Pledged Investments At December 31, 2021, . billion ( 2020 - .1 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities. )f this amount, 1. billion ( 2020 - 2. billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities. Reverse Repurchase Agreements At December 31, 2021, the Company held .1 million ( 2020 - 12. million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102 of the loan principal. Upon maturity, the Company receives principal and interest income. Net Investment Income The components of net investment income are as follows Year ended December 31, 2021 2020 2019 Fixed maturity investments  234,11  2,21  31,03 Short term investments 2,333 20, ,24 Equity investments ,01 ,404 4,0 )ther investments Catastrophe bonds 4,0 4,4 4,14 )ther 2,11 ,41 ,44 Cash and cash equivalents 2 2,4 , 340,22 32,3 441,2 Investment expenses (20,0) (1,) (1,4) (et investment income  31,4  34,03  424,20 F-2