Repurchase and reverse repurchase agreements

9 Months Ended

Sep. 30, 2015

Securities Purchased under Agreements to Resell [Abstract]

Securities purchased under an agreement to sell

The Company may enter into repurchase and reverse repurchase agreements with financial institutions in which the financial institution agrees to resell or repurchase securities and the Company agrees to repurchase or resell such securities at a mutually agreed price upon maturity. Interest expense and income related to these transactions are included in interest payable and receivable in the condensed consolidated balance sheets. For the three months ended September 30, 2015, foreign currency gains of $0.1 million (2014 - loss of $2.4 million) on reverse repurchase agreements and losses of $0.3 million (2014 - $nil) on repurchase agreements are included in net investment income (loss) in the condensed consolidated statements of income (loss). For the nine months ended September 30, 2015, foreign currency losses of $2.2 million (2014 - $2.6 million) on reverse repurchase agreements and losses of $0.04 million (2014 - $nil) on repurchase agreements are included in net investment income (loss) in the condensed consolidated statements of income (loss). Generally, repurchase and reverse repurchase agreements mature within 30 to 90 days.