Restricted cash and cash equivalents and investments (Tables)

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Schedule of restricted cash and cash equivalents

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2019 and 2018:

	2019		2018
Cash and cash equivalents	$	639,415	$	104,183
Restricted cash securing letter of credit facilities (1)	254,176		203,953
Restricted cash securing reinsurance contracts (2)	760,367		405,201
Total cash, cash equivalents and restricted cash (3)	1,653,958		713,337
Restricted investments securing reinsurance contracts (2)	142,617		239,640
Total cash, cash equivalents, restricted cash and restricted investments	$	1,796,575	$	952,977

(1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years.

(2) Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled.

Restricted investments include certain investments in debt securities including U.S. Treasury securities, sovereign debt, and limited partnership interests in TP Fund. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.

(3)

Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.