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Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
 
 
 
 
 
 
 
 
December 31,
2018
 
December 31,
2017
 
 
U.S. treasuries
$
3,331,411

 
$
3,168,763

 
 
Agencies
174,883

 
47,646

 
 
Municipal
6,854

 
509,802

 
 
Non-U.S. government
279,818

 
287,660

 
 
Non-U.S. government-backed corporate
160,063

 
163,651

 
 
Corporate
2,450,244

 
2,063,459

 
 
Agency mortgage-backed
817,880

 
500,456

 
 
Non-agency mortgage-backed
278,680

 
300,331

 
 
Commercial mortgage-backed
282,294

 
202,062

 
 
Asset-backed
306,743

 
182,725

 
 
Total fixed maturity investments trading
$
8,088,870

 
$
7,426,555

 
 
 
 
 
 
 
The following table summarizes the fair value of equity investments trading:
 
 
 
 
 
 
 
 
December 31,
2018
 
December 31,
2017
 
 
 
 
 
 
 
 
Financials
$
200,357

 
$
253,543

 
 
Communications and technology
42,333

 
49,526

 
 
Industrial, utilities and energy
24,520

 
34,325

 
 
Consumer
20,639

 
24,779

 
 
Healthcare
18,925

 
21,364

 
 
Basic materials
3,478

 
4,717

 
 
Total
$
310,252

 
$
388,254

 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
At December 31, 2018
Amortized 
Cost
 
Fair Value
 
 
Due in less than one year
$
511,932

 
$
507,728

 
 
Due after one through five years
4,799,196

 
4,762,712

 
 
Due after five through ten years
1,086,697

 
1,056,087

 
 
Due after ten years
79,084

 
76,746

 
 
Mortgage-backed
1,376,565

 
1,378,854

 
 
Asset-backed
310,488

 
306,743

 
 
Total
$
8,163,962

 
$
8,088,870

 
 
 
 
 
 
 
Schedule of Net Investment Income
The components of net investment income are as follows:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2018
 
2017
 
2016
 
 
Fixed maturity investments
$
211,973

 
$
179,624

 
$
160,661

 
 
Short term investments
33,571

 
11,082

 
5,127

 
 
Equity investments
4,474

 
3,628

 
4,235

 
 
Other investments
 
 
 
 
 
 
 
Private equity investments
477

 
33,999

 
6,155

 
 
Other
22,475

 
8,067

 
20,181

 
 
Cash and cash equivalents
3,810

 
1,196

 
788

 
 
 
276,780

 
237,596

 
197,147

 
 
Investment expenses
(14,914
)
 
(15,387
)
 
(15,421
)
 
 
Net investment income
$
261,866

 
$
222,209

 
$
181,726

 
 
 
 
 
 
 
 
 
Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments
Net realized and unrealized (losses) gains on investments are as follows:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2018
 
2017
 
2016
 
 
Gross realized gains
$
21,284

 
$
49,121

 
$
72,739

 
 
Gross realized losses
(91,098
)
 
(38,832
)
 
(38,315
)
 
 
Net realized (losses) gains on fixed maturity investments
(69,814
)
 
10,289

 
34,424

 
 
Net unrealized (losses) gains on fixed maturity investments trading
(57,310
)
 
8,479

 
26,954

 
 
Net realized and unrealized losses on investments-related derivatives
(8,784
)
 
(2,490
)
 
(15,414
)
 
 
Net realized gains on equity investments trading sold during the period
27,739

 
80,027

 
14,190

 
 
Net unrealized (losses) gains on equity investments trading still held at reporting date
(66,900
)
 
39,517

 
81,174

 
 
Net realized and unrealized (losses) gains on equity investments trading
(39,161
)
 
119,544

 
95,364

 
 
Net realized and unrealized (losses) gains on investments
$
(175,069
)
 
$
135,822

 
$
141,328

 
 
 
 
 
 
 
 
 
Schedule of Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
 
 
 
 
 
 
 
At December 31,
2018
 
2017
 
 
Catastrophe bonds
$
516,571

 
$
380,475

 
 
Private equity investments
242,647

 
196,220

 
 
Senior secured bank loan funds
14,482

 
17,574

 
 
Hedge funds
11,233

 
524

 
 
Total other investments
$
784,933

 
$
594,793

 
 
 
 
 
 
 
Schedule of Equity Method Investments
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
 
At December 31,
Investment
 
Ownership %
 
Carrying  Value
 
Investment
 
Ownership %
 
Carrying  Value
 
 
Tower Hill Companies
64,750

 
24.9
%
 
38,241

 
64,750

 
26.3
%
 
42,167

 
 
Top Layer Re
65,375

 
50.0
%
 
46,562

 
65,375

 
50.0
%
 
50,211

 
 
Other
35,862

 
30.6
%
 
30,369

 
13,650

 
40.4
%
 
9,596

 
 
Total investments in other ventures, under equity method
$
165,987

 
 
 
$
115,172

 
$
143,775

 
 
 
$
101,974

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity In Earnings of Equity Method Investments
The table below shows the Company’s equity in earnings of other ventures, under equity method:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2018
 
2017
 
2016
 
 
Tower Hill Companies
$
9,605

 
$
(1,647
)
 
$
10,379

 
 
Top Layer Re
8,852

 
9,851

 
(8,576
)
 
 
Other
17

 
(174
)
 
(840
)
 
 
Total equity in earnings of other ventures
$
18,474

 
$
8,030

 
$
963