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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
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,
2017
 
December 31,
2016
 
 
U.S. treasuries
$
3,168,763

 
$
2,617,894

 
 
Agencies
47,646

 
90,972

 
 
Municipal
509,802

 
519,069

 
 
Non-U.S. government (Sovereign debt)
287,660

 
333,224

 
 
Non-U.S. government-backed corporate
163,651

 
133,300

 
 
Corporate
2,063,459

 
1,877,243

 
 
Agency mortgage-backed
500,456

 
462,493

 
 
Non-agency mortgage-backed
300,331

 
258,944

 
 
Commercial mortgage-backed
202,062

 
409,747

 
 
Asset-backed
182,725

 
188,358

 
 
Total fixed maturity investments trading
$
7,426,555

 
$
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.
 
 
 
 
 
 
 
At December 31, 2017
Amortized 
Cost
 
Fair Value
 
 
Due in less than one year
$
547,468

 
$
546,255

 
 
Due after one through five years
4,551,757

 
4,521,930

 
 
Due after five through ten years
997,163

 
1,007,656

 
 
Due after ten years
163,188

 
165,140

 
 
Mortgage-backed
993,005

 
1,002,849

 
 
Asset-backed
182,289

 
182,725

 
 
Total
$
7,434,870

 
$
7,426,555

 
 
 
 
 
 
 
Schedule of Fair Value of Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
 
 
 
 
 
 
 
 
December 31,
2017
 
December 31,
2016
 
 
 
 
 
 
 
 
Financials
$
253,543

 
$
275,065

 
 
Communications and technology
49,526

 
36,770

 
 
Industrial, utilities and energy
34,325

 
30,303

 
 
Consumer
24,779

 
20,501

 
 
Healthcare
21,364

 
17,245

 
 
Basic materials
4,717

 
3,429

 
 
Total
$
388,254

 
$
383,313

 
 
 
 
 
 
 
Schedule of Net Investment Income
The components of net investment income are as follows:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2017
 
2016
 
2015
 
 
Fixed maturity investments
$
179,624

 
$
160,661

 
$
134,800

 
 
Short term investments
11,082

 
5,127

 
1,227

 
 
Equity investments
3,628

 
4,235

 
8,346

 
 
Other investments
 
 
 
 
 
 
 
Private equity investments
33,999

 
6,155

 
9,455

 
 
Other
8,067

 
20,181

 
12,472

 
 
Cash and cash equivalents
1,196

 
788

 
467

 
 
 
237,596

 
197,147

 
166,767

 
 
Investment expenses
(15,387
)
 
(15,421
)
 
(14,200
)
 
 
Net investment income
$
222,209

 
$
181,726

 
$
152,567

 
 
 
 
 
 
 
 
 
Schedule of Net Realized and Unrealized Gains On Investments and Net Other-Than-Temporary Impairments
Net realized and unrealized gains (losses) on investments are as follows:
 
 
 
 
 
 
 
 
 
Year ended December 31,
2017
 
2016
 
2015
 
 
Gross realized gains
$
49,121

 
$
72,739

 
$
50,488

 
 
Gross realized losses
(38,832
)
 
(38,315
)
 
(53,630
)
 
 
Net realized gains (losses) on fixed maturity investments
10,289

 
34,424

 
(3,142
)
 
 
Net unrealized gains (losses) on fixed maturity investments trading
8,479

 
26,954

 
(64,908
)
 
 
Net realized and unrealized (losses) gains on investments-related derivatives
(2,490
)
 
(15,414
)
 
5,443

 
 
Net realized gains on equity investments trading
80,027

 
14,190

 
16,348

 
 
Net unrealized gains (losses) on equity investments trading
39,517

 
81,174

 
(22,659
)
 
 
Net realized and unrealized gains (losses) on investments
$
135,822

 
$
141,328

 
$
(68,918
)
 
 
 
 
 
 
 
 
 
Schedule of Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
 
 
 
 
 
 
 
At December 31,
2017
 
2016
 
 
Catastrophe bonds
$
380,475

 
$
335,209

 
 
Private equity partnerships
196,220

 
191,061

 
 
Senior secured bank loan funds
17,574

 
22,040

 
 
Hedge funds
524

 
1,495

 
 
Total other investments
$
594,793

 
$
549,805

 
 
 
 
 
 
 
Schedule of Equity Method Investments
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
 
At December 31,
Investment
 
Ownership %
 
Carrying  Value
 
Investment
 
Ownership %
 
Carrying  Value
 
 
THIG
$
50,000

 
25.0
%
 
$
20,856

 
$
50,000

 
25.0
%
 
$
19,286

 
 
Tower Hill
10,000

 
33.3
%
 
14,917

 
10,000

 
32.3
%
 
21,590

 
 
Tower Hill Re
4,250

 
25.0
%
 
—

 
4,250

 
25.0
%
 
2,903

 
 
Tower Hill Signature
500

 
25.0
%
 
6,394

 
500

 
25.0
%
 
9,085

 
 
Total Tower Hill Companies
64,750

 
 
 
42,167

 
64,750

 
 
 
52,864

 
 
Top Layer Re
65,375

 
50.0
%
 
50,211

 
65,375

 
50.0
%
 
60,360

 
 
Other
13,650

 
40.4
%
 
9,596

 
23,923

 
41.8
%
 
11,003

 
 
Total investments in other ventures, under equity method
$
143,775

 
 
 
$
101,974

 
$
154,048

 
 
 
$
124,227

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
2017
 
2016
 
2015
 
 
Top Layer Re
$
9,851

 
$
(8,576
)
 
$
8,026

 
 
Tower Hill Companies
(1,647
)
 
10,379

 
13,116

 
 
Other
(174
)
 
(840
)
 
(661
)
 
 
Total equity in earnings of other ventures
$
8,030

 
$
963

 
$
20,481