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Investments
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
June 30,
2021		December 31,
2020
U.S. treasuries$6,327,895 $4,960,409 
Agencies325,051 368,032 
Non-U.S. government508,320 491,531 
Non-U.S. government-backed corporate396,966 338,014 
Corporate3,387,433 4,261,025 
Agency mortgage-backed703,757 1,113,792 
Non-agency mortgage-backed260,432 291,444 
Commercial mortgage-backed588,262 791,272 
Asset-backed920,273 890,984 
Total fixed maturity investments trading$13,418,389 $13,506,503 
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, 2021Amortized 
Cost		Fair Value
Due in less than one year
$361,912 $365,154 
Due after one through five years
6,135,329 6,191,724 
Due after five through ten years
4,041,811 4,060,205 
Due after ten years
318,245 328,582 
Mortgage-backed
1,528,338 1,552,451 
Asset-backed918,220 920,273 
Total
$13,303,855 $13,418,389 
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
June 30,
2021		December 31,
2020
Financials$227,257 $452,765 
Communications and technology93,458 119,592 
Consumer58,699 44,477 
Industrial, utilities and energy32,891 43,380 
Healthcare32,041 35,140 
Basic materials6,051 7,263 
Exchange traded funds126,693 — 
Total$577,090 $702,617 
Pledged Investments
At June 30, 2021, $8.6 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 (December 31, 2020 - $8.1 billion). Of this amount, $2.0 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2020 - $2.5 billion).
Reverse Repurchase Agreements
At June 30, 2021, the Company held $77.8 million (December 31, 2020 - $126.5 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:
Three months endedSix months ended
June 30,
2021		June 30,
2020		June 30,
2021		June 30,
2020
Fixed maturity investments$59,510 $69,943 $122,443 $143,281 
Short term investments782 6,049 1,355 18,141 
Equity investments1,626 1,666 3,117 3,217 
Other investments
Catastrophe bonds16,681 13,519 31,149 27,658 
Other9,339 1,107 13,140 2,736 
Cash and cash equivalents159 837 261 2,341 
 88,097 93,121 171,465 197,374 
Investment expenses(7,172)(3,816)(10,736)(8,596)
Net investment income$80,925 $89,305 $160,729 $188,778 

Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2021		June 30,
2020		June 30,
2021		June 30,
2020
Net realized gains on fixed maturity investments trading
$33,161 $105,849 $53,559 $163,336 
Net unrealized gains (losses) on fixed maturity investments trading64,015 197,678 (233,003)177,333 
Net realized and unrealized gains (losses) on fixed maturity investments trading97,176 303,527 (179,444)340,669 
Net realized and unrealized (losses) gains on investments-related derivatives(9,329)24,372 5,532 57,553 
Net realized gains (losses) on equity investments trading
93,411 422 203,298 (14,625)
Net unrealized (losses) gains on equity investments trading(27,845)107,896 (205,654)1,959 
Net realized and unrealized gains (losses) on equity investments trading65,566 108,318 (2,356)(12,666)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds2 4,452 (19,081)(9,900)
Net realized and unrealized gains (losses) on other investments - other
37,603 7,721 40,804 (37,973)
Net realized and unrealized gains (losses) on investments$191,018 $448,390 $(154,545)$337,683