INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:




	March 31, 2017		December 31, 2016
U.S. treasuries	$	2,635,800	$	2,617,894
Agencies	86,373		90,972
Municipal	506,109		519,069
Non-U.S. government (Sovereign debt)	341,725		333,224
Non-U.S. government-backed corporate	118,092		133,300
Corporate	2,205,442		1,877,243
Agency mortgage-backed	505,829		462,493
Non-agency mortgage-backed	270,983		258,944
Commercial mortgage-backed	382,874		409,747
Asset-backed	206,624		188,358
Total fixed maturity investments trading	$	7,259,851	$	6,891,244

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.




March 31, 2017	Amortized Cost		Fair Value
Due in less than one year	$	516,733	$	514,037
Due after one through five years	4,014,681		4,004,237
Due after five through ten years	1,173,318		1,182,697
Due after ten years	193,136		192,570
Mortgage-backed	1,157,303		1,159,686
Asset-backed	205,969		206,624
Total	$	7,261,140	$	7,259,851

Equity Investments Trading

The following table summarizes the fair value of equity investments trading:




	March 31, 2017		December 31, 2016
Financials	$	271,665	$	275,065
Communications and technology	41,516		36,770
Industrial, utilities and energy	30,976		30,303
Consumer	21,461		20,501
Healthcare	18,918		17,245
Basic materials	3,888		3,429
Total	$	388,424	$	383,313

Pledged Investments

At March 31, 2017, $2.7 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2016 - $2.7 billion). Of this amount, $873.1 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2016 - $842.6 million).

Reverse Repurchase Agreements

At March 31, 2017, the Company held $26.9 million (December 31, 2016 - $78.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.

Net Investment Income

The components of net investment income are as follows:




	Three months ended
	March 31, 2017			March 31, 2016
Fixed maturity investments	$	43,419		$	36,006
Short term investments	1,724			1,000
Equity investments	811			1,663
Other investments
Private equity investments	7,802			(9,358		)
Other	4,072			3,309
Cash and cash equivalents	189			129
	58,017			32,749
Investment expenses	(3,692		)	(3,886		)
Net investment income	$	54,325		$	28,863

Net Realized and Unrealized Gains on Investments

Net realized and unrealized gains on investments are as follows:




	Three months ended
	March 31, 2017			March 31, 2016
Gross realized gains	$	11,461		$	17,750
Gross realized losses	(16,533		)	(14,665		)
Net realized (losses) gains on fixed maturity investments	(5,072		)	3,085
Net unrealized gains on fixed maturity investments trading	24,635			85,465
Net realized and unrealized losses on investments-related derivatives	(56		)	(19,449		)
Net realized gains (losses) on equity investments trading	20,915			(818		)
Net unrealized gains (losses) on equity investments trading	2,951			(6,630		)
Net realized and unrealized gains on investments	$	43,373		$	61,653