The amount and nature of net assets that are restricted from payment of dividends as of December 31, 2013 and 2012 are presented in the following table:


	As of December 31,
In thousands	2013		2012
Restricted Net Assets:
Insurance Companies:
Fixed maturities at fair value (amortized cost: 2013, $9,730; 2012, $9,607)	$	11,105	$	11,728
Short term investments, at cost which approximates fair value		290		290
Cash		1,210		5,208

Total Insurance Companies ⁽¹⁾		12,605		17,226
Lloyd’s Operations:
Fixed maturities at fair value (amortized cost: 2013, $398,930; 2012, $419,271)		398,808		428,142
Short term investments, at cost which approximates fair value		108,485		72,984
Cash		988		849

Total Lloyd’s Operations ⁽²⁾		508,281		501,975

Total Restricted Net Assets	$	520,886	$	519,201

(1)

- The restricted net assets for the Insurance Companies primarily consist of fixed maturities on deposit with various state insurance departments. The 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 Prudential Regulation 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.