XML 36 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2017
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,
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

 
 
 
 
 
 
 
Schedule of Contractual Maturities of Fixed Maturity Investments
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

 
 
 
 
 
 
 
Schedule of Fair Value of 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

 
 
 
 
 
 
 
Schedule of 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

 
 
 
 
 
 
 
 
 
 
 
Schedule of 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