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Investments (Tables)
6 Months Ended
Jun. 30, 2020
Investments [Abstract]  
Schedule of Fair Value of Fixed Maturity and Equity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
June 30,
2020
December 31,
2019
U.S. treasuries$4,258,675  $4,467,345  
Agencies505,038  343,031  
Non-U.S. government584,206  497,392  
Non-U.S. government-backed corporate314,833  321,356  
Corporate4,428,553  3,075,660  
Agency mortgage-backed985,851  1,148,499  
Non-agency mortgage-backed276,300  294,604  
Commercial mortgage-backed591,238  468,698  
Asset-backed550,441  555,070  
Total fixed maturity investments trading$12,495,135  $11,171,655  
The following table summarizes the fair value of equity investments trading:
June 30,
2020
December 31,
2019
Financials$228,710  $248,189  
Communications and technology114,650  79,206  
Consumer44,057  35,987  
Industrial, utilities and energy38,625  38,583  
Healthcare37,449  29,510  
Basic materials6,596  5,456  
Total$470,087  $436,931  
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, 2020Amortized 
Cost
Fair Value
Due in less than one year
$632,668  $638,686  
Due after one through five years
5,388,088  5,513,103  
Due after five through ten years
3,185,015  3,312,749  
Due after ten years
602,473  626,768  
Mortgage-backed
1,820,084  1,853,388  
Asset-backed560,179  550,441  
Total
$12,188,507  $12,495,135  
Schedule of Net Investment Income
The components of net investment income are as follows:
Three months endedSix months ended
June 30,
2020
June 30,
2019
June 30,
2020
June 30,
2019
Fixed maturity investments$69,943  $88,106  $143,281  $149,589  
Short term investments6,049  17,807  18,141  29,651  
Equity investments1,666  916  3,217  1,943  
Other investments
Catastrophe bonds13,519  11,781  27,658  20,472  
Other1,107  1,914  2,736  3,554  
Cash and cash equivalents837  2,306  2,341  3,823  
 93,121  122,830  197,374  209,032  
Investment expenses(3,816) (4,242) (8,596) (8,350) 
Net investment income$89,305  $118,588  $188,778  $200,682  
Schedule of Net Realized and Unrealized Gains (Losses)
Net realized and unrealized gains on investments are as follows:
Three months endedSix months ended
June 30,
2020
June 30,
2019
June 30,
2020
June 30,
2019
Net realized gains on fixed maturity investments trading
$105,849  $21,295  $163,336  $22,725  
Net unrealized gains on fixed maturity investments trading
197,678  121,991  177,333  225,913  
Net realized and unrealized gains on fixed maturity investments trading
303,527  143,286  340,669  248,638  
Net realized and unrealized gains on investments-related derivatives
24,372  37,173  57,553  50,969  
Net realized gains (losses) on equity investments trading
422  31,899  (14,625) 30,738  
Net unrealized gains (losses) on equity investments trading
107,896  (18,355) 1,959  34,303  
Net realized and unrealized gains (losses) on equity investments trading
108,318  13,544  (12,666) 65,041  
Net realized and unrealized gains (losses) on other investments - catastrophe bonds
4,452  (11,902) (9,900) (14,112) 
Net realized and unrealized gains (losses) on other investments - other
7,721  9,146  (37,973) 10,724  
Net realized and unrealized gains on investments
$448,390  $191,247  $337,683  $361,260