Investments (Tables)

9 Months Ended

Sep. 30, 2015

Securities accounted for at fair value with changes in fair value recognized in the consolidated income statements by category are as follows:



	September 30, 2015				December 31, 2014
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. government and government agencies	$	1,287,749	$	1,283,085	$	1,610,502	$	1,610,880
Non-U.S. government and government agencies	427,096		449,572		188,199		196,332
States, municipalities and political subdivisions	422,007		410,052		170,567		165,615
Corporate debt:
Financial institutions	1,052,636		1,049,451		1,024,667		1,018,777
Industrials	1,256,975		1,276,413		1,029,729		1,037,820
Utilities	118,167		120,856		110,997		111,599
Mortgage-backed	1,302,678		1,273,349		1,263,517		1,219,712
Asset-backed	679,685		692,970		670,832		674,505
Total fixed maturity investments	$	6,546,993	$	6,555,748	$	6,069,010	$	6,035,240



	September 30, 2015				December 31, 2014
	Fair Value		Original Cost		Fair Value		Original Cost
Equity securities	$	663,390	$	668,061	$	844,163	$	791,206
Other invested assets	845,167		762,792		812,543		725,069
	$	1,508,557	$	1,430,853	$	1,656,706	$	1,516,275

Schedule of other invested assets

Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows:



Investment Type	Carrying Value as of September 30, 2015		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency⁽¹⁾	Redemption Notice Period⁽¹⁾	Unfunded Commitments
Private equity	$	221,862	$	221,862	2 - 8 Years	$	—			$	251,874
Mezzanine debt	194,512		194,512		5 - 9 Years	—				166,476
Distressed	5,845		5,845		3 Years	—				5,591
Real estate	—		—		9 Years	—				200,000
Total private equity	422,219		422,219			—				623,941
Distressed	216,993		47,775		2 Years	169,218		Monthly	60 Days	—
Equity long/short	58,655		—			58,655		Quarterly	45 Days	—
Relative value credit	119,100		—			119,100		Quarterly	60 Days	—
Total hedge funds	394,748		47,775			346,973				—
High yield loan fund	28,200		—			28,200		Monthly	30 Days	—
Total other invested assets at fair value	845,167		469,994			375,173				623,941
Other private securities	124,260		—			124,260				—
Total other invested assets	$	969,427	$	469,994		$	499,433			$	623,941



Investment Type	Carrying Value as of December 31, 2014		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency⁽¹⁾	Redemption Notice Period⁽¹⁾	Unfunded Commitments
Private equity	$	184,576	$	184,576	2 - 8 Years	$	—			$	223,802
Mezzanine debt	166,905		166,905		5 - 9 Years	—				204,232
Distressed	5,869		5,869		3 Years	—				5,180
Real estate	—		—		9 Years	—				50,000
Total private equity	357,350		357,350			—				483,214
Distressed	170,169		170,169			—		Based on net asset value	60 Days	—
Equity long/short	84,198		—			84,198		Quarterly	30 - 60 Days	—
Multi-strategy	51,507		—			51,507		Quarterly	45 - 90 Days	—
Relative value credit	119,156		—			119,156		Quarterly	60 Days	—
Total hedge funds	425,030		170,169			254,861				—
High yield loan fund	30,163		—			30,163		Monthly	30 Days	—
Total other invested assets at fair value	812,543		527,519			285,024				483,214
Other private securities	142,966		—			142,966				—
Total other invested assets	$	955,509	$	527,519		$	427,990			$	483,214


⁽¹⁾	The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below.

Schedule of net investment income



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Fixed maturity investments	$	42,801		$	38,762		$	120,264		$	110,998
Equity securities	3,115			3,711			11,540			12,876
Other invested assets: hedge funds and private equity	3,342			2,249			16,305			8,767
Other invested assets: other private securities	1,804			3,292			(1,119		)	7,291
Cash and cash equivalents	277			552			1,178			1,562
Expenses	(5,672		)	(5,154		)	(15,190		)	(13,670		)
Net investment income	$	45,667		$	43,412		$	132,978		$	127,824

Components of realized gains and losses



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Gross realized gains on sale of invested assets	$	18,694		$	28,773		$	100,060		$	146,780
Gross realized losses on sale of invested assets	(34,735		)	(9,955		)	(57,798		)	(26,228		)
Net realized and unrealized (losses) gains on derivatives	(19,905		)	2,171			(17,616		)	(24,469		)
Mark-to-market (losses) gains:
Fixed maturity investments, trading	(15,270		)	(40,843		)	(42,441		)	18,039
Equity securities, trading	(62,853		)	(8,479		)	(57,761		)	(8,768		)
Other invested assets, trading	443			(6,803		)	(13,227		)	(1,068		)
Net realized investment (losses) gains	$	(113,626	)	$	(35,136	)	$	(88,783	)	$	104,286