to the Company require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and are included within the Company's reported measure of segment profit or loss (collectively referred to as the "significant expense principle"). In addition, the Company is required to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources (refer to Note 3 'Segment Information'). The adoption of this guidance did not impact the Company's results of operations, financial condition, or liquidity. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ". The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information as follows: Rate Reconciliation The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). Income Taxes Paid The amendments in this Update require that all entities disclose on an annual basis (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) if equal to or greater than 5 percent of total income taxes paid (net of refunds received) Other Disclosures The amendments in this Update require that all entities disclose (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this Update eliminate the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. The amendments in this Update remove the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries . The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application permitted. Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) " Disaggregation of Income Statement Expense" which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The amendments require public business entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered "relevant" (referred to as "relevant expense captions") because they include one or more of the five natural expense categories. Such disclosures must be made on an annual and interim basis in a tabular format in the footnotes to the financial statements. The ASU requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into applicable natural expense categories including (1) employee compensation (2) depreciation and (3) intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026 and for interim periods, effective within fiscal years beginning after December 15, 2027.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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: At and year ended December 31, 2024 Insurance Reinsurance Total Gross premiums written $ 6,615,584 $ 2,390,304 $ 9,005,888 Net premiums written 4,250,545 1,506,806 5,757,351 Net premiums earned 3,926,036 1,380,199 5,306,235 Other insurance related income 94 30,627 30,721 Current accident year net losses and loss expenses (2,261,629) (921,181) (3,182,810) Net favorable prior year reserve development 16,209 8,114 24,323 Acquisition costs (766,915) (303,636) (1,070,551) Underwriting-related general and administrative expenses (485,929) (50,513) (536,442) Underwriting income $ 427,866 $ 143,610 571,476 Net investment income 759,229 Net investment gains (losses) (138,534) Corporate expenses (129,760) Foreign exchange gains 50,822 Interest expense and financing costs (67,766) Reorganization expenses (26,312) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 1,008,238 Income tax benefit 55,595 Interest in income of equity method investments 17,953 Net income 1,081,786 Preferred share dividends 30,250 Net income available to common shareholders $ 1,051,536 Current accident year loss ratio 57.6 % 66.7 % 60.0 % Prior year reserve development ratio (0.4 %) (0.5 %) (0.5 %) Net losses and loss expenses ratio 57.2 % 66.2 % 59.5 % Acquisition cost ratio 19.5 % 22.0 % 20.2 % General and administrative expense ratio 12.4 % 3.6 % 12.6 % Combined ratio 89.1 % 91.8 % 92.3 % Goodwill and intangible assets $ 242,465 $ — $ 242,465 At and year ended December 31, 2023 Insurance Reinsurance Total Gross premiums written $ 6,140,764 $ 2,215,761 $ 8,356,525 Net premiums written 3,758,720 1,343,605 5,102,325 Net premiums earned 3,461,700 1,622,081 5,083,781 Other insurance related income (loss) (198) 22,693 22,495 Current accident year net losses and loss expenses (1,903,648) (1,077,572) (2,981,220) Net favorable (adverse) prior year reserve development (176,353) (235,529) (411,882) Acquisition costs (648,463) (352,482) (1,000,945) Underwriting-related general and administrative expenses (472,094) (79,373) (551,467) Underwriting income (loss) $ 260,944 $ (100,182) 160,762 Net investment income 611,742 Net investment gains (losses) (74,630) Corporate expenses (132,979) Foreign exchange (losses) gains (58,115) Interest expense and financing costs (68,421) Reorganization expenses (28,997) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 398,445 Income tax (expense) benefit (26,316) Interest in income of equity method investments 4,163 Net income 376,292 Preferred share dividends 30,250 Net income available to common shareholders $ 346,042 Current accident year loss ratio 55.0 % 66.4 % 58.6 % Prior year reserve development ratio 5.1 % 14.6 % 8.1 % Net losses and loss expenses ratio 60.1 % 81.0 % 66.7 % Acquisition cost ratio 18.7 % 21.7 % 19.7 % General and administrative expense ratio 13.7 % 4.9 % 13.5 % Combined ratio 92.5 % 107.6 % 99.9 % Goodwill and intangible assets $ 287,684 $ — $ 287,684 At and year ended December 31, 2022 Insurance Reinsurance Total Gross premiums written $ 5,585,581 $ 2,629,014 $ 8,214,595 Net premiums written 3,377,906 1,885,150 5,263,056 Net premiums earned 3,134,155 2,026,171 5,160,326 Other insurance related income 559 12,514 13,073 Current accident year net losses and loss expenses (1,802,204) (1,465,739) (3,267,943) Net favorable prior year reserve development 16,350 9,183 25,533 Acquisition costs (577,838) (444,179) (1,022,017) Underwriting-related general and administrative expenses (443,704) (106,585) (550,289) Underwriting income $ 327,318 $ 31,365 358,683 Net investment income 418,829 Net investment gains (losses) (456,789) Corporate expenses (130,054) Foreign exchange gains 157,945 Interest expense and financing costs (63,146) Reorganization expenses (31,426) Amortization of intangible assets (10,917) Income before income taxes and interest in income of equity method investments 243,125 Income tax (expense) benefit (22,037) Interest in income of equity method investments 1,995 Net income 223,083 Preferred share dividends 30,250 Net income available to common shareholders $ 192,833 Current accident year loss ratio 57.5 % 72.3 % 63.3 % Prior year reserve development ratio (0.5 %) (0.4 %) (0.5 %) Net losses and loss expenses ratio 57.0 % 71.9 % 62.8 % Acquisition cost ratio 18.4 % 21.9 % 19.8 % General and administrative expense ratio 14.2 % 5.3 % 13.2 % Combined ratio 89.6 % 99.1 % 95.8 % Goodwill and intangible assets $ 298,601 $ — $ 298,601
Summary of Gross Premiums Written by Geographical Location of Subsidiaries	The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years ended December 31, 2024 2023 2022 U.S. $ 4,864,074 $ 4,484,789 $ 4,342,707 Ireland 1,923,006 1,837,177 1,931,815 Lloyd's of London 1,998,217 1,759,990 1,567,458 Bermuda 220,591 274,569 372,615 Gross premiums written $ 9,005,888 $ 8,356,525 $ 8,214,595
Summary of Net Premiums Earned by Segment and Line of Business	The following table presents net premiums earned by segment and line of business: Years ended December 31, 2024 2023 2022 Insurance Professional lines $ 817,535 $ 764,558 $ 817,924 Property 1,139,308 878,849 755,986 Liability 494,561 496,381 459,775 Cyber 347,842 323,025 309,004 Marine and aviation 614,826 567,292 479,499 Accident and health 360,894 306,061 209,548 Credit and political risk 151,070 125,534 102,419 Total Insurance 3,926,036 3,461,700 3,134,155 Reinsurance Liability 309,265 403,239 484,681 Accident and health 322,932 341,806 368,747 Professional lines 169,074 205,404 250,911 Credit and surety 231,780 236,408 192,926 Motor 123,545 155,942 205,774 Agriculture 126,549 121,628 122,289 Marine and aviation 64,609 65,658 78,504 Run-off lines Catastrophe 13,412 33,963 156,232 Property 6,266 44,508 135,480 Engineering 12,767 13,525 30,627 Total run-off lines 32,445 91,996 322,339 Total Reinsurance 1,380,199 1,622,081 2,026,171 Total $ 5,306,235 $ 5,083,781 $ 5,160,326

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets	The table below provides details of goodwill and intangible assets related to the Company's insurance segment: Goodwill Intangible Intangible Total At December 31, 2022 Gross amount $ 95,890 $ 120,785 $ 394,604 $ 611,279 Accumulated amortization n/a n/a (306,671) (306,671) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 87,933 309,519 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — At December 31, 2023 Gross amount 95,890 120,785 394,604 611,279 Accumulated amortization n/a n/a (317,588) (317,588) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 77,016 298,602 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — At December 31, 2024 Gross amount 95,890 120,785 394,604 611,279 Accumulated amortization n/a n/a (328,505) (328,505) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,785 66,099 287,685 Amortization n/a n/a (10,917) (10,917) Impairment charges — — — — Tax-related adjustments (34,303) — — (34,303) $ 66,498 $ 120,785 $ 55,182 $ 242,465 n/a – not applicable
Summary of Finite-Lived Intangible Assets	The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets: VOBA and intangible assets At December 31, 2024 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (12,993) 337 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (38,408) 25,157 Large brokers (2) 46,641 (22,545) 24,096 SME brokers (2) 14,126 (8,533) 5,593 $ 515,388 $ (339,421) $ 175,967 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2023 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (11,661) 1,669 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (33,110) 30,455 Large brokers (2) 46,641 (19,435) 27,206 SME brokers (2) 14,126 (7,357) 6,769 $ 515,388 $ (328,505) $ 186,883 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.
Summary of Indefinite-Lived Intangible Assets	The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets: VOBA and intangible assets At December 31, 2024 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (12,993) 337 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (38,408) 25,157 Large brokers (2) 46,641 (22,545) 24,096 SME brokers (2) 14,126 (8,533) 5,593 $ 515,388 $ (339,421) $ 175,967 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2023 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists (1) 13,330 (11,661) 1,669 VOBA (2) 256,942 (256,942) — Coverholders (2) 63,565 (33,110) 30,455 Large brokers (2) 46,641 (19,435) 27,206 SME brokers (2) 14,126 (7,357) 6,769 $ 515,388 $ (328,505) $ 186,883 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.
Summary of Future Amortization Expense	The table below provides details of estimated amortization expense of intangible assets with a finite life: Total 2025 $ 9,921 2026 9,583 2027 9,583 2028 9,583 2029 7,965 After 2029 8,547 Total remaining amortization expense 55,182 Indefinite lived intangible assets 120,785 Total intangible assets $ 175,967

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 Allowance for expected credit losses Gross Gross Fair At December 31, 2024 Available for sale U.S. government and agency $ 2,830,111 $ — $ 6,011 $ (33,136) $ 2,802,986 Non-U.S. government 753,315 — 2,584 (25,960) 729,939 Corporate debt 4,941,510 (3,690) 30,594 (126,224) 4,842,190 Agency RMBS (1) 1,245,681 — 1,154 (61,990) 1,184,845 CMBS (2) 852,534 — 1,244 (34,170) 819,608 Non-agency RMBS 132,116 (195) 597 (9,982) 122,536 ABS (3) 1,547,350 (53) 5,812 (13,277) 1,539,832 Municipals (4) 117,288 — 125 (6,596) 110,817 Total fixed maturities, available for sale $ 12,419,905 $ (3,938) $ 48,121 $ (311,335) $ 12,152,753 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 Fair % of Total At December 31, 2024 Maturity Due in one year or less $ 895,177 $ 885,866 7.4 % Due after one year through five years 5,637,336 5,567,905 45.8 % Due after five years through ten years 1,895,116 1,826,564 15.0 % Due after ten years 214,595 205,597 1.7 % 8,642,224 8,485,932 69.9 % Agency RMBS 1,245,681 1,184,845 9.7 % CMBS 852,534 819,608 6.7 % Non-agency RMBS 132,116 122,536 1.0 % ABS 1,547,350 1,539,832 12.7 % Total $ 12,419,905 $ 12,152,753 100.0 % 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 Unrealized Fair Unrealized Fair Unrealized At December 31, 2024 Fixed maturities, available for sale U.S. government and agency $ 262,368 $ (17,515) $ 1,026,139 $ (15,621) $ 1,288,507 $ (33,136) Non-U.S. government 98,846 (9,179) 457,889 (16,781) 556,735 (25,960) Corporate debt 934,975 (78,979) 2,032,254 (47,245) 2,967,229 (126,224) Agency RMBS 280,550 (35,333) 749,040 (26,657) 1,029,590 (61,990) CMBS 410,213 (22,334) 260,411 (11,836) 670,624 (34,170) Non-agency RMBS 69,418 (9,900) 8,302 (82) 77,720 (9,982) ABS 147,281 (8,471) 295,897 (4,806) 443,178 (13,277) Municipals 49,495 (4,198) 51,002 (2,398) 100,497 (6,596) Total fixed maturities, available for sale $ 2,253,146 $ (185,909) $ 4,880,934 $ (125,426) $ 7,134,080 $ (311,335) 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 December 31, 2024 Held to maturity Corporate debt $ 122,706 $ — $ 122,706 $ 675 $ (7,764) $ 115,617 ABS (1) 320,694 — 320,694 560 (120) 321,134 Total fixed maturities, held to maturity $ 443,400 $ — $ 443,400 $ 1,235 $ (7,884) $ 436,751 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 Gross Fair At December 31, 2024 Equity securities Common stocks $ 3,061 $ 65 $ (488) $ 2,638 Preferred stocks 5,843 136 (112) 5,867 Exchange-traded funds 188,771 126,477 (1,206) 314,042 Bond mutual funds 323,068 540 (66,881) 256,727 Total equity securities $ 520,743 $ 127,218 $ (68,687) $ 579,274 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: December 31, 2024 December 31, 2023 Carrying value % of Total Carrying value % of Total Mortgage loans held for investment: Commercial $ 529,075 105 % $ 616,368 101 % Allowance for expected credit losses (23,378) (5 %) (6,220) (1 %) Total mortgage loans held for investment $ 505,697 100 % $ 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 Redemption At December 31, 2024 Multi-strategy funds $ 24,919 3 % Quarterly 60-90 days Direct lending funds 171,048 18 % Quarterly (1) 90 days Private equity funds 320,690 35 % n/a n/a Real estate funds 291,640 31 % Quarterly (2) , Annually (3) 45-90 days CLO-Equities — — % n/a n/a Other privately held investments 121,981 13 % n/a n/a Total other investments $ 930,278 100 % 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 value of $3 million (2023: $17 million). (2) Applies to one fund with a fair value of $51 million (2023: $66 million). (3) Applies to one fund with a fair value of $21 million (2023: $25 million).
Summary of Net Investment Income	Net investment income was derived from the following sources: Year ended December 31, 2024 2023 2022 Fixed maturities $ 620,704 $ 514,842 $ 329,858 Other investments 48,666 20,411 57,043 Equity securities 12,922 12,088 10,390 Mortgage loans 34,028 35,312 23,407 Cash and cash equivalents 59,600 50,261 20,273 Short-term investments 12,569 8,924 3,535 Gross investment income 788,489 641,838 444,506 Investment expenses (29,260) (30,096) (25,677) Net investment income $ 759,229 $ 611,742 $ 418,829
Summary of Net Investment Gains (Losses)	The following table provides an analysis of net investment gains (losses): Year ended December 31, 2024 2023 2022 Gross realized investment gains Fixed maturities, short-term investments, and cash and cash equivalents $ 77,525 $ 32,920 $ 16,671 Equity securities 32,292 16,847 7,687 Gross realized investment gains 109,817 49,767 24,358 Gross realized investment losses Fixed maturities, short-term investments, and cash and cash equivalents (230,774) (158,080) (328,493) Equity securities (15,251) (639) (406) Mortgage loans (7,215) — — Gross realized investment losses (253,240) (158,719) (328,899) (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale 6,821 974 (11,421) (Increase) decrease in allowance for expected credit losses, mortgage loans (17,159) (6,220) — Impairment losses (1) (408) (12,757) (12,568) Change in fair value of investment derivatives (2) 1,783 (1,456) 7,656 Net unrealized gains (losses) on equity securities 13,852 53,781 (135,915) Net investment losses $ (138,534) $ (74,630) $ (456,789) (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 7 'Derivative Instruments'.
Summary of Allowance for Credit Loss on Fixed Maturities Available For Sale	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: Year ended December 31, 2024 2023 2022 Balance at beginning of period $ 10,759 $ 11,733 $ 313 Expected credit losses on securities where credit losses were not previously recognized 926 5,200 17,830 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized (2,319) 4,934 (3,831) Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — Securities sold/redeemed/matured (5,428) (11,108) (2,579) Balance at end of period $ 3,938 $ 10,759 $ 11,733
Summary of Allowance For Credit Losses on Mortgage Loans	The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans: Year ended December 31, 2024 2023 2022 Balance at beginning of period $ 6,220 $ — $ — Expected credit losses on loans where credit losses were not previously recognized 21,757 6,220 — Additions (reductions) for expected credit losses on loans where credit losses were previously recognized 2,616 — — Loans sold/redeemed/matured (7,215) — — Balance at end of period $ 23,378 $ 6,220 $ —
Summary of Restricted Investments and Cash	The table below provides the fair values of the Company's restr icted investments and cash: At December 31, 2024 2023 Collateral in trust for inter-company agreements $ 2,549,220 $ 614,089 Collateral for secured letter of credit facility 208,090 423,522 Funds at Lloyd's 883,362 893,177 Collateral in trust for third-party agreements 2,602,306 2,597,633 Securities on deposit or in trust with regulatory authorities 632,268 772,472 Total restricted investments and cash $ 6,875,246 $ 5,300,893

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2024 Assets Fixed maturities, available for sale U.S. government and agency $ 2,767,315 $ 35,671 $ — $ — $ 2,802,986 Non-U.S. government — 729,939 — — 729,939 Corporate debt — 4,715,799 126,391 — 4,842,190 Agency RMBS — 1,184,845 — — 1,184,845 CMBS — 819,608 — — 819,608 Non-agency RMBS — 122,536 — — 122,536 ABS — 1,519,000 20,832 — 1,539,832 Municipals — 110,817 — — 110,817 2,767,315 9,238,215 147,223 — 12,152,753 Equity securities Common stocks 2,638 — — — 2,638 Preferred stocks 3 5,864 — — 5,867 Exchange-traded funds 314,042 — — — 314,042 Bond mutual funds — 256,727 — — 256,727 316,683 262,591 — — 579,274 Other investments Multi-strategy funds — — — 24,919 24,919 Direct lending funds — — — 171,048 171,048 Private equity funds — — — 320,690 320,690 Real estate funds — — — 291,640 291,640 CLO-Equities — — — — — Other privately held investments — — 92,230 29,751 121,981 — — 92,230 838,048 930,278 Short-term investments — 223,666 — — 223,666 Other assets Derivative instruments (refer to Note 7) — 9,439 — — 9,439 Total Assets $ 3,083,998 $ 9,733,911 $ 239,453 $ 838,048 $ 13,895,410 Liabilities Derivative instruments (refer to Note 7) $ — $ 3,100 $ — $ — $ 3,100 Total Liabilities $ — $ 3,100 $ — $ — $ 3,100 Quoted prices in active markets Significant other observable 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 7) — 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 7) $ — $ 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 December 31, 2024 of investments classified as Level 3 in the fair value hierarchy: Asset fair value Valuation technique Unobservable input Amount /Range Weighted Other investments - Other privately $ 14,912 Discounted cash flow Discount rate 5.7% 5.7% 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 $147 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 $77 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 Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing Change in unrealized gains/(losses) (3) Year ended December 31, 2024 Fixed maturities, available for sale Corporate debt $ 135,753 $ — $ (20,832) $ (1,347) $ 2,051 $ 35,744 $ (165) $ (24,813) $ 126,391 $ — ABS — 20,832 — — — — — — 20,832 — 135,753 20,832 (20,832) (1,347) 2,051 35,744 (165) (24,813) 147,223 — Other investments CLO-Equities 5,300 — — 849 — — — (6,149) — — Other privately held investments 87,289 — (6,899) 4,024 — 12,238 — (4,422) 92,230 4,024 92,589 — (6,899) 4,873 — 12,238 — (10,571) 92,230 4,024 Total assets $ 228,342 $ 20,832 $ (27,731) $ 3,526 $ 2,051 $ 47,982 $ (165) $ (35,384) $ 239,453 $ 4,024 Year ended December 31, 2023 Fixed maturities, available for sale Corporate debt $ 119,104 $ — $ — $ (8,527) $ 2,438 $ 38,173 $ (770) $ (14,665) $ 135,753 $ — ABS — — — — — — — — — — 119,104 — — (8,527) 2,438 38,173 (770) (14,665) 135,753 — Other investments CLO-Equities 5,016 — — 2,395 — — — (2,111) 5,300 2,395 Other privately held investments 136,158 — (25,510) (9,904) — 21,077 (34,532) — 87,289 (17,986) 141,174 — (25,510) (7,509) — 21,077 (34,532) (2,111) 92,589 (15,591) Total assets $ 260,278 $ — $ (25,510) $ (16,036) $ 2,438 $ 59,250 $ (35,302) $ (16,776) $ 228,342 $ (15,591) (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").

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2024 December 31, 2023 Derivative Derivative asset fair value (1) Derivative liability fair value (1) Derivative Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 17,655 $ 323 $ — $ 49,307 $ 66 $ 274 Relating to underwriting portfolio: Foreign exchange forward contracts 1,323,714 9,116 3,100 1,347,559 4,358 9,891 Total derivatives $ 9,439 $ 3,100 $ 4,424 $ 10,165 (1)
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: December 31, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 20,067 $ (10,628) $ 9,439 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 13,728 $ (10,628) $ 3,100 $ 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: December 31, 2024 December 31, 2023 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 20,067 $ (10,628) $ 9,439 $ 8,708 $ (4,284) $ 4,424 Derivative liabilities $ 13,728 $ (10,628) $ 3,100 $ 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 Amount of gain (loss) recognized in 2024 2023 2022 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 1,783 $ (1,456) $ 7,656 Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange (losses) gains 13,399 8,121 (31,609) Other underwriting-related contracts Other insurance related income — — 3,542 Total $ 15,182 $ 6,665 $ (20,411)

RESERVE FOR LOSSES AND LOSS E_2

RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance Loss Reserves [Abstract]
Summary of Reserve for Losses and Loss Expenses	Reserve for losses and loss expenses comprise the following: At December 31, 2024 2023 Reserve for reported losses and loss expenses $ 5,433,903 $ 5,559,261 Reserve for losses incurred but not reported 11,785,026 10,874,757 Reserve for losses and loss expenses $ 17,218,929 $ 16,434,018
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 reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses: Year ended December 31, 2024 2023 2022 Gross reserve for losses and loss expenses, beginning of year $ 16,434,018 $ 15,168,863 $ 14,653,094 Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year (6,323,083) (5,831,172) (5,017,611) Net reserve for unpaid losses and loss expenses, beginning of year 10,110,935 9,337,691 9,635,483 Net incurred losses and loss expenses related to: Current year 3,182,810 2,981,220 3,267,943 Prior years (24,323) 411,882 (25,533) 3,158,487 3,393,102 3,242,410 Net paid losses and loss expenses related to: Current year (538,709) (488,016) (457,857) Prior years (2,360,100) (2,185,588) (2,397,213) (2,898,809) (2,673,604) (2,855,070) Foreign exchange and other 7,419 53,746 (685,132) Net reserve for unpaid losses and loss expenses, end of year 10,378,032 10,110,935 9,337,691 Reinsurance recoverable on unpaid losses and loss expenses, end of year 6,840,897 6,323,083 5,831,172 Gross reserve for losses and loss expenses, end of year $ 17,218,929 $ 16,434,018 $ 15,168,863
Summary of Net Favorable (Adverse) Prior Year Reserve Development	The following table presents net favorable (adverse) prior year reserve development by segment: Favorable (Adverse) Insurance Reinsurance Total Year ended December 31, 2024 $ 16,209 $ 8,114 $ 24,323 Year ended December 31, 2023 $ (176,353) $ (235,529) $ (411,882) Year ended December 31, 2022 $ 16,350 $ 9,183 $ 25,533 The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year. Insurance Segment : Favorable (Adverse) Years ended December 31, 2024 2023 2022 Property $ 17,718 $ 16,195 $ 52,512 Accident and health 4,191 (10,236) (12,856) Marine and aviation (10,656) 26,977 27,927 Cyber — 35,579 8,416 Professional lines — (41,243) (29,093) Credit and political risk 4,956 31,691 24,361 Liability — (235,316) (54,917) Total $ 16,209 $ (176,353) $ 16,350 Reinsurance Segment : Favorable (Adverse) Years ended December 31, 2024 2023 2022 Accident and health $ — $ 29,947 $ 14,199 Agriculture — 10,781 11,703 Marine and aviation 4,111 12,595 2,597 Professional lines — (92,181) (54,820) Credit and surety 4,003 8,306 43,567 Motor — (9,653) 18,161 Liability — (262,114) (58,148) Run-off lines Catastrophe — 46,297 (504) Property — 15,225 42,523 Engineering — 5,268 (10,095) Total run-off lines — 66,790 31,924 Total $ 8,114 $ (235,529) $ 9,183
Summary of Net Incurred and Paid Claims Development Tables by Accident Year	Insurance property Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 207,189 $ 199,448 $ 191,577 $ 189,373 $ 186,032 $ 187,860 $ 177,908 $ 180,172 $ 180,785 $ 184,012 $ 1,053 4,199 2016 261,565 284,462 276,891 262,436 256,514 256,766 256,192 261,379 260,698 (854) 6,685 2017 789,318 694,953 682,582 673,336 668,663 668,986 663,510 662,072 11,091 10,117 2018 600,141 629,218 608,937 601,674 600,469 591,064 585,484 5,167 9,701 2019 368,594 357,615 349,495 360,367 343,816 343,852 1,904 9,630 2020 644,750 627,229 575,827 584,608 590,238 15,480 12,528 2021 375,981 370,445 366,781 366,639 10,732 7,943 2022 411,156 413,181 396,296 27,546 7,707 2023 395,636 392,842 95,149 7,143 2024 539,252 274,741 6,578 Total $ 4,321,385 Insurance property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 67,399 $ 144,389 $ 165,268 $ 178,896 $ 178,566 $ 184,856 $ 176,079 $ 180,900 $ 180,576 $ 182,683 2016 82,296 204,637 240,568 248,054 248,118 252,951 250,353 256,535 260,805 2017 190,148 509,202 616,838 644,936 639,939 629,525 641,640 642,182 2018 218,293 461,816 554,132 564,129 581,594 567,762 576,747 2019 145,556 251,877 298,564 335,077 323,935 328,429 2020 181,138 420,774 474,714 523,474 553,239 2021 133,671 284,332 319,737 338,393 2022 96,815 259,261 323,805 2023 90,343 206,885 2024 111,368 Total 3,524,536 All outstanding liabilities before 2015, net of reinsurance 13,825 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 810,674 Insurance accident and health Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 70,003 $ 68,570 $ 65,066 $ 63,278 $ 63,844 $ 63,527 $ 62,860 $ 63,519 $ 60,850 $ 60,933 $ 1,075 44,138 2016 84,654 84,824 85,219 86,343 86,029 87,038 86,822 86,249 85,654 860 87,001 2017 113,374 119,968 117,761 115,848 115,913 115,798 116,916 117,082 74 688,000 2018 110,256 114,418 113,478 111,552 112,563 113,253 114,193 130 745,012 2019 73,130 74,067 64,562 68,028 67,110 69,578 556 675,633 2020 69,137 62,944 66,164 62,922 64,902 555 718,518 2021 68,873 70,639 76,918 75,036 1,664 440,175 2022 97,576 98,228 95,259 2,660 400,429 2023 170,186 163,983 19,627 406,521 2024 207,466 74,872 365,749 Total $ 1,054,086 Insurance accident and health Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 31,140 $ 56,263 $ 59,293 $ 60,154 $ 61,163 $ 61,032 $ 61,684 $ 61,775 $ 59,672 $ 59,820 2016 41,127 78,239 82,003 82,836 83,897 84,288 84,989 84,125 84,869 2017 62,733 108,219 113,393 114,788 115,890 115,070 116,933 117,122 2018 61,218 105,324 107,655 111,312 112,202 113,014 114,104 2019 44,652 60,623 62,033 66,971 66,828 68,263 2020 36,035 51,481 59,608 57,944 61,786 2021 38,828 60,470 68,183 69,489 2022 45,663 80,164 87,242 2023 93,765 135,134 2024 122,628 Total 920,457 All outstanding liabilities before 2015, net of reinsurance 656 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 134,285 Insurance marine and aviation Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 186,023 $ 164,397 $ 159,304 $ 151,503 $ 138,907 $ 144,418 $ 143,385 $ 143,359 $ 141,862 $ 141,557 $ 1 4,316 2016 115,442 111,630 109,092 101,322 100,703 99,830 100,732 101,680 100,809 2,930 4,898 2017 260,225 227,207 224,246 222,060 213,940 213,545 212,002 211,499 5,926 8,589 2018 234,768 251,517 237,372 230,422 223,605 225,057 225,769 11,695 8,787 2019 213,917 208,026 210,690 223,032 221,512 246,540 4,556 7,755 2020 207,122 178,537 161,953 163,264 167,229 9,134 6,533 2021 238,454 219,002 201,232 222,356 20,126 6,922 2022 263,742 254,138 255,744 68,596 7,650 2023 297,529 261,711 99,643 7,266 2024 341,298 185,817 6,103 Total $ 2,174,512 Insurance marine and aviation Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 29,464 $ 68,918 $ 123,818 $ 128,652 $ 131,418 $ 134,176 $ 140,256 $ 140,443 $ 140,449 $ 140,441 2016 22,868 50,881 82,738 89,721 91,648 93,576 96,663 97,321 96,224 2017 34,748 104,908 137,887 169,479 178,013 181,766 193,220 198,539 2018 46,694 121,096 156,641 169,862 181,261 193,550 199,341 2019 53,526 101,596 143,642 168,768 176,353 189,630 2020 44,330 83,545 105,145 117,734 131,309 2021 26,424 68,306 106,333 144,284 2022 29,699 99,980 138,256 2023 36,159 91,653 2024 62,738 Total 1,392,415 All outstanding liabilities before 2015, net of reinsurance 13,787 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 795,884 Insurance cyber Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 65,231 $ 63,595 $ 63,066 $ 51,250 $ 50,357 $ 50,758 $ 52,526 $ 49,795 $ 48,042 $ 48,036 $ 2,226 1,428 2016 58,741 56,565 58,261 40,266 37,322 29,929 27,873 25,258 25,254 1,079 1,671 2017 53,187 50,794 56,783 51,931 50,910 48,696 48,343 46,036 (4) 1,817 2018 33,429 31,966 33,962 30,558 26,168 23,902 29,447 1,845 2,156 2019 54,237 56,994 80,098 80,157 71,246 63,767 3,608 2,904 2020 113,305 104,869 101,604 124,751 133,525 24,605 2,880 2021 124,709 133,593 104,732 105,722 21,145 2,450 2022 128,483 119,436 119,484 61,903 1,766 2023 126,838 126,343 57,395 2,336 2024 158,180 138,542 1,325 Total $ 855,794 Insurance cyber Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 5,572 $ 15,333 $ 25,544 $ 28,501 $ 30,865 $ 39,470 $ 42,515 $ 43,635 $ 45,432 $ 45,318 2016 1,348 4,637 14,141 18,502 21,333 23,136 23,207 24,054 24,054 2017 9,354 19,165 28,331 35,897 38,029 40,554 39,997 47,274 2018 2,171 7,327 9,874 14,790 19,226 18,329 26,263 2019 2,764 20,249 31,445 58,696 54,986 55,026 2020 17,700 49,529 62,548 81,129 102,650 2021 24,077 65,332 74,856 82,803 2022 7,796 37,446 52,479 2023 9,094 45,086 2024 11,906 Total 492,859 All outstanding liabilities before 2015, net of reinsurance 7,614 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 370,549 Insurance professional lines Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 308,206 $ 308,832 $ 315,378 $ 301,759 $ 288,635 $ 271,774 $ 270,615 $ 281,645 $ 280,054 $ 285,261 $ 12,111 9,662 2016 287,119 291,739 295,992 314,273 326,544 336,376 337,725 354,094 359,445 21,448 10,949 2017 336,606 339,010 371,856 372,365 388,467 386,243 390,818 395,866 37,337 12,966 2018 323,638 339,960 388,834 419,568 445,299 464,430 467,834 32,176 15,537 2019 345,193 360,720 375,361 408,326 455,966 466,546 74,818 14,793 2020 320,300 318,886 299,016 290,925 292,430 92,856 9,634 2021 375,982 366,527 323,579 320,376 157,986 8,656 2022 457,637 443,592 437,668 297,452 8,740 2023 438,129 440,324 335,563 10,252 2024 488,514 459,342 7,556 Total $ 3,954,264 Insurance professional lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 14,128 $ 51,028 $ 110,043 $ 138,151 $ 169,386 $ 199,105 $ 211,577 $ 223,040 $ 247,794 $ 253,620 2016 14,341 65,656 130,951 171,190 209,142 233,400 274,502 288,796 315,673 2017 11,401 51,055 107,721 165,829 196,246 266,159 287,549 313,285 2018 18,147 74,121 141,470 203,168 263,460 333,899 380,200 2019 24,714 75,980 132,159 204,491 287,110 333,147 2020 8,542 43,600 96,537 124,128 168,911 2021 9,677 38,157 82,947 126,636 2022 10,815 45,645 100,835 2023 12,057 55,586 2024 15,815 Total 2,063,708 All outstanding liabilities before 2015, net of reinsurance 143,974 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,034,530 Insurance credit and political risk Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 30,329 $ 30,368 $ 27,524 $ 26,012 $ 25,930 $ 24,851 $ 24,189 $ 23,309 $ 23,309 $ 23,309 $ — 2 2016 43,327 45,899 43,409 43,980 27,766 26,785 25,705 25,705 25,703 (2) 2 2017 47,743 32,467 25,783 18,118 15,867 10,904 8,404 7,744 3,167 4 2018 42,339 33,166 32,057 24,093 20,464 23,774 24,379 5,084 2 2019 52,570 80,386 75,270 73,703 70,922 69,499 10,431 33 2020 60,857 69,650 60,212 49,018 47,927 18,124 44 2021 42,063 36,817 26,140 26,769 12,908 24 2022 45,035 44,078 43,030 34,088 27 2023 58,702 59,525 40,167 31 2024 71,968 67,838 20 Total $ 399,853 Insurance credit and political risk Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ — $ 23,309 $ 23,309 $ 23,309 $ 23,309 $ 23,309 $ 23,309 $ 23,309 $ 23,309 $ 23,309 2016 — 25,705 25,705 25,705 25,705 25,705 25,705 25,705 25,705 2017 397 3,985 9,138 11,573 10,786 10,237 8,514 5,940 2018 5,327 13,300 15,299 11,376 19,486 23,362 22,928 2019 15,859 46,227 53,489 56,682 54,747 53,948 2020 9,416 88,017 55,084 50,349 50,018 2021 2,769 (378) 8,207 12,683 2022 2,798 8,096 7,007 2023 2,738 16,261 2024 4,019 Total 221,818 All outstanding liabilities before 2015, net of reinsurance 5,977 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 184,012 Insurance liability Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 128,433 $ 127,087 $ 137,188 $ 164,685 $ 182,354 $ 187,650 $ 186,575 $ 187,816 $ 189,335 $ 194,101 $ 21,585 6,886 2016 124,296 130,074 128,697 127,257 119,989 119,993 125,396 124,751 124,707 11,666 7,755 2017 166,690 165,181 183,687 199,054 203,242 213,374 249,403 247,666 27,690 8,903 2018 166,951 167,040 189,916 203,849 215,235 250,910 258,462 34,684 8,731 2019 191,681 192,509 221,935 236,977 299,503 300,576 42,047 8,398 2020 223,954 224,321 230,122 248,412 245,534 54,701 6,408 2021 231,577 244,781 301,010 292,933 75,781 7,246 2022 322,623 356,752 357,079 162,714 8,258 2023 363,821 360,192 255,535 7,085 2024 379,635 351,221 3,727 Total $ 2,760,885 Insurance liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 5,436 $ 22,200 $ 39,394 $ 92,350 $ 119,836 $ 140,484 $ 150,293 $ 158,595 $ 162,235 $ 166,225 2016 6,299 23,211 36,317 56,319 66,157 79,396 95,615 102,588 106,095 2017 5,354 29,185 58,560 114,856 142,497 167,554 189,184 201,124 2018 9,252 34,843 72,057 118,847 158,255 188,416 200,368 2019 7,787 39,694 83,412 138,666 191,870 223,818 2020 8,129 25,094 75,733 118,034 155,974 2021 13,384 51,736 103,537 166,205 2022 13,191 53,365 124,788 2023 9,829 54,318 2024 12,241 Total 1,411,156 All outstanding liabilities before 2015, net of reinsurance 59,273 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,409,002 Reinsurance accident and health Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 93,754 $ 100,350 $ 93,862 $ 93,627 $ 92,906 $ 93,243 $ 92,251 $ 92,221 $ 92,966 $ 92,914 $ 84 2016 170,604 191,077 188,189 189,806 189,280 190,290 190,190 190,319 190,971 655 2017 183,761 189,292 183,173 182,013 183,023 182,973 181,916 182,326 384 2018 193,622 200,151 197,880 200,611 199,949 196,940 197,152 1,119 2019 217,364 211,873 207,308 204,907 198,928 199,155 1,108 2020 226,693 220,449 213,245 199,261 198,843 504 2021 231,917 226,777 222,084 218,106 3,442 2022 267,051 262,981 256,577 19,738 2023 242,835 251,034 43,093 2024 215,960 77,080 Total $ 2,003,038 Reinsurance accident and health Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 23,392 $ 77,212 $ 88,583 $ 91,789 $ 91,895 $ 92,362 $ 93,787 $ 93,599 $ 92,328 $ 92,314 2016 50,017 149,814 180,891 187,052 189,036 188,632 189,558 189,146 189,131 2017 79,215 156,941 171,794 178,569 179,075 179,725 179,491 179,715 2018 72,826 164,972 191,414 190,959 194,064 194,539 194,680 2019 67,755 169,294 195,595 196,317 194,411 199,235 2020 81,783 171,822 210,093 191,899 192,168 2021 68,549 179,195 209,615 212,355 2022 101,488 213,363 234,448 2023 130,720 199,466 2024 123,147 Total 1,816,659 All outstanding liabilities before 2015, net of reinsurance 1,291 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 187,670 Reinsurance agriculture Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 103,144 $ 95,576 $ 95,321 $ 95,308 $ 95,314 $ 95,492 $ 95,476 $ 95,608 $ 96,225 $ 96,287 $ (3) 2016 123,359 117,045 110,207 108,795 109,042 108,219 108,167 108,912 108,701 14 2017 151,526 144,159 138,274 139,344 138,810 137,342 136,483 133,371 36 2018 140,830 147,182 140,727 140,457 139,823 142,610 146,050 399 2019 182,793 185,089 187,599 183,213 182,923 184,383 323 2020 62,506 62,636 63,702 61,801 59,833 153 2021 69,694 61,057 57,608 56,784 3,740 2022 101,001 91,299 90,378 3,573 2023 103,003 104,308 45,157 2024 90,163 82,981 Total $ 1,070,258 Reinsurance agriculture Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 1,716 $ 65,845 $ 92,954 $ 94,511 $ 94,848 $ 95,442 $ 95,431 $ 95,586 $ 96,198 $ 96,237 2016 9,489 61,772 107,559 109,092 108,564 108,324 108,364 108,915 108,609 2017 7,444 124,429 137,338 138,468 137,308 137,255 136,431 133,133 2018 5,115 127,449 135,514 141,607 138,233 143,905 144,073 2019 28,854 154,426 174,094 178,098 177,587 179,673 2020 17,454 47,254 54,101 55,182 55,589 2021 2,952 32,715 45,895 48,518 2022 15,344 55,371 75,383 2023 14,591 47,580 2024 3,654 Total 892,449 All outstanding liabilities before 2015, net of reinsurance 162 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 177,971 Reinsurance marine and aviation Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 10,360 $ 9,193 $ 10,777 $ 14,938 $ 12,589 $ 12,220 $ 11,986 $ 11,937 $ 11,993 $ 11,964 $ 441 2016 32,111 34,714 35,092 36,486 34,982 35,309 35,715 35,208 35,920 131 2017 54,853 42,541 40,935 46,176 42,787 40,443 40,366 41,445 78 2018 18,797 27,331 26,877 43,264 46,729 48,103 47,392 1,198 2019 69,487 81,921 79,650 81,494 84,590 86,262 4,059 2020 40,006 41,273 37,298 36,464 37,990 1,803 2021 43,366 40,438 35,108 38,786 1,642 2022 68,401 58,762 49,649 17,062 2023 40,526 37,916 20,892 2024 48,826 41,877 Total $ 436,150 Reinsurance marine and aviation Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident Year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 416 $ 2,646 $ 6,417 $ 8,620 $ 10,177 $ 10,972 $ 10,798 $ 10,879 $ 11,012 $ 11,274 2016 2,626 18,704 25,747 29,664 32,375 33,422 34,013 34,223 34,605 2017 2,674 23,370 28,664 33,578 36,600 36,708 37,610 39,064 2018 1,776 10,815 24,223 30,639 34,252 37,601 39,599 2019 10,672 27,031 34,246 52,675 67,673 72,288 2020 3,983 16,455 23,525 29,316 32,332 2021 5,407 12,160 20,118 27,671 2022 7,732 18,402 24,732 2023 1,472 6,902 2024 2,045 Total 290,512 All outstanding liabilities before 2015, net of reinsurance 3,706 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 149,344 Reinsurance professional lines Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 211,361 $ 211,024 $ 213,232 $ 223,865 $ 230,444 $ 227,420 $ 233,925 $ 239,843 $ 250,896 $ 250,292 $ 15,211 2016 194,564 195,543 198,934 226,305 253,676 253,578 265,439 277,105 276,527 18,210 2017 154,215 154,560 160,679 176,245 185,849 208,425 237,237 237,500 27,326 2018 144,599 146,713 153,514 164,134 172,179 193,077 190,588 (677) 2019 135,866 135,003 138,634 143,617 154,826 149,984 15,699 2020 138,881 138,846 133,815 131,679 135,632 55,500 2021 147,464 139,462 134,870 135,793 77,868 2022 168,535 152,352 152,014 99,800 2023 135,093 135,427 106,522 2024 106,558 96,010 Total $ 1,770,315 Reinsurance professional lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 3,134 $ 13,502 $ 41,440 $ 79,127 $ 111,504 $ 131,185 $ 151,960 $ 169,894 $ 183,371 $ 199,230 2016 1,752 20,397 52,347 94,682 124,288 152,878 180,296 201,985 222,284 2017 2,812 14,746 39,723 62,483 88,279 115,586 136,560 165,728 2018 273 2,495 30,964 56,426 81,129 112,549 137,940 2019 362 13,463 33,104 52,368 74,942 97,450 2020 3,820 13,773 26,460 40,009 57,776 2021 4,337 11,320 22,453 38,523 2022 3,233 11,684 28,924 2023 3,452 12,388 2024 2,962 Total 963,205 All outstanding liabilities before 2015, net of reinsurance 136,065 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 943,175 Reinsurance credit and surety Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 156,256 $ 159,662 $ 154,425 $ 150,883 $ 132,750 $ 133,679 $ 134,817 $ 129,441 $ 125,761 $ 125,755 $ 1,361 2016 138,199 136,760 144,405 119,427 112,113 109,778 107,428 109,579 111,169 592 2017 135,014 128,141 122,255 113,551 111,099 110,948 111,360 110,277 2,239 2018 108,874 115,673 109,266 106,339 101,044 87,774 87,535 3,276 2019 72,245 64,952 64,711 62,649 54,467 54,501 3,369 2020 76,156 82,568 68,240 94,044 89,395 13,239 2021 51,523 43,356 40,832 41,061 13,639 2022 63,310 50,474 50,203 30,771 2023 85,730 85,451 45,993 2024 79,933 54,383 Total $ 835,280 Reinsurance credit and surety Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 32,721 $ 78,814 $ 95,640 $ 111,972 $ 113,904 $ 117,515 $ 118,370 $ 117,224 $ 114,711 $ 115,099 2016 41,639 70,896 88,974 98,411 99,415 97,926 97,638 99,762 99,527 2017 37,018 71,362 87,088 98,480 96,569 99,473 100,308 100,954 2018 38,619 65,916 69,263 80,736 82,379 83,859 84,092 2019 19,163 29,432 42,248 44,277 46,442 46,199 2020 25,277 33,572 38,972 43,304 48,666 2021 4,460 8,909 16,768 18,726 2022 6,845 10,916 13,259 2023 10,314 20,167 2024 11,398 Total 558,087 All outstanding liabilities before 2015, net of reinsurance 28,849 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 306,042 Reinsurance motor Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 215,985 $ 208,783 $ 212,699 $ 214,510 $ 204,009 $ 203,169 $ 200,453 $ 200,843 $ 199,519 $ 199,471 $ 10,658 2016 239,098 252,847 254,013 244,592 236,810 234,357 238,113 238,717 238,942 1,903 2017 353,883 358,716 347,805 348,494 349,584 344,966 351,598 351,699 21,818 2018 348,090 343,752 354,625 351,594 339,260 351,737 350,894 17,085 2019 331,840 330,204 330,904 321,798 326,641 326,155 7,574 2020 209,930 212,344 208,823 192,333 192,990 7,877 2021 176,116 176,135 178,461 178,561 22,550 2022 154,073 166,810 158,097 24,177 2023 121,411 128,732 23,925 2024 84,425 50,610 Total $ 2,209,966 Reinsurance motor Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 57,035 $ 90,219 $ 109,330 $ 126,014 $ 141,391 $ 141,761 $ 164,226 $ 169,228 $ 171,272 $ 175,513 2016 60,117 101,425 124,192 141,526 153,840 177,453 184,773 193,160 202,406 2017 71,292 130,330 159,573 193,899 215,552 238,380 256,263 266,624 2018 83,155 138,377 201,610 210,849 234,853 254,645 273,683 2019 89,950 182,006 198,344 219,950 238,617 257,423 2020 43,468 94,350 113,316 125,200 134,082 2021 41,657 74,997 92,381 104,602 2022 35,075 51,509 63,668 2023 25,966 44,970 2024 15,114 Total 1,538,085 All outstanding liabilities before 2015, net of reinsurance 262,566 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 934,447 Reinsurance liability Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 213,111 $ 213,356 $ 214,303 $ 214,193 $ 212,052 $ 212,453 $ 202,266 $ 205,170 $ 215,869 $ 215,609 $ 12,588 2016 238,237 243,345 248,154 251,425 260,727 264,490 271,912 311,876 313,766 30,063 2017 273,121 267,788 276,627 285,245 294,535 303,916 339,798 338,776 25,655 2018 262,170 266,567 271,505 284,659 304,407 349,520 349,317 47,871 2019 262,105 270,541 272,501 271,351 329,313 334,773 82,959 2020 282,298 282,700 277,534 303,976 307,787 104,900 2021 302,849 310,334 343,399 334,588 139,743 2022 346,756 341,727 334,639 165,420 2023 273,950 273,571 170,489 2024 247,866 217,212 Total $ 3,050,692 Reinsurance liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 7,266 $ 27,432 $ 54,372 $ 80,691 $ 108,548 $ 130,417 $ 141,135 $ 151,506 $ 166,279 $ 178,276 2016 11,837 37,527 69,136 111,165 142,074 165,531 188,319 215,185 234,297 2017 12,394 41,984 78,240 120,145 157,920 192,427 223,321 250,245 2018 19,352 49,673 84,839 127,457 165,827 206,294 244,159 2019 19,288 45,132 79,439 119,854 158,542 201,377 2020 16,930 48,916 82,113 119,248 152,616 2021 10,882 58,253 98,671 145,566 2022 18,024 51,960 102,346 2023 14,979 45,121 2024 13,368 Total 1,567,371 All outstanding liabilities before 2015, net of reinsurance 127,910 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,611,231 Reinsurance run-off Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2024 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 264,343 $ 252,265 $ 252,266 $ 243,094 $ 241,916 $ 246,713 $ 244,566 $ 242,674 $ 240,289 $ 240,152 $ 1,636 2016 278,963 277,871 275,202 269,952 273,294 273,472 273,184 266,307 265,991 3,048 2017 701,995 702,732 743,852 744,427 742,270 733,045 725,458 729,636 23,633 2018 518,635 603,305 617,932 603,972 589,801 589,927 587,086 14,977 2019 431,902 407,538 387,635 372,883 366,152 368,869 14,143 2020 509,942 538,067 533,206 537,210 533,431 31,778 2021 419,674 427,037 422,974 421,678 28,832 2022 260,346 218,849 221,806 43,059 2023 63,904 60,979 21,860 2024 28,826 7,873 Total $ 3,458,454 Reinsurance run-off Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 unaudited 2022 unaudited 2023 unaudited 2024 2015 $ 46,281 $ 117,515 $ 175,420 $ 200,069 $ 210,135 $ 214,446 $ 228,479 $ 230,094 $ 231,029 $ 232,580 2016 63,381 137,032 195,162 225,752 239,689 246,337 251,662 250,127 252,695 2017 163,739 419,762 533,804 591,946 615,721 650,897 661,617 672,949 2018 116,822 326,092 419,373 471,002 517,408 538,362 546,510 2019 55,275 199,958 256,712 291,464 315,548 329,517 2020 104,927 234,874 316,569 383,462 429,759 2021 87,733 230,145 292,521 341,460 2022 49,727 101,413 133,777 2023 22,862 29,381 2024 11,372 Total 2,980,000 All outstanding liabilities before 2015, net of reinsurance 38,605 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 517,059
Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance	Insurance property Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 31.2% 40.2% 13.2% 5.7% 0.6% 0.5% (0.6%) 1.7% 0.7% 1.1% Insurance accident and health Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 54.2% 33.2% 6.0% 1.9% 1.7% 0.5% 1.1% (0.2%) (1.3%) 0.2% Insurance marine and aviation Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 18.5% 25.8% 20.5% 9.4% 4.0% 3.3% 3.9% 1.1% (0.6%) —% Insurance cyber Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 10.6% 24.0% 17.1% 17.2% 7.7% 5.5% 8.1% 7.2% 1.9% (0.2%) Insurance professional lines Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3.5% 11.0% 15.5% 12.5% 12.5% 12.0% 7.8% 4.8% 8.1% 2.0% Insurance credit and political risk Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 9.6% 56.7% 5.8% 3.8% 3.3% 1.5% (6.0%) (11.1%) —% —% Insurance liability Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3.4% 10.7% 14.8% 20.2% 13.6% 10.7% 7.9% 4.9% 2.4% 2.1% Reinsurance accident and health Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 38.7% 46.4% 13.1% 0.4% 0.4% 0.7% 0.5% (0.1%) (0.7%) —% Reinsurance agriculture Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 10.5% 59.2% 19.1% 2.4% (0.5%) 1.1% (0.1%) (0.6%) 0.2% —% Reinsurance marine and aviation Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 8.2% 26.4% 19.1% 15.8% 10.1% 4.4% 1.6% 1.6% 1.1% 2.2% Reinsurance professional lines Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 1.7% 5.6% 11.3% 12.6% 12.6% 12.2% 10.1% 9.1% 6.4% 6.3% Reinsurance credit and surety Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 25.6% 20.4% 12.6% 8.3% 2.1% 1.1% 0.4% 0.5% (1.1%) 0.3% Reinsurance motor Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 23.2% 18.3% 9.7% 6.8% 6.0% 5.6% 6.2% 3.0% 2.5% 2.1% Reinsurance liability Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 4.7% 9.8% 11.5% 12.6% 11.2% 10.4% 8.1% 7.1% 6.5% 5.6% Reinsurance run-off Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 24.0% 28.8% 17.2% 10.3% 6.0% 3.3% 2.7% 0.6% 0.7% 0.6%
Summary of Reconciliation of Development Tables to Consolidated Balance Sheet	The following table reconciles the reserve for losses and loss expenses at December 31, 2024, included in the loss development tables to the reserve for losses and loss expenses reported in the consolidated balance sheet: Reconciliation of the disclosure of incurred and paid claims development to the liability At December 31, 2024 Net outstanding liabilities Reinsurance recoverable on unpaid claims Gross outstanding liabilities Insurance segment Property $ 810,674 $ 476,362 $ 1,287,036 Accident and health 134,285 9,565 143,850 Marine and aviation 795,884 348,062 1,143,946 Cyber 370,549 455,301 825,850 Professional lines 2,034,530 1,365,043 3,399,573 Credit and political risk 184,012 35,302 219,314 Liability 1,409,002 2,106,520 3,515,522 Total insurance segment 5,738,936 4,796,155 10,535,091 Reinsurance segment Accident and health 187,670 61,724 249,394 Agriculture 177,971 10,917 188,888 Marine and aviation 149,344 26,273 175,617 Professional lines 943,175 440,572 1,383,747 Credit and surety 306,042 132,474 438,516 Motor 934,447 352,438 1,286,885 Liability 1,611,231 813,796 2,425,027 Run-off lines 517,059 206,548 723,607 Total reinsurance segment 4,826,939 2,044,742 6,871,681 Total $ 10,565,875 $ 6,840,897 17,406,772 Unallocated claims adjustment expenses 212,623 Foreign exchange and other (1) (10,992) Ceded reserves related to retroactive transactions (389,474) Total liability for unpaid claims and claims adjustment expense $ 17,218,929 (1) Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using rates of exchange in effect at the balance sheet date.

REINSURANCE (Tables)

REINSURANCE (Tables)	12 Months Ended
	Dec. 31, 2024
Reinsurance Disclosures [Abstract]
Summary of Breakdown of Gross and Net Premiums Written and Earned	The following table presents gross and net premiums written and earned: Year ended December 31, 2024 2023 2022 Premiums Premiums Premiums Premiums Premiums Premiums Gross $ 9,005,888 $ 8,529,567 $ 8,356,525 $ 7,973,577 $ 8,214,595 $ 7,936,382 Ceded (3,248,537) (3,223,332) (3,254,200) (2,889,796) (2,951,539) (2,776,056) Net $ 5,757,351 $ 5,306,235 $ 5,102,325 $ 5,083,781 $ 5,263,056 $ 5,160,326
Reinsurance Recoverable, Allowance for Credit Loss	The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses related to the Company’s reinsurance recoverable balance: Year ended December 31, 2024 2023 Beginning balance $ 36,611 $ 30,715 Increase (decrease) in allowance for expected credit losses 6,834 5,896 Ending Balance $ 43,445 $ 36,611

DEBT AND FINANCING ARRANGEMEN_2

DEBT AND FINANCING ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the Company's debt: Year ended December 31, 2024 2023 5.150% Senior Notes $ 246,873 $ 246,789 4.000% Senior Notes 348,774 348,389 3.900% Senior Notes 297,556 297,076 Junior Subordinated Notes 421,976 421,460 Total Debt $ 1,315,179 $ 1,313,714 The tables below provide the key terms of the Company's debt: Description Issuance Date Aggregate Principal Issue Price Net Proceeds Maturity Date 5.150% Senior Notes March 13, 2014 $ 250,000 99.474 % $ 246,000 April 1, 2045 4.000% Senior Notes December 6, 2017 $ 350,000 99.780 % $ 347,000 December 6, 2027 3.900% Senior Notes June 19, 2019 $ 300,000 99.360 % $ 296,000 July 15, 2029 Junior Subordinated Notes December 10, 2019 $ 425,000 99.000 % $ 420,750 January 15, 2040 Description Interest Rate Interest Payments Due 5.150% Senior Notes 5.150 % Semi-annually in arrears on April 1 and October 1 of each year 4.000% Senior Notes 4.000 % Semi-annually in arrears on June 6 and December 6 of each year 3.900% Senior Notes 3.900 % Semi-annually in arrears on January 15 and July 15 of each year Junior Subordinated Notes (1) 4.900 % Semi-annually on January 15 and July 15 of each year (1) The Junior Subordinated Notes accrue interest from the date of issuance to, but excluding, January 15, 2030 (the "Par Call Date") at the fixed rate of 4.900% and from, and including, the Par Call Date, at a rate equal to the Five-Year Treasury Rate as of the Reset Interest Determination Date, plus 3.186%. Interest on the Junior Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2020.
Summary of Debt Maturity	The following table provides the scheduled maturity of the Company's debt obligations at December 31, 2024: Year ended December 31, 2025 $ — 2026 — 2027 350,000 2028 — 2029 300,000 After 2029 675,000 Unamortized discount and debt issuance expenses (9,821) Total senior notes and notes payable $ 1,315,179

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Premium Receivable, Allowance for Credit Loss	The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses related to the Company’s premiums balances receivable: Year ended December 31, 2024 2023 Beginning balance $ 11,997 $ 9,521 Increase (decrease) in allowance for expected credit losses 5,342 2,476 Ending balance $ 17,339 $ 11,997

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Lease Expense and Related Cash Flows	The following table presents the Company’s total lease expense and the cash flows arising from lease transactions: Year ended December 31, 2024 2023 2022 Lease cost: Operating lease expense $ 17,273 $ 21,499 $ 20,611 Short-term lease expense (1) 781 2,291 813 Sublease income (2) (4,554) (4,531) (3,423) Total lease expense $ 13,500 $ 19,259 $ 18,001 Other information: Operating cash outflows from operating leases $ 17,035 $ 20,190 $ 22,932 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ (3,209) $ 34,988 $ 6,514 Weighted-average remaining lease term - operating leases (4) 9.3 years 9.8 years 9.9 years Weighted-average discount rate - operating lease (5) 4.9% 4.4 % 4.1 % (1) Short-term lease expense is recognized on a straight-line basis over the lease term. (2) Sublease income largely relates to office properties in Chicago, Alpharetta and London. (3) In 2024, the Company modified a lease agreement to reflect an increase in lease payments for its office property in London, terminated a lease agreement for its office property in Singapore and entered into a new lease agreement for an office property with a reduced floor in Singapore. (4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date. (5) Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date.
Summary of Maturity and Minimum Lease Payments	The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2024: Year ended December 31, Expected cash flows 2025 $ 17,787 2026 15,181 2027 13,026 2028 12,283 2029 12,280 Later years 62,663 Discount (26,606) Total discounted operating lease liabilities $ 106,614 The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2023: Year ended December 31, Expected cash flows 2024 $ 17,543 2025 18,122 2026 15,767 2027 13,519 2028 12,691 Later years 74,852 Discount (29,393) Total discounted operating lease liabilities $ 123,101

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings (Loss) Per Common Share	The following table presents a comparison of earnings (loss) per common share and earnings (loss) per diluted common share: At and year ended December 31, 2024 2023 2022 Earnings per common share Net income $ 1,081,786 $ 376,292 $ 223,083 Less: Preferred share dividends 30,250 30,250 30,250 Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833 Weighted average common shares outstanding 84,165 85,142 84,864 Earnings per common share $ 12.49 $ 4.06 $ 2.27 Earnings per diluted common share Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833 Weighted average common shares outstanding 84,165 85,142 84,864 Share-based compensation plans 1,011 870 805 Weighted average diluted common shares outstanding 85,176 86,012 85,669 Earnings per diluted common share $ 12.35 $ 4.02 $ 2.25 Weighted average anti-dilutive shares excluded from the dilutive computation 192 405 324

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of Common Shares Issued and Outstanding	The following table presents changes in common shares issued and outstanding: Year ended December 31, 2024 2023 2022 Shares issued, balance at beginning of year 176,580 176,580 176,580 Shares issued — — — Total shares issued at end of year 176,580 176,580 176,580 Treasury shares, balance at beginning of year (91,294) (91,912) (91,806) Shares repurchased (3,061) (398) (897) Shares reissued 759 1,016 791 Total treasury shares at end of year (93,596) (91,294) (91,912) Total shares outstanding 82,984 85,286 84,668
Summary of Share Repurchases	The following table presents common shares repurchased from shares held in Treasury: Year ended December 31, 2024 2023 2022 In the open market: (1) Total shares 2,806 — 634 Total cost $ 199,943 $ — $ 34,987 Average price per share (2) $ 71.27 $ — $ 55.22 From employees: (3) Total shares 255 398 263 Total cost $ 15,925 $ 23,596 $ 13,994 Average price per share (2) $ 62.45 $ 59.15 $ 53.13 Total shares repurchased: Total shares 3,061 398 897 Total cost $ 215,868 $ 23,596 $ 48,981 Average price per share (2) $ 70.53 $ 59.15 $ 54.61 (1) Shares were repurchased pursuant to the Company's Board-authorized share repurchase programs. (2) Calculated using whole numbers.
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 year of declaration Dividends paid in year following declaration Year ended December 31, 2024 Common shares $ 1.76 $ 1.32 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2023 Common shares $ 1.76 $ 1.32 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2022 Common shares $ 1.73 $ 1.29 $ 0.44 Series E preferred shares $ 137.50 $ 103.13 $ 34.38

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2024 2023 (1) 2023 (2) 2023 (3) 2022 Expected volatility 26.00% 36.24% 29.30% 30.05% 33.44% Expected term (in years) 3.0 3.0 1.0 3.0 3.0 Expected dividend yield n/a n/a n/a n/a n/a Risk-free interest rate 4.06% 3.79% 4.61% 3.39% 1.26% 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: Year ended December 31, 2024 2023 2022 Share-based compensation expense (1) $ 42,713 $ 57,729 $ 56,136 Tax benefits associated with share-based compensation expense $ 8,007 $ 8,819 $ 8,839 Liability for cash-settled restricted stock units (2) $ — $ — $ 4,792 Fair value of restricted stock units vested (3) $ 46,884 $ 64,156 $ 49,792 Unrecognized share-based compensation expense $ 60,192 $ 62,416 $ 74,601 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.4 years 2.4 years 2.3 years (1) Related to share-settled restricted stock units and cash-settled restricted stock units. (2) Included in other liabilities in the consolidated balance sheets. (3) Fair value is based on the closing price of the Company's common shares on the vest date.
Summary of Reconciliation of Beginning and Ending Balance of Non Vested Restricted Stock (Including RSUs) to be Settled in Shares	The following table provides an activity summary of the Company's share-settled restricted stock units: Share-Settled Performance Share-Settled Service Number of Weighted average grant date Number of Weighted average Nonvested restricted stock units - December 31, 2022 330 $ 60.01 2,117 $ 53.16 Granted 122 66.13 918 57.53 Vested (88) 63.88 (929) 53.02 Forfeited (220) 58.15 (251) 54.49 Nonvested restricted stock units - December 31, 2023 144 65.69 1,855 55.21 Granted 104 65.77 748 60.50 Vested — — (759) 54.65 Forfeited (1) 65.78 (202) 56.66 Nonvested restricted stock units - December 31, 2024 247 $ 65.73 1,642 $ 57.73
Summary of Activity of Cash-Settled Restricted Stock Units	The following table provides an activity summary of the Company's cash-settled restricted stock units: Cash-Settled Service Restricted Stock Units Number of Nonvested restricted stock units - December 31, 2022 60 Granted — Vested (59) Forfeited (1) Nonvested restricted stock units - December 31, 2023 (1) — (1) No further cash-settled restricted stock units were granted subsequent to 2019 and all cash-settled restricted stock units were vested at December 31, 2023.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense and Net Tax Assets	The following table provides an analysis of income tax expense (benefit) and net tax assets: Year ended December 31, 2024 2023 2022 Current income tax expense (benefit) U.S. $ 84,255 $ 12,021 $ 11,491 Europe 19,260 32,386 2,366 Bermuda 3,425 291 (147) Deferred income tax expense (benefit) U.S. 716 (24,042) (8,147) Europe 7,290 18,932 16,474 Bermuda (1) (170,541) (13,272) — Total income tax expense (benefit) $ (55,595) $ 26,316 $ 22,037 Net current tax receivables $ 42,991 $ 78,570 $ 46,704 Net deferred tax assets (liabilities) 278,474 72,850 108,220 Net tax assets $ 321,465 $ 151,420 $ 154,924 (1) Reflects the recognition of a tax benefit related to the Bermuda ETA, offset by a partial reversal of the 2023 tax benefit on unrealized investment losses included in other comprehensive income (loss) due to the enactment of corporate income tax, effective January 1, 2025.
Summary of Deferred Tax Assets and Liabilities	The following table provides details of the significant components of deferred tax assets and liabilities: At December 31, 2024 2023 Deferred tax assets: Discounting of net reserves for losses and loss expenses $ 66,338 $ 62,316 Unearned premiums 62,656 54,104 Net unrealized investments losses 36,536 54,395 Operating and capital loss carryforwards 75,864 100,907 Accruals not currently deductible 36,253 36,407 Tax credits 2,414 11,602 Bermuda economic transition adjustment 176,923 — Other deferred tax assets 3,681 4,149 Deferred tax assets before valuation allowance 460,665 323,880 Valuation allowance (19,829) (38,711) Deferred tax assets net of valuation allowance 440,836 285,169 Deferred tax liabilities: Deferred acquisition costs (35,401) (27,109) Other investment adjustments and impairments (7,933) (7,173) Intangible assets (47,355) (49,486) Depreciation and amortization (7,586) (1,140) Equalization reserves (2,347) (2,726) Acquisition adjustments (1) — (79,466) Lloyd’s deferred year of account results (51,770) (38,194) Other deferred tax liabilities (9,970) (7,025) Deferred tax liabilities (162,362) (212,319) Net deferred tax assets (liabilities) $ 278,474 $ 72,850 (1) During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities related to acquisitions were no longer required.
Summary of Tax Credits	The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2024 2023 Operating and Capital Loss Carryforwards (1) Singapore operating loss carryforward $ 91,924 $ 70,815 U.K. operating loss carryforward 216,928 293,533 U.K. capital loss carryforward 93 — Ireland operating loss carryforward 27 78,154 Ireland capital loss carryforward 1,372 716 Switzerland operating loss carryforward (2) 68,573 123,453 U.S. capital loss carryforward (3) 59,434 — Tax Credits (1) Ireland foreign tax credit $ 333 $ 6,922 U.K. foreign tax credit 504 2,605 U.S. foreign tax credit (4) 1,577 2,074 (1) At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029. (3) At December 31, 2024, the U.S. capital loss carryforwards expire in 2029. (4) At December 31, 2024, the U.S. foreign tax credits expire in 2032.
Summary of Operating and Capital Loss Carryforwards	The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2024 2023 Operating and Capital Loss Carryforwards (1) Singapore operating loss carryforward $ 91,924 $ 70,815 U.K. operating loss carryforward 216,928 293,533 U.K. capital loss carryforward 93 — Ireland operating loss carryforward 27 78,154 Ireland capital loss carryforward 1,372 716 Switzerland operating loss carryforward (2) 68,573 123,453 U.S. capital loss carryforward (3) 59,434 — Tax Credits (1) Ireland foreign tax credit $ 333 $ 6,922 U.K. foreign tax credit 504 2,605 U.S. foreign tax credit (4) 1,577 2,074 (1) At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029. (3) At December 31, 2024, the U.S. capital loss carryforwards expire in 2029. (4) At December 31, 2024, the U.S. foreign tax credits expire in 2032.
Summary of Valuation Allowance Roll Forward	The following table shows an analysis of the movement in the Company's valuation allowance: At December 31, 2024 2023 Income tax expense (benefit): Valuation allowance - beginning of year $ 31,688 $ 39,782 Operating loss carryforwards (6,572) (8,713) Foreign tax credit (6,589) 4,184 U.K. branch assets and other foreign rate differentials (1,567) (3,565) Capital loss carryforwards and impaired investments 261 — Valuation allowance - end of year $ 17,221 $ 31,688 Accumulated other comprehensive income (loss): Valuation allowance - beginning of year $ 7,023 $ 20,287 Change in investment - related items (4,415) (13,264) Valuation allowance - end of year 2,608 7,023 Total valuation allowance - end of year $ 19,829 $ 38,711
Summary of Effective Tax Rate Reconciliation	The following table presents 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: Year ended December 31, 2024 2023 2022 Income (loss) before income taxes Bermuda (domestic) $ 323,688 $ 213,539 $ 236,781 Foreign 702,503 189,067 8,340 Total income before income taxes $ 1,026,191 $ 402,606 $ 245,121 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: U.S. 8.4 % (2.5 %) 0.2 % Europe 6.0 % 11.9 % 1.9 % Valuation allowance (1.4 %) (2.0 %) 9.5 % Prior year adjustments (1.5 %) 1.3 % (0.3 %) Incremental branch taxes 1.1 % 0.9 % (0.4 %) Change in enacted tax rate (1) (1.9 %) (3.3 %) (2.2 %) Bermuda economic transition adjustment (17.2 %) — % — % Change in unrealized investment gain/(loss) 0.6 % — % — % Withholding tax 0.3 % — % — % Other 0.2 % 0.2 % 0.3 % Actual tax rate (5.4 %) 6.5 % 9.0 % (1) At December 31, 2024, the change in enacted tax rate represents the rate change related to deferred tax assets and deferred tax liabilities on acquisition adjustments no longer required. At December 31, 2023, the change in enacted tax rate represents the enactment of the Bermuda Corporate Income Tax Act of 2023 related to unrealized investment losses included in other comprehensive income (loss). At December 31, 2022, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 30% to 25%.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 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): Before tax amount Income tax (expense) benefit Net of tax amount Year ended December 31, 2024 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (44,964) $ 11,934 $ (33,030) Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized (278) 30 (248) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 170,984 (15,664) 155,320 Unrealized gains (losses) arising during the year, net of reclassification adjustment 125,742 (3,700) 122,042 Foreign currency translation adjustment (23,763) — (23,763) Total other comprehensive income (loss), net of tax $ 101,979 $ (3,700) $ 98,279 Year ended December 31, 2023 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ 294,933 $ (36,993) $ 257,940 Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized 11,220 (1,637) 9,583 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 142,324 (13,811) 128,513 Unrealized gains (losses) arising during the year, net of reclassification adjustment 448,477 (52,441) 396,036 Foreign currency translation adjustment (1,572) — (1,572) Total other comprehensive income (loss), net of tax $ 446,905 $ (52,441) $ 394,464 Year ended December 31, 2022 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (1,171,381) $ 127,756 $ (1,043,625) Unrealized gains (losses) arising during the year for which an allowance (73,063) 5,913 (67,150) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) 335,294 (30,369) 304,925 Unrealized gains (losses) arising during the year, net of reclassification adjustment (909,150) 103,300 (805,850) Foreign currency translation adjustment (10,986) — (10,986) Total other comprehensive income (loss), net of tax $ (920,136) $ 103,300 $ (816,836)
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): Amounts reclassified from AOCI (1) AOCI components Consolidated statement of operations line item that includes reclassification adjustment Year ended December 31, 2024 2023 2022 Unrealized gains (losses) on available for sale investments Other realized and unrealized investment gains (losses) $ (170,576) $ (129,567) $ (322,726) Impairment losses (408) (12,757) (12,568) Total before tax (170,984) (142,324) (335,294) Income tax (expense) benefit 15,664 13,811 30,369 Net of tax $ (155,320) $ (128,513) $ (304,925) (1) Amounts in parentheses are charges to net income (loss).

STATUTORY FINANCIAL INFORMATI_2

STATUTORY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
STATUTORY FINANCIAL INFORMATION [Abstract]
Summary of Statutory Capital and Surplus by Jurisdiction	The statutory capital and surplus in each of the Company's most significant regulatory jurisdictions is shown in the following table: Bermuda Ireland U.S. At December 31, 2024 2023 2024 2023 2024 2023 Required statutory capital and surplus $ 1,982,025 $ 1,269,943 $ 733,689 $ 755,076 $ 675,672 $ 739,829 Available statutory capital and surplus $ 4,475,219 $ 3,170,556 $ 1,197,127 $ 1,160,932 $ 2,483,658 $ 2,187,371

ORGANIZATION (Details)

ORGANIZATION (Details)		12 Months Ended
	Jan. 01, 2025	Dec. 31, 2024
Axis Corporate Capital UK Limited
Business Acquisition [Line Items]
Capital support, percentage		70%
Axis Corporate Capital UK Limited II
Business Acquisition [Line Items]
Capital support, percentage		30%
Axis Corporate Capital UK Limited II | Forecast
Business Acquisition [Line Items]
Capital support, percentage	100%

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Underwriting Results of Reportable Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Information [Line Items]
Gross premiums written	$ 9,005,888	$ 8,356,525	$ 8,214,595
Net premiums written	5,757,351	5,102,325	5,263,056
Net premiums earned	5,306,235	5,083,781	5,160,326
Other insurance related income	30,721	22,495	13,073
Current accident year net losses and loss expenses	(3,182,810)	(2,981,220)	(3,267,943)
Net favorable prior year reserve development	24,323	(411,882)	25,533
Acquisition costs	(1,070,551)	(1,000,945)	(1,022,017)
Underwriting-related general and administrative expenses	(666,202)	(684,446)	(680,343)
Net investment income	759,229	611,742	418,829
Net investment gains (losses)	(138,534)	(74,630)	(456,789)
Foreign exchange gains	50,822	(58,115)	157,945
Interest expense and financing costs	(67,766)	(68,421)	(63,146)
Reorganization expenses	(26,312)	(28,997)	(31,426)
Amortization of intangible assets	(10,917)	(10,917)	(10,917)
Income before income taxes and interest in income of equity method investments	1,008,238	398,445	243,125
Income tax benefit	55,595	(26,316)	(22,037)
Interest in income of equity method investments	17,953	4,163	1,995
Net income	1,081,786	376,292	223,083
Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	1,051,536	346,042	192,833
Goodwill and intangible assets	242,465	287,685	298,602	$ 309,519
Insurance
Segment Information [Line Items]
Net favorable prior year reserve development	16,209	(176,353)	16,350
Reinsurance
Segment Information [Line Items]
Net favorable prior year reserve development	8,114	(235,529)	9,183
Operating Segments
Segment Information [Line Items]
Gross premiums written	9,005,888	8,356,525	8,214,595
Net premiums written	5,757,351	5,102,325	5,263,056
Net premiums earned	5,306,235	5,083,781	5,160,326
Other insurance related income	30,721	22,495	13,073
Current accident year net losses and loss expenses	(3,182,810)	(2,981,220)	(3,267,943)
Acquisition costs	(1,070,551)	(1,000,945)	(1,022,017)
Underwriting-related general and administrative expenses	(536,442)	(551,467)	(550,289)
Underwriting income	$ 571,476	$ 160,762	$ 358,683
Current accident year loss ratio	60%	58.60%	63.30%
Prior year reserve development ratio	(0.50%)	8.10%	(0.50%)
Net losses and loss expenses ratio	59.50%	66.70%	62.80%
Acquisition cost ratio	20.20%	19.70%	19.80%
General and administrative expense ratio	12.60%	13.50%	13.20%
Combined ratio	92.30%	99.90%	95.80%
Goodwill and intangible assets	$ 242,465	$ 287,684	$ 298,601
Operating Segments | Insurance
Segment Information [Line Items]
Gross premiums written	6,615,584	6,140,764	5,585,581
Net premiums written	4,250,545	3,758,720	3,377,906
Net premiums earned	3,926,036	3,461,700	3,134,155
Other insurance related income	94	(198)	559
Current accident year net losses and loss expenses	(2,261,629)	(1,903,648)	(1,802,204)
Acquisition costs	(766,915)	(648,463)	(577,838)
Underwriting-related general and administrative expenses	(485,929)	(472,094)	(443,704)
Underwriting income	$ 427,866	$ 260,944	$ 327,318
Current accident year loss ratio	57.60%	55%	57.50%
Prior year reserve development ratio	(0.40%)	5.10%	(0.50%)
Net losses and loss expenses ratio	57.20%	60.10%	57%
Acquisition cost ratio	19.50%	18.70%	18.40%
General and administrative expense ratio	12.40%	13.70%	14.20%
Combined ratio	89.10%	92.50%	89.60%
Goodwill and intangible assets	$ 242,465	$ 287,684	$ 298,601
Operating Segments | Reinsurance
Segment Information [Line Items]
Gross premiums written	2,390,304	2,215,761	2,629,014
Net premiums written	1,506,806	1,343,605	1,885,150
Net premiums earned	1,380,199	1,622,081	2,026,171
Other insurance related income	30,627	22,693	12,514
Current accident year net losses and loss expenses	(921,181)	(1,077,572)	(1,465,739)
Acquisition costs	(303,636)	(352,482)	(444,179)
Underwriting-related general and administrative expenses	(50,513)	(79,373)	(106,585)
Underwriting income	$ 143,610	$ (100,182)	$ 31,365
Current accident year loss ratio	66.70%	66.40%	72.30%
Prior year reserve development ratio	(0.50%)	14.60%	(0.40%)
Net losses and loss expenses ratio	66.20%	81%	71.90%
Acquisition cost ratio	22%	21.70%	21.90%
General and administrative expense ratio	3.60%	4.90%	5.30%
Combined ratio	91.80%	107.60%	99.10%
Goodwill and intangible assets	$ 0	$ 0	$ 0
Significant Reconciling Items
Segment Information [Line Items]
Net investment income	759,229	611,742	418,829
Net investment gains (losses)	(138,534)	(74,630)	(456,789)
Foreign exchange gains	50,822	(58,115)	157,945
Interest expense and financing costs	(67,766)	(68,421)	(63,146)
Reorganization expenses	(26,312)	(28,997)	(31,426)
Amortization of intangible assets	(10,917)	(10,917)	(10,917)
Corporate
Segment Information [Line Items]
Underwriting-related general and administrative expenses	$ (129,760)	$ (132,979)	$ (130,054)

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Gross Premiums Written by Geographical Location of Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	$ 9,005,888	$ 8,356,525	$ 8,214,595
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	4,864,074	4,484,789	4,342,707
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	1,923,006	1,837,177	1,931,815
Lloyd's of London
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	1,998,217	1,759,990	1,567,458
Bermuda
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	$ 220,591	$ 274,569	$ 372,615

SEGMENT INFORMATION - Summary_3

SEGMENT INFORMATION - Summary of Net Premiums Earned by Segment and Line of Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information [Line Items]
Net premiums earned	$ 5,306,235	$ 5,083,781	$ 5,160,326
Operating Segments
Segment Information [Line Items]
Net premiums earned	5,306,235	5,083,781	5,160,326
Operating Segments | Insurance
Segment Information [Line Items]
Net premiums earned	3,926,036	3,461,700	3,134,155
Operating Segments | Insurance | Professional lines
Segment Information [Line Items]
Net premiums earned	817,535	764,558	817,924
Operating Segments | Insurance | Property
Segment Information [Line Items]
Net premiums earned	1,139,308	878,849	755,986
Operating Segments | Insurance | Liability
Segment Information [Line Items]
Net premiums earned	494,561	496,381	459,775
Operating Segments | Insurance | Cyber
Segment Information [Line Items]
Net premiums earned	347,842	323,025	309,004
Operating Segments | Insurance | Marine and aviation
Segment Information [Line Items]
Net premiums earned	614,826	567,292	479,499
Operating Segments | Insurance | Accident and health
Segment Information [Line Items]
Net premiums earned	360,894	306,061	209,548
Operating Segments | Insurance | Credit and political risk
Segment Information [Line Items]
Net premiums earned	151,070	125,534	102,419
Operating Segments | Reinsurance
Segment Information [Line Items]
Net premiums earned	1,380,199	1,622,081	2,026,171
Operating Segments | Reinsurance | Run-off lines
Segment Information [Line Items]
Net premiums earned	32,445	91,996	322,339
Operating Segments | Reinsurance | Professional lines
Segment Information [Line Items]
Net premiums earned	169,074	205,404	250,911
Operating Segments | Reinsurance | Property | Run-off lines
Segment Information [Line Items]
Net premiums earned	6,266	44,508	135,480
Operating Segments | Reinsurance | Liability
Segment Information [Line Items]
Net premiums earned	309,265	403,239	484,681
Operating Segments | Reinsurance | Marine and aviation
Segment Information [Line Items]
Net premiums earned	64,609	65,658	78,504
Operating Segments | Reinsurance | Accident and health
Segment Information [Line Items]
Net premiums earned	322,932	341,806	368,747
Operating Segments | Reinsurance | Credit and surety
Segment Information [Line Items]
Net premiums earned	231,780	236,408	192,926
Operating Segments | Reinsurance | Motor
Segment Information [Line Items]
Net premiums earned	123,545	155,942	205,774
Operating Segments | Reinsurance | Agriculture
Segment Information [Line Items]
Net premiums earned	126,549	121,628	122,289
Operating Segments | Reinsurance | Catastrophe | Run-off lines
Segment Information [Line Items]
Net premiums earned	13,412	33,963	156,232
Operating Segments | Reinsurance | Engineering | Run-off lines
Segment Information [Line Items]
Net premiums earned	$ 12,767	$ 13,525	$ 30,627

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill and Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Gross amount		$ 95,890,000	$ 95,890,000	$ 95,890,000
Accumulated translation adjustment		4,911,000	4,911,000	4,911,000
Impairment charges	$ 0	0	0
Tax-related adjustments	(34,303,000)
Goodwill	66,498,000	100,801,000	100,801,000	100,801,000
Intangible assets with an indefinite life
Intangible assets with an indefinite life	120,785,000	120,785,000	120,785,000	120,785,000
Impairment charges	0	0	0
Intangible assets with a finite life
Gross amount		394,604,000	394,604,000	394,604,000
Accumulated amortization	(339,421,000)	(328,505,000)	(317,588,000)	(306,671,000)
Total finite-lived intangible assets	55,182,000	66,099,000	77,016,000	87,933,000
Amortization	(10,917,000)	(10,917,000)	(10,917,000)
Impairment charges	0	0	0
Total
Gross amount		611,279,000	611,279,000	611,279,000
Accumulated amortization	(339,421,000)	(328,505,000)	(317,588,000)	(306,671,000)
Accumulated translation adjustment		4,911,000	4,911,000	4,911,000
Goodwill and intangible assets net balance	242,465,000	287,685,000	298,602,000	$ 309,519,000
Amortization	(10,917,000)	(10,917,000)	(10,917,000)
Tax-related adjustments	(34,303,000)
Impairment charges	$ 0	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges	$ 0	$ 0	$ 0
Tax-related adjustments	$ 34,303,000
Useful life of finite lived intangible assets	6 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Summary of Gross Amount and Accumulated Amortization by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 515,388	$ 515,388
Accumulated amortization	(339,421)	(328,505)	$ (317,588)	$ (306,671)
Total	175,967	186,883
U.S. state licenses
Finite-Lived Intangible Assets [Line Items]
Gross amount	26,036	26,036
Total	26,036	26,036
Novae | VOBA - Novae
Finite-Lived Intangible Assets [Line Items]
Gross amount	256,942	256,942
Accumulated amortization	(256,942)	(256,942)
Total	0	0
Novae | Coverholders
Finite-Lived Intangible Assets [Line Items]
Gross amount	63,565	63,565
Accumulated amortization	(38,408)	(33,110)
Total	25,157	30,455
Novae | Large brokers
Finite-Lived Intangible Assets [Line Items]
Gross amount	46,641	46,641
Accumulated amortization	(22,545)	(19,435)
Total	24,096	27,206
Novae | SME brokers
Finite-Lived Intangible Assets [Line Items]
Gross amount	14,126	14,126
Accumulated amortization	(8,533)	(7,357)
Total	5,593	6,769
Novae | Syndicate capacity
Finite-Lived Intangible Assets [Line Items]
Gross amount	94,748	94,748
Total	94,748	94,748
Tiernan | Customer relationships and customers lists - Ternian
Finite-Lived Intangible Assets [Line Items]
Gross amount	13,330	13,330
Accumulated amortization	(12,993)	(11,661)
Total	$ 337	$ 1,669

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Summary of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2025	$ 9,921
2026	9,583
2027	9,583
2028	9,583
2029	7,965
After 2029	8,547
Total finite-lived intangible assets	55,182	$ 66,099	$ 77,016	$ 87,933
Indefinite lived intangible assets	120,785	120,785	$ 120,785	$ 120,785
Total	$ 175,967	$ 186,883

INVESTMENTS - Fixed Maturities

INVESTMENTS - Fixed Maturities Available For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Available for sale
Amortized cost	$ 12,419,905	$ 12,634,254
Allowance for expected credit losses	(3,938)	(10,759)	$ (11,733)	$ (313)
Gross unrealized gains	48,121	91,762
Gross unrealized losses	(311,335)	(480,515)
Fair value	12,152,753	12,234,742
U.S. government and agency
Available for sale
Amortized cost	2,830,111	3,049,445
Allowance for expected credit losses	0	0
Gross unrealized gains	6,011	13,211
Gross unrealized losses	(33,136)	(55,128)
Fair value	2,802,986	3,007,528
Non-U.S. government
Available for sale
Amortized cost	753,315	729,761
Allowance for expected credit losses	0	(30)
Gross unrealized gains	2,584	13,089
Gross unrealized losses	(25,960)	(18,861)
Fair value	729,939	723,959
Corporate debt
Available for sale
Amortized cost	4,941,510	4,651,654
Allowance for expected credit losses	(3,690)	(10,438)
Gross unrealized gains	30,594	49,434
Gross unrealized losses	(126,224)	(216,478)
Fair value	4,842,190	4,474,172
Agency RMBS
Available for sale
Amortized cost	1,245,681	1,706,204
Allowance for expected credit losses	0	0
Gross unrealized gains	1,154	11,495
Gross unrealized losses	(61,990)	(83,038)
Fair value	1,184,845	1,634,661
CMBS
Available for sale
Amortized cost	852,534	897,553
Allowance for expected credit losses	0	0
Gross unrealized gains	1,244	551
Gross unrealized losses	(34,170)	(58,408)
Fair value	819,608	839,696
Non-agency RMBS
Available for sale
Amortized cost	132,116	165,910
Allowance for expected credit losses	(195)	(194)
Gross unrealized gains	597	713
Gross unrealized losses	(9,982)	(13,033)
Fair value	122,536	153,396
ABS
Available for sale
Amortized cost	1,547,350	1,265,187
Allowance for expected credit losses	(53)	(50)
Gross unrealized gains	5,812	2,855
Gross unrealized losses	(13,277)	(25,021)
Fair value	1,539,832	1,242,971
Municipals
Available for sale
Amortized cost	117,288	168,540
Allowance for expected credit losses	0	(47)
Gross unrealized gains	125	414
Gross unrealized losses	(6,596)	(10,548)
Fair value	$ 110,817	$ 158,359

INVESTMENTS - Schedule of Contr

INVESTMENTS - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 895,177	$ 474,557
Due after one year through five years	5,637,336	5,902,571
Due after five years through ten years	1,895,116	2,064,619
Due after ten years	214,595	157,653
Total fixed maturities with a single maturity date (amortized cost)	8,642,224	8,599,400
Amortized cost	12,419,905	12,634,254
Fair value
Due in one year or less	885,866	463,789
Due after one year through five years	5,567,905	5,790,493
Due after five years through ten years	1,826,564	1,954,449
Due after ten years	205,597	155,287
Total fixed maturities with a single maturity date (fair value)	8,485,932	8,364,018
Fair value	$ 12,152,753	$ 12,234,742
% of Total fair value
Due in one year or less	7.40%	3.60%
Due after one year through five years	45.80%	47.30%
Due after five years through ten years	15%	16%
Due after ten years	1.70%	1.30%
Fixed maturities with a single maturity date (% of total fair value)	69.90%	68.20%
Total	100%	100%
Agency RMBS
Amortized cost
Fixed maturities without a single maturity date	$ 1,245,681	$ 1,706,204
Amortized cost	1,245,681	1,706,204
Fair value
Fixed maturities without a single maturity date (fair value)	1,184,845	1,634,661
Fair value	$ 1,184,845	$ 1,634,661
% of Total fair value
Fixed maturities without a single maturity date (% of total fair value)	9.70%	13.40%
CMBS
Amortized cost
Fixed maturities without a single maturity date	$ 852,534	$ 897,553
Amortized cost	852,534	897,553
Fair value
Fixed maturities without a single maturity date (fair value)	819,608	839,696
Fair value	$ 819,608	$ 839,696
% of Total fair value
Fixed maturities without a single maturity date (% of total fair value)	6.70%	6.90%
Non-agency RMBS
Amortized cost
Fixed maturities without a single maturity date	$ 132,116	$ 165,910
Amortized cost	132,116	165,910
Fair value
Fixed maturities without a single maturity date (fair value)	122,536	153,396
Fair value	$ 122,536	$ 153,396
% of Total fair value
Fixed maturities without a single maturity date (% of total fair value)	1%	1.30%
ABS
Amortized cost
Fixed maturities without a single maturity date	$ 1,547,350	$ 1,265,187
Amortized cost	1,547,350	1,265,187
Fair value
Fixed maturities without a single maturity date (fair value)	1,539,832	1,242,971
Fair value	$ 1,539,832	$ 1,242,971
% of Total fair value
Fixed maturities without a single maturity date (% of total fair value)	12.70%	10.20%

INVESTMENTS - Gross Unrealized

INVESTMENTS - Gross Unrealized Losses (Details) $ in Thousands	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fixed maturities
Fair value
12 months or greater	$ 2,253,146	$ 6,293,107
Less than 12 months	4,880,934	1,617,343
Total	7,134,080	7,910,450
Unrealized losses
12 months or greater	(185,909)	(453,997)
Less than 12 months	(125,426)	(26,518)
Total	$ (311,335)	$ (480,515)
Number of positions in an unrealized loss | security	3,994	3,535
Continuous unrealized loss position | security	2,108	3,212
Fixed maturities | Below Investment Grade or Not Rated
Unrealized losses
Total	$ (14,000)	$ (13,000)
U.S. government and agency
Fair value
12 months or greater	262,368	846,503
Less than 12 months	1,026,139	867,733
Total	1,288,507	1,714,236
Unrealized losses
12 months or greater	(17,515)	(42,465)
Less than 12 months	(15,621)	(12,663)
Total	(33,136)	(55,128)
Non-U.S. government
Fair value
12 months or greater	98,846	233,038
Less than 12 months	457,889	115,112
Total	556,735	348,150
Unrealized losses
12 months or greater	(9,179)	(18,178)
Less than 12 months	(16,781)	(683)
Total	(25,960)	(18,861)
Corporate debt
Fair value
12 months or greater	934,975	2,623,304
Less than 12 months	2,032,254	240,813
Total	2,967,229	2,864,117
Unrealized losses
12 months or greater	(78,979)	(210,512)
Less than 12 months	(47,245)	(5,966)
Total	(126,224)	(216,478)
Agency RMBS
Fair value
12 months or greater	280,550	778,656
Less than 12 months	749,040	218,606
Total	1,029,590	997,262
Unrealized losses
12 months or greater	(35,333)	(80,070)
Less than 12 months	(26,657)	(2,968)
Total	(61,990)	(83,038)
CMBS
Fair value
12 months or greater	410,213	703,411
Less than 12 months	260,411	75,242
Total	670,624	778,653
Unrealized losses
12 months or greater	(22,334)	(54,856)
Less than 12 months	(11,836)	(3,552)
Total	(34,170)	(58,408)
Non-agency RMBS
Fair value
12 months or greater	69,418	98,483
Less than 12 months	8,302	10,017
Total	77,720	108,500
Unrealized losses
12 months or greater	(9,900)	(13,013)
Less than 12 months	(82)	(20)
Total	(9,982)	(13,033)
ABS
Fair value
12 months or greater	147,281	879,743
Less than 12 months	295,897	83,582
Total	443,178	963,325
Unrealized losses
12 months or greater	(8,471)	(24,747)
Less than 12 months	(4,806)	(274)
Total	(13,277)	(25,021)
Municipals
Fair value
12 months or greater	49,495	129,969
Less than 12 months	51,002	6,238
Total	100,497	136,207
Unrealized losses
12 months or greater	(4,198)	(10,156)
Less than 12 months	(2,398)	(392)
Total	$ (6,596)	$ (10,548)

INVESTMENTS - Fixed Maturities,

INVESTMENTS - Fixed Maturities, Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]
Amortized cost	$ 443,400	$ 686,296
Allowance for expected credit losses	0	0
Net carrying value	443,400	686,296
Gross unrealized gains	1,235	303
Gross unrealized losses	(7,884)	(10,748)
Fair value	436,751	675,851
Corporate debt
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]
Amortized cost	122,706	95,200
Allowance for expected credit losses	0	0
Net carrying value	122,706	95,200
Gross unrealized gains	675	298
Gross unrealized losses	(7,764)	(8,827)
Fair value	115,617	86,671
ABS
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]
Amortized cost	320,694	591,096
Allowance for expected credit losses	0	0
Net carrying value	320,694	591,096
Gross unrealized gains	560	5
Gross unrealized losses	(120)	(1,921)
Fair value	$ 321,134	$ 589,180

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturities Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ABS
Schedule Of Available For Sale Securities [Line Items]
Held to maturity securities with no single maturity date	$ 321	$ 591
Corporate debt
Schedule Of Available For Sale Securities [Line Items]
Held-to-maturity securities with maturity after one year through three years	28	0
Held-to-maturity securities with maturity after three years through ten years	$ 95	$ 95

INVESTMENTS - Equity Securities

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 520,743	$ 543,833
Gross unrealized gains	127,218	110,296
Gross unrealized losses	(68,687)	(65,618)
Fair value	579,274	588,511
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,061	2,843
Gross unrealized gains	65	101
Gross unrealized losses	(488)	(398)
Fair value	2,638	2,546
Preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	5,843	5,496
Gross unrealized gains	136	218
Gross unrealized losses	(112)	(113)
Fair value	5,867	5,601
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	188,771	182,989
Gross unrealized gains	126,477	105,858
Gross unrealized losses	(1,206)	(1,572)
Fair value	314,042	287,275
Bond mutual funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	323,068	352,505
Gross unrealized gains	540	4,119
Gross unrealized losses	(66,881)	(63,535)
Fair value	$ 256,727	$ 293,089

INVESTMENTS - Mortgage Loans (D

INVESTMENTS - Mortgage Loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial	$ 529,075,000	$ 616,368,000
Allowance for expected credit losses	(23,378,000)	(6,220,000)	$ 0	$ 0
Total mortgage loans held for investment	$ 505,697,000	$ 610,148,000
Commercial (as a percent)	105%	101%
Allowance for expected credit losses (as a percent)	(5.00%)	(1.00%)
Total mortgage loans, held-for investment (as a percent)	100%	100%
Debt service coverage ratio, in excess of	1.7	1.9
Loan-to-value ratio, percent (less than)	78%	71%
Commercial mortgage loans, past due amount	$ 0	$ 0
Mortgage loans | Sector Concentration Risk | Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	43%	41%

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) fund	Dec. 31, 2023 USD ($)
Other Investments [Line Items]
Asset fair value	$ 930,278	$ 949,413
Percentage of total fair value	100%	100%
Unfunded commitments related to other investments	$ 526,000	$ 502,000
Multi-strategy funds
Other Investments [Line Items]
Asset fair value	$ 24,919	$ 24,619
Percentage of total fair value	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]
Redemption notice period	2 years
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 | Maximum
Other Investments [Line Items]
Redemption notice period	90 days	90 days
Direct lending funds
Other Investments [Line Items]
Asset fair value	$ 171,048	$ 192,270
Percentage of total fair value	18%	20%
Redemption notice period	90 days	90 days
Direct lending funds | Quarterly Redemption
Other Investments [Line Items]
Asset fair value	$ 3,000	$ 17,000
Number of funds | fund	1
Direct lending funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 170,000	192,000
Optional extension of investment term	3 years
Direct lending funds | Minimum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	3 years
Direct lending funds | Maximum | Other Redemption Restriction
Other Investments [Line Items]
Investment term	10 years
Private equity funds
Other Investments [Line Items]
Asset fair value	$ 320,690	$ 301,712
Percentage of total fair value	35%	32%
Private equity funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 215,000	$ 145,000
Investment term	6 years
Real estate funds
Other Investments [Line Items]
Asset fair value	$ 291,640	$ 317,325
Percentage of total fair value	31%	33%
Real estate funds | Quarterly Redemption
Other Investments [Line Items]
Asset fair value	$ 51,000	$ 66,000
Number of funds | fund	1
Real estate funds | Annually Redemption
Other Investments [Line Items]
Asset fair value	$ 21,000	25,000
Number of funds | fund	1
Real estate funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 91,000	$ 107,000
Investment term	2 years
Real estate funds | Minimum
Other Investments [Line Items]
Redemption notice period	45 days	45 days
Real estate funds | Maximum
Other Investments [Line Items]
Redemption notice period	90 days	90 days
CLO-Equities
Other Investments [Line Items]
Asset fair value	$ 0	$ 5,300
Percentage of total fair value	0%	1%
Other privately held investments
Other Investments [Line Items]
Asset fair value	$ 121,981	$ 108,187
Percentage of total fair value	13%	11%
Private company investment funds | Other Redemption Restriction
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 21,000	$ 30,000
Number of investment funds | fund	3
Private company investment funds | Other Redemption Restriction | 5-year term
Other Investments [Line Items]
Investment term	5 years
Number of investment funds | fund	2
Private company investment funds | Other Redemption Restriction | 10-year term
Other Investments [Line Items]
Investment term	10 years
Number of investment funds | fund	1

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 14,407	$ 22,183	$ 0
Monarch Point Re
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 14,000	$ 22,000
Equity method investment, ownership percentage	18%	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	22%	20%		19%
Equity method investment, difference between carrying amount and underlying equity				$ 5,000

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details)	Dec. 31, 2024
Limited Partner
Schedule Of Available For Sale Securities [Line Items]
Percentage of investment composition (as a percent)	74%

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Gross investment income	$ 788,489	$ 641,838	$ 444,506
Investment expenses	(29,260)	(30,096)	(25,677)
Net investment income	759,229	611,742	418,829
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	620,704	514,842	329,858
Other investments
Net Investment Income [Line Items]
Gross investment income	48,666	20,411	57,043
Equity securities
Net Investment Income [Line Items]
Gross investment income	12,922	12,088	10,390
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	34,028	35,312	23,407
Cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	59,600	50,261	20,273
Short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 12,569	$ 8,924	$ 3,535

INVESTMENTS - Net Investment Ga

INVESTMENTS - Net Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents	$ 77,525	$ 32,920	$ 16,671
Equity securities	32,292	16,847	7,687
Gross realized investment gains	109,817	49,767	24,358
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents	(230,774)	(158,080)	(328,493)
Equity securities	(15,251)	(639)	(406)
Mortgage loans	(7,215)	0	0
Gross realized investment losses	(253,240)	(158,719)	(328,899)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	6,821	974	(11,421)
(Increase) decrease in allowance for expected credit losses, mortgage loans	(17,159)	(6,220)	0
Impairment losses	(408)	(12,757)	(12,568)
Change in fair value of investment derivatives	1,783	(1,456)	7,656
Net unrealized gains (losses) on equity securities	13,852	53,781	(135,915)
Total net investment gains (losses)	$ (138,534)	$ (74,630)	$ (456,789)

INVESTMENTS - Summary of Allowa

INVESTMENTS - Summary of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 10,759	$ 11,733	$ 313
Expected credit losses on securities where credit losses were not previously recognized	926	5,200	17,830
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	(2,319)	4,934	(3,831)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	0	0	0
Securities sold/redeemed/matured	(5,428)	(11,108)	(2,579)
Balance at end of period	$ 3,938	$ 10,759	$ 11,733

INVESTMENTS - Summary of Allo_2

INVESTMENTS - Summary of Allowance for Credit Losses on Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 6,220	$ 0	$ 0
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	21,757	6,220	0
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	2,616	0	0
Loans sold/redeemed/matured	(7,215)	0	0
Balance at end of period	$ 23,378	$ 6,220	$ 0

INVESTMENTS - Fixed Maturity Se

INVESTMENTS - Fixed Maturity Securities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 12,152,753	$ 12,234,742
Non-U.S. government
Schedule Of Available For Sale Securities [Line Items]
Unrealized loss position	(25,960)	(18,861)
Foreign exchange loss	(19,000)	(6,000)
Fair value	729,939	723,959
CMBS
Schedule Of Available For Sale Securities [Line Items]
Unrealized loss position	(34,170)	(58,408)
Fair value	$ 819,608	$ 839,696
CMBS | Weighted average
Schedule Of Available For Sale Securities [Line Items]
Subordination percentage input for determining credit losses	34%	37%
Non-agency RMBS
Schedule Of Available For Sale Securities [Line Items]
Unrealized loss position	$ (9,982)	$ (13,033)
Fair value	122,536	153,396
Non-agency RMBS | Prime
Schedule Of Available For Sale Securities [Line Items]
Fair value	15,000	34,000
Non-agency RMBS | Alt A
Schedule Of Available For Sale Securities [Line Items]
Fair value	$ 92,000	$ 100,000

INVESTMENTS - Restricted Assets

INVESTMENTS - Restricted Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Investments [Line Items]
Collateral in trust for inter-company agreements	$ 2,549,220	$ 614,089
Collateral for secured letter of credit facility	208,090	423,522
Funds at Lloyd's	883,362	893,177
Collateral in trust for third-party agreements	2,602,306	2,597,633
Securities on deposit or in trust with regulatory authorities	632,268	772,472
Total restricted investments and cash	6,875,246	5,300,893
AXIS Specialty Insurance Bermuda
Restricted Investments [Line Items]
Collateral assets held in trust	2,000,000
Syndicate 1686 | Fixed maturities
Restricted Investments [Line Items]
Collateral in trust for third-party agreements	572,000	550,000
Syndicate 1686 | Cash
Restricted Investments [Line Items]
Collateral in trust for third-party agreements	$ 237,000	$ 296,000

INVESTMENTS - Reverse Repurchas

INVESTMENTS - Reverse Repurchase Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 543	$ 12
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal	102%

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Fixed maturities, available for sale	$ 12,152,753	$ 12,234,742
Equity securities	579,274	588,511
Other investments	930,278	949,413
Short-term investments	223,666	17,216
Derivative instruments	9,439	4,424
Total Assets	13,895,410	13,794,306
Liabilities
Derivative instruments	3,100	10,165
Total Liabilities	3,100	10,165
U.S. government and agency
Assets
Fixed maturities, available for sale	2,802,986	3,007,528
Non-U.S. government
Assets
Fixed maturities, available for sale	729,939	723,959
Corporate debt
Assets
Fixed maturities, available for sale	4,842,190	4,474,172
Agency RMBS
Assets
Fixed maturities, available for sale	1,184,845	1,634,661
CMBS
Assets
Fixed maturities, available for sale	819,608	839,696
Non-agency RMBS
Assets
Fixed maturities, available for sale	122,536	153,396
ABS
Assets
Fixed maturities, available for sale	1,539,832	1,242,971
Municipals
Assets
Fixed maturities, available for sale	110,817	158,359
Common stocks
Assets
Equity securities	2,638	2,546
Preferred shares
Assets
Equity securities	5,867	5,601
Exchange-traded funds
Assets
Equity securities	314,042	287,275
Bond mutual funds
Assets
Equity securities	256,727	293,089
Multi-strategy funds
Assets
Other investments	24,919	24,619
Direct lending funds
Assets
Other investments	171,048	192,270
Private equity funds
Assets
Other investments	320,690	301,712
Real estate funds
Assets
Other investments	291,640	317,325
CLO-Equities
Assets
Other investments	0	5,300
Other privately held investments
Assets
Other investments	121,981	108,187
Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed maturities, available for sale	2,767,315	2,989,612
Equity securities	316,683	289,822
Other investments	0	0
Short-term investments	0	0
Derivative instruments	0	0
Total Assets	3,083,998	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	2,767,315	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	2,638	2,546
Quoted prices in active markets for identical assets (Level 1) | Preferred shares
Assets
Equity securities	3	1
Quoted prices in active markets for identical assets (Level 1) | Exchange-traded funds
Assets
Equity securities	314,042	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	9,238,215	9,109,377
Equity securities	262,591	298,689
Other investments	0	0
Short-term investments	223,666	17,216
Derivative instruments	9,439	4,424
Total Assets	9,733,911	9,429,706
Liabilities
Derivative instruments	3,100	10,165
Total Liabilities	3,100	10,165
Significant other observable inputs (Level 2) | U.S. government and agency
Assets
Fixed maturities, available for sale	35,671	17,916
Significant other observable inputs (Level 2) | Non-U.S. government
Assets
Fixed maturities, available for sale	729,939	723,959
Significant other observable inputs (Level 2) | Corporate debt
Assets
Fixed maturities, available for sale	4,715,799	4,338,419
Significant other observable inputs (Level 2) | Agency RMBS
Assets
Fixed maturities, available for sale	1,184,845	1,634,661
Significant other observable inputs (Level 2) | CMBS
Assets
Fixed maturities, available for sale	819,608	839,696
Significant other observable inputs (Level 2) | Non-agency RMBS
Assets
Fixed maturities, available for sale	122,536	153,396
Significant other observable inputs (Level 2) | ABS
Assets
Fixed maturities, available for sale	1,519,000	1,242,971
Significant other observable inputs (Level 2) | Municipals
Assets
Fixed maturities, available for sale	110,817	158,359
Significant other observable inputs (Level 2) | Common stocks
Assets
Equity securities	0	0
Significant other observable inputs (Level 2) | Preferred shares
Assets
Equity securities	5,864	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	256,727	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	147,223	135,753
Equity securities	0	0
Other investments	92,230	92,589
Short-term investments	0	0
Derivative instruments	0	0
Total Assets	239,453	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	126,391	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	20,832	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 shares
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	0	5,300
Significant unobservable inputs (Level 3) | Other privately held investments
Assets
Other investments	92,230	87,289
Fair value based on NAV practical expedient
Assets
Other investments	838,048	856,824
Total Assets	838,048	856,824
Fair value based on NAV practical expedient | Multi-strategy funds
Assets
Other investments	24,919	24,619
Fair value based on NAV practical expedient | Direct lending funds
Assets
Other investments	171,048	192,270
Fair value based on NAV practical expedient | Private equity funds
Assets
Other investments	320,690	301,712
Fair value based on NAV practical expedient | Real estate funds
Assets
Other investments	291,640	317,325
Fair value based on NAV practical expedient | CLO-Equities
Assets
Other investments	0	0
Fair value based on NAV practical expedient | Other privately held investments
Assets
Other investments	$ 29,751	$ 20,898

FAIR VALUE MEASUREMENTS - Sum_2

FAIR VALUE MEASUREMENTS - Summary of Level 3 Fair Value Measurement Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Asset fair value	$ 930,278	$ 949,413
Fixed maturities, available for sale	12,152,753	12,234,742
Significant unobservable inputs (Level 3)
Fair Value Inputs Assets Quantitative Information [Line Items]
Asset fair value	92,230	92,589
Fixed maturities, available for sale	147,223	$ 135,753
Significant unobservable inputs (Level 3) | Discounted cash flow | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Asset fair value	$ 14,912
Significant unobservable inputs (Level 3) | Discounted cash flow | Minimum | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date (years)	0 years
Significant unobservable inputs (Level 3) | Discounted cash flow | Maximum | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date (years)	1 year
Significant unobservable inputs (Level 3) | Discounted cash flow | Weighted average | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Estimated maturity date (years)	1 year
Significant unobservable inputs (Level 3) | Discounted cash flow | Discount rate | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.057
Significant unobservable inputs (Level 3) | Discounted cash flow | Discount rate | Weighted average | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.057
Significant unobservable inputs (Level 3) | Discounted cash flow | Default rate | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.005
Significant unobservable inputs (Level 3) | Discounted cash flow | Default rate | Weighted average | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.005
Significant unobservable inputs (Level 3) | Discounted cash flow | Loss absorption yield | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.010
Significant unobservable inputs (Level 3) | Discounted cash flow | Loss absorption yield | Weighted average | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Unobservable input	0.010
Significant unobservable inputs (Level 3) | Valuation, Market Approach | Other privately held investments
Fair Value Inputs Assets Quantitative Information [Line Items]
Asset fair value	$ 77,000

FAIR VALUE MEASUREMENTS - Sum_3

FAIR VALUE MEASUREMENTS - Summary of Changes in Level 3 for Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	$ 228,342	$ 260,278
Transfers into Level 3	20,832	0
Transfers out of Level 3	(27,731)	(25,510)
Included in net income	3,526	(16,036)
Included in OCI	2,051	2,438
Purchases	47,982	59,250
Sales	(165)	(35,302)
Settlements/ distributions	(35,384)	(16,776)
Closing balance	$ 239,453	$ 228,342
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income, Net investment gains (losses)	Net investment income, Net investment gains (losses)
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleListNotDisclosedFlag	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income, Net investment gains (losses)	Net investment income, Net investment gains (losses)
Change in unrealized gain/(losses)	$ 4,024	$ (15,591)
Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	135,753	119,104
Transfers into Level 3	20,832	0
Transfers out of Level 3	(20,832)	0
Included in net income	(1,347)	(8,527)
Included in OCI	2,051	2,438
Purchases	35,744	38,173
Sales	(165)	(770)
Settlements/ distributions	(24,813)	(14,665)
Closing balance	147,223	135,753
Change in unrealized gain/(losses)	0	0
Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	92,589	141,174
Transfers into Level 3	0	0
Transfers out of Level 3	(6,899)	(25,510)
Included in net income	4,873	(7,509)
Included in OCI	0	0
Purchases	12,238	21,077
Sales	0	(34,532)
Settlements/ distributions	(10,571)	(2,111)
Closing balance	92,230	92,589
Change in unrealized gain/(losses)	4,024	(15,591)
Corporate debt | Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	135,753	119,104
Transfers into Level 3	0	0
Transfers out of Level 3	(20,832)	0
Included in net income	(1,347)	(8,527)
Included in OCI	2,051	2,438
Purchases	35,744	38,173
Sales	(165)	(770)
Settlements/ distributions	(24,813)	(14,665)
Closing balance	126,391	135,753
Change in unrealized gain/(losses)	0	0
ABS | Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	0	0
Transfers into Level 3	20,832	0
Transfers out of Level 3	0	0
Included in net income	0	0
Included in OCI	0	0
Purchases	0	0
Sales	0	0
Settlements/ distributions	0	0
Closing balance	20,832	0
Change in unrealized gain/(losses)	0	0
CLO-Equities | Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	5,300	5,016
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Included in net income	849	2,395
Included in OCI	0	0
Purchases	0	0
Sales	0	0
Settlements/ distributions	(6,149)	(2,111)
Closing balance	0	5,300
Change in unrealized gain/(losses)	0	2,395
Other privately held investments | Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening balance	87,289	136,158
Transfers into Level 3	0	0
Transfers out of Level 3	(6,899)	(25,510)
Included in net income	4,024	(9,904)
Included in OCI	0	0
Purchases	12,238	21,077
Sales	0	(34,532)
Settlements/ distributions	(4,422)	0
Closing balance	92,230	87,289
Change in unrealized gain/(losses)	$ 4,024	$ (17,986)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) fund	Dec. 31, 2023 USD ($) fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Transfers into Level 3	$ 0	$ 0
Transfers into Level 3	0	0
Transfers out of level 3	0	0
Transfers out of level 3	$ 0	$ 0
Number of investment funds transferred from level 3 to NAV practical expedient | fund	1	2
Fixed maturities, held to maturity, at amortized cost	$ 443,400	$ 686,296
Fair value	436,751	675,851
Advances from FHLB, carrying value	66,380	85,790
Advances from FHLB, fair value	66,000	86,000
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	1,315,000	1,314,000
Estimate of Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 1,247,000	$ 1,198,000

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative asset fair value	$ 9,439	$ 4,424
Derivative liability fair value	$ 3,100	$ 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	$ 9,439	$ 4,424
Derivative liability fair value	3,100	10,165
Not Designated as Hedging Instruments | Investment Portfolio | Foreign exchange forward contracts
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative notional amount	17,655	49,307
Derivative asset fair value	323	66
Derivative liability fair value	0	274
Not Designated as Hedging Instruments | Underwriting Portfolio | Foreign exchange forward contracts
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative notional amount	1,323,714	1,347,559
Derivative asset fair value	9,116	4,358
Derivative liability fair value	$ 3,100	$ 9,891

DERIVATIVE INSTRUMENTS - Offset

DERIVATIVE INSTRUMENTS - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative assets
Gross amounts	$ 20,067	$ 8,708
Gross amounts offset	(10,628)	(4,284)
Net amounts	9,439	4,424
Derivative liabilities
Gross amounts	13,728	14,449
Gross amounts offset	(10,628)	(4,284)
Net amounts	$ 3,100	$ 10,165

DERIVATIVE INSTRUMENTS - Gains

DERIVATIVE INSTRUMENTS - Gains (Losses) on Derivatives Recognized in Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (loss) recognized in earnings for derivatives not designated as hedges	$ 1,783	$ (1,456)	$ 7,656
Not Designated as Hedging Instruments
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (loss) recognized in earnings for derivatives not designated as hedges	15,182	6,665	(20,411)
Not Designated as Hedging Instruments | 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 (loss) recognized in earnings for derivatives not designated as hedges	1,783	(1,456)	7,656
Not Designated as Hedging Instruments | 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 (loss) recognized in earnings for derivatives not designated as hedges	13,399	8,121	(31,609)
Not Designated as Hedging Instruments | Underwriting Portfolio | Other underwriting-related contracts | Other insurance related income
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (loss) recognized in earnings for derivatives not designated as hedges	$ 0	$ 0	$ 3,542

RESERVE FOR LOSSES AND LOSS E_3

RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve for Losses and Loss Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance Loss Reserves [Abstract]
Reserve for reported losses and loss expenses	$ 5,433,903	$ 5,559,261
Reserve for losses incurred but not reported	11,785,026	10,874,757
Reserve for losses and loss expenses	$ 17,218,929	$ 16,434,018	$ 15,168,863	$ 14,653,094

RESERVE FOR LOSSES AND LOSS E_4

RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve Roll-forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses
Gross reserve for losses and loss expenses, beginning of year	$ 16,434,018	$ 15,168,863	$ 14,653,094
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year	(6,323,083)	(5,831,172)	(5,017,611)
Net reserve for unpaid losses and loss expenses, beginning of year	10,110,935	9,337,691	9,635,483
Net incurred losses and loss expenses related to:
Current year	3,182,810	2,981,220	3,267,943
Prior years	(24,323)	411,882	(25,533)
Net incurred losses and loss expenses	3,158,487	3,393,102	3,242,410
Net paid losses and loss expenses related to:
Current year	(538,709)	(488,016)	(457,857)
Prior years	(2,360,100)	(2,185,588)	(2,397,213)
Net paid losses and loss expenses	(2,898,809)	(2,673,604)	(2,855,070)
Foreign exchange and other	7,419	53,746	(685,132)
Net reserve for unpaid losses and loss expenses, end of year	10,378,032	10,110,935	9,337,691
Reinsurance recoverable on unpaid losses and loss expenses, end of year	6,840,897	6,323,083	5,831,172
Gross reserve for losses and loss expenses, end of year	$ 17,218,929	$ 16,434,018	$ 15,168,863

RESERVE FOR LOSSES AND LOSS E_5

RESERVE FOR LOSSES AND LOSS EXPENSES - Incurred Losses Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Additional Information Related to Net Incurred Losses [Line Items]
Net losses and loss expenses, net of reinstatement premiums	$ 3,182,810	$ 2,981,220	$ 3,267,943
Reinsurance recoverable on unpaid losses	7,419	53,746	(685,132)
Third Party - Loss Portfolio Transfer
Additional Information Related to Net Incurred Losses [Line Items]
Reinsurance recoverable on unpaid losses		74,000	422,000
Catastrophe and Weather-related Events
Additional Information Related to Net Incurred Losses [Line Items]
Net losses and loss expenses, net of reinstatement premiums	$ 226,000	$ 138,000	$ 403,000

RESERVE FOR LOSSES AND LOSS E_6

RESERVE FOR LOSSES AND LOSS EXPENSES - Prior Year Reserve Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable prior year reserve development	$ 24,323	$ (411,882)	$ 25,533
Insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable prior year reserve development	16,209	(176,353)	16,350
Reinsurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable prior year reserve development	$ 8,114	$ (235,529)	$ 9,183

RESERVE FOR LOSSES AND LOSS E_7

RESERVE FOR LOSSES AND LOSS EXPENSES - Summary of Prior Year Reserve Development by Segment and Reserving Class (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	$ 24,323	$ (411,882)	$ 25,533
Insurance
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	16,209	(176,353)	16,350
Insurance | Property
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	17,718	16,195	52,512
Insurance | Accident and health
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	4,191	(10,236)	(12,856)
Insurance | Marine and aviation
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	(10,656)	26,977	27,927
Insurance | Cyber
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	35,579	8,416
Insurance | Professional lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	(41,243)	(29,093)
Insurance | Credit and political risk
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	4,956	31,691	24,361
Insurance | Liability
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	(235,316)	(54,917)
Reinsurance
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	8,114	(235,529)	9,183
Reinsurance | Accident and health
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	29,947	14,199
Reinsurance | Marine and aviation
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	4,111	12,595	2,597
Reinsurance | Professional lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	(92,181)	(54,820)
Reinsurance | Liability
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	(262,114)	(58,148)
Reinsurance | Agriculture
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	10,781	11,703
Reinsurance | Credit and surety
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	4,003	8,306	43,567
Reinsurance | Motor
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	(9,653)	18,161
Reinsurance | Run-off lines
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	66,790	31,924
Reinsurance | Run-off lines | Property
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	15,225	42,523
Reinsurance | Run-off lines | Catastrophe
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	0	46,297	(504)
Reinsurance | Run-off lines | Engineering
Liability for Future Policy Benefit, by Product Segment [Line Items]
Net favorable prior year reserve development	$ 0	$ 5,268	$ (10,095)

RESERVE FOR LOSSES AND LOSS E_8

RESERVE FOR LOSSES AND LOSS EXPENSES - Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Details) $ in Thousands	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Insurance | Property
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 4,321,385
Insurance | Property | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	184,012	$ 180,785	$ 180,172	$ 177,908	$ 187,860	$ 186,032	$ 189,373	$ 191,577	$ 199,448	$ 207,189
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,053
Cumulative number of reported claims | claim	4,199
Insurance | Property | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 260,698	261,379	256,192	256,766	256,514	262,436	276,891	284,462	261,565
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ (854)
Cumulative number of reported claims | claim	6,685
Insurance | Property | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 662,072	663,510	668,986	668,663	673,336	682,582	694,953	789,318
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 11,091
Cumulative number of reported claims | claim	10,117
Insurance | Property | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 585,484	591,064	600,469	601,674	608,937	629,218	600,141
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 5,167
Cumulative number of reported claims | claim	9,701
Insurance | Property | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 343,852	343,816	360,367	349,495	357,615	368,594
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,904
Cumulative number of reported claims | claim	9,630
Insurance | Property | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 590,238	584,608	575,827	627,229	644,750
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 15,480
Cumulative number of reported claims | claim	12,528
Insurance | Property | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 366,639	366,781	370,445	375,981
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 10,732
Cumulative number of reported claims | claim	7,943
Insurance | Property | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 396,296	413,181	411,156
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 27,546
Cumulative number of reported claims | claim	7,707
Insurance | Property | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 392,842	395,636
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 95,149
Cumulative number of reported claims | claim	7,143
Insurance | Property | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 539,252
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 274,741
Cumulative number of reported claims | claim	6,578
Insurance | Accident and health
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 1,054,086
Insurance | Accident and health | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	60,933	60,850	63,519	62,860	63,527	63,844	63,278	65,066	68,570	70,003
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,075
Cumulative number of reported claims | claim	44,138
Insurance | Accident and health | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 85,654	86,249	86,822	87,038	86,029	86,343	85,219	84,824	84,654
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 860
Cumulative number of reported claims | claim	87,001
Insurance | Accident and health | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 117,082	116,916	115,798	115,913	115,848	117,761	119,968	113,374
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 74
Cumulative number of reported claims | claim	688,000
Insurance | Accident and health | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 114,193	113,253	112,563	111,552	113,478	114,418	110,256
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 130
Cumulative number of reported claims | claim	745,012
Insurance | Accident and health | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 69,578	67,110	68,028	64,562	74,067	73,130
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 556
Cumulative number of reported claims | claim	675,633
Insurance | Accident and health | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 64,902	62,922	66,164	62,944	69,137
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 555
Cumulative number of reported claims | claim	718,518
Insurance | Accident and health | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 75,036	76,918	70,639	68,873
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,664
Cumulative number of reported claims | claim	440,175
Insurance | Accident and health | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 95,259	98,228	97,576
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 2,660
Cumulative number of reported claims | claim	400,429
Insurance | Accident and health | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 163,983	170,186
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 19,627
Cumulative number of reported claims | claim	406,521
Insurance | Accident and health | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 207,466
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 74,872
Cumulative number of reported claims | claim	365,749
Insurance | Marine and aviation
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 2,174,512
Insurance | Marine and aviation | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	141,557	141,862	143,359	143,385	144,418	138,907	151,503	159,304	164,397	186,023
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1
Cumulative number of reported claims | claim	4,316
Insurance | Marine and aviation | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 100,809	101,680	100,732	99,830	100,703	101,322	109,092	111,630	115,442
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 2,930
Cumulative number of reported claims | claim	4,898
Insurance | Marine and aviation | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 211,499	212,002	213,545	213,940	222,060	224,246	227,207	260,225
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 5,926
Cumulative number of reported claims | claim	8,589
Insurance | Marine and aviation | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 225,769	225,057	223,605	230,422	237,372	251,517	234,768
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 11,695
Cumulative number of reported claims | claim	8,787
Insurance | Marine and aviation | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 246,540	221,512	223,032	210,690	208,026	213,917
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 4,556
Cumulative number of reported claims | claim	7,755
Insurance | Marine and aviation | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 167,229	163,264	161,953	178,537	207,122
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 9,134
Cumulative number of reported claims | claim	6,533
Insurance | Marine and aviation | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 222,356	201,232	219,002	238,454
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 20,126
Cumulative number of reported claims | claim	6,922
Insurance | Marine and aviation | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 255,744	254,138	263,742
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 68,596
Cumulative number of reported claims | claim	7,650
Insurance | Marine and aviation | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 261,711	297,529
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 99,643
Cumulative number of reported claims | claim	7,266
Insurance | Marine and aviation | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 341,298
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 185,817
Cumulative number of reported claims | claim	6,103
Insurance | Cyber
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 855,794
Insurance | Cyber | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	48,036	48,042	49,795	52,526	50,758	50,357	51,250	63,066	63,595	65,231
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 2,226
Cumulative number of reported claims | claim	1,428
Insurance | Cyber | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 25,254	25,258	27,873	29,929	37,322	40,266	58,261	56,565	58,741
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,079
Cumulative number of reported claims | claim	1,671
Insurance | Cyber | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 46,036	48,343	48,696	50,910	51,931	56,783	50,794	53,187
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ (4)
Cumulative number of reported claims | claim	1,817
Insurance | Cyber | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 29,447	23,902	26,168	30,558	33,962	31,966	33,429
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 1,845
Cumulative number of reported claims | claim	2,156
Insurance | Cyber | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 63,767	71,246	80,157	80,098	56,994	54,237
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 3,608
Cumulative number of reported claims | claim	2,904
Insurance | Cyber | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 133,525	124,751	101,604	104,869	113,305
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 24,605
Cumulative number of reported claims | claim	2,880
Insurance | Cyber | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 105,722	104,732	133,593	124,709
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 21,145
Cumulative number of reported claims | claim	2,450
Insurance | Cyber | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 119,484	119,436	128,483
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 61,903
Cumulative number of reported claims | claim	1,766
Insurance | Cyber | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 126,343	126,838
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 57,395
Cumulative number of reported claims | claim	2,336
Insurance | Cyber | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 158,180
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 138,542
Cumulative number of reported claims | claim	1,325
Insurance | Professional lines
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 3,954,264
Insurance | Professional lines | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	285,261	280,054	281,645	270,615	271,774	288,635	301,759	315,378	308,832	308,206
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 12,111
Cumulative number of reported claims | claim	9,662
Insurance | Professional lines | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 359,445	354,094	337,725	336,376	326,544	314,273	295,992	291,739	287,119
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 21,448
Cumulative number of reported claims | claim	10,949
Insurance | Professional lines | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 395,866	390,818	386,243	388,467	372,365	371,856	339,010	336,606
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 37,337
Cumulative number of reported claims | claim	12,966
Insurance | Professional lines | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 467,834	464,430	445,299	419,568	388,834	339,960	323,638
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 32,176
Cumulative number of reported claims | claim	15,537
Insurance | Professional lines | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 466,546	455,966	408,326	375,361	360,720	345,193
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 74,818
Cumulative number of reported claims | claim	14,793
Insurance | Professional lines | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 292,430	290,925	299,016	318,886	320,300
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 92,856
Cumulative number of reported claims | claim	9,634
Insurance | Professional lines | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 320,376	323,579	366,527	375,982
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 157,986
Cumulative number of reported claims | claim	8,656
Insurance | Professional lines | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 437,668	443,592	457,637
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 297,452
Cumulative number of reported claims | claim	8,740
Insurance | Professional lines | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 440,324	438,129
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 335,563
Cumulative number of reported claims | claim	10,252
Insurance | Professional lines | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 488,514
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 459,342
Cumulative number of reported claims | claim	7,556
Insurance | Credit and political risk
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 399,853
Insurance | Credit and political risk | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	23,309	23,309	23,309	24,189	24,851	25,930	26,012	27,524	30,368	30,329
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 0
Cumulative number of reported claims | claim	2
Insurance | Credit and political risk | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 25,703	25,705	25,705	26,785	27,766	43,980	43,409	45,899	43,327
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ (2)
Cumulative number of reported claims | claim	2
Insurance | Credit and political risk | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 7,744	8,404	10,904	15,867	18,118	25,783	32,467	47,743
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 3,167
Cumulative number of reported claims | claim	4
Insurance | Credit and political risk | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 24,379	23,774	20,464	24,093	32,057	33,166	42,339
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 5,084
Cumulative number of reported claims | claim	2
Insurance | Credit and political risk | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 69,499	70,922	73,703	75,270	80,386	52,570
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 10,431
Cumulative number of reported claims | claim	33
Insurance | Credit and political risk | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 47,927	49,018	60,212	69,650	60,857
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 18,124
Cumulative number of reported claims | claim	44
Insurance | Credit and political risk | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 26,769	26,140	36,817	42,063
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 12,908
Cumulative number of reported claims | claim	24
Insurance | Credit and political risk | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 43,030	44,078	45,035
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 34,088
Cumulative number of reported claims | claim	27
Insurance | Credit and political risk | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 59,525	58,702
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 40,167
Cumulative number of reported claims | claim	31
Insurance | Credit and political risk | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 71,968
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 67,838
Cumulative number of reported claims | claim	20
Insurance | Liability
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 2,760,885
Insurance | Liability | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	194,101	189,335	187,816	186,575	187,650	182,354	164,685	137,188	127,087	128,433
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 21,585
Cumulative number of reported claims | claim	6,886
Insurance | Liability | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 124,707	124,751	125,396	119,993	119,989	127,257	128,697	130,074	124,296
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 11,666
Cumulative number of reported claims | claim	7,755
Insurance | Liability | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 247,666	249,403	213,374	203,242	199,054	183,687	165,181	166,690
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 27,690
Cumulative number of reported claims | claim	8,903
Insurance | Liability | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 258,462	250,910	215,235	203,849	189,916	167,040	166,951
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 34,684
Cumulative number of reported claims | claim	8,731
Insurance | Liability | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 300,576	299,503	236,977	221,935	192,509	191,681
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 42,047
Cumulative number of reported claims | claim	8,398
Insurance | Liability | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 245,534	248,412	230,122	224,321	223,954
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 54,701
Cumulative number of reported claims | claim	6,408
Insurance | Liability | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 292,933	301,010	244,781	231,577
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 75,781
Cumulative number of reported claims | claim	7,246
Insurance | Liability | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 357,079	356,752	322,623
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 162,714
Cumulative number of reported claims | claim	8,258
Insurance | Liability | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 360,192	363,821
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 255,535
Cumulative number of reported claims | claim	7,085
Insurance | Liability | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 379,635
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 351,221
Cumulative number of reported claims | claim	3,727
Reinsurance | Accident and health
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	$ 2,003,038
Reinsurance | Accident and health | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	92,914	92,966	92,221	92,251	93,243	92,906	93,627	93,862	100,350	93,754
Total of incurred-but-not-reported liabilities plus expected development on reported claims	84
Reinsurance | Accident and health | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	190,971	190,319	190,190	190,290	189,280	189,806	188,189	191,077	170,604
Total of incurred-but-not-reported liabilities plus expected development on reported claims	655
Reinsurance | Accident and health | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	182,326	181,916	182,973	183,023	182,013	183,173	189,292	183,761
Total of incurred-but-not-reported liabilities plus expected development on reported claims	384
Reinsurance | Accident and health | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	197,152	196,940	199,949	200,611	197,880	200,151	193,622
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,119
Reinsurance | Accident and health | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	199,155	198,928	204,907	207,308	211,873	217,364
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,108
Reinsurance | Accident and health | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	198,843	199,261	213,245	220,449	226,693
Total of incurred-but-not-reported liabilities plus expected development on reported claims	504
Reinsurance | Accident and health | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	218,106	222,084	226,777	231,917
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,442
Reinsurance | Accident and health | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	256,577	262,981	267,051
Total of incurred-but-not-reported liabilities plus expected development on reported claims	19,738
Reinsurance | Accident and health | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	251,034	242,835
Total of incurred-but-not-reported liabilities plus expected development on reported claims	43,093
Reinsurance | Accident and health | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	215,960
Total of incurred-but-not-reported liabilities plus expected development on reported claims	77,080
Reinsurance | Agriculture
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	1,070,258
Reinsurance | Agriculture | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	96,287	96,225	95,608	95,476	95,492	95,314	95,308	95,321	95,576	103,144
Total of incurred-but-not-reported liabilities plus expected development on reported claims	(3)
Reinsurance | Agriculture | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	108,701	108,912	108,167	108,219	109,042	108,795	110,207	117,045	123,359
Total of incurred-but-not-reported liabilities plus expected development on reported claims	14
Reinsurance | Agriculture | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	133,371	136,483	137,342	138,810	139,344	138,274	144,159	151,526
Total of incurred-but-not-reported liabilities plus expected development on reported claims	36
Reinsurance | Agriculture | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	146,050	142,610	139,823	140,457	140,727	147,182	140,830
Total of incurred-but-not-reported liabilities plus expected development on reported claims	399
Reinsurance | Agriculture | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	184,383	182,923	183,213	187,599	185,089	182,793
Total of incurred-but-not-reported liabilities plus expected development on reported claims	323
Reinsurance | Agriculture | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	59,833	61,801	63,702	62,636	62,506
Total of incurred-but-not-reported liabilities plus expected development on reported claims	153
Reinsurance | Agriculture | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	56,784	57,608	61,057	69,694
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,740
Reinsurance | Agriculture | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	90,378	91,299	101,001
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,573
Reinsurance | Agriculture | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	104,308	103,003
Total of incurred-but-not-reported liabilities plus expected development on reported claims	45,157
Reinsurance | Agriculture | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	90,163
Total of incurred-but-not-reported liabilities plus expected development on reported claims	82,981
Reinsurance | Marine and aviation
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	436,150
Reinsurance | Marine and aviation | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	11,964	11,993	11,937	11,986	12,220	12,589	14,938	10,777	9,193	10,360
Total of incurred-but-not-reported liabilities plus expected development on reported claims	441
Reinsurance | Marine and aviation | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	35,920	35,208	35,715	35,309	34,982	36,486	35,092	34,714	32,111
Total of incurred-but-not-reported liabilities plus expected development on reported claims	131
Reinsurance | Marine and aviation | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	41,445	40,366	40,443	42,787	46,176	40,935	42,541	54,853
Total of incurred-but-not-reported liabilities plus expected development on reported claims	78
Reinsurance | Marine and aviation | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	47,392	48,103	46,729	43,264	26,877	27,331	18,797
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,198
Reinsurance | Marine and aviation | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	86,262	84,590	81,494	79,650	81,921	69,487
Total of incurred-but-not-reported liabilities plus expected development on reported claims	4,059
Reinsurance | Marine and aviation | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	37,990	36,464	37,298	41,273	40,006
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,803
Reinsurance | Marine and aviation | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	38,786	35,108	40,438	43,366
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,642
Reinsurance | Marine and aviation | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	49,649	58,762	68,401
Total of incurred-but-not-reported liabilities plus expected development on reported claims	17,062
Reinsurance | Marine and aviation | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	37,916	40,526
Total of incurred-but-not-reported liabilities plus expected development on reported claims	20,892
Reinsurance | Marine and aviation | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	48,826
Total of incurred-but-not-reported liabilities plus expected development on reported claims	41,877
Reinsurance | Professional lines
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	1,770,315
Reinsurance | Professional lines | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	250,292	250,896	239,843	233,925	227,420	230,444	223,865	213,232	211,024	211,361
Total of incurred-but-not-reported liabilities plus expected development on reported claims	15,211
Reinsurance | Professional lines | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	276,527	277,105	265,439	253,578	253,676	226,305	198,934	195,543	194,564
Total of incurred-but-not-reported liabilities plus expected development on reported claims	18,210
Reinsurance | Professional lines | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	237,500	237,237	208,425	185,849	176,245	160,679	154,560	154,215
Total of incurred-but-not-reported liabilities plus expected development on reported claims	27,326
Reinsurance | Professional lines | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	190,588	193,077	172,179	164,134	153,514	146,713	144,599
Total of incurred-but-not-reported liabilities plus expected development on reported claims	(677)
Reinsurance | Professional lines | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	149,984	154,826	143,617	138,634	135,003	135,866
Total of incurred-but-not-reported liabilities plus expected development on reported claims	15,699
Reinsurance | Professional lines | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	135,632	131,679	133,815	138,846	138,881
Total of incurred-but-not-reported liabilities plus expected development on reported claims	55,500
Reinsurance | Professional lines | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	135,793	134,870	139,462	147,464
Total of incurred-but-not-reported liabilities plus expected development on reported claims	77,868
Reinsurance | Professional lines | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	152,014	152,352	168,535
Total of incurred-but-not-reported liabilities plus expected development on reported claims	99,800
Reinsurance | Professional lines | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	135,427	135,093
Total of incurred-but-not-reported liabilities plus expected development on reported claims	106,522
Reinsurance | Professional lines | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	106,558
Total of incurred-but-not-reported liabilities plus expected development on reported claims	96,010
Reinsurance | Credit and surety
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	835,280
Reinsurance | Credit and surety | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	125,755	125,761	129,441	134,817	133,679	132,750	150,883	154,425	159,662	156,256
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,361
Reinsurance | Credit and surety | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	111,169	109,579	107,428	109,778	112,113	119,427	144,405	136,760	138,199
Total of incurred-but-not-reported liabilities plus expected development on reported claims	592
Reinsurance | Credit and surety | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	110,277	111,360	110,948	111,099	113,551	122,255	128,141	135,014
Total of incurred-but-not-reported liabilities plus expected development on reported claims	2,239
Reinsurance | Credit and surety | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	87,535	87,774	101,044	106,339	109,266	115,673	108,874
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,276
Reinsurance | Credit and surety | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	54,501	54,467	62,649	64,711	64,952	72,245
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,369
Reinsurance | Credit and surety | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	89,395	94,044	68,240	82,568	76,156
Total of incurred-but-not-reported liabilities plus expected development on reported claims	13,239
Reinsurance | Credit and surety | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	41,061	40,832	43,356	51,523
Total of incurred-but-not-reported liabilities plus expected development on reported claims	13,639
Reinsurance | Credit and surety | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	50,203	50,474	63,310
Total of incurred-but-not-reported liabilities plus expected development on reported claims	30,771
Reinsurance | Credit and surety | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	85,451	85,730
Total of incurred-but-not-reported liabilities plus expected development on reported claims	45,993
Reinsurance | Credit and surety | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	79,933
Total of incurred-but-not-reported liabilities plus expected development on reported claims	54,383
Reinsurance | Motor
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	2,209,966
Reinsurance | Motor | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	199,471	199,519	200,843	200,453	203,169	204,009	214,510	212,699	208,783	215,985
Total of incurred-but-not-reported liabilities plus expected development on reported claims	10,658
Reinsurance | Motor | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	238,942	238,717	238,113	234,357	236,810	244,592	254,013	252,847	239,098
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,903
Reinsurance | Motor | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	351,699	351,598	344,966	349,584	348,494	347,805	358,716	353,883
Total of incurred-but-not-reported liabilities plus expected development on reported claims	21,818
Reinsurance | Motor | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	350,894	351,737	339,260	351,594	354,625	343,752	348,090
Total of incurred-but-not-reported liabilities plus expected development on reported claims	17,085
Reinsurance | Motor | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	326,155	326,641	321,798	330,904	330,204	331,840
Total of incurred-but-not-reported liabilities plus expected development on reported claims	7,574
Reinsurance | Motor | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	192,990	192,333	208,823	212,344	209,930
Total of incurred-but-not-reported liabilities plus expected development on reported claims	7,877
Reinsurance | Motor | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	178,561	178,461	176,135	176,116
Total of incurred-but-not-reported liabilities plus expected development on reported claims	22,550
Reinsurance | Motor | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	158,097	166,810	154,073
Total of incurred-but-not-reported liabilities plus expected development on reported claims	24,177
Reinsurance | Motor | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	128,732	121,411
Total of incurred-but-not-reported liabilities plus expected development on reported claims	23,925
Reinsurance | Motor | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	84,425
Total of incurred-but-not-reported liabilities plus expected development on reported claims	50,610
Reinsurance | Liability
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	3,050,692
Reinsurance | Liability | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	215,609	215,869	205,170	202,266	212,453	212,052	214,193	214,303	213,356	213,111
Total of incurred-but-not-reported liabilities plus expected development on reported claims	12,588
Reinsurance | Liability | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	313,766	311,876	271,912	264,490	260,727	251,425	248,154	243,345	238,237
Total of incurred-but-not-reported liabilities plus expected development on reported claims	30,063
Reinsurance | Liability | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	338,776	339,798	303,916	294,535	285,245	276,627	267,788	273,121
Total of incurred-but-not-reported liabilities plus expected development on reported claims	25,655
Reinsurance | Liability | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	349,317	349,520	304,407	284,659	271,505	266,567	262,170
Total of incurred-but-not-reported liabilities plus expected development on reported claims	47,871
Reinsurance | Liability | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	334,773	329,313	271,351	272,501	270,541	262,105
Total of incurred-but-not-reported liabilities plus expected development on reported claims	82,959
Reinsurance | Liability | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	307,787	303,976	277,534	282,700	282,298
Total of incurred-but-not-reported liabilities plus expected development on reported claims	104,900
Reinsurance | Liability | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	334,588	343,399	310,334	302,849
Total of incurred-but-not-reported liabilities plus expected development on reported claims	139,743
Reinsurance | Liability | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	334,639	341,727	346,756
Total of incurred-but-not-reported liabilities plus expected development on reported claims	165,420
Reinsurance | Liability | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	273,571	273,950
Total of incurred-but-not-reported liabilities plus expected development on reported claims	170,489
Reinsurance | Liability | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	247,866
Total of incurred-but-not-reported liabilities plus expected development on reported claims	217,212
Reinsurance | Run-off lines
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	3,458,454
Reinsurance | Run-off lines | Accident Year 2015
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	240,152	240,289	242,674	244,566	246,713	241,916	243,094	252,266	252,265	$ 264,343
Total of incurred-but-not-reported liabilities plus expected development on reported claims	1,636
Reinsurance | Run-off lines | Accident Year 2016
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	265,991	266,307	273,184	273,472	273,294	269,952	275,202	277,871	$ 278,963
Total of incurred-but-not-reported liabilities plus expected development on reported claims	3,048
Reinsurance | Run-off lines | Accident Year 2017
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	729,636	725,458	733,045	742,270	744,427	743,852	702,732	$ 701,995
Total of incurred-but-not-reported liabilities plus expected development on reported claims	23,633
Reinsurance | Run-off lines | Accident Year 2018
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	587,086	589,927	589,801	603,972	617,932	603,305	$ 518,635
Total of incurred-but-not-reported liabilities plus expected development on reported claims	14,977
Reinsurance | Run-off lines | Accident Year 2019
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	368,869	366,152	372,883	387,635	407,538	$ 431,902
Total of incurred-but-not-reported liabilities plus expected development on reported claims	14,143
Reinsurance | Run-off lines | Accident Year 2020
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	533,431	537,210	533,206	538,067	$ 509,942
Total of incurred-but-not-reported liabilities plus expected development on reported claims	31,778
Reinsurance | Run-off lines | Accident Year 2021
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	421,678	422,974	427,037	$ 419,674
Total of incurred-but-not-reported liabilities plus expected development on reported claims	28,832
Reinsurance | Run-off lines | Accident Year 2022
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	221,806	218,849	$ 260,346
Total of incurred-but-not-reported liabilities plus expected development on reported claims	43,059
Reinsurance | Run-off lines | Accident Year 2023
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	60,979	$ 63,904
Total of incurred-but-not-reported liabilities plus expected development on reported claims	21,860
Reinsurance | Run-off lines | Accident Year 2024
Claims Development [Line Items]
Incurred claims and allocated claim adjustment expenses	28,826
Total of incurred-but-not-reported liabilities plus expected development on reported claims	$ 7,873

RESERVE FOR LOSSES AND LOSS E_9

RESERVE FOR LOSSES AND LOSS EXPENSES - Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Claims Development [Line Items]
Liabilities for claims and claim adjustment expenses, net of reinsurance	$ 10,565,875
Insurance
Claims Development [Line Items]
Liabilities for claims and claim adjustment expenses, net of reinsurance	5,738,936
Insurance | Property
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	3,524,536
All outstanding liabilities before 2015, net of reinsurance	13,825
Liabilities for claims and claim adjustment expenses, net of reinsurance	810,674
Insurance | Property | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	182,683	$ 180,576	$ 180,900	$ 176,079	$ 184,856	$ 178,566	$ 178,896	$ 165,268	$ 144,389	$ 67,399
Insurance | Property | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	260,805	256,535	250,353	252,951	248,118	248,054	240,568	204,637	82,296
Insurance | Property | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	642,182	641,640	629,525	639,939	644,936	616,838	509,202	190,148
Insurance | Property | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	576,747	567,762	581,594	564,129	554,132	461,816	218,293
Insurance | Property | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	328,429	323,935	335,077	298,564	251,877	145,556
Insurance | Property | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	553,239	523,474	474,714	420,774	181,138
Insurance | Property | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	338,393	319,737	284,332	133,671
Insurance | Property | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	323,805	259,261	96,815
Insurance | Property | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	206,885	90,343
Insurance | Property | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	111,368
Insurance | Accident and health
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	920,457
All outstanding liabilities before 2015, net of reinsurance	656
Liabilities for claims and claim adjustment expenses, net of reinsurance	134,285
Insurance | Accident and health | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	59,820	59,672	61,775	61,684	61,032	61,163	60,154	59,293	56,263	31,140
Insurance | Accident and health | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	84,869	84,125	84,989	84,288	83,897	82,836	82,003	78,239	41,127
Insurance | Accident and health | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	117,122	116,933	115,070	115,890	114,788	113,393	108,219	62,733
Insurance | Accident and health | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	114,104	113,014	112,202	111,312	107,655	105,324	61,218
Insurance | Accident and health | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	68,263	66,828	66,971	62,033	60,623	44,652
Insurance | Accident and health | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	61,786	57,944	59,608	51,481	36,035
Insurance | Accident and health | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	69,489	68,183	60,470	38,828
Insurance | Accident and health | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	87,242	80,164	45,663
Insurance | Accident and health | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	135,134	93,765
Insurance | Accident and health | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	122,628
Insurance | Marine and aviation
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	1,392,415
All outstanding liabilities before 2015, net of reinsurance	13,787
Liabilities for claims and claim adjustment expenses, net of reinsurance	795,884
Insurance | Marine and aviation | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	140,441	140,449	140,443	140,256	134,176	131,418	128,652	123,818	68,918	29,464
Insurance | Marine and aviation | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	96,224	97,321	96,663	93,576	91,648	89,721	82,738	50,881	22,868
Insurance | Marine and aviation | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	198,539	193,220	181,766	178,013	169,479	137,887	104,908	34,748
Insurance | Marine and aviation | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	199,341	193,550	181,261	169,862	156,641	121,096	46,694
Insurance | Marine and aviation | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	189,630	176,353	168,768	143,642	101,596	53,526
Insurance | Marine and aviation | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	131,309	117,734	105,145	83,545	44,330
Insurance | Marine and aviation | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	144,284	106,333	68,306	26,424
Insurance | Marine and aviation | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	138,256	99,980	29,699
Insurance | Marine and aviation | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	91,653	36,159
Insurance | Marine and aviation | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	62,738
Insurance | Cyber
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	492,859
All outstanding liabilities before 2015, net of reinsurance	7,614
Liabilities for claims and claim adjustment expenses, net of reinsurance	370,549
Insurance | Cyber | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	45,318	45,432	43,635	42,515	39,470	30,865	28,501	25,544	15,333	5,572
Insurance | Cyber | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	24,054	24,054	23,207	23,136	21,333	18,502	14,141	4,637	1,348
Insurance | Cyber | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	47,274	39,997	40,554	38,029	35,897	28,331	19,165	9,354
Insurance | Cyber | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	26,263	18,329	19,226	14,790	9,874	7,327	2,171
Insurance | Cyber | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	55,026	54,986	58,696	31,445	20,249	2,764
Insurance | Cyber | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	102,650	81,129	62,548	49,529	17,700
Insurance | Cyber | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	82,803	74,856	65,332	24,077
Insurance | Cyber | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	52,479	37,446	7,796
Insurance | Cyber | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	45,086	9,094
Insurance | Cyber | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	11,906
Insurance | Professional lines
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	2,063,708
All outstanding liabilities before 2015, net of reinsurance	143,974
Liabilities for claims and claim adjustment expenses, net of reinsurance	2,034,530
Insurance | Professional lines | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	253,620	247,794	223,040	211,577	199,105	169,386	138,151	110,043	51,028	14,128
Insurance | Professional lines | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	315,673	288,796	274,502	233,400	209,142	171,190	130,951	65,656	14,341
Insurance | Professional lines | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	313,285	287,549	266,159	196,246	165,829	107,721	51,055	11,401
Insurance | Professional lines | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	380,200	333,899	263,460	203,168	141,470	74,121	18,147
Insurance | Professional lines | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	333,147	287,110	204,491	132,159	75,980	24,714
Insurance | Professional lines | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	168,911	124,128	96,537	43,600	8,542
Insurance | Professional lines | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	126,636	82,947	38,157	9,677
Insurance | Professional lines | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	100,835	45,645	10,815
Insurance | Professional lines | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	55,586	12,057
Insurance | Professional lines | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	15,815
Insurance | Credit and political risk
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	221,818
All outstanding liabilities before 2015, net of reinsurance	5,977
Liabilities for claims and claim adjustment expenses, net of reinsurance	184,012
Insurance | Credit and political risk | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	23,309	23,309	23,309	23,309	23,309	23,309	23,309	23,309	23,309	0
Insurance | Credit and political risk | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	25,705	25,705	25,705	25,705	25,705	25,705	25,705	25,705	0
Insurance | Credit and political risk | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	5,940	8,514	10,237	10,786	11,573	9,138	3,985	397
Insurance | Credit and political risk | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	22,928	23,362	19,486	11,376	15,299	13,300	5,327
Insurance | Credit and political risk | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	53,948	54,747	56,682	53,489	46,227	15,859
Insurance | Credit and political risk | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	50,018	50,349	55,084	88,017	9,416
Insurance | Credit and political risk | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	12,683	8,207	(378)	2,769
Insurance | Credit and political risk | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	7,007	8,096	2,798
Insurance | Credit and political risk | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	16,261	2,738
Insurance | Credit and political risk | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	4,019
Insurance | Liability
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	1,411,156
All outstanding liabilities before 2015, net of reinsurance	59,273
Liabilities for claims and claim adjustment expenses, net of reinsurance	1,409,002
Insurance | Liability | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	166,225	162,235	158,595	150,293	140,484	119,836	92,350	39,394	22,200	5,436
Insurance | Liability | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	106,095	102,588	95,615	79,396	66,157	56,319	36,317	23,211	6,299
Insurance | Liability | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	201,124	189,184	167,554	142,497	114,856	58,560	29,185	5,354
Insurance | Liability | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	200,368	188,416	158,255	118,847	72,057	34,843	9,252
Insurance | Liability | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	223,818	191,870	138,666	83,412	39,694	7,787
Insurance | Liability | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	155,974	118,034	75,733	25,094	8,129
Insurance | Liability | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	166,205	103,537	51,736	13,384
Insurance | Liability | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	124,788	53,365	13,191
Insurance | Liability | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	54,318	9,829
Insurance | Liability | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	12,241
Reinsurance
Claims Development [Line Items]
Liabilities for claims and claim adjustment expenses, net of reinsurance	4,826,939
Reinsurance | Accident and health
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	1,816,659
All outstanding liabilities before 2015, net of reinsurance	1,291
Liabilities for claims and claim adjustment expenses, net of reinsurance	187,670
Reinsurance | Accident and health | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	92,314	92,328	93,599	93,787	92,362	91,895	91,789	88,583	77,212	23,392
Reinsurance | Accident and health | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	189,131	189,146	189,558	188,632	189,036	187,052	180,891	149,814	50,017
Reinsurance | Accident and health | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	179,715	179,491	179,725	179,075	178,569	171,794	156,941	79,215
Reinsurance | Accident and health | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	194,680	194,539	194,064	190,959	191,414	164,972	72,826
Reinsurance | Accident and health | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	199,235	194,411	196,317	195,595	169,294	67,755
Reinsurance | Accident and health | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	192,168	191,899	210,093	171,822	81,783
Reinsurance | Accident and health | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	212,355	209,615	179,195	68,549
Reinsurance | Accident and health | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	234,448	213,363	101,488
Reinsurance | Accident and health | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	199,466	130,720
Reinsurance | Accident and health | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	123,147
Reinsurance | Agriculture
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	892,449
All outstanding liabilities before 2015, net of reinsurance	162
Liabilities for claims and claim adjustment expenses, net of reinsurance	177,971
Reinsurance | Agriculture | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	96,237	96,198	95,586	95,431	95,442	94,848	94,511	92,954	65,845	1,716
Reinsurance | Agriculture | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	108,609	108,915	108,364	108,324	108,564	109,092	107,559	61,772	9,489
Reinsurance | Agriculture | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	133,133	136,431	137,255	137,308	138,468	137,338	124,429	7,444
Reinsurance | Agriculture | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	144,073	143,905	138,233	141,607	135,514	127,449	5,115
Reinsurance | Agriculture | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	179,673	177,587	178,098	174,094	154,426	28,854
Reinsurance | Agriculture | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	55,589	55,182	54,101	47,254	17,454
Reinsurance | Agriculture | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	48,518	45,895	32,715	2,952
Reinsurance | Agriculture | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	75,383	55,371	15,344
Reinsurance | Agriculture | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	47,580	14,591
Reinsurance | Agriculture | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	3,654
Reinsurance | Marine and aviation
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	290,512
All outstanding liabilities before 2015, net of reinsurance	3,706
Liabilities for claims and claim adjustment expenses, net of reinsurance	149,344
Reinsurance | Marine and aviation | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	11,274	11,012	10,879	10,798	10,972	10,177	8,620	6,417	2,646	416
Reinsurance | Marine and aviation | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	34,605	34,223	34,013	33,422	32,375	29,664	25,747	18,704	2,626
Reinsurance | Marine and aviation | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	39,064	37,610	36,708	36,600	33,578	28,664	23,370	2,674
Reinsurance | Marine and aviation | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	39,599	37,601	34,252	30,639	24,223	10,815	1,776
Reinsurance | Marine and aviation | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	72,288	67,673	52,675	34,246	27,031	10,672
Reinsurance | Marine and aviation | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	32,332	29,316	23,525	16,455	3,983
Reinsurance | Marine and aviation | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	27,671	20,118	12,160	5,407
Reinsurance | Marine and aviation | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	24,732	18,402	7,732
Reinsurance | Marine and aviation | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	6,902	1,472
Reinsurance | Marine and aviation | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	2,045
Reinsurance | Professional lines
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	963,205
All outstanding liabilities before 2015, net of reinsurance	136,065
Liabilities for claims and claim adjustment expenses, net of reinsurance	943,175
Reinsurance | Professional lines | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	199,230	183,371	169,894	151,960	131,185	111,504	79,127	41,440	13,502	3,134
Reinsurance | Professional lines | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	222,284	201,985	180,296	152,878	124,288	94,682	52,347	20,397	1,752
Reinsurance | Professional lines | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	165,728	136,560	115,586	88,279	62,483	39,723	14,746	2,812
Reinsurance | Professional lines | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	137,940	112,549	81,129	56,426	30,964	2,495	273
Reinsurance | Professional lines | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	97,450	74,942	52,368	33,104	13,463	362
Reinsurance | Professional lines | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	57,776	40,009	26,460	13,773	3,820
Reinsurance | Professional lines | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	38,523	22,453	11,320	4,337
Reinsurance | Professional lines | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	28,924	11,684	3,233
Reinsurance | Professional lines | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	12,388	3,452
Reinsurance | Professional lines | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	2,962
Reinsurance | Credit and surety
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	558,087
All outstanding liabilities before 2015, net of reinsurance	28,849
Liabilities for claims and claim adjustment expenses, net of reinsurance	306,042
Reinsurance | Credit and surety | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	115,099	114,711	117,224	118,370	117,515	113,904	111,972	95,640	78,814	32,721
Reinsurance | Credit and surety | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	99,527	99,762	97,638	97,926	99,415	98,411	88,974	70,896	41,639
Reinsurance | Credit and surety | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	100,954	100,308	99,473	96,569	98,480	87,088	71,362	37,018
Reinsurance | Credit and surety | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	84,092	83,859	82,379	80,736	69,263	65,916	38,619
Reinsurance | Credit and surety | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	46,199	46,442	44,277	42,248	29,432	19,163
Reinsurance | Credit and surety | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	48,666	43,304	38,972	33,572	25,277
Reinsurance | Credit and surety | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	18,726	16,768	8,909	4,460
Reinsurance | Credit and surety | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	13,259	10,916	6,845
Reinsurance | Credit and surety | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	20,167	10,314
Reinsurance | Credit and surety | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	11,398
Reinsurance | Motor
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	1,538,085
All outstanding liabilities before 2015, net of reinsurance	262,566
Liabilities for claims and claim adjustment expenses, net of reinsurance	934,447
Reinsurance | Motor | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	175,513	171,272	169,228	164,226	141,761	141,391	126,014	109,330	90,219	57,035
Reinsurance | Motor | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	202,406	193,160	184,773	177,453	153,840	141,526	124,192	101,425	60,117
Reinsurance | Motor | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	266,624	256,263	238,380	215,552	193,899	159,573	130,330	71,292
Reinsurance | Motor | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	273,683	254,645	234,853	210,849	201,610	138,377	83,155
Reinsurance | Motor | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	257,423	238,617	219,950	198,344	182,006	89,950
Reinsurance | Motor | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	134,082	125,200	113,316	94,350	43,468
Reinsurance | Motor | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	104,602	92,381	74,997	41,657
Reinsurance | Motor | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	63,668	51,509	35,075
Reinsurance | Motor | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	44,970	25,966
Reinsurance | Motor | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	15,114
Reinsurance | Liability
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	1,567,371
All outstanding liabilities before 2015, net of reinsurance	127,910
Liabilities for claims and claim adjustment expenses, net of reinsurance	1,611,231
Reinsurance | Liability | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	178,276	166,279	151,506	141,135	130,417	108,548	80,691	54,372	27,432	7,266
Reinsurance | Liability | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	234,297	215,185	188,319	165,531	142,074	111,165	69,136	37,527	11,837
Reinsurance | Liability | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	250,245	223,321	192,427	157,920	120,145	78,240	41,984	12,394
Reinsurance | Liability | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	244,159	206,294	165,827	127,457	84,839	49,673	19,352
Reinsurance | Liability | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	201,377	158,542	119,854	79,439	45,132	19,288
Reinsurance | Liability | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	152,616	119,248	82,113	48,916	16,930
Reinsurance | Liability | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	145,566	98,671	58,253	10,882
Reinsurance | Liability | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	102,346	51,960	18,024
Reinsurance | Liability | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	45,121	14,979
Reinsurance | Liability | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	13,368
Reinsurance | Run-off lines
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	2,980,000
All outstanding liabilities before 2015, net of reinsurance	38,605
Liabilities for claims and claim adjustment expenses, net of reinsurance	517,059
Reinsurance | Run-off lines | Accident Year 2015
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	232,580	231,029	230,094	228,479	214,446	210,135	200,069	175,420	117,515	$ 46,281
Reinsurance | Run-off lines | Accident Year 2016
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	252,695	250,127	251,662	246,337	239,689	225,752	195,162	137,032	$ 63,381
Reinsurance | Run-off lines | Accident Year 2017
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	672,949	661,617	650,897	615,721	591,946	533,804	419,762	$ 163,739
Reinsurance | Run-off lines | Accident Year 2018
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	546,510	538,362	517,408	471,002	419,373	326,092	$ 116,822
Reinsurance | Run-off lines | Accident Year 2019
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	329,517	315,548	291,464	256,712	199,958	$ 55,275
Reinsurance | Run-off lines | Accident Year 2020
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	429,759	383,462	316,569	234,874	$ 104,927
Reinsurance | Run-off lines | Accident Year 2021
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	341,460	292,521	230,145	$ 87,733
Reinsurance | Run-off lines | Accident Year 2022
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	133,777	101,413	$ 49,727
Reinsurance | Run-off lines | Accident Year 2023
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	29,381	$ 22,862
Reinsurance | Run-off lines | Accident Year 2024
Claims Development [Line Items]
Cumulative paid claims and allocated claim adjustment expenses	$ 11,372

RESERVE FOR LOSSES AND LOSS _10

RESERVE FOR LOSSES AND LOSS EXPENSES - Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Details)	Dec. 31, 2024
Insurance | Property
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	31.20%
Year 2	40.20%
Year 3	13.20%
Year 4	5.70%
Year 5	0.60%
Year 6	0.50%
Year 7	(0.60%)
Year 8	1.70%
Year 9	0.70%
Year 10	1.10%
Insurance | Accident and health
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	54.20%
Year 2	33.20%
Year 3	6%
Year 4	1.90%
Year 5	1.70%
Year 6	0.50%
Year 7	1.10%
Year 8	(0.20%)
Year 9	(1.30%)
Year 10	0.20%
Insurance | Marine and aviation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.50%
Year 2	25.80%
Year 3	20.50%
Year 4	9.40%
Year 5	4%
Year 6	3.30%
Year 7	3.90%
Year 8	1.10%
Year 9	(0.60%)
Year 10	0%
Insurance | Cyber
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.60%
Year 2	24%
Year 3	17.10%
Year 4	17.20%
Year 5	7.70%
Year 6	5.50%
Year 7	8.10%
Year 8	7.20%
Year 9	1.90%
Year 10	(0.20%)
Insurance | Professional lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.50%
Year 2	11%
Year 3	15.50%
Year 4	12.50%
Year 5	12.50%
Year 6	12%
Year 7	7.80%
Year 8	4.80%
Year 9	8.10%
Year 10	2%
Insurance | Credit and political risk
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	9.60%
Year 2	56.70%
Year 3	5.80%
Year 4	3.80%
Year 5	3.30%
Year 6	1.50%
Year 7	(6.00%)
Year 8	(11.10%)
Year 9	0%
Year 10	0%
Insurance | Liability
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.40%
Year 2	10.70%
Year 3	14.80%
Year 4	20.20%
Year 5	13.60%
Year 6	10.70%
Year 7	7.90%
Year 8	4.90%
Year 9	2.40%
Year 10	2.10%
Reinsurance | Accident and health
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	38.70%
Year 2	46.40%
Year 3	13.10%
Year 4	0.40%
Year 5	0.40%
Year 6	0.70%
Year 7	0.50%
Year 8	(0.10%)
Year 9	(0.70%)
Year 10	0%
Reinsurance | Marine and aviation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	8.20%
Year 2	26.40%
Year 3	19.10%
Year 4	15.80%
Year 5	10.10%
Year 6	4.40%
Year 7	1.60%
Year 8	1.60%
Year 9	1.10%
Year 10	2.20%
Reinsurance | Professional lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.70%
Year 2	5.60%
Year 3	11.30%
Year 4	12.60%
Year 5	12.60%
Year 6	12.20%
Year 7	10.10%
Year 8	9.10%
Year 9	6.40%
Year 10	6.30%
Reinsurance | Liability
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.70%
Year 2	9.80%
Year 3	11.50%
Year 4	12.60%
Year 5	11.20%
Year 6	10.40%
Year 7	8.10%
Year 8	7.10%
Year 9	6.50%
Year 10	5.60%
Reinsurance | Credit and surety
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.60%
Year 2	20.40%
Year 3	12.60%
Year 4	8.30%
Year 5	2.10%
Year 6	1.10%
Year 7	0.40%
Year 8	0.50%
Year 9	(1.10%)
Year 10	0.30%
Reinsurance | Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	23.20%
Year 2	18.30%
Year 3	9.70%
Year 4	6.80%
Year 5	6%
Year 6	5.60%
Year 7	6.20%
Year 8	3%
Year 9	2.50%
Year 10	2.10%
Reinsurance | Agriculture
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.50%
Year 2	59.20%
Year 3	19.10%
Year 4	2.40%
Year 5	(0.50%)
Year 6	1.10%
Year 7	(0.10%)
Year 8	(0.60%)
Year 9	0.20%
Year 10	0%
Reinsurance | Run-off lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	24%
Year 2	28.80%
Year 3	17.20%
Year 4	10.30%
Year 5	6%
Year 6	3.30%
Year 7	2.70%
Year 8	0.60%
Year 9	0.70%
Year 10	0.60%

RESERVE FOR LOSSES AND LOSS _11

RESERVE FOR LOSSES AND LOSS EXPENSES - Narrative (Details)	Aug. 05, 2019	Aug. 04, 2019	Mar. 20, 2017	Mar. 19, 2017
Motor Reserve Class | Reinsurance
Claims Development [Line Items]
Discount rate (percent)	0.25%	0.75%	0.75%	(2.50%)

RESERVE FOR LOSSES AND LOSS _12

RESERVE FOR LOSSES AND LOSS EXPENSES - Reconciliation of Development Tables to Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Claims Development [Line Items]
Net outstanding liabilities	$ 10,565,875
Reinsurance recoverable on unpaid claims	6,840,897	$ 6,323,083	$ 5,831,172	$ 5,017,611
Gross outstanding liabilities	17,406,772
Unallocated claims adjustment expenses	212,623
Foreign exchange and other	(10,992)
Ceded reserves related to retroactive transactions	(389,474)
Reserve for losses and loss expenses	17,218,929	$ 16,434,018	$ 15,168,863	$ 14,653,094
Insurance
Claims Development [Line Items]
Net outstanding liabilities	5,738,936
Reinsurance recoverable on unpaid claims	4,796,155
Gross outstanding liabilities	10,535,091
Insurance | Property
Claims Development [Line Items]
Net outstanding liabilities	810,674
Reinsurance recoverable on unpaid claims	476,362
Gross outstanding liabilities	1,287,036
Insurance | Accident and health
Claims Development [Line Items]
Net outstanding liabilities	134,285
Reinsurance recoverable on unpaid claims	9,565
Gross outstanding liabilities	143,850
Insurance | Marine and aviation
Claims Development [Line Items]
Net outstanding liabilities	795,884
Reinsurance recoverable on unpaid claims	348,062
Gross outstanding liabilities	1,143,946
Insurance | Cyber
Claims Development [Line Items]
Net outstanding liabilities	370,549
Reinsurance recoverable on unpaid claims	455,301
Gross outstanding liabilities	825,850
Insurance | Professional lines
Claims Development [Line Items]
Net outstanding liabilities	2,034,530
Reinsurance recoverable on unpaid claims	1,365,043
Gross outstanding liabilities	3,399,573
Insurance | Credit and political risk
Claims Development [Line Items]
Net outstanding liabilities	184,012
Reinsurance recoverable on unpaid claims	35,302
Gross outstanding liabilities	219,314
Insurance | Liability
Claims Development [Line Items]
Net outstanding liabilities	1,409,002
Reinsurance recoverable on unpaid claims	2,106,520
Gross outstanding liabilities	3,515,522
Reinsurance
Claims Development [Line Items]
Net outstanding liabilities	4,826,939
Reinsurance recoverable on unpaid claims	2,044,742
Gross outstanding liabilities	6,871,681
Reinsurance | Accident and health
Claims Development [Line Items]
Net outstanding liabilities	187,670
Reinsurance recoverable on unpaid claims	61,724
Gross outstanding liabilities	249,394
Reinsurance | Marine and aviation
Claims Development [Line Items]
Net outstanding liabilities	149,344
Reinsurance recoverable on unpaid claims	26,273
Gross outstanding liabilities	175,617
Reinsurance | Professional lines
Claims Development [Line Items]
Net outstanding liabilities	943,175
Reinsurance recoverable on unpaid claims	440,572
Gross outstanding liabilities	1,383,747
Reinsurance | Liability
Claims Development [Line Items]
Net outstanding liabilities	1,611,231
Reinsurance recoverable on unpaid claims	813,796
Gross outstanding liabilities	2,425,027
Reinsurance | Agriculture
Claims Development [Line Items]
Net outstanding liabilities	177,971
Reinsurance recoverable on unpaid claims	10,917
Gross outstanding liabilities	188,888
Reinsurance | Credit and surety
Claims Development [Line Items]
Net outstanding liabilities	306,042
Reinsurance recoverable on unpaid claims	132,474
Gross outstanding liabilities	438,516
Reinsurance | Motor
Claims Development [Line Items]
Net outstanding liabilities	934,447
Reinsurance recoverable on unpaid claims	352,438
Gross outstanding liabilities	1,286,885
Reinsurance | Run-off lines
Claims Development [Line Items]
Net outstanding liabilities	517,059
Reinsurance recoverable on unpaid claims	206,548
Gross outstanding liabilities	$ 723,607

REINSURANCE (Details)

REINSURANCE (Details) $ in Thousands		12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 13, 2024 USD ($)
Premiums written
Gross		$ 9,005,888	$ 8,356,525	$ 8,214,595
Ceded		(3,248,537)	(3,254,200)	(2,951,539)
NET AMOUNT		5,757,351	5,102,325	5,263,056
Premiums earned
Gross		8,529,567	7,973,577	7,936,382
Ceded		(3,223,332)	(2,889,796)	(2,776,056)
Net		5,306,235	5,083,781	5,160,326
Reinsurance receivables:
Ceded losses and loss expenses		2,039,000	1,754,000	1,754,000
Reinsurance recoverable on unpaid and paid losses and loss expenses		7,400,000	6,900,000
Allowance for credit losses on reinsurance recoverable for unpaid losses and loss expenses		$ 43,445	$ 36,611	$ 30,715
Cavello Bay Reinsurance Limited | Related Party
Reinsurance receivables:
Loss portfolio transfer reinsurance agreement, ground-up quota share, percentage					0.75
Loss portfolio transfer reinsurance agreement, loss expense	$ 3,100,000
Loss portfolio transfer reinsurance agreement, policy limit					$ 940,000

REINSURANCE - Schedule of Reins

REINSURANCE - Schedule of Reinsurance Recoverables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 36,611	$ 30,715
Increase (decrease) in allowance for expected credit losses	6,834	5,896
Ending Balance	$ 43,445	$ 36,611

DEBT AND FINANCING ARRANGEMEN_3

DEBT AND FINANCING ARRANGEMENTS - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 10, 2019	Dec. 31, 2024	Dec. 31, 2023	Jun. 19, 2019	Dec. 06, 2017	Mar. 13, 2014
Debt Instrument [Line Items]
Debt		$ 1,315,179	$ 1,313,714
Senior Notes | 5.150% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)						5.15%
Debt		246,873	246,789
Senior Notes | 4.000% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)					4%
Debt		348,774	348,389
Senior Notes | 3.900% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)				3.90%
Debt		297,556	297,076
Junior Subordinated Notes
Debt Instrument [Line Items]
Interest rate (percent)	4.90%
Debt		$ 421,976	$ 421,460
Basis spread on variable rate (percent)	3.186%

DEBT AND FINANCING ARRANGEMEN_4

DEBT AND FINANCING ARRANGEMENTS - Debt terms (Details) - USD ($)	Dec. 10, 2019	Jun. 19, 2019	Dec. 06, 2017	Mar. 13, 2014
Senior Notes | 5.150% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)				5.15%
Aggregate Principal				$ 250,000,000
Issue Price				99.474%
Net Proceeds				$ 246,000,000
Senior Notes | 4.000% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)			4%
Aggregate Principal			$ 350,000,000
Issue Price			99.78%
Net Proceeds			$ 347,000,000
Senior Notes | 3.900% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)		3.90%
Aggregate Principal		$ 300,000,000
Issue Price		99.36%
Net Proceeds		$ 296,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Interest rate (percent)	4.90%
Aggregate Principal	$ 425,000,000
Issue Price	99%
Net Proceeds	$ 420,750,000
Basis spread on variable rate (percent)	3.186%

DEBT AND FINANCING ARRANGEMEN_5

DEBT AND FINANCING ARRANGEMENTS - Senior and Notes Payable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 10, 2019	Jun. 19, 2019	Dec. 06, 2017	Mar. 13, 2014
Senior Notes
Debt Instrument [Line Items]
Interest expense	$ 40	$ 40	$ 40
Senior Notes | 5.150% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)							5.15%
Senior Notes | 4.000% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)						4%
Senior Notes | 3.900% Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)					3.90%
Junior Subordinated Notes
Debt Instrument [Line Items]
Interest rate (percent)				4.90%
Interest expense	$ 21	$ 21	$ 21
AXIS Specialty Finance PLC | Subsidiary Issuer
Debt Instrument [Line Items]
Percentage ownership in subsidiary (percent)	100%					100%	100%
AXIS Specialty Finance LLC | Junior Subordinated Notes
Debt Instrument [Line Items]
Interest rate (percent)				4.90%
AXIS Specialty Finance LLC | Subsidiary Issuer
Debt Instrument [Line Items]
Percentage ownership in subsidiary (percent)	100%				100%

DEBT AND FINANCING ARRANGEMEN_6

DEBT AND FINANCING ARRANGEMENTS - Summary of Debt Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Scheduled debt maturity
2025	$ 0
2026	0
2027	350,000
2028	0
2029	300,000
After 2029	675,000
Unamortized discount and debt issuance expenses	(9,821)
Total senior notes and notes payable	$ 1,315,179	$ 1,313,714

DEBT AND FINANCING ARRANGEMEN_7

DEBT AND FINANCING ARRANGEMENTS - Loan Advances Made to a Third Party Reinsurer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Loan advance	$ 199,045	$ 349,842	$ 105,822
Loan advances made	247,775	305,222
Third Party Reinsurer | Related Party
Debt Instrument [Line Items]
Non-cash repayment of advance		110,000
Interest received		4,000
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer | Related Party
Debt Instrument [Line Items]
Loan advance	0	102,000
Non-cash repayment of advance	75,000	82,000	90,000
Loan advances made	$ 5,000	80,000
Other commitment		26,000
Stated interest rate (in percent)	5.40%
Interest received	$ 0	$ 1,000	$ 1,000
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer | Related Party | Minimum
Debt Instrument [Line Items]
Stated interest rate (in percent)		0.80%
Third Party Reinsurer | Loan Agreement With Third Party Reinsurer | Related Party | Maximum
Debt Instrument [Line Items]
Stated interest rate (in percent)		4%

DEBT AND FINANCING ARRANGEMEN_8

DEBT AND FINANCING ARRANGEMENTS - Letter of Credit facility (Details) - Letter of Credit Facility - USD ($)	Dec. 31, 2024	Mar. 26, 2024	Mar. 25, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Maximum capacity		$ 300,000,000	$ 500,000,000	$ 500,000,000
Citibank
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 235,000,000			$ 325,000,000

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 31, 2024	Sep. 11, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advance, Branch of FHLBank [Line Items]
Federal Home Loan Bank advances			$ 66,380	$ 85,790
Federal Home Loan Bank advances, net			19,410	(5,250)	$ (78,950)
Federal Home Loan Bank of Chicago
Federal Home Loan Bank, Advance, Branch of FHLBank [Line Items]
FHLB program, admitted assets, actual			3,200,000	3,000,000
FHLB program, maximum borrowing capacity			798,000	759,000
Federal Home Loan Bank advances					$ 81,000
Federal Home Loan Bank advances, net	$ 9,000	$ 10,000
Interest expense on FHLB borrowings			4,000	5,000
FHLB program, investments pledged as security			$ 72,000	$ 95,000
Federal Home Loan Bank of Chicago | Minimum
Federal Home Loan Bank, Advance, Branch of FHLBank [Line Items]
FHLB advances, interest rate (as a percent)			4.50%	5.60%
Federal Home Loan Bank of Chicago | Maximum
Federal Home Loan Bank, Advance, Branch of FHLBank [Line Items]
FHLB advances, interest rate (as a percent)			5.50%	5.90%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Cash and Investments (Details) $ in Billions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fixed maturity investment portfolio	$ 12.6
Fixed maturity investment portfolio percentage	39%
Fixed maturity portfolio - corporate issuer concentration limit above A-	1%
Fixed maturity portfolio - corporate issuer concentration limit below A-	0.50%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Reinsurance and Premiums (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) broker	Dec. 31, 2023 USD ($) broker	Dec. 31, 2022 USD ($) broker
Concentration Risk [Line Items]
Allowance for estimated uncollectible premium balances receivable	$ 17,339	$ 11,997	$ 9,521
Premiums receivable, bad debt expense charges	3,000	2,000	$ 0
Premiums receivable	$ 3,169,355	$ 3,067,554
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Ceded Credit Risk, Secured
Concentration Risk [Line Items]
Concentration risk, percentage of total	17%	14%
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | AM Best, A- Rating Or Higher
Concentration Risk [Line Items]
Concentration risk, percentage of total	81%	83%
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | AM Best, A- Rating Or Lower
Concentration Risk [Line Items]
Concentration risk, percentage of total	2%	3%
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 1
Concentration Risk [Line Items]
Concentration risk, percentage of total	12%	14%
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 2
Concentration Risk [Line Items]
Concentration risk, percentage of total	7%	9%
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 3
Concentration Risk [Line Items]
Concentration risk, percentage of total	5%	4%
Gross Premiums Written | Customer Concentration
Concentration Risk [Line Items]
Concentration risk, number of brokers exceeding threshold | broker	3	3	3
Gross Premiums Written | Customer Concentration | Three Brokers
Concentration Risk [Line Items]
Concentration risk, percentage of total	38%	38%	43%
Gross Premiums Written | Customer Concentration | Marsh & McLennan Companies Inc.
Concentration Risk [Line Items]
Concentration risk, percentage of total	14%	14%	17%
Gross Premiums Written | Customer Concentration | Aon plc
Concentration Risk [Line Items]
Concentration risk, percentage of total	14%	15%	17%
Gross Premiums Written | Customer Concentration | Arthur J. Gallagher & Co.
Concentration Risk [Line Items]
Concentration risk, percentage of total	10%	9%	9%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11,997	$ 9,521
Increase (decrease) in allowance for expected credit losses	5,342	2,476
Ending balance	$ 17,339	$ 11,997

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Reinsurance Purchase Commitment, Investments and Funds at Lloyd's (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Unrecorded Unconditional Purchase Obligation [Line Items]
Unfunded commitments related to other investments	$ 526,000	$ 502,000
Purchase commitment	0	6,000
Collateral in trust for third-party agreements	2,602,306	2,597,633
Corporate debt
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitment	94,000	16,000
CMBS
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitment	9,000	10,000
Lloyd's
Unrecorded Unconditional Purchase Obligation [Line Items]
Collateral in trust for third-party agreements	$ 883,000	$ 893,000

LEASES - Summary of Lease Expen

LEASES - Summary of Lease Expense and Related Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost:
Operating lease expense	$ 17,273	$ 21,499	$ 20,611
Short-term lease expense	781	2,291	813
Sublease income	(4,554)	(4,531)	(3,423)
Total lease expense	13,500	19,259	18,001
Other information:
Operating cash outflows from operating leases	17,035	20,190	22,932
Right-of-use assets obtained in exchange for new operating lease liabilities	$ (3,209)
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 34,988	$ 6,514
Weighted-average remaining lease term - operating leases	9 years 3 months 18 days	9 years 9 months 18 days	9 years 10 months 24 days
Weighted-average discount rate - operating lease	4.90%	4.40%	4.10%

LEASES - Summary of Maturity an

LEASES - Summary of Maturity and Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Expected cash flows
Expected cash flows, year one	$ 17,787	$ 17,543
Expected cash flows, year two	15,181	18,122
Expected cash flows, year three	13,026	15,767
Expected cash flows, year four	12,283	13,519
Expected cash flows, year five	12,280	12,691
Later years	62,663	74,852
Discount	(26,606)	(29,393)
Total discounted operating lease liabilities	$ 106,614	$ 123,101

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings per common share
Net income	$ 1,081,786	$ 376,292	$ 223,083
Less: Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	$ 1,051,536	$ 346,042	$ 192,833
Weighted average common shares outstanding (in shares)	84,165	85,142	84,864
Earnings per common share (in dollars per share)	$ 12.49	$ 4.06	$ 2.27
Earnings per diluted common share
Net income available to common shareholders	$ 1,051,536	$ 346,042	$ 192,833
Weighted average common shares outstanding (in shares)	84,165	85,142	84,864
Share-based compensation plans (in shares)	1,011	870	805
Weighted average diluted common shares outstanding (in shares)	85,176	86,012	85,669
Earnings per diluted common share (in dollars per share)	$ 12.35	$ 4.02	$ 2.25
Weighted average anti-dilutive shares excluded from the dilutive computation (in shares)	192	405	324

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Common Shares Issued and Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Authorized share capital, common (in shares)	800,000,000
Par value per share, common (in usd per share)	$ 0.0125
Common Shares Issued and Outstanding [Roll Forward]
Shares issued, balance at beginning of year (in shares)	176,580,000
Total shares issued at end of year (in shares)	176,580,000	176,580,000
Treasury Shares Issued and Outstanding [Roll Forward]
Treasury shares, balance at beginning of year (in shares)	(91,294,000)
Total treasury shares at end of year (in shares)	(93,596,000)	(91,294,000)
Total shares outstanding (in shares)	82,984,000	85,286,000
Common shares
Common Shares Issued and Outstanding [Roll Forward]
Shares issued, balance at beginning of year (in shares)	176,580,000	176,580,000	176,580,000
Shares issued (in shares)	0	0	0
Total shares issued at end of year (in shares)	176,580,000	176,580,000	176,580,000
Treasury Shares Issued and Outstanding [Roll Forward]
Treasury shares, balance at beginning of year (in shares)	(91,294,000)	(91,912,000)	(91,806,000)
Shares repurchased (in shares)	(3,061,000)	(398,000)	(897,000)
Shares reissued (in shares)	759,000	1,016,000	791,000
Total treasury shares at end of year (in shares)	(93,596,000)	(91,294,000)	(91,912,000)
Total shares outstanding (in shares)	82,984,000	85,286,000	84,668,000

SHAREHOLDERS' EQUITY - Summar_2

SHAREHOLDERS' EQUITY - Summary of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 16, 2024	Dec. 07, 2023
Treasury Shares [Line Items]
Stock repurchase program, authorized amount					$ 100,000
Common shares
Treasury Shares [Line Items]
Stock repurchase program, authorized amount				$ 300,000
Total shares (in shares)	3,061	398	897
Total cost	$ 215,868	$ 23,596	$ 48,981
Average price per share (in usd per share)	$ 70.53	$ 59.15	$ 54.61
Common shares | In the open market:
Treasury Shares [Line Items]
Total shares (in shares)	2,806	0	634
Total cost	$ 199,943	$ 0	$ 34,987
Average price per share (in usd per share)	$ 71.27	$ 0	$ 55.22
Common shares | From employees:
Treasury Shares [Line Items]
Total shares (in shares)	255	398	263
Total cost	$ 15,925	$ 23,596	$ 13,994
Average price per share (in usd per share)	$ 62.45	$ 59.15	$ 53.13

SHAREHOLDERS' EQUITY - Preferre

SHAREHOLDERS' EQUITY - Preferred Shares Narrative (Details) - Series E 5.50% Preferred Shares $ / shares in Units, $ in Millions	Nov. 07, 2016 USD ($) $ / shares
Class of Stock [Line Items]
Preferred shares, aggregate liquidation value issued | $	$ 550
Preferred shares, dividend rate	5.50%
Preferred shares, par value per share (in usd per share)	$ 0.0125
Preferred shares, liquidation preference per share (in usd per share)	2,500
Preferred shares, redemption price per share (in usd per share)	$ 2,500

SHAREHOLDERS' EQUITY - Summar_3

SHAREHOLDERS' EQUITY - Summary of Dividends Declared and Paid (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common shares, dividends declared per share (in usd per share)	$ 1.76	$ 1.76	$ 1.73
Common shares, dividends paid per share (in usd per share)	1.32	1.32	1.29
Common shares
Class of Stock [Line Items]
Dividends paid in year following declaration (in usd per share)	0.44	0.44	0.44
Series E preferred shares
Class of Stock [Line Items]
Preferred shares, dividend declared per share (in usd per share)	137.50	137.50	137.50
Preferred shares, dividends paid per share (in usd per share)	103.13	103.13	103.13
Dividends paid in year following declaration (in usd per share)	$ 34.38	$ 34.38	$ 34.38

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Total pension expenses	$ 35	$ 35	$ 34

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)			3 Months Ended		12 Months Ended
	May 04, 2023 shares	May 07, 2021 shares	Jun. 30, 2023 d	Mar. 31, 2023 d	Dec. 31, 2024 installment d shares	Dec. 31, 2023 d	Dec. 31, 2022 d	May 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading days preceding performance period | d					30	10	10
Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading days preceding performance period | d			30	10
Restricted Stock Units | Share Settled | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Number of installments | installment					3
Restricted Stock Units | Share Settled | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Number of installments | installment					4
Restricted Stock Units | Cash Settled | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Restricted Stock Units | Cash Settled | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Number of installments | installment					4
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Performance Restricted Stock Units | Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance Restricted Stock Units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Performance Restricted Stock Units | Tranche One | Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Vesting percentage (as a percent)				50%
Performance Restricted Stock Units | Tranche Two | Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Vesting percentage (as a percent)				50%
Performance Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)					0%
Performance Restricted Stock Units | Minimum | Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)			0%
Performance Restricted Stock Units | Minimum | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)					0%
Performance Restricted Stock Units | Minimum | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)				0%	0%
Performance Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)					200%
Performance Restricted Stock Units | Maximum | Share Based Payment Arrangement Senior Leadership
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)			200%
Performance Restricted Stock Units | Maximum | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)					200%
Performance Restricted Stock Units | Maximum | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting as a percentage of target (percent)				200%	200%
2017 Long Term Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares to be issued under the plan (in shares) | shares								3,400,000
Additional share awards granted under the plan (in shares) | shares	1,125,000	1,600,000
Number of awards available for grant under plan (in shares) | shares					2,473,947
2017 Long Term Equity Compensation Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years

SHARE-BASED COMPENSATION - Valu

SHARE-BASED COMPENSATION - Valuation Assumptions (Details) - Performance Restricted Stock Units	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	30.05%	29.30%	26%	36.24%	33.44%
Expected term (in years)	3 years	1 year	3 years	3 years	3 years
Risk-free interest rate (as a percent)	3.39%	4.61%	4.06%	3.79%	1.26%

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Shares and Cash Settled Awards (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Performance Restricted Stock Units | Share Settled
Number of restricted stock units
Nonvested restricted stock - beginning of year (in shares)	144	330
Granted (in shares)	104	122
Vested (in shares)	0	(88)
Forfeited (in shares)	(1)	(220)
Nonvested restricted stock - end of year (in shares)	247	144
Weighted average grant date fair value
Nonvested restricted stock units - beginning of year (in usd per share)	$ 65.69	$ 60.01
Granted (in usd per share)	65.77	66.13
Vested (in usd per share)	0	63.88
Forfeited (in usd per share)	65.78	58.15
Nonvested restricted stock units - end of year (in usd per share)	$ 65.73	$ 65.69
Restricted Stock Units | Share Settled
Number of restricted stock units
Nonvested restricted stock - beginning of year (in shares)	1,855	2,117
Granted (in shares)	748	918
Vested (in shares)	(759)	(929)
Forfeited (in shares)	(202)	(251)
Nonvested restricted stock - end of year (in shares)	1,642	1,855
Weighted average grant date fair value
Nonvested restricted stock units - beginning of year (in usd per share)	$ 55.21	$ 53.16
Granted (in usd per share)	60.50	57.53
Vested (in usd per share)	54.65	53.02
Forfeited (in usd per share)	56.66	54.49
Nonvested restricted stock units - end of year (in usd per share)	$ 57.73	$ 55.21
Restricted Stock Units | Cash Settled
Number of restricted stock units
Nonvested restricted stock - beginning of year (in shares)	0	60
Granted (in shares)		0
Vested (in shares)		(59)
Forfeited (in shares)		(1)
Nonvested restricted stock - end of year (in shares)		0

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Additional Information Related to Share-based Compensation (Details) - Restricted Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 42,713	$ 57,729	$ 56,136
Tax benefits associated with share-based compensation expense	8,007	8,819	8,839
Fair value of restricted stock units vested	46,884	64,156	49,792
Unrecognized share-based compensation expense	$ 60,192	$ 62,416	$ 74,601
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2 years 4 months 24 days	2 years 4 months 24 days	2 years 3 months 18 days
Cash Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled restricted stock units	$ 0	$ 0	$ 4,792

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)				12 Months Ended
	Feb. 03, 2025	Sep. 22, 2023	Jun. 29, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Other investments				$ 930,278,000	$ 949,413,000
Equity method investments				206,994,000	174,634,000
Net premiums earned				5,306,235,000	5,083,781,000	$ 5,160,326,000
Acquisition costs				1,070,551,000	1,000,945,000	1,022,017,000
Net losses and loss expenses				3,158,487,000	3,393,102,000	3,242,410,000
Reinsurance recoverable on unpaid claims				6,840,897,000	6,323,083,000	5,831,172,000	$ 5,017,611,000
Reinsurance recoverable on paid losses and loss expenses				546,287,000	575,847,000
Ceded premiums				3,248,537,000	3,254,200,000	2,951,539,000
Ceded losses and loss expenses				2,039,000,000	1,754,000,000	1,754,000,000
Reinsurance recoverable on unpaid and paid losses and loss expenses				7,400,000,000	6,900,000,000
Insurance and reinsurance balances payable				1,713,798,000	1,792,719,000
Loan advance				199,045,000	349,842,000	105,822,000
Loan balance receivable				247,775,000	305,222,000
T-VIII PubOpps LP ("T8") | Subsequent event
Related Party Transaction [Line Items]
Total shares (in shares)	2,234,636
Total cost	$ 200,000,000
Related Party
Related Party Transaction [Line Items]
Other investments				448,000,000	424,000,000
Related Party | SKY Harbor Capital Management, LLC
Related Party Transaction [Line Items]
Income earned				3,000,000	3,000,000	2,000,000
Related Party | Freedom
Related Party Transaction [Line Items]
Income earned				0	1,000,000	2,000,000
Other investments				3,000,000	17,000,000
Related Party | Stone Point Trident Fund VIII
Related Party Transaction [Line Items]
Income earned				4,000,000	2,000,000	2,000,000
Other investments				92,000,000	87,000,000
Related Party | Stone Point Trident VIII Co-Invest
Related Party Transaction [Line Items]
Other investments				30,000,000	26,000,000
Related Party | Trident IX L.P. ("Trident IX")
Related Party Transaction [Line Items]
Income earned				3,000,000	1,000,000	1,000,000
Other investments				39,000,000	24,000,000
Related Party | Rialto Real Estate IV-Property
Related Party Transaction [Line Items]
Other investments				48,000,000	43,000,000
Related Party | Rialto Real Estate Fund IV-Property
Related Party Transaction [Line Items]
Income earned				2,000,000	2,000,000	2,000,000
Other investments				23,000,000	19,000,000
Related Party | Stone Point Credit Corporation
Related Party Transaction [Line Items]
Income earned				500,000	500,000	300,000
Other investments				18,000,000	18,000,000
Related Party | Sound Point Capital Bond
Related Party Transaction [Line Items]
Other investments					5,000,000
Related Party | Gordon Brothers
Related Party Transaction [Line Items]
Income earned					100,000	100,000
Other investments					9,000,000
Related Party | Eagle Point Credit Management, LLC
Related Party Transaction [Line Items]
Other investments				7,000,000	7,000,000
Related Party | Aspida Holdings, Ltd
Related Party Transaction [Line Items]
Income earned				0	0
Other investments				6,000,000	6,000,000
Related Party | Monarch Point Re
Related Party Transaction [Line Items]
Income earned				1,000,000	100,000
Equity method investments				43,000,000	22,000,000
Net premiums earned		$ 119,000,000
Acquisition costs		33,000,000
Net losses and loss expenses		$ 7,000,000
Reinsurance recoverable on unpaid claims					76,000,000
Reinsurance recoverable on paid losses and loss expenses					4,000,000
Ceded premiums				323,000,000	287,000,000
Ceded losses and loss expenses				214,000,000	37,000,000
Reinsurance recoverable on unpaid and paid losses and loss expenses				246,000,000	37,000,000
Insurance and reinsurance balances payable				226,000,000	166,000,000
Related Party | Harrington Re
Related Party Transaction [Line Items]
Ceded premiums				218,000,000	298,000,000	324,000,000
Ceded losses and loss expenses				197,000,000	229,000,000	234,000,000
Reinsurance recoverable on unpaid and paid losses and loss expenses				884,000,000	933,000,000
Insurance and reinsurance balances payable				181,000,000	219,000,000
Related Party | Stone Point Credit, LLC.
Related Party Transaction [Line Items]
Other commitment				60,000,000
Related Party | Stone Point Trident X LP
Related Party Transaction [Line Items]
Other commitment				25,000,000
Stone Pointe Credit Corporation Bonds | Related Party | Stone Point Credit Corporation
Related Party Transaction [Line Items]
Other investments				18,000,000	18,000,000
Stone Point Credit Corporation Bonds, Earned Income | Related Party | Stone Point Credit Corporation
Related Party Transaction [Line Items]
Income earned				1,000,000	1,000,000	$ 600,000
Eagle Point Credit Management Loan, Earned Income | Related Party | Eagle Point Credit Management, LLC
Related Party Transaction [Line Items]
Income earned				700,000	500,000
Loan Agreement With Monarch Point Re | Related Party | Monarch Point Re
Related Party Transaction [Line Items]
Other commitment				0	16,000,000
Loan advance				253,000,000	297,000,000
Non-cash repayment of advance				236,000,000	72,000,000
Loan balance receivable				243,000,000	225,000,000
Interest received in advance				$ 7,000,000	$ 9,000,000
Loan Agreement With Monarch Point Re | Related Party | Monarch Point Re | Minimum
Related Party Transaction [Line Items]
Related party transaction floating rate (as a percent)				4.70%	5.70%
Loan Agreement With Monarch Point Re | Related Party | Monarch Point Re | Maximum
Related Party Transaction [Line Items]
Related party transaction floating rate (as a percent)				5.50%	5.90%
Investment In Related Party | Senior Unsecured Notes Due 2031
Related Party Transaction [Line Items]
Other investments			$ 10,000,000
Related party transaction floating rate (as a percent)			7.25%
Stone Point Group | Related Party | Pantheon
Related Party Transaction [Line Items]
Percentage ownership by related parties				14.50%
Stone Point Trident V Funds | Enstar Group Limited
Related Party Transaction [Line Items]
Indirectly held ownership interest				9.50%

REORGANIZATION EXPENSES (Detail

REORGANIZATION EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Reorganization expenses	$ 26,312	$ 28,997	$ 31,426

INCOME TAXES - Summary of Incom

INCOME TAXES - Summary of Income Tax Expense and Net Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income tax expense [Line Items]
Total income tax expense (benefit)	$ (55,595)	$ 26,316	$ 22,037
Net current tax receivables	42,991	78,570	46,704
Net deferred tax assets (liabilities)	278,474	72,850	108,220
Net tax assets	321,465	151,420	154,924
U.S.
Income tax expense [Line Items]
Current income tax expense (benefit)	84,255	12,021	11,491
Deferred income tax expense (benefit)	716	(24,042)	(8,147)
Europe
Income tax expense [Line Items]
Current income tax expense (benefit)	19,260	32,386	2,366
Deferred income tax expense (benefit)	7,290	18,932	16,474
Bermuda
Income tax expense [Line Items]
Current income tax expense (benefit)	3,425	291	(147)
Deferred income tax expense (benefit)	$ (170,541)	$ (13,272)	$ 0

INCOME TAXES - Summary of Defer

INCOME TAXES - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Discounting of net reserves for losses and loss expenses	$ 66,338	$ 62,316
Unearned premiums	62,656	54,104
Net unrealized investments losses	36,536	54,395
Operating and capital loss carryforwards	75,864	100,907
Accruals not currently deductible	36,253	36,407
Tax credits	2,414	11,602
Bermuda economic transition adjustment	176,923	0
Other deferred tax assets	3,681	4,149
Deferred tax assets before valuation allowance	460,665	323,880
Valuation allowance	(19,829)	(38,711)
Deferred tax assets net of valuation allowance	440,836	285,169
Deferred tax liabilities:
Deferred acquisition costs	(35,401)	(27,109)
Other investment adjustments and impairments	(7,933)	(7,173)
Intangible assets	(47,355)	(49,486)
Depreciation and amortization	(7,586)	(1,140)
Equalization reserves	(2,347)	(2,726)
Acquisition adjustments (1)	0	(79,466)
Lloyd’s deferred year of account results	(51,770)	(38,194)
Other deferred tax liabilities	(9,970)	(7,025)
Deferred tax liabilities	(162,362)	(212,319)
Net deferred tax assets (liabilities)	$ 278,474	$ 72,850	$ 108,220

INCOME TAXES - Summary of Opera

INCOME TAXES - Summary of Operating and Capital Loss Carryforwards and Tax Credits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Singapore
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	$ 91,924	$ 70,815
U.K.
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	216,928	293,533
Tax credits	504	2,605
U.K. | Capital loss carryforward
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	93	0
Ireland
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	27	78,154
Tax credits	333	6,922
Ireland | Capital loss carryforward
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	1,372	716
Switzerland
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	68,573	123,453
U.S.
Operating Loss And Tax Credit Carryforwards [Line Items]
Tax credits	1,577	2,074
U.S. | Capital loss carryforward
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	$ 59,434	$ 0

INCOME TAXES - Summary of Valua

INCOME TAXES - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Valuation allowance - beginning of year	$ 38,711
Change in valuation allowance	(19,000)	$ (21,000)
Valuation allowance - end of year	19,829	38,711
Income Tax Expense
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Valuation allowance - beginning of year	31,688	39,782
Valuation allowance - end of year	17,221	31,688
Operating loss carryforwards
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Change in valuation allowance	(6,572)	(8,713)
Foreign tax credit
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Change in valuation allowance	(6,589)	4,184
U.K. branch assets and other foreign rate differentials
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Change in valuation allowance	(1,567)	(3,565)
Capital loss carryforwards and impaired investments
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Change in valuation allowance	261	0
Accumulated Other Comprehensive Income (Loss)
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Valuation allowance - beginning of year	7,023	20,287
Valuation allowance - end of year	2,608	7,023
Change in investment - related items
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Change in valuation allowance	$ (4,415)	$ (13,264)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Valuation allowance movement [Line Items]
Bermuda economic transition adjustment	$ 176,923,000	$ 0
Increase in (release of) valuation allowance	(19,000,000)	(21,000,000)
Unrecognized tax benefits	0	0
Ireland
Valuation allowance movement [Line Items]
Increase in (release of) valuation allowance	(13,000,000)	(25,000,000)
Ireland | Foreign Tax Credits
Valuation allowance movement [Line Items]
Increase in (release of) valuation allowance	(7,000,000)	6,000,000
U.S.
Valuation allowance movement [Line Items]
Deferred tax assets for unrealized losses on fixed maturity securities	19,000,000	41,000,000
U.S. | Foreign Tax Credits
Valuation allowance movement [Line Items]
Increase in (release of) valuation allowance		(2,000,000)
Office of the Tax Commissioner, Bermuda
Valuation allowance movement [Line Items]
Deferred tax assets for unrealized losses on fixed maturity securities	17,000,000	13,000,000
Other Comprehensive Income | Ireland
Valuation allowance movement [Line Items]
Increase in (release of) valuation allowance	(5,000,000)	(13,000,000)
Net income (loss) | Ireland
Valuation allowance movement [Line Items]
Increase in (release of) valuation allowance	$ (8,000,000)	$ (12,000,000)

INCOME TAXES - Summary of Effec

INCOME TAXES - Summary of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes
Bermuda (domestic)	$ 323,688	$ 213,539	$ 236,781
Foreign	702,503	189,067	8,340
Total income before income taxes	$ 1,026,191	$ 402,606	$ 245,121
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate	0%	0%	0%
Valuation allowance	(1.40%)	(2.00%)	9.50%
Prior year adjustments	(1.50%)	1.30%	(0.30%)
Incremental branch taxes	1.10%	0.90%	(0.40%)
Change in enacted tax rate	(1.90%)	(3.30%)	(2.20%)
Bermuda economic transition adjustment	(17.20%)	0%	0%
Change in unrealized investment gain/(loss)	0.60%	0%	0%
Withholding tax	0.30%	0%	0%
Other	0.20%	0.20%	0.30%
Actual tax rate	(5.40%)	6.50%	9%
U.S.
Reconciliation of effective tax rate (% of income before income taxes)
Foreign taxes at local expected rates	8.40%	(2.50%)	0.20%
Europe
Reconciliation of effective tax rate (% of income before income taxes)
Foreign taxes at local expected rates	6%	11.90%	1.90%
United Kingdom
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate			25%	19%
Belgium
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate			25%	30%

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Before tax amount
Unrealized gains (losses) arising during the year, net of reclassification adjustment	$ 125,742	$ 448,477	$ (909,150)
Foreign currency translation adjustment	(23,763)	(1,572)	(10,986)
Total other comprehensive income (loss), net of tax	101,979	446,905	(920,136)
Income tax (expense) benefit
Unrealized gains (losses) arising during the year, net of reclassification adjustment	(3,700)	(52,441)	103,300
Foreign currency translation adjustment	0	0	0
Total other comprehensive income (loss), net of tax	(3,700)	(52,441)	103,300
Net of tax amount
Unrealized gains (losses) arising during the year, net of reclassification adjustment	122,042	396,036	(805,850)
Foreign currency translation adjustment	(23,763)	(1,572)	(10,986)
Total other comprehensive income (loss), net of tax	98,279	394,464	(816,836)
Available for sale investments
Before tax amount
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	170,984	142,324	335,294
Income tax (expense) benefit
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	(15,664)	(13,811)	(30,369)
Net of tax amount
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	155,320	128,513	304,925
Unrealized gains (losses) arising during the year, net of reclassification adjustment	122,042	396,036	(805,850)
Available for sale investments | Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized
Before tax amount
Unrealized gains (losses) arising during the period	(44,964)	294,933	(1,171,381)
Income tax (expense) benefit
Unrealized gains (losses) arising during the period	11,934	(36,993)	127,756
Net of tax amount
Unrealized gains (losses) arising during the period	(33,030)	257,940	(1,043,625)
Available for sale investments | Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized
Before tax amount
Unrealized gains (losses) arising during the period	(278)	11,220	(73,063)
Income tax (expense) benefit
Unrealized gains (losses) arising during the period	30	(1,637)	5,913
Net of tax amount
Unrealized gains (losses) arising during the period	$ (248)	$ 9,583	$ (67,150)

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Reclassifications Out of AOCI Into Net Income Available to Common Shareholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Impairment losses	$ (408)	$ (12,757)	$ (12,568)
Income before income taxes and interest in income of equity method investments	1,008,238	398,445	243,125
Income tax (expense) benefit	55,595	(26,316)	(22,037)
Net income	1,081,786	376,292	223,083
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available for sale investments
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized and unrealized investment gains (losses)	(170,576)	(129,567)	(322,726)
Impairment losses	(408)	(12,757)	(12,568)
Income before income taxes and interest in income of equity method investments	(170,984)	(142,324)	(335,294)
Income tax (expense) benefit	15,664	13,811	30,369
Net income	$ (155,320)	$ (128,513)	$ (304,925)

STATUTORY FINANCIAL INFORMATI_3

STATUTORY FINANCIAL INFORMATION (Details)		12 Months Ended
	Jan. 01, 2025	Dec. 31, 2024 USD ($) director	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Statutory Financial Information [Line Items]
Statutory net income		$ 1,000,000,000	$ 471,000,000	$ 134,000,000
Axis Corporate Capital UK Limited
Statutory Financial Information [Line Items]
Capital support, percentage		70%
Axis Corporate Capital UK Limited | Syndicate 1686
Statutory Financial Information [Line Items]
Capital support, percentage		70%
Axis Corporate Capital UK Limited II
Statutory Financial Information [Line Items]
Capital support, percentage		30%
Axis Corporate Capital UK Limited II | Syndicate 1686
Statutory Financial Information [Line Items]
Capital support, percentage		30%
Axis Corporate Capital UK Limited II | Syndicate 2050
Statutory Financial Information [Line Items]
Capital support, percentage		100%
Axis Corporate Capital UK Limited II | Forecast
Statutory Financial Information [Line Items]
Capital support, percentage	100%
Axis Corporate Capital UK Limited II | Forecast | Syndicate 1686
Statutory Financial Information [Line Items]
Capital support, percentage	100%
Axis Corporate Capital UK Limited | Fixed maturities and short-term investments | Asset Pledged as Collateral
Statutory Financial Information [Line Items]
Financial instruments, as collateral, at fair value		$ 328,000,000	587,000,000
Axis Corporate Capital UK Limited | Cash | Asset Pledged as Collateral
Statutory Financial Information [Line Items]
Financial instruments, as collateral, at fair value		4,000,000	13,000,000
Axis Corporate Capital UK II Limited | Fixed maturities and short-term investments | Asset Pledged as Collateral
Statutory Financial Information [Line Items]
Financial instruments, as collateral, at fair value		424,000,000	261,000,000
Axis Corporate Capital UK II Limited | Cash | Asset Pledged as Collateral
Statutory Financial Information [Line Items]
Financial instruments, as collateral, at fair value		99,000,000	6,000,000
Axis Corporate Capital UK II Limited | Equity securities | Asset Pledged as Collateral
Statutory Financial Information [Line Items]
Financial instruments, as collateral, at fair value		27,000,000	27,000,000
Bermuda
Statutory Financial Information [Line Items]
Required statutory capital and surplus		1,982,025,000	1,269,943,000
Available statutory capital and surplus		4,475,219,000	3,170,556,000
Minimum solvency margin amount		$ 100,000,000
Minimum solvency margin percentage of net written premiums		50%
Minimum solvency margin percentage of net reserves		15%
Minimum solvency margin percentage of ECR		25%
Limit - prior year's total statutory capital surplus (Bermuda)		25%
Number of directors required to sign affidavits in order to pay dividend/distribution greater than 25% of prior year statutory capital and surplus | director		2
Maximum dividend/distribution payable without regulatory approval		$ 958,000,000	730,000,000
Ireland
Statutory Financial Information [Line Items]
Required statutory capital and surplus		733,689,000	755,076,000
Available statutory capital and surplus		1,197,127,000	1,160,932,000
Maximum dividend/distribution payable with regulatory approval		97,000,000	28,000,000
U.S.
Statutory Financial Information [Line Items]
Required statutory capital and surplus		675,672,000	739,829,000
Available statutory capital and surplus		2,483,658,000	2,187,371,000
Maximum dividend/distribution payable without regulatory approval		$ 344,000,000	$ 181,000,000
Maximum dividend limit - percentage of total statutory capital and surplus		10%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Feb. 19, 2025	Dec. 07, 2023
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000
Subsequent event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 400,000,000

SCHEDULE I - SUMMARY OF INVES_2

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2024 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	$ 14,587,300
Amount shown on the balance sheet	15,042,062
Fixed maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	12,419,905
Fair value	12,152,753
Amount shown on the balance sheet	12,152,753
Fixed maturities | U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	2,830,111
Fair value	2,802,986
Amount shown on the balance sheet	2,802,986
Fixed maturities | Non-U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	753,315
Fair value	729,939
Amount shown on the balance sheet	729,939
Fixed maturities | Corporate debt
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,941,510
Fair value	4,842,190
Amount shown on the balance sheet	4,842,190
Fixed maturities | Agency RMBS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,245,681
Fair value	1,184,845
Amount shown on the balance sheet	1,184,845
Fixed maturities | CMBS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	852,534
Fair value	819,608
Amount shown on the balance sheet	819,608
Fixed maturities | Non-agency RMBS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	132,116
Fair value	122,536
Amount shown on the balance sheet	122,536
Fixed maturities | ABS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,547,350
Fair value	1,539,832
Amount shown on the balance sheet	1,539,832
Fixed maturities | Municipals
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	117,288
Fair value	110,817
Amount shown on the balance sheet	110,817
Fixed maturities, held to maturity, at amortized cost
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	443,400
Fair value	436,751
Amount shown on the balance sheet	443,400
Fixed maturities, held to maturity, at amortized cost | Corporate debt
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	122,706
Fair value	115,617
Amount shown on the balance sheet	122,706
Fixed maturities, held to maturity, at amortized cost | ABS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	320,694
Fair value	321,134
Amount shown on the balance sheet	320,694
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	505,697
Amount shown on the balance sheet	505,697
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	223,666
Amount shown on the balance sheet	223,666
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	579,274
Amount shown on the balance sheet	579,274
Other investments, at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	689,159
Amount shown on the balance sheet	930,278
Equity method investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value	0
Amount shown on the balance sheet	$ 206,994

SCHEDULE II - CONDENSED BALANCE

SCHEDULE II - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 2,143,471	$ 953,476
Other assets	695,794	456,385
Total assets	32,520,293	30,250,672
Liabilities
Other liabilities	528,421	464,439
Total liabilities	26,430,914	24,987,476
Shareholders’ equity
Preferred shares	550,000	550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 82,984; 2023: 85,286)	2,206	2,206
Additional paid-in capital	2,394,063	2,383,030
Accumulated other comprehensive income (loss)	(267,557)	(365,836)
Retained earnings	7,341,569	6,440,528
Treasury shares, at cost (2024: 93,596; 2023: 91,294)	(3,930,902)	(3,746,732)
Total shareholders’ equity	6,089,379	5,263,196	$ 4,639,910
Total liabilities and shareholders’ equity	32,520,293	30,250,672
AXIS Capital Holdings Limited
Assets
Investments in subsidiaries	6,209,792	5,415,302
Cash and cash equivalents	3,768	412
Other assets	4,465	4,751
Total assets	6,218,025	5,420,465
Liabilities
Dividends payable	50,478	51,749
Other liabilities	7,985	16,090
Total liabilities	128,646	157,269
Shareholders’ equity
Preferred shares	550,000	550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 82,984; 2023: 85,286)	2,206	2,206
Additional paid-in capital	2,394,063	2,383,030
Accumulated other comprehensive income (loss)	(267,557)	(365,836)
Retained earnings	7,341,569	6,440,528
Treasury shares, at cost (2024: 93,596; 2023: 91,294)	(3,930,902)	(3,746,732)
Total shareholders’ equity	6,089,379	5,263,196
Total liabilities and shareholders’ equity	6,218,025	5,420,465
AXIS Capital Holdings Limited | Affiliate
Liabilities
Intercompany payable	$ 70,183	$ 89,430

SCHEDULE II - CONDENSED BALAN_2

SCHEDULE II - CONDENSED BALANCE SHEETS - Additional Information (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Information of Parent Company [Line Items]
Common shares, shares issued (in shares)	176,580	176,580
Common shares, shares outstanding (in shares)	82,984	85,286
Treasury shares (in shares)	93,596	91,294
AXIS Capital Holdings Limited
Condensed Financial Information of Parent Company [Line Items]
Common shares, shares issued (in shares)	176,580	176,580
Common shares, shares outstanding (in shares)	82,984	85,286
Treasury shares (in shares)	93,596	91,294

SCHEDULE II - CONDENSED BALAN_3

SCHEDULE II - CONDENSED BALANCE SHEETS - Footnotes (Details) - USD ($)	Dec. 31, 2024	Dec. 10, 2019	Jun. 19, 2019	Dec. 06, 2017	Mar. 13, 2014
Senior Notes | 5.150% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal					$ 250,000,000
Interest rate (percent)					5.15%
Senior Notes | 4.000% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal				$ 350,000,000
Interest rate (percent)				4%
Senior Notes | 3.900% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal			$ 300,000,000
Interest rate (percent)			3.90%
Junior Subordinated Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal		$ 425,000,000
Interest rate (percent)		4.90%
AXIS Specialty Finance LLC | Junior Subordinated Notes
Condensed Financial Information of Parent Company [Line Items]
Interest rate (percent)		4.90%
Subsidiary Issuer | AXIS Specialty Finance PLC
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary (percent)	100%			100%	100%
Subsidiary Issuer | AXIS Specialty Finance LLC
Condensed Financial Information of Parent Company [Line Items]
Percentage ownership in subsidiary (percent)	100%		100%
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance PLC | Senior Notes | 5.150% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal	$ 250,000,000
Interest rate (percent)	5.15%
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance PLC | Senior Notes | 4.000% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal	$ 350,000,000
Interest rate (percent)	4%
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance LLC | Senior Notes | 3.900% Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal	$ 300,000,000
Interest rate (percent)	3.90%
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance LLC | Junior Subordinated Notes | 2010 AXIS Specialty Finance LLC Senior Notes
Condensed Financial Information of Parent Company [Line Items]
Aggregate Principal	$ 425,000,000
Interest rate (percent)	4.90%

SCHEDULE II - CONDENSED STATEME

SCHEDULE II - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 5,957,651	$ 5,643,388	$ 5,135,439
Expenses
Net income	1,081,786	376,292	223,083
Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	1,051,536	346,042	192,833
Comprehensive income (loss)	1,180,065	770,756	(593,753)
AXIS Capital Holdings Limited
Revenues
Net investment income	0	0	0
Total revenues	0	0	0
Expenses
General and administrative expenses	52,599	52,334	60,252
Total expenses	52,599	52,334	60,252
Income (loss) before equity in net income of subsidiaries	(52,599)	(52,334)	(60,252)
Equity in net income of subsidiaries	1,134,385	428,626	283,335
Net income	1,081,786	376,292	223,083
Preferred share dividends	30,250	30,250	30,250
Net income available to common shareholders	1,051,536	346,042	192,833
Comprehensive income (loss)	$ 1,180,065	$ 770,756	$ (593,753)

SCHEDULE II - CONDENSED STATE_2

SCHEDULE II - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,081,786	$ 376,292	$ 223,083
Adjustments to reconcile net income to net cash provided by operating activities:
Other items	(157,048)	(45,881)	(45,848)
Share-based compensation expense, net of cash payments	42,731	54,120	48,494
Net cash provided by operating activities	1,844,813	1,255,559	798,038
Cash flows from financing activities:
Taxes paid on withholding shares	(15,925)	(23,596)	(13,994)
Dividends paid - common shares	(151,765)	(153,775)	(149,341)
Repurchase of common shares - open market	(199,944)	0	(34,987)
Dividends paid - preferred shares	(30,250)	(30,250)	(30,250)
Net cash used in financing activities	(417,294)	(202,371)	(149,622)
Increase (decrease) in cash, cash equivalents and restricted cash	1,679,636	209,332	(143,037)
Cash, cash equivalents and restricted cash - beginning of year	1,383,985	1,174,653	1,317,690
Cash, cash equivalents and restricted cash - end of year	3,063,621	1,383,985	1,174,653
AXIS Capital Holdings Limited
Cash flows from operating activities:
Net income	1,081,786	376,292	223,083
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income loss of subsidiaries	(1,134,385)	(428,626)	(283,335)
Change in intercompany payable	(19,247)	(136,059)	32,871
Dividends received from subsidiaries	459,000	375,000	225,000
Other items	(28,645)	(34,626)	(17,140)
Share-based compensation expense, net of cash payments	42,731	54,119	48,494
Net cash provided by operating activities	401,240	206,100	228,973
Cash flows from financing activities:
Taxes paid on withholding shares	(15,925)	(23,595)	(13,994)
Dividends paid - common shares	(151,765)	(153,775)	(149,341)
Repurchase of common shares - open market	(199,944)	0	(34,987)
Dividends paid - preferred shares	(30,250)	(30,250)	(30,250)
Net cash used in financing activities	(397,884)	(207,620)	(228,572)
Increase (decrease) in cash, cash equivalents and restricted cash	3,356	(1,520)	401
Cash, cash equivalents and restricted cash - beginning of year	412	1,932	1,531
Cash, cash equivalents and restricted cash - end of year	$ 3,768	$ 412	$ 1,932

SCHEDULE III - SUPPLEMENTARY _2

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplementary Insurance Information [Line Items]
Deferred acquisition costs	$ 524,837	$ 450,950	$ 473,569
Reserve for losses and loss expenses	17,218,929	16,434,018	15,168,863
Unearned premiums	5,211,865	4,747,602	4,361,447
Net premiums earned	5,306,235	5,083,781	5,160,326
Net investment income	759,229	611,742	418,829
Net losses and loss expenses	3,158,487	3,393,102	3,242,410
Acquisition costs	1,070,551	1,000,945	1,022,017
Other operating expenses	666,202	684,446	680,343
Net premiums written	5,757,351	5,102,325	5,263,056
Operating Segments | Insurance
Supplementary Insurance Information [Line Items]
Deferred acquisition costs	343,476	298,249	249,407
Reserve for losses and loss expenses	10,499,703	9,507,409	8,381,593
Unearned premiums	3,859,162	3,507,519	3,077,628
Net premiums earned	3,926,036	3,461,700	3,134,155
Net investment income	0	0	0
Net losses and loss expenses	2,245,420	2,080,001	1,785,854
Acquisition costs	766,915	648,463	577,838
Other operating expenses	485,929	472,094	443,704
Net premiums written	4,250,545	3,758,720	3,377,906
Operating Segments | Reinsurance
Supplementary Insurance Information [Line Items]
Deferred acquisition costs	181,361	152,701	224,162
Reserve for losses and loss expenses	6,719,226	6,926,609	6,787,270
Unearned premiums	1,352,703	1,240,083	1,283,819
Net premiums earned	1,380,199	1,622,081	2,026,171
Net investment income	0	0	0
Net losses and loss expenses	913,067	1,313,101	1,456,556
Acquisition costs	303,636	352,482	444,179
Other operating expenses	50,513	79,373	106,585
Net premiums written	1,506,806	1,343,605	1,885,150
Corporate
Supplementary Insurance Information [Line Items]
Deferred acquisition costs	0	0	0
Reserve for losses and loss expenses	0	0	0
Unearned premiums	0	0	0
Net premiums earned	0	0	0
Net investment income	759,229	611,742	418,829
Net losses and loss expenses	0	0	0
Acquisition costs	0	0	0
Other operating expenses	129,760	132,979	130,054
Net premiums written	$ 0	$ 0	$ 0

SCHEDULE IV - SUPPLEMENTARY R_2

SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplementary Insurance Information [Line Items]
GROSS AMOUNT	$ 6,034,355	$ 5,535,889	$ 5,102,958
CEDED TO OTHER COMPANIES	3,248,537	3,254,200	2,951,539
ASSUMED FROM OTHER COMPANIES	2,971,533	2,820,636	3,111,637
NET AMOUNT	$ 5,757,351	$ 5,102,325	$ 5,263,056
PERCENTAGE OF AMOUNT ASSUMED TO NET	51.60%	55.30%	59.10%
Property and Casualty
Supplementary Insurance Information [Line Items]
GROSS AMOUNT	$ 5,596,538	$ 5,223,919	$ 4,858,629
CEDED TO OTHER COMPANIES	3,085,338	3,161,438	2,900,300
ASSUMED FROM OTHER COMPANIES	2,522,244	2,402,378	2,685,677
NET AMOUNT	$ 5,033,444	$ 4,464,859	$ 4,644,006
PERCENTAGE OF AMOUNT ASSUMED TO NET	50.10%	53.80%	57.80%
Accident and health
Supplementary Insurance Information [Line Items]
GROSS AMOUNT	$ 437,817	$ 311,970	$ 244,329
CEDED TO OTHER COMPANIES	163,199	92,762	51,239
ASSUMED FROM OTHER COMPANIES	449,289	418,258	425,960
NET AMOUNT	$ 723,907	$ 637,466	$ 619,050
PERCENTAGE OF AMOUNT ASSUMED TO NET	62.10%	65.60%	68.80%