Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions Abstract

Related Party Transactions Disclosure [Text Block]

25. Related Party Transactions

At December 31, 2012 and 2011, the Company owned minority stakes in four and three, respectively, independent investment management companies (“Investment Manager Affiliates”) that are actively managing client capital and seeking growth opportunities. The Company seeks to develop relationships with specialty investment management organizations, generally acquiring an equity interest in the business. The Company also invests in certain of the funds and limited partnerships and other legal entities managed by these affiliates and through these funds and partnerships pays management and performance fees to the Company's Investment Manager Affiliates.

In the normal course of business, the Company enters into reinsurance contracts withcertain of its other strategic affiliates, or their subsidiaries. During the years ended December 31, 2012, 2011 and 2010, these contracts resulted in reported net premiums written, net reported claims and reported acquisition costs as summarized below. Management believes that these transactions are conducted at market rates consistent with negotiated arms-length contracts.

(U.S. dollars in thousands)	2012		2011		2010
Reported net premiums written	$	61,146	$	66,489	$	71,077
Net losses incurred	$	37,664	$	34,720	$	33,098
Reported acquisition costs	$	24,014	$	25,635	$	32,790

In addition, the Company had entered into a reinsurance contract with another strategic affiliate, ITAU, which, as disclosed in Note 6, “Investments in Affiliates,” was sold during the second quarter of 2010.