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Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

		March 31, 2015				December 31, 2014
	U.S. treasuries	$	1,535,746			$	1,671,471
	Agencies	152,272				96,208
	Municipals	1,220,206				—
	Non-U.S. government (Sovereign debt)	329,626				280,651
	Non-U.S. government-backed corporate	151,446				146,467
	Corporate	1,603,024				1,610,442
	Agency mortgage-backed	339,279				312,333
	Non-agency mortgage-backed	257,114				241,590
	Commercial mortgage-backed	353,944				373,117
	Asset-backed	40,186				24,406
	Total fixed maturity investments trading	$	5,982,843			$	4,756,685

Schedule of Fair Value of Fixed Maturity Investments Available For Sale

The following table summarizes the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale:

						Included in Accumulated Other Comprehensive Income
	March 31, 2015	Amortized  Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Non-Credit Other-Than- Temporary Impairments  (1)
	Agency mortgage-backed	$	2,877			$	305			$	—			$	3,182			$	—
	Non-agency mortgage-backed	9,054				1,937				(3		)		10,988				640
	Commercial mortgage-backed	7,287				581				—				7,868				—
	Asset-backed	2,938				110				—				3,048				—
	Total fixed maturity investments available for sale	$	22,156			$	2,933			$	(3	)		$	25,086			$	640

						Included in Accumulated Other Comprehensive Income
	December 31, 2014	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Non-Credit Other-Than- Temporary Impairments  (1)
	Agency mortgage-backed	$	3,928			$	359			$	—			$	4,287			$	—
	Non-agency mortgage-backed	9,478				1,985				(3		)		11,460				656
	Commercial mortgage-backed	7,291				643				—				7,934				—
	Asset-backed	3,075				129				—				3,204				—
	Total fixed maturity investments available for sale	$	23,772			$	3,116			$	(3	)		$	26,885			$	656

(1) Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.

Schedule of Contractual Maturities of Fixed Maturity Investments

Contractual maturities of fixed maturity investments 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.

		Trading								Available for Sale								Total Fixed Maturity Investments
	March 31, 2015	Amortized  Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
	Due in less than one year	$	211,238			$	209,392			$	—			$	—			$	211,238			$	209,392
	Due after one through five years	3,219,374				3,220,154				—				—				3,219,374				3,220,154
	Due after five through ten years	1,018,158				1,018,252				—				—				1,018,158				1,018,252
	Due after ten years	538,096				544,522				—				—				538,096				544,522
	Mortgage-backed	933,152				950,337				19,218				22,038				952,370				972,375
	Asset-backed	40,091				40,186				2,938				3,048				43,029				43,234
	Total	$	5,960,109			$	5,982,843			$	22,156			$	25,086			$	5,982,265			$	6,007,929

Schedule of Fair Value of Equity Investments Trading

The following table summarizes the fair value of equity investments trading:

		March 31, 2015				December 31, 2014
	Financials	$	204,540			$	222,190
	Communications and technology	17,905				31,376
	Industrial, utilities and energy	15,735				28,859
	Consumer	11,346				19,522
	Healthcare	10,042				16,582
	Basic materials	2,088				3,569
	Total	$	261,656			$	322,098

Schedule of Net Investment Income

The components of net investment income are as follows:

		Three months ended
		March 31, 2015				March 31, 2014
	Fixed maturity investments	$	25,939			$	23,860
	Short term investments	197				190
	Equity investments	2,604				796
	Other investments
	Hedge funds and private equity investments	10,413				12,317
	Other	3,508				4,528
	Cash and cash equivalents	148				91
		42,809				41,782
	Investment expenses	(3,102		)		(2,834		)
	Net investment income	$	39,707			$	38,948

Schedule of Net Realized and Unrealized Gains On Investments and Net Other-Than-Temporary Impairments

Net realized and unrealized gains on investments are as follows:

		Three months ended
		March 31, 2015				March 31, 2014
	Gross realized gains	$	21,532			$	13,467
	Gross realized losses	(4,871		)		(5,564		)
	Net realized gains on fixed maturity investments	16,661				7,903
	Net unrealized gains on fixed maturity investments trading	25,972				27,882
	Net realized and unrealized losses on investments-related derivatives	(4,208		)		(10,899		)
	Net realized gains (losses) on equity investments trading	7,481				(79		)
	Net unrealized gains (losses) on equity investments trading	(4,157		)		(9,880		)
	Net realized and unrealized gains on investments	$	41,749			$	14,927

Schedule of Components of Other Comprehensive Income and Reclassification Out of Accumulated Other Comprehensive Income

The following tables provide an analysis of the components of other comprehensive income and reclassifications out of accumulated other comprehensive income.

		Three months ended March 31, 2015
		Investments in other ventures				Fixed maturity investments available for sale				Total
	Beginning balance	$	303			$	3,113			$	3,416
	Other comprehensive income (loss) before reclassifications	109				(132		)		(23		)
	Amounts reclassified from accumulated other comprehensive income by statement of operations line item:
	Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains on investments	—				(51		)		(51		)
	Net current-period other comprehensive income (loss)	109				(183		)		(74		)
	Ending balance	$	412			$	2,930			$	3,342

		Three months ended March 31, 2014
		Investments in other ventures				Fixed maturity investments available for sale				Total
	Beginning balance	$	163			$	3,968			$	4,131
	Other comprehensive loss before reclassifications	(3		)		(165		)		(168		)
	Ending balance	$	160			$	3,803			$	3,963

Schedule of Fixed Maturity Investments Available For Sale In Continual Unrealized Loss Position

The following tables provide an analysis of the length of time the Company’s fixed maturity investments available for sale in an unrealized loss have been in a continual unrealized loss position.

		Less than 12 Months								12 Months or Greater								Total
	At March 31, 2015	Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
	Non-agency mortgage-backed	$	—			$	—			$	68			$	(3	)		$	68			$	(3	)
	Total	$	—			$	—			$	68			$	(3	)		$	68			$	(3	)

		Less than 12 Months								12 Months or Greater								Total
	December 31, 2014	Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
	Non-agency mortgage-backed	$	—			$	—			$	69			$	(3	)		$	69			$	(3	)
	Total	$	—			$	—			$	69			$	(3	)		$	69			$	(3	)

Rollforward of the Amount of Other-Than-Temporary Impairments Related To Credit Losses Recognized in Earnings For Which A Portion Of An Other-Than-Temporary Impairment Was Recognized In Accumulated Other Comprehensive Income

The following table provides a rollforward of the amount of other-than-temporary impairments related to credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income:

		Three months ended
		March 31, 2015				March 31, 2014
	Beginning balance	$	498			$	561
	Reductions:
	Securities sold during the period	(13		)		(16		)
	Ending balance	$	485			$	545

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