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Investments | 6 Months Ended
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Jun. 30, 2017
Investments [Abstract] |
Investments | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading:
|  | June 30, 2017 |  | December 31, 2016 |
| U.S. treasuries | $ | 2,826,681 |  |  | $ | 2,617,894 |  |
| Agencies | 83,343 |  |  | 90,972 |  |
| Municipal | 518,912 |  |  | 519,069 |  |
| Non-U.S. government (Sovereign debt) | 173,667 |  |  | 333,224 |  |
| Non-U.S. government-backed corporate | 74,620 |  |  | 133,300 |  |
| Corporate | 2,186,040 |  |  | 1,877,243 |  |
| Agency mortgage-backed | 567,560 |  |  | 462,493 |  |
| Non-agency mortgage-backed | 275,268 |  |  | 258,944 |  |
| Commercial mortgage-backed | 384,610 |  |  | 409,747 |  |
| Asset-backed | 191,563 |  |  | 188,358 |  |
| Total fixed maturity investments trading | $ | 7,282,264 |  |  | $ | 6,891,244 |  |
Contractual maturities of fixed maturity investments trading 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.
| June 30, 2017 | Amortized Cost |  | Fair Value |
| Due in less than one year | $ | 428,307 |  |  | $ | 427,683 |  |
| Due after one through five years | 4,112,662 |  |  | 4,111,191 |  |
| Due after five through ten years | 1,137,632 |  |  | 1,153,811 |  |
| Due after ten years | 168,920 |  |  | 170,578 |  |
| Mortgage-backed | 1,218,486 |  |  | 1,227,438 |  |
| Asset-backed | 191,013 |  |  | 191,563 |  |
| Total | $ | 7,257,020 |  |  | $ | 7,282,264 |  |
Equity Investments Trading The following table summarizes the fair value of equity investments trading:
|  | June 30, 2017 |  | December 31, 2016 |
| Financials | $ | 272,982 |  |  | $ | 275,065 |  |
| Communications and technology | 42,316 |  |  | 36,770 |  |
| Industrial, utilities and energy | 31,852 |  |  | 30,303 |  |
| Consumer | 22,078 |  |  | 20,501 |  |
| Healthcare | 20,087 |  |  | 17,245 |  |
| Basic materials | 4,090 |  |  | 3,429 |  |
| Total | $ | 393,405 |  |  | $ | 383,313 |  |
Pledged Investments At June 30, 2017, $2.8 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2016 - $2.7 billion). Of this amount, $888.2 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2016 - $842.6 million). Reverse Repurchase Agreements At June 30, 2017, the Company held $33.8 million (December 31, 2016 - $78.7 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. Net Investment Income The components of net investment income are as follows:
|  | Three months ended |  | Six months ended |
|  | June 30, 2017 |  | June 30, 2016 |  | June 30, 2017 |  | June 30, 2016 |
| Fixed maturity investments | $ | 44,356 |  |  | $ | 46,091 |  |  | $ | 87,775 |  |  | $ | 82,097 |  |
| Short term investments | 2,981 |  |  | 1,227 |  |  | 4,705 |  |  | 2,227 |  |
| Equity investments | 889 |  |  | 865 |  |  | 1,700 |  |  | 2,528 |  |
| Other investments |  |  |  |  |  |  |  |
| Private equity investments | 6,611 |  |  | 4,356 |  |  | 14,413 |  |  | (5,002 | ) |
| Other | 2,899 |  |  | 5,035 |  |  | 6,971 |  |  | 8,344 |  |
| Cash and cash equivalents | 295 |  |  | 209 |  |  | 484 |  |  | 338 |  |
|  | 58,031 |  |  | 57,783 |  |  | 116,048 |  |  | 90,532 |  |
| Investment expenses | (3,868 | ) |  | (3,659 | ) |  | (7,560 | ) |  | (7,545 | ) |
| Net investment income | $ | 54,163 |  |  | $ | 54,124 |  |  | $ | 108,488 |  |  | $ | 82,987 |  |
Net Realized and Unrealized Gains on Investments Net realized and unrealized gains on investments are as follows:
|  | Three months ended |  | Six months ended |
|  | June 30, 2017 |  | June 30, 2016 |  | June 30, 2017 |  | June 30, 2016 |
| Gross realized gains | $ | 15,249 |  |  | $ | 22,661 |  |  | $ | 26,710 |  |  | $ | 40,411 |  |
| Gross realized losses | (7,243 | ) |  | (7,804 | ) |  | (23,776 | ) |  | (22,469 | ) |
| Net realized gains on fixed maturity investments | 8,006 |  |  | 14,857 |  |  | 2,934 |  |  | 17,942 |  |
| Net unrealized gains on fixed maturity investments trading | 18,760 |  |  | 44,271 |  |  | 43,395 |  |  | 129,736 |  |
| Net realized and unrealized losses on investments-related derivatives | (268 | ) |  | (9,151 | ) |  | (324 | ) |  | (28,600 | ) |
| Net realized gains on equity investments trading | 15,146 |  |  | 14,729 |  |  | 36,061 |  |  | 13,911 |  |
| Net unrealized gains (losses) on equity investments trading | 16,469 |  |  | 5,066 |  |  | 19,420 |  |  | (1,564 | ) |
| Net realized and unrealized gains on investments | $ | 58,113 |  |  | $ | 69,772 |  |  | $ | 101,486 |  |  | $ | 131,425 |  |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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