Restricted cash and cash equivalents and restricted investments

9 Months Ended

Sep. 30, 2018

Cash and Cash Equivalents [Abstract]

Restricted cash and cash equivalents and restricted investments

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of September 30, 2018 and December 31, 2017:

	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	49,786	$	8,197
Restricted cash securing letter of credit facilities (1)	180,524		250,487
Restricted cash securing reinsurance contracts (2)	400,610		290,649
Total cash, cash equivalents and restricted cash (3)	630,920		549,333
Restricted investments securing reinsurance contracts (2)	244,876		326,429
Total cash, cash equivalents, restricted cash and restricted investments	$	875,796	$	875,762

(1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit issued to clients and cash securing these obligations that the Company will not be released until the underlying reserves have been settled. The time period for which the Company expects these letters of credit to be in place varies from contract to contract, but can last several years.

(2) Restricted cash and restricted investments securing other reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until all underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including U.S. Treasury securities and sovereign debt. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years.

(3) Cash, cash equivalents and restricted cash as reported in the Company’s condensed consolidated statements of cash flows.