

At December 31.	2023		2022
U.S. treasuries	$	10,060,203	$	7,180,129
Corporate (1)	6,499,075		4,390,568
Asset-backed	1,491,695		1,077,302
Residential mortgage-backed	1,420,362		710,429
Agencies	489,117		395,149

Non-U.S. government	483,576		383,838



Commercial mortgage-backed	433,080		213,987
Total fixed maturity investments trading	$	20,877,108	$	14,351,402

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, 2023				At December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	587,720	$	582,519	$	364,501	$	356,770
Due after one through five years	11,439,510		11,468,263		8,117,971		7,875,771
Due after five through ten years	5,182,667		5,188,716		4,072,142		3,805,287
Due after ten years	307,392		292,473		356,268		311,856
Mortgage-backed	1,864,520		1,853,442		1,009,205		924,416
Asset-backed	1,490,641		1,491,695		1,118,464		1,077,302
Total	$	20,872,450	$	20,877,108	$	15,038,551	$	14,351,402



At December 31.	2023		2022
Financials	$	106,542	$	103,250
Consumer	212		33,447
Communications and technology	12		48,687
Fixed income exchange traded funds	—		295,481
Equity exchange traded funds	—		90,510
Industrial, utilities and energy	—		25,326
Healthcare	—		24,617
Basic materials	—		3,740
Total	$	106,766	$	625,058

At December 31, 2023, $10.5 billion (2022 - $7.9 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. Of this amount, $2.9 billion (2022 - $1.2 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.

At December 31, 2023, the Company held $159.7 million (2022 - $38.5 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. Upon maturity, the Company receives principal and interest income.



Year ended December 31,	2023		2022		2021
Fixed maturity investments trading	$	744,457	$	382,165	$	234,911
Short term investments	213,303		41,042		2,333
Equity investments	7,261		20,864		9,017
Other investments
Catastrophe bonds	200,572		94,784		64,860
Other	87,296		37,497		28,811
Cash and cash equivalents	23,123		5,197		297
	1,276,012		581,549		340,229
Investment expenses	(22,902)		(21,617)		(20,750)
Net investment income	$	1,253,110	$	559,932	$	319,479



Year ended December 31,	2023		2022		2021


Net realized gains (losses) on fixed maturity investments trading	$	(393,041)	$	(732,561)	$	79,588
Net unrealized gains (losses) on fixed maturity investments trading	685,095		(636,762)		(389,376)
Net realized and unrealized gains (losses) on fixed maturity investments trading	292,054		(1,369,323)		(309,788)
Net realized and unrealized gains (losses) on investment-related derivatives (1)	(68,272)		(165,293)		(12,237)
Net realized gains (losses) on equity investments	(27,492)		43,035		335,491
Net unrealized gains (losses) on equity investments	73,243		(166,823)		(285,882)
Net realized and unrealized gains (losses) on equity investments	45,751		(123,788)		49,609
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	101,897		(130,335)		(35,033)
Net realized and unrealized gains (losses) on other investments - other	43,092		(11,746)		89,315
Net realized and unrealized gains (losses) on investments	$	414,522	$	(1,800,485)	$	(218,134)

(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 19. Derivative Instruments” for additional information.



At December 31,	2023		2022
Catastrophe bonds	$	1,942,199	$	1,241,468
Fund investments	1,415,804		1,086,706
Term loans	97,658		100,000
Direct private equity investments	59,905		66,780


Total other investments	$	3,515,566	$	2,494,954

During 2023, the Company recorded a net loss of $3.0 million (2022 - income of $19.8 million, 2021 - income of $7.0 million), representing the change between the Company’s fair value estimate for funds as at the prior year end, and the final reported net asset values provided by the Company’s fund investment managers, as discussed in “Note 2. Significant Accounting Policies.” This net loss was included between net investment income and net realized and unrealized gains (losses) on investments for the year ended December 31, 2023.

The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $3.6 billion, of which $2.0 billion has been contributed at December 31, 2023 (2022 - $2.9 billion and $1.7 billion, respectively). The Company’s remaining commitments to these investments at December 31, 2023 totaled $1.6 billion (2022 - $1.2 billion). In the future, the Company may enter into additional commitments in respect of direct private equity investments, term loans or fund investment opportunities.

Term loans represent the Company’s participation interest in a senior secured term loan facility. The Company has committed to a loan participation interest of $100.0 million and, as of December 31, 2023, had fully funded its commitment (2022 - $100.0 million). This facility pays interest, has a 5-year maturity and is fully secured by a diversified pool of primarily private equity assets.



	2023			2022
At December 31,	Ownership %	Carrying Value		Ownership %	Carrying Value





Tower Hill Companies (1)	2.0% - 25.0%	13,970		2.0% - 25.0%	10,897
Top Layer	50.0%	31,768		50.0%	23,562

Other	25.3%	66,886		22.8%	45,291
Total investments in other ventures, under equity method		$	112,624		$	79,750

(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 Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).



Year ended December 31,	2023		2022		2021
Top Layer	$	15,977	$	6,347	$	8,286
Tower Hill Companies	24,815		(921)		(2,073)

Other	2,682		5,823		6,096
Total equity in earnings of other ventures, under equity method	$	43,474	$	11,249	$	12,309

During 2023, the Company received $41.4 million of distributions from its investments in other ventures, under equity method (2022 – $24.2 million, 2021 – $33.9 million). The equity in earnings of Top Layer Reinsurance Ltd. (“Top Layer”), a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance, is recorded on a current quarter basis. The equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears.



Year ended December 31, 2023	Gross Purchases		Gross Sales		Net
Equity investments	$	(1,715)	$	566,041	$	564,326
Short term investments	$	(39,309,700)	$	41,152,880	$	1,843,180
Other investments	$	(1,291,508)	$	489,658	$	(801,850)
Investments in other ventures	$	(25,265)	$	5,554	$	(19,711)

Year ended December 31, 2022	Gross Purchases		Gross Sales		Net
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)