The Company holds: (i) AFS portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed.


June 30, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	78,481	$	—	$	(27)	$	78,454
U.S. agency bonds – mortgage-backed	148,520		5,028		(95)		153,453

Non-U.S. government bonds	3,167		273		—		3,440
Asset-backed securities	194,648		1,242		(598)		195,292
Corporate bonds	486,731		25,657		(4,342)		508,046


Total fixed maturity investments	$	911,547	$	32,200	$	(5,062)	$	938,685


December 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	94,468	$	34	$	—	$	94,502
U.S. agency bonds – mortgage-backed	272,124		9,439		(126)		281,437

Non-U.S. government bonds	8,641		1,067		—		9,708
Asset-backed securities	184,227		1,611		(406)		185,432
Corporate bonds	604,463		40,904		(3,035)		642,332


Total fixed maturity investments	$	1,163,923	$	53,055	$	(3,567)	$	1,213,411

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.



June 30, 2021	Amortized cost		Fair value
Due in one year or less	$	60,592	$	59,782
Due after one year through five years	435,090		454,445
Due after five years through ten years	65,363		68,361
Due after ten years	7,334		7,352
	568,379		589,940
U.S. agency bonds – mortgage-backed	148,520		153,453
Asset-backed securities	194,648		195,292
Total fixed maturity investments	$	911,547	$	938,685

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
June 30, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	78,454	$	(27)	$	—	$	—	$	78,454	$	(27)
U.S. agency bonds – mortgage-backed	8,175		(95)		—		—		8,175		(95)

Asset-backed securities	42,265		(536)		11,288		(62)		53,553		(598)
Corporate bonds	36,244		(1,311)		53,475		(3,031)		89,719		(4,342)

Total temporarily impaired fixed maturities	$	165,138	$	(1,969)	$	64,763	$	(3,093)	$	229,901	$	(5,062)

At June 30, 2021, there were 45 securities in an unrealized loss position with a fair value of $229,901 and unrealized losses of $5,062. Of these securities, there were 18 securities that have been in an unrealized loss position for twelve months or greater with a fair value of $64,763 and unrealized losses of $3,093.


	Less than 12 Months				12 Months or More				Total
December 31, 2020	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

U.S. agency bonds – mortgage-backed	$	19,360	$	(85)	$	5,646	$	(41)	$	25,006	$	(126)


Asset-backed securities	13,371		(217)		31,052		(189)		44,423		(406)
Corporate bonds	31,839		(890)		65,296		(2,145)		97,135		(3,035)

Total temporarily impaired fixed maturities	$	64,570	$	(1,192)	$	101,994	$	(2,375)	$	166,564	$	(3,567)

At December 31, 2020, there were 53 securities in an unrealized loss position with a fair value of $166,564 and unrealized losses of $3,567. Of these securities, there were 35 securities that have been in an unrealized loss position for twelve months or greater with a fair value of $101,994 and unrealized losses of $2,375.

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At June 30, 2021, we determined that unrealized losses on fixed maturities were primarily due to changes in interest rates as well as the impact of foreign exchange rate changes on certain foreign currency denominated fixed maturities since their date of purchase. All fixed maturity securities continue to pay the expected coupon payments under the contractual terms of the securities. Any credit-related impairment related to fixed maturity securities that the Company does not plan to sell and for which we are not more likely than not to be required to sell is recognized in net earnings, with the non-credit related impairment recognized in comprehensive earnings.

Based on analysis, our fixed maturity portfolio is of high credit quality and we believe the amortized cost basis of the securities will ultimately be recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. For the six months ended June 30, 2020, the Company recognized $1,506 in OTTI charges in earnings on two fixed maturity securities. There was no impairment recorded for the three and six months ended June 30, 2021 and the three months ended June 30, 2020.


June 30, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	78,481	$	78,454	8.4	%
U.S. agency bonds	148,520		153,453		16.3	%
AAA	124,254		124,569		13.3	%
AA+, AA, AA-	72,130		73,304		7.8	%
A+, A, A-	220,396		227,914		24.3	%
BBB+, BBB, BBB-	225,475		236,805		25.2	%
BB+ or lower	42,291		44,186		4.7	%
Total fixed maturities (1)	$	911,547	$	938,685	100.0	%


December 31, 2020	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	94,468	$	94,502	7.8	%
U.S. agency bonds	272,124		281,437		23.2	%
AAA	96,453		97,515		8.0	%
AA+, AA, AA-	114,751		118,534		9.8	%
A+, A, A-	265,725		281,364		23.2	%
BBB+, BBB, BBB-	274,406		292,493		24.1	%
BB+ or lower	45,996		47,566		3.9	%
Total fixed maturities(1)	$	1,163,923	$	1,213,411	100.0	%

Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, the Company may still receive income distributions from those investments.


	June 30, 2021				December 31, 2020
	Carrying value		% of Total		Carrying value		% of Total
Private equity investments	$	27,544	31.2	%	$	23,294	34.8	%
Private credit lending investments	8,451		9.6	%	1,301		1.9	%
Investment in limited partnerships	13,957		15.8	%	3,044		4.5	%
Other investments	1,800		2.0	%	2,800		4.2	%
Total other investments at fair value	51,752		58.6	%	30,439		45.4	%
Investments in direct lending entities (at cost)	36,486		41.4	%	36,571		54.6	%
Total other investments	$	88,238	100.0	%	$	67,010	100.0	%

Private equity investments consist of direct investments in privately held entities. Investments in limited partnerships consist of investments in private equity funds and private equity co-investments with sponsoring entities. The Company's investments in direct lending entities of $36,486 at June 30, 2021 (December 31, 2020 - $36,571) are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. Please see "Note 5(d) - Fair Value Measurements" for additional information regarding this investment.


	June 30, 2021				December 31, 2020
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	10,076	15.2	%	$	9,580	15.2	%
Private credit lending investments	26,610		40.1	%	33,584		53.0	%
Investments in direct lending entities	19,823		29.9	%	19,823		31.3	%
Investment in limited partnerships	9,842		14.8	%	326		0.5	%
Total unfunded commitments on other investments	$	66,351	100.0	%	$	63,313	100.0	%

The equity method investments include hedge funds and investments in limited partnerships such as direct lending funds and real estate funds. The table below shows the carrying value of the Company's equity method investments as at June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	33,058	55.0	%	$	29,435	73.8	%
Investment in limited partnerships	27,055		45.0	%	10,451		26.2	%
Total equity method investments	$	60,113	100.0	%	$	39,886	100.0	%

Certain of the Company's investments include an interest in variable interest entities which are not consolidated limited partnerships, as it has been determined that the Company is not the primary beneficiary. However, there is deemed to be limited influence over the operating and financial policies of the investee and accordingly these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss.

Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. However, certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future and are more fully described (as applicable) in "Note 11 - Commitments, Contingencies and Guarantees" in these financial statements. The Company's remaining unfunded commitments on equity method investments as at June 30, 2021 was $45,691.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Fixed maturities	$	4,395	$	9,635	$	11,086	$	22,286
Income on funds withheld	2,715		4,009		5,220		7,862
Interest income from loan to related party	866		860		1,726		2,225
Cash and cash equivalents and other investments	107		159		236		655
	8,083		14,663		18,268		33,028

Investment expenses	(805)		(354)		(1,149)		(755)
Net investment income	$	7,278	$	14,309	$	17,119	$	32,273

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized gains (losses) on investment included in the Condensed Consolidated Statements of Income:


For the Three Months Ended June 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	1,204	$	(95)	$	1,109
Equity securities	—		(611)		(611)
Other investments	351		—		351
Net realized gains (losses) on investment	$	1,555	$	(706)	$	849

For the Three Months Ended June 30, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	9,059	$	—	$	9,059

Other investments	—		(184)		(184)
Net realized gains (losses) on investment	$	9,059	$	(184)	$	8,875

For the Six Months Ended June 30, 2021	Gross gains		Gross losses		Net
AFS fixed maturities	$	4,247	$	(244)	$	4,003
Equity securities	4,957		(611)		4,346
Other investments	626		(25)		601
Net realized gains (losses) on investment	$	9,830	$	(880)	$	8,950

For the Six Months Ended June 30, 2020	Gross gains		Gross losses		Net
AFS fixed maturities	$	19,991	$	(1)	$	19,990

Other investments	107		(184)		(77)
Net realized gains (losses) on investment	$	20,098	$	(185)	$	19,913

Realized gains and losses from equity securities detailed in the table above include both sales of securities and unrealized gains and losses from fair value changes. The portion of unrealized gains recognized in net income for the three and six months ended June 30, 2021 and 2020 for investments still held at the end of June 30, 2021 and 2020, respectively, were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Net (losses) gains recognized for equity securities during the period	$	(611)	$	—	$	4,346	$	—
Less: Net gains recognized for equity securities divested during the period	—		—		(441)		—
Unrealized (losses) gains recognized for equity securities still held at reporting date	$	(611)	$	—	$	3,905	$	—

Proceeds from sales of fixed maturities were $52,538 and $206,354 for the three and six months ended June 30, 2021, respectively (2020 - $181,030 and $405,501, respectively). Net unrealized gains on investments was as follows at June 30, 2021 and December 31, 2020, respectively:


	June 30, 2021		December 31, 2020
Fixed maturities	$	27,138	$	49,488
Equity method investments	(3,419)		—
Total net unrealized gains	23,719		49,488
Deferred income tax	(87)		(131)
Net unrealized gains, net of deferred income tax	$	23,632	$	49,357
Change, net of deferred income tax	$	(25,725)	$	27,361

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of these restricted assets were as follows at June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
Restricted cash – third party agreements	$	20,425	$	20,547
Restricted cash – related party agreements	11,223		41,239
Total restricted cash	31,648		61,786
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2021 – $62,589; 2020 – $63,253)	62,560		63,281
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2021 – $742,157; 2020 – $913,466)	765,144		954,988
Restricted investments – liability for investments purchased for related party agreements	(36,215)		—
Total restricted investments	791,489		1,018,269
Total restricted cash and investments	$	823,137	$	1,080,055