v3.3.1.900

Investments (Tables) | 12 Months Ended
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Dec. 31, 2015
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 fixed maturities and other investments at December 31, 2015 and 2014, are as follows:
December 31, 2015 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 5,714 |  |  | $ | 312 |  |  | $ | (16 | ) |  | $ | 6,010 |
U.S. agency bonds – mortgage-backed |  | 1,471,782 |  |  | 15,399 |  |  | (10,190 | ) |  | 1,476,991 |
U.S. agency bonds – other |  | 23,734 |  |  | 577 |  |  | — |  |  | 24,311 |
Non-U.S. government and supranational bonds |  | 35,128 |  |  | — |  |  | (4,584 | ) |  | 30,544 |
Asset-backed securities |  | 165,719 |  |  | 1,174 |  |  | (1,089 | ) |  | 165,804 |
Corporate bonds |  | 1,798,610 |  |  | 38,070 |  |  | (97,012 | ) |  | 1,739,668 |
Municipal bonds |  | 62,177 |  |  | 2,583 |  |  | — |  |  | 64,760 |
Total AFS fixed maturities |  | 3,562,864 |  |  | 58,115 |  |  | (112,891 | ) |  | 3,508,088 |
HTM fixed maturities: |  |  |  |  |  |  |  |
Corporate bonds |  | 607,843 |  |  | 3,458 |  |  | (12,326 | ) |  | 598,975 |
Total HTM fixed maturities |  | 607,843 |  |  | 3,458 |  |  | (12,326 | ) |  | 598,975 |
Other investments |  | 10,816 |  |  | 1,091 |  |  | (95 | ) |  | 11,812 |
Total investments |  | $ | 4,181,523 |  |  | $ | 62,664 |  |  | $ | (125,312 | ) |  | $ | 4,118,875 |
December 31, 2014 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
AFS fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 8,937 |  |  | $ | 423 |  |  | $ | — |  |  | $ | 9,360 |
U.S. agency bonds – mortgage-backed |  | 1,313,834 |  |  | 19,197 |  |  | (10,588 | ) |  | 1,322,443 |
U.S. agency bonds – other |  | 7,213 |  |  | 775 |  |  | — |  |  | 7,988 |
Non-U.S. government and supranational bonds |  | 54,467 |  |  | 304 |  |  | (3,128 | ) |  | 51,643 |
Asset-backed securities |  | 52,337 |  |  | 2,443 |  |  | — |  |  | 54,780 |
Corporate bonds |  | 1,831,431 |  |  | 89,243 |  |  | (25,295 | ) |  | 1,895,379 |
Municipal bonds |  | 62,153 |  |  | 3,666 |  |  | — |  |  | 65,819 |
Short term investments |  | 49,492 |  |  | — |  |  | — |  |  | 49,492 |
Total AFS fixed maturities |  | 3,379,864 |  |  | 116,051 |  |  | (39,011 | ) |  | 3,456,904 |
Other investments |  | 10,862 |  |  | 1,709 |  |  | — |  |  | 12,571 |
Total investments |  | $ | 3,390,726 |  |  | $ | 117,760 |  |  | $ | (39,011 | ) |  | $ | 3,469,475 |
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 prepay obligations with or without call or prepayment penalties. 4. Investments (continued)
|  | AFS fixed maturities |  | HTM fixed maturities
December 31, 2015 |  | Amortized cost |  | Fair value |  | Amortized cost |  | Fair value
Maturity |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 181,769 |  |  | $ | 180,407 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 477,902 |  |  | 475,103 |  |  | 67,371 |  |  | 66,888 |
Due after five years through ten years |  | 1,238,535 |  |  | 1,180,221 |  |  | 540,472 |  |  | 532,087 |
Due after ten years |  | 27,157 |  |  | 29,562 |  |  | — |  |  | — |
|  | 1,925,363 |  |  | 1,865,293 |  |  | 607,843 |  |  | 598,975 |
U.S. agency bonds - mortgage-backed |  | 1,471,782 |  |  | 1,476,991 |  |  | — |  |  | — |
Asset-backed securities |  | 165,719 |  |  | 165,804 |  |  | — |  |  | — |
Total fixed maturities |  | $ | 3,562,864 |  |  | $ | 3,508,088 |  |  | $ | 607,843 |  |  | $ | 598,975 |
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 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
December 31, 2015 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 1,119 |  |  | $ | (16 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,119 |  |  | $ | (16 | )
U.S. agency bonds – mortgage-backed |  | 443,331 |  |  | (4,113 | ) |  | 170,053 |  |  | (6,077 | ) |  | 613,384 |  |  | (10,190 | )
Non–U.S. government and supranational bonds |  | 6,958 |  |  | (365 | ) |  | 22,586 |  |  | (4,219 | ) |  | 29,544 |  |  | (4,584 | )
Asset-backed securities |  | 89,838 |  |  | (1,089 | ) |  | — |  |  | — |  |  | 89,838 |  |  | (1,089 | )
Corporate bonds |  | 752,911 |  |  | (41,352 | ) |  | 399,779 |  |  | (67,986 | ) |  | 1,152,690 |  |  | (109,338 | )
Total temporarily impaired fixed maturities |  | 1,294,157 |  |  | (46,935 | ) |  | 592,418 |  |  | (78,282 | ) |  | 1,886,575 |  |  | (125,217 | )
Other investments |  | 4,905 |  |  | (95 | ) |  | — |  |  | — |  |  | 4,905 |  |  | (95 | )
Total temporarily impaired fixed maturities and other investments |  | $ | 1,299,062 |  |  | $ | (47,030 | ) |  | $ | 592,418 |  |  | $ | (78,282 | ) |  | $ | 1,891,480 |  |  | $ | (125,312 | )
At December 31, 2015, there were approximately 270 securities in an unrealized loss position with a fair value of $1,891,480 and unrealized losses of $125,312. Of these securities, there were 93 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $592,418 and unrealized losses of $78,282.
|  | Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2014 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency bonds – mortgage-backed |  | $ | 84,264 |  |  | $ | (806 | ) |  | $ | 441,601 |  |  | $ | (9,782 | ) |  | $ | 525,865 |  |  | $ | (10,588 | )
Non-U.S. government and supranational bonds |  | 43,712 |  |  | (2,822 | ) |  | 2,522 |  |  | (306 | ) |  | 46,234 |  |  | (3,128 | )
Corporate bonds |  | 397,173 |  |  | (14,485 | ) |  | 143,894 |  |  | (10,810 | ) |  | 541,067 |  |  | (25,295 | )
Total |  | $ | 525,149 |  |  | $ | (18,113 | ) |  | $ | 588,017 |  |  | $ | (20,898 | ) |  | $ | 1,113,166 |  |  | $ | (39,011 | )
Summary of the credit ratings of fixed maturities | The following summarizes the credit ratings of our fixed maturities:
Rating* at December 31, 2015 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 5,714 |  |  | $ | 6,010 |  |  | 0.1 | %
U.S. agency bonds |  | 1,495,516 |  |  | 1,501,302 |  |  | 36.6 | %
AAA |  | 170,190 |  |  | 170,391 |  |  | 4.1 | %
AA+, AA, AA- |  | 222,506 |  |  | 223,084 |  |  | 5.4 | %
A+, A, A- |  | 1,075,550 |  |  | 1,066,794 |  |  | 26.0 | %
BBB+, BBB, BBB- |  | 1,077,064 |  |  | 1,039,228 |  |  | 25.3 | %
BB+ or lower |  | 124,167 |  |  | 100,254 |  |  | 2.5 | %
Total |  | $ | 4,170,707 |  |  | $ | 4,107,063 |  |  | 100.0 | %
Rating* at December 31, 2014 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 8,937 |  |  | $ | 9,360 |  |  | 0.3 | %
U.S. agency bonds |  | 1,321,047 |  |  | 1,330,431 |  |  | 38.5 | %
AAA |  | 193,280 |  |  | 202,973 |  |  | 5.9 | %
AA+, AA, AA- |  | 116,936 |  |  | 120,679 |  |  | 3.5 | %
A+, A, A- |  | 883,092 |  |  | 917,544 |  |  | 26.5 | %
BBB+, BBB, BBB- |  | 794,244 |  |  | 814,039 |  |  | 23.5 | %
BB+ or lower |  | 62,328 |  |  | 61,878 |  |  | 1.8 | %
Total |  | $ | 3,379,864 |  |  | $ | 3,456,904 |  |  | 100.0 | %
*Ratings as assigned by Standard & Poor's ("S&P")
Portfolio of other investments | The table below shows our portfolio of other investments:
December 31, |  | 2015 |  | 2014
|  | Fair value |  | % of Total fair value |  | Fair value |  | % of Total fair value
Investment in limited partnerships |  | $ | 5,907 |  |  | 50.0 | % |  | $ | 5,581 |  |  | 44.4 | %
Investment in quoted equity |  | 4,905 |  |  | 41.5 | % |  | 5,990 |  |  | 47.6 | %
Other |  | 1,000 |  |  | 8.5 | % |  | 1,000 |  |  | 8.0 | %
Total other investments |  | $ | 11,812 |  |  | 100.0 | % |  | $ | 12,571 |  |  | 100.0 | %
Net investment income | Net investment income was derived from the following sources:
For the Year Ended December 31, |  | 2015 |  | 2014 |  | 2013
Fixed maturities |  | $ | 132,394 |  |  | $ | 118,203 |  |  | $ | 89,350 |
Cash and cash equivalents |  | 2,578 |  |  | 2,224 |  |  | 3,120 |
Loan to related party |  | 1,865 |  |  | 1,797 |  |  | 1,857 |
Other |  | 312 |  |  | 246 |  |  | 1,452 |
|  | 137,149 |  |  | 122,470 |  |  | 95,779 |
Less: Investment expenses |  | (6,057 | ) |  | (5,255 | ) |  | (4,427 | )
Total |  | $ | 131,092 |  |  | $ | 117,215 |  |  | $ | 91,352 |
Analysis of realized and unrealized gains on investment | The following provides an analysis of net realized gains on investment included in the Consolidated Statements of Income:
For the Year Ended December 31, 2015 |  | Gross gains |  | Gross losses |  | Net
AFS fixed maturities |  | $ | 2,849 |  |  | $ | (543 | ) |  | $ | 2,306 |
Other investments |  | 192 |  |  | — |  |  | 192 |
Net realized gains on investment |  | $ | 3,041 |  |  | $ | (543 | ) |  | $ | 2,498 |
For the Year Ended December 31, 2014 |  | Gross gains |  | Gross losses |  | Net
AFS fixed maturities |  | $ | 1,334 |  |  | $ | (610 | ) |  | $ | 724 |
Other investments |  | 439 |  |  | — |  |  | 439 |
Net realized gains on investment |  | $ | 1,773 |  |  | $ | (610 | ) |  | $ | 1,163 |
4. Investments (continued)
For the Year Ended December 31, 2013 |  | Gross gains |  | Gross losses |  | Net
AFS fixed maturities |  | $ | 5,598 |  |  | $ | (2,201 | ) |  | $ | 3,397 |
Other investments |  | 188 |  |  | — |  |  | 188 |
Net realized gains on investment |  | $ | 5,786 |  |  | $ | (2,201 | ) |  | $ | 3,585 |
Net unrealized gains on available-for-sale securities and other investments | Net unrealized (losses) gains were as follows:
December 31, |  | 2015 |  | 2014 |  | 2013
Fixed maturities |  | $ | (55,024 | ) |  | $ | 77,040 |  |  | $ | 34,275 |
Other investments |  | 996 |  |  | 1,709 |  |  | 570 |
Total net unrealized (losses) gains |  | (54,028 | ) |  | 78,749 |  |  | 34,845 |
Deferred income tax |  | (84 | ) |  | (170 | ) |  | (117 | )
Net unrealized (losses) gains, net of deferred income tax |  | $ | (54,112 | ) |  | $ | 78,579 |  |  | $ | 34,728 |
Change, net of deferred income tax |  | $ | (132,691 | ) |  | $ | 43,851 |  |  | $ | (108,937 | )
Fair value of restricted assets | The fair value of our restricted assets was as follows:
December 31, |  | 2015 |  | 2014
Restricted cash and cash equivalents – third party agreements |  | $ | 102,837 |  |  | $ | 107,884 |
Restricted cash and cash equivalents – related party agreements |  | 139,944 |  |  | 175,817 |
Restricted cash and cash equivalents – U.S. state regulatory authorities |  | 78 |  |  | 680 |
Total restricted cash and cash equivalents |  | 242,859 |  |  | 284,381 |
Restricted investments AFS – in trust for third party agreements at fair value (Amortized cost: 2015 – $1,081,202; 2014 – $993,974) |  | 1,067,602 |  |  | 1,014,878 |
Restricted investments AFS – in trust for related party agreements at fair value (Amortized cost: 2015 – $1,781,178; 2014 – $1,769,083) |  | 1,754,705 |  |  | 1,814,478 |
Restricted investments HTM – in trust for related party agreements at fair value (Amortized cost: 2015 – $607,843; 2014 – $0) |  | 598,975 |  |  | — |
Restricted investments AFS – in trust for U.S. state regulatory authorities (Amortized cost: 2015 – $4,071; 2014 – $7,269) |  | 4,303 |  |  | 7,606 |
Total restricted investments |  | 3,425,585 |  |  | 2,836,962 |
Total restricted cash and cash equivalents and investments |  | $ | 3,668,444 |  |  | $ | 3,121,343 |

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360136&loc=d3e22054-111558 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
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