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INVESTMENTS
 6 Months Ended
Jun. 30, 2024
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,
2024		December 31,
2023
U.S. treasuries$10,165,179 $10,060,203 
Corporate (1)
7,253,535 6,499,075 
Residential mortgage-backed1,762,405 1,420,362 
Asset-backed1,458,394 1,491,695 
Agencies568,308 489,117 
Non-U.S. government563,512 483,576 
Commercial mortgage-backed320,738 433,080 
Total fixed maturity investments trading$22,092,071 $20,877,108 
(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,
2024		December 31,
2023
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$755,556 $750,101 $587,720 $582,519 
Due after one through five years
11,319,555 11,251,057 11,439,510 11,468,263 
Due after five through ten years
6,286,705 6,216,620 5,182,667 5,188,716 
Due after ten years
362,370 332,756 307,392 292,473 
Mortgage-backed
2,148,427 2,083,143 1,864,520 1,853,442 
Asset-backed1,455,012 1,458,394 1,490,641 1,491,695 
Total$22,327,625 $22,092,071 $20,872,450 $20,877,108 
Equity Investments
The following table summarizes the fair value of equity investments:
June 30,
2024		December 31,
2023
Financials$113,306 $106,542 
Basic materials694 — 
Industrial, utilities and energy167 — 
Consumer143 212 
Communications and technology95 12 
Total$114,405 $106,766 
Pledged Investments
At June 30, 2024, $10.0 billion (December 31, 2023 - $10.5 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. Of this amount, $2.9 billion (December 31, 2023 - $2.9 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities.
Reverse Repurchase Agreements
At June 30, 2024, the Company held $101.7 million (December 31, 2023 - $159.7 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. 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,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Fixed maturity investments trading$273,900 $169,739 $531,189 $325,239 
Short term investments48,386 50,231 95,177 83,181 
Equity investments589 2,766 1,149 6,165 
Other investments
Catastrophe bonds58,436 49,522 116,685 88,353 
Other20,663 20,820 38,588 45,391 
Cash and cash equivalents15,399 4,585 30,121 8,849 
 417,373 297,663 812,909 557,178 
Investment expenses(6,528)(5,001)(11,289)(10,138)
Net investment income$410,845 $292,662 $801,620 $547,040 
Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedSix months ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net realized gains (losses) on fixed maturity investments trading$(65,813)$(74,212)$(56,017)$(178,977)
Net unrealized gains (losses) on fixed maturity investments trading(24,848)(139,793)(236,844)172,233 
Net realized and unrealized gains (losses) on fixed maturity investments trading(90,661)(214,005)(292,861)(6,744)
Net realized and unrealized gains (losses) on investment-related derivatives (1)
10,374 (65,051)(47,432)(52,889)
Net realized gains (losses) on equity investments15 (18,755)15 (27,493)
Net unrealized gains (losses) on equity investments(5,507)20,627 7,590 59,778 
Net realized and unrealized gains (losses) on equity investments(5,492)1,872 7,605 32,285 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(34,107)38,186 (15,200)62,312 
Net realized and unrealized gains (losses) on other investments - other(7,698)16,217 6,650 21,706 
Net realized and unrealized gains (losses) on investments$(127,584)$(222,781)$(341,238)$56,670 
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures and credit default swaps), equity investments related derivatives (equity futures) and commodity investments related derivatives (commodity futures and commodity options). See “Note 13. Derivative Instruments” for additional information.