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Cash, cash equivalents, restricted cash and restricted investments | 12 Months Ended
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Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |
Cash, cash equivalents, restricted cash and restricted investments | 4. Cash, cash equivalents, restricted cash and restricted investments The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2020 and 2019:
| 2020 |  | 2019
Cash and cash equivalents | $ | 525,991 |  |  | $ | 639,415 |
Restricted cash securing letter of credit facilities (1) | 306,032 |  |  | 254,176 |
Restricted cash securing reinsurance contracts (2) | 881,916 |  |  | 760,367 |
Total cash, cash equivalents and restricted cash (3) | 1,713,939 |  |  | 1,653,958 |
Restricted investments securing reinsurance contracts (2) | 86,367 |  |  | 142,617 |
Total cash, cash equivalents, restricted cash and restricted investments | $ | 1,800,306 |  |  | $ | 1,796,575 |
(1)Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years. (2)Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including U.S. Treasury securities, sovereign debt, and limited partnership interests in TP Fund. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years. (3)Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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