The amount and nature of net assets that are restricted from payment of dividends as of December 31, 2012 and 2011 are presented in the following table:


	As of December 31,
In thousands	2012		2011
Restricted Net Assets:
Insurance Companies:
Fixed maturities at fair value (amortized cost: 2012, $9,607, 2011, $10,163)	$	11,728	$	12,489
Short term investments, at cost which approximates fair value		290		290
Cash		5,208		1,206

Total Insurance Companies ⁽¹⁾		17,226		13,985
Lloyd’s Operations:
Fixed maturities at fair value (amortized cost: 2012, $419,271, 2011, $386,275)		428,142		386,608
Short term investments, at cost which approximates fair value		72,984		59,928
Cash		849		1,938

Total Lloyd’s Operations ⁽²⁾		501,975		448,474

Total Restricted Net Assets	$	519,201	$	462,459

(1)–

The restricted net assets for the Insurance Companies primarily consist of fixed maturities on deposit with various state insurance departments. As of December 31, 2012 restricted net assets in the form of cash include approximately $4.0 million in collateral held in trust in connection with the commercial surety business. The remaining cash as of December 31, 2012 and 2011, as presented in the table above, was on deposit with a U.K. bank to comply with the regulatory requirements of the Financial Services Authority for the underwriting activities of the U.K. Branch.

(2)–

The restricted net assets for the Lloyd’s Operations consists of fixed maturities and cash held in trust for the benefit of syndicate policyholders and short term investments primarily consisting of overseas deposits in various countries with Lloyd’s to support underwriting activities in those countries.