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Investment Information (Tables)
 9 Months Ended
Sep. 30, 2020
Disclosure Investment Information [Abstract]  
Summary of fair value and cost or amortized cost of available for sale securities
The following table summarizes the fair value and cost or amortized cost of the Company’s securities classified as available for sale:
Estimated
Fair
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Expected Credit Losses (2)Cost or
Amortized
Cost
September 30, 2020
Fixed maturities (1):
Corporate bonds$7,965,599 $390,839 $(40,448)$(1,742)$7,616,950 
Mortgage backed securities717,081 12,456 (3,373)(336)708,334 
Municipal bonds527,410 26,980 (877)(62)501,369 
Commercial mortgage backed securities374,360 8,523 (4,660)(256)370,753 
U.S. government and government agencies4,861,349 39,350 (4,396)— 4,826,395 
Non-U.S. government securities2,302,646 86,996 (18,294)— 2,233,944 
Asset backed securities1,767,192 30,026 (21,729)(1,537)1,760,432 
Total18,515,637 595,170 (93,777)(3,933)18,018,177 
Short-term investments2,039,097 1,807 (954)— 2,038,244 
Total$20,554,734 $596,977 $(94,731)$(3,933)$20,056,421 
December 31, 2019
Fixed maturities (1):
Corporate bonds$6,406,591 $191,889 $(12,793)$6,227,495 
Mortgage backed securities562,309 9,669 (931)553,571 
Municipal bonds881,926 24,628 (2,213)859,511 
Commercial mortgage backed securities733,108 14,951 (2,330)720,487 
U.S. government and government agencies4,916,592 36,600 (10,134)4,890,126 
Non-U.S. government securities2,078,757 48,549 (20,330)2,050,538 
Asset backed securities1,683,753 24,017 (4,724)1,664,460 
Total17,263,036 350,303 (53,455)16,966,188 
Short-term investments956,546 811 (1,548)957,283 
Total$18,219,582 $351,114 $(55,003)$17,923,471 
(1)    In securities lending transactions, the Company receives collateral in excess of the fair value of the fixed maturities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See “—Securities Lending Agreements.”
(2)    Effective January 1, 2020, the Company adopted ASU 2016-13 and as a result any credit impairment losses on the Company’s available-for-sale investments are recorded as an allowance, subject to reversal.
Summary of available for sale securities in a continual unrealized loss position
The following table summarizes, for all available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
September 30, 2020
Fixed maturities (1):
Corporate bonds$1,414,931 $(38,353)$4,169 $(2,095)$1,419,100 $(40,448)
Mortgage backed securities186,860 (3,262)690 (111)187,550 (3,373)
Municipal bonds36,469 (877)— — 36,469 (877)
Commercial mortgage backed securities179,780 (4,601)2,850 (59)182,630 (4,660)
U.S. government and government agencies1,386,590 (4,396)— — 1,386,590 (4,396)
Non-U.S. government securities921,890 (18,294)— — 921,890 (18,294)
Asset backed securities636,373 (20,166)39,368 (1,563)675,741 (21,729)
Total4,762,893 (89,949)47,077 (3,828)4,809,970 (93,777)
Short-term investments81,964 (954)— — 81,964 (954)
Total$4,844,857 $(90,903)$47,077 $(3,828)$4,891,934 $(94,731)
December 31, 2019
Fixed maturities (1):
Corporate bonds$675,131 $(12,350)$37,671 $(443)$712,802 $(12,793)
Mortgage backed securities102,887 (927)203 (4)103,090 (931)
Municipal bonds220,296 (2,213)— — 220,296 (2,213)
Commercial mortgage backed securities147,290 (2,302)2,683 (28)149,973 (2,330)
U.S. government and government agencies1,373,127 (10,089)32,058 (45)1,405,185 (10,134)
Non-U.S. government securities1,224,243 (20,163)37,610 (167)1,261,853 (20,330)
Asset backed securities441,522 (3,334)48,313 (1,390)489,835 (4,724)
Total4,184,496 (51,378)158,538 (2,077)4,343,034 (53,455)
Short-term investments95,777 (1,548)— — 95,777 (1,548)
Total$4,280,273 $(52,926)$158,538 $(2,077)$4,438,811 $(55,003)
(1)    In securities lending transactions, the Company receives collateral in excess of the fair value of the fixed maturities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See “—Securities Lending Agreements.”
Contractual maturities of the Company's fixed maturities and fixed maturities pledged under securities lending arrangements
The contractual maturities of the Company’s fixed maturities are shown in the following table. Expected maturities, which are management’s best estimates, will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2020December 31, 2019
MaturityEstimated
Fair
Value		Amortized
Cost		Estimated
Fair
Value		Amortized
Cost
Due in one year or less$318,767 $312,569 $428,659 $423,617 
Due after one year through five years9,937,129 9,698,743 10,126,403 9,996,206 
Due after five years through 10 years4,849,248 4,641,483 3,317,535 3,219,567 
Due after 10 years551,860 525,863 411,269 388,280 
 15,657,004 15,178,658 14,283,866 14,027,670 
Mortgage backed securities717,081 708,334 562,309 553,571 
Commercial mortgage backed securities374,360 370,753 733,108 720,487 
Asset backed securities1,767,192 1,760,432 1,683,753 1,664,460 
Total (1)$18,515,637 $18,018,177 $17,263,036 $16,966,188 
(1)    In securities lending transactions, the Company receives collateral in excess of the fair value of the fixed maturities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See “—Securities Lending Agreements.”
Securities lending transactions accounted for as secured borrowings, by significant investment category
The carrying value of collateral held under the Company’s securities lending transactions by significant investment category and remaining contractual maturity of the underlying agreements is as follows:
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousLess than 30 Days30-90 Days90 Days or MoreTotal
September 30, 2020
U.S. government and government agencies$64,251 $— $— $— $64,251 
Corporate bonds— — — — — 
Equity securities— — — — — 
Total$64,251 $— $— $— $64,251 
Gross amount of recognized liabilities for securities lending in offsetting disclosure in note 9$— 
Amounts related to securities lending not included in offsetting disclosure in note 9$64,251 
December 31, 2019
U.S. government and government agencies$240,332 $— $115,973 $— $356,305 
Corporate bonds2,570 — — — 2,570 
Equity securities29,491 — — — 29,491 
Total$272,393 $— $115,973 $— $388,366 
Gross amount of recognized liabilities for securities lending in offsetting disclosure in note 9
$— 
Amounts related to securities lending not included in offsetting disclosure in note 9
$388,366 
Summary of other investments
The following table summarizes the Company’s other investments which are included in investments accounted for using the fair value option, by strategy:
September 30,
2020		December 31,
2019
Term loan investments$1,202,526 $1,326,018 
Lending575,623 602,841 
Credit related funds98,121 123,020 
Energy65,330 97,402 
Investment grade fixed income114,784 151,594 
Infrastructure60,579 61,786 
Private equity34,983 49,376 
Real estate17,951 17,279 
Total$2,169,897 $2,429,316 
Summary of investments accounted for using equity method
The following table summarizes the Company’s investments accounted for using the equity method, by strategy:
September 30,
2020		December 31,
2019
Credit related funds$687,178 $428,437 
Equities323,670 293,686 
Real estate246,998 246,851 
Lending141,305 202,690 
Private equity214,357 144,983 
Infrastructure156,029 235,033 
Energy114,165 108,716 
Total$1,883,702 $1,660,396 
Summary of assets and liabilities accounted for using the fair value option
The following table summarizes the Company’s assets which are accounted for using the fair value option:
September 30,
2020		December 31,
2019
Fixed maturities$1,019,529 $754,452 
Other investments2,169,897 2,429,316 
Short-term investments468,704 377,014 
Equity securities91,445 102,695 
Investments accounted for using the fair value option$3,749,575 $3,663,477 
Summary of investments in limited partnership interests where the Company has a variable interest
The following table summarizes investments in limited partnership interests where the Company has a variable interest by balance sheet line item:
September 30,
2020		December 31,
2019
Investments accounted for using the equity method (1)1,883,702 1,660,396 
Investments accounted for using the fair value option (2)180,409 188,283 
Total$2,064,111 $1,848,679 
(1)    Aggregate unfunded commitments were $1.59 billion at September 30, 2020, compared to $1.36 billion at December 31, 2019.
(2)    Aggregate unfunded commitments were $36.7 million at September 30, 2020, compared to $41.7 million at December 31, 2019.
Components of net investment income
The components of net investment income were derived from the following sources:
September 30,
 20202019
Three Months Ended
Fixed maturities$98,344 $126,889 
Term loans22,459 24,236 
Equity securities6,659 3,992 
Short-term investments1,332 3,834 
Other (1)22,060 22,704 
Gross investment income150,854 181,655 
Investment expenses(22,342)(20,167)
Net investment income$128,512 $161,488 
Nine Months Ended
Fixed maturities$318,582 $381,706 
Term loans66,141 73,582 
Equity securities18,885 11,348 
Short-term investments9,611 11,872 
Other (1)57,926 62,423 
Gross investment income471,145 540,931 
Investment expenses(65,995)(67,456)
Net investment income$405,150 $473,475 
(1)    Includes income distributions from investment funds and other items.
Summary of net realized gains (losses), excluding other-than-temporary impairment provisions
Net realized gains (losses), which include changes in the allowance for credit losses on financial assets and net impairment losses recognized in earnings were as follows:
September 30,
 20202019
Three Months Ended
Available for sale securities:  
Gross gains on investment sales$104,733 $73,685 
Gross losses on investment sales(16,862)(30,561)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities34,115 (3,895)
Other investments61,622 (21,778)
Equity securities4,048 (1,231)
Short-term investments3,377 (1,941)
Equity securities, at fair value:
Net realized gains (losses) on sales during the period26,549 5,217 
Net unrealized gains (losses) on equity securities still held at reporting date33,562 (1,206)
Allowance for credit losses:
Investments related1,332 — 
Underwriting related351 — 
Net impairment losses — (1,163)
Derivative instruments (1)20,369 42,893 
Other 7,303 1,335 
Net realized gains (losses)$280,499 $61,355 
Nine Months Ended
Available for sale securities:
Gross gains on investment sales$515,086 $192,140 
Gross losses on investment sales(98,654)(77,498)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities(25,370)38,682 
Other investments(67,608)(37,363)
Equity securities5,803 9,449 
Short-term investments(1,936)(2,613)
Equity securities, at fair value:
Net realized gains (losses) on sales during the period7,760 9,503 
Net unrealized gains (losses) on equity securities still held at reporting date3,682 58,562 
Allowance for credit losses:
Investments related(4,763)— 
Underwriting related(8,753)— 
Net impairments losses(533)(2,521)
Derivative instruments (1)146,722 142,730 
Other(1,309)(8,703)
Net realized gains (losses)$470,127 $322,368 

(1)    See note 9 for information on the Company’s derivative instruments.
Rollforward of the allowance for expected credit losses of securities classified as available for sale
The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available for sale:
September 30, 2020
Structured Securities (1)Municipal
Bonds		Corporate
Bonds		Short Term InvestmentsTotal
Three Months Ended
Balance at beginning of period$1,726 $28 $4,115 $— $5,869 
Cumulative effect of accounting change— — — — — 
Additions for current-period provision for expected credit losses27 — 202 — 229 
Additions (reductions) for previously recognized expected credit losses 403 33 (1,996)— (1,560)
Reductions due to disposals(28)— (577)— (605)
Write-offs charged against the allowance— — — — — 
Balance at end of period$2,128 $61 $1,744 $— $3,933 
Nine Months Ended
Balance at beginning of period$— $— $— $— $— 
Cumulative effect of accounting change517 — 117 — 634 
Additions for current-period provision for expected credit losses2,868 67 7,643 — 10,578 
Additions (reductions) for previously recognized expected credit losses (903)8 (4,920)— (5,815)
Reductions due to disposals(354)(14)(1,096)— (1,464)
Write-offs charged against the allowance— — — — — 
Balance at end of period$2,128 $61 $1,744 $— $3,933 
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
Summary of restricted assets
The following table details the value of the Company’s restricted assets:
September 30,
2020		December 31,
2019
Assets used for collateral or guarantees:  
Affiliated transactions$4,829,252 $4,526,761 
Third party agreements2,636,097 2,278,248 
Deposits with U.S. regulatory authorities942,480 797,371 
Deposits with non-U.S. regulatory authorities179,726 119,238 
Total restricted assets$8,587,555 $7,721,618 
Reconciliation of cash and restricted cash
The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:
September 30,
2020		December 31,
2019
Cash$976,398 $726,230 
Restricted cash (included in ‘other assets’)$210,575 $177,468 
Cash and restricted cash$1,186,973 $903,698