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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Schedule of Fair Value of Fixed Maturity Investments Trading

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

			At December 31.			2020						2019
			U.S. treasuries			$	4,960,409					$	4,467,345
			Agencies			368,032						343,031
			Non-U.S. government			491,531						497,392
			Non-U.S. government-backed corporate			338,014						321,356
			Corporate			4,261,025						3,075,660
			Agency mortgage-backed			1,113,792						1,148,499
			Non-agency mortgage-backed			291,444						294,604
			Commercial mortgage-backed			791,272						468,698
			Asset-backed			890,984						555,070
			Total fixed maturity investments trading			$	13,506,503					$	11,171,655

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

			At December 31.			2020						2019
			Financials			$	452,765					$	248,189
			Communications and technology			119,592						79,206
			Consumer			44,477						35,987
			Industrial, utilities and energy			43,380						38,583
			Healthcare			35,140						29,510
			Basic materials			7,263						5,456
			Total			$	702,617					$	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.

			At December 31, 2020			Amortized  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-backed			887,237						890,984
			Total			$	13,155,035					$	13,506,503

Schedule of Net Investment Income

The components of net investment income are as follows:

			Year ended December 31,			2020						2019						2018
			Fixed maturity investments			$	278,215					$	318,503					$	211,973
			Short term investments			20,799						56,264						33,571
			Equity investments			6,404						4,808						4,474
			Other investments
			Catastrophe bonds			54,784						46,154						31,051
			Other			9,417						8,447						—
			Cash and cash equivalents			2,974						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

Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments

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

			Year ended December 31,			2020						2019						2018
			Net realized gains (losses) on fixed maturity investments			276,901						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 trading			493,760						260,443						(127,124)
			Net realized and unrealized gains (losses) on investments-related derivatives			68,608						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)

Schedule of Other Investments

The table below shows the fair value of the Company’s portfolio of other investments:

			At December 31,			2020						2019
			Catastrophe bonds			$	881,290					$	781,641
			Private equity investments			345,501						271,047
			Senior secured bank loan funds			19,604						22,598
			Hedge funds			10,553						12,091
			Total other investments			$	1,256,948					$	1,087,377

Schedule of Equity Method Investments

The table below shows the Company’s portfolio of investments in other ventures, under equity method:

												2020																		2019
			At December 31,									Ownership %						Carrying  Value												Ownership %						Carrying  Value
			Tower Hill Companies (1)									2.0% - 25.0%						30,470												2.0% - 25.0%						36,779
			Top Layer Re									50.0%						26,958												50.0%						35,363
			Other									25.0%						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”).

Schedule of Equity In Earnings of Equity Method Investments

The table below shows the Company’s equity in earnings of other ventures, under equity method:

			Year ended December 31,			2020						2019						2018
			Top Layer Re			$	9,595					$	8,801					$	8,852
			Tower Hill Companies			3,104						10,337						9,605
			Other			4,495						4,086						17
			Total equity in earnings of other ventures, under equity method			$	17,194					$	23,224					$	18,474

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