Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Fixed Maturity and Equity 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
Agencies	366,752		361,684

Non-U.S. government	450,590		549,613


Corporate (1)	3,901,805		3,689,286

Residential mortgage-backed	902,508		955,301
Commercial mortgage-backed	443,070		634,925
Asset-backed	1,007,863		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.

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
Financials	101,119		146,615
Equity exchange traded funds	89,054		114,919
Communications and technology	34,294		82,444
Consumer	22,880		51,083
Healthcare	15,130		28,796
Industrial, utilities and energy	14,798		26,645
Basic materials	2,371		5,092
Total	$	692,747	$	546,016

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.




June 30, 2022	Amortized 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-backed	1,048,657		1,007,863
Total	$	13,749,254	$	13,085,367

Schedule of Net Investment Income

The components of net investment income are as follows:



	Three months ended				Six 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 investments	4,397		782		5,533		1,355
Equity investments trading	4,516		1,626		7,270		3,117
Other investments
Catastrophe bonds	20,235		16,681		37,595		31,149
Other	6,894		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

Schedule of Net Realized and Unrealized Gains (Losses)

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



	Three months ended				Six 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 period	35,592		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.