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Investments (Tables) | 3 Months Ended
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Mar. 31, 2013
Investments [Abstract] |
Investment holdings by type of instrument |
|  | As of March 31, 2013 |  |  | As of December 31, 2012 |
|  | Cost or |  |  |  |  |  |  |  |  | Cost or |  |  |  |  |  |  |
|  | Amortized |  |  |  |  |  | Carrying |  |  | Amortized |  |  |  |  |  | Carrying |
|  | Cost |  |  | Fair Value |  |  | Value |  |  | Cost (4) |  |  | Fair Value |  |  | Value |
Cash and cash equivalents (1) |  | $ | 482,876 |  |  | $ | 482,876 |  |  | $ | 482,876 |  |  | $ | 347,392 |  |  | $ | 347,392 |  |  | $ | 347,392 |
Restricted cash and cash equivalents |  |  | 2,653 |  |  |  | 2,653 |  |  |  | 2,653 |  |  |  | 33,009 |  |  |  | 33,009 |  |  |  | 33,009 |
Trading portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,192 |  |  |  | 4,009 |  |  |  | 4,009 |
Equity securities: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,113 |  |  |  | 26,130 |  |  |  | 26,130 |
Energy |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,053 |  |  |  | 10,868 |  |  |  | 10,868 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,416 |  |  |  | 8,215 |  |  |  | 8,215 |
Exchange-traded and mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,687 |  |  |  | 21,989 |  |  |  | 21,989 |
Agriculture |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,705 |  |  |  | 10,265 |  |  |  | 10,265 |
Energy |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,992 |  |  |  | 5,068 |  |  |  | 5,068 |
Indices |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,827 |  |  |  | 2,506 |  |  |  | 2,506 |
Non-hedging derivative asset (liability), net (2) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69 |  |  |  | (21 | ) |  |  | (21 | )
Other investments (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 517 |  |  |  | 317 |  |  |  | 317 |
Total trading portfolio investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 96,571 |  |  |  | 89,346 |  |  |  | 89,346 |
Available for sale portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 8,004 |  |  |  | 8,013 |  |  |  | 8,013 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 5,964 |  |  |  | 5,955 |  |  |  | 5,955 |  |  |  | — |  |  |  | — |  |  |  | — |
Total available for sale investments |  |  | 13,968 |  |  |  | 13,968 |  |  |  | 13,968 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments |  | $ | 499,497 |  |  | $ | 499,497 |  |  | $ | 499,497 |  |  | $ | 476,972 |  |  | $ | 469,747 |  |  | $ | 469,747 |
(1) | Cash and cash equivalents include short-term debt securities consisting of direct obligations of the U.S. Treasury or money-market accounts that invest in direct obligations of the U.S. Treasury.
(2) | Derivatives are included in Other assets and Other liabilities and accrued expenses in the Consolidated Balance Sheets.
(3) | Other investments represent physical metals held by the Company and are included in Other assets in the Consolidated Balance Sheets.
(4) | The cost for equity securities as of December 31, 2012 has been restated from the amounts reported on Form 10-K for the year ended December 31, 2012. The amounts previously reported represented the cost determined under a statutory basis of accounting. The restatement does not affect any amounts reported in the consolidated financial statements including the carrying amount of equity securities reported in the consolidated balance sheet as of December 31, 2012 and unrealized gains and losses reported in the consolidated statement of income for the year ended December 31, 2012.
Investment income (expense) comprised primarily of interest and dividends |
|  | Three Months Ended March 31, |
|  | 2013 |  |  | 2012 |
Cash and cash equivalents (1) |  | $ | 120 |  |  | $ | 179 |
Fixed maturities |  |  | — |  |  |  | 13 |
Equity securities |  |  | 88 |  |  |  | 56 |
Total investment income |  |  | 208 |  |  |  | 248 |
Less investment expenses |  |  | (196 | ) |  |  | (284 | )
Net investment (expense) income |  | $ | 12 |  |  | $ | (36 | )
(1) | Includes interest earned on restricted cash and cash equivalents.
Effect of trading activities by type of instrument and by line item in the condensed consolidated statements of income |
|  | Three Months Ended March 31, |
|  | 2013 |  |  | 2012 |
Realized gains (losses) on investments: |  |  |  |  |  |  |  |
Equity securities |  | $ | (15,969 | ) |  | $ | (7,593 | )
Derivatives (non-hedging instruments) (1) |  |  | (68 | ) |  |  | 144 |
Total realized gains (losses) on trading portfolio |  |  | (16,037 | ) |  |  | (7,449 | )
Change in unrealized gains (losses) on investments: |  |  |  |  |  |  |  |
Fixed maturities |  |  | 13 |  |  |  | 37 |
Equity securities |  |  | 7,758 |  |  |  | 8,989 |
Derivatives (non-hedging instruments) (1) |  |  | 89 |  |  |  | 147 |
Other |  |  | 14 |  |  |  | 14 |
Total change in unrealized gains (losses) on trading portfolio |  |  | 7,874 |  |  |  | 9,187 |
Net gains (losses) recognized on trading portfolio |  | $ | (8,163 | ) |  | $ | 1,738 |
(1) | This table provides the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.
Cost or amortized cost and fair value of securities available for sale |
|  | March 31, 2013 |
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US government and agency obligations |  | $ | 8,004 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 8,013 |
Corporate bonds |  |  | 5,964 |  |  |  | — |  |  |  | (9 | ) |  |  | 5,955 |
Total |  | $ | 13,968 |  |  | $ | 9 |  |  | $ | (9 | ) |  | $ | 13,968 |
Amortized cost and fair value of fixed maturities available for sale by contractual maturity |
|  | Fixed Maturities Securities Available for Sale |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 5,999 |  |  | $ | 5,990 |
Due after one year through five years |  |  | 4,143 |  |  |  | 4,143 |
Due after five years through ten years |  |  | 3,826 |  |  |  | 3,835 |
Due after ten years |  |  | — |  |  |  | — |
Total |  | $ | 13,968 |  |  | $ | 13,968 |

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