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Investment Information (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021
Fixed maturities (1):
Corporate bonds			$	6,403,617					$	155,246					$	(40,649)					$	(1,440)					$	6,290,460
Mortgage backed securities			405,797						3,384						(3,966)						(24)						406,403
Municipal bonds			382,722						20,096						(1,206)						(2)						363,834
Commercial mortgage backed securities			579,424						3,598						(548)						(3)						576,377
U.S. government and government agencies			4,460,515						12,912						(30,320)						—						4,477,923
Non-U.S. government securities			1,863,734						46,378						(28,948)						(82)						1,846,386
Asset backed securities			2,672,554						12,576						(7,700)						(560)						2,668,238
Total			16,768,363						254,190						(113,337)						(2,111)						16,629,621
Short-term investments			3,069,965						1,625						(1,780)						—						3,070,120
Total			$	19,838,328					$	255,815					$	(115,117)					$	(2,111)					$	19,699,741
December 31, 2020
Fixed maturities (1):
Corporate bonds			$	7,856,571					$	414,247					$	(34,388)					$	(896)					$	7,477,608
Mortgage backed securities			630,001						8,939						(5,028)						(278)						626,368
Municipal bonds			494,522						27,291						(3,835)						(11)						471,077
Commercial mortgage backed securities			389,900						8,722						(2,954)						(122)						384,254
U.S. government and government agencies			5,557,077						22,612						(12,611)						—						5,547,076
Non-U.S. government securities			2,433,733						153,891						(8,060)						—						2,287,902
Asset backed securities			1,634,804						19,225						(10,715)						(1,090)						1,627,384
Total			18,996,608						654,927						(77,591)						(2,397)						18,421,669
Short-term investments			1,924,922						2,693						(2,063)						—						1,924,292
Total			$	20,921,530					$	657,620					$	(79,654)					$	(2,397)					$	20,345,961

(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.” In September 2021, the Company terminated its securities lending program and no longer enters into securities lending agreements with financial institutions.

(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 Months												12 Months or More												Total
			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
September 30, 2021
Fixed maturities (1):
Corporate bonds			$	2,744,615					$	(36,595)					$	68,450					$	(4,054)					$	2,813,065					$	(40,649)
Mortgage backed securities			257,789						(3,113)						22,769						(853)						280,558						(3,966)
Municipal bonds			46,450						(731)						7,148						(475)						53,598						(1,206)
Commercial mortgage backed securities			76,518						(256)						6,578						(292)						83,096						(548)
U.S. government and government agencies			3,621,719						(29,797)						9,755						(523)						3,631,474						(30,320)
Non-U.S. government securities			1,283,266						(27,523)						22,304						(1,425)						1,305,570						(28,948)
Asset backed securities			1,119,638						(6,524)						37,078						(1,176)						1,156,716						(7,700)
Total			9,149,995						(104,539)						174,082						(8,798)						9,324,077						(113,337)
Short-term investments			265,011						(1,780)						—						—						265,011						(1,780)
Total			$	9,415,006					$	(106,319)					$	174,082					$	(8,798)					$	9,589,088					$	(115,117)
December 31, 2020
Fixed maturities (1):
Corporate bonds			$	747,442					$	(33,086)					$	3,934					$	(1,302)					$	751,376					$	(34,388)
Mortgage backed securities			284,619						(4,788)						3,637						(240)						288,256						(5,028)
Municipal bonds			67,937						(3,835)						—						—						67,937						(3,835)
Commercial mortgage backed securities			126,624						(2,916)						2,655						(38)						129,279						(2,954)
U.S. government and government agencies			1,285,907						(12,611)						—						—						1,285,907						(12,611)
Non-U.S. government securities			543,844						(7,658)						2,441						(402)						546,285						(8,060)
Asset backed securities			634,470						(9,110)						57,737						(1,605)						692,207						(10,715)
Total			3,690,843						(74,004)						70,404						(3,587)						3,761,247						(77,591)
Short-term investments			97,920						(2,063)						—						—						97,920						(2,063)
Total			$	3,788,763					$	(76,067)					$	70,404					$	(3,587)					$	3,859,167					$	(79,654)

(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.” In September 2021, the Company terminated its securities lending program and no longer enters into securities lending agreements with financial institutions.

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, 2021												December 31, 2020
Maturity						Estimated Fair Value						Amortized Cost						Estimated Fair Value						Amortized Cost
Due in one year or less						$	416,601					$	410,373					$	348,200					$	339,951
Due after one year through five years						7,862,472						7,772,773						10,629,959						10,340,819
Due after five years through 10 years						4,483,025						4,453,526						4,881,564						4,654,754
Due after 10 years						348,490						341,931						482,180						448,139
						13,110,588						12,978,603						16,341,903						15,783,663
Mortgage backed securities						405,797						406,403						630,001						626,368
Commercial mortgage backed securities						579,424						576,377						389,900						384,254
Asset backed securities						2,672,554						2,668,238						1,634,804						1,627,384
Total (1)						$	16,768,363					$	16,629,621					$	18,996,608					$	18,421,669

(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.” In September 2021, the Company terminated its securities lending program and no longer enters into securities lending agreements with financial institutions.

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 was as follows at December 31, 2020 (no balances at September 30, 2021 due to the termination of the program):

						Remaining Contractual Maturity of the Agreements
						Overnight and Continuous						Less than 30 Days						30-90 Days						90 Days or More						Total
December 31, 2020
U.S. government and government agencies						$	142,317					$	—					$	139,290					$	—					$	281,607
Corporate bonds						3,021						—						—						—						3,021
Equity securities						16,461						—						—						—						16,461
Total						$	161,799					$	—					$	139,290					$	—					$	301,089
Gross amount of recognized liabilities for securities lending in offsetting disclosure in note 10																														$	—
Amounts related to securities lending not included in offsetting disclosure in note 10																														$	301,089

Summary of assets and liabilities accounted for using the fair value option

The following table summarizes the Company’s other investments and other investable assets:

			September 30, 2021						December 31, 2020
Fixed maturities			$	414,007					$	843,354
Other investments			1,489,759						2,331,885
Short-term investments			115,681						557,008
Equity securities			24,523						92,549
Investments accounted for using the fair value option			$	2,043,970					$	3,824,796
Other investable assets (1)			—						500,000
Total other investments			$	2,043,970					$	4,324,796

(1) Participation interests in a receivable of a reverse repurchase agreement.

Summary of other investments

The following table summarizes the Company’s other investments, as detailed in the previous table, by strategy:

			September 30, 2021						December 31, 2020
Term loan investments			$	528,585					$	1,231,731
Lending			579,563						572,636
Credit related funds			56,997						90,780
Energy			84,880						65,813
Investment grade fixed income			131,910						138,646
Infrastructure			26,359						165,516
Private equity			81,465						48,750
Real estate			—						18,013
Total			$	1,489,759					$	2,331,885

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, 2021						December 31, 2020
Credit related funds			$	952,794					$	740,060
Equities			414,322						343,058
Real estate			340,510						258,518
Lending			330,368						179,629
Private equity			365,840						235,289
Infrastructure			222,484						175,882
Energy			114,975						115,453
Total			$	2,741,293					$	2,047,889

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, 2021						December 31, 2020
Investments accounted for using the equity method (1)			2,741,293						2,047,889
Investments accounted for using the fair value option (2)			176,884						184,720
Total			$	2,918,177					$	2,232,609

(1)    Aggregate unfunded commitments were $2.3 billion at September 30, 2021, compared to $1.8 billion at December 31, 2020.

(2)    Aggregate unfunded commitments were $22.9 million at September 30, 2021, compared to $35.6 million at December 31, 2020.

Components of net investment income

The components of net investment income were derived from the following sources:

			September 30,
			2021						2020
Three Months Ended
Fixed maturities			$	75,964					$	98,344
Term loans			1,736						22,459
Equity securities			9,867						6,659
Short-term investments			1,858						1,332
Other (1)			17,378						22,060
Gross investment income			106,803						150,854
Investment expenses			(18,608)						(22,342)
Net investment income			$	88,195					$	128,512
Nine Months Ended
Fixed maturities			$	255,215					$	318,582
Term loans			33,343						66,141
Equity securities			24,101						18,885
Short-term investments			3,603						9,611
Other (1)			51,683						57,926
Gross investment income			367,945						471,145
Investment expenses			(69,281)						(65,995)
Net investment income			$	298,664					$	405,150

(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,
			2021						2020
Three Months Ended
Available for sale securities:
Gross gains on investment sales			$	86,819					$	104,733
Gross losses on investment sales			(18,446)						(16,862)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities			(7,492)						34,115
Other investments			3,811						61,622
Equity securities			3,042						4,048
Short-term investments			16						3,377
Equity securities, at fair value:
Net realized gains (losses) on sales during the period			14,736						26,549
Net unrealized gains (losses) on equity securities still held at reporting date			(40,155)						33,562
Allowance for credit losses:
Investments related			(456)						1,332
Underwriting related			(3,985)						351
Derivative instruments (1)			(21,435)						20,369
Other (2)			(41,495)						7,303
Net realized gains (losses)			$	(25,040)					$	280,499
Nine Months Ended
Available for sale securities:
Gross gains on investment sales			$	267,362					$	515,086
Gross losses on investment sales			(132,071)						(98,654)
Change in fair value of assets and liabilities accounted for using the fair value option:
Fixed maturities			19,973						(25,370)
Other investments			111,550						(67,608)
Equity securities			10,599						5,803
Short-term investments			648						(1,936)
Equity securities, at fair value:
Net realized gains (losses) on sales during the period			86,155						7,760
Net unrealized gains (losses) on equity securities still held at reporting date			45,400						3,682
Allowance for credit losses:
Investments related			(1,208)						(4,763)
Underwriting related			2,664						(8,753)
Net impairments losses			—						(533)
Derivative instruments (1)			(36,428)						146,722
Other (2)			(54,316)						(1,309)
Net realized gains (losses)			$	320,328					$	470,127

(1)    See note 10 for information on the Company’s derivative instruments.

(2)    2021 periods reflected $33.1 million of losses related to the Company’s deconsolidation of Watford.

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:

						Structured Securities (1)						Municipal Bonds						Corporate Bonds												Total
Three Months Ended September 30, 2021
Balance at beginning of period						$	759					$	6					$	1,359											$	2,124
Additions for current-period provision for expected credit losses						48						—						—												48
Additions (reductions) for previously recognized expected credit losses						14						(4)						395												405
Reductions due to disposals (3)						(234)						—						(232)												(466)
Balance at end of period						$	587					$	2					$	1,522											$	2,111
Three Months Ended September 30, 2020
Balance at beginning of period						$	1,726					$	28					$	4,115											$	5,869
Additions for current-period provision for expected credit losses						27						—						202												229
Additions (reductions) for previously recognized expected credit losses						403						33						(1,996)												(1,560)
Reductions due to disposals						(28)						—						(577)												(605)
Balance at end of period						$	2,128					$	61					$	1,744											$	3,933
Nine Months Ended September 30, 2021
Balance at beginning of period						$	1,490					$	11					$	896											$	2,397
Additions for current-period provision for expected credit losses						282						—						2,428												2,710
Additions (reductions) for previously recognized expected credit losses						(751)						(9)						(557)												(1,317)
Reductions due to disposals (3)						(434)						—						(1,245)												(1,679)
Balance at end of period						$	587					$	2					$	1,522											$	2,111
Nine Months Ended September 30, 2020
Balance at beginning of period						$	—					$	—					$	—											$	—
Cumulative effect of accounting change (2)						517						—						117												634
Additions for current-period provision for expected credit losses						2,868						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)
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.

(2)    Adoption of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)”.

(3)    Reduction for the 2021 periods primarily related to the Company’s deconsolidation of Watford.

Summary of restricted assets

The following table details the value of the Company’s restricted assets:

			September 30, 2021						December 31, 2020
Assets used for collateral or guarantees:
Affiliated transactions			$	4,271,208					$	4,643,334
Third party agreements			2,594,053						3,083,324
Deposits with U.S. regulatory authorities			803,878						827,552
Deposits with non-U.S. regulatory authorities			469,497						179,099
Total restricted assets			$	8,138,636					$	8,733,309

Reconciliation of cash and restricted cash

The following table details reconciliation of cash and restricted cash within the Consolidated Balance Sheets:

			September 30, 2021						December 31, 2020
Cash			$	1,137,721					$	906,448
Restricted cash (included in ‘other assets’)			$	411,188					$	384,096
Cash and restricted cash			$	1,548,909					$	1,290,544

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