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Investments
 9 Months Ended
Sep. 30, 2021
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
September 30,
2021		December 31,
2020
U.S. treasuries$6,730,967 $4,960,409 
Agencies297,057 368,032 
Non-U.S. government495,243 491,531 
Non-U.S. government-backed corporate409,322 338,014 
Corporate3,346,556 4,261,025 
Agency mortgage-backed754,118 1,113,792 
Non-agency mortgage-backed243,654 291,444 
Commercial mortgage-backed621,153 791,272 
Asset-backed941,178 890,984 
Total fixed maturity investments trading$13,839,248 $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.
September 30, 2021Amortized 
Cost		Fair Value
Due in less than one year
$386,699 $388,647 
Due after one through five years
6,501,760 6,540,886 
Due after five through ten years
4,012,242 4,003,465 
Due after ten years
342,378 346,146 
Mortgage-backed
1,603,160 1,618,926 
Asset-backed939,634 941,178 
Total
$13,785,873 $13,839,248 
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
September 30,
2021		December 31,
2020
Financials$153,661 $452,765 
Communications and technology92,993 119,592 
Consumer58,241 44,477 
Industrial, utilities and energy32,231 43,380 
Healthcare32,899 35,140 
Basic materials5,821 7,263 
Exchange traded funds151,993 — 
Total$527,839 $702,617 
Pledged Investments
At September 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 September 30, 2021, the Company held $34.6 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 endedNine months ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Fixed maturity investments$56,825 $68,022 $179,268 $211,303 
Short term investments514 1,611 1,869 19,752 
Equity investments1,823 1,559 4,940 4,776 
Other investments
Catastrophe bonds17,184 13,626 48,333 41,284 
Other7,571 2,598 20,711 5,334 
Cash and cash equivalents(38)441 223 2,782 
 83,879 87,857 255,344 285,231 
Investment expenses(5,612)(4,314)(16,348)(12,910)
Net investment income$78,267 $83,543 $238,996 $272,321 
Net Realized and Unrealized (Losses) Gains on Investments
Net realized and unrealized (losses) gains on investments are as follows:
Three months endedNine months ended
September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Net realized gains on fixed maturity investments trading
$27,501 $55,665 $81,060 $219,001 
Net unrealized (losses) gains on fixed maturity investments trading(56,869)16,316 (289,872)193,649 
Net realized and unrealized (losses) gains on fixed maturity investments trading(29,368)71,981 (208,812)412,650 
Net realized and unrealized (losses) gains on investments-related derivatives(2,056)2,033 3,476 59,586 
Net realized gains on equity investments trading52,604 16,624 255,902 1,999 
Net unrealized (losses) gains on equity investments trading(74,284)107,332 (279,938)109,291 
Net realized and unrealized (losses) gains on equity investments trading(21,680)123,956 (24,036)111,290 
Net realized and unrealized (losses) gains on other investments - catastrophe bonds(5,994)12,611 (25,075)2,711 
Net realized and unrealized gains (losses) on other investments - other
17,027 13,627 57,831 (24,346)
Net realized and unrealized (losses) gains on investments$(42,071)$224,208 $(196,616)$561,891