Future Policy Benefit Reserve (Tables)

12 Months Ended

Dec. 31, 2016

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Components of future policy benefit reserve

Net future policy benefit reserves are comprised of the following:

As of December 31 (U.S. dollars in thousands)	2016			2015
Traditional Life	$	737,252		$	792,001
Annuities	2,768,795			3,371,499
Gross future policy benefit reserves	$	3,506,047		$	4,163,500
Reinsurance recoverable - GreyCastle Life Retro Arrangements	(3,072,615		)	(3,719,131		)
Reinsurance recoverable - U.S. Term Life Retro Arrangements	(270,238		)	(284,481		)
Reinsurance recoverable - Other life retrocessions	(10,997		)	(13,801		)
Net future policy benefit reserves	$	152,197		$	146,087

Funds withheld on Life Retro arrangements

Based upon the contractual right of offset, the funds withheld liability owing to GCLR is recorded net of future policy benefit reserves recoverable, and is included within "Funds withheld on GreyCastle life retrocession arrangements (net of future policy benefit reserves recoverable)" on the consolidated balance sheets, and is comprised of the following at December 31, 2016 and 2015:

(U.S. dollars in thousands)	2016			2015
Assets held on a funds withheld basis relating to the GreyCastle Life Retro Arrangements	$	4,071,583		$	4,633,760
Reinsurance recoverable from GCLR	(3,072,615		)	(3,719,131		)
Funds withheld on GreyCastle life retrocession arrangements (net of future policy benefit reserves recoverable)	$	998,968		$	914,629