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Investments (Tables)

3 Months Ended

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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