Investments (Tables)

3 Months Ended

Mar. 31, 2016

Securities accounted for at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of operations and comprehensive income (“consolidated income statements”) by category are as follows:



	March 31, 2016				December 31, 2015
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. government and government agencies	$	1,528.0	$	1,521.0	$	1,434.0	$	1,437.9
Non-U.S. government and government agencies	531.4		532.3		556.8		579.2
States, municipalities and political subdivisions	412.9		397.6		413.5		396.0
Corporate debt:
Financial institutions	1,369.7		1,354.2		1,275.4		1,277.3
Industrials	1,435.6		1,440.7		1,308.1		1,345.6
Utilities	130.6		134.9		118.9		125.4
Mortgage-backed:
Agency mortgage-backed	786.0		773.0		751.8		745.4
Non-agency residential mortgage-backed	30.7		29.5		34.0		32.4
Commercial mortgage-backed	564.8		604.6		582.8		600.1
Asset-backed	778.4		807.3		726.2		751.1
Total fixed maturity investments, trading	$	7,568.1	$	7,595.1	$	7,201.5	$	7,290.6



	March 31, 2016				December 31, 2015
	Fair Value		Original Cost		Fair Value		Original Cost
Equity securities	$	202.0	$	209.4	$	403.0	$	395.3
Other invested assets	817.0		762.7		840.2		770.9
	$	1,018.9	$	972.1	$	1,243.2	$	1,166.2

Schedule of other invested assets

Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of March 31, 2016 and December 31, 2015 were as follows:



Investment Type	Carrying Value as of March 31, 2016		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency⁽¹⁾	Redemption Notice Period⁽¹⁾	Unfunded Commitments
Private equity	$	240.1	$	240.1	1 - 7 Years	$	—			$	223.4
Levered credit	209.6		209.6		4 - 10 Years	—				217.1
Distressed	5.2		5.2		2 Years	—				3.8
Real estate	—		—		7 - 9 Years	—				250.0
Total private equity	454.9		454.9			—				694.3
Distressed	216.2		56.5		2 Years	159.7		Monthly	90 Days	—
Equity long/short	58.8		—			58.8		Quarterly	45 Days	—
Relative value credit	87.1		—			87.1		Quarterly	60 Days	—
Total hedge funds	362.1		56.5			305.6				—
Total other invested assets at fair value	817.0		511.4			305.6				694.3
Other private securities	123.3		—			123.3				—
Total other invested assets	$	940.3	$	511.4		$	428.9			$	694.3



Investment Type	Carrying Value as of December 31, 2015		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency⁽¹⁾	Redemption Notice Period⁽¹⁾	Unfunded Commitments
Private equity (primary and secondary)	$	236.4	$	236.4	1 - 7 Years	$	—			$	231.0
Levered credit	205.9		205.9		4 - 8 Years	—				179.0
Distressed	5.1		5.1		2 Years	—				3.8
Real estate	—		—		7 - 9 Years	—				200.0
Total private equity	447.4		447.4			—				613.8
Distressed	215.6		54.6		2 Years	161.0		Monthly	90 Days	—
Equity long/short	58.0		—			58.0		Quarterly	45 Days	—
Relative value credit	105.4		—			105.4		Quarterly	60 Days	—
Total hedge funds	379.0		54.6			324.4				—
High yield loan fund	13.8		—			13.8		Monthly	30 Days	—
Total other invested assets at fair value	840.2		502.0			338.2				613.8
Other private securities	126.5		—			126.5				—
Total other invested assets	$	966.7	$	502.0		$	464.7			$	613.8

_______________________


⁽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 March 31,
	2016			2015
Fixed maturity investments	$	48.0		$	36.2
Equity securities	1.8			3.6
Other invested assets: hedge funds and private equity	4.7			8.4
Other invested assets: other private securities	3.1			0.9
Cash and cash equivalents	0.5			0.5
Expenses	(4.8		)	(5.0		)
Net investment income	$	53.3		$	44.6

Components of realized gains and losses



	Three Months Ended March 31,
	2016			2015
Gross realized gains on sale of invested assets	$	54.0		$	45.3
Gross realized losses on sale of invested assets	(41.9		)	(13.0		)
Net realized and unrealized losses on derivatives	(22.9		)	(11.6		)
Mark-to-market gains (losses):
Fixed maturity investments, trading	62.3			25.5
Equity securities, trading	(15.1		)	5.4
Other invested assets, trading	(17.5		)	(6.6		)
Net realized investment gains	$	18.9		$	45.0