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. These agreements are generally collateralized by corporate or government bonds or asset-backed securities. As the Company held only repurchase agreements as of June 30, 2016, these positions are not affected by counterparty netting agreements. Interest payable and receivable related to these transactions are included in interest payable and receivable in the condensed consolidated balance sheets.

Foreign currency gains (losses) on reverse repurchase agreements and repurchase agreements for the three and six months ended June 30, 2016 and 2015, which are included in net investment income in the condensed consolidated income statement, consisted of the following:



	Three months ended				Six months ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Foreign currency gains (losses) on reverse repurchase agreements	$	—	$	649	$	—	$	(2,292	)
Foreign currency gains on repurchase agreements	$	—	$	—	$	—	$	336

Generally, repurchase and reverse repurchase agreements mature within 30 to 90 days. The Company may lend securities for securities lending transactions or pledge securities and/or cash for securities borrowed transactions. The value of any securities loaned is reflected in investments in securities. Any collateral received is reflected in due to brokers in the condensed consolidated balance sheets.

The Company’s repurchase and securities lending agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. It is the Company’s policy to monitor and control collateral under such agreements.

The following table presents the remaining contractual maturity of the repurchase agreements and securities lending transactions by class of collateral pledged as of June 30, 2016 and December 31, 2015:



June 30, 2016	Overnights and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
	($ in thousands)
Securities sold under an agreement to repurchase
Non-U.S. sovereign debt	$	—	$	—	$	242,032	$	—	$	242,032
Securities lending transactions
U.S. Treasury and agency securities	$	179	$	—	$	—	$	—	$	179



December 31, 2015	Overnights and continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
	($ in thousands)
Securities sold under an agreement to repurchase
Non-U.S. sovereign debt	$	—	$	—	$	8,944	$	—	$	8,944
Securities lending transactions
Corporate bonds	$	112	$	—	$	—	$	—	$	112