Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments [Abstract]

Schedule of trading securities

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, 2014				December 31, 2013
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. Government and Government agencies	$	1,476,463	$	1,480,371	$	1,676,788	$	1,684,832
Non-U.S. Government and Government agencies	182,415		187,632		191,776		197,082
States, municipalities and political subdivisions	230,669		228,284		231,555		234,406
Corporate debt:
Financial institutions	1,097,649		1,083,131		958,794		943,518
Industrials	1,116,004		1,105,613		1,174,047		1,165,448
Utilities	96,807		96,403		69,426		69,658
Mortgage-backed	1,304,130		1,266,663		1,292,502		1,267,863
Asset-backed	564,529		562,668		505,910		502,543
Total fixed maturity investments	$	6,068,666	$	6,010,765	$	6,100,798	$	6,065,350

	March 31, 2014				December 31, 2013
	Fair Value		Original Cost		Fair Value		Original Cost
Equity securities	$	834,893	$	803,954	$	699,846	$	647,301
Other invested assets	839,987		718,358		764,081		658,683
	$	1,674,880	$	1,522,312	$	1,463,927	$	1,305,984

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, 2014 and December 31, 2013 were as follows:

Investment Type	Carrying Value as of March 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	$	144,582	$	144,582	2 - 9 Years	$	—			$	262,450
Mezzanine debt	81,474		81,474		8 - 9 Years	—				182,562
Distressed	9,752		9,752		4 Years	—				5,249
Total private equity	235,808		235,808			—				450,261
Distressed	161,033		161,033		1 Year	—				—
Equity long/short	163,964		52,149		1 Year	111,815		Quarterly	30 -60 Days	—
Multi-strategy	122,584		—			122,584		Quarterly	45 -90 Days	—
Event driven	6,407		—			6,407		Annual	60 Days	—
Relative value credit	117,271		—			117,271		Quarterly	60 Days	—
Total hedge funds	571,259		213,182			358,077				—
High yield loan fund	32,920		—			32,920		Monthly	30 days	—
Total other invested assets at fair value	839,987		448,990			390,997				450,261
Other private securities	149,804		—			149,804				—
Total other invested assets	$	989,791	$	448,990		$	540,801			$	450,261

Investment Type	Carrying Value as of December 31, 2013		Investments with Redemption Restrictions		Estimated Remaining Restriction Period	Investments without Redemption Restrictions		Redemption Frequency(1)	Redemption Notice Period(1)	Unfunded Commitments
Private equity	$	144,422	$	144,422	2 - 9 Years	$	—			$	263,519
Mezzanine debt	64,627		64,627		8 - 9 Years	—				198,756
Distressed	7,776		7,776		4 Years	—				5,249
Total private equity	216,825		216,825			—				467,524
Distressed	151,227		151,227		1 - 2 Years	—				—
Equity long/short	99,365		—			99,365		Quarterly	30 -60 Days	—
Multi-strategy	136,958		—			136,958		Quarterly	45 -90 Days	—
Event driven	14,018		—			14,018		Annual	60 Days	—
Relative value credit	113,730		—			113,730		Quarterly	60 Days	—
Total hedge funds	515,298		151,227			364,071				—
High yield loan fund	31,958		—			31,958		Monthly	30 days	—
Total other invested assets at fair value	764,081		368,052			396,029				467,524
Other private securities	147,311		—			147,311				—
Total other invested assets	$	911,392	$	368,052		$	543,340			$	467,524

_______________________

(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.

Schedule of net investment income

	Three Months Ended   March 31,
	2014			2013
Fixed maturity investments	$	36,299		$	32,525
Equity securities	3,253			3,199
Other invested assets	11,408			1,464
Cash and cash equivalents	439			488
Expenses	(3,780		)	(4,288		)
Net investment income	$	47,619		$	33,388

Components of realized gains and losses

	Three Months Ended   March 31,
	2014			2013
Gross realized gains on sale of invested assets	$	62,292		$	44,249
Gross realized losses on sale of invested assets	(12,247		)	(6,965		)
Net realized and unrealized losses on derivatives	(12,920		)	(977		)
Mark-to-market gains (losses):
Fixed maturity investments, trading	22,455			(16,475		)
Equity securities, trading	(21,605		)	32,973
Other invested assets, trading	16,230			26,832
Net realized investment gains	$	54,205		$	79,637