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Investments
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
At December 31.20202019
U.S. treasuries$4,960,409 $4,467,345 
Agencies368,032 343,031 
Non-U.S. government491,531 497,392 
Non-U.S. government-backed corporate338,014 321,356 
Corporate4,261,025 3,075,660 
Agency mortgage-backed1,113,792 1,148,499 
Non-agency mortgage-backed291,444 294,604 
Commercial mortgage-backed791,272 468,698 
Asset-backed890,984 555,070 
Total fixed maturity investments trading$13,506,503 $11,171,655 
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, 2020Amortized 
Cost		Fair Value
Due in less than one year
$632,368 $637,418 
Due after one through five years
5,265,502 5,391,122 
Due after five through ten years
3,674,901 3,806,564 
Due after ten years
549,661 583,908 
Mortgage-backed
2,145,366 2,196,507 
Asset-backed887,237 890,984 
Total
$13,155,035 $13,506,503 
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
At December 31.20202019
Financials$452,765 $248,189 
Communications and technology119,592 79,206 
Consumer44,477 35,987 
Industrial, utilities and energy43,380 38,583 
Healthcare35,140 29,510 
Basic materials7,263 5,456 
Total
$702,617 $436,931 
Pledged Investments
At December 31, 2020, $8.1 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (2019 - $7.0 billion). Of this amount, $2.5 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (2019 - $2.0 billion).
Reverse Repurchase Agreements
At December 31, 2020, the Company held $126.5 million (2019 - $57.6 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.
Net Investment Income
The components of net investment income are as follows:
Year ended December 31,202020192018
Fixed maturity investments$278,215 $318,503 $211,973 
Short term investments20,799 56,264 33,571 
Equity investments6,404 4,808 4,474 
Other investments
Catastrophe bonds54,784 46,154 31,051 
Other9,417 8,447 — 
Cash and cash equivalents2,974 7,676 3,810 
 372,593 441,852 284,879 
Investment expenses(18,555)(17,645)(14,914)
Net investment income$354,038 $424,207 $269,965 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Year ended December 31,202020192018
Net realized gains (losses) on fixed maturity investments276,901 90,260 (69,814)
Net unrealized gains (losses) on fixed maturity investments trading
216,859 170,183 (57,310)
Net realized and unrealized gains (loss) on fixed maturity investments trading493,760 260,443 (127,124)
Net realized and unrealized gains (losses) on investments-related derivatives68,608 58,891 (8,784)
Net realized gains on equity investments trading sold during the period
3,532 31,062 27,739 
Net unrealized gains (losses) on equity investments trading still held at reporting date
262,064 64,087 (66,900)
Net realized and unrealized gains (losses) on equity investments trading
265,596 95,149 (39,161)
Net realized and unrealized losses on other investments - catastrophe bonds(7,031)(9,392)(8,668)
Net realized and unrealized (losses) gains on other investments - other(297)9,018 569 
Net realized and unrealized gains (losses) on investments$820,636 $414,109 $(183,168)
Other Investments
The table below shows the fair value of the Company’s portfolio of other investments:
At December 31,20202019
Catastrophe bonds$881,290 $781,641 
Private equity investments345,501 271,047 
Senior secured bank loan funds19,604 22,598 
Hedge funds10,553 12,091 
Total other investments$1,256,948 $1,087,377 
Included in net realized and unrealized gains on investments for 2020 is a loss of $2.4 million (2019 - loss of $5.5 million, 2018 - income of $0.3 million) representing the change in estimate during the period related to the difference between the Company’s estimated fair value due to the lag in reporting, as discussed in “Note 2. Significant Accounting Policies,” and the actual amount as reported in the final net asset values provided by the Company’s fund managers.
The Company has committed capital to private equity investments, other investments and investments in other ventures of $1.8 billion, of which $809.0 million has been contributed at December 31, 2020. The Company’s remaining commitments to these investments at December 31, 2020 totaled $1.0 billion. In the future, the Company may enter into additional commitments in respect of private equity investments or individual portfolio company investment opportunities.
Investments in Other Ventures, under Equity Method
The table below shows the Company’s portfolio of investments in other ventures, under equity method:
20202019
At December 31,Ownership %Carrying  ValueOwnership %Carrying  Value
Tower Hill Companies (1)
2.0% - 25.0%
30,470 
2.0% - 25.0%
36,779 
Top Layer Re50.0%26,958 50.0%35,363 
Other25.0%40,945 26.6%34,407 
Total investments in other ventures, under equity method$98,373 $106,549 
(1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc. and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”).
The table below shows the Company’s equity in earnings of other ventures, under equity method:
Year ended December 31,202020192018
Top Layer Re$9,595 $8,801 $8,852 
Tower Hill Companies3,104 10,337 9,605 
Other4,495 4,086 17 
Total equity in earnings of other ventures, under equity method$17,194 $23,224 $18,474 
During 2020, the Company received $30.0 million of distributions from its investments in other ventures, under equity method (2019 – $36.5 million, 2018 – $26.1 million). Losses from the Company’s investments in other ventures, under equity method, net of distributions received, were $1.6 million at December 31, 2020 (2019 - losses of $0.8 million, 2018 - earnings of $3.8 million). Except for Top Layer Re, which is recorded on a current quarter basis, the equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears.