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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
Pre-tax net investment income | Pre-tax net investment income for 2014, 2013 and 2012 consisted of the following:
|  | Year Ended December 31,
Millions |  | 2014 |  | 2013 |  | 2012
Investment income: |  |  |  |  |  |
Fixed maturity investments |  | $ | 98.9 |  |  | $ | 100.5 |  |  | $ | 132.0 |
Short-term investments |  | 1.5 |  |  | 3.4 |  |  | 3.1 |
Common equity securities |  | 21.0 |  |  | 20.5 |  |  | 22.2 |
Convertible fixed maturity and preferred investments |  | 2.5 |  |  | 2.9 |  |  | 6.0 |
Other long-term investments |  | 1.9 |  |  | 3.0 |  |  | 3.1 |
Interest on funds held under reinsurance treaties |  | (.2 | ) |  | .3 |  |  | .6 |
Total investment income |  | 125.6 |  |  | 130.6 |  |  | 167.0 |
Third-party investment expenses |  | (20.6 | ) |  | (19.7 | ) |  | (13.4 | )
Net investment income, pre-tax |  | $ | 105.0 |  |  | $ | 110.9 |  |  | $ | 153.6 |
Net Realized and Unrealized Investment Gains and Losses | Net realized and unrealized investment gains and losses consisted of the following:
|  | Year Ended December 31,
Millions |  | 2014 |  | 2013 |  | 2012
Net realized investment gains, pre-tax |  | $ | 233.8 |  |  | $ | 104.5 |  |  | $ | 68.1 |
Net unrealized investment gains, pre-tax |  | 50.1 |  |  | 57.2 |  |  | 50.1 |
Net realized and unrealized investment gains, pre-tax |  | 283.9 |  |  | 161.7 |  |  | 118.2 |
Income tax expense attributable to net realized and unrealized investment gains |  | (69.7 | ) |  | (21.9 | ) |  | (26.8 | )
Net realized and unrealized investment gains, after tax |  | $ | 214.2 |  |  | $ | 139.8 |  |  | $ | 91.4 |
Net unrealized investment gains (losses) for Level 3 investments | The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2014, 2013 and 2012.
|  | Year Ended December 31,
Millions |  | 2014 |  | 2013 |  | 2012
Fixed maturity investments |  | $ | 1.2 |  |  | $ | (2.3 | ) |  | $ | 7.7 |
Common equity securities |  | 5.9 |  |  | .9 |  |  | 3.0 |
Convertible fixed maturity and preferred investments |  | .7 |  |  | — |  |  | — |
Other long-term investments |  | (4.1 | ) |  | 11.2 |  |  | 7.0 |
Total net unrealized investment gains (losses), pre-tax - Level 3 investments |  | $ | 3.7 |  |  | $ | 9.8 |  |  | $ | 17.7 |
Net realized and unrealized investment gains, after-tax, as recorded on the statements of operations and comprehensive income (losses) | The components of White Mountains’s net realized and unrealized investment gains (losses), after-tax, as recorded on the statements of operations and comprehensive income were as follows:
|  | Year Ended December 31,
Millions |  | 2014 |  | 2013 |  | 2012
Net change in pre-tax unrealized gains (losses) on investments in unconsolidated affiliates |  | $ | 81.2 |  |  | $ | (106.4 | ) |  | $ | 62.8 |
Income taxes |  | (5.9 | ) |  | 8.3 |  |  | (5.1 | )
Net change in unrealized gains (losses) on investments in unconsolidated affiliates, after tax |  | 75.3 |  |  | (98.1 | ) |  | 57.7 |
Net realized and unrealized foreign currency (losses) gains on investments through OCI |  | (274.3 | ) |  | 11.3 |  |  | 95.5 |
Total investment (losses) gains through accumulated other comprehensive income |  | (199.0 | ) |  | (86.8 | ) |  | 153.2 |
Net realized and unrealized investment gains, after-tax |  | 214.2 |  |  | 139.8 |  |  | 91.4 |
Total investment gains recorded during the period, after-tax |  | $ | 15.2 |  |  | $ | 53.0 |  |  | $ | 244.6 |
Realized Gain (Loss) on Investments | Net realized investment gains (losses) Net realized investment gains (losses) for 2014, 2013 and 2012 consisted of the following:
|  | Year ended December 31, 2014
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains (losses) |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | 23.9 |  |  | $ | 21.0 |  |  | $ | 44.9 |
Short-term investments |  | — |  |  | 2.9 |  |  | 2.9 |
Common equity securities |  | 150.9 |  |  | .9 |  |  | 151.8 |
Convertible fixed maturity and preferred investments |  | 5.9 |  |  | — |  |  | 5.9 |
Other long-term investments |  | 27.7 |  |  | .3 |  |  | 28.0 |
Forward contracts |  | .3 |  |  | — |  |  | .3 |
Net realized investment gains (losses), pre-tax |  | 208.7 |  |  | 25.1 |  |  | 233.8 |
Income taxes attributable to realized investment gains (losses) |  | (39.7 | ) |  | (8.0 | ) |  | (47.7 | )
Net realized investment gains (losses), after-tax |  | $ | 169.0 |  |  | $ | 17.1 |  |  | $ | 186.1 |
|  | Year ended December 31, 2013
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains (losses) |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | 8.6 |  |  | $ | (15.0 | ) |  | $ | (6.4 | )
Short-term investments |  | .1 |  |  | — |  |  | .1 |
Common equity securities |  | 104.5 |  |  | (3.7 | ) |  | 100.8 |
Convertible fixed maturity and preferred investments |  | 1.0 |  |  | — |  |  | 1.0 |
Other long-term investments |  | 7.5 |  |  | 1.4 |  |  | 8.9 |
Forward contracts |  | .1 |  |  | — |  |  | .1 |
Net realized investment gains (losses), pre-tax |  | 121.8 |  |  | (17.3 | ) |  | 104.5 |
Income taxes attributable to realized investment gains (losses) |  | (30.0 | ) |  | 5.5 |  |  | (24.5 | )
Net realized investment gains (losses), after-tax |  | $ | 91.8 |  |  | $ | (11.8 | ) |  | $ | 80.0 |
|  | Year ended December 31, 2012
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains (losses) |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | 82.5 |  |  | $ | (2.5 | ) |  | $ | 80.0 |
Short-term investments |  | — |  |  | (4.3 | ) |  | (4.3 | )
Common equity securities |  | 1.3 |  |  | — |  |  | 1.3 |
Convertible fixed maturity and preferred investments |  | (8.2 | ) |  | (1.8 | ) |  | (10.0 | )
Other long-term investments |  | 1.4 |  |  | — |  |  | 1.4 |
Forward contracts |  | (.3 | ) |  | — |  |  | (.3 | )
Net realized investment gains (losses), pre-tax |  | 76.7 |  |  | (8.6 | ) |  | 68.1 |
Income taxes attributable to realized investment gains (losses) |  | (23.8 | ) |  | 2.2 |  |  | (21.6 | )
Net realized investment gains (losses), after-tax |  | $ | 52.9 |  |  | $ | (6.4 | ) |  | $ | 46.5 |
Unrealized Gain (Loss) on Investments | Net unrealized investment gains (losses) The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value:
|  | Year ended December 31, 2014
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 30.9 |  |  | $ | 111.7 |  |  | $ | 142.6 |
Short-term investments |  | (.2 | ) |  | .1 |  |  | (.1 | )
Common equity securities |  | (83.0 | ) |  | (.1 | ) |  | (83.1 | )
Convertible fixed maturity and preferred investments |  | (8.2 | ) |  | .4 |  |  | (7.8 | )
Other long-term investments |  | (5.7 | ) |  | 4.2 |  |  | (1.5 | )
Net unrealized investment gains (losses), pre-tax |  | (66.2 | ) |  | 116.3 |  |  | 50.1 |
Income taxes attributable to unrealized investment gains (losses) |  | 6.0 |  |  | (28.0 | ) |  | (22.0 | )
Net unrealized investment gains (losses), after-tax |  | $ | (60.2 | ) |  | $ | 88.3 |  |  | $ | 28.1 |
|  | Year ended December 31, 2013
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | (93.9 | ) |  | $ | 15.3 |  |  | $ | (78.6 | )
Short-term investments |  | .1 |  |  | — |  |  | .1 |
Common equity securities |  | 119.2 |  |  | (.4 | ) |  | 118.8 |
Convertible fixed maturity and preferred investments |  | 3.2 |  |  | — |  |  | 3.2 |
Other long-term investments |  | 10.3 |  |  | 3.4 |  |  | 13.7 |
Net unrealized investment gains (losses), pre-tax |  | 38.9 |  |  | 18.3 |  |  | 57.2 |
Income taxes attributable to unrealized investment gains (losses) |  | 8.2 |  |  | (5.6 | ) |  | 2.6 |
Net unrealized investment gains (losses), after-tax |  | $ | 47.1 |  |  | $ | 12.7 |  |  | $ | 59.8 |
|  | Year ended December 31, 2012
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 18.5 |  |  | $ | (45.9 | ) |  | $ | (27.4 | )
Short-term investments |  | — |  |  | .1 |  |  | .1 |
Common equity securities |  | 65.9 |  |  | (.1 | ) |  | 65.8 |
Convertible fixed maturity and preferred investments |  | 1.1 |  |  | — |  |  | 1.1 |
Other long-term investments |  | 13.2 |  |  | (2.7 | ) |  | 10.5 |
Net unrealized investment gains (losses), pre-tax |  | 98.7 |  |  | (48.6 | ) |  | 50.1 |
Income taxes attributable to unrealized investment gains (losses) |  | (17.9 | ) |  | 12.7 |  |  | (5.2 | )
Net unrealized investment gains (losses), after-tax |  | $ | 80.8 |  |  | $ | (35.9 | ) |  | $ | 44.9 |
Investment holdings, fixed maturity investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s fixed maturity investments as of December 31, 2014 and 2013, were as follows:
|  | December 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
US Government and agency obligations |  | $ | 184.7 |  |  | $ | .1 |  |  | $ | (.3 | ) |  | $ | 3.6 |  |  | $ | 188.1 |
Debt securities issued by corporations |  | 2,221.3 |  |  | 45.2 |  |  | (5.1 | ) |  | 49.8 |  |  | 2,311.2 |
Municipal obligations |  | 82.0 |  |  | 1.4 |  |  | (.2 | ) |  | — |  |  | 83.2 |
Mortgage-backed and asset-backed securities |  | 1,811.1 |  |  | 7.6 |  |  | (3.5 | ) |  | 25.7 |  |  | 1,840.9 |
Foreign government, agency and provincial obligations |  | 274.6 |  |  | 4.2 |  |  | (1.0 | ) |  | (2.7 | ) |  | 275.1 |
Preferred stocks |  | 79.6 |  |  | 6.1 |  |  | — |  |  | .1 |  |  | 85.8 |
Total fixed maturity investments |  | $ | 4,653.3 |  |  | $ | 64.6 |  |  | $ | (10.1 | ) |  | $ | 76.5 |  |  | $ | 4,784.3 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
US Government and agency obligations |  | $ | 365.5 |  |  | $ | .5 |  |  | $ | (1.0 | ) |  | $ | (2.5 | ) |  | $ | 362.5 |
Debt securities issued by corporations |  | 2,330.7 |  |  | 44.0 |  |  | (13.2 | ) |  | (14.3 | ) |  | 2,347.2 |
Municipal obligations |  | 18.3 |  |  | — |  |  | (.4 | ) |  | — |  |  | 17.9 |
Mortgage-backed and asset-backed securities |  | 2,027.3 |  |  | 2.4 |  |  | (9.9 | ) |  | (5.3 | ) |  | 2,014.5 |
Foreign government, agency and provincial obligations |  | 444.2 |  |  | 3.7 |  |  | (3.2 | ) |  | (4.8 | ) |  | 439.9 |
Preferred stocks |  | 79.9 |  |  | 5.1 |  |  | — |  |  | (.2 | ) |  | 84.8 |
Total fixed maturity investments including assets held for sale |  | $ | 5,265.9 |  |  | $ | 55.7 |  |  | $ | (27.7 | ) |  | $ | (27.1 | ) |  | $ | 5,266.8 |
Fixed maturity investments reclassified to assets held for sale (1) |  |  |  |  |  |  |  |  |  | (236.3 | )
Total fixed maturity investments |  |  |  |  |  |  |  |  |  | $ | 5,030.5 |
(1) | Assets held for sale related to discontinued operations. See Note 22.
Schedule of contractual maturities of fixed maturities | The cost or amortized cost and carrying value of White Mountains’s fixed maturity and convertible fixed maturity investments as of December 31, 2014 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.
|  | December 31, 2014
Millions |  | Cost or amortized cost |  | Carrying value
Due in one year or less |  | $ | 331.2 |  |  | $ | 337.5 |
Due after one year through five years |  | 1,968.3 |  |  | 2,032.3 |
Due after five years through ten years |  | 434.4 |  |  | 453.9 |
Due after ten years |  | 40.2 |  |  | 46.1 |
Mortgage-backed and asset-backed securities |  | 1,811.1 |  |  | 1,840.9 |
Preferred stocks |  | 79.6 |  |  | 85.8 |
Total |  | $ | 4,664.8 |  |  | $ | 4,796.5 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s common equity securities, convertible fixed maturity and preferred investments and other long-term investments as of December 31, 2014 and 2013 were as follows:
|  | December 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
Common equity securities |  | $ | 633.6 |  |  | $ | 175.1 |  |  | $ | (5.2 | ) |  | $ | (1.9 | ) |  | $ | 801.6 |
Convertible fixed maturity and preferred investments |  | $ | 19.1 |  |  | $ | .9 |  |  | $ | (.2 | ) |  | $ | .7 |  |  | $ | 20.5 |
Other long-term investments |  | $ | 344.5 |  |  | $ | 73.0 |  |  | $ | (10.9 | ) |  | $ | 1.6 |  |  | $ | 408.2 |
|  | December 31, 2013
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
Common equity securities |  | $ | 890.2 |  |  | $ | 271.0 |  |  | $ | (3.6 | ) |  | $ | (.8 | ) |  | $ | 1,156.8 |
Convertible fixed maturity and preferred investments |  | $ | 71.7 |  |  | $ | 9.9 |  |  | $ | (.9 | ) |  | $ | (.2 | ) |  | $ | 80.5 |
Other long-term investments |  | $ | 238.3 |  |  | $ | 79.6 |  |  | $ | (26.6 | ) |  | $ | (2.4 | ) |  | $ | 288.9 |
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments as of December 31, 2014 and 2013 by level. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9.
|  | December 31, 2014
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Fixed maturity investments: |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 188.1 |  |  | $ | 134.1 |  |  | $ | 54.0 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 777.6 |  |  | — |  |  | 777.6 |  |  | — |
Financials |  | 456.6 |  |  | — |  |  | 456.6 |  |  | — |
Industrial |  | 285.0 |  |  | — |  |  | 285.0 |  |  | — |
Communications |  | 237.5 |  |  | — |  |  | 237.5 |  |  | — |
Utilities |  | 169.8 |  |  | — |  |  | 169.8 |  |  | — |
Energy |  | 181.8 |  |  | — |  |  | 181.8 |  |  | — |
Basic Materials |  | 108.6 |  |  | — |  |  | 103.0 |  |  | 5.6 |
Technology |  | 87.9 |  |  | — |  |  | 87.9 |  |  | — |
Other |  | 6.4 |  |  | — |  |  | 6.4 |  |  | — |
Total debt securities issued by corporations: |  | 2,311.2 |  |  | — |  |  | 2,305.6 |  |  | 5.6 |
Mortgage-backed and asset-backed securities |  | 1,840.9 |  |  | — |  |  | 1,840.9 |  |  | — |
Foreign government, agency and provincial obligations |  | 275.1 |  |  | 21.3 |  |  | 253.8 |  |  | — |
Preferred stocks |  | 85.8 |  |  | — |  |  | 14.7 |  |  | 71.1 |
Municipal obligations |  | 83.2 |  |  | — |  |  | 83.2 |  |  | — |
Total fixed maturity investments |  | 4,784.3 |  |  | 155.4 |  |  | 4,552.2 |  |  | 76.7 |
Short-term investments |  | 871.7 |  |  | 868.8 |  |  | 2.9 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 233.9 |  |  | 193.7 |  |  | — |  |  | 40.2 |
Consumer |  | 238.4 |  |  | 238.3 |  |  | .1 |  |  | — |
Industrial |  | 91.7 |  |  | 91.7 |  |  | — |  |  | — |
Energy |  | 32.7 |  |  | 32.7 |  |  | — |  |  | — |
Technology |  | 36.6 |  |  | 36.6 |  |  | — |  |  | — |
Communications |  | 45.1 |  |  | 45.1 |  |  | — |  |  | — |
Basic materials |  | 21.5 |  |  | 21.5 |  |  | — |  |  | — |
Utilities |  | 9.5 |  |  | 9.4 |  |  | .1 |  |  | — |
Other |  | 92.2 |  |  | 18.9 |  |  | 73.3 |  |  | — |
Total common equity securities |  | 801.6 |  |  | 687.9 |  |  | 73.5 |  |  | 40.2 |
Convertible fixed maturity and preferred investments |  | 20.5 |  |  | — |  |  | 12.3 |  |  | 8.2 |
Other long-term investments (1) |  | 385.0 |  |  | — |  |  | — |  |  | 385.0 |
Total investments (1) |  | $ | 6,863.1 |  |  | $ | 1,712.1 |  |  | $ | 4,640.9 |  |  | $ | 510.1 |
(1) | Excludes carrying value of $23.2 associated with other long-term investment limited partnerships accounted for using the equity method.
|  | December 31, 2013
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 362.5 |  |  | $ | 295.8 |  |  | $ | 66.7 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  | 754.4 |  |  | — |  |  | 754.4 |  |  | — |
Communications |  | 265.0 |  |  | — |  |  | 265.0 |  |  | — |
Financials |  | 434.4 |  |  | — |  |  | 434.4 |  |  | — |
Industrial |  | 281.1 |  |  | — |  |  | 281.1 |  |  | — |
Basic Materials |  | 149.1 |  |  | — |  |  | 149.1 |  |  | — |
Utilities |  | 173.6 |  |  | — |  |  | 173.6 |  |  | — |
Energy |  | 159.7 |  |  | — |  |  | 159.7 |  |  | — |
Technology |  | 91.2 |  |  | — |  |  | 91.2 |  |  | — |
Other |  | 38.7 |  |  | — |  |  | 38.7 |  |  | — |
Total debt securities issued by corporations: |  | 2,347.2 |  |  | — |  |  | 2,347.2 |  |  | — |
Mortgage-backed and asset-backed securities |  | 2,014.5 |  |  | — |  |  | 1,992.5 |  |  | 22.0 |
Foreign government, agency and provincial obligations |  | 439.9 |  |  | 44.5 |  |  | 395.4 |  |  | — |
Preferred stocks |  | 84.8 |  |  | — |  |  | 13.8 |  |  | 71.0 |
Municipal obligations |  | 17.9 |  |  | — |  |  | 17.9 |  |  | — |
Total fixed maturity investments(1) |  | 5,266.8 |  |  | 340.3 |  |  | 4,833.5 |  |  | 93.0 |
Short-term investments |  | 635.9 |  |  | 621.5 |  |  | 14.4 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 360.4 |  |  | 314.3 |  |  | — |  |  | 46.1 |
Consumer |  | 308.2 |  |  | 308.2 |  |  | — |  |  | — |
Basic materials |  | 53.4 |  |  | 53.4 |  |  | — |  |  | — |
Energy |  | 78.6 |  |  | 78.6 |  |  | — |  |  | — |
Utilities |  | 34.3 |  |  | 34.3 |  |  | — |  |  | — |
Technology |  | 60.6 |  |  | 60.6 |  |  | — |  |  | — |
Industrial |  | 105.4 |  |  | 105.4 |  |  | — |  |  | — |
Communications |  | 57.1 |  |  | 57.1 |  |  | — |  |  | — |
Other |  | 98.8 |  |  | 24.5 |  |  | 74.3 |  |  | — |
Total common equity securities |  | 1,156.8 |  |  | 1,036.4 |  |  | 74.3 |  |  | 46.1 |
Convertible fixed maturity and preferred investments |  | 80.5 |  |  | — |  |  | 74.4 |  |  | 6.1 |
Other long-term investments (2) |  | 262.4 |  |  | — |  |  | — |  |  | 262.4 |
Total investments |  | $ | 7,402.4 |  |  | $ | 1,998.2 |  |  | $ | 4,996.6 |  |  | $ | 407.6 |
(1) | Carrying value includes $236.3 that is classified as assets held for sale relating to discontinued operations.
(2) | Excludes carrying value of $26.6 associated with other long-term investment limited partnerships accounted for using the equity method and $(.1) related to foreign currency forward contracts.
Debt securities issued by corporations, credit ratings | The following table summarizes the ratings of the corporate debt securities held in White Mountains’s investment portfolio as of December 31, 2014 and 2013:
|  | Fair Value at
|  | December 31,
Millions |  | 2014 |  | 2013
AAA |  | $ | — |  |  | $ | — |
AA |  | 236.9 |  |  | 228.8 |
A |  | 957.8 |  |  | 1,039.5 |
BBB |  | 1,105.9 |  |  | 1,075.5 |
BB |  | — |  |  | — |
Other |  | 10.6 |  |  | 3.4 |
Debt securities issued by corporations(1) |  | $ | 2,311.2 |  |  | $ | 2,347.2 |
(1) | Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s and 2) Moody’s.
Mortgage-backed, asset-backed securities |
|  | December 31, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GNMA |  | $ | 411.2 |  |  | $ | 411.2 |  |  | $ | — |  |  | $ | 512.3 |  |  | $ | 512.3 |  |  | $ | — |
FNMA |  | 36.6 |  |  | 36.6 |  |  | — |  |  | 81.2 |  |  | 81.2 |  |  | — |
FHLMC |  | 49.6 |  |  | 49.6 |  |  | — |  |  | 91.3 |  |  | 91.3 |  |  | — |
Total Agency(1) |  | 497.4 |  |  | 497.4 |  |  | — |  |  | 684.8 |  |  | 684.8 |  |  | — |
Non-agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 131.2 |  |  | 131.2 |  |  | — |  |  | 125.7 |  |  | 125.7 |  |  | — |
Commercial |  | 236.9 |  |  | 236.9 |  |  | — |  |  | 282.3 |  |  | 282.3 |  |  | — |
Total Non-agency |  | 368.1 |  |  | 368.1 |  |  | — |  |  | 408.0 |  |  | 408.0 |  |  | — |
Total mortgage-backed securities |  | 865.5 |  |  | 865.5 |  |  | — |  |  | 1,092.8 |  |  | 1,092.8 |  |  | — |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card receivables |  | 522.2 |  |  | 522.2 |  |  | — |  |  | 311.4 |  |  | 289.4 |  |  | 22.0 |
Vehicle receivables |  | 289.4 |  |  | 289.4 |  |  | — |  |  | 365.0 |  |  | 365.0 |  |  | — |
Other |  | 163.8 |  |  | 163.8 |  |  | — |  |  | 245.3 |  |  | 245.3 |  |  | — |
Total asset-backed securities |  | 975.4 |  |  | 975.4 |  |  | — |  |  | 921.7 |  |  | 899.7 |  |  | 22.0 |
Total mortgage and asset-backed securities |  | $ | 1,840.9 |  |  | $ | 1,840.9 |  |  | $ | — |  |  | $ | 2,014.5 |  |  | $ | 1,992.5 |  |  | $ | 22.0 |
(1) | Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities | The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of December 31, 2014 are as follows:
|  |  |  |  |  | Security Issuance Year |  |  |  |  |  |
Millions |  | Fair Value |  | 2004 |  | 2005 |  | 2006 |  | 2007 |  | 2008 |  | 2009 |  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014
Non-agency RMBS |  | $ | 131.2 |  |  | $ | 14.2 |  |  | $ | 14.7 |  |  | $ | 9.9 |  |  | $ | — |  |  | $ | 16.5 |  |  | $ | — |  |  | $ | 14.7 |  |  | $ | 21.4 |  |  | $ | — |  |  | $ | 29.7 |  |  | $ | 10.1 |
Non-agency CMBS |  | 236.9 |  |  | — |  |  | — |  |  | 8.5 |  |  | — |  |  | — |  |  | — |  |  | 11.7 |  |  | — |  |  | 20.7 |  |  | 79.9 |  |  | 116.1 |
Total |  | $ | 368.1 |  |  | $ | 14.2 |  |  | $ | 14.7 |  |  | $ | 18.4 |  |  | $ | — |  |  | $ | 16.5 |  |  | $ | — |  |  | $ | 26.4 |  |  | $ | 21.4 |  |  | $ | 20.7 |  |  | $ | 109.6 |  |  | $ | 126.2 |
Non-agency residential mortgage securities, collateral quality and tranche levels | The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of December 31, 2014:
Millions |  | Fair Value |  | Super Senior(1) |  | Senior(2) |  | Subordinate(3)
Prime |  | $ | 119.4 |  |  | $ | 71.6 |  |  | $ | 47.8 |  |  | $ | — |
Non-prime |  | 9.3 |  |  | — |  |  | 9.3 |  |  | — |
Sub-prime |  | 2.5 |  |  | 2.5 |  |  | — |  |  | — |
Total |  | $ | 131.2 |  |  | $ | 74.1 |  |  | $ | 57.1 |  |  | $ | — |
(1) | At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch Ratings (“Fitch”) and were senior to other “AAA” or “Aaa” bonds.
(2) | At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds.
(3) | At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds.
Non-agency commercial mortgage securities, type of interest rate and tranche levels | The amount of fixed and floating rate securities and their tranche levels of White Mountains’s non-agency CMBS securities are as follows as of December 31, 2014:
Millions |  | Fair Value |  | Super Senior(1) |  | Senior(2) |  | Subordinate(3)
Fixed rate CMBS |  | $ | 116.2 |  |  | $ | 13.1 |  |  | $ | 61.6 |  |  | $ | 41.5 |
Floating rate CMBS |  | 120.7 |  |  | — |  |  | — |  |  | 120.7 |
Total |  | $ | 236.9 |  |  | $ | 13.1 |  |  | $ | 61.6 |  |  | $ | 162.2 |
Other long-term investments | Other long-term investments consist of the following as of December 31, 2014 and 2013:
|  | Fair Value at
Millions |  | December 31, 2014 |  | December 31, 2013
Hedge funds and private equity funds(1) |  | $ | 242.9 |  |  | $ | 239.0 |
Limited liability companies and private equity securities(1) |  | 69.7 |  |  | 20.3 |
OBIC Surplus Notes(1) |  | 65.1 |  |  | — |
Other(1) |  | 7.3 |  |  | 3.1 |
Forward contracts (see Note 9) |  | — |  |  | (.1 | )
Total other-long term investments(2) |  | $ | 385.0 |  |  | $ | 262.3 |
(1) See Fair Value Measurements by Level table. (2) Excludes carrying value of $23.2 and $26.6 associated with other long-term investment limited partnerships accounted for using the equity method. The following table summarizes investments in hedge funds and private equity interests by investment objective and sector as of December 31, 2014 and 2013:
|  | December 31, 2014 |  | December 31, 2013
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Hedge funds |  |  |  |  |  |  |  |  |  |  |  |
Long/short equity |  | $ | 43.9 |  |  | $ | — |  |  | $ | 62.6 |  |  | $ | — |
Long/short credit & distressed |  | 21.4 |  |  | — |  |  | 22.8 |  |  | — |
Long/short equity REIT |  | 20.3 |  |  | — |  |  | 18.3 |  |  | — |
Long/short equity activist |  | 6.2 |  |  | — |  |  | 16.8 |  |  | — |
Long bank loan |  | .2 |  |  | — |  |  | .2 |  |  | — |
Long diversified strategies |  | — |  |  | — |  |  | .1 |  |  | — |
Total hedge funds |  | 92.0 |  |  | — |  |  | 120.8 |  |  | — |
Private equity funds |  |  |  |  |  |  |  |  |  |  |  |
Energy infrastructure & services |  | 59.6 |  |  | 11.0 |  |  | 45.9 |  |  | 13.1 |
Multi-sector |  | 24.2 |  |  | 5.3 |  |  | 23.8 |  |  | 6.5 |
Manufacturing/Industrial |  | 23.2 |  |  | 7.3 |  |  | 11.2 |  |  | 15.5 |
Private equity secondaries |  | 8.5 |  |  | 3.1 |  |  | 9.5 |  |  | 3.1 |
Real estate |  | 3.6 |  |  | 3.3 |  |  | 8.2 |  |  | 3.3 |
Aerospace/Defense/Government |  | 20.7 |  |  | 5.1 |  |  | 5.8 |  |  | 19.2 |
Healthcare |  | 6.1 |  |  | 2.8 |  |  | 5.6 |  |  | 2.8 |
International multi-sector, Europe |  | 1.5 |  |  | 2.3 |  |  | 3.9 |  |  | 2.8 |
Insurance |  | 2.1 |  |  | 41.2 |  |  | 2.3 |  |  | 41.3 |
Venture capital |  | 1.4 |  |  | .3 |  |  | 1.6 |  |  | .3 |
Distressed residential real estate |  | — |  |  | — |  |  | .4 |  |  | — |
International multi-sector, Asia |  | — |  |  | — |  |  | — |  |  | 2.7 |
Total private equity funds |  | 150.9 |  |  | 81.7 |  |  | 118.2 |  |  | 110.6 |
Total hedge and private equity funds included in other long-term investments |  | $ | 242.9 |  |  | $ | 81.7 |  |  | $ | 239.0 |  |  | $ | 110.6 |
In June 2014, White Mountains committed $21.0 million to fund a 50/50 joint venture with DavidShield Group(“DavidShield”) for the development, marketing and distribution of PassportCard travel insurance. The transaction is expected to close in the first quarter of 2015, subject to regulatory approvals.
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds | The following summarizes the December 31, 2014 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
|  | Notice Period
Millions Redemption frequency |  | 30-59 days notice |  | 60-89 days notice |  | 90-119 days notice |  | 120+ days notice |  | Total
Monthly |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.3 |
Quarterly |  | 31.8 |  |  | 21.4 |  |  | — |  |  | 7.8 |  |  | 61 |
Semi-annual |  | — |  |  | 22.1 |  |  | — |  |  | — |  |  | 22.1 |
Annual |  | — |  |  | — |  |  | 4.4 |  |  | .2 |  |  | 4.6 |
Total |  | $ | 36.1 |  |  | $ | 43.5 |  |  | $ | 4.4 |  |  | $ | 8.0 |  |  | $ | 92.0 |
Fair Value of private equity funds subject to lock-up periods | As of December 31, 2014, investments in private equity funds were subject to lock-up periods as follows:
Millions |  | 1-3 years |  | 3 – 5 years |  | 5 – 10 years |  | >10 years |  | Total
Private Equity Funds — expected lock-up period remaining |  | $ | 12.7 |  |  | $ | 33.5 |  |  | $ | 79.0 |  |  | $ | 25.7 |  |  | $ | 150.9 |
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the years ended December 31, 2014 and 2013:
|  |  |  |  |  | Level 3 Investments |  |  |
Millions |  | Level 1 Investments |  | Level 2 Investments |  | Fixed maturity investments |  | Common equity securities |  | Convertible Fixed Maturity and Preferred Investments |  | Other long-term investments |  | Total |
Balance at January 1, 2014 |  | $ | 1,376.7 |  |  | $ | 4,982.2 |  |  | $ | 93.0 |  |  | $ | 46.1 |  |  | $ | 6.1 |  |  | $ | 262.4 |  | (1) | $ | 6,766.5 |  | (1)(2)(3)
Total realized and unrealized gains |  | 88.1 |  |  | 163.4 |  |  | 2.2 |  |  | 6.2 |  |  | .6 |  |  | 26.0 |  |  | 286.5 |  | (4)
Foreign currency losses in OCI |  | (24.8 | ) |  | (222.8 | ) |  | (1.0 | ) |  | — |  |  | — |  |  | (5.0 | ) |  | (253.6 | ) |
Amortization/Accretion |  | (.6 | ) |  | (43.6 | ) |  | .1 |  |  | — |  |  | — |  |  | — |  |  | (44.1 | ) |
Purchases |  | 1,599.2 |  |  | 3,772.4 |  |  | 71.7 |  |  | 5.0 |  |  | 1.5 |  |  | 152.3 |  |  | 5,602.1 |  |
Sales |  | (2,197.1 | ) |  | (4,122.6 | ) |  | — |  |  | (17.1 | ) |  | — |  |  | (50.7 | ) |  | (6,387.5 | ) |
Net change in investments related to purchases and sales of consolidated affiliates |  | (2.7 | ) |  | 24.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21.5 |  |
Exchange |  | 4.7 |  |  | (13.0 | ) |  | 8.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Transfers in |  | — |  |  | 97.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97.8 |  |
Transfers out |  | (.2 | ) |  | — |  |  | (97.6 | ) |  | — |  |  | — |  |  | — |  |  | (97.8 | ) |
Balance at December 31, 2014 |  | $ | 843.3 |  |  | $ | 4,638.0 |  |  | $ | 76.7 |  |  | $ | 40.2 |  |  | $ | 8.2 |  |  | $ | 385.0 |  | (1) | $ | 5,991.4 |  | (1)(2)(3)
(1) | Excludes carrying value of $23.2 and $26.6 as of December 31, 2014 and January 1, 2014 associated with other long-term investments accounted for using the equity method.
(2) | Carrying value includes $236.3 as of January 1, 2014 that is classified as assets held for sale relating to discontinued operations.
(3) | Excludes carrying value of $871.7 and $635.9 as of December 31, 2014 and January 1, 2014 classified as short-term investments.
(4) | Excludes $4.3 of realized and unrealized losses associated with the Prospector Funds consolidation of investment-related liabilities and $2.8 of realized and unrealized gains associated with short-term investments.
|  |  |  |  |  | Level 3 Investments |
Millions |  | Level 1 Investments |  | Level 2 Investments |  | Fixed maturity investments |  | Common equity securities |  | Convertible Fixed Maturity and Preferred Investments |  | Other long-term investments |  | Total |
Balance at January 1, 2013 |  | $ | 1,355.1 |  |  | $ | 5,206.1 |  |  | $ | 92.9 |  |  | $ | 37.3 |  |  | $ | — |  |  | $ | 259.3 |  | (1) | $ | 6,950.7 |  | (1)(2)(3)
Total realized and unrealized gains (losses) |  | 221.9 |  |  | (56.9 | ) |  | (2.7 | ) |  | 1.0 |  |  | — |  |  | 18.7 |  |  | 182.0 |  |
Foreign currency (losses) gains in OCI |  | (.3 | ) |  | 12.5 |  |  | .3 |  |  | — |  |  | — |  |  | (0.9 | ) |  | 11.6 |  |
Amortization/Accretion |  | (1.0 | ) |  | (51.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (52.2 | ) |
Purchases |  | 862.1 |  |  | 3,689.6 |  |  | 37.9 |  |  | 8.8 |  |  | — |  |  | 37.1 |  |  | 4,635.5 |  |
Sales |  | (1,078.9 | ) |  | (3,842.8 | ) |  | (6.3 | ) |  | — |  |  | — |  |  | (51.8 | ) |  | (4,979.8 | ) |
Net change in investments related to purchases and sales of consolidated affiliates |  | 16.0 |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18.7 |  |
Transfers in |  | 1.8 |  |  | 119.4 |  |  | 90.3 |  |  | — |  |  | 6.1 |  |  | — |  |  | 217.6 |  |
Transfers out |  | — |  |  | (97.2 | ) |  | (119.4 | ) |  | (1.0 | ) |  | — |  |  | — |  |  | (217.6 | ) |
Balance at December 31, 2013 |  | $ | 1,376.7 |  |  | $ | 4,982.2 |  |  | $ | 93.0 |  |  | $ | 46.1 |  |  | $ | 6.1 |  |  | $ | 262.4 |  | (1) | $ | 6,766.5 |  | (1)(2)(3)
(1) | Excludes carrying value of $26.6 and $35.0 as of December 31, 2013 and January 1, 2013 associated with other long-term investment limited partnerships accounted for using the equity method and $(.1) as of December 31, 2013 related to foreign currency forward contracts.
(2) | Carrying value includes $236.3 and $338.1 as of December 31, 2013 and January 1, 2013 that is classified as assets held for sale relating to AutoOne discontinued operations.
(3) | Excludes carrying value of $635.9 and $630.6 as of December 31, 2013 and January 1, 2013 classified as short-term investments.
(4) | Excludes $20.6 of realized and unrealized losses associated with the Prospector Funds consolidation of investment-related liabilities and $.2 of realized and unrealized gains associated with short-term investments.
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | he fair value of investments in hedge funds and private equity funds, which are classified within Level 3, are estimated using the net asset value of the funds.
($ in Millions) |  |  |  |  |  | December 31, 2014 |  | December 31, 2013
Description |  | Rating(2) |  | Valuation Technique(s) |  | Fair Value |  | Unobservable Input |  | Fair Value |  | Unobservable Input
Preferred Stock(1) |  | NR |  | Discounted cash flow |  | $71.1 |  | Discount yield | - | 7.1% |  | $71.0 |  | Discount yield | - | 7.4%
Private equity security(1) |  | NR |  | Multiple of GAAP book value |  | $40.2 |  | Book value multiple | - | 1.10 |  | $35.6 |  | Book value multiple | - | 1.00
Private equity security(1) |  | NR |  | Share price of recent transaction |  | $20.1 |  | Share price | - | $1.06 |  | $10.5 |  | Share price | - | $1.10
Private equity security(1) |  | NR |  | Share price of recent transaction |  | $10.4 |  | Share price | - | $290.96 |  | N/A |  | N/A |  | N/A
Private equity security(1) |  | NR |  | Share price of recent transaction |  | $15.8 |  | Share price | - | $0.13 |  | N/A |  | N/A |  | N/A
Convertible preferred security(1) |  | NR |  | Share price of recent transaction |  | $4.5 |  | Share price | - | $0.71 |  | $3.0 |  | Share price | - | $0.71
Convertible preferred security(1) |  | NR |  | Multiple of EBITDA |  | $3.8 |  | EBITDA multiple | - | 6.00 |  | $3.1 |  | EBITDA multiple | - | 6.00
Debt security issued by corporation(1) |  | NR |  | Discounted cash flow |  | $5.6 |  | Illiquidity discount(3) | - | 10% |  | N/A |  | N/A |  | N/A
Asset-backed securities(1) |  | AA+ |  | Broker pricing |  | N/A |  | Broker quote |  |  |  | $22.0 |  | Broker quote |  |
Seller priority surplus note |  | NR |  | Discounted cash flow |  | $44.0 |  | Discount rate (4) | - | 9.3% |  | N/A |  | N/A |  | N/A
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years |  | N/A |  | N/A |  | N/A
|  |  |  |  |  | Timing of interest payments(6) | - | 10 years |  | N/A |  | N/A |  | N/A
Pari passu surplus note |  | NR |  | Discounted cash flow |  | $21.1 |  | Discount rate(5) | - | 13.5% |  | N/A |  | N/A |  | N/A
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years |  | N/A |  | N/A |  | N/A
|  |  |  |  |  | Timing of interest payments(6) | - | 10 years |  | N/A |  | N/A |  | N/A
(1) | As of December 31, 2014 each asset type consists of one security.
(2) | Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s and 2) Moody’s.
(3) | Judgmentally determined based on the Company’s limited trading ability of the issuer.
(4) | Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note.
(5) | Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note.
(6) | For estimated value purposes, the assumption has been made that interest payouts begin in year five and that principal repayments being on a graduated basis in year ten for the seller priority notes and year fifteen for the pari passu note.

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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of investments in trading securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6467456&loc=d3e113888-111728 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c),(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 + Details
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- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value measurement of assets measured at fair value on a recurring basis, including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: total gains or losses for the period (realized and unrealized), amortization or accretion of discount, purchases, sales, issuances, transfers in and transfers out of each level of the fair value hierarchy by class of asset. + References No definition available. + Details
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- Definition Tabular disclosure of hedge funds and private equity investments held at fair value by investment objective or sector and the amount of unfunded commitments associated with each objective or sector. + References No definition available. + Details
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- Definition Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds. + References No definition available. + Details
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- Definition Tabular disclosure of security issuance years of investments in non-agency RMBS and non-agency CMBS securities. + References No definition available. + Details
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