v2.4.0.8

Investments (Tables) | 3 Months Ended
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Mar. 31, 2014
Schedule of Investments [Abstract] |
Original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments | The original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale fixed maturities and other investments as of March 31, 2014 and December 31, 2013, are as follows:
March 31, 2014 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Available-for-sale fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 16,616 |  |  | $ | 519 |  |  | $ | — |  |  | $ | 17,135 |
U.S. agency bonds – mortgage-backed |  | 1,257,045 |  |  | 12,632 |  |  | (34,207 | ) |  | 1,235,470 |
U.S. agency bonds – other |  | 7,208 |  |  | 988 |  |  | — |  |  | 8,196 |
Non-U.S. government bonds |  | 70,806 |  |  | 3,490 |  |  | (331 | ) |  | 73,965 |
Other mortgage-backed securities |  | 43,952 |  |  | 416 |  |  | — |  |  | 44,368 |
Corporate bonds |  | 1,638,912 |  |  | 98,508 |  |  | (11,652 | ) |  | 1,725,768 |
Municipal bonds – other |  | 62,136 |  |  | 1,781 |  |  | — |  |  | 63,917 |
Total available-for-sale fixed maturities |  | 3,096,675 |  |  | 118,334 |  |  | (46,190 | ) |  | 3,168,819 |
Other investments |  | 5,083 |  |  | 690 |  |  | — |  |  | 5,773 |
Total investments |  | $ | 3,101,758 |  |  | $ | 119,024 |  |  | $ | (46,190 | ) |  | $ | 3,174,592 |
December 31, 2013 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Available-for-sale fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 16,622 |  |  | $ | 587 |  |  | $ | — |  |  | $ | 17,209 |
U.S. agency bonds – mortgage-backed |  | 1,292,032 |  |  | 11,727 |  |  | (41,104 | ) |  | 1,262,655 |
U.S. agency bonds – other |  | 7,207 |  |  | 901 |  |  | — |  |  | 8,108 |
Non-U.S. government bonds |  | 70,377 |  |  | 3,547 |  |  | (712 | ) |  | 73,212 |
Other mortgage-backed securities |  | 33,676 |  |  | — |  |  | (232 | ) |  | 33,444 |
Corporate bonds |  | 1,546,578 |  |  | 82,952 |  |  | (22,830 | ) |  | 1,606,700 |
Municipal bonds – auction rate |  | 99,170 |  |  | — |  |  | — |  |  | 99,170 |
Municipal bonds – other |  | 62,130 |  |  | 934 |  |  | (1,495 | ) |  | 61,569 |
Total available-for-sale fixed maturities |  | 3,127,792 |  |  | 100,648 |  |  | (66,373 | ) |  | 3,162,067 |
Other investments |  | 4,522 |  |  | 570 |  |  | — |  |  | 5,092 |
Total investments |  | $ | 3,132,314 |  |  | $ | 101,218 |  |  | $ | (66,373 | ) |  | $ | 3,167,159 |
Contractual maturities of fixed maturities, available-for-sale | The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without prepayment penalties. 4. Investments (continued)
March 31, 2014 |  | Amortized cost |  | Fair value |  | % of Total fair value
Maturity |  |  |  |  |  |
Due in one year or less |  | $ | 54,893 |  |  | $ | 56,249 |  |  | 1.8 | %
Due after one year through five years |  | 422,796 |  |  | 459,480 |  |  | 14.5 | %
Due after five years through ten years |  | 1,226,383 |  |  | 1,277,651 |  |  | 40.3 | %
Due after ten years |  | 91,606 |  |  | 95,601 |  |  | 3.0 | %
|  | 1,795,678 |  |  | 1,888,981 |  |  | 59.6 | %
U.S. agency bonds – mortgage-backed |  | 1,257,045 |  |  | 1,235,470 |  |  | 39.0 | %
Other mortgage-backed securities |  | 43,952 |  |  | 44,368 |  |  | 1.4 | %
Total available-for-sale fixed maturities |  | $ | 3,096,675 |  |  | $ | 3,168,819 |  |  | 100.0 | %
Summary of available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position | The following tables summarize fixed maturities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
|  | Less than 12 Months |  | 12 Months or more |  | Total
March 31, 2014 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency bonds – mortgage-backed |  | $ | 743,882 |  |  | $ | (30,320 | ) |  | $ | 109,169 |  |  | $ | (3,887 | ) |  | $ | 853,051 |  |  | $ | (34,207 | )
Non–U.S. government bonds |  | 7,968 |  |  | (331 | ) |  | — |  |  | — |  |  | 7,968 |  |  | (331 | )
Corporate bonds |  | 183,710 |  |  | (6,590 | ) |  | 168,371 |  |  | (5,062 | ) |  | 352,081 |  |  | (11,652 | )
Total temporarily impaired available-for-sale fixed maturities |  | $ | 935,560 |  |  | $ | (37,241 | ) |  | $ | 277,540 |  |  | $ | (8,949 | ) |  | $ | 1,213,100 |  |  | $ | (46,190 | )
As of March 31, 2014, there were approximately 103 securities in an unrealized loss position with a fair value of $1,213,100 and unrealized losses of $46,190. Of these securities, there are 24 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $277,540 and unrealized losses of $8,949.
|  | Less than 12 Months |  | 12 Months or more |  | Total
December 31, 2013 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency bonds – mortgage-backed |  | $ | 795,439 |  |  | $ | (38,421 | ) |  | $ | 60,602 |  |  | $ | (2,683 | ) |  | $ | 856,041 |  |  | $ | (41,104 | )
Non–U.S. government bonds |  | 9,946 |  |  | (712 | ) |  | — |  |  | — |  |  | 9,946 |  |  | (712 | )
Other mortgage-backed securities |  | 33,444 |  |  | (232 | ) |  | — |  |  | — |  |  | 33,444 |  |  | (232 | )
Corporate bonds |  | 463,469 |  |  | (16,687 | ) |  | 169,294 |  |  | (6,143 | ) |  | 632,763 |  |  | (22,830 | )
Municipal bonds – other |  | 50,545 |  |  | (1,495 | ) |  | — |  |  | — |  |  | 50,545 |  |  | (1,495 | )
Total temporarily impaired available-for-sale fixed maturities |  | $ | 1,352,843 |  |  | $ | (57,547 | ) |  | $ | 229,896 |  |  | $ | (8,826 | ) |  | $ | 1,582,739 |  |  | $ | (66,373 | )
Summary of the credit ratings of fixed maturities | The following summarizes the credit ratings of our available-for-sale fixed maturities:
Rating* as of March 31, 2014 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 16,616 |  |  | $ | 17,135 |  |  | 0.5 | %
U.S. agency bonds |  | 1,264,253 |  |  | 1,243,666 |  |  | 39.2 | %
AAA |  | 216,123 |  |  | 231,871 |  |  | 7.3 | %
AA+, AA, AA- |  | 138,743 |  |  | 147,363 |  |  | 4.7 | %
A+, A, A- |  | 688,926 |  |  | 729,160 |  |  | 23.0 | %
BBB+, BBB, BBB- |  | 716,179 |  |  | 742,241 |  |  | 23.5 | %
BB+ or lower |  | 55,835 |  |  | 57,383 |  |  | 1.8 | %
Total |  | $ | 3,096,675 |  |  | $ | 3,168,819 |  |  | 100.0 | %
Rating* as of December 31, 2013 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 16,622 |  |  | $ | 17,209 |  |  | 0.5 | %
U.S. agency bonds |  | 1,299,239 |  |  | 1,270,763 |  |  | 40.2 | %
AAA |  | 210,872 |  |  | 222,417 |  |  | 7.0 | %
AA+, AA, AA- |  | 236,424 |  |  | 242,986 |  |  | 7.7 | %
A+, A, A- |  | 619,148 |  |  | 651,248 |  |  | 20.6 | %
BBB+, BBB, BBB- |  | 689,532 |  |  | 701,529 |  |  | 22.2 | %
BB+ or lower |  | 55,955 |  |  | 55,915 |  |  | 1.8 | %
Total |  | $ | 3,127,792 |  |  | $ | 3,162,067 |  |  | 100.0 | %
*Ratings as assigned by Standard & Poor’s ("S&P")
Portfolio of other investments | The table below shows our portfolio of other investments:
|  | March 31, 2014 |  | December 31, 2013
|  | Fair value |  | % of Total fair value |  | Fair value |  | % of Total fair value
Investments in limited partnerships |  | $ | 4,773 |  |  | 82.7 | % |  | $ | 4,092 |  |  | 80.4 | %
Other |  | 1,000 |  |  | 17.3 | % |  | 1,000 |  |  | 19.6 | %
Total other investments |  | $ | 5,773 |  |  | 100.0 | % |  | $ | 5,092 |  |  | 100.0 | %
Analysis of realized and unrealized gains on investment | The following provides an analysis of net realized gains on investment included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2014 and 2013:
For the Three Months Ended March 31, 2014 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Other investments |  | 87 |  |  | — |  |  | 87 |
Net realized gains on investment |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
For the Three Months Ended March 31, 2013 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 3,112 |  |  | $ | — |  |  | $ | 3,112 |
Other investments |  | 171 |  |  | — |  |  | 171 |
Net realized gains on investment |  | $ | 3,283 |  |  | $ | — |  |  | $ | 3,283 |
Net unrealized gains on available-for-sale securities and other investments | Net unrealized gains were as follows:
|  | March 31, 2014 |  | December 31, 2013
Available-for-sale fixed maturities |  | $ | 72,144 |  |  | $ | 34,275 |
Other investments |  | 690 |  |  | 570 |
Total net unrealized gains |  | 72,834 |  |  | 34,845 |
Deferred income tax expense |  | (146 | ) |  | (117 | )
Net unrealized gains, net of deferred income tax |  | $ | 72,688 |  |  | $ | 34,728 |
Change in net unrealized gains, net of deferred income tax |  | $ | 37,960 |  |  | $ | (108,937 | )
Fair value of restricted assets | The fair value of our restricted assets was as follows:
|  | March 31, 2014 |  | December 31, 2013
Restricted cash and cash equivalents – third party agreements |  | $ | 64,326 |  |  | $ | 72,877 |
Restricted cash and cash equivalents – related party agreements |  | 86,866 |  |  | 4,429 |
Restricted cash and cash equivalents – U.S. state regulatory authorities |  | 20 |  |  | 54 |
Total restricted cash and cash equivalents |  | 151,212 |  |  | 77,360 |
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2014 – $934,906; 2013 – $933,897) |  | 952,147 |  |  | 939,800 |
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2014 – $1,211,944; 2013 – $1,183,156) |  | 1,244,654 |  |  | 1,201,473 |
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2014 – $12,216; 2013 – $12,730) |  | 12,498 |  |  | 13,065 |
Total restricted investments |  | 2,209,299 |  |  | 2,154,338 |
Total restricted cash and cash equivalents and investments |  | $ | 2,360,511 |  |  | $ | 2,231,698 |

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