Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

Investments in affiliates comprised the following at December 31, 2014 and 2013:

(U.S. dollars in thousands)	2014		2013
Investment fund affiliates	$	1,219,138	$	1,042,072
Operating affiliates	418,482		328,871
Total investment affiliates	$	1,637,620	$	1,370,943

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, 2014 (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) (1)
Alternative Funds (2):
Arbitrage	$	134,400	$	12,060	11.0	%	$	1,224,526
Directional	536,470		32,196		9.2	%	5,865,247
Event Driven (3)	300,168		21,030		3.1	%	9,703,973
Multi-Style	52,122		1,751		4.1	%	1,278,410
Total alternative funds	$	1,023,160	$	67,037	5.7	%	$	18,072,156
Private Investment Funds (2):	195,978		28,779		17.7	%	1,105,776
Total Investment Fund Affiliates	$	1,219,138	$	95,816	6.4	%	$	19,177,932
Year Ended December 31, 2013
Alternative Funds (2):
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 (2):	174,570		29,942		19.6	%	890,815
Total Investment Fund Affiliates	$	1,042,072	$	138,391	5.3	%	$	19,766,826

____________

(1) Total estimated net assets are generally as at November 30 for alternative fund affiliates and September 30 for private investment fund affiliates.

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

(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, 2014 (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	$	317,216	$	50,132	$	4,679,395	$	3,691,173	$	1,075,935	$	152,122
Investment manager affiliates (2)	101,266		57,086		850,666		101,088		579,524		476,841
Total operating affiliates	$	418,482	$	107,218	$	5,530,061	$	3,792,261	$	1,655,459	$	628,963
Year ended December 31, 2013
Other strategic operating affiliates	266,796		41,160		2,646,987		1,888,879		902,522		125,625
Investment manager affiliates (2)	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

____________

(1) The Company generally records its operating affiliates on a three-month lag. Estimated assets and liabilities are generally at September 30, 2014 and 2013, respectively.

(2) During the years ended December 31, 2014 and 2013, the Company received distributions from its Investment Manager Affiliates of approximately $60.3 million and $28.3 million, respectively.