Future Policy Benefit Reserve (Tables)

12 Months Ended

Dec. 31, 2017

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)	2017			2016
Traditional Life	$	756,470		$	737,252
Annuities	2,854,456			2,768,795
Gross future policy benefit reserves	$	3,610,926		$	3,506,047
Reinsurance recoverable - GreyCastle Life Retro Arrangements	(3,191,584		)	(3,072,615		)
Reinsurance recoverable - U.S. Term Life Retro Arrangements	(242,762		)	(270,238		)
Reinsurance recoverable - Other life retrocessions	(8,321		)	(10,997		)
Net future policy benefit reserves	$	168,259		$	152,197

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, 2017 and 2016:

(U.S. dollars in thousands)	2017			2016
Assets held on a funds withheld basis relating to the GreyCastle Life Retro Arrangements	$	4,190,803		$	4,071,583
Reinsurance recoverable from GCLR	(3,191,584		)	(3,072,615		)
Funds withheld on GreyCastle life retrocession arrangements (net of future policy benefit reserves recoverable)	$	999,219		$	998,968