Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

Investments in affiliates comprised the following at December 31, 2015 and 2014. See Note 2(c), "Significant Accounting Policies - Total Investments - Investments in Affiliates," for a description of our accounting policy for these assets:

(U.S. dollars in thousands)	2015		2014
Investment fund affiliates	$	1,386,837	$	1,219,138
Operating affiliates	322,062		418,482
Total investment affiliates	$	1,708,899	$	1,637,620

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 on a combined basis (shown as "Combined Funds") are included below:

Year Ended December 31, 2015 (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)
Hedge Funds:
Arbitrage	$	190,016	$	612	8.6	%	$	2,202,112
Directional	551,262		31,012		7.2	%	7,643,134
Event Driven (2)	285,823		5,592		3.0	%	9,460,387
Multi-Style	57,097		5,452		3.6	%	1,600,959
Total hedge funds	$	1,084,198	$	42,668	5.2	%	$	20,906,592
Private Investment Funds:	302,639		30,652		9.5	%	3,195,204
Total Investment Fund Affiliates	$	1,386,837	$	73,320	5.8	%	$	24,101,796
Year Ended December 31, 2014
Hedge Funds:
Arbitrage	$	134,400	$	12,060	11.0	%	$	1,224,526
Directional	536,470		32,196		9.2	%	5,865,247
Event Driven (2)	300,168		21,030		3.1	%	9,703,973
Multi-Style	52,122		1,751		4.1	%	1,278,410
Total hedge funds	$	1,023,160	$	67,037	5.7	%	$	18,072,156
Private Investment Funds:	195,978		28,779		17.7	%	1,105,776
Total Investment Fund Affiliates	$	1,219,138	$	95,816	6.4	%	$	19,177,932

____________

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

(2) 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, 2015 (U.S. dollars in thousands)	XL Group Investment				Combined Investee Summarized Financial Data (Estimated) (2)
	Carrying Value		Equity in Net Income (Loss) for the Year		Total Assets		Total Liabilities		Total Revenue (Loss)		Net Income (Loss)
Strategic and other operating affiliates	$	251,348	$	33,608	$	4,280,976	$	3,293,873	$	847,131	$	91,701
Investment manager affiliates (1)	70,714		11,132		708,605		95,826		206,672		90,491
Total operating affiliates	$	322,062	$	44,740	$	4,989,581	$	3,389,699	$	1,053,803	$	182,192
Year ended December 31, 2014
Strategic and other operating affiliates	317,216		50,132		4,679,395		3,691,173		1,075,935		152,122
Investment manager affiliates (1)	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

____________

(1) During the years ended December 31, 2015 and 2014, the Company received distributions from its Investment Manager Affiliates of approximately $25.3 million and $60.3 million, respectively.

(2) Total assets and total liabilities reflect balances related to investees still held at December 31, 2015 and 2014, respectively. Total revenue (loss) and net income (loss) reflect activity for the years ended December 31, 2015 and 2014 related to both investees still held at year-end and investees disposed of during the year.