Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Categorized Investments Recorded at Fair Value among Levels

We have categorized our investments that are recorded at fair value on a recurring basis among levels based on the observability of inputs as follows:



	March 31, 2016
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
U.S. government and agency	$	—	$	819,204	$	—	$	819,204
Non-U.S. government	—		439,878		—		439,878
Corporate	—		2,835,211		26,732		2,861,943
Municipal	—		17,421		—		17,421
Residential mortgage-backed	—		451,361		—		451,361
Commercial mortgage-backed	—		248,313		27,821		276,134
Asset-backed	—		567,451		58,023		625,474
Equities — U.S.	101,826		9,161		—		110,987
Equities — International	2,945		4,328		—		7,273
Other investments	—		317,207		74,289		391,496
Total investments	$	104,771	$	5,709,535	$	186,865	$	6,001,171



	December 31, 2015
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
U.S. government and agency	$	—	$	775,798	$	—	$	775,798
Non-U.S. government	—		444,786		—		444,786
Corporate	—		2,812,066		—		2,812,066
Municipal	—		28,174		—		28,174
Residential mortgage-backed	—		391,962		—		391,962
Commercial mortgage-backed	—		255,169		29,406		284,575
Asset-backed	—		458,328		184,756		643,084
Equities — U.S.	99,467		9,326		—		108,793
Equities — International	2,702		4,446		—		7,148
Other investments	—		321,076		77,016		398,092
Total investments	$	102,169	$	5,501,131	$	291,178	$	5,894,478

Certain of our other investments are measured at fair value using NAV per share (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy above. The following table reconciles our other investments in the tables above with the amounts presented on our consolidated balance sheets:



Other investments:	March 31, 2016		December 31, 2015
Other investments measured at fair value	$	391,496	$	398,092
Other investments measured at NAV as practical expedient	562,495		635,940
Total other investments shown on balance sheets	$	953,991	$	1,034,032

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis

The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31, 2016											Three Months Ended March 31, 2015
	Fixed Maturity Investments			Other Investments			Equity Securities		Total			Fixed Maturity Investments			Other Investments			Equity Securities			Total
Beginning fair value	$	214,162		$	77,016		$	—	$	291,178		$	600		$	42,267		$	4,850		$	47,717
Purchases	—			6,221			—		6,221			—			12,935			—			12,935
Sales	(24,103		)	(4,658		)	—		(28,761		)	(600		)	(8,624		)	(5,000		)	(14,224		)
Total realized and unrealized gains (losses)	(6,427		)	(4,290		)	—		(10,717		)	—			(2,493		)	150			(2,343		)
Net transfers into (out of) Level 3	(71,056		)	—			—		(71,056		)	—			—			—			—
Ending fair value	$	112,576		$	74,289		$	—	$	186,865		$	—		$	44,085		$	—		$	44,085

Fair Value Hierarchy of Assets Carried at Cost or Amortized Cost

The following tables present our fair value hierarchy for those assets carried at cost or amortized cost in the unaudited condensed consolidated balance sheet but for which disclosure of the fair value is required:



	March 31, 2016
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Carrying Value
Fixed maturity investments, held-to-maturity:
U.S. government and agency	$	—	$	20,229	$	—	$	20,229	$	19,955
Non-U.S. government	—		39,950		—		39,950		40,338
Corporate	—		737,463		—		737,463		727,897
Sub-total	—		797,642		—		797,642		788,190
Other investments:
Life settlements	—		—		127,233		127,233		131,168
Total	$	—	$	797,642	$	127,233	$	924,875	$	919,358



	December 31, 2015
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Carrying Value
Fixed maturity investments, held-to-maturity:
U.S. government and agency	$	—	$	19,321	$	—	$	19,321	$	19,771
Non-U.S. government	—		39,058		—		39,058		40,503
Corporate	—		710,692		—		710,692		730,592
Sub-total	—		769,071		—		769,071		790,866
Other investments:
Life settlements	—		—		130,268		130,268		133,071
Total	$	—	$	769,071	$	130,268	$	899,339	$	923,937