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INVESTMENTS | 3 Months Ended
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Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | a) Fixed Maturities and Equities The amortized cost or cost and fair values of our fixed maturities and equities were as follows:
|  | Amortized Cost or Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Non-credit OTTI in AOCI(5) |
| At March 31, 2015 |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 1,490,502 |  |  | $ | 9,183 |  |  | $ | (5,528 | ) |  | $ | 1,494,157 |  |  | $ | — |  |
| Non-U.S. government | 932,741 |  |  | 7,041 |  |  | (66,685 | ) |  | 873,097 |  |  | — |  |
| Corporate debt | 4,549,974 |  |  | 58,133 |  |  | (73,829 | ) |  | 4,534,278 |  |  | — |  |
| Agency RMBS(1) | 2,150,598 |  |  | 51,061 |  |  | (1,416 | ) |  | 2,200,243 |  |  | — |  |
| CMBS(2) | 1,111,327 |  |  | 21,219 |  |  | (1,223 | ) |  | 1,131,323 |  |  | — |  |
| Non-Agency RMBS | 77,185 |  |  | 2,560 |  |  | (1,744 | ) |  | 78,001 |  |  | (865 | ) |
| ABS(3) | 1,500,493 |  |  | 3,438 |  |  | (8,102 | ) |  | 1,495,829 |  |  | — |  |
| Municipals(4) | 199,813 |  |  | 6,649 |  |  | (496 | ) |  | 205,966 |  |  | — |  |
| Total fixed maturities | $ | 12,012,633 |  |  | $ | 159,284 |  |  | $ | (159,023 | ) |  | $ | 12,012,894 |  |  | $ | (865 | ) |
| Equity securities |  |  |  |  |  |  |  |  |  |
| Exchange-traded funds | 453,978 |  |  | 46,224 |  |  | (2,155 | ) |  | 498,047 |  |  |  |
| Non-U.S. bond mutual funds | 118,339 |  |  | — |  |  | (15,057 | ) |  | 103,282 |  |  |  |
| Total equity securities | $ | 572,317 |  |  | $ | 46,224 |  |  | $ | (17,212 | ) |  | $ | 601,329 |  |  |  |
| At December 31, 2014 |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 1,645,068 |  |  | $ | 3,337 |  |  | $ | (28,328 | ) |  | $ | 1,620,077 |  |  | $ | — |  |
| Non-U.S. government | 1,080,601 |  |  | 7,383 |  |  | (54,441 | ) |  | 1,033,543 |  |  | — |  |
| Corporate debt | 4,386,432 |  |  | 40,972 |  |  | (66,280 | ) |  | 4,361,124 |  |  | — |  |
| Agency RMBS(1) | 2,241,581 |  |  | 40,762 |  |  | (4,235 | ) |  | 2,278,108 |  |  | — |  |
| CMBS(2) | 1,085,618 |  |  | 13,289 |  |  | (2,019 | ) |  | 1,096,888 |  |  | — |  |
| Non-Agency RMBS | 71,236 |  |  | 2,765 |  |  | (915 | ) |  | 73,086 |  |  | (889 | ) |
| ABS(3) | 1,475,026 |  |  | 2,748 |  |  | (16,188 | ) |  | 1,461,586 |  |  | — |  |
| Municipals(4) | 200,411 |  |  | 5,282 |  |  | (832 | ) |  | 204,861 |  |  | — |  |
| Total fixed maturities | $ | 12,185,973 |  |  | $ | 116,538 |  |  | $ | (173,238 | ) |  | $ | 12,129,273 |  |  | $ | (889 | ) |
| Equity securities |  |  |  |  |  |  |  |  |  |
| Exchange-traded funds | 416,063 |  |  | 43,583 |  |  | (4,756 | ) |  | 454,890 |  |  |  |
| Non-U.S. bond mutual funds | 115,585 |  |  | — |  |  | (2,768 | ) |  | 112,817 |  |  |  |
| Total equity securities | $ | 531,648 |  |  | $ | 43,583 |  |  | $ | (7,524 | ) |  | $ | 567,707 |  |  |  |
(1) | Residential mortgage-backed securities (RMBS) originated by U.S. agencies.
(2) | Commercial mortgage-backed securities (CMBS).
(3) | Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs).
(4) | Municipals include bonds issued by states, municipalities and political subdivisions.
(5) | Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.
In the normal course of investing activities, we actively manage allocations to non-controlling tranches of structured securities (variable interests) issued by VIEs. These structured securities include RMBS, CMBS and ABS and are included in the above table. Additionally, within our other investments portfolio, we also invest in limited partnerships (hedge funds) and CLO equity tranched securities, which are all variable interests issued by VIEs (see Note 3(b)). For these variable interests, we do not have the power to direct the activities that are most significant to the economic performance of the VIEs and accordingly we are not the primary beneficiary for any of these VIEs. Our maximum exposure to loss on these interests is limited to the amount of our investment. We have not provided financial or other support with respect to these structured securities other than our original investment. Contractual Maturities The contractual maturities of fixed maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  | Fair Value |  | % of Total Fair Value |
| At March 31, 2015 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 508,448 |  |  | $ | 503,179 |  |  | 4.2 | % |
| Due after one year through five years | 4,387,194 |  |  | 4,349,800 |  |  | 36.2 | % |
| Due after five years through ten years | 2,042,045 |  |  | 2,016,713 |  |  | 16.8 | % |
| Due after ten years | 235,343 |  |  | 237,806 |  |  | 2.0 | % |
|  | 7,173,030 |  |  | 7,107,498 |  |  | 59.2 | % |
| Agency RMBS | 2,150,598 |  |  | 2,200,243 |  |  | 18.3 | % |
| CMBS | 1,111,327 |  |  | 1,131,323 |  |  | 9.4 | % |
| Non-Agency RMBS | 77,185 |  |  | 78,001 |  |  | 0.6 | % |
| ABS | 1,500,493 |  |  | 1,495,829 |  |  | 12.5 | % |
| Total | $ | 12,012,633 |  |  | $ | 12,012,894 |  |  | 100.0 | % |
| At December 31, 2014 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 424,077 |  |  | $ | 423,265 |  |  | 3.5 | % |
| Due after one year through five years | 4,925,780 |  |  | 4,892,411 |  |  | 40.3 | % |
| Due after five years through ten years | 1,755,248 |  |  | 1,695,641 |  |  | 14.0 | % |
| Due after ten years | 207,407 |  |  | 208,288 |  |  | 1.7 | % |
|  | 7,312,512 |  |  | 7,219,605 |  |  | 59.5 | % |
| Agency RMBS | 2,241,581 |  |  | 2,278,108 |  |  | 18.8 | % |
| CMBS | 1,085,618 |  |  | 1,096,888 |  |  | 9.0 | % |
| Non-Agency RMBS | 71,236 |  |  | 73,086 |  |  | 0.6 | % |
| ABS | 1,475,026 |  |  | 1,461,586 |  |  | 12.1 | % |
| Total | $ | 12,185,973 |  |  | $ | 12,129,273 |  |  | 100.0 | % |
Gross Unrealized Losses The following table summarizes fixed maturities and equities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
|  | 12 months or greater |  | Less than 12 months |  | Total |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
| At March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 94,248 |  |  | $ | (4,525 | ) |  | $ | 329,487 |  |  | $ | (1,003 | ) |  | $ | 423,735 |  |  | $ | (5,528 | ) |
| Non-U.S. government | 112,581 |  |  | (31,924 | ) |  | 349,284 |  |  | (34,761 | ) |  | 461,865 |  |  | (66,685 | ) |
| Corporate debt | 53,901 |  |  | (5,679 | ) |  | 1,263,181 |  |  | (68,150 | ) |  | 1,317,082 |  |  | (73,829 | ) |
| Agency RMBS | 55,492 |  |  | (748 | ) |  | 208,699 |  |  | (668 | ) |  | 264,191 |  |  | (1,416 | ) |
| CMBS | 54,293 |  |  | (719 | ) |  | 145,716 |  |  | (504 | ) |  | 200,009 |  |  | (1,223 | ) |
| Non-Agency RMBS | 5,685 |  |  | (762 | ) |  | 17,917 |  |  | (982 | ) |  | 23,602 |  |  | (1,744 | ) |
| ABS | 449,335 |  |  | (6,367 | ) |  | 544,239 |  |  | (1,735 | ) |  | 993,574 |  |  | (8,102 | ) |
| Municipals | 14,528 |  |  | (139 | ) |  | 16,297 |  |  | (357 | ) |  | 30,825 |  |  | (496 | ) |
| Total fixed maturities | $ | 840,063 |  |  | $ | (50,863 | ) |  | $ | 2,874,820 |  |  | $ | (108,160 | ) |  | $ | 3,714,883 |  |  | $ | (159,023 | ) |
| Equity securities |  |  |  |  |  |  |  |  |  |  |  |
| Exchange-traded funds | — |  |  | — |  |  | 80,230 |  |  | (2,155 | ) |  | 80,230 |  |  | (2,155 | ) |
| Non-U.S. bond mutual funds | — |  |  | — |  |  | 103,282 |  |  | (15,057 | ) |  | 103,282 |  |  | (15,057 | ) |
| Total equity securities | $ | — |  |  | $ | — |  |  | $ | 183,512 |  |  | $ | (17,212 | ) |  | $ | 183,512 |  |  | $ | (17,212 | ) |
| At December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 388,551 |  |  | $ | (24,319 | ) |  | $ | 786,850 |  |  | $ | (4,009 | ) |  | $ | 1,175,401 |  |  | $ | (28,328 | ) |
| Non-U.S. government | 143,602 |  |  | (29,171 | ) |  | 435,670 |  |  | (25,270 | ) |  | 579,272 |  |  | (54,441 | ) |
| Corporate debt | 26,708 |  |  | (2,221 | ) |  | 2,199,672 |  |  | (64,059 | ) |  | 2,226,380 |  |  | (66,280 | ) |
| Agency RMBS | 259,914 |  |  | (3,084 | ) |  | 333,288 |  |  | (1,151 | ) |  | 593,202 |  |  | (4,235 | ) |
| CMBS | 68,624 |  |  | (925 | ) |  | 256,225 |  |  | (1,094 | ) |  | 324,849 |  |  | (2,019 | ) |
| Non-Agency RMBS | 6,689 |  |  | (613 | ) |  | 13,442 |  |  | (302 | ) |  | 20,131 |  |  | (915 | ) |
| ABS | 425,663 |  |  | (10,325 | ) |  | 750,679 |  |  | (5,863 | ) |  | 1,176,342 |  |  | (16,188 | ) |
| Municipals | 34,462 |  |  | (644 | ) |  | 25,284 |  |  | (188 | ) |  | 59,746 |  |  | (832 | ) |
| Total fixed maturities | $ | 1,354,213 |  |  | $ | (71,302 | ) |  | $ | 4,801,110 |  |  | $ | (101,936 | ) |  | $ | 6,155,323 |  |  | $ | (173,238 | ) |
| Equity securities |  |  |  |  |  |  |  |  |  |  |  |
| Exchange-traded funds | — |  |  | — |  |  | 91,275 |  |  | (4,756 | ) |  | 91,275 |  |  | (4,756 | ) |
| Non-U.S. bond mutual funds | — |  |  | — |  |  | 112,817 |  |  | (2,768 | ) |  | 112,817 |  |  | (2,768 | ) |
| Total equity securities | $ | — |  |  | $ | — |  |  | $ | 204,092 |  |  | $ | (7,524 | ) |  | $ | 204,092 |  |  | $ | (7,524 | ) |
Fixed Maturities At March 31, 2015, 1,004 fixed maturities (2014: 1,388) were in an unrealized loss position of $159 million (2014: $173 million), of which $17 million (2014: $36 million) was related to securities below investment grade or not rated. At March 31, 2015, 180 (2014: 223) securities had been in a continuous unrealized loss position for 12 months or greater and had a fair value of $840 million (2014: $1,354 million). Following our credit impairment review, we concluded that these securities as well as the remaining securities in an unrealized loss position in the above table were temporarily impaired at March 31, 2015, and were expected to recover in value as the securities approach maturity. Further, at March 31, 2015, we did not intend to sell these securities in an unrealized loss position and it is more likely than not that we will not be required to sell these securities before the anticipated recovery of their amortized costs. Equity Securities At March 31, 2015, 8 securities (2014: 9) were in an unrealized loss position of $17 million (2014: $8 million). At March 31, 2015 and December 31, 2014, there were no securities that had been in a continuous unrealized loss position for 12 months or greater. Based on our impairment review process and our ability and intent to hold these securities for a reasonable period of time sufficient for a full recovery, we concluded that the above equities in an unrealized loss position were temporarily impaired at March 31, 2015. b) Other Investments The following table provides a breakdown of our investments in hedge funds, direct lending funds and CLO Equities, together with additional information relating to the liquidity of each category:
|  | Fair Value |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period |
| At March 31, 2015 |  |  |  |  |  |  |  |  |  |
| Long/short equity funds | $ | 242,096 |  |  | 26 | % |  | Quarterly, Semi-annually |  | 30-60 days |
| Multi-strategy funds | 336,342 |  |  | 36 | % |  | Quarterly, Semi-annually |  | 60-95 days |
| Event-driven funds | 189,212 |  |  | 20 | % |  | Quarterly, Annually |  | 45-60 days |
| Leveraged bank loan funds | 9,616 |  |  | 1 | % |  | Quarterly |  | 65 days |
| Direct lending funds | 69,682 |  |  | 7 | % |  | n/a |  | n/a |
| CLO - Equities | 92,058 |  |  | 10 | % |  | n/a |  | n/a |
| Total other investments | $ | 939,006 |  |  | 100 | % |  |  |  |  |
| At December 31, 2014 |  |  |  |  |  |  |  |  |  |
| Long/short equity funds | $ | 298,907 |  |  | 31 | % |  | Quarterly, Semi-annually |  | 30-60 days |
| Multi-strategy funds | 324,020 |  |  | 34 | % |  | Quarterly, Semi-annually |  | 60-95 days |
| Event-driven funds | 185,899 |  |  | 19 | % |  | Quarterly, Annually |  | 45-60 days |
| Leveraged bank loan funds | 9,713 |  |  | 1 | % |  | Quarterly |  | 65 days |
| Direct lending funds | 54,438 |  |  | 6 | % |  | n/a |  | n/a |
| CLO - Equities | 92,488 |  |  | 9 | % |  | n/a |  | n/a |
| Total other investments | $ | 965,465 |  |  | 100 | % |  |  |  |  |
n/a - not applicable The investment strategies for the above funds are as follows:
• | Long/short equity funds: Seek to achieve attractive returns primarily by executing an equity trading strategy involving both long and short investments in publicly-traded equities.
• | Multi-strategy funds: Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies.
• | Event-driven funds: Seek to achieve attractive returns by exploiting situations where announced or anticipated events create opportunities.
• | Leveraged bank loan funds: Seek to achieve attractive returns by investing primarily in bank loan collateral that has limited interest rate risk exposure.
• | Direct lending funds: Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers.
Two common redemption restrictions which may impact our ability to redeem our hedge funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During 2015 and 2014, neither of these restrictions impacted our redemption requests. At March 31, 2015, $95 million (2014: $87 million), representing 12% (2014: 11%) of our total hedge funds, relate to holdings where we are still within the lockup period. The expiration of these lockup periods range from June 2015 to March 2016. At March 31, 2015, $6 million (2014: $6 million) was invested in hedge funds that are not accepting redemption requests. Of this amount, substantially all relates to a leveraged bank loan fund in a period of planned principal distributions. Based on market conditions and payments made to date, management's current expectation is that the distribution process will be completed in 2015. At March 31, 2015, we have $72 million (2014: $88 million) of unfunded commitments within our other investments portfolio relating to our future investments in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from 5-10 years and the General Partners of certain funds have the option to extend the term by up to three years. During 2013, we made a $60 million commitment as a limited partner in a multi-strategy hedge fund. Once the full amount of committed capital has been called by the General Partner, the assets will not be fully returned until the completion of the fund's investment term which ends in December, 2018. The General Partner then has the option to extend the term by up to three years. At March 31, 2015, $29 million of our commitment remains unfunded and the current fair value of the funds called to date are included in the multi-strategy funds line of the table above. During 2015, we made a $100 million commitment as a limited partner in a fund which invests in real estate and real estate securities and businesses. The fund is subject to a 3 year commitment period and a total fund life of 8 years during which time we are not eligible to redeem our investment. At March 31, 2015 our commitment remains unfunded. c) Net Investment Income Net investment income was derived from the following sources:
|  | Three months ended March 31, |
|  | 2015 |  | 2014 |
| Fixed maturities | $ | 66,101 |  |  | $ | 72,957 |  |
| Other investments | 30,935 |  |  | 16,760 |  |
| Equity securities | 1,676 |  |  | 2,286 |  |
| Cash and cash equivalents | 1,102 |  |  | 863 |  |
| Short-term investments | 69 |  |  | 214 |  |
| Gross investment income | 99,883 |  |  | 93,080 |  |
| Investment expenses | (7,773 | ) |  | (10,336 | ) |
| Net investment income | $ | 92,110 |  |  | $ | 82,744 |  |
d) Net Realized Investment Gains (Losses) The following table provides an analysis of net realized investment gains (losses):
|  | Three months ended March 31, |
|  | 2015 |  | 2014 |
| Gross realized gains |  |  |  |
| Fixed maturities and short-term investments | $ | 15,661 |  |  | $ | 33,770 |  |
| Equities | 38 |  |  | 19,267 |  |
| Gross realized gains | 15,699 |  |  | 53,037 |  |
| Gross realized losses |  |  |  |
| Fixed maturities and short-term investments | (43,091 | ) |  | (33,704 | ) |
| Equities | (124 | ) |  | (2,438 | ) |
| Gross realized losses | (43,215 | ) |  | (36,142 | ) |
| Net OTTI recognized in earnings | (17,568 | ) |  | (786 | ) |
| Change in fair value of investment derivatives(1) | 2,531 |  |  | (5,489 | ) |
| Net realized investment gains (losses) | $ | (42,553 | ) |  | $ | 10,620 |  |
(1) Refer to Note 5 – Derivative Instruments The following table summarizes the OTTI recognized in earnings by asset class:
|  | Three months ended March 31, |
|  | 2015 |  | 2014 |
| Fixed maturities: |  |  |  |
| Non-U.S. government | $ | 1,422 |  |  | $ | 38 |  |
| Corporate debt | 16,120 |  |  | 15 |  |
| Non-Agency RMBS | 4 |  |  | — |  |
| ABS | 22 |  |  | 56 |  |
|  | 17,568 |  |  | 109 |  |
| Equity Securities |  |  |  |
| Common stocks | — |  |  | 677 |  |
|  | — |  |  | 677 |  |
| Total OTTI recognized in earnings | $ | 17,568 |  |  | $ | 786 |  |
The following table provides a roll forward of the credit losses, before income taxes, for which a portion of the OTTI was recognized in AOCI:
|  | Three months ended March 31, |
|  | 2015 |  | 2014 |
| Balance at beginning of period | $ | 1,531 |  |  | $ | 1,594 |  |
| Credit impairments recognized on securities not previously impaired | — |  |  | — |  |
| Additional credit impairments recognized on securities previously impaired | 10 |  |  | — |  |
| Change in timing of future cash flows on securities previously impaired | — |  |  | — |  |
| Intent to sell of securities previously impaired | — |  |  | — |  |
| Securities sold/redeemed/matured | — |  |  | (4 | ) |
| Balance at end of period | $ | 1,541 |  |  | $ | 1,590 |  |
e) Reverse Repurchase Agreements At March 31, 2015, we held $123 million (2014: $110 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 cash and cash equivalents on our consolidated balance sheet. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, we receive principal and interest income.

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