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Investments (Tables)
 6 Months Ended
Jun. 30, 2015
Investments [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
 
 
 
 
 
 
 
 
June 30,
2015
 
December 31,
2014
 
 
U.S. treasuries
$
2,020,746

 
$
1,671,471

 
 
Agencies
144,947

 
96,208

 
 
Municipal
806,724

 
—

 
 
Non-U.S. government (Sovereign debt)
370,613

 
280,651

 
 
Non-U.S. government-backed corporate
172,381

 
146,467

 
 
Corporate
1,865,369

 
1,610,442

 
 
Agency mortgage-backed
474,966

 
312,333

 
 
Non-agency mortgage-backed
253,044

 
241,590

 
 
Commercial mortgage-backed
419,218

 
373,117

 
 
Asset-backed
63,426

 
24,406

 
 
Total fixed maturity investments trading
$
6,591,434

 
$
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
 
 
 
 
 
 
June 30, 2015
Amortized 
Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
 
Non-Credit
Other-Than-
Temporary
Impairments 
(1)  
 
 
Agency mortgage-backed
$
903

 
$
10

 
$
(9
)
 
$
904

 
$
—

 
 
Non-agency mortgage-backed
8,498

 
1,790

 
(3
)
 
10,285

 
613

 
 
Commercial mortgage-backed
7,182

 
495

 
—

 
7,677

 
—

 
 
Asset-backed
2,801

 
87

 
—

 
2,888

 
—

 
 
Total fixed maturity investments available for sale
$
19,384

 
$
2,382

 
$
(12
)
 
$
21,754

 
$
613

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
June 30, 2015
Amortized 
Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
 
Due in less than one year
$
220,880

 
$
219,382

 
$
—

 
$
—

 
$
220,880

 
$
219,382

 
 
Due after one through five years
3,862,284

 
3,859,616

 
—

 
—

 
3,862,284

 
3,859,616

 
 
Due after five through ten years
983,765

 
970,723

 
—

 
—

 
983,765

 
970,723

 
 
Due after ten years
337,497

 
331,059

 
—

 
—

 
337,497

 
331,059

 
 
Mortgage-backed
1,135,710

 
1,147,228

 
16,583

 
18,866

 
1,152,293

 
1,166,094

 
 
Asset-backed
63,356

 
63,426

 
2,801

 
2,888

 
66,157

 
66,314

 
 
Total
$
6,603,492

 
$
6,591,434

 
$
19,384

 
$
21,754

 
$
6,622,876

 
$
6,613,188

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Fair Value of Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
 
 
 
 
 
 
 
 
June 30,
2015
 
December 31,
2014
 
 
Financials
$
228,777

 
$
222,190

 
 
Communications and technology
84,522

 
31,376

 
 
Industrial, utilities and energy
71,168

 
28,859

 
 
Consumer
50,764

 
19,522

 
 
Healthcare
48,572

 
16,582

 
 
Basic materials
9,253

 
3,569

 
 
Total
$
493,056

 
$
322,098

 
 
 
 
 
 
 
Schedule of Net Investment Income
The components of net investment income are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
Six months ended
 
 
 
June 30,
2015
 
June 30,
2014
 
June 30,
2015
 
June 30,
2014
 
 
Fixed maturity investments
$
33,791

 
$
26,372

 
$
59,730

 
$
50,232

 
 
Short term investments
297

 
286

 
494

 
476

 
 
Equity investments
1,913

 
779

 
4,517

 
1,575

 
 
Other investments
 
 
 
 
 
 
 
 
 
Hedge funds and private equity investments
5,425

 
8,340

 
15,838

 
20,657

 
 
Other
674

 
1,483

 
4,182

 
6,011

 
 
Cash and cash equivalents
127

 
93

 
275

 
184

 
 
 
42,227

 
37,353

 
85,036

 
79,135

 
 
Investment expenses
(3,623
)
 
(2,812
)
 
(6,725
)
 
(5,646
)
 
 
Net investment income
$
38,604

 
$
34,541

 
$
78,311

 
$
73,489

 
 
 
 
 
 
 
 
 
 
 
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
 
Six months ended
 
 
 
June 30,
2015
 
June 30,
2014
 
June 30,
2015
 
June 30,
2014
 
 
Gross realized gains
$
8,672

 
$
12,166

 
$
30,204

 
$
25,633

 
 
Gross realized losses
(21,552
)
 
(2,587
)
 
(26,423
)
 
(8,151
)
 
 
Net realized (losses) gains on fixed maturity investments
(12,880
)
 
9,579

 
3,781

 
17,482

 
 
Net unrealized (losses) gains on fixed maturity investments trading
(48,104
)
 
29,918

 
(22,132
)
 
57,800

 
 
Net realized and unrealized gains (losses) on investments-related derivatives
19,816

 
(6,884
)
 
15,608

 
(17,783
)
 
 
Net realized gains on equity investments trading
8,832

 
5,134

 
16,313

 
5,055

 
 
Net unrealized gains (losses) on equity investments trading
5,624

 
(10,619
)
 
1,467

 
(20,499
)
 
 
Net realized and unrealized (losses) gains on investments
$
(26,712
)
 
$
27,128

 
$
15,037

 
$
42,055

 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2015
 
 
 
Investments in other ventures
 
Fixed maturity investments available for sale
 
Total
 
 
Beginning balance
$
412

 
$
2,930

 
$
3,342

 
 
Other comprehensive income (loss) before reclassifications
211

 
(273
)
 
(62
)
 
 
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
—

 
(287
)
 
(287
)
 
 
Net current-period other comprehensive income (loss)
211

 
(560
)
 
(349
)
 
 
Ending balance
$
623

 
$
2,370

 
$
2,993

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 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
320

 
(405
)
 
(85
)
 
 
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
—

 
(338
)
 
(338
)
 
 
Net current-period other comprehensive income (loss)
320

 
(743
)
 
(423
)
 
 
Ending balance
$
623

 
$
2,370

 
$
2,993

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2014
 
 
 
Investments in other ventures
 
Fixed maturity investments available for sale
 
Total
 
 
Beginning balance
$
160

 
$
3,803

 
$
3,963

 
 
Other comprehensive income (loss) before reclassifications
51

 
(96
)
 
(45
)
 
 
Ending balance
$
211

 
$
3,707

 
$
3,918

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2014
 
 
 
Investments in other ventures
 
Fixed maturity investments available for sale
 
Total
 
 
Beginning balance
$
163

 
$
3,968

 
$
4,131

 
 
Other comprehensive gain (loss) before reclassifications
48

 
(261
)
 
(213
)
 
 
Ending balance
$
211

 
$
3,707

 
$
3,918

 
 
 
 
 
 
 
 
 
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 June 30, 2015
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
 
Agency mortgage-backed
$
569

 
$
(9
)
 
$
—

 
$
—

 
$
569

 
$
(9
)
 
 
Non-agency mortgage-backed
—

 
—

 
65

 
(3
)
 
65

 
(3
)
 
 
Total
$
569

 
$
(9
)
 
$
65

 
$
(3
)
 
$
634

 
$
(12
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
Six months ended
 
 
 
June 30,
2015
 
June 30,
2014
 
June 30,
2015
 
June 30,
2014
 
 
Beginning balance
$
485

 
$
545

 
$
498

 
$
561

 
 
Reductions:
 
 
 
 
 
 
 
 
 
Securities sold during the period
(19
)
 
(16
)
 
(32
)
 
(32
)
 
 
Ending balance
$
466

 
$
529

 
$
466

 
$
529