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Investments (Tables)
9 Months Ended
Sep. 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:
September 30,
2020
December 31,
2019
U.S. treasuries$4,350,971 $4,467,345 
Agencies437,681 343,031 
Non-U.S. government568,960 497,392 
Non-U.S. government-backed corporate401,449 321,356 
Corporate4,655,765 3,075,660 
Agency mortgage-backed1,086,474 1,148,499 
Non-agency mortgage-backed293,953 294,604 
Commercial mortgage-backed788,995 468,698 
Asset-backed807,070 555,070 
Total fixed maturity investments trading$13,391,318 $11,171,655 
The following table summarizes the fair value of equity investments trading:
September 30,
2020
December 31,
2019
Financials$323,516 $248,189 
Communications and technology108,782 79,206 
Consumer41,442 35,987 
Industrial, utilities and energy33,968 38,583 
Healthcare33,314 29,510 
Basic materials6,359 5,456 
Total$547,381 $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.
September 30, 2020Amortized 
Cost
Fair Value
Due in less than one year
$617,235 $621,610 
Due after one through five years
5,622,660 5,749,128 
Due after five through ten years
3,247,152 3,374,898 
Due after ten years
650,611 669,190 
Mortgage-backed
2,124,561 2,169,422 
Asset-backed808,538 807,070 
Total
$13,070,757 $13,391,318 
Schedule of Net Investment Income
The components of net investment income are as follows:
Three months endedNine months ended
September 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Fixed maturity investments$68,022 $82,977 $211,303 $232,566 
Short term investments1,611 15,061 19,752 44,712 
Equity investments1,559 1,326 4,776 3,269 
Other investments
Catastrophe bonds13,626 12,812 41,284 33,284 
Other2,598 2,672 5,334 6,226 
Cash and cash equivalents441 1,978 2,782 5,801 
 87,857 116,826 285,231 325,858 
Investment expenses(4,314)(5,439)(12,910)(13,789)
Net investment income$83,543 $111,387 $272,321 $312,069 
Schedule of Net Realized and Unrealized Gains (Losses)
Net realized and unrealized gains on investments are as follows:
Three months endedNine months ended
September 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Net realized gains on fixed maturity investments trading
$55,665 $30,101 $219,001 $52,826 
Net unrealized gains on fixed maturity investments trading
16,316 17,226 193,649 243,139 
Net realized and unrealized gains on fixed maturity investments trading
71,981 47,327 412,650 295,965 
Net realized and unrealized gains on investments-related derivatives
2,033 11,134 59,586 62,103 
Net realized gains (losses) on equity investments trading
16,624 (72)1,999 30,666 
Net unrealized gains (losses) on equity investments trading
107,332 (26,451)109,291 7,852 
Net realized and unrealized gains (losses) on equity investments trading
123,956 (26,523)111,290 38,518 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds
12,611 9,242 2,711 (4,870)
Net realized and unrealized gains (losses) on other investments - other
13,627 (6,785)(24,346)3,939 
Net realized and unrealized gains on investments
$224,208 $34,395 $561,891 $395,655