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Investment Funds
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment Funds Investment Funds
The Company evaluates whether it is an investor in a variable interest entity ("VIE").  Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investments funds under the equity method of accounting.
The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments of $621 million as of December 31, 2021.
Investment funds consist of the following:
Carrying Value
as of December 31,		Income (Losses)
(In thousands)20212020202120202019
Financial services$431,818 $434,437 $98,893 $34,763 $29,005 
Real estate273,690 310,783 29,484 7,543 19,154 
Energy150,224 140,935 22,118 (11,039)(18,136)
Transportation336,688 190,125 42,424 (616)14,193 
Other funds288,192 233,150 27,095 23,602 24,978 
Total$1,480,612 $1,309,430 $220,014 $54,253 $69,194 
The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements.
Financial services investment funds include the Company’s minority investment in Lifson Re, a Bermuda reinsurance company. Effective January 1, 2021, Lifson Re participates on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 22.5% share of placed amounts. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. For the year ended December 31, 2021, the Company ceded approximately $245 million of written premiums to Lifson Re.
Other funds include deferred compensation trust assets of $34 million and $0 in 2021 and 2020, respectively. These assets support other liabilities reflected in the balance sheet of an equal amount for employees who have elected to defer a portion of their compensation.