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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At December 31.20222021
U.S. treasuries$7,180,129 $6,247,779 
Corporate (1)
4,390,568 3,689,286 
Agencies395,149 361,684 
Non-U.S. government383,838 549,613 
Residential mortgage-backed710,429 955,301 
Commercial mortgage-backed213,987 634,925 
Asset-backed1,077,302 1,068,543 
Total fixed maturity investments trading$14,351,402 $13,507,131 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
The following table summarizes the fair value of equity investments:
At December 31.20222021
Fixed income exchange traded funds$295,481 $90,422 
Financials103,250 146,615 
Equity exchange traded funds90,510 114,919 
Communications and technology48,687 82,444 
Consumer33,447 51,083 
Industrial, utilities and energy25,326 26,645 
Healthcare24,617 28,796 
Basic materials3,740 5,092 
Total
$625,058 $546,016 
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, 2022Amortized 
Cost		Fair Value
Due in less than one year
$364,501 $356,770 
Due after one through five years
8,117,971 7,875,771 
Due after five through ten years
4,072,142 3,805,287 
Due after ten years
356,268 311,856 
Mortgage-backed
1,009,205 924,416 
Asset-backed1,118,464 1,077,302 
Total
$15,038,551 $14,351,402 
Schedule of Net Investment Income
The components of net investment income are as follows:
Year ended December 31,202220212020
Fixed maturity investments$382,165 $234,911 $278,215 
Short term investments41,042 2,333 20,799 
Equity investments20,864 9,017 6,404 
Other investments
Catastrophe bonds94,784 64,860 54,784 
Other37,497 28,811 9,417 
Cash and cash equivalents5,197 297 2,974 
 581,549 340,229 372,593 
Investment expenses(21,617)(20,750)(18,555)
Net investment income$559,932 $319,479 $354,038 
Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments
Net realized and unrealized gains (losses) on investments are as follows:
Year ended December 31,202220212020
Net realized gains (losses) on fixed maturity investments trading$(732,561)$79,588 $276,901 
Net unrealized gains (losses) on fixed maturity investments trading(636,762)(389,376)216,859 
Net realized and unrealized gains (losses) on fixed maturity investments trading(1,369,323)(309,788)493,760 
Net realized and unrealized gains (losses) on investments-related derivatives (1)
(165,293)(12,237)68,608 
Net realized gains (losses) on equity investments43,035 335,491 3,532 
Net unrealized gains (losses) on equity investments(166,823)(285,882)262,064 
Net realized and unrealized gains (losses) on equity investments(123,788)49,609 265,596 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(130,335)(35,033)(7,031)
Net realized and unrealized gains (losses) on other investments - other(11,746)89,315 (297)
Net realized and unrealized gains (losses) on investments$(1,800,485)$(218,134)$820,636 
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 18. Derivative Instruments” for additional information.
Schedule of Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
At December 31,20222021
Catastrophe bonds$1,241,468 $1,104,034 
Fund investments1,086,706 725,802 
Direct private equity investments66,780 88,373 
Term loans100,000 74,850 
Total other investments$2,494,954 $1,993,059 
Schedule of Equity Method Investments
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
20222021
At December 31,Ownership %Carrying  ValueOwnership %Carrying  Value
Tower Hill Companies (1)
2.0% - 25.0%
10,897 
2.0% - 25.0%
25,575 
Top Layer50.0%23,562 50.0%25,903 
Other22.8%45,291 22.4%46,590 
Total investments in other ventures, under equity method$79,750 $98,068 
(1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).
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 31,202220212020
Top Layer$6,347 $8,286 $9,595 
Tower Hill Companies(921)(2,073)3,104 
Other5,823 6,096 4,495 
Total equity in earnings of other ventures, under equity method$11,249 $12,309 $17,194 
Net Sales (Purchases) of Investments
The table below shows the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the year ended December 31, 2022.
Year ended December 31, 2022Gross PurchasesGross SalesNet
Equity investments$(861,508)659,199 $(202,309)
Short term investments$(25,972,174)26,612,585 $640,411 
Other investments$(1,027,734)408,944 $(618,790)
Investments in other ventures$(4,318)3,545 $(773)