XML 52 R47.htm IDEA: XBRL DOCUMENT v2.4.1.9
Net investment income (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Net Investment Income [Abstract]    
Schedule of net investment income
Net investment income for the three and nine months ended September 30, 2014 and 2013 consisted of the following:
 
For the three months ended
 
For the nine months ended
 
September 30,
2014
 
September 30,
2013
 
September 30,
2014
 
September 30,
2013
Net investment income by type
($ in thousands)
Net realized gains on investments and investment derivatives
$
53,378

 
$
63,778

 
$
184,686

 
$
176,673

Net unrealized gains (losses) on investments and investment derivatives
(62,448
)
 
7,404

 
(67,407
)
 
31,709

Net realized gain (loss) on foreign currencies
13,125

 
(1,353
)
 
4,851

 
4,364

Dividend and interest income
6,628

 
4,287

 
22,405

 
15,587

Dividends paid on securities sold, not yet purchased
—

 
(171
)
 
(34
)
 
(607
)
Management and performance fees
(8,440
)
 
(19,558
)
 
(46,630
)
 
(57,750
)
Other expenses
(1,573
)
 
(1,860
)
 
(6,743
)
 
(4,383
)
Net investment income on investments managed by Third Point LLC
670

 
52,527

 
91,128

 
165,593

Investment income on cash held by the Catastrophe Reinsurer and Catastrophe Fund
27

 
28

 
84

 
44

Net gain on catastrophe bond held by Catastrophe Reinsurer
75

 
—

 
80

 
—

Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer
780

 
2,062

 
780

 
3,167

 
$
1,552

 
$
54,617

 
$
92,072

 
$
168,804

 
For the three months ended
 
For the nine months ended

September 30,
2014
 
September 30,
2013
 
September 30,
2014
 
September 30,
2013
Net investment income by asset class
($ in thousands)
Net investment gains on equity securities
$
6,282

 
$
60,042

 
$
56,927

 
$
167,364

Net investment gains (losses) on debt securities
(5,435
)
 
14,950

 
81,540

 
57,549

Net investment gains (loss) on other investments
(25,807
)
 
(4,595
)
 
(30,787
)
 
(1,517
)
Net investment gains on investment derivatives
18,446

 
751

 
10,412

 
19,143

Net investment gains (losses) on securities sold, not yet purchased
4,861

 
5,857

 
20,245

 
(16,017
)
Net investment income (loss) on cash, including foreign exchange gains (losses)
15,095

 
(2,906
)
 
5,921

 
2,243

Net investment gains (losses) on securities purchased under and agreement to resell
(2,381
)
 
1,207

 
(2,592
)
 
1,228

Management and performance fees
(8,440
)
 
(19,558
)
 
(46,630
)
 
(57,750
)
Other investment expenses
(1,069
)
 
(1,131
)
 
(2,964
)
 
(3,439
)
 
$
1,552

 
$
54,617

 
$
92,072


$
168,804
Net investment income for the years ended December 31, 2013 and 2012 a consisted of the following:
 
 
2013
 
2012
Net investment income by type
($ in thousands)
Net unrealized gains on investments and investment derivatives
 
$
78,950

 
$
113,422

Net realized gains on investments and investment derivatives
 
236,333

 
55,632

Net gain (loss) on foreign currencies
 
21,106

 
(219
)
Dividend and interest income, net of withholding taxes
 
14,233

 
25,284

Dividends paid on securities sold, not yet purchased
 
(722
)
 
(1,629
)
Management and performance fees
 
(87,333
)
 
(50,211
)
Other expenses
 
(8,863
)
 
(5,411
)
Net investment income on investments managed by Third Point LLC
 
253,704

 
136,868

Deposit liabilities and reinsurance contracts investment expense
 
(4,922
)
 
(446
)
Investment income on cash collateral held by the Catastrophe Reinsurer
 
86

 
—

Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer
 
4,335

 
—

 
 
$
253,203

 
$
136,422

 
 
2013
 
2012
Net investment income by asset class
 
($ in thousands)
Net investment gains on equity securities
 
$
243,449

 
$
96,210

Net investment gains on debt securities
 
69,194

 
65,040

Net investment gains (losses) on other investments
 
(5,045
)
 
7,386

Net investment gains on derivatives
 
29,257

 
5,793

Net investment gains (losses) on securities sold, not yet purchased
 
(5,974
)
 
17,076

Net investment income (loss) on cash
 
17,961

 
(1,230
)
Net investment gains on securities purchased under and agreement to resell
 
1,863

 
562

Management and performance fees
 
(87,333
)
 
(50,211
)
Other investment expenses
 
(5,247
)
 
(3,758
)
Deposit liabilities and reinsurance contracts investment expense
 
(4,922
)
 
(446
)
 
 
$
253,203

 
$
136,422