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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Net Realized and Unrealized Investment (Losses) Gains
The components of the net realized and unrealized investment gains (losses) for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands of U.S. dollars): 
 
 
2019
 
2018
 
2017
Net realized investment gains (losses) on fixed maturities and short-term investments
 
$
243,508

 
$
(224,887
)
 
$
28,632

Net realized investment gains (losses) on equities
 
6,545

 
14,601

 
(4,052
)
Net realized investment gains (losses) on other invested assets
 
830

 
7,136

 
(3,217
)
Net realized investment gains on funds held–directly managed (1)
 
—

 
1,200

 
508

Net realized investment gains (losses)
 
$
250,883

 
$
(201,950
)
 
$
21,871

Change in net unrealized investment gains (losses) on fixed maturities and short-term investments
 
$
190,343

 
$
(150,926
)
 
$
124,033

Change in net unrealized investment gains on equities
 
403,011

 
2,791

 
60,460

Change in net unrealized investment gains (losses) on other invested assets
 
44,441

 
(25,607
)
 
32,790

Change in net unrealized investment losses on funds held–directly managed (1)
 
—

 
(6,484
)
 
(5,567
)
Net other realized and unrealized investment gains (losses)
 
969

 
(1,334
)
 
(1,096
)
Change in net unrealized investment gains (losses)
 
$
638,764

 
$
(181,560
)
 
$
210,620

Impairment loss on investments in real estate
 
$
(2,977
)
 
$
(6,122
)
 
$
—

Net realized and unrealized investment gains (losses)
 
$
886,670

 
$
(389,632
)
 
$
232,491


 
(1) The funds held–directly managed account was settled in 2018 upon commutation of the related Paris Re Reserve Agreement. See also Note 7(a) for further details.
Net investment income
The components of net investment income for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands of U.S. dollars): 
 
 
2019
 
2018
 
2017
Fixed maturities
 
$
379,939

 
$
378,726

 
$
382,676

Short-term investments and cash and cash equivalents
 
26,981

 
13,279

 
5,363

Other invested assets
 
68,879

 
26,234

 
11,800

Equities, funds held and other (1)
 
12,221

 
21,964

 
17,256

Funds held–directly managed (2)
 
—

 
4,674

 
7,742

Investment expenses
 
(39,482
)
 
(28,956
)
 
(22,766
)
Net investment income
 
$
448,538

 
$
415,921

 
$
402,071


 
(1) The Company generally earns investment income on funds held by reinsured companies based upon a predetermined interest rate, either fixed contractually at the inception of the contract or based upon a recognized index (e.g. LIBOR). Interest rates ranged from 0.1% to 5.1%, 0.1% to 7.4% and 0.1% to 7.0% for the years ended December 31, 2019, 2018 and 2017, respectively.
(2) The funds held–directly managed account was settled in 2018 upon commutation of the related Paris Re Reserve Agreement. See also Note 7(a) for further details.
Summarized financial information
The summarized balance sheet and income statement of Almacantar is as follows (in thousands of U.S. dollars):
 
 
December 31, 2019
 
December 31, 2018
Current assets
 
$
963,812

 
$
1,007,293

Noncurrent assets
 
$
1,431,384

 
$
1,341,825

Current liabilities
 
$
159,205

 
$
577,660

Noncurrent liabilities
 
$
862,943

 
$
357,625

 
 
 
 
 
 
 
For the year ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Revenues
 
$
47,551

 
$
42,671

 
$
20,508

Operating (loss) profit (1)
 
$
(63,653
)
 
$
(14,562
)
 
$
190,613

Net (loss) income
 
$
(56,648
)
 
$
(21,038
)
 
$
213,241

 
(1) Operating (loss) profit referred to in the table above includes revenues, cost of sales, and unrealized gains (losses) on properties.