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Investments
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
 
 
 
 
 
 
 
 
March 31,
2020
 
December 31,
2019
 
 
U.S. treasuries
$
3,915,130

 
$
4,467,345

 
 
Agencies
537,490

 
343,031

 
 
Non-U.S. government
635,282

 
497,392

 
 
Non-U.S. government-backed corporate
283,577

 
321,356

 
 
Corporate
3,259,780

 
3,075,660

 
 
Agency mortgage-backed
1,056,272

 
1,148,499

 
 
Non-agency mortgage-backed
275,026

 
294,604

 
 
Commercial mortgage-backed
540,502

 
468,698

 
 
Asset-backed
542,742

 
555,070

 
 
Total fixed maturity investments trading
$
11,045,801

 
$
11,171,655

 
 
 
 
 
 
 

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, 2020
Amortized 
Cost
 
Fair Value
 
 
Due in less than one year
$
718,359

 
$
723,397

 
 
Due after one through five years
4,984,696

 
5,039,456

 
 
Due after five through ten years
2,549,975

 
2,612,031

 
 
Due after ten years
254,762

 
256,375

 
 
Mortgage-backed
1,862,064

 
1,871,800

 
 
Asset-backed
571,816

 
542,742

 
 
Total
$
10,941,672

 
$
11,045,801

 
 
 
 
 
 
 

Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
 
 
 
 
 
 
 
 
March 31,
2020
 
December 31,
2019
 
 
Financials
$
162,904

 
$
248,189

 
 
Communications and technology
88,882

 
79,206

 
 
Consumer
36,920

 
35,987

 
 
Industrial, utilities and energy
33,859

 
38,583

 
 
Healthcare
32,850

 
29,510

 
 
Basic materials
5,029

 
5,456

 
 
Total
$
360,444

 
$
436,931

 
 
 
 
 
 
 

Pledged Investments
At March 31, 2020, $6.9 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, 2019 - $7.0 billion). Of this amount, $1.8 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2019 - $2.0 billion).
Reverse Repurchase Agreements
At March 31, 2020, the Company held $158.6 million (December 31, 2019 - $57.6 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,
2020
 
March 31,
2019
 
 
Fixed maturity investments
$
73,338

 
$
61,483

 
 
Short term investments
12,092

 
11,844

 
 
Equity investments
1,551

 
1,027

 
 
Other investments
 
 
 
 
 
Catastrophe bonds
14,139

 
8,691

 
 
Other
1,629

 
1,640

 
 
Cash and cash equivalents
1,504

 
1,517

 
 
 
104,253

 
86,202

 
 
Investment expenses
(4,780
)
 
(4,108
)
 
 
Net investment income
$
99,473

 
$
82,094

 
 
 
 
 
 
 

Net Realized and Unrealized (Losses) Gains on Investments
Net realized and unrealized (losses) gains on investments are as follows:
 
 
 
 
 
 
 
 
Three months ended
 
 
 
March 31,
2020
 
March 31,
2019
 
 
Gross realized gains
$
68,847

 
$
24,373

 
 
Gross realized losses
(11,360
)
 
(22,943
)
 
 
Net realized gains on fixed maturity investments
57,487

 
1,430

 
 
Net unrealized (losses) gains on fixed maturity investments trading
(20,345
)
 
103,922

 
 
Net realized and unrealized gains on investments-related derivatives
33,181

 
13,796

 
 
Net realized losses on equity investments trading sold during the period
(15,047
)
 
(1,161
)
 
 
Net unrealized (losses) gains on equity investments trading still held at reporting date
(105,937
)
 
52,658

 
 
Net realized and unrealized (losses) gains on equity investments trading
(120,984
)
 
51,497

 
 
Net realized and unrealized losses on other investments - catastrophe bonds
(14,352
)
 
(2,210
)
 
 
Net realized and unrealized (losses) gains on other investments - other
(45,694
)
 
1,578

 
 
Net realized and unrealized (losses) gains on investments
$
(110,707
)
 
$
170,013