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Investments
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
June 30,
2022		December 31,
2021
U.S. treasuries$6,012,779 $6,247,779 
Agencies366,752 361,684 
Non-U.S. government450,590 549,613 
Corporate (1)
3,901,805 3,689,286 
Residential mortgage-backed902,508 955,301 
Commercial mortgage-backed443,070 634,925 
Asset-backed1,007,863 1,068,543 
Total fixed maturity investments trading$13,085,367 $13,507,131 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate 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.
June 30, 2022Amortized 
Cost		Fair Value
Due in less than one year
$466,719 $458,871 
Due after one through five years
6,996,959 6,771,940 
Due after five through ten years
3,543,454 3,271,012 
Due after ten years
271,530 230,103 
Mortgage-backed
1,421,935 1,345,578 
Asset-backed1,048,657 1,007,863 
Total
$13,749,254 $13,085,367 
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
June 30,
2022		December 31,
2021
Fixed income exchange traded funds$413,101 $90,422 
Financials101,119 146,615 
Equity exchange traded funds89,054 114,919 
Communications and technology34,294 82,444 
Consumer22,880 51,083 
Healthcare15,130 28,796 
Industrial, utilities and energy14,798 26,645 
Basic materials2,371 5,092 
Total$692,747 $546,016 
Pledged Investments
At June 30, 2022, $7.7 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, 2021 - $8.7 billion). Of this amount, $1.2 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2021 - $1.8 billion). The reduction in pledged assets relates to the release of excess regulatory collateral.
Reverse Repurchase Agreements
At June 30, 2022, the Company held $39.6 million (December 31, 2021 - $5.1 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,
2022		June 30,
2021		June 30,
2022		June 30,
2021
Fixed maturity investments trading$76,547 $59,510 $138,964 $122,443 
Short term investments4,397 782 5,533 1,355 
Equity investments trading4,516 1,626 7,270 3,117 
Other investments
Catastrophe bonds20,235 16,681 37,595 31,149 
Other6,894 9,339 12,446 13,140 
Cash and cash equivalents(95)159 (136)261 
 112,494 88,097 201,672 171,465 
Investment expenses(5,283)(7,172)(10,770)(10,736)
Net investment income$107,211 $80,925 $190,902 $160,729 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2022		June 30,
2021		June 30,
2022		June 30,
2021
Net realized gains (losses) on fixed maturity investments trading$(287,154)$33,161 $(408,306)$53,559 
Net unrealized gains (losses) on fixed maturity investments trading(149,820)64,015 (613,997)(233,003)
Net realized and unrealized gains (losses) on fixed maturity investments trading(436,974)97,176 (1,022,303)(179,444)
Net realized and unrealized gains (losses) on investments-related derivatives(66,078)(9,329)(106,366)5,532 
Net realized gains (losses) on equity investments trading sold during the period35,592 93,411 35,572 203,298 
Net unrealized gains (losses) on equity investments trading still held at reporting date(127,104)(27,845)(175,773)(205,654)
Net realized and unrealized gains (losses) on equity investments trading(91,512)65,566 (140,201)(2,356)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(24,660)2 (32,921)(19,081)
Net realized and unrealized gains (losses) on other investments - other
(34,883)37,603 (25,333)40,804 
Net realized and unrealized gains (losses) on investments$(654,107)$191,018 $(1,327,124)$(154,545)
(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 13. Derivative Instruments” for additional information.