Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

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:

	June 30, 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	$	—	$	785,017	$	—	$	785,017
Non-U.S. government	—		400,001		—		400,001
Corporate	—		2,771,188		27,784		2,798,972
Municipal	—		15,293		—		15,293
Residential mortgage-backed	—		472,663		2,781		475,444
Commercial mortgage-backed	—		226,217		54,835		281,052
Asset-backed	—		579,208		76,704		655,912
Equities — U.S.	102,734		7,169		—		109,903
Equities — International	2,850		4,540		—		7,390
Other investments	—		310,266		80,470		390,736
Total investments	$	105,584	$	5,571,562	$	242,574	$	5,919,720

	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

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following table reconciles our other investments in the tables above with the amounts presented on our consolidated balance sheets:

Other investments:	June 30, 2016		December 31, 2015
Other investments measured at fair value	$	390,736	$	398,092
Other investments measured at NAV as practical expedient	545,422		635,940
Total other investments shown on balance sheets	$	936,158	$	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 June 30, 2016 and 2015:

	Three Months Ended June 30, 2016										Three Months Ended June 30, 2015
	Fixed Maturity Investments			Other Investments		Equity Securities		Total			Fixed Maturity Investments		Other Investments			Equity Securities		Total
Beginning fair value	$	112,577		$	74,289	$	—	$	186,866		$	—	$	427,362		$	—	$	427,362
Purchases	32,616			664		—		33,280			—		54,407			—		54,407
Sales	(12,618		)	—		—		(12,618		)	—		(28,533		)	—		(28,533		)
Total realized and unrealized gains	1,576			5,517		—		7,093			—		10,669			—		10,669
Net transfers into (out of) Level 3	27,953			—		—		27,953			—		—			—		—
Ending fair value	$	162,104		$	80,470	$	—	$	242,574		$	—	$	463,905		$	—	$	463,905

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 six months ended June 30, 2016 and 2015:

	Six Months Ended June 30, 2016											Six Months Ended June 30, 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		$	349,790		$	4,850		$	355,240
Purchases	32,616			6,885			—		39,501			—			136,385			—			136,385
Sales	(36,720		)	(4,658		)	—		(41,378		)	(600		)	(42,415		)	(5,000		)	(48,015		)
Total realized and unrealized gains (losses)	(4,851		)	1,227			—		(3,624		)	—			20,145			150			20,295
Net transfers into (out of) Level 3	(43,103		)	—			—		(43,103		)	—			—			—			—
Ending fair value	$	162,104		$	80,470		$	—	$	242,574		$	—		$	463,905		$	—		$	463,905

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:

	June 30, 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	$	—	$	20,892	$	—	$	20,892	$	19,886
Non-U.S. government	—		34,426		—		34,426		33,233
Corporate	—		752,861		—		752,861		717,536
Sub-total	—		808,179		—		808,179		770,655
Other investments:
Life settlements	—		—		126,442		126,442		129,636
Total	$	—	$	808,179	$	126,442	$	934,621	$	900,291

	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