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INVESTMENTS | 9 Months Ended
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Sep. 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:
|  | September 30, 2022 |  | December 31, 2021 |
| U.S. treasuries | $ | 5,745,880 |  |  | $ | 6,247,779 |  |
| Corporate (1) | 4,121,508 |  |  | 3,689,286 |  |
| Agencies | 375,894 |  |  | 361,684 |  |
| Non-U.S. government | 443,869 |  |  | 549,613 |  |
| Residential mortgage-backed | 698,496 |  |  | 955,301 |  |
| Commercial mortgage-backed | 257,827 |  |  | 634,925 |  |
| Asset-backed | 1,027,624 |  |  | 1,068,543 |  |
| Total fixed maturity investments trading | $ | 12,671,098 |  |  | $ | 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.
| September 30, 2022 | Amortized Cost |  | Fair Value |  |  |  |  |  |  |  |  |
| Due in less than one year | $ | 337,425 |  |  | $ | 328,786 |  |  |  |  |  |  |  |  |  |
| Due after one through five years | 6,991,948 |  |  | 6,686,265 |  |  |  |  |  |  |  |  |  |
| Due after five through ten years | 3,780,666 |  |  | 3,422,228 |  |  |  |  |  |  |  |  |  |
| Due after ten years | 306,958 |  |  | 249,872 |  |  |  |  |  |  |  |  |  |
| Mortgage-backed | 1,056,708 |  |  | 956,323 |  |  |  |  |  |  |  |  |  |
| Asset-backed | 1,081,490 |  |  | 1,027,624 |  |  |  |  |  |  |  |  |  |
| Total | $ | 13,555,195 |  |  | $ | 12,671,098 |  |  |  |  |  |  |  |  |  |
Equity Investments Trading The following table summarizes the fair value of equity investments trading:
|  | September 30, 2022 |  | December 31, 2021 |
| Fixed income exchange traded funds | $ | 394,851 |  |  | $ | 90,422 |  |
| Financials | 97,410 |  |  | 146,615 |  |
| Equity exchange traded funds | 331,190 |  |  | 114,919 |  |
| Communications and technology | 46,975 |  |  | 82,444 |  |
| Consumer | 33,938 |  |  | 51,083 |  |
| Healthcare | 21,375 |  |  | 28,796 |  |
| Industrial, utilities and energy | 21,444 |  |  | 26,645 |  |
| Basic materials | 3,210 |  |  | 5,092 |  |
| Total | $ | 950,393 |  |  | $ | 546,016 |  |
Pledged Investments At September 30, 2022, $7.9 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 September 30, 2022, the Company held $323.2 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 ended |  | Nine months ended |
|  | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021 |
| Fixed maturity investments trading | $ | 107,182 |  |  | $ | 56,825 |  |  | $ | 246,146 |  |  | $ | 179,268 |  |
| Short term investments | 11,601 |  |  | 514 |  |  | 17,134 |  |  | 1,869 |  |
| Equity investments trading | 6,120 |  |  | 1,823 |  |  | 13,390 |  |  | 4,940 |  |
| Other investments |  |  |  |  |  |  |  |
| Catastrophe bonds | 25,748 |  |  | 17,184 |  |  | 63,343 |  |  | 48,333 |  |
| Other | 11,258 |  |  | 7,571 |  |  | 23,704 |  |  | 20,711 |  |
| Cash and cash equivalents | 1,386 |  |  | (38) |  |  | 1,250 |  |  | 223 |  |
|  | 163,295 |  |  | 83,879 |  |  | 364,967 |  |  | 255,344 |  |
| Investment expenses | (5,502) |  |  | (5,612) |  |  | (16,272) |  |  | (16,348) |  |
| Net investment income | $ | 157,793 |  |  | $ | 78,267 |  |  | $ | 348,695 |  |  | $ | 238,996 |  |
Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows:
|  | Three months ended |  | Nine months ended |
|  | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021 |
| Net realized gains (losses) on fixed maturity investments trading | $ | (213,493) |  |  | $ | 27,501 |  |  | $ | (621,799) |  |  | $ | 81,060 |  |
| Net unrealized gains (losses) on fixed maturity investments trading | (210,665) |  |  | (56,869) |  |  | (824,662) |  |  | (289,872) |  |
| Net realized and unrealized gains (losses) on fixed maturity investments trading | (424,158) |  |  | (29,368) |  |  | (1,446,461) |  |  | (208,812) |  |
| Net realized and unrealized gains (losses) on investments-related derivatives | (55,580) |  |  | (2,056) |  |  | (161,946) |  |  | 3,476 |  |
| Net realized gains (losses) on equity investments trading | 3,066 |  |  | 52,604 |  |  | 38,638 |  |  | 255,902 |  |
| Net unrealized gains (losses) on equity investments trading | (46,301) |  |  | (74,284) |  |  | (222,074) |  |  | (279,938) |  |
| Net realized and unrealized gains (losses) on equity investments trading | (43,235) |  |  | (21,680) |  |  | (183,436) |  |  | (24,036) |  |
| Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (126,992) |  |  | (5,994) |  |  | (159,913) |  |  | (25,075) |  |
| Net realized and unrealized gains (losses) on other investments - other | 8,465 |  |  | 17,027 |  |  | (16,868) |  |  | 57,831 |  |
| Net realized and unrealized gains (losses) on investments | $ | (641,500) |  |  | $ | (42,071) |  |  | $ | (1,968,624) |  |  | $ | (196,616) |  |
(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.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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