Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

Investments in affiliates comprised the following at December 31, 2013 and 2012:

(U.S. dollars in thousands)	2013		2012
Investment fund affiliates	$	1,042,072	$	845,198
Operating affiliates	328,871		281,677
Total investment affiliates	$	1,370,943	$	1,126,875

Investment fund affiliates

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

The Company’s equity investment in investment fund affiliates and equity in net income (loss) from such affiliates as well as certain summarized financial information of the investee as a whole (shown as “Combined Funds”) are included below:

Year Ended December 31, 2013 (U.S. dollars in thousands, except percentages)	XL Group Investment							Combined Funds
	Carrying Value		Equity in Net Income (Loss) for the Year			Weighted Average XL Percentage Ownership
								Total Net Assets (Estimated) (2)
Alternative Funds (1):
Arbitrage	$	158,096	$	4,358		3.7	%	$	4,328,748
Directional	434,652		42,492			8.3	%	5,235,690
Event Driven (3)	274,380		61,551			2.9	%	9,309,163
Multi-Style	374		48			15.5	%	2,410
Total alternative funds	$	867,502	$	108,449		4.6	%	$	18,876,011
Private Investment Funds (1):	174,570		29,942			19.6	%	890,815
Total Investment Fund Affiliates	$	1,042,072	$	138,391		5.3	%	$	19,766,826
Year Ended December 31, 2012
Alternative Funds (1):
Arbitrage	$	131,037	$	7,149		3.7	%	$	3,517,404
Directional	297,535		14,791			5.9	%	5,057,381
Event Driven (3)	198,282		13,125			2.4	%	8,272,227
Multi-Style	326		(99		)	13.5	%	2,410
Total alternative funds	$	627,180	$	34,966		3.7	%	$	16,849,422
Private Investment Funds (1):	218,018		23,538			17.1	%	1,275,543
Total Investment Fund Affiliates	$	845,198	$	58,504		4.7	%	$	18,124,965

____________

(1) The Company generally records its alternative fund affiliates on a one-month lag and its private investment fund affiliates on a three-month lag.

(2) Total estimated net assets are generally as at November 30 and September 30, respectively.

(3) The Company accounts for its investment in certain funds where the ownership percentage is less than three percent using the equity method, where the Company has significant influence over the related investment management company.

Operating affiliates

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

The Company’s equity investment in operating affiliates and equity in net income (loss) from such affiliates as well as certain summarized financial information of the investee as a whole are included below:

Year ended December 31, 2013 (U.S. dollars in thousands)	XL Group Investment				Combined Investee Summarized Financial Data (Estimated) (1)
	Carrying Value		Equity in Net Income (Loss) for the Year		Total Assets		Total Liabilities		Total Revenue (Loss)		Net Income (Loss)
Other strategic operating affiliates	$	266,796	$	41,160	$	2,646,987	$	1,888,879	$	902,522	$	125,625
Investment manager affiliates	62,075		78,644		922,348		92,574		813,587		710,412
Total operating affiliates	$	328,871	$	119,804	$	3,569,335	$	1,981,453	$	1,716,109	$	836,037
Year ended December 31, 2012
Financial operating affiliates	$	732	$	—	$	12,711,762	$	12,678,810	$	20,467	$	6,183
Other strategic operating affiliates	192,792		25,111		2,094,539		1,512,551		698,665		51,702
Investment manager affiliates (2)	88,153		28,776		610,940		37,699		364,551		274,312
Total operating affiliates	$	281,677	$	53,887	$	15,417,241	$	14,229,060	$	1,083,683	$	332,197

____________

(1) The Company generally records its operating affiliates on a three month lag. Estimated assets and liabilities are generally at September 30, 2013 and 2012, respectively.

(2) During the years ended December 31, 2013 and 2012 the Company received distributions from its Investment Manager Affiliates of approximately $28.3 million and $58.3 million, respectively.