The Company holds: (i) available-for-sale ("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.


March 31, 2022	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	66,109	$	1	$	(380)	$	65,730
U.S. agency bonds – mortgage-backed	85,607		75		(2,293)		83,389
Collateralized mortgage-backed securities	7,199		—		(80)		7,119
Non-U.S. government bonds	3,160		—		(151)		3,009
Collateralized loan obligations	174,842		22		(9,104)		165,760
Corporate bonds	155,214		1,668		(10,659)		146,223


Total fixed maturity investments	$	492,131	$	1,766	$	(22,667)	$	471,230


December 31, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	59,989	$	—	$	(110)	$	59,879
U.S. agency bonds – mortgage-backed	96,554		2,429		(193)		98,790
Collateralized mortgage-backed securities	14,972		565		—		15,537
Non-U.S. government bonds	3,163		113		—		3,276
Collateralized loan obligations	183,974		140		(5,093)		179,021
Corporate bonds	236,692		10,094		(6,144)		240,642


Total fixed maturity investments	$	595,344	$	13,341	$	(11,540)	$	597,145

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.



March 31, 2022	Amortized cost		Fair value
Due in one year or less	$	73,590	$	72,518
Due after one year through five years	129,427		122,915
Due after five years through ten years	21,466		19,529

	224,483		214,962
U.S. agency bonds – mortgage-backed	85,607		83,389
Collateralized mortgage-backed securities	7,199		7,119
Collateralized loan obligations	174,842		165,760
Total fixed maturity investments	$	492,131	$	471,230

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
March 31, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	58,613	$	(347)	$	2,117	$	(33)	$	60,730	$	(380)
U.S. agency bonds – mortgage-backed	74,447		(1,906)		3,661		(387)		78,108		(2,293)
Collateralized mortgage-backed securities	7,119		(80)		—		—		7,119		(80)
Non-U.S. government bonds	3,009		(151)		—		—		3,009		(151)
Collateralized loan obligations	156,371		(9,058)		5,055		(46)		161,426		(9,104)
Corporate bonds	52,593		(2,610)		49,920		(8,049)		102,513		(10,659)

Total temporarily impaired fixed maturities	$	352,152	$	(14,152)	$	60,753	$	(8,515)	$	412,905	$	(22,667)

At March 31, 2022, there were 109 securities in an unrealized loss position with a fair value of $412,905 and unrealized losses of $22,667. Of these securities in an unrealized loss position, there were 13 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $60,753 and unrealized losses of $8,515.


	Less than 12 Months				12 Months or More				Total
December 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	59,879	$	(110)	$	—	$	—	$	59,879	$	(110)
U.S. agency bonds – mortgage-backed	4,415		(193)		—		—		4,415		(193)


Collateralized loan obligations	117,148		(5,057)		5,064		(36)		122,212		(5,093)
Corporate bonds	38,537		(2,775)		27,852		(3,369)		66,389		(6,144)

Total temporarily impaired fixed maturities	$	219,979	$	(8,135)	$	32,916	$	(3,405)	$	252,895	$	(11,540)

At December 31, 2021, there were 44 securities in an unrealized loss position with a fair value of $252,895 and unrealized losses of $11,540. Of these securities in an unrealized loss position, there were 8 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $32,916 and unrealized losses of $3,405.

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 March 31, 2022, 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 intend to sell or is not more likely than not that the Company will be required to sell before its anticipated recovery of their amortized cost basis is recognized in net income, with the non-credit related impairment recognized in comprehensive income.

Based on the Company's 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. There was no impairment recorded for the three months ended March 31, 2022 and 2021, respectively.


March 31, 2022	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	66,109	$	65,730	13.9	%
U.S. agency bonds	85,607		83,389		17.7	%
AAA	147,966		138,999		29.5	%
AA+, AA, AA-	35,298		34,864		7.4	%
A+, A, A-	49,221		46,267		9.8	%
BBB+, BBB, BBB-	102,157		96,386		20.5	%
BB+ or lower	5,773		5,595		1.2	%
Total fixed maturities (1)	$	492,131	$	471,230	100.0	%


December 31, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	59,989	$	59,879	10.0	%
U.S. agency bonds	96,554		98,790		16.6	%
AAA	161,179		156,706		26.2	%
AA+, AA, AA-	38,999		39,140		6.6	%
A+, A, A-	99,748		99,962		16.7	%
BBB+, BBB, BBB-	126,770		129,618		21.7	%
BB+ or lower	12,105		13,050		2.2	%
Total fixed maturities(1)	$	595,344	$	597,145	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.


	March 31, 2022				December 31, 2021
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	27,608	25.5	%	$	23,324	23.9	%
Private credit funds	21,781		20.1	%	20,863		21.3	%
Other privately held investments	12,597		11.7	%	10,500		10.8	%

Total other investments at fair value	61,986		57.3	%	54,687		56.0	%
Investments in direct lending entities (at cost)	46,175		42.7	%	42,976		44.0	%
Total other investments	$	108,161	100.0	%	$	97,663	100.0	%

The Company's investments in direct lending entities of $46,175 at March 31, 2022 (December 31, 2021 - $42,976) are carried at cost less impairment, if any, with any indication of impairment recognized in net income when determined. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.

Equity securities include publicly traded common stocks and privately held common and preferred stocks. The Company's publicly traded equity investments in common stocks trade on major exchanges. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.

The Company's equity method investments include hedge fund investments, real estate investments and other investments. The table below shows the carrying value of the Company's equity method investments as of March 31, 2022 and December 31, 2021:


	March 31, 2022				December 31, 2021
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	52,210	56.0	%	$	44,050	52.6	%
Hedge fund investments	32,861		35.2	%	32,929		39.3	%
Other investments	8,246		8.8	%	6,763		8.1	%
Total equity method investments	$	93,317	100.0	%	$	83,742	100.0	%

The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs therefore the Company is not the primary beneficiary of these VIEs. The Company is deemed to have 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 as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.


	For the Three Months Ended March 31,
	2022		2021
Fixed maturities	$	2,654	$	6,691
Income on funds withheld	2,624		2,505
Interest income from loan to related party	879		860
Cash and cash equivalents and other investments	593		129
	6,750		10,185

Investment expenses	(183)		(344)
Net investment income	$	6,567	$	9,841

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 and unrealized gains (losses) on investment included in the Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021:


For the Three Months Ended March 31, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	1,238	$	(95)	$	1,143
Equity securities	—		(492)		(492)
Other investments	1,913		(255)		1,658
Net realized and unrealized gains (losses) on investment	$	3,151	$	(842)	$	2,309

For the Three Months Ended March 31, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	3,043	$	(149)	$	2,894
Equity securities	4,957		(25)		4,932
Other investments	275		—		275
Net realized and unrealized gains (losses) on investment	$	8,275	$	(174)	$	8,101

Realized gains and losses from equity securities detailed in the table above include both sales of equity securities and unrealized gains and losses from fair value changes. The unrealized losses recognized in net income for the three months ended March 31, 2022 and 2021 for investments still held at March 31, 2022 and 2021, respectively, were as follows:


	For the Three Months Ended March 31,
	2022		2021
Net (losses) gains recognized for equity securities during the period	$	(492)	$	4,932
Less: Net losses (gains) recognized for equity securities divested during the period	—		(441)
Unrealized (losses) gains recognized for equity securities still held at reporting date	$	(492)	$	4,491


	March 31, 2022		December 31, 2021
Fixed maturities	$	(20,901)	$	1,801
Equity method investments	—		(4,414)
Total net unrealized losses	(20,901)		(2,613)
Deferred income tax	49		(80)
Net unrealized losses, net of deferred income tax	$	(20,852)	$	(2,693)
Change, net of deferred income tax	$	(18,159)	$	(52,050)

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 restricted assets at March 31, 2022 and December 31, 2021 included:


	March 31, 2022		December 31, 2021
Restricted cash – third party agreements	$	28,953	$	19,177
Restricted cash – related party agreements	5,958		20,242
Total restricted cash	34,911		39,419
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2022 – $58,675; 2021 – $48,860)	58,581		48,845
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2022 – $394,115; 2021 – $493,128)	375,021		493,883

Total restricted investments	433,602		542,728
Total restricted cash and investments	$	468,513	$	582,147