Investments (Tables)

3 Months Ended

Mar. 31, 2017

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



	March 31, 2017				December 31, 2016
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. government and government agencies	$	1,410.5	$	1,433.9	$	1,426.0	$	1,454.5
Non-U.S. government and government agencies	543.2		554.2		469.9		496.5
States, municipalities and political subdivisions	41.7		40.7		354.1		355.8
Corporate debt:
Financial institutions	1,046.4		1,043.2		1,032.7		1,033.6
Industrials	1,379.2		1,375.8		1,321.3		1,322.3
Utilities	153.2		153.3		140.0		140.7
Mortgage-backed:
Agency mortgage-backed	595.6		593.9		614.5		612.5
Non-agency residential mortgage-backed	23.4		22.0		23.9		22.7
Commercial mortgage-backed	467.1		491.5		598.0		636.1
Asset-backed	812.8		827.3		757.3		772.6
Total fixed maturity investments, trading	$	6,473.1	$	6,535.6	$	6,737.7	$	6,847.4



	March 31, 2017				December 31, 2016
	Fair Value		Original Cost		Fair Value		Original Cost
Equity securities	$	255.2	$	237.7	$	243.9	$	235.0
Other invested assets	902.7		842.6		897.8		831.2
	$	1,157.9	$	1,080.3	$	1,141.7	$	1,066.2

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, 2017 and December 31, 2016 were as follows:



Investment Type	Carrying Value as of March 31, 2017		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency⁽¹⁾	Redemption Notice Period⁽¹⁾	Unfunded Commitments
Private equity	$	281.5	$	281.5	1 - 15 Years	$	—			$	208.8
Levered credit	211.2		211.2		3 - 9 Years	—				189.2
Real estate	68.9		68.9		6 - 8 Years	—				191.6
Distressed	4.8		4.8		1 Year	—				3.8
Total private equity	566.4		566.4			—				593.4
Distressed	173.3		—			173.3		Quarterly	60 Days	—
Relative value credit	87.4		—			87.4		Quarterly	60 Days	—
Equity long/short	65.1		—			65.1		Quarterly	45 Days	—
Fund of funds	10.5		—			10.5		Quarterly	60 Days	—
Total hedge funds	336.3		—			336.3				—
Total other invested assets at fair value	902.7		566.4			336.3				593.4
Other private securities	63.9		—			63.9				—
Total other invested assets	$	966.6	$	566.4		$	400.2			$	593.4



Investment Type	Carrying Value as of December 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	$	281.0	$	281.0	1 - 15 Years	$	—			$	219.3
Levered credit	204.9		204.9		3 - 9 Years	—				190.8
Real estate	68.9		68.9		6 - 8 Years	—				191.6
Distressed	5.0		5.0		1 Year	—				3.8
Total private equity	559.8		559.8			—				605.5
Distressed	175.3		—			175.3		Quarterly	60 Days	—
Relative value credit	84.8		—			84.8		Quarterly	60 Days	—
Equity long/short	67.9		—			67.9		Quarterly	45 Days	—
Fund of Funds	10.0		—			10.0		Quarterly	60 Days	—
Total hedge funds	338.0		—			338.0				—
Total other invested assets at fair value	897.8		559.8			338.0				605.5
Other private securities	62.9		—			62.9				—
Total other invested assets	$	960.7	$	559.8		$	400.9			$	605.5

_______________________


⁽¹⁾	The redemption frequency and notice periods only apply to the investments without redemption restrictions.

Schedule of net investment income



	Three Months Ended March 31,
	2017			2016
Fixed maturity investments	$	44.9		$	48.0
Equity securities	2.9			1.8
Other invested assets: hedge funds and private equity	7.0			4.7
Other invested assets: other private securities	1.0			3.1
Cash and cash equivalents	0.9			0.5
Expenses	(4.4		)	(4.8		)
Net investment income	$	52.3		$	53.3

Components of realized gains and losses



	Three Months Ended March 31,
	2017			2016
Gross realized gains on sale of invested assets	$	23.8		$	54.0
Gross realized losses on sale of invested assets	(32.3		)	(41.9		)
Net realized and unrealized losses on derivatives	(4.0		)	(22.9		)
Mark-to-market gains (losses):
Fixed maturity investments, trading	46.7			62.3
Equity securities, trading	12.9			(15.1		)
Other invested assets, trading	(6.4		)	(17.5		)
Net realized investment gains	$	40.7		$	18.9