v3.3.1.900

Investments (Tables)

12 Months Ended

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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