INVESTMENTS (Tables)

9 Months Ended

Sep. 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:



	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.

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

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.




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

Schedule of 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

Schedule of Net Realized and Unrealized Gains (Losses)

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.