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 (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 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) | ||
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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 |
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 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 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.
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SEGMENT INFORMATION |
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| 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:
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
The following table presents net premiums earned by segment and line of business:
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| 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:
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:
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.
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:
The estimated remaining average useful life of finite lived intangible assets is 6 years.
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INVESTMENTS |
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| 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:
(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:
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:
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:
(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:
d) Mortgage Loans The following table provides details of the Company's mortgage loans, held for investment:
The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly. The Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.7x (2023: 1.9x) and a weighted average loan-to-value ratio of 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:
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 to ten years and the General Partners of certain funds have the option to extend the term by up to three years. 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:
i) Net Investment Gains (Losses) The following table provides an analysis of net investment gains (losses):
(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:
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:
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 included foreign exchange losses of $19 million. At December 31, 2023, the gross unrealized losses of $19 million included 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 cash 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 Arrangements'). 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) included $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 restricted investments and cash primarily consist of high-quality fixed maturity and short-term investment securities. The table below provides the fair values of the Company's restricted investments and cash:
k) Reverse Repurchase Agreements At December 31, 2024, the Company held $543 million (2023: $12 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.
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FAIR VALUE MEASUREMENTS |
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| 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. In 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 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. 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:
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:
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:
(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 investment 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.
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DERIVATIVE INSTRUMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
(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:
(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:
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RESERVE FOR LOSSES AND LOSS EXPENSES |
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| 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:
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:
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:
The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year. Insurance Segment:
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, partially 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:
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 recognized $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 lines •$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 Accident and Health The accident and health line of business includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance. In general, reporting and payment patterns are relatively short although they can be volatile due to the incidence of catastrophe events. An increase in limited benefits medical business written in 2017 resulted in a significant increase in reported claims observed in that year and subsequent years.
Insurance Marine and Aviation The marine line of business provides cover for a range of exposures including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy from exploration and construction through the operation and distribution phases. The complex nature of claims arising under marine policies tends to result in reporting and payment patterns that are longer than those of the property line of business with marine liability exhibiting the longest reporting and payment patterns as claims involve passengers and third parties. Exposure to natural perils such as windstorm and earthquake can result in volatility. The aviation line of business provides cover for hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers. The claims reporting pattern varies by insurance coverage provided. Losses arising from war or terrorism and damage to hulls of aircraft are generally reported quickly compared with liability claims which involve passengers and third parties and generally exhibit longer reporting and payment patterns.
Insurance Cyber The cyber line of business provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability. Typically, this line of business takes longer to develop but specific first party coverages tend to develop more quickly than third party coverages.
Insurance Professional Lines The professional lines line of business provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice and other financial insurance related covers for public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis. Typically, this line of business is anticipated to exhibit longer reporting and payment patterns than most other insurance lines of business.
Insurance Credit and Political Risk The credit and political risk line of business provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events. Surety bonds are also provided to large corporate and commercial clients and to mid to large sized construction clients. The credit insurance coverage is primarily for lenders seeking to mitigate the risk of non-payment from their borrowers. In order to claim compensation under a credit insurance contract, the insured (most often a bank) cannot assign, without the Company's prior agreement, the insured contract (most often a loan) to any third-party and is normally obliged to hold a material portion of insured asset on their books, unhedged and uninsured. Claims for this business tend to be characterized by their severity risk, as opposed to their frequency risk. Given the nature of the business, under the notification provisions of credit insurance policies issued by the Company, it anticipates being advised of an insured event within a relatively short time period. Consequently, the Company generally estimates ultimate losses based on a contract-by-contract analysis which considers the contracts’ terms, the facts and circumstances of underlying loss events and qualitative input from claims managers. Despite notification, credit and political risk claim reporting and payment patterns are anticipated to be volatile and can take longer to develop due to the complex nature of claims and the potential additional time that may be required to realize subrogation assets.
Insurance Liability The liability line of business primarily targets primary and low to mid-level excess and umbrella commercial liability, and environmental liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking and other services. Typically, this line of business is anticipated to exhibit longer claim reporting and payment patterns than most other insurance lines of business and claims are often reported and ultimately paid or settled years, or even decades, after the related loss events occur.
Reinsurance Segment The presentation of net incurred and paid claims development tables by accident year for the reinsurance segment is challenging due to the need to allocate loss information related to proportional treaties to the appropriate accident years. Information related to proportional treaty reinsurance contracts is generally submitted to the Company via quarterly bordereaux reporting by underwriting year, with a supplemental listing of large losses. Large losses can be allocated to the corresponding accident years accurately. The remaining losses can generally only be allocated to accident years based on estimated premiums earned and loss reporting patterns. To the extent management’s assumptions and allocation procedures differ from the actual loss development patterns, the actual loss development may differ materially from the net incurred and paid claims development presented in the tables below. The reporting of cumulative claims frequency for the lines of business within the reinsurance segment is deemed to be impracticable as the information necessary to provide cumulative claims frequency for these lines of business is not available to the Company. Reinsurance Accident and Health The accident and health line of business includes personal accident, specialty health, accidental death, travel, life and disability reinsurance products which are offered on a proportional and catastrophic or per life excess of loss basis. In general, reporting and payment patterns are relatively short although they can be volatile due to the incidence of catastrophe events.
Reinsurance Agriculture The agriculture line of business provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis. In general, reporting and payment patterns are relatively short although they can be volatile due to the incidence of extreme weather events and in some territories take longer to settle due to government involvement in the loss adjustment process.
Reinsurance Marine and Aviation The marine line of business includes specialty marine exposures such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. The aviation line of business provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis. The Company exited Aviation business effective January 1, 2023. Losses arising from marine and aviation lines of business are generally reported quickly with the exception of marine and aviation liability claims which tend to exhibit longer reporting and payment patterns as claims involve passengers and third parties.
Reinsurance Professional Lines The professional lines line of business provides protection for directors' and officers' liability, employment practices liability, medical malpractice, professional indemnity, cyber, and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on a proportional and excess of loss basis. Typically, this line of business is anticipated to exhibit longer claim reporting and payment patterns than most other reinsurance lines of business.
Reinsurance Credit and Surety The credit and surety line of business which provides protection for trade credit insurance and credit and political risk insurance. Trade credit insurance protects sellers of goods and services in the event of a non-payment by the buyer of those goods and services. Credit and political risk insurance covers a range of risks predominantly corporate and sovereign non-payment. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands, contract, and commercial obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers, U.S. government-sponsored entities and other mortgage participants. These entities seek to manage their credit risk exposure emanating from defined pools of mortgage loans. Initial and most recent underwriting year loss projections are generally based on the ELR Method, with consideration given to qualitative factors. Given that there is a quicker and more stable reporting pattern for trade credit and mortgage business, the Company generally commences the transition to experience-based methods sooner for these lines of business than for surety business.
Reinsurance Motor The motor line of business provides protection to insurers for motor liability and motor property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. The Company offers traditional non-proportional and proportional reinsurance as well as structured solutions predominantly relating to European exposures. The motor non-proportional business consists of standard excess of loss contracts written for cedants in several European countries with most of the premium related to two major markets, U.K. and France. Since 2009/2010, an increasing number of large bodily injury settlements in the U.K. market were settled using indexed annuities (Periodical Payment Orders "PPOs"). This led to a materially longer development tail on the older accident years for the U.K. non-proportional motor book. This also resulted in the inclusion of capitalization clauses on a number of U.K. motor treaties which allow reinsurers to settle claims arising under PPOs with a lump sum payment, to help mitigate the lengthening of the development tail on more recent accident years. In 2017, the U.K. Ministry of Justice announced a decrease in the discount rate to be used to calculate lump sum awards in U.K. bodily injury cases, known as the Ogden Rate. Effective March 20, 2017, the Ogden rate changed from plus 2.5% to minus 0.75%. This resulted in a trend toward a lower number of claims settlements using PPOs and an increase in projected ultimate losses, particularly related to recent accident years. Effective August 5, 2019, the Ogden rate changed from minus 0.75% to minus 0.25%. This resulted in a decrease in projected ultimate losses, particularly related to recent accident years. The motor proportional business generally has a shorter reported and payment pattern, relative to the motor non-proportional business.
Reinsurance Liability The liability line of business provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, environmental liability, and excess casualty. Typically, this line of business is anticipated to exhibit longer claim reporting and payment patterns than most other reinsurance lines of business and claims are often reported and ultimately paid or settled years, or even decades, after the related loss events occur.
Reinsurance Run-off lines Run-off lines include catastrophe, property, and engineering lines of business. The catastrophe line of business provides protection for most catastrophic losses that are covered in the underlying insurance policies written by the Company's cedants. The underlying policies principally cover property-related exposures but other exposures including worker's compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022. The property line of business provides protection for property damage and related losses resulting from natural and man-made perils that are covered in underlying personal and commercial lines insurance policies written by the Company's cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022. The engineering line of business provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020. In general, reporting and payment patterns are relatively short although they can be volatile due to the incidence of catastrophe events. Losses from engineering exposures tend to develop slower than the other reinsurance run-off lines of business.
Reconciliation of Loss 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:
(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.
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| 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:
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 reinsurance 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:
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. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting.
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DEBT AND FINANCING ARRANGEMENTS |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS a) Debt The following table summarizes the Company's debt:
The tables below provide the key terms of the Company's debt:
(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:
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 Facility 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.
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FEDERAL HOME LOAN BANK ADVANCES |
12 Months Ended |
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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 (2023: $95 million).
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COMMITMENTS AND CONTINGENCIES |
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| 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:
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').
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LEASES |
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| 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:
(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:
The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2023:
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EARNINGS PER COMMON SHARE |
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| 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:
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SHAREHOLDERS' EQUITY |
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| 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:
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:
(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:
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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.
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SHARE-BASED COMPENSATION |
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| 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:
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:
c) Cash-Settled Awards The following table provides an activity summary of the Company's cash-settled restricted stock units:
(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:
(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.
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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 has $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.
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REORGANIZATION EXPENSES |
12 Months Ended |
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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. In 2022, reorganization expenses were primarily related to severance costs and impairments of computer software assets mainly attributable to the Company's exit from catastrophe and property reinsurance lines of business in June.
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INCOME TAXES |
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| 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:
(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:
(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:
(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 and 2023, the Company had a full valuation 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 and 2023, the Company’s Bermuda operations had a deferred tax asset of $17 million and $13 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 Bermuda 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:
(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%.
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| 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):
The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):
(1) Amounts in parentheses are charges to net income (loss).
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STATUTORY FINANCIAL INFORMATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 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, include 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.
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SUBSEQUENT EVENTS |
12 Months Ended |
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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. On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 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.
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SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES |
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| 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
(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.
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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
(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
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
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SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY INSURANCE INFORMATION
(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 $130 million for the years ended December 31, 2024, 2023 and 2022, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.
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SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION |
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| SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION | AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY REINSURANCE INFORMATION YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net income | $ 1,081,786 | $ 376,292 | $ 223,083 |
Insider Trading Arrangements |
3 Months Ended |
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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 Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
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.
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| 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.
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| 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. The Company has an enterprise risk management function that oversees the identification, prioritization, and mitigation of the Company’s enterprise risks, and cybersecurity is a risk category addressed by that function. The Company uses governance, risk and compliance tools to assess, identify and manage its cybersecurity risks.
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| 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 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.
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| 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.
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| 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.
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| 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.
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| 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').
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| 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. 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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. Recently Issued Accounting Standards Not Yet AdoptedImprovements 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.
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SEGMENT INFORMATION (Tables) |
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| 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:
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| 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:
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| Summary of Net Premiums Earned by Segment and Line of Business | The following table presents net premiums earned by segment and line of business:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
n/a – not applicable
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| 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:
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.
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.
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| 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:
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.
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.
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| Summary of Future Amortization Expense | The table below provides details of estimated amortization expense of intangible assets with a finite life:
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INVESTMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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.
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| Summary of Contractual Maturities of Fixed Maturities | The table below provides the contractual maturities of fixed maturities classified as available for sale:
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| 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:
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| 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:
(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").
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| Summary of Cost and Fair Value of Equity Securities | The following table provides the cost and fair values of the Company's equity securities:
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| Summary of Mortgage Loans Net of Valuation Allowance | The following table provides details of the Company's mortgage loans, held for investment:
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| 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:
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).
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| Summary of Net Investment Income | Net investment income was derived from the following sources:
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| Summary of Net Investment Gains (Losses) | The following table provides an analysis of net investment gains (losses):
(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'.
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| 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:
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| 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:
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| Summary of Restricted Investments and Cash | The table below provides the fair values of the Company's restricted investments and cash:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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| 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:
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.
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| 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:
(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.
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DERIVATIVE INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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| 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:
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
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| 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:
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
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| 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:
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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance Loss Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reserve for Losses and Loss Expenses | Reserve for losses and loss expenses comprise the following:
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| 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:
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| Summary of Net Favorable (Adverse) Prior Year Reserve Development | The following table presents net favorable (adverse) prior year reserve development by segment:
The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year. Insurance Segment:
Reinsurance Segment:
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| Summary of Net Incurred and Paid Claims Development Tables by Accident Year |
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| Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance |
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| 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:
(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.
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REINSURANCE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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| 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:
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DEBT AND FINANCING ARRANGEMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt Instruments | The following table summarizes the Company's debt:
The tables below provide the key terms of the Company's debt:
(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.
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| Summary of Debt Maturity | The following table provides the scheduled maturity of the Company's debt obligations at December 31, 2024:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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.
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| 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:
The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2023:
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EARNINGS PER COMMON SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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SHAREHOLDERS' EQUITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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| Summary of Share Repurchases | The following table presents common shares repurchased from shares held in Treasury:
(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.
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| Summary of Dividends Declared and Paid | The following table presents dividends declared and paid related to the Company's common and preferred shares:
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SHARE-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
(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.
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| 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:
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| 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:
(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.
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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.
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| Summary of Deferred Tax Assets and Liabilities | The following table provides details of the significant components of deferred tax assets and liabilities:
(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.
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| Summary of Tax Credits | The following table summarizes total operating and capital loss carryforwards and tax credits:
(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.
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| Summary of Operating and Capital Loss Carryforwards | The following table summarizes total operating and capital loss carryforwards and tax credits:
(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.
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| Summary of Valuation Allowance Roll Forward | The following table shows an analysis of the movement in the Company's valuation allowance:
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| 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:
(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%.
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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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| 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):
(1) Amounts in parentheses are charges to net income (loss).
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STATUTORY FINANCIAL INFORMATION (Tables) |
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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:
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ORGANIZATION (Details) |
12 Months Ended | |
|---|---|---|
Jan. 01, 2025 |
Dec. 31, 2024 |
|
| Axis Corporate Capital UK Limited | ||
| Business Acquisition [Line Items] | ||
| Capital support, percentage | 70.00% | |
| Axis Corporate Capital UK Limited II | ||
| Business Acquisition [Line Items] | ||
| Capital support, percentage | 30.00% | |
| Axis Corporate Capital UK Limited II | Forecast | ||
| Business Acquisition [Line Items] | ||
| Capital support, percentage | 100.00% |
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 | 60.00% | 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% | 55.00% | 57.50% | |
| Prior year reserve development ratio | (0.40%) | 5.10% | (0.50%) | |
| Net losses and loss expenses ratio | 57.20% | 60.10% | 57.00% | |
| 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% | 81.00% | 71.90% | |
| Acquisition cost ratio | 22.00% | 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 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 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 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 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 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 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 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 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 | 15.00% | 16.00% |
| Due after ten years | 1.70% | 1.30% |
| Fixed maturities with a single maturity date (% of total fair value) | 69.90% | 68.20% |
| Total | 100.00% | 100.00% |
| 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) | 1.00% | 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 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, 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 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 (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 (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) | 105.00% | 101.00% | ||
| Allowance for expected credit losses (as a percent) | (5.00%) | (1.00%) | ||
| Total mortgage loans, held-for investment (as a percent) | 100.00% | 100.00% | ||
| Debt service coverage ratio, in excess of | 1.7 | 1.9 | ||
| Loan-to-value ratio, percent (less than) | 78.00% | 71.00% | ||
| 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 | 43.00% | 41.00% | ||
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 | 100.00% | 100.00% |
| 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 | 3.00% | 3.00% |
| 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 | 18.00% | 20.00% |
| 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 | 35.00% | 32.00% |
| 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 | 31.00% | 33.00% |
| 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 | 0.00% | 1.00% |
| Other privately held investments | ||
| Other Investments [Line Items] | ||
| Asset fair value | $ 121,981 | $ 108,187 |
| Percentage of total fair value | 13.00% | 11.00% |
| 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 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 | 18.00% | 18.00% | ||
| Harrington Reinsurance Holdings Limited | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Payments to acquire equity method investments | $ 108,000 | |||
| Equity method investment, ownership percentage | 22.00% | 20.00% | 19.00% | |
| Equity method investment, difference between carrying amount and underlying equity | $ 5,000 | |||
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) | 74.00% |
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 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 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 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 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 | 34.00% | 37.00% |
| 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 (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 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 | 102.00% |
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 - 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 - 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 - 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 - 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 - 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 (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 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 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 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 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 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 EXPENSES - Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Details) $ in Thousands |
Dec. 31, 2024
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Dec. 31, 2023
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Dec. 31, 2022
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Dec. 31, 2021
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Dec. 31, 2020
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Dec. 31, 2019
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Dec. 31, 2018
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Dec. 31, 2017
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Dec. 31, 2016
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Dec. 31, 2015
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|---|---|---|---|---|---|---|---|---|---|---|
| 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 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 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 | 6.00% |
| 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 | 4.00% |
| Year 6 | 3.30% |
| Year 7 | 3.90% |
| Year 8 | 1.10% |
| Year 9 | (0.60%) |
| Year 10 | 0.00% |
| Insurance | Cyber | |
| Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 10.60% |
| Year 2 | 24.00% |
| 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 | 11.00% |
| Year 3 | 15.50% |
| Year 4 | 12.50% |
| Year 5 | 12.50% |
| Year 6 | 12.00% |
| Year 7 | 7.80% |
| Year 8 | 4.80% |
| Year 9 | 8.10% |
| Year 10 | 2.00% |
| 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 | 0.00% |
| Year 10 | 0.00% |
| 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 | 0.00% |
| 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 | 6.00% |
| Year 6 | 5.60% |
| Year 7 | 6.20% |
| Year 8 | 3.00% |
| 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 | 0.00% |
| Reinsurance | Run-off lines | |
| Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 24.00% |
| Year 2 | 28.80% |
| Year 3 | 17.20% |
| Year 4 | 10.30% |
| Year 5 | 6.00% |
| 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 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 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) $ 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 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 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) | 4.00% | |||||
| 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 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) | 4.00% | |||
| 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 | 99.00% | |||
| Net Proceeds | $ 420,750,000 | |||
| Basis spread on variable rate (percent) | 3.186% |
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) | 4.00% | ||||||
| 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) | 100.00% | 100.00% | 100.00% | ||||
| 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) | 100.00% | 100.00% | |||||
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 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) | 4.00% | ||
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 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 - 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 | 39.00% |
| Fixed maturity portfolio - corporate issuer concentration limit above A- | 1.00% |
| Fixed maturity portfolio - corporate issuer concentration limit below A- | 0.50% |
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 | 17.00% | 14.00% | |
| Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | AM Best, A- Rating Or Higher | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 81.00% | 83.00% | |
| Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | AM Best, A- Rating Or Lower | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 2.00% | 3.00% | |
| Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 1 | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 12.00% | 14.00% | |
| Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 2 | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 7.00% | 9.00% | |
| Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 3 | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 5.00% | 4.00% | |
| 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 | 38.00% | 38.00% | 43.00% |
| Gross Premiums Written | Customer Concentration | Marsh & McLennan Companies Inc. | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 14.00% | 14.00% | 17.00% |
| Gross Premiums Written | Customer Concentration | Aon plc | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 14.00% | 15.00% | 17.00% |
| Gross Premiums Written | Customer Concentration | Arthur J. Gallagher & Co. | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage of total | 10.00% | 9.00% | 9.00% |
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 - 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 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 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 (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 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 - 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 - 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 - 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) - 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 - 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) | 50.00% | |||||||
| 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) | 50.00% | |||||||
| Performance Restricted Stock Units | Minimum | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Vesting as a percentage of target (percent) | 0.00% | |||||||
| 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) | 0.00% | |||||||
| 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) | 0.00% | |||||||
| 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) | 0.00% | 0.00% | ||||||
| Performance Restricted Stock Units | Maximum | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Vesting as a percentage of target (percent) | 200.00% | |||||||
| 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) | 200.00% | |||||||
| 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) | 200.00% | |||||||
| 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) | 200.00% | 200.00% | ||||||
| 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 - 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% | 26.00% | 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 - 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 - 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 (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 (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 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 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 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 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 (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 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 | 0.00% | 0.00% | 0.00% | |
| 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%) | 0.00% | 0.00% | |
| Change in unrealized investment gain/(loss) | 0.60% | 0.00% | 0.00% | |
| Withholding tax | 0.30% | 0.00% | 0.00% | |
| Other | 0.20% | 0.20% | 0.30% | |
| Actual tax rate | (5.40%) | 6.50% | 9.00% | |
| 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 | 6.00% | 11.90% | 1.90% | |
| United Kingdom | ||||
| Reconciliation of effective tax rate (% of income before income taxes) | ||||
| Expected tax rate | 25.00% | 19.00% | ||
| Belgium | ||||
| Reconciliation of effective tax rate (% of income before income taxes) | ||||
| Expected tax rate | 25.00% | 30.00% | ||
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 (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 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 | $ 1,000,000,000.0 | $ 471,000,000 | $ 134,000,000 | |
| Axis Corporate Capital UK Limited | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 70.00% | |||
| Axis Corporate Capital UK Limited | Syndicate 1686 | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 70.00% | |||
| Axis Corporate Capital UK Limited II | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 30.00% | |||
| Axis Corporate Capital UK Limited II | Syndicate 1686 | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 30.00% | |||
| Axis Corporate Capital UK Limited II | Syndicate 2050 | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 100.00% | |||
| Axis Corporate Capital UK Limited II | Forecast | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 100.00% | |||
| Axis Corporate Capital UK Limited II | Forecast | Syndicate 1686 | ||||
| Statutory Financial Information [Line Items] | ||||
| Capital support, percentage | 100.00% | |||
| 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 | 50.00% | |||
| Minimum solvency margin percentage of net reserves | 15.00% | |||
| Minimum solvency margin percentage of ECR | 25.00% | |||
| Limit - prior year's total statutory capital surplus (Bermuda) | 25.00% | |||
| 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 | 10.00% | |||
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 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 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 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 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) | 4.00% | ||||
| 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) | 100.00% | 100.00% | 100.00% | ||
| Subsidiary Issuer | AXIS Specialty Finance LLC | |||||
| Condensed Financial Information of Parent Company [Line Items] | |||||
| Percentage ownership in subsidiary (percent) | 100.00% | 100.00% | |||
| 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) | 4.00% | ||||
| 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 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 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 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 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% |