Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Equity Method Investments [Line Items]

Investments in affiliates

Investments in affiliates comprised the following at December 31, 2016 and 2015. See Note 1(c), "Significant Accounting Policies - Total Investments - Investments in Affiliates," for a description of our accounting policy for these assets:

(U.S. dollars in thousands)	2016		2015
Investment fund affiliates	$	1,674,925	$	1,386,837
Operating affiliates	502,720		322,062
Total investment affiliates	$	2,177,645	$	1,708,899

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, 2016 (U.S. dollars in thousands)	XL Group Investment				Combined Investee Summarized Financial Data (Estimated)
	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	$	446,695	$	12,622	$	5,353,905	$	3,791,300	$	1,030,859	$	30,424
Investment manager affiliates (1)	56,025		31,775		752,336		72,114		337,782		257,004
Total operating affiliates	$	502,720	$	44,397	$	6,106,241	$	3,863,414	$	1,368,641	$	287,428
Year ended December 31, 2015
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

____________

(1) During the years ended December 31, 2016 and 2015, the Company received distributions from its Investment Manager Affiliates of approximately $35.9 million and $25.3 million, respectively.

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:

(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)
Year Ended December 31, 2016
Hedge Funds:
Arbitrage	$	165,633	$	965	12.3	%	$	1,343,655
Directional	672,934		1,480		7.4	%	9,039,159
Event Driven (2)	297,836		9,676		2.6	%	11,341,870
Multi-Style	180,972		29,549		3.3	%	5,557,296
Total hedge funds	$	1,317,375	$	41,670	4.8	%	$	27,281,980
Private Investment Funds:	357,550		29,088		10.8	%	3,318,073
Total Investment Fund Affiliates	$	1,674,925	$	70,758	5.5	%	$	30,600,053
Year Ended December 31, 2015
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

____________

(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 using the equity method where the Company has significant influence over the related investment management company even though the ownership percentage is less than three percent.