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Investments (Tables)

12 Months Ended

Dec. 31, 2021

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.			2021						2020
			U.S. treasuries			$	6,247,779					$	4,960,409
			Agencies			361,684						368,032
			Non-U.S. government			549,613						491,531
			Non-U.S. government-backed corporate			474,848						338,014
			Corporate			3,214,438						4,261,025
			Agency mortgage-backed			721,955						1,113,792
			Non-agency mortgage-backed			233,346						291,444
			Commercial mortgage-backed			634,925						791,272
			Asset-backed			1,068,543						890,984
			Total fixed maturity investments trading			$	13,507,131					$	13,506,503

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

			At December 31.			2021						2020
			Financials			$	146,615					$	452,765
			Communications and technology			82,444						119,592
			Consumer			51,083						44,477
			Industrial, utilities and energy			26,645						43,380
			Healthcare			28,796						35,140
			Basic materials			5,092						7,263
			Equity exchange traded funds			114,919						—
			Fixed income exchange traded funds			90,422						—
			Total			$	546,016					$	702,617

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, 2021			Amortized  Cost						Fair Value
			Due in less than one year			$	363,795					$	365,418
			Due after one through five years			6,317,351						6,297,063
			Due after five through ten years			3,911,221						3,877,715
			Due after ten years			306,123						308,166
			Mortgage-backed			1,584,871						1,590,226
			Asset-backed			1,069,218						1,068,543
			Total			$	13,552,579					$	13,507,131

Schedule of Net Investment Income

The components of net investment income are as follows:

			Year ended December 31,			2021						2020						2019
			Fixed maturity investments			$	234,911					$	278,215					$	318,503
			Short term investments			2,333						20,799						56,264
			Equity investments			9,017						6,404						4,808
			Other investments
			Catastrophe bonds			64,860						54,784						46,154
			Other			28,811						9,417						8,447
			Cash and cash equivalents			297						2,974						7,676
						340,229						372,593						441,852
			Investment expenses			(20,750)						(18,555)						(17,645)
			Net investment income			$	319,479					$	354,038					$	424,207

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,			2021						2020						2019
			Net realized gains (losses) on fixed maturity investments			$	79,588					$	276,901					$	90,260
			Net unrealized gains (losses) on fixed maturity investments trading			(389,376)						216,859						170,183
			Net realized and unrealized gains (loss) on fixed maturity investments trading			(309,788)						493,760						260,443
			Net realized and unrealized gains (losses) on investments-related derivatives (1)			(12,237)						68,608						58,891
			Net realized gains (losses) on equity investments trading sold during the period			335,491						3,532						31,062
			Net unrealized gains (losses) on equity investments trading still held at reporting date			(285,882)						262,064						64,087
			Net realized and unrealized gains (losses) on equity investments trading			49,609						265,596						95,149
			Net realized and unrealized gains (losses) on other investments - catastrophe bonds			(35,033)						(7,031)						(9,392)
			Net realized and unrealized gains (losses) on other investments - other			89,315						(297)						9,018
			Net realized and unrealized gains (losses) on investments			$	(218,134)					$	820,636					$	414,109

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information.

Schedule of Other Investments

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

			At December 31,			2021						2020
			Catastrophe bonds			$	1,104,034					$	881,290
			Direct private equity investments			88,373						79,807
			Fund investments			725,802						295,851
			Term loans			74,850						—
			Total other investments			$	1,993,059					$	1,256,948

Schedule of Equity Method Investments

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

												2021																		2020
			At December 31,									Ownership %						Carrying  Value												Ownership %						Carrying  Value
			Tower Hill Companies (1)									2.0% - 25.0%						25,575												2.0% - 25.0%						30,470
			Top Layer Re									50.0%						25,903												50.0%						26,958
			Other									22.4%						46,590												25.0%						40,945
			Total investments in other ventures, under equity method															$	98,068																	$	98,373

(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., Tower Hill Risk Management LLC 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,			2021						2020						2019
			Top Layer Re			$	8,286					$	9,595					$	8,801
			Tower Hill Companies			(2,073)						3,104						10,337
			Other			6,096						4,495						4,086
			Total equity in earnings of other ventures, under equity method			$	12,309					$	17,194					$	23,224

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