9. EQUITY METHOD INVESTMENT

The Company’s equity method investment in related parties consists of its investment in RIH. On July 1, 2019, the Company invested $23.5 million in cash in exchange for a 47% non-controlling interest in RIH. This investment was recognized at cost on the date of the transaction. On March 5, 2020, the Company invested $23.5 million to satisfy the Company’s remaining capital commitment. Refer to Note 21, Related Parties.

The Company’s maximum exposure to loss on the equity method investment is the total invested capital of $47.0 million. The Company may be exposed to losses arising from the equity method investment as a result of underwriting losses recognized at Geneva Re, Ltd ("Geneva Re") or losses on Geneva Re’s investment portfolio.