Investments (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Fair Value of Fixed Maturity and Equity Investments Trading

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




	September 30, 2019		December 31, 2018
Financials	$	207,073	$	200,357
Communications and technology	70,057		42,333
Industrial, utilities and energy	36,703		24,520
Consumer	34,384		20,639
Healthcare	26,051		18,925
Basic materials	5,154		3,478
Total	$	379,422	$	310,252

The following table summarizes the fair value of fixed maturity investments trading:




	September 30, 2019		December 31, 2018
U.S. treasuries	$	4,314,006	$	3,331,411
Agencies	507,903		174,883
Municipal	1,629		6,854
Non-U.S. government	379,154		279,818
Non-U.S. government-backed corporate	263,170		160,063
Corporate	3,453,222		2,450,244
Agency mortgage-backed	1,248,722		817,880
Non-agency mortgage-backed	261,850		278,680
Commercial mortgage-backed	406,268		282,294
Asset-backed	550,304		306,743
Total fixed maturity investments trading	$	11,386,228	$	8,088,870

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.




September 30, 2019	Amortized Cost		Fair Value
Due in less than one year	$	605,595	$	603,806
Due after one through five years	5,820,074		5,893,946
Due after five through ten years	2,170,132		2,232,264
Due after ten years	179,147		189,068
Mortgage-backed	1,888,719		1,916,840
Asset-backed	550,727		550,304
Total	$	11,214,394	$	11,386,228

Schedule of Net Investment Income

The components of net investment income are as follows:




	Three months ended						Nine months ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Fixed maturity investments	$	82,977		$	55,725		$	232,566		$	151,784
Short term investments	15,061			9,403			44,712			22,340
Equity investments	1,326			903			3,269			3,091
Other investments
Private equity investments	(4,597		)	8,723			8,166			12,149
Other	22,538			8,665			30,413			27,346
Cash and cash equivalents	1,978			1,104			5,801			2,708
	119,283			84,523			324,927			219,418
Investment expenses	(5,439		)	(3,827		)	(13,789		)	(10,890		)
Net investment income	$	113,844		$	80,696		$	311,138		$	208,528

Schedule of Net Realized and Unrealized Gains (Losses)

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




	Three months ended						Nine months ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Gross realized gains	$	34,710		$	5,229		$	87,595		$	14,945
Gross realized losses	(4,609		)	(15,327		)	(34,769		)	(67,699		)
Net realized gains (losses) on fixed maturity investments	30,101			(10,098		)	52,826			(52,754		)
Net unrealized gains (losses) on fixed maturity investments trading	17,226			(8,730		)	243,139			(73,522		)
Net realized and unrealized gains (losses) on investments-related derivatives	11,134			2,563			62,103			(763		)
Net realized (losses) gains on equity investments trading sold during the period	(72		)	21,259			30,666			21,841
Net unrealized (losses) gains on equity investments trading still held at reporting date	(26,451		)	8,636			7,852			18,783
Net realized and unrealized (losses) gains on equity investments trading	(26,523		)	29,895			38,518			40,624
Net realized and unrealized gains (losses) on investments	$	31,938		$	13,630		$	396,586		$	(86,415	)