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Investments (Tables)

12 Months Ended

Dec. 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:

		December 31, 2015				December 31, 2014
	U.S. treasuries	$	2,064,944			$	1,671,471
	Agencies	137,976				96,208
	Municipal	583,282				—
	Non-U.S. government (Sovereign debt)	334,981				280,651
	Non-U.S. government-backed corporate	138,994				146,467
	Corporate	2,055,323				1,610,442
	Agency mortgage-backed	504,368				312,333
	Non-agency mortgage-backed	262,235				241,590
	Commercial mortgage-backed	554,625				373,117
	Asset-backed	128,277				24,406
	Total fixed maturity investments trading	$	6,765,005			$	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
	At December 31, 2015	Amortized  Cost				Gross Unrealized     Gains				Gross Unrealized     Losses				Fair Value				Non-Credit Other-Than- Temporary Impairments  (1)
	Agency mortgage-backed	$	143			$	7			$	—			$	150			$	—
	Non-agency mortgage-backed	7,005				1,523				—				8,528				550
	Commercial mortgage-backed	6,578				293				—				6,871				—
	Asset-backed	2,217				47				—				2,264				—
	Total fixed maturity investments available for sale	$	15,943			$	1,870			$	—			$	17,813			$	550

						Included in Accumulated Other Comprehensive Income
	At 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
	At December 31, 2015	Amortized  Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
	Due in less than one year	$	253,700			$	252,257			$	—			$	—			$	253,700			$	252,257
	Due after one through five years	3,872,756				3,833,261				—				—				3,872,756				3,833,261
	Due after five through ten years	1,031,351				1,011,132				—				—				1,031,351				1,011,132
	Due after ten years	220,768				218,850				—				—				220,768				218,850
	Mortgage-backed	1,318,468				1,321,228				13,726				15,549				1,332,194				1,336,777
	Asset-backed	128,834				128,277				2,217				2,264				131,051				130,541
	Total	$	6,825,877			$	6,765,005			$	15,943			$	17,813			$	6,841,820			$	6,782,818

Schedule of Fair Value of Equity Investments Trading

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

		December 31, 2015				December 31, 2014
	Financials	$	193,716			$	222,190
	Communications and technology	65,833				31,376
	Industrial, utilities and energy	51,168				28,859
	Consumer	40,918				19,522
	Healthcare	36,148				16,582
	Basic materials	6,094				3,569
	Total	$	393,877			$	322,098

Schedule of Net Investment Income

The components of net investment income are as follows:

	Year ended December 31,	2015				2014				2013
	Fixed maturity investments	$	134,800			$	100,855			$	95,907
	Short term investments	1,227				944				1,698
	Equity investments	8,346				3,450				2,295
	Other investments
	Private equity investments	9,455				18,974				45,767
	Other	12,472				11,037				73,735
	Cash and cash equivalents	467				395				191
		166,767				135,655				219,593
	Investment expenses	(14,200		)		(11,339		)		(11,565		)
	Net investment income	$	152,567			$	124,316			$	208,028

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

Net realized and unrealized (losses) gains on investments are as follows:

	Year ended December 31,	2015				2014				2013
	Gross realized gains	$	50,488			$	45,568			$	72,492
	Gross realized losses	(53,630		)		(14,868		)		(50,206		)
	Net realized (losses) gains on fixed maturity investments	(3,142		)		30,700				22,286
	Net unrealized (losses) gains on fixed maturity investments trading	(64,908		)		19,680				(87,827		)
	Net realized and unrealized gains (losses) on investments-related derivatives	5,443				(30,931		)		31,058
	Net realized gains on equity investments trading	16,348				10,908				26,650
	Net unrealized (losses) gains on equity investments trading	(22,659		)		11,076				42,909
	Net realized and unrealized (losses) gains on investments	$	(68,918	)		$	41,433			$	35,076

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The following table provides an analysis of the components of other comprehensive income and reclassifications out of accumulated other comprehensive income.

		Year ended December 31, 2015
		Investments in other ventures				Fixed maturity investments available for sale				Total
	Beginning balance	$	303			$	3,113			$	3,416
	Other comprehensive loss before reclassifications	(65		)		(917		)		(982		)
	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 (losses) gains on investments	—				(326		)		(326		)
	Net current-period other comprehensive loss	(65		)		(1,243		)		(1,308		)
	Ending balance	$	238			$	1,870			$	2,108

		Year ended December 31, 2014
		Investments in other ventures				Fixed maturity investments available for sale				Total
	Beginning balance	$	163			$	3,968			$	4,131
	Other comprehensive income (loss) before reclassifications	140				(855		)		(715		)
	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 (losses) on investments	—				—				—
	Net current-period other comprehensive income (loss)	140				(855		)		(715		)
	Ending balance	$	303			$	3,113			$	3,416

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 December 31, 2015

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Total

$

—

$

—

$

—

$

—

$

—

$

—

		Less than 12 Months								12 Months or Greater								Total
	At 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:

		2015				2014
	Balance – January 1	$	498			$	561
	Reductions:
	Securities sold during the period	(81		)		(63		)
	Balance – December 31	$	417			$	498

Schedule of Other Investments

The table below shows the fair value of the Company’s portfolio of other investments:

	At December 31,	2015				2014
	Catastrophe bonds	$	241,253			$	200,329
	Private equity partnerships	214,848				281,932
	Senior secured bank loan fund	23,231				19,316
	Hedge funds	2,289				2,570
	Total other investments	$	481,621			$	504,147

Schedule of Equity Method Investments

The table below shows the Company’s portfolio of investments in other ventures, under equity method:

		2015											2014
	At December 31,	Investment				Ownership %			Carrying  Value				Investment				Ownership %			Carrying  Value
	THIG	$	50,000			25.0	%		$	19,155			$	50,000			25.0	%		$	20,811
	Tower Hill	10,000				31.3	%		19,981				10,000				30.3	%		18,991
	Tower Hill Re	4,250				25.0	%		4,136				4,250				25.0	%		5,162
	Tower Hill Signature	500				25.0	%		7,315				500				25.0	%		5,692
	Total Tower Hill Companies	64,750							50,587				64,750							50,656
	Top Layer Re	65,375				50.0	%		68,936				65,375				50.0	%		60,911
	Other	23,607				43.5	%		12,828				13,507				36.3	%		9,146
	Total investments in other ventures, under equity method	$	153,732						$	132,351			$	143,632						$	120,713

Schedule of Equity In Earnings (Losses) of Equity Method Investments

The table below shows the Company’s equity in earnings of other ventures, under equity method:

	Year ended December 31,	2015				2014				2013
	Tower Hill Companies	$	13,116			$	18,376			$	10,270
	Top Layer Re	8,026				10,411				13,836
	Other	(661		)		(2,712		)		(912		)
	Total equity in earnings of other ventures	$	20,481			$	26,075			$	23,194

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