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Investments (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Fair Value of 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

Schedule of Contractual Maturities of Fixed Maturity Investments

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

Schedule of Fair Value of 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

Schedule of 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

Schedule of Net Realized and Unrealized Gains (Losses) 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

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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