investments, and through customers and reinsurers in the form of premiums receivable and reinsurance recoverable, respectively, as discussed below. Fixed Maturity Investments, Short Term Investments, Private Credit Funds and Term Loans Credit risk related to our fixed maturity investments and short term investments, as well as our private credit funds and term loans which primarily invest in debt instruments, is the exposure to adverse changes in the creditworthiness of individual investment holdings, issuers, groups of issuers, industries and countries. We manage credit risk in our fixed maturity investments and short term investments through credit research performed primarily by our investment management service providers and our evaluation of these investment managers adherence to investment mandates provided to them. The management of credit risk in the investment portfolio is integrated in our credit risk governance framework and the management of credit exposures and concentrations within the investment portfolio are carried out in accordance with our risk policies, limits and risk concentrations as overseen by the Investment and Risk Management Committee of our Board of Directors. In the investment portfolio, we review on a regular basis our asset concentration, credit quality and adherence to credit limit guidelines. In addition, we limit the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S. Government related entities, and money market securities, none of our fixed-maturity and short-term investments exceeded 10% of shareholders’ equity at December 31, 2021. At December 31, 2021, our fixed maturity investments and short term investment portfolio had a dollar- weighted average credit quality rating of AA (2020 - AAA). The following table summarizes the ratings of our fixed maturity investments and short term investments and term loans (using ratings assigned by S* and or other rating agencies when S* ratings were not available) as a percentage of total of those investments as of the dates indicated: At December 31, 2021 2020 AAA 3. % 36.9 % AA 43.3 % 39. % A 6.4 % 8.0 % BBB . % 8.3 % Non-investment grade 6.3 % 6.8 % Not rated 0.6 % 0. % Total 100.0 % 100.0 % *rivate credit funds are not included in the table above. Our investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including senior secured bank loan funds, U.S. direct lending, secondaries, mezzanine investments and distressed securities. We consider the impact of credit spread movements on the fair value of our fixed maturity and short term investments portfolio, private credit funds and term loans. As credit spreads widen, the fair value of our fixed maturity , short term investments, private credit funds and term loans decreases, and vice versa. 112