Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2012	Feb. 25, 2013	Jun. 30, 2012
DocumentDocumentandEntityInformationAbstract [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	MHLD
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		72,421,951
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 449,259,596

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Fixed maturities, available-for-sale, at fair value	$ 2,618,697	$ 2,020,661
Other investments, at fair value	2,901	2,192
Total investments	2,621,598	2,022,853
Cash and cash equivalents	81,543	188,082
Restricted cash and cash equivalents	132,327	114,895
Accrued investment income	21,007	13,215
Reinsurance balances receivable, net (includes $265,766 and $178,745 from related parties in 2012 and 2011, respectively)	522,614	423,355
Funds withheld	42,712	42,605
Prepaid reinsurance premiums (includes $743 and $7,265 from related parties in 2012 and 2011, respectively)	38,725	35,381
Reinsurance recoverable on unpaid losses (includes $9,387 and $7,207 from related parties in 2012 and 2011, respectively)	110,858	20,289
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $187,387 and $147,743 from related parties in 2012 and 2011, respectively)	270,669	248,436
Goodwill and intangible assets, net	94,393	98,755
Other assets	33,742	19,270
Total assets	4,138,163	3,395,111
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $610,810 and $396,198 from related parties in 2012 and 2011, respectively)	1,740,281	1,398,438
Unearned premiums (includes $612,903 and $483,935 from related parties in 2012 and 2011, respectively)	936,497	832,047
Accrued expenses and other liabilities	111,957	161,883
Senior notes	207,500	107,500
Junior subordinated debt	126,317	126,263
Total liabilities	3,122,552	2,626,131
Commitments and Contingencies
EQUITY
Preference shares - Series A	150,000	0
Common shares ($0.01 par value; 73,306,283 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,343,947 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	733	732
Additional paid-in capital	575,869	579,004
Accumulated other comprehensive income	141,130	64,059
Retained earnings	151,308	128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders' equity	1,015,239	768,642
Noncontrolling interest in subsidiaries	372	338
Total equity	1,015,611	768,980
Total liabilities and equity	$ 4,138,163	$ 3,395,111

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Available-for-sale securities, Original or amortized cost	$ 2,475,202	$ 1,957,106
Other investments, Cost	2,599	1,955
Reinsurance balances receivable, net	522,614	423,355
Prepaid reinsurance premiums	38,725	35,381
Reinsurance recoverable on unpaid losses	110,858	20,289
Deferred commission and other acquisition expenses	270,669	248,436
Reserve for loss and loss adjustment expenses	1,740,281	1,398,438
Unearned Premiums	936,497	832,047
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	73,306,283	73,183,764
Common shares, shares outstanding (in shares)	72,343,947	72,221,428
Treasury shares, shares (in shares)	962,336	962,336
Affiliated Entity [Member]
Reinsurance balances receivable, net	265,766	178,745
Prepaid reinsurance premiums	743	7,265
Reinsurance recoverable on unpaid losses	9,387	7,207
Deferred commission and other acquisition expenses	187,387	147,743
Reserve for loss and loss adjustment expenses	610,810	396,198
Unearned Premiums	$ 612,903	$ 483,935

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues:
Gross premiums written	$ 2,000,992	$ 1,812,597	$ 1,298,055
Net premiums written	1,901,285	1,723,521	1,227,831
Change in unearned premiums	(97,505)	(171,093)	(58,041)
Net premiums earned	1,803,780	1,552,428	1,169,790
Other insurance revenue	12,890	12,640	0
Net investment income	81,188	74,891	71,651
Net realized and unrealized (losses) gains on investment	1,907	481	6,604
Total revenues	1,899,765	1,640,440	1,248,045
Expenses:
Net loss and loss adjustment expenses	1,262,348	1,043,054	755,122
Commission and other acquisition expenses	492,031	438,812	336,697
General and administrative expenses	53,804	53,892	42,180
Interest and amortization expenses	36,384	34,155	36,466
Accelerated amortization of junior subordinated debt discount and issuance cost	0	20,313	0
Junior subordinated debt repurchase expense	0	15,050	0
Amortization of intangible assets	4,362	5,033	5,808
Foreign exchange losses (gains)	(1,638)	(323)	580
Total expenses	1,847,291	1,609,986	1,176,853
Income (loss) before income taxes	52,474	30,454	71,192
Income taxes:
Current tax expense	1,020	632	160
Deferred tax expense	1,193	1,295	1,170
Income tax expense	2,213	1,927	1,330
Net Income (Loss)	50,261	28,527	69,862
Add: (income) loss attributable to noncontrolling interest	(107)	(3)	4
Net income attributable to Maiden shareholders	50,154	28,524	69,866
Dividends on preference shares	(3,644)
Net income attributable to Maiden common shareholders	$ 46,510	$ 28,524	$ 69,866
Basic earnings per share attributable to Maiden shareholders (in dollars per share)	$ 0.64	$ 0.40	$ 0.99
Diluted earnings per share attributable to Maiden shareholders (in dollars per share)	$ 0.64	$ 0.39	$ 0.98
Dividends declared per common share (in dollars per share)	$ 0.33	$ 0.30	$ 0.265
Weighted average number of basic common shares outstanding (in shares)	72,263,022	72,155,503	70,799,966
Weighted average number of diluted common shares outstanding (in shares)	73,105,531	72,903,688	71,372,688

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Comprehensive income (loss):
Net income	$ 50,261	$ 28,527	$ 69,862
Other comprehensive income
Unrealized holdings net gains arising during the period	82,915	12,189	30,154
Adjustment for reclassification of net realized gains recognized in net income	(2,987)	(3,206)	(8,147)
Foreign currency translation adjustment	(2,852)	733	(420)
Other comprehensive income	77,076	9,716	21,587
Comprehensive income	127,337	38,243	91,449
Net (income) loss attributable to noncontrolling interest	(107)	(3)	4
Other comprehensive loss (income) attributable to noncontrolling interest	(5)	9	0
Comprehensive (income) loss attributable to noncontrolling interest	(112)	6	4
Comprehensive income attributable to Maiden common shareholders	$ 127,225	$ 38,249	$ 91,453

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) In Thousands, unless otherwise specified	Total	Preference shares - Series A	Common shares	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings	Treasury shares	Noncontrolling interest in subsidiaries
Beginning balance at Dec. 31, 2009	$ 713	$ 0		$ 576,086	$ 32,747	$ 70,781	$ (3,801)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares				52
Exchange of Warrants	18			(18)
Issuance of preference shares
Acquisition of subsidiary	279
Partial disposal of interest in subsidiary
Dividend paid to noncontrolling interest								0
Net income attributable to Maiden shareholders	69,862					69,866
Net income (loss) attributable to noncontrolling interest	69,866							(4)
Dividends on preference shares						0
Dividends on common shares						(18,872)
Change in unrealized gains on investments, net					22,007
Share based compensation expense				1,015
Foreign currency translation adjustment	(420)				(420)
Ending balance at Dec. 31, 2010	750,449	0	731	577,135	54,334	121,775	(3,801)	275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			1	421
Exchange of Warrants	0			0
Issuance of preference shares
Acquisition of subsidiary	0
Partial disposal of interest in subsidiary				141				69
Dividend paid to noncontrolling interest								0
Net income attributable to Maiden shareholders	28,527					28,524
Net income (loss) attributable to noncontrolling interest	28,524							3
Dividends on preference shares						0
Dividends on common shares						(21,651)
Change in unrealized gains on investments, net					8,983
Share based compensation expense				1,307
Foreign currency translation adjustment	733				742			(9)
Ending balance at Dec. 31, 2011	768,980	0	732	579,004	64,059	128,648	(3,801)	338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			1	477
Exchange of Warrants	0			0
Issuance of preference shares		150,000		(4,959)
Acquisition of subsidiary	0
Partial disposal of interest in subsidiary
Dividend paid to noncontrolling interest								(78)
Net income attributable to Maiden shareholders	50,261					50,154
Net income (loss) attributable to noncontrolling interest	50,154							107
Dividends on preference shares	(3,644)					(3,644)
Dividends on common shares						(23,850)
Change in unrealized gains on investments, net					79,928
Share based compensation expense				1,347
Foreign currency translation adjustment	(2,852)				(2,857)			5
Ending balance at Dec. 31, 2012	$ 1,015,611	$ 150,000	$ 733	$ 575,869	$ 141,130	$ 151,308	$ (3,801)	$ 372

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 50,261	$ 28,527	$ 69,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	6,258	8,599	7,205
Net realized and unrealized (gains) losses on investments	(1,907)	(481)	(6,604)
Foreign exchange gains	(1,638)	(323)	580
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net	10,949	22,236	(3,586)
Changes in assets - (increase) decrease:
Reinsurance balances receivable, net	(98,987)	(168,338)	(29,036)
Funds withheld	917	16,074	(152,713)
Prepaid reinsurance premiums	(3,344)	(6,389)	(240)
Reinsurance recoverable on unpaid losses	(90,567)	(13,632)	1,684
Accrued investment income	(7,719)	836	(2,686)
Deferred commission and other acquisition expenses	(22,073)	(45,037)	(30,648)
Other assets	(13,277)	(14,422)	1,583
Changes in liabilities - increase (decrease):
Reserve for loss and loss adjustment expenses	337,348	176,869	220,932
Unearned premiums	103,796	178,436	68,413
Accrued expenses and other liabilities	49,072	(1,685)	6,833
Net cash provided by operating activities	319,089	181,270	151,579
Cash flows from investing activities:
Purchases of fixed-maturity securities - available-for-sale	(1,193,768)	(636,141)	(1,010,142)
Purchases of fixed-maturity securities – trading and short sale	(102,073)	(663,339)	(1,293,386)
Purchases of other investments	(940)	(1,173)	(424)
Proceeds from sales of fixed-maturity securities - available-for-sale	142,694	304,499	331,593
Proceeds from sales of fixed-maturity securities – trading and short sales	49,883	720,100	1,291,843
Proceeds from maturities and calls of fixed maturity securities	484,091	310,526	507,326
Proceeds from redemption of other investments	340	4,896	108
(Increase) decrease in restricted cash and cash equivalents	(17,432)	(25,139)	55,657
Acquisition of subsidiaries (net of cash acquired)	0	635	(4,893)
Purchase of capital assets	(341)	(1,538)	(2,875)
Net cash (used in) provided by investing activities	(637,546)	13,326	(125,193)
Cash flows from financing activities:
Repurchase agreements, net	0	(76,225)	(19,176)
Senior notes issuance, net of issuance costs	96,594	104,689	0
Repayment of junior subordinated debt	0	(107,500)	0
Preference shares - Series A issuance, net of issuance costs	145,041	0	0
Contribution of noncontrolling interest	0	0	279
Common share issuance	478	422	52
Dividends paid to common shareholders	(29,630)	(20,921)	(18,394)
Dividends paid on preference shares	(3,644)	0	0
Net cash provided by (used in) financing activities	208,839	(99,535)	(37,239)
Effect of exchange rate changes on foreign currency cash	3,079	(3,130)	(392)
Net (decrease) increase in cash and cash equivalents	(106,539)	91,931	(11,245)
Cash and cash equivalents, beginning of period	188,082	96,151	107,396
Cash and cash equivalents, end of period	81,543	188,082	96,151
Supplemental information about non cash investing and financing activities:
Interest paid	36,219	36,850	36,400
Taxes paid	55	429	129
Acquisition of fixed maturities, available-for-sale	0	81,930	17,806
Funds withheld	0	(81,930)	0
Reinsurance balances receivable	0	0	(17,806)
Additional paid-in capital	0	0	18
Common shares issued in exchange of warrants	0	0	(18)
Redemption of other investment	0	0	(4,751)
Purchase of other investment	$ 0	$ 0	$ 4,751

Organization	12 Months Ended
Organization	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as “Maiden Holdings” or “Parent Company”) is a Bermuda-based holding company formed in June 2007, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing innovative reinsurance solutions designed to support their capital needs. Together with its subsidiaries (collectively referred to as the “Company”, "We" or “Maiden”), Maiden specializes in reinsurance solutions that optimize financing by providing coverage within the more predictable and actuarially credible lower layers of coverage and/or reinsure risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. Our tailored solutions include a variety of value added services focused on helping our clients grow and prosper. Our principal operating subsidiaries in Bermuda and the United States are rated “A-” (Excellent) with a stable outlook by A.M. Best Company (“A.M. Best”), which rating is the fourth highest of sixteen rating levels, and BBB+ (Good) with a stable outlook by Standard & Poor's ("S&P"), which is the eighth highest of twenty-two rating levels. We provide reinsurance through our wholly-owned subsidiaries, Maiden Insurance Company Ltd. (“Maiden Bermuda”) and Maiden Reinsurance Company (“Maiden US”) and have operations in Bermuda and the United States, respectively. On a more limited basis, Maiden Specialty Insurance Company (“Maiden Specialty”), a wholly-owned subsidiary of Maiden US, provides primary insurance on a surplus lines basis focusing on non-catastrophe property and inland marine. Maiden Bermuda does not underwrite any primary insurance business. Internationally, we provide reinsurance-related services through Maiden Global Holdings, Ltd. (“Maiden Global”) and its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer partners to retail customers in the European Union and other global markets, which also produce reinsurance programs which are underwritten by Maiden Bermuda. Certain international credit life business is also written directly by Maiden Life Försäkrings AB (“Maiden LF”), a wholly-owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Reporting and Consolidation — These Consolidated Financial Statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated in the Consolidated Financial Statements. Certain prior year comparatives have been reclassified to conform to the current year presentation.

Estimates — The preparation of these Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements include, but are not limited to:


•	reserve for loss and loss adjustment expenses;


•	recoverability of deferred commission and other acquisition expenses;


•	determination of impairment of goodwill and other intangible assets;


•	valuation of financial instruments; and


•	determination of other-than-temporary impairment of investments.

Investments — The Company currently classifies all of its fixed maturity investments as “available-for-sale” and, accordingly, they are carried at estimated fair value. The fair value of fixed maturity securities is generally determined from quotations received from nationally recognized pricing services, or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of purchase.

2. Significant Accounting Policies (continued)

The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 944, “Financial Services” (“ASC 944”). Other investments comprise investments in limited partnerships which are reported at fair value based on the financial information received from the fund managers and other information available to management. Unrealized gains or losses on other investments are reported as a component of accumulated other comprehensive income.

Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on sales of investments are determined based on the first in first out cost method. Net investment income is recognized when earned and includes interest and dividend income together with amortization of market premiums and discounts using the effective yield method and is net of investment management fees and other expenses. For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments.

Impairments of investment securities results in a charge to operations when a market decline below cost is deemed to be other than temporary. To determine the recovery period of a fixed maturity security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:


•	Historic and implied volatility of the security;


•	Length of time and extent to which the fair value has been less than amortized cost;


•	Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;


•	Failure, if any, of the issuer of the security to make scheduled payments; and


•	Recoveries or additional declines in fair value subsequent to the balance sheet date.

When assessing our intent to sell a fixed maturity security or if it is more likely that we will be required to sell a fixed maturity security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sale of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. In order to determine the amount of the credit loss for a fixed maturity security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying fixed maturity security. The effective interest rate is the original yield or the coupon if the fixed maturity security was previously impaired. If an other-than-temporary impairment (“OTTI”) exists and we have the intent to sell the security, we conclude that the entire OTTI is credit-related and the amortized cost for the security is written down to current fair value with a corresponding charge to realized loss on our Consolidated Statements of Income. If we do not intend to sell a fixed maturity security or it is not more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost but the present value of the cash flows expected to be collected is less than the amortized cost of the fixed maturity security (referred to as the credit loss), we conclude that an OTTI has occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge to realized loss on our Consolidated Statements of Income, as this is also deemed the credit portion of the OTTI. The remainder of the decline to fair value is recorded to other comprehensive income (“OCI”), as an unrealized OTTI loss on our Consolidated Balance Sheets, as this is considered a noncredit (i.e. recoverable) impairment.

Fair Value Measurements — FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price to sell an asset or transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

•

Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: exchange-traded equity securities, U.S. Treasury securities, and listed derivatives that are actively traded.

2. Significant Accounting Policies (continued)

•

Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: listed derivatives that are not actively traded; U.S. government-sponsored agency securities; non-U.S. government obligations; corporate and municipal bonds; mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”); short-duration high yield fund, and over-the-counter (“OTC”) derivatives (e.g. foreign currency options and forward contracts).

•

Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: insurance and reinsurance derivative contracts; hedge and credit funds with partial transparency; and collateralized loan obligation (“CLO”) — equity tranche securities that are traded in less liquid markets.

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. We use prices and inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between levels.

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in the Level 1 hierarchy. The Company receives the quoted market prices from third party, nationally, recognized pricing services (“pricing service”). When quoted market prices are unavailable, the Company utilizes a pricing service to determine an estimate. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered to not represent fair value. If quoted market prices and an estimate from a pricing service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued or through consensus pricing of a pricing service. Depending on the level of observable inputs, the Company will then determine if the estimate is Level 2 or Level 3 hierarchy. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an arm’s length transaction.

Cash and Cash Equivalents — The Company maintains its cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. Accordingly, changes in restricted cash and cash equivalents are reported as an investing activity in our Consolidated Statements of Cash Flows. The Company maintains certain cash and investments in Trust accounts to be used primarily as collateral for unearned premiums and loss and loss adjustment expenses reserves owed to insureds. The Company is required to maintain minimum balances in these accounts based on pre-determined formulas. See Note 5(e) for additional details.

2. Significant Accounting Policies (continued)

Premiums and Related Costs — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, written premium is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of written premium are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined.

The unearned portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is reported as prepaid reinsurance premiums and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded, and amortized over the applicable contract period to which they apply. Reserves are established for the earned portion of premiums ceded and recorded as an asset called reinsurance recoverable on unpaid losses. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income.

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits.

Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of insurance and reinsurance business. Policy and contract acquisition expenses, including assumed commissions and other direct operating expenses that are related to successful contracts are deferred and recognized as expense as related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition expenses and anticipated investment income exceed unearned premium.

Loss and Loss Adjustment Expenses Incurred — Loss and loss adjustment expenses (“LAE”) represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31. The reserve for loss and LAE is estimated using individual case-basis valuations and statistical analysis and is not discounted. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate. In estimating reserves, the Company utilizes a variety of standard actuarial methods. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Such adjustments are included in current operations.

Capital Assets — Capital assets are recorded at cost. Maintenance and repairs are charged to operations as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, as follows:



Furniture and fixtures	3 – 7 years
Computer equipment and software	3 years
Vehicles	3 years
Leasehold improvements	Lease term

2. Significant Accounting Policies (continued)

Business Combinations, Goodwill and Intangible Assets — A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized.

Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Definite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill.

The Company has established October 1 as the date for performing its annual impairment tests. If goodwill or other intangible assets are impaired, they are written down to their estimated fair values with a corresponding loss reflected in the Company’s Consolidated Statements of Income.

Non Controlling Interests — The Company accounts for its noncontrolling interest in accordance with FASB ASC Topic 810 “Consolidations”, and presents such noncontrolling shareholders' interest in the equity section of the Company’s Consolidated Balance Sheets. Net income (loss) attributable to noncontrolling interests is presented separately in the Company’s Consolidated Statements of Income.

Income Taxes — The Company accounts for income taxes using FASB ASC Topic 740 “Income Taxes” for its subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties are included as income tax expense.

Share Compensation Expense — The Company recognizes the compensation expense for share option grants, based on the fair value of the award on the date of grant, over the vesting period, which is the requisite service period. The fair value of the grant will be amortized ratably over its vesting period as a charge to compensation expense and an increase to additional paid in capital in Shareholders’ Equity.

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options using the treasury stock method.

Treasury Shares — Treasury shares are common shares repurchased by the Company and not subsequently cancelled. These shares are recorded at cost and result in a reduction of our shareholders’ equity in the Consolidated Balance Sheets.

Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, we translate monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, with the resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include investments, cash and cash equivalents, reinsurance balances receivable, reserve for loss and loss adjustment expenses and accrued expenses and other liabilities. Accounts that are classified as non-monetary, such as deferred commission and other acquisition expenses and unearned premiums, are not revalued.

2. Significant Accounting Policies (continued)

Assets and liabilities of subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at prevailing year-end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effects of the translation adjustments for foreign entities are included in accumulated other comprehensive income. The amount of cumulative translation adjustment as of December 31, 2012 was $(2,535) (2011 - $322).

Recently Adopted Accounting Standards Updates

Transfers and Servicing: Reconsideration of Effective Control for Repurchase Agreement

In April 2011, the FASB amended its guidance on accounting for repurchase agreements. The amendments simplify the accounting by eliminating the requirement that the transferor demonstrate it has adequate collateral to fund substantially all the cost of purchasing replacement assets. Under the amended guidance, a transferor maintains effective control over transferred financial assets (and thus accounts for the transfer as a secured borrowing) if there is an agreement that both entitles and obligates the transferor to repurchase the financial assets before maturity and if all of the following conditions previously required are met; (i) financial assets to be repurchased or redeemed are the same or substantially the same as those transferred, (ii) repurchase or redemption date before maturity at a fixed or determinable price, and (iii) the agreement is entered into contemporaneously with, or in contemplation of, the transfer. As a result, more arrangements could be accounted for as secured borrowings rather than sales. The updated guidance is effective on a prospective basis for interim and annual reporting periods beginning on or after December 15, 2011, but early adoption was prohibited. The adoption of this guidance did not have any effect on the Company's results of operations, financial position or liquidity.

Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS

In May 2011, the FASB issued updated guidance that addresses the objective of the FASB and the International Accounting Standards Board ("IASB") to develop common requirements for measuring and for disclosing information about fair value measurements with U.S. GAAP and International Financial Reporting Standards ("IFRS"). The FASB and the IASB worked together to ensure that fair value has the same meaning in U.S. GAAP and IFRS and that their respective fair value measurement and disclosure requirements are the same (except for minor differences in wording and style). The FASB and the IASB concluded that this guidance will improve comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The guidance explains how to measure fair value. This updated guidance does not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The updated guidance is effective during interim and annual periods after December 15, 2011. Early application was not permitted. The adoption of this guidance did not have any effect on the Company's results of operations, financial position or liquidity.

Presentation of Comprehensive Income

In June 2011, the FASB issued updated guidance, Accounting Standards Update ("ASU") 2011-05, to increase the prominence of items reported in other comprehensive income by eliminating the option of presenting components of comprehensive income as part of the statement of changes in shareholders' equity. The updated guidance requires that all non-owner changes in shareholders' equity be presented either as a single continuous statement of comprehensive income or in two separate but consecutive statements. Under this guidance, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance is to be applied retrospectively and is effective January 1, 2012, except for the provision requiring entities to present components of reclassifications of other comprehensive income on the face of the income statement, which the FASB voted to defer indefinitely during the fourth quarter of 2011. Early adoption was permitted. The adoption of this guidance resulted in a change in the presentation of the Company's financial statements but did not have any impact on the Company's results of operations, financial position or liquidity.

2. Significant Accounting Policies (continued)

Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts

In October 2010, the FASB issued ASU 2010-26, which modifies the definition of the types of costs incurred by insurance entities that can be capitalized in the acquisition of new or renewal insurance contracts. The amended guidance specifies that certain costs incurred in the successful acquisition of new and renewal insurance contracts should be capitalized. Those costs include incremental direct costs of contract acquisition that result directly from and are essential to the contract transaction and would not have been incurred had the contract transaction not occurred. All other acquisition-related costs, such as costs incurred for soliciting business, administration, and unsuccessful acquisition or renewal efforts should be charged to expense as incurred. Administrative costs, including rent, depreciation, occupancy, equipment, and all other general overhead costs are considered indirect costs and should also be charged to expense as incurred. ASU 2010-26 is effective for fiscal periods beginning on or after December 15, 2011 with prospective or retrospective application permitted. The Company applied the new provisions of ASU 2010-26 prospectively. As a result of adopting ASU 2010-26, commission and other acquisition expenses have increased by $2,033 and net income attributable to Maiden shareholders decreased by the same amount for the year ended December 31, 2012. The impact of the change on basic and diluted earnings per common share is a decrease of $0.03 for the year ended December 31, 2012. The application of the new provisions means that $2,614 of unamortized deferred commission and other acquisition expenses as of January 1, 2012, that had been deferred under prior guidance, would not have been deferrable and would have been recognized as an expense over the original amortization period. If the Company had followed ASU 2010-26 in 2011, commission and other acquisition expenses would have increased by $2,614 for the year ended December 31, 2011.

Intangibles - Goodwill and Other: Testing Goodwill for Impairment

In September 2011, the FASB issued updated guidance on goodwill impairment that gives companies the option to perform a qualitative assessment that may allow them to skip the annual two-step test and reduce costs. Under the new guidance, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The FASB provided a sample list of events and circumstances that an entity can consider in performing its qualitative assessment. Under the amended guidance, an entity has the option to bypass the qualitative assessment and proceed directly to performing the first step of the two-step goodwill impairment test and may resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption was permitted. The annual impairment test is done during the fourth quarter and the adoption of this guidance did not have any effect on the Company's results of operations, financial position or liquidity.

Technical Corrections and Improvements

In October 2012, FASB issued ASU 2012-04, Technical Corrections and Improvements. The amendments in this ASU represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, the amendments will make the Codification easier to understand and the fair value measurement guidance easier to apply by eliminating inconsistencies and providing needed clarifications. Transition guidance is provided for amendments the FASB believes could change practice. The amendments in this ASU that will not have transition guidance will be effective upon issuance for both public and nonpublic entities. For public entities, the amendments that are subject to the transition guidance will be effective for fiscal periods beginning after December 15, 2012. The adoption of this guidance did not have any effect on the Company's results of operations, financial position or liquidity.

2. Significant Accounting Policies (continued)

Recently Issued Accounting Standards Updates Not Yet Adopted

Qualitative Impairment Test For Indefinite-Lived Intangibles

On July 27, 2012, the FASB issued final guidance adding an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. This ASU 2012-02 is similar to last year's goodwill guidance which allows companies to perform a qualitative assessment to test goodwill for impairment. This guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not (a likelihood of more than 50%) that an indefinite-lived intangible asset is impaired. If a company determines that it is more likely than not that the fair value of such asset exceeds its carrying amount, it would not need to calculate the fair value of the asset in that year. However, if a company concludes otherwise, it must calculate the fair value of the asset, compare that value with its carrying amount and record an impairment charge, if any. To perform a qualitative assessment, a company must identify and evaluate changes in economic, industry and company-specific events and circumstances that could affect the significant inputs used to determine the fair value of an indefinite-lived intangible asset. The guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have any effect on the Company's results of operations, financial position or liquidity.

Balance Sheet Offsetting

In December 2011, the FASB issued ASU 2011-11requiring additional disclosures about financial instruments and derivative instruments that are either: (1) offset for balance sheet presentation purposes or (2) subject to an enforceable master netting arrangement or similar arrangement, regardless of whether they are offset for balance sheet presentation purposes. In January 2013, the FASB issued ASU 2013-01 to address implementation issues about the scope of ASU 2011-11. This new guidance clarifies that the scope, of the offsetting disclosures required, applies to derivatives accounted for in accordance with ASC 815 Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities lending transactions. This guidance will be effective on January 1, 2013, with retrospective presentation of the new disclosures required. As this new guidance is disclosure-related only and does not amend the existing balance sheet offsetting guidance, the adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

Comprehensive Income - Reporting of amounts reclassified out of Accumulated Other Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The ASU expands the current disclosure guidance by requiring entities to present separately, for each component of other comprehensive income, current period reclassifications out of accumulated other comprehensive income and other amounts of current period other comprehensive income. In addition, the ASU requires entities to present, either on the face of the statement where net income is presented or in the notes to the financial statements, significant amounts reclassified out of other comprehensive income by component of accumulated other comprehensive income. The new disclosure requirements are effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Early adoption of the guidance is permitted and shall be applied prospectively. The adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Segment Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segments

Segment Information

The Company currently operates three business segments, Diversified Reinsurance, AmTrust Quota Share Reinsurance and the ACAC Quota Share. The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. Other operating expenses allocated to the segments are called General and Administrative expenses which are allocated on an actual basis except salaries and benefits where management’s judgment is applied; the Company does not allocate general corporate expenses to the segments. In determining total assets by segment the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, funds withheld, prepaid reinsurance premiums, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, restricted cash and cash equivalents and investments. All remaining assets are allocated to Corporate.

3. Segment Information (continued)

The fee-generating business (“IIS Fee Business”) associated with the acquisition of certain companies, businesses and assets comprising the international insurance services business of GMAC Insurance Holdings Ltd. (the “IIS Acquisition”), which is included in the Diversified Reinsurance segment, is considered part of the underwriting operations of the Company. Certain portions of the IIS Fee Business are directly associated with the underlying reinsurance contracts recorded in the Diversified Reinsurance segment. To the extent that the fees are generated on underlying insurance contracts sold to third parties that are then ceded under quota share reinsurance contracts to Maiden Bermuda, a proportionate share of the fee is offset against the related acquisition expense. To the extent that IIS Fee Business is not directly associated with premium revenue generated under the applicable reinsurance contracts, that fee revenue is separately reported on the line captioned “Other insurance revenue” in the Company's Consolidated Statements of Income.

The following tables summarize the underwriting results of our operating segments:



For the Year Ended December 31, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	765,293		$	840,346		$	295,646		$	1,901,285
Net premiums earned	$	795,341		$	727,781		$	280,658		$	1,803,780
Other insurance revenue	12,890			—			—			12,890
Net loss and loss adjustment expenses	(583,970		)	(494,633		)	(183,745		)	(1,262,348		)
Commission and other acquisition expenses	(203,209		)	(200,546		)	(88,276		)	(492,031		)
General and administrative expenses	(40,951		)	(1,949		)	(737		)	(43,637		)
Underwriting (loss) income	$	(19,899	)	$	30,653		$	7,900		18,654
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										83,095
Amortization of intangible assets										(4,362		)
Foreign exchange gains										1,638
Interest and amortization expenses										(36,384		)
Other general and administrative expenses										(10,167		)
Income tax expense										(2,213		)
Income attributable to noncontrolling interest										(107		)
Dividends on preference shares										(3,644		)
Net income attributable to Maiden common shareholders										$	46,510

Net loss and loss expense ratio*	72.3		%	68.0		%	65.5		%	69.5		%
Commission and other acquisition expense ratio**	25.1		%	27.6		%	31.5		%	27.1		%
General and administrative expense ratio***	5.1		%	0.2		%	0.2		%	2.9		%
Combined ratio****	102.5		%	95.8		%	97.2		%	99.5		%

3. Segment Information (continued)



For the Year Ended December 31, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	798,037		$	669,283		$	256,201		$	1,723,521
Net premiums earned	$	748,387		$	558,197		$	245,844		$	1,552,428
Other insurance revenue	12,640			—			—			12,640
Net loss and loss adjustment expenses	(502,375		)	(380,263		)	(160,416		)	(1,043,054		)
Commission and other acquisition expenses	(200,239		)	(160,522		)	(78,051		)	(438,812		)
General and administrative expenses	(36,374		)	(2,283		)	(1,635		)	(40,292		)
Underwriting income	$	22,039		$	15,129		$	5,742		42,910
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										75,372
Amortization of intangible assets										(5,033		)
Foreign exchange gains										323
Interest and amortization expenses										(34,155		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(20,313		)
Junior subordinated debt repurchase expense										(15,050		)
Other general and administrative expenses										(13,600		)
Income tax expense										(1,927		)
Income attributable to noncontrolling interest										(3		)
Net income attributable to Maiden common shareholders										$	28,524

Net loss and loss adjustment expense ratio*	66.0		%	68.1		%	65.3		%	66.6		%
Commission and other acquisition expense ratio**	26.3		%	28.8		%	31.7		%	28.0		%
General and administrative expense ratio***	4.8		%	0.4		%	0.7		%	3.5		%
Combined ratio****	97.1		%	97.3		%	97.7		%	98.1		%

3. Segment Information (continued)



For the Year Ended December 31, 2010	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	554,049		$	468,043		$	205,739		$	1,227,831
Net premiums earned	$	601,254		$	445,081		$	123,455		$	1,169,790
Net loss and loss adjustment expenses	(394,604		)	(280,890		)	(79,628		)	(755,122		)
Commission and other acquisition expenses	(152,698		)	(144,655		)	(39,344		)	(336,697		)
General and administrative expenses	(26,123		)	(1,500		)	(243		)	(27,866		)
Underwriting income	$	27,829		$	18,036		$	4,240		50,105
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										78,255
Amortization of intangible assets										(5,808		)
Foreign exchange losses										(580		)
Interest and amortization expenses										(36,466		)
Other general and administrative expenses										(14,314		)
Income tax expense										(1,330		)
Loss attributable to noncontrolling interest										4
Net income attributable to Maiden common shareholders										$	69,866

Net loss and loss adjustment expense ratio*	65.6		%	63.1		%	64.5		%	64.6		%
Commission and other acquisition expense ratio**	25.4		%	32.5		%	31.9		%	28.8		%
General and administrative expense ratio***	4.4		%	0.3		%	0.2		%	3.5		%
Combined ratio****	95.4		%	95.9		%	96.6		%	96.9		%


*	Calculated by dividing net loss and loss adjustment expenses by the sum of net premiums earned and other insurance revenue.


**	Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.


***	Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.


****	Calculated by adding together net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

3. Segment Information (continued)

The following table summarizes the financial position of our operating segments as of December 31, 2012 and 2011:



	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
December 31, 2012
Reinsurance balances receivable, net	$	260,161	$	170,983	$	91,470	$	522,614
Funds withheld	42,712		—		—		42,712
Prepaid reinsurance premiums	38,725		—		—		38,725
Reinsurance recoverable on unpaid losses	110,858		—		—		110,858
Deferred commission and other acquisition expenses	83,287		153,530		33,852		270,669
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	94,393		—		—		94,393
Restricted cash and cash equivalents and investments	1,219,454		857,013		90,851		2,167,318
Corporate and other assets	5,864		—		—		722,899
Total Assets	$	1,855,454	$	1,349,501	$	216,173	$	4,138,163

December 31, 2011
Reinsurance balances receivable, net	$	244,610	$	102,003	$	76,742	$	423,355
Funds withheld	42,605		—		—		42,605
Prepaid reinsurance premiums	35,381		—		—		35,381
Reinsurance recoverable on unpaid losses	20,289		—		—		20,289
Deferred commission and other acquisition expenses	98,712		120,369		29,355		248,436
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	98,755		—		—		98,755
Restricted cash and cash equivalents and investments	1,063,010		461,216		62,017		1,586,243
Corporate and other assets	2,429		—		—		772,072
Total Assets	$	1,605,791	$	851,563	$	168,114	$	3,395,111

3. Segment Information (continued)

The following table shows an analysis of the Company’s gross and net premiums written and and net premiums earned by geographic location for the years ended December 31, 2012, 2011 and 2010. In case of business assumed from AmTrust Financial Services, Inc. ("AmTrust"), it is the location of the relevant AmTrust subsidiaries.



For the Year Ended December 31,	2012		2011		2010
Gross premiums written – North America	$	1,575,452	$	1,400,114	$	1,098,672
Gross premiums written – Other (predominantly Europe)	425,540		412,483		199,383
Net premiums written – North America	1,481,076		1,317,265		1,028,518
Net premiums written – Other (predominantly Europe)	420,209		406,256		199,313
Net premiums earned – North America	1,413,596		1,194,628		1,038,859
Net premiums earned – Other (predominantly Europe)	390,184		357,800		130,931

The following tables set forth financial information relating to net premiums written by major line of business for the years ended December 31, 2012, 2011 and 2010:



For the Year Ended December 31,	2012				2011				2010
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	190,125	10.0	%	$	207,993	12.1	%	$	168,919	13.8	%
Casualty	433,307		22.8	%	441,666		25.6	%	311,852		25.4	%
Accident and Health	37,244		2.0	%	42,604		2.5	%	43,658		3.5	%
International	104,617		5.5	%	105,774		6.1	%	29,620		2.4	%
Total Diversified Reinsurance	765,293		40.3	%	798,037		46.3	%	554,049		45.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business	364,123		19.2	%	237,560		13.8	%	197,097		16.0	%
Specialty Program	95,902		5.0	%	93,701		5.4	%	73,881		6.0	%
Specialty Risk and Extended Warranty	380,321		20.0	%	338,022		19.6	%	197,065		16.1	%
Total AmTrust Quota Share Reinsurance	840,346		44.2	%	669,283		38.8	%	468,043		38.1	%
ACAC Quota Share
Automobile Liability	159,861		8.4	%	147,362		8.6	%	117,962		9.6	%
Automobile Physical Damage	135,785		7.1	%	108,839		6.3	%	87,777		7.2	%
Total ACAC Quota Share	295,646		15.5	%	256,201		14.9	%	205,739		16.8	%
	$	1,901,285	100.0	%	$	1,723,521	100.0	%	$	1,227,831	100.0	%

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business for the years ended December 31, 2012, 2011 and 2010:



For the Year Ended December 31,	2012				2011				2010
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	211,997	11.7	%	$	196,947	12.7	%	$	176,538	15.1	%
Casualty	444,775		24.7	%	395,533		25.5	%	356,389		30.5	%
Accident and Health	41,968		2.3	%	43,210		2.8	%	62,954		5.4	%
International	96,601		5.4	%	112,697		7.3	%	5,373		0.5	%
Total Diversified Reinsurance	795,341		44.1	%	748,387		48.3	%	601,254		51.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	313,110		17.3	%	215,941		13.9	%	202,716		17.3	%
Specialty Program	85,812		4.8	%	81,281		5.2	%	71,596		6.1	%
Specialty Risk and Extended Warranty	328,859		18.2	%	260,975		16.8	%	170,769		14.6	%
Total AmTrust Quota Share Reinsurance	727,781		40.3	%	558,197		35.9	%	445,081		38.0	%
ACAC Quota Share
Automobile Liability	155,266		8.6	%	141,173		9.1	%	69,444		5.9	%
Automobile Physical Damage	125,392		7.0	%	104,671		6.7	%	54,011		4.6	%
Total ACAC Quota Share	280,658		15.6	%	245,844		15.8	%	123,455		10.5	%
	$	1,803,780	100.0	%	$	1,552,428	100.0	%	$	1,169,790	100.0	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2012

Business Combinations [Abstract]

Acquisitions

a) IIS Acquisition

On November 30, 2010, the Company completed its IIS Acquisition, including renewal rights on nearly $100 million of predominantly personal auto quota share reinsurance as well as the supporting business development subsidiaries in Europe. The transaction includes the assumption of more than $100 million of loss reserves and net unearned premiums as well as the corresponding assets, and was funded through existing cash. The businesses primarily focus on providing branded auto and auto-related insurance products through its insurer partners to retail customers in the European Union and other global markets.

The IIS Acquisition also includes the acquisition of GMAC Life Försäkrings AB (“GMAC LF”), a life insurance company organized under the laws of Sweden which writes credit life insurance on a primary basis. GMAC LF was renamed Maiden LF.

Under the terms of the acquisition, the Company acquired 100% of the share capital and net assets of GMAC LF, GMAC Australia (Finance) Limited, GMAC VersicherungsService GmbH (subsequently renamed Opel Händler VersicherungsService GmbH ("OVS") following a cooperation agreement being entered into with VDOH Wirtschaftsdienst GmbH (“Opel Dealer Association”) in Germany and the German auto manufacturer Opel in exchange for a 10% interest in OVS) and 60% of the share capital and net assets of GMAC VersicherungsService GmbH Austria. The agreement provided for a base purchase cost of $4,000 adjustable based on the renewal premium written net of commissions over the next three years plus an amount equal to the net assets of the acquired entities.

4. Acquisitions (continued)

The Company finalized the purchase price allocation in 2011 which resulted in a total consideration of $21,632 (2010 estimate - $22,274). The Company recorded goodwill of $5,695 (2010 estimate - $5,812) and incurred non-recurring acquisition expenses of $1,841 as a result of the acquisition. The results of the operations have been included in the Company’s Consolidated Financial Statements since the acquisition date. The cost of acquisition was allocated to the assets acquired and liabilities assumed based on estimated fair values as of the acquisition date, with the amount exceeding the fair value recorded as goodwill.

The fair value of the net assets acquired is summarized as follows:



	2011 Actual		2010 Estimate
Cash	$	14,971	$	15,595
Restricted cash	450		469
Fixed maturity investments	13,480		13,999
Other assets	303		191
Goodwill	5,695		5,812
Assets acquired	34,899		36,066
Reserve for loss and loss adjustment expenses	4,739		3,192
Unearned premiums	5,454		5,665
Accrued expenses and other liabilities	3,074		4,935
Liabilities acquired	13,267		13,792
Total purchase price	$	21,632	$	22,274

In conjunction with the IIS Acquisition on November 30, 2010, Maiden Bermuda and GMAC International Insurance Company Ltd. (“GMAC International Insurance”) entered into a loss portfolio transfer and quota share reinsurance agreement under which Maiden Bermuda reinsured 100% of the existing contracts written by GMAC International Insurance in respect of the businesses acquired in the IIS Acquisition. As a result of the agreement, Maiden Bermuda assumed estimated liabilities of $122,574. The loss portfolio transfer and quota share reinsurance agreement required Maiden Bermuda to fund the existing funds withheld collateral arrangements of GMAC International Insurance and its cedants. The initial funds withheld collateral requirements were $140,520 and Maiden Bermuda transferred cash on closing in the amount of $26,204 in order to meet such collateral requirements.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

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-Name Statement of Financial Accounting Standard (FAS)

-Number 141

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-Number 141R

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+ Details

Investments

12 Months Ended

Dec. 31, 2012

Schedule of Investments [Abstract]

Investments

a) Fixed Maturities and Other Investments

The original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale fixed maturities and other investments as of December 31, 2012 and 2011, are as follows:



December 31, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	42,671	$	1,260	$	—		$	43,931
U.S. agency bonds – mortgage-backed	962,649		30,998		(1,473		)	992,174
U.S. agency bonds – other	11,682		1,407		—			13,089
Non-U.S. government bonds	55,169		2,264		—			57,433
Other mortgage-backed bonds	23,167		901		—			24,068
Corporate bonds	1,247,260		113,386		(6,492		)	1,354,154
Municipal bonds	132,604		1,244		—			133,848
Total available-for-sale fixed maturities	2,475,202		151,460		(7,965		)	2,618,697
Other investments	2,599		353		(51		)	2,901
Total investments	$	2,477,801	$	151,813	$	(8,016	)	$	2,621,598



December 31, 2011	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	44,175	$	1,774	$	—		$	45,949
U.S. agency bonds – mortgage-backed	928,944		43,230		(75		)	972,099
U.S. agency bonds – other	10,374		622		—			10,996
Non-U.S. government bonds	52,489		78		(293		)	52,274
Other mortgage-backed bonds	9,919		1		—			9,920
Corporate bonds	742,867		47,726		(30,236		)	760,357
Municipal bonds	168,338		728		—			169,066
Total available-for-sale fixed maturities	1,957,106		94,159		(30,604		)	2,020,661
Other investments	1,955		318		(81		)	2,192
Total investments	$	1,959,061	$	94,477	$	(30,685	)	$	2,022,853

The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

5. Investments (continued)



December 31, 2012	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	57,675	$	58,672	2.2	%
Due after one year through five years	373,208		387,882		14.8	%
Due after five years through ten years	888,694		981,504		37.5	%
Due after ten years	169,809		174,397		6.7	%
	1,489,386		1,602,455		61.2	%
U.S. agency bonds - mortgage-backed	962,649		992,174		37.9	%
Other mortgage-backed bonds	23,167		24,068		0.9	%
Total	$	2,475,202	$	2,618,697	100.0	%

The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:



	Less than 12 Months					12 Months or More					Total
December 31, 2012	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	158,591	$	(1,473	)	$	—	$	—		$	158,591	$	(1,473	)
Corporate bonds	94,742		(1,098		)	141,842		(5,394		)	236,584		(6,492		)
	253,333		(2,571		)	141,842		(5,394		)	395,175		(7,965		)
Other investments	—		—			2,011		(51		)	2,011		(51		)
Total temporarily impaired available-for-sale securities and other investments	$	253,333	$	(2,571	)	$	143,853	$	(5,445	)	$	397,186	$	(8,016	)

As of December 31, 2012, there were approximately 32 securities in an unrealized loss position with a fair value of $397,186 and unrealized losses of $8,016. Of these securities, there are 9 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $143,853 and unrealized losses of $5,445.



	Less than 12 Months					12 Months or More					Total
December 31, 2011	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	30,447	$	(75	)	$	—	$	—		$	30,447	$	(75	)
Non-U.S. government bonds	43,629		(293		)	—		—			43,629		(293		)
Corporate bonds	227,367		(7,406		)	125,089		(22,830		)	352,456		(30,236		)
	301,443		(7,774		)	125,089		(22,830		)	426,532		(30,604		)
Other investments	1,214		(81		)	—		—			1,214		(81		)
Total temporarily impaired available-for-sale securities and other investments	$	302,657	$	(7,855	)	$	125,089	$	(22,830	)	$	427,746	$	(30,685	)

As of December 31, 2011, there were approximately 62 securities in an unrealized loss position with a fair value of $427,746 and unrealized losses of $30,685. Of these securities, there are 8 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $125,089 and unrealized losses of $22,830.

5. Investments (continued)

OTTI

We review our investment portfolio for impairment on a quarterly basis. Impairment of investments results in a charge to operations when a fair value decline below cost is deemed to be other-than-temporary. As of December 31, 2012, we reviewed our portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of investments.

During the years ended December 31, 2012, 2011 and 2010, the Company recognized no OTTI. Based on our qualitative and quantitative OTTI review of each investment within our fixed maturity portfolio, unrealized losses on fixed maturities at December 31, 2012, were primarily due to widening of credit spreads relating to the market illiquidity, rather than credit events. Because we do not intend to sell these securities and it is not more likely than not that we will be required to sell these securities until a recovery of fair value to amortized cost, we currently believe it is probable that we will collect all amounts due according to their respective contractual terms. Therefore, we do not consider these fixed maturities to be other-than-temporarily impaired at December 31, 2012.

The following summarizes the credit ratings of our fixed maturities:



Rating* as of December 31, 2012	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	42,671	$	43,931	1.7	%
U.S. agency bonds	974,331		1,005,263		38.4	%
AAA	171,136		183,950		7.0	%
AA+, AA, AA-	186,495		196,797		7.5	%
A+, A, A-	477,236		515,383		19.7	%
BBB+, BBB, BBB-	587,858		637,089		24.3	%
BB+ or lower	35,475		36,284		1.4	%
Total	$	2,475,202	$	2,618,697	100.0	%



Rating* as of December 31, 2011	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	44,175	$	45,949	2.3	%
U.S. agency bonds	939,318		983,095		48.6	%
AAA	160,319		161,945		8.0	%
AA+, AA, AA-	150,961		153,303		7.6	%
A+, A, A-	327,794		328,448		16.3	%
BBB+, BBB, BBB-	316,150		330,156		16.3	%
BB+ or lower	18,389		17,765		0.9	%
Total	$	1,957,106	$	2,020,661	100.0	%

*Ratings as assigned by S&P

5. Investments (continued)

b) Other Investments

The table below shows our portfolio of other investments:



December 31,	2012				2011
Investment in limited partnerships	$	2,901	100.0	%	$	2,192	100.0	%
Total other investments	$	2,901	100.0	%	$	2,192	100.0	%

The Company has an unfunded commitment on its investment in limited partnerships of approximately $3,099 as of December 31, 2012.

c) Net Investment Income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2012			2011			2010
Fixed maturities	$	79,891		$	72,050		$	71,607
Cash and cash equivalents	1,439			925			1,680
Funds withheld	1,648			4,235			407
Loan to related party	1,945			1,925			1,996
	84,923			79,135			75,690
Less:
Investment expenses	(3,735		)	(3,488		)	(2,992		)
Interest expense on securities sold under agreements to repurchase	—			(756		)	(1,047		)
Total	$	81,188		$	74,891		$	71,651

d) Realized and Unrealized Gains (Losses) on Investments

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and include any adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. The following provides an analysis of net realized and unrealized gains on investment:



For the Year Ended December 31, 2012	Gross gains		Gross losses			Net
Available-for-sale securities	$	3,468	$	(13	)	$	3,455
Trading securities and short sales	—		(1,592		)	(1,592		)
Other investments	55		(11		)	44
Net realized gains on investments	$	3,523	$	(1,616	)	$	1,907



For the Year Ended December 31, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	5,091	$	(1,812	)	$	3,279
Trading securities and short sales	2,709		(1,902		)	807
Other investments	43		(116		)	(73		)
Net realized gains	7,843		(3,830		)	4,013
Unrealized losses on short sales	—		(3,532		)	(3,532		)
Net realized and unrealized gains on investments	$	7,843	$	(7,362	)	$	481

5. Investments (continued)



For the Year Ended December 31, 2010	Gross gains		Gross losses			Net
Available-for-sale securities	$	10,372	$	(1,976	)	$	8,396
Trading securities and short sales	6,372		(7,915		)	(1,543		)
Other investments	—		(249		)	(249		)
Net realized gains on investments	$	16,744	$	(10,140	)	$	6,604

Proceeds from sales of fixed maturities classified as available-for-sale were $142,694, $304,499 and $331,593, and for the years ended December 31, 2012, 2011 and 2010, respectively.

Net unrealized gains (losses) were as follows:



December 31,	2012			2011			2010
Available-for-sale securities	$	143,495		$	63,555		$	54,658
Other investments	302			237			96
Total net unrealized gains	143,797			63,792			54,754
Deferred income tax	(132		)	(55		)	—
Net unrealized gains, net of deferred income tax	$	143,665		$	63,737		$	54,754
Change in net unrealized gains, net of deferred income tax	$	79,928		$	8,983		$	22,007

e) Restricted Cash and Cash Equivalents and Investments

We are required to maintain assets on deposit to support our reinsurance operations and to serve as collateral for our reinsurance liabilities under various reinsurance agreements. The assets on deposit are available to settle reinsurance liabilities. We also utilize trust accounts to collateralize business with our reinsurance counterparties. These trust accounts generally take the place of letter of credit requirements. The assets in trust as collateral are primarily highly rated fixed maturity securities. The fair value of our restricted assets was as follows:



December 31,	2012		2011
Restricted cash and cash equivalents – third party agreements	$	97,695	$	67,627
Restricted cash and cash equivalents – related party agreements	33,882		46,729
Restricted cash and cash equivalents – U.S. state regulatory authorities	750		539
Total restricted cash and cash equivalents	132,327		114,895
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2012 – $1,048,827; 2011 – $950,103)	1,101,971		972,130
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2012 – $851,873; 2011 – $458,105)	919,557		485,468
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2012 – $12,744; 2011 – $12,862)	13,463		13,750
Total restricted investments	2,034,991		1,471,348
Total restricted cash and cash equivalents and investments	$	2,167,318	$	1,586,243

f) Other

Securities sold but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price and, thereby, create a liability to purchase the security in the market at prevailing prices. The Company's liability for securities to be delivered is measured at their fair value and as of December 31, 2012 was $0 (December 31, 2011 - $55,830). This amount was included in accrued expenses and other liabilities in the Consolidated Balance Sheets. Collateral of an equivalent amount was pledged to the clearing broker.

- Definition

The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts).

+ References+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments

ASC 825, “Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value.

The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held as of December 31, 2012.

U.S. Government and U.S. Government agencies — Comprised primarily of bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association and the Federal National Mortgage Association. The fair values of U.S. government securities are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. Treasury securities is an actively traded market given the high level of daily trading volume. The fair values of U.S. government agency securities are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy.

Non-U.S. government bonds — Comprised of bonds issued by non-U.S. governments and their agencies along with supranational organizations. These securities are generally priced by pricing services. The pricing services may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the pricing service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government bonds are included in the Level 2 fair value hierarchy.

Other mortgage-backed securities — Other mortgage-backed bonds consist of a commercial mortgage-backed security ("CMBS"). This security is priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair value of the CMBS is included in the Level 2 fair value hierarchy.

Corporate bonds — Comprised of bonds issued by corporations that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by pricing services. The fair values of corporate bonds that are short-term are priced, by the pricing services, using the spread above the London Interbank Offering Rate ("LIBOR") yield curve and the fair value of corporate bonds that are long-term are priced using the spread above the risk-free yield curve. The spreads are sourced from broker/dealers, trade prices and the new issue market. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker dealers. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate bonds are included in the Level 2 fair value hierarchy.

Municipal bonds — Municipal bonds comprise bonds and auction rate securities issued by U.S. state and municipality entities or agencies. The fair values of municipal bonds are generally priced by pricing services. The pricing services typically use spreads obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the municipal bonds are observable market inputs, municipals are classified within Level 2. Municipal auction rate securities are reported in the Consolidated Balance Sheets at cost which approximates their fair value.

Other investments — The fair values of the investment in limited partnerships are determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals, and as such, the fair values are included in the Level 3 fair value hierarchy.

Reinsurance balance receivable — The carrying values reported in the accompanying balance sheets for these financial instruments approximate their fair value due to short term nature of the assets.

Loan to related party — The carrying value reported in the accompanying balance sheets for this financial instrument approximates its fair value. The underlying investments of the loan are generally priced by pricing services. As the significant inputs used to price the underlying investments are observable market inputs, the fair value of the loan to related party is included in the Level 2 fair value hierarchy.

6. Fair Value Measurements (continued)

Senior notes — The amount reported in the accompanying balance sheets for these financial instruments represents the carrying value of the notes. The fair values are based on quoted prices of identical instruments in inactive markets and as such, are included in the Level 2 hierarchy.

Junior subordinated debt — The amount reported in the accompanying balance sheets for this financial instrument represents the carrying value of the debt. The fair value of the debt was derived using the Black-Derman-Toy model. As the fair value of the junior subordinated debt is determined using observable market inputs in the Black-Derman-Toy model, the fair value is included in the Level 2 fair value hierarchy.

b) Fair Value Hierarchy

The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.

In accordance with ASC 820, the Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

At December 31, 2012 and 2011, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 31, 2012	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	43,931		$	—		$	—		$	43,931
U.S. agency bonds – mortgage-backed	—			992,174			—			992,174
U.S. agency bonds – other	—			13,089			—			13,089
Non-U.S. government bonds	—			57,433			—			57,433
Other mortgage-backed securities	—			24,068			—			24,068
Corporate bonds	—			1,354,154			—			1,354,154
Municipal bonds	—			133,848			—			133,848
Other investments	—			—			2,901			2,901
Total	$	43,931		$	2,574,766		$	2,901		$	2,621,598
As a percentage of total assets	1.1		%	62.2		%	0.1		%	63.4		%

6. Fair Value Measurements (continued)



December 31, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	45,949		$	—		$	—		$	45,949
U.S. agency bonds – mortgage-backed	—			972,099			—			972,099
U.S. agency bonds – other	—			10,996			—			10,996
Non-U.S. government bonds	—			52,274			—			52,274
Other mortgage-backed securities	—			9,920			—			9,920
Corporate bonds	—			760,357			—			760,357
Municipal bonds	—			169,066			—			169,066
Other investments	—			—			2,192			2,192
Total	$	45,949		$	1,974,712		$	2,192		$	2,022,853
As a percentage of total assets	1.4		%	58.1		%	0.1		%	59.6		%
Liabilities
Securities sold under agreements to repurchase	$	—		$	55,830		$	—		$	55,830
As a percentage of total liabilities	—		%	2.1		%	—		%	2.1		%

The Company utilized a pricing service to estimate fair value measurements for approximately 99.7% of its fixed maturities. The pricing service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as level 2.

Other investments: The Company has $2,901 or approximately 0.1% of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company includes the estimate in the amount disclosed as Level 3. The Company has determined that its investments in Level 3 securities are not material to its financial position or results of operations.

6. Fair Value Measurements (continued)

c) Level 3 Financial Instruments

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2012 and 2011:



	For the Year Ended December 31,
Other investments:	2012			2011
Balance at beginning of period	$	2,192		$	5,847
Net realized and unrealized gains – included in net income	44			—
Net realized and unrealized (losses) – included in net income	—			(73		)
Change in net unrealized gains – included in other comprehensive income	65			141
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	940			1,173
Sales and redemptions	(340		)	(4,896		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,901		$	2,192
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

d) Fair Value of Liabilities

The following table presents the carrying values and fair values of the Senior Notes and Junior Subordinated Debt as of December 31, 2012 and 2011:



			December 31, 2012				December 31, 2011
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	112,832	$	107,500	$	104,888
2012 Senior Notes	8.00	%	100,000		105,600		—		—
Junior Subordinated Debt	14.00	%	126,317		166,919		126,263		173,621

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill is calculated as the excess of purchase price over the net fair value of assets acquired. The Company performs an annual impairment analysis to identify potential goodwill impairment and measures the amount of a goodwill impairment loss to be recognized. This annual test is performed during the fourth quarter of each year or more frequently if events or circumstances change in a way that requires the Company to perform the impairment analysis on an interim basis. Goodwill impairment testing requires an evaluation of the estimated fair value of each reporting unit to its carrying value, including the goodwill. An impairment charge is recorded if the estimated fair value is less than the carrying amount of the reporting unit. No impairments have been identified to date.

Intangible Assets

Intangible assets consist of finite and indefinite life assets. Finite life intangible assets include customer and producer relationships and trademarks. Insurance company licenses are considered indefinite life intangible assets subject to annual impairment testing.

7. Goodwill and Intangible Assets (continued)

The following tables show the analysis of goodwill and intangible assets:



	Goodwill			Intangible Assets			Total
December 31, 2010	$	58,429		$	45,476		$	103,905
Adjustment during the year	(117		)	—			(117		)
Amortization	—			(5,033		)	(5,033		)
December 31, 2011	58,312			40,443			98,755
Amortization	—			(4,362		)	(4,362		)
December 31, 2012	$	58,312		$	36,081		$	94,393



December 31, 2012	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(23,046		)	28,354		15 years double declining
Net balance	$	117,439	$	(23,046	)	$	94,393



December 31, 2011	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(18,684		)	32,716		15 years double declining
Net balance	$	117,439	$	(18,684	)	$	98,755

The goodwill and intangible assets were recognized as a result of the IIS Acquisition (see note 4) and the acquisition of the reinsurance operations of GMAC Insurance (“GMACI”), including its book of assumed reinsurance business, GMAC RE Insurance Services LLC (renamed Maiden Re), GMAC Direct Insurance Company (renamed Maiden US) and Integon Specialty Insurance Company (renamed Maiden Specialty) (referred to as the “GMAC Acquisition”) on October 31, 2008. The goodwill and intangible assets are assigned to Diversified Reinsurance segment and are subject to annual impairment testing. No impairment was recorded during the years ended December 31, 2012, 2011 and 2010. However, during 2011 as a result of the adjusted price allocation relating to the IIS Acquisition, the amount of goodwill was reduced to $5,695 (2010 - $5,812). The estimated amortization of intangible assets for the next five years is:



2013	$	3,781
2014	3,276
2015	2,840
2016	2,461
2017	2,133

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2012
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes In June 2011, the Company, through its wholly owned subsidiary Maiden Holdings North America, Ltd. ("Maiden NA"), issued $107,500 principal amount of 8.25% Senior Notes (“2011 Senior Notes”) due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The 2011 Senior Notes are redeemable for cash, in whole or in part, on or after June 15, 2016, at 100% of the principal amount plus accrued and unpaid interest to but excluding the redemption date. In order to ensure that issuance of the 2011 Senior Notes resulted in a long term favorable impact to Maiden's shareholders, the Company sought to repurchase a portion of the Trust Preferred Securities, described below, with the proceeds of the 2011 Senior Notes offering. Under the redemption notice provisions of the Trust Preferred Securities, the Company was required to give at least 30 days' notice in advance of the next interest payment (July 15, 2011) prior to redemption, or incur an additional quarter's interest payments. Since the 2011 Senior Notes offering was initiated after the 30 day notice period on June 16, 2011, the Company offered to all holders an option to have a portion of their Trust Preferred Securities repurchased on a pro rata basis from the proceeds of the 2011 Senior Notes offering in exchange for a waiver of such notice provisions and an agreement to accept interest through July 15, 2011. Certain of the Trust Preferred Securities holders accepted the offer by June 16, 2011. All proceeds of the 2011 Senior Notes offering were used to repurchase the Trust Preferred Securities of the holders who accepted the offer. The 2011 Senior Notes are an unsecured and unsubordinated obligation of the Company and rank ahead of the Junior Subordinated Debt, described below. The effective interest rate of the 2011 Senior Notes, based on the net proceeds received, was 8.47%. The net proceeds from the sale of the 2011 Senior Notes were $104,689, after placement agent fees and expense or debt issuance cost of $2,811, and were used to repurchase $107,500 principal amount portion of the outstanding Junior Subordinated Debt. The issuance costs related to the 2011 Senior Notes were capitalized and will be amortized over the life of the notes. Amortization expense for the year ended December 31, 2012 was $94 (for the period from June 15, 2011 to December 31, 2011 - $49). The interest on the 2011 Senior Notes is payable each quarter beginning on September 15, 2011. Interest expense for the year ended December 31, 2012 was $8,869 (for the period from June 15, 2011 to December 31, 2011 - $4,607), of which $394 was accrued as of December 31, 2012 (2011 - $394). In March 2012, the Company, through Maiden NA, issued $100,000 principal amount of 8.00% Senior Notes ("2012 Senior Notes") due on March 27, 2042, which are fully and unconditionally guaranteed by the Company. The 2012 Senior Notes are redeemable for cash, in whole or in part, on or after March 27, 2017, at 100% of the principal amount to be redeemed plus accrued and unpaid interest up to but excluding the redemption date. The 2012 Senior Notes are an unsecured and unsubordinated obligation of the Company and rank ahead of the Junior Subordinated Debt, described below. The effective interest rate of the 2012 Senior Notes, based on the net proceeds received, was 8.28%. The net proceeds from the sale of the 2012 Senior Notes were $96,594, after placement agent fees and other expenses of $3,406, and will be used for general corporate purposes and working capital. The issuance costs related to the 2012 Senior Notes were capitalized and will be amortized over the life of the notes. Amortization expense for the period from March 27, 2012 to December 31, 2012 was $87. The interest on the 2012 Senior Notes is payable each quarter beginning on June 27, 2012 and will include accrued interest from March 27, 2012. Interest expense for the period from March 27, 2012 to December 31, 2012 was $6,111, of which $111 was accrued as of December 31, 2012. Junior Subordinated Debt On January 20, 2009, the Company completed a private placement of 260,000 units (the “Units”), each Unit consisting of $1,000 principal amount of capital securities (the “Trust Preferred Securities”) of Maiden Capital Financing Trust (the “Trust”), a special purpose trust established by Maiden NA, and 45 common shares, $0.01 par value, of the Company for a purchase price of $1,000.45 per Unit (the “TRUPS Offering”). In the aggregate, 11,700,000 common shares were issued to the purchasers in the TRUPS Offering. This resulted in gross proceeds to the Company of $260,117, before $4,342 of placement agent fees and expenses. Certain trusts established by Michael Karfunkel and George Karfunkel, two of the Company's Founding Shareholders, purchased an aggregate of 159,000 of the Units, or 61.12%. The remaining 101,000 Units were purchased by existing institutional shareholders of the Company. The Trust used the proceeds from the sale of the Trust Preferred Securities to purchase a subordinated debenture (the “Junior Subordinated Debt”) in the principal amount of $260,000 issued by Maiden NA. 8. Long Term Debt (continued) Under the terms of the Trust Preferred Securities, the Company can repay the principal balance in full or in part at any time. However, if the Company repays such principal within five years of the date of issuance, it is required to pay an additional amount equal to one full year of interest on the amount of Trust Preferred Securities repaid. If the remaining amount of the Trust Preferred Securities were repaid within five years of the date of issuance (adjusted for the $107,500 repurchase of Junior Subordinated Debt, which occurred on July 15, 2011), the additional amount due would be $21,350, which would be a reduction in earnings. Pursuant to separate Guarantee Agreements dated as of January 20, 2009 with Wilmington Trust Company, as guarantee trustee, each of the Company and Maiden NA has agreed to guarantee the payment of distributions and payments on liquidation or redemption of the Trust Preferred Securities. As a consequence of the issuance of a majority of the Units to a related party under ASC Topic 810 “Consolidation”, the Trust is a variable interest entity and the Company is deemed not to be the primary beneficiary of the Trust, therefore it is not consolidated. The issuance of common shares associated with the Trust Preferred Securities resulted in an original issuance discount of $44,928 based on market price of $3.85 on January 20, 2009. The discount is amortized over 30 years based on the effective interest method. The Junior Subordinated Debt and Trust Preferred Securities mature in 2039 and carry a stated or coupon rate of 14% with an effective interest rate of 16.95%. Using the proceeds from the 2011 Senior Notes offering and existing cash, the Company repurchased principal amount of $107,500 of the Junior Subordinated Debt on July 15, 2011. Pursuant to the terms of the TRUPS Offering, the Company incurred and paid a repurchase expense equivalent to one year's interest expense of $15,050. The Company also accelerated the amortization of the issuance cost and discount related to the repurchased Junior Subordinated Debt which amounted to $20,313. As of December 31, 2012, the stated value of the Junior Subordinated Debt was $126,317 which comprises the principal amount of $152,500 and unamortized discount of $26,183. Amortization expense for the year ended December 31, 2012 was $54 (2011 - $46, 2010 - $66). Interest expense for the year ended December 31, 2012 was $21,350 (2011 - $29,502, 2010 - $36,400), of which $4,448 was accrued as of December 31, 2012 (2011 - $4,448).

Reinsurance

12 Months Ended

Dec. 31, 2012

Reinsurance Disclosures [Abstract]

Reinsurance

The Company utilizes reinsurance and retrocessional reinsurance (“ceded reinsurance”) agreements to reduce its exposure to large claims and catastrophic loss occurrences with various reinsurance companies. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers are unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.

9. Reinsurance (continued)

The effect of retrocessional activity on net premiums written and earned and on net loss and loss adjustment expenses for the years ended December 31, 2012, 2011 and 2010 was as follows:



For the Year Ended December 31,	2012			2011			2010
Premiums written
Direct	$	122,412		$	114,036		$	71,625
Assumed	1,878,580			1,698,561			1,226,430
Ceded	(99,707		)	(89,076		)	(70,224		)
Net	$	1,901,285		$	1,723,521		$	1,227,831
Premiums earned
Direct	$	119,398		$	112,308		$	68,967
Assumed	1,780,745			1,523,685			1,168,116
Ceded	(96,363		)	(83,565		)	(67,293		)
Net	$	1,803,780		$	1,552,428		$	1,169,790
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses	$	1,457,404		$	1,103,821		$	788,815
Loss and loss adjustment expenses ceded	(195,056		)	(60,767		)	(33,693		)
Net	$	1,262,348		$	1,043,054		$	755,122

The reinsurers with the three largest balances accounted for 30.2%, 18.0% and 11.4%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at December 31, 2012 (2011 – 31.1%, 26.2% and 12.6%, respectively). At December 31, 2012, 88.4% of the reinsurance recoverable on unpaid loss and loss adjusted expenses ceded was due from reinsurers with credit ratings from A.M Best of A, or better, 11.3% due from reinsurers with credit ratings of A- and the remaining 0.3% of the reinsurance recoverable was primarily due from state pools. At December 31, 2012 and 2011, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

- Definition

The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2012

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

Our reserve for loss and loss adjustment expenses comprise the following:



December 31,	2012		2011
Reserve for reported loss and loss adjustment expenses	$	1,029,594	$	820,795
Reserve for losses incurred but not reported	710,687		577,643
Reserve for loss and loss adjustment expenses	$	1,740,281	$	1,398,438

10. Reserve for Loss and Loss Adjustment Expenses (continued)

The following table represents a reconciliation of our beginning and ending net losses and loss expense reserves:



For the Year Ended December 31,	2012			2011			2010
Gross unpaid loss and loss adjustment expenses reserves at beginning of period	$	1,398,438		$	1,226,773		$	1,002,676
Less: reinsurance recoverable on unpaid losses at beginning of period	20,289			6,656			8,340
Net loss and loss adjustment expense reserves at beginning of period	1,378,149			1,220,117			994,336
Net incurred losses related to:
Current year	1,239,016			1,028,855			787,967
Prior years	23,332			14,199			(32,845		)
	1,262,348			1,043,054			755,122
Net paid losses related to:
Current year	(485,015		)	(456,149		)	(365,343		)
Prior years	(530,294		)	(423,855		)	(265,991		)
	(1,015,309		)	(880,004		)	(631,334		)
Acquired loss and loss expense reserve	—			450			102,020
Effect of foreign exchange movements	4,235			(5,468		)	(27		)
Net loss and loss adjustment expense reserves at end of period	1,629,423			1,378,149			1,220,117
Reinsurance recoverable on unpaid losses at end of period	110,858			20,289			6,656
Gross unpaid loss and loss adjustment expenses reserves at end of period	$	1,740,281		$	1,398,438		$	1,226,773

Management believes that its use of both historical experience and industry-wide loss development factors provide a reasonable basis for estimating future losses. As the Company writes more business and develops more credible data, the Company expects to assign more weight to its own historical experience than to AmTrust’s historical experience and industry-wide results. In either case, future events beyond the control of management, such as changes in law, judicial interpretations of law, and inflation may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves.

The anticipated effect of inflation is implicitly considered when estimating liabilities for losses and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in average severity of claims are caused by a number of factors that vary with the individual type of policy written. Future average severities are projected based on historical trends adjusted for implemented changes in underwriting standards, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary.

During 2012, the Company recorded estimated net adverse development on prior year loss reserves of $23,332 compared to net adverse development of $14,199 in the prior year and net favorable development of $32,845 in 2010. Included in the total is $9,134 (2011 - $28,898, 2010 - $25,332) of gains relating to the loss portfolio transfers acquired as part of the GMAC Acquisition and the IIS Acquisition. The total gain to date from the loss portfolio transfer reserves is $75,656 (2011 - $68,882, 2010 - $43,811) of which $4 remains as of December 31, 2012 (2011 - $2,570). The gain is being amortized into income in proportion to the actual paydown of the reserves acquired.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years. The development reflects changes in the actuarial assessments of the ultimate losses under the relevant reinsurance policies.

- Definition

The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-5

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2012
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company are Michael Karfunkel, George Karfunkel and Barry Zyskind. Michael Karfunkel is the non-executive chairman of the board of AmTrust Financial Services, Inc. ("AmTrust"), George Karfunkel is a director of AmTrust, and Barry Zyskind is the president, chief executive officer and director of AmTrust. The Founding Shareholders own or control approximately 59% of the outstanding shares of AmTrust. In addition, the Michael Karfunkel 2005 Grantor Retained Annuity Trust (which is controlled by Leah Karfunkel, wife of Michael Karfunkel) ("Annuity Trust"), currently owns 72.4% of the issued and outstanding common stock of American Capital Acquisition Corporation ("ACAC"), Michael Karfunkel currently owns 27.6% of ACAC's issued and outstanding common stock, and AmTrust owns preferred shares convertible into 21.25% of the issued and outstanding common stock of ACAC (see below for a description of our common business arrangements with AmTrust and ACAC). Michael Karfunkel is the Chairman and Chief Executive Officer of ACAC. AmTrust The following describes transactions between the Company and AmTrust. AmTrust Quota Share Reinsurance Agreement Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended (the “Master Agreement”), by which they caused Maiden Bermuda, a wholly owned subsidiary of the Company, and AmTrust's Bermuda reinsurance subsidiary, AmTrust International Insurance, Ltd. (“AII”), to enter into a quota share reinsurance agreement (the “Reinsurance Agreement”) by which (a) AII retrocedes to Maiden Bermuda an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance (and in the case of AmTrust's U.K. insurance subsidiary, AmTrust Europe, Limited, net of commissions) and 40% of losses and (b) AII transferred to Maiden Bermuda 40% of the AmTrust subsidiaries' unearned premiums, effective July 1, 2007, with respect to the current lines of business, excluding risks for which the AmTrust subsidiaries' net retention exceeds $5,000 (“Covered Business”). Effective January 1, 2010, the Company agreed to assume its proportionate share of AmTrust's workers' compensation exposure and shared the benefit of the 2010 excess reinsurance protection. AmTrust also has agreed to cause AII, subject to regulatory requirements, to reinsure any insurance company which writes Covered Business in which AmTrust acquires a majority interest to the extent required to enable AII to cede to Maiden Bermuda 40% of the premiums and losses related to such Covered Business.The Master Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business as a consequence of AmTrust's acquisition of Unitrin Business Insurance (“UBI”). Under the amendment, AmTrust's subsidiaries ceded, upon collection, to Maiden Bermuda 100% of $82.2 million of unearned premium (net of inuring reinsurance) from the acquisition of UBI's in-force book of business. Additionally, AmTrust cedes to Maiden Bermuda 40% of net premium written, effective as of June 1, 2008. Maiden Bermuda will pay to AmTrust a ceding commission of 34.375% on the unearned premium cession and the Retail Commercial Package Business. The $2,000 maximum liability for a single loss provided in the Reinsurance Agreement shall not be applicable to Retail Commercial Package Business. On February 9, 2009, Maiden Bermuda and AII amended the Reinsurance Agreement to clarify that (i) AII would offer Maiden Bermuda the opportunity to reinsure Excess Retention Business, which is defined as a policy issued by an AmTrust insurance subsidiary with respect to which the insurance subsidiary's retention is greater than $5,000 and (ii) the deduction for the cost of inuring reinsurance from Affiliate Subject Premium (as defined in the Reinsurance Agreement) retroceded to Maiden Bermuda is net of ceding commission. Effective April 1, 2011, Maiden Bermuda and AII amended the Master Agreement to reduce the commission on all business ceded except Retail Commercial Package Business to 30% until December 31, 2011. Thereafter the rate shall be 31% subject to an adjustment of 1% to 30% if the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 42% of the Covered Business (excluding Retail Commercial Package Business). If the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 38% but less than 42% of the Covered Business (excluding Retail Commercial Package Business), the commission rate shall be reduced by 0.5% to 30.5%. In addition, the collateral requirements were restated to clarify that balances relating to all AmTrust subsidiaries are subject to collateral requirements and the Reinsurance Agreement was extended by one year through June 30, 2014, and shall automatically renew for successive three-year periods thereafter. If the AII or Maiden Bermuda elects to so terminate the Reinsurance Agreement, it shall give written notice to the other party hereto not less than nine months prior to either July 1, 2014 or the expiration of any successive three-year period. 11. Related Party Transactions (continued) In addition, either party is entitled to terminate on thirty days' notice or less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of AII or Maiden Bermuda, run-off, or a reduction of 50% or more of the shareholder's equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries. Maiden Bermuda recorded approximately $185,574, $150,140 and $139,092 of ceding commission expense for the years ended December 31, 2012, 2011 and 2010, respectively, as a result of this transaction. AmTrust European Hospital Liability Quota Share Agreement (“European Hospital Liability Quota Share”) Effective April 1, 2011, the Company, through Maiden Bermuda, entered into a quota share reinsurance contract with AmTrust Europe Limited and AmTrust International Underwriters Limited, both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Bermuda assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. The contract also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Bermuda will pay a ceding commission of 5% and shall allow the reinsured a profit share on original net premiums ceded under the contract. The profit sharing is based upon the reinsured exceeding defined underwriting performance of each contract year, commencing two years after the beginning of each contract year. To the extent that the underwriting performance is exceeded, the Company will share 50% of the excess amounts computed. Effective January 1, 2012, the quota share reinsurance contract with AmTrust Europe Limited and AmTrust International Underwriters Limited was amended, thereby increasing the maximum liability attaching to €10,000 or currency equivalent (on a 100% basis) per original claim for any one original policy. Furthermore, amendments were also made to the contract to expand the territorial scope to include new territories, specifically France. For the year ended December 31, 2012, the Company recorded approximately $5,876 (2011- $3,405) of commission expense as a result of this transaction. Other Reinsurance Agreements Effective January 1, 2008, Maiden Bermuda and AmTrust entered into an agreement to reinsure a 45% participation in the $9,000 in excess of $1,000 layer of AmTrust's workers' compensation excess of loss program. This layer provides reinsurance to AmTrust for losses per occurrence in excess of $1,000 up to $10,000, subject to an annual aggregate deductible of $1,250. This participation was sourced through a reinsurance intermediary via open market placement in which competitive bids were solicited by an independent broker. The remaining 55% participation was placed with a single carrier. This coverage expired on January 1, 2010; as a result, under the Reinsurance Agreement, Maiden Bermuda therefore now reinsures 40% of the subject workers' compensation business up to $10,000, subject to certain additional inuring reinsurance protection that AmTrust has purchased. Effective September 1, 2010, the Company through its indirect wholly owned subsidiary, Maiden Specialty, entered into a quota share reinsurance agreement with Technology Insurance Company, Inc. (“Technology”), a subsidiary of AmTrust. Under the agreement, Maiden Specialty will cede (a) 90% of its gross liability written under the Open Lending Program (“OPL”) and (b) 100% of its surplus lines general liability business under the Naxos Avondale Specialty Casualty Program ("NAXS"). Maiden Specialty's involvement is limited to certain states where Technology is not fully licensed. The agreement also provides that Maiden Specialty receives a ceding commission of 5% of ceded written premiums. The reinsurance agreement had a term of three years and remained continuously in force until terminated in accordance with the contract. The OPL program was terminated on December 31, 2011 on a run-off basis and the NAXS program terminated on October 31, 2012. Maiden Specialty recorded approximately $7,363 of premiums earned ceded and $2,171 ceding commission for the year ended December 31, 2012 (2011 - $10,276 and $3,155, respectively, 2010 - $88 and $26, respectively). Effective September 1, 2010, the Company, through its indirect wholly-owned subsidiary, Maiden US, entered into a reinsurance agreement with Security National Insurance Company (“SNIC”), a subsidiary of AmTrust. Under the agreement, SNIC will cede 80% of the gross liabilities produced under the Southern General Agency program to Maiden US. The agreement provides SNIC with a 5% commission of ceded written premiums. The agreement has a term of one year and automatically renews annually unless terminated pursuant to the terms of the agreement. Under this agreement, Maiden US recorded approximately $2,145 of premiums earned and $107 commission expense for the year ended December 31, 2012 (2011 - $7 and $0.1, respectively, 2010 - $1 and $0.2, respectively). 11. Related Party Transactions (continued) Collateral provided to AmTrust In order to provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of the AmTrust's insurance subsidiaries, has established trust accounts ("Trust Accounts") for their benefit. Maiden Bermuda has agreed to provide appropriate collateral to secure its proportional share under the Reinsurance Agreement of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral. This collateral may be in the form of (a) assets loaned by Maiden Bermuda to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Bermuda for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Bermuda and delivered to an AmTrust subsidiary on AII's behalf (a "Letter of Credit"), or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII (“Withheld Funds”). Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Reinsurance Agreement with AII. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: •by lending funds in the amount of $167,975 as of December 31, 2012 and 2011 to AII pursuant to a loan agreement entered into between those parties. This loan is carried at cost. Pursuant to the Reinsurance Agreement, AmTrust has agreed to cause AII not to commingle Maiden Bermuda's assets with AII's other assets and to cause the AmTrust subsidiaries not to commingle Maiden Bermuda's assets with the AmTrust subsidiaries' other assets if an AmTrust subsidiary withdraws those assets. AII has agreed that, if an AmTrust subsidiary returns to AII excess assets withdrawn from a Trust Account, drawn on a Letter of Credit or maintained by such AmTrust subsidiary as Withheld Funds, AII will immediately return to Maiden Bermuda its proportionate share of such excess assets. AII has further agreed that if the aggregate fair market value of the amount of Maiden Bermuda's assets held in the Trust Account exceeds Maiden Bermuda's proportionate share of AII's obligations, or if an AmTrust subsidiary misapplies any such collateral, AII will immediately return to Maiden Bermuda an amount equal to such excess or misapplied collateral, less any amounts AII has paid to Maiden Bermuda. In addition, if an AmTrust subsidiary withdraws Maiden Bermuda's assets from a Trust Account and maintains those assets on its books as withheld funds, AII has agreed to pay to Maiden Bermuda interest at the rate equivalent to the one-month LIBOR plus 90 basis points per annum computed on the basis of a 360-day year on the loan (except to the extent Maiden Bermuda's proportionate share of AII's obligations to that AmTrust subsidiary exceeds the value of the collateral Maiden Bermuda has provided), and net of unpaid fees Maiden Bermuda owes to AII Insurance Management Limited ("AIIM") and its share of fees owed to the trustee of the Trust Account. The amount of accrued interest relating to the loan was $0 and $0 as of December 31, 2012 and 2011, respectively; and •effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, as of December 31, 2012 was approximately $857,013 (2011 - $461,216) and the accrued interest was $6,967 (2011 - $4,131). (See Note 5(e)). Reinsurance Brokerage Agreements Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. (“AIIB”), a subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and, beginning on April 1, 2011, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed from AII. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. AIIB may, if mutually agreed, also produce reinsurance business for the Company from other ceding companies, and in such cases the Company will negotiate a mutually acceptable commission rate. Following the initial one-year term, the agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $9,097, $6,977 and $5,564 of reinsurance brokerage expense for the years ended December 31, 2012, 2011 and 2010, respectively, and deferred reinsurance brokerage of $6,299 and $4,891 as of December 31, 2012 and 2011, respectively, as a result of this agreement. The Company paid brokerage fees to AmTrust's subsidiary, AmTrust North America, of $61, $111 and $83 for the years ended December 31, 2012, 2011 and 2010, respectively, for acting as insurance intermediary in relation to certain insurance placements. 11. Related Party Transactions (continued) Asset Management Agreement Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited (“AIIM”), an AmTrust subsidiary, pursuant to which AIIM has agreed to provide investment management services to the Company. Pursuant to the asset management agreement, AIIM provides investment management services for a quarterly fee of 0.05% if the average value of the account for the previous calendar quarter is less than or equal to $1 billion and 0.0375% if the average value of the account for the previous calendar quarter is greater than $1 billion. Following the initial one-year term, the agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $3,697, $3,158 and $2,643 of investment management fees for the years ended December 31, 2012, 2011 and 2010, respectively, as a result of this agreement. Other On March 1, 2011, the Company entered into a time sharing agreement for the lease of aircraft owned by AmTrust Underwriters, Inc. (“AUI”), a wholly owned subsidiary of AmTrust. The lease is for 10 months ending on December 31, 2012 and automatically renews for successive one-year terms unless terminated in accordance with the provisions of the agreement. Pursuant to the agreement, the Company will reimburse AUI for actual expenses incurred as allowed by Federal Aviation Regulations. For the year ended December 31, 2012, the Company recorded an expense of $38 (2011- $96) for the use of the aircraft. ACAC The following describes transactions between the Company and ACAC and its subsidiaries: ACAC Quota Share Reinsurance Agreement Maiden Bermuda, effective March 1, 2010, reinsures 25% of the net premiums of the GMAC personal lines business, pursuant to a quota share reinsurance agreement (“ACAC Quota Share”) with the GMAC personal lines insurance companies, as cedents, and Maiden Bermuda, ACP Re Ltd., a Bermuda reinsurer which is a wholly-owned indirect subsidiary of the Annuity Trust, and AmTrust, as reinsurers. Maiden Bermuda has a 50% participation in the ACAC Quota Share, by which it receives 25% of net premiums of the personal lines automobile business. The ACAC Quota Share provides that the reinsurers, severally, in accordance with their participation percentages, shall receive 50% of the net premium of the GMAC personal lines insurance companies and assume 50% of the related net losses. The ACAC Quota Share has an initial term of three years and shall renew automatically for successive three years terms unless terminated by written notice not less than nine months prior to the expiration of the current term. Notwithstanding the foregoing, Maiden Bermuda's participation in the ACAC Quota Share may be terminated by ACAC on 60 days written notice in the event Maiden Bermuda becomes insolvent, is placed into receivership, its financial condition is impaired by 50% of the amount of its surplus at the inception of the ACAC Quota Share or latest anniversary, whichever is greater, is subject to a change of control, or ceases writing new and renewal business. ACAC also may terminate the agreement on nine months written notice following the effective date of initial public offering or private placement of stock by ACAC or a subsidiary. Maiden Bermuda may terminate its participation in the ACAC Quota Share on 60 days written notice in the event ACAC is subject to a change of control, ceases writing new and renewal business, effects a reduction in their net retention without Maiden Bermuda's consent or fails to remit premium as required by the terms of the ACAC Quota Share. The ACAC Quota Share provides that the reinsurers pay a provisional ceding commission equal to 32.5% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment.The ceding commission is subject to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.0% or less and a minimum of 30.5% if the loss ratio is 64.5% or greater. Effective October 1, 2012, the parties amended the reinsurance agreement to decrease the provisional ceding commission from 32.5% to 32.0% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment. The ceding commission is subject to adjustment to a minimum of 30.0% (changed from 30.5%), if the loss ratio is 64.5% or greater. The Company believes that the terms, conditions and pricing of the ACAC Quota Share have been determined by arm's length negotiations and reflect current market terms and conditions. Maiden Bermuda recorded approximately $85,296 of ceding commission expense for the year ended December 31, 2012 (2011- $74,983, 2010 - $37,654) as a result of this transaction. 11. Related Party Transactions (continued) Other Effective September 12, 2012, the Company through its indirect wholly-owned subsidiary, Maiden Re Insurance Services, LLC ("Maiden Re"), entered into a consulting agreement with Integon Association Management LLC ("Integon"), a wholly owned subsidiary of ACAC, pursuant to which Maiden Re has agreed to provide to Integon underwriting, and pricing support for a fee of $25 per month, and also a fee of $0.1 for each policy quote evaluation and an additional $0.1 for each policy re-quote evaluation. The initial term of this agreement is for a period of one year, unless terminated earlier by either party. This agreement shall be renewed automatically upon expiration of the initial term for successive one year periods, unless a party delivers written notice of non-renewal to the other party at least 120 days before the end of the initial term or any renewal term. The Company recorded $100 consulting fee income for the year ended December 31, 2012. Maiden Specialty entered into a reinsurance arrangement with New South Insurance Company (“New South”), a subsidiary of ACAC. Pursuant to the agreement, Maiden Specialty cedes 100% of certain personal lines business to New South. On March 1, 2010, Maiden Specialty entered into a novation agreement with Motors and New South whereby New South replaced Motors as the reinsurer for all of this business. Maiden Specialty recorded approximately $0 and $0 of ceded premium and ceding commissions, respectively, for the year ended December 31, 2012 (2011 - $(0.6) and $0.2, respectively, 2010 - $398 and $61, respectively). In June 2011, the Company, through Maiden NA, issued $107,500 principal amount of 8.25% Senior Notes due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The 2011 Senior Notes were used to repurchase on a pro rata basis $107,500 of the $260,000 outstanding Trust Preferred Securities. The Company offered all Trust Preferred Securities holders the option to have their securities repurchased on the same terms. ACP Re Ltd., an entity owned by the Annuity Trust controlled by Michael Karfunkel accepted the offer to repurchase its $79,066 in principal amount of Trust Preferred Securities on July 15, 2011. George Karfunkel purchased $25,000, and ACAC and AII each purchased $12,500, of the principal amount of the 2011 Senior Notes. The Company's Audit Committee reviewed and approved ACAC's, AII's, and George Karfunkel's participation in the 2011 Senior Notes offering. Warrant Exchange Please see Note 14 to the Consolidated Financial Statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Name Statement of Financial Accounting Standard (FAS)

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

a) Concentrations of Credit Risk

As of December 31, 2012 and 2011, the Company’s assets primarily consisted of investments, cash, loan to related party and reinsurance balances receivable.

The Company manages concentration of credit risk in the investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit.

The Company also monitors the credit risk related to the loan to related party and its reinsurance balances receivable, within which the largest balances are due from AmTrust, ACAC and Motors. To mitigate credit risk we generally have a contractual right of offset thereby allowing us to settle claims net of any premiums or loan receivable, the Company believes these balances will be fully collectible.

b) Concentrations of Revenue

During 2012, our gross premiums written for AmTrust and ACAC accounted for 56.8% (2011 – 51.0%, 2010 – 51.9%) of our total gross premiums written. AmTrust accounted for $840,346 or 42.0% (2011 – $669,283 or 36.9%, 2010 – $468,043 or 36.1%) and ACAC accounted for $295,646 or 14.8% ( 2011 – $256,201 or 14.1%, 2010 – $205,739 or 15.8%).

12. Commitments and Contingencies (continued)

c) Brokers

We produce our reinsurance business for our Diversified Reinsurance segment primarily through brokers. During 2012, three brokers accounted for 49.7% (2011 – 59.7%, 2010 – 56.3%) of our total gross premiums written through brokers for the Diversified Reinsurance segment. Marsh & McLennan Inc.(including Guy Carpenter) accounted for 24.1% (2011 – 27.4%, 2010 – 31.0%), Aon Benfield Group, Ltd. for 13.5% (2011– 18.1%, 2010 – 16.9%) and Beach & Associates, Ltd. for 12.1% (2011 – 14.2%, 2010 – 8.4%).

d) Letters of Credit

As of December 31, 2012 and 2011, we had letters of credit outstanding of $101,411 and $97,486, respectively. The letters of credit are secured by cash and marketable investments of $113,717 (2011 - $109,337).

e) Employment agreements

The Company has entered into employment agreements with certain individuals. The employment agreements provide for option awards, executive benefits and severance payments under certain circumstances.

f) Operating Lease Commitments

The Company leases office space, an apartment, equipment and vehicles under operating leases expiring in various years through 2017. Total rent expense for the years ended December 31, 2012, 2011 and 2010 was $2,485, $2,283 and $1,969, respectively. Future minimum lease payments as of December 31, 2012 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2012
2013	$	2,004
2014	1,646
2015	942
2016	482
2017	482
	$	5,556

g) Unfunded Commitments

The Company has an unfunded commitment on its investment in limited partnerships of approximately $3,099 as of December 31, 2012.

h) Loans and Other Collateral

Please see Note 11 for the discussion related to loan provided to AmTrust.

i) Deposit Insurance

The Company maintains cash and cash equivalents balances at financial institutions in the U.S., Bermuda and other international jurisdictions. In the U.S., the Federal Deposit Insurance Corporation secures account up to $250. In certain other international jurisdictions, there exist similar protections. Management monitors balances in excess of insured limits and believes they do not represent a significant credit risk to the Company.

j) Legal Proceedings

Except as noted below, the Company is not a party to any material legal proceedings. From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings is not expected to have a material adverse effect on its financial condition or results of operations.

12. Commitments and Contingencies (continued)

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle blowing in violation of the whistle blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged concerns regarding corporate governance with respect to negotiation of the terms of the TRUPS Offering and seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, back pay and legal fees incurred.The Company believes that it had ample reason for terminating such employment for good and sufficient legal cause, and the Company believes that the claim is without merit and is vigorously defending this claim. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. The Company filed its brief in opposition to the petition for review on October 19, 2011.

k) Dividends declared

During the fourth quarter, the Company's Board of Directors authorized the following quarterly dividends payable to shareholders:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	December 28, 2012	December 14, 2012
Preference shares - Series A	$	0.6073	December 17, 2012	December 1, 2012

On December 4, 2012, the Company announced the acceleration of the common share dividend record date and payment date for the Company's previously announced quarterly cash dividend of $0.09 per common share. The common share dividend was paid on December 28, 2012 to shareholders of record as of December 14, 2012. Prior to this announcement, the record date and the payment date of the quarterly dividends to common shareholders were January 2, 2013 and January 15, 2013 respectively.

- Definition

The entire disclosure for commitments and contingencies.

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+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share:



For the Year Ended December 31,	2012		2011		2010
Net income attributable to Maiden common shareholders	$	46,510	$	28,524	$	69,866
Weighted average number of common shares outstanding – basic	72,263,022		72,155,503		70,799,966
Potentially dilutive securities:
Share options	842,509		748,185		572,722
Weighted average number of common shares outstanding – diluted	73,105,531		72,903,688		71,372,688
Basic earnings per share attributable to Maiden common shareholders:	$	0.64	$	0.40	$	0.99
Diluted earnings per share attributable to Maiden common shareholders:	$	0.64	$	0.39	$	0.98

As of December 31, 2012, 2,072,989 share options (2011 – 2,137,836; 2010 – 1,820,626) were excluded from diluted earnings per common share as they were anti-dilutive.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

a) Common Shares

The following table shows the summary of changes in common shares issued and outstanding:



	For the Year Ended December 31,
	2012	2011	2010
Issued and outstanding shares – January 1	72,221,428	72,107,100	70,291,289
Exercise of options	122,519	114,328	15,811
Exchange of warrants	—	—	1,800,000
Issued and outstanding shares – December 31	72,343,947	72,221,428	72,107,100

(i) Authorized and Issued — The Company’s authorized share capital is 150,000,000 common shares with a par value of $0.01 per share, of which there are 72,343.947 common shares issued and outstanding. A total of 7,800,000 common shares were issued to the Founding Shareholders in consideration of their investment of $50,000 in the Company and a further 51,750,000 common shares were sold by the Company in a private placement which raised approximately $479,929 in net proceeds in July 2007. On January 20, 2009, the Company issued an additional 11,700,000 common shares as a result of another private placement which was discussed in more detail under Note 8. A further 122,519, 114,328, and 15,811 common shares were issued in 2012, 2011 and 2010, respectively, relating to the exercise of share options. The holders of our common shares are entitled to receive dividends and are allocated one vote per common share, subject to downward adjustment under certain circumstances. See below for the discussion relating to the exchange of warrants in 2010.

On December 24, 2012, the Company adopted a written trading plan to facilitate the repurchase of its common shares in accordance with the Company's existing share purchase reauthorization whereby in August 2012, the Board of Directors approved the repurchase of up to $75 million of the Company's common shares. During the year ended, December 31, 2012, there was no common shares repurchased by the Company.

(ii) Warrants — In connection with the formation by our Founding Shareholders, the Company issued to the Founding Shareholders 10-year warrants to purchase up to 4,050,000 common shares of the Company at $10 per share. The warrants were effective June 14, 2007 and were to expire on June 14, 2017. The warrants were initially measured at an aggregate fair value of $19,521 which was recorded as an addition to additional paid-in-capital with an offsetting charge to additional paid-in-capital as well. The fair value of the warrants issued was estimated on the date of grant using the Black-Scholes option-pricing model. The volatility assumption used, 34.53%, was derived from the historical volatility of the share price of a range of publicly-traded companies with similar types of business to that of the Company. No allowance was made for any potential illiquidity associated with the private trading of the Company’s common shares. The other assumptions in the option pricing model were as follows: risk free interest rate of 5.16%, expected life of 10 years and a dividend yield of 1%.

On September 20, 2010, the Company entered into Warrant Exchange Agreements, under which each of the Founding Shareholders agreed to surrender the warrants in exchange for a total of 1,800,000 of the Company’s common shares. These common shares are restricted under Lockup Agreements under which the Founding Shareholders may not sell or transfer the shares awarded without the prior written consent of the Company for a period of 36 months following the exchange. The fair value of the warrants at the time of exchange was $2.06 per warrant or $8,343 while the fair value of the 1,800,000 restricted common shares issued was $4.56 per share or $8,208. The terms of the exchange of the warrants and issuance of the common shares were negotiated and unanimously approved by the Audit and Compensation Committees of the Company’s Board of Directors. In connection with their review, the Committees were advised by independent legal counsel and obtained an independent appraisal of the fair value of the warrants and the restricted common shares. The issuance of the restricted common shares was recorded as an offset to additional paid-in-capital where the warrants were originally recorded.

(iii) Treasury Shares — On October 14, 2008, a hedge fund that the Company had invested in decided to close and liquidate its investments and return cash to shareholders in stages over an 18 month period. This hedge fund was also a shareholder in the Company. Maiden agreed to receive its shares from the hedge fund, in lieu of the cash that the Company would have received upon the redemption of 90% of its investment in the fund. As a result of this transaction the Company received 962,336 shares at the valuation price of $3.95 per share. The Company holds these shares as Treasury Shares.

14. Shareholders’ Equity (continued)

b) Preference Shares - Series A

On August 22, 2012, the Company issued six million 8.25% Preference Shares - Series A (the “Preference Shares”), par value $0.01 per share, at a price of $25 per share. The Company received net proceeds of $145,041 from its offering, after deducting expenses and underwriting discounts of $4,959. The Preference Shares have no stated maturity date and are redeemable in whole or in part at the option of the Company any time after August 29, 2017 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

Dividends on the Preference Shares are non-cumulative. Consequently, in the event dividends are not declared on the Preference Shares for any dividend period, holders of Preference Shares will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. The holders of Preference Shares will be entitled to receive dividend payments only when, as and if declared by the Company's Board of Directors or a duly authorized committee of the Board of Directors. Any such dividends will be payable from, and including, the date of original issue on a non-cumulative basis, quarterly in arrears.

To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 8.25% of the $25 liquidation preference per annum. During any dividend period, so long as any Preference Shares remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Preference Shares have been declared and paid, no dividend shall be paid or declared on the common shares.

The holders of the Preference Shares have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods.

For the year ended December 31, 2012, the Company declared and paid $3,644 in preference share dividends.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

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-Name Accounting Research Bulletin (ARB)

-Number 43

-Section B

-Paragraph 7, 11A

-Chapter 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 13: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 505

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-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

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-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 17: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

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-Number 210

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+ Details

Share Based Compensation

12 Months Ended

Dec. 31, 2012

Share-based Compensation [Abstract]

Share Based Compensation

Share Compensation and Pension Plans

The Company’s Amended and Restated 2007 Share Incentive Plan (the “Plan”), provides for grants of options, restricted common shares and restricted share units. The total number of common shares currently reserved for issuance under the Plan is 10,000,000. The Plan is administered by the Compensation Committee of the Board of Directors. Exercise prices of options will be established at or above the fair market value of the Company’s common shares at the date of grant. Under the Plan, unless otherwise determined by the Compensation Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date.

Share Options

The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards on the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. The adoption of ASC Topic 718 "Compensation - Stock Compensation" fair value method has resulted in share-based expenses (a component of salaries and benefits) in the amount of approximately $1,347, $1,307 and $1,015 for the years ended December 31, 2012, 2011 and 2010, respectively.

The key assumptions used in determining the fair value of options granted in 2012, 2011 and 2010 and a summary of the methodology applied to develop each assumption were as follows:

15. Share Compensation and Pension Plans (continued)



	2012		2011		2010
Assumptions:
Volatility	45.30 – 47.60	%	45.55 – 47.60	%	29.50 – 46.00	%
Risk-free interest rate	0.85 – 1.29	%	1.29 – 1.62	%	1.62 – 3.21	%
Weighted average expected lives in years	6.1 years		6.1 years		5.5 – 6.1 years
Forfeiture rate	1.60	%	0	%	0	%
Dividend yield rate	3.04 – 3.55	%	3.04 – 3.27	%	1.00 – 3.57	%

Expected Price Volatility — This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. It was not possible to use actual experience to estimate the expected volatility of the price of the common shares in estimating the value of the options granted because the Company's common shares only began trading in May 2008, thus, it does not have enough history over which to calculate an expected volatility representative of the volatility over the expected lives of the options. As a substitute for such estimate, the Company blended its historical volatility with the historical volatilities of a set of comparable companies in the industry in which the Company operates.

Risk-Free Interest Rate — This is the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. An increase in the risk-free interest rate will increase compensation expense.

Expected Lives — This is the period of time over which the options granted are expected to remain outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. The Company uses the simplified method outlined in SEC Staff Accounting Bulletin No. 107 to estimate expected lives for options granted during the period as historical exercise data is not available and the options meet the requirements set out in the Bulletin. Options granted have a maximum term of ten years. An increase in the expected life will increase compensation expense.

Forfeiture Rate — This is the estimated percentage of options granted that are expected to be forfeited or cancelled before becoming fully vested. An increase in the forfeiture rate will decrease compensation expense.

Dividend Yield — This is calculated by dividing the expected annual dividend by the share price of the Company at the valuation date. An increase in the dividend yield will decrease compensation expense.

15. Share Compensation and Pension Plans (continued)

The following schedule shows all options granted, exercised, expired and exchanged under the Plan for the years ended December 31, 2012, 2011 and 2010:



	Number of Share Options		Weighted Average Exercise Price		Fair Value of Options		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2009	2,036,542		$	5.79			8.86 years	$	1,548	$3.28 – 10.00
Granted	931,333		$	7.57	$	2.45	9.60 years			$6.94 – 7.99
Exercised	(15,811	)	$	3.28				$	68
Expired	(688	)	$	3.28
Forfeited	(10,500	)	$	3.28
Outstanding, December 31, 2010	2,940,876		$	6.41			8.40 years	$	5,286	$3.28 – 10.00
Granted	133,500		$	8.57	$	2.89	9.77 years			$7.63 – 9.40
Exercised	(114,328	)	$	3.69				$	587
Expired	(375	)	$	7.65
Forfeited	(43,530	)	$	7.19
Outstanding, December 31, 2011	2,916,143		$	6.61			7.55 years	$	6,866	$3.28 – 10.00
Granted	117,000		$	8.89	$	2.65	9.65 years			$8.14 – 9.42
Exercised	(122,519	)	$	3.90				$	616
Expired	(103,847	)	$	9.87
Forfeited	(11,340	)	$	7.54
Outstanding, December 31, 2012	2,795,437		$	6.70			6.75 years	$	7,271	$3.28 – 10.00
Total options exercisable at December 31, 2012	2,127,141		$	6.35			6.35 years	$	6,336	$3.28 – 10.00

The weighted average grant date fair value was $2.05, $2.01 and $1.91 for all options outstanding at December 31, 2012, 2011 and 2010, respectively. There was approximately $1,528 of total unrecognized compensation cost related to non-vested share-based compensation arrangements as of December 31, 2012 which will be recognized during the next 4 years. Cash in the amount of $478 was received from employees as a result of employee share option exercises during the year ended December 31, 2012 (2011 – $422; 2010 – $52). The Company issues new common shares upon the exercise of an option. In connection with these exercises, there was no tax benefit realized by the Company.

Performance-Based Restricted Share Units (PB-RSUs)

The Compensation Committee of the Board of Directors approved the formation of a long-term incentive program under the Plan on March 1, 2011. On that date, the Committee determined to award PB-RSUs to executive officers and senior Company employees. The formula for determining the amount of PB-RSUs awarded uses a combination of a percentage of the employee's base salary (based on a benchmarking analysis from the Company's compensation consultant) divided by the closing price on NASDAQ Global Select Market of our common shares on that date. The grants are performance based which require that certain criteria such as return on equity, underwriting performance, revenue growth and operating expense be met during the performance period to attain a payout. Each metric has a corresponding weighted percentage with a target, threshold and maximum level of performance goal set to achieve a payout. Settlement of the grants can be made in either common shares or cash upon the decision of the Compensation Committee of the Company. The first performance cycle is for two years, 2011-2012, and subsequent performance cycles will be for three years. For the years ended December 31, 2012 and 2011, no accrual was recognized as the calculated weighted percentage of the performance results of the Company did not meet the target level.

15. Share Compensation and Pension Plans (continued)

CEO Non-Performance-Based Restricted Share Units

On March 1, 2012, the Compensation Committee of the Board of Directors approved an award of non-performance-based restricted share units to the Company's CEO. The award consists of 86,705 restricted share units, of which one-third automatically vest by December 31, 2012, of which one-third automatically vest by December 31, 2013, and of which one-third automatically vest by December 31, 2014. Each share unit has a fair value of $8.56 which is amortized over 34 months. The unamortized compensation cost related to this grant is $524 as of December 31, 2012.

Pension Plans

The Company provides pension benefits to eligible employees principally through various defined contribution plans sponsored by the Company which vary for each subsidiary.

The Company’s expenses for its defined contribution plans were $2,529, $2,813 and $2,326 for the years ended December 31, 2012, 2011 and 2010, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 718

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-Name Accounting Standards Codification

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Taxation

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Taxation

Under current Bermuda law, Maiden Holdings and Maiden Bermuda, have received an undertaking from the Bermuda government exempting them from all local income, withholding and capital gains taxes until March 31, 2035. At the present time, no such taxes are levied in Bermuda. Maiden Holdings and Maiden Bermuda believe that they operate in a manner such that they will not be considered to be engaged in a trade or business in the U.S. Accordingly, Maiden Holdings and Maiden Bermuda have not recorded any provision for U.S. taxation.

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should the U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Our U.S. subsidiaries were under examination for tax years 2009 and 2010. The audits have been closed. There was no impact on the financial statements as a result. Subsequent tax years are not under examination but remain subject to examination in the U.S.

The Company has subsidiary operations in various other jurisdictions around the world, including but not limited to Australia, Austria, Germany, Netherlands, Russia and the U.K., that are subject to relevant taxes in those jurisdictions.

Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the country of the paying entity. Currently however, no withholding taxes have been accrued.

There were no unrecognized tax benefits at December 31, 2012, 2011 and 2010.

Income tax expense for the years ended December 31, 2012, 2011 and 2010 and net deferred tax liabilities for the years ended December 31, 2012 and 2011 were as follows:



For the Year Ended December 31,	2012		2011		2010
Current tax expense – U.S.	$	34	$	79	$	130
Current tax expense – Other jurisdictions	986		553		30
Total current tax expense	1,020		632		160
Deferred tax expense – U.S.	1,161		1,161		1,170
Deferred tax expense – Other jurisdictions	32		134		—
Total deferred tax expense	1,193		1,295		1,170
Total income tax expense	$	2,213	$	1,927	$	1,330

16. Taxation (continued)

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2012, 2011 and 2010 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to income before taxes:



For the Year Ended December 31,	2012			2011			2010
Income before income taxes	$	52,474		$	30,454		$	71,192
Income tax expense	2,213			1,927			1,330
Net income	$	50,261		$	28,527		$	69,862
Reconciliation of effective tax rate (% of income before taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	(9.4		)%	(67.2		)%	(18.8		)%
Valuation allowance in respect of U.S. taxes	11.7		%	71.3		%	20.6		%
Other jurisdictions	1.9		%	2.2		%	0.1		%
Actual tax rate	4.2		%	6.3		%	1.9		%

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities as of December 31, 2012 and 2011 were as follows:



December 31,	2012		2011
Deferred tax assets:
Net operating losses	$	42,014	$	38,279
Unearned premiums	8,929		5,595
Discounting of net loss and loss adjustment expense reserves	10,585		5,212
Accruals not currently deductible	88		1,647
Amortization of intangibles	2,988		2,680
Others	913		343
Deferred tax assets before valuation allowance	65,517		53,756
Valuation allowance	41,231		36,208
Deferred tax assets, net	24,286		17,548
Deferred tax liabilities:
Deferred commission and other acquisition expenses	13,054		7,829
Indefinite lived intangible	2,870		2,870
Amortization of goodwill	4,837		3,676
Net unrealized gains on investments	10,249		9,111
Market discount on bonds	488		497
Others	488		24
Deferred tax liabilities	31,986		24,007
Net deferred tax liability	$	7,700	$	6,459

16. Taxation (continued)

The net deferred tax liability at December 31, 2012 is $7,700. A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses, unearned premium and loss reserve discounting. At this time, we believe it is necessary to establish a valuation allowance against the net deferred tax assets due to insufficient positive evidence regarding the utilization of these losses. During 2012, the Company recorded an increase in the valuation allowance of $6,104 (2011 - $21,713) which was recorded in the Consolidated Statements of Income and a decrease of $1,081 (2011 - increase of $1,545) was recorded as a component of other comprehensive income in shareholders’ equity.

At December 31, 2012, the Company has available U.S. net operating loss carry-forward of approximately $119,991 for income tax purposes which will expire beginning in 2029.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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-Paragraph 15

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Paragraph 1

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Statutory Financial Information

12 Months Ended

Dec. 31, 2012

Statutory Financial Information [Abstract]

Statutory Financial Information

Under The Insurance Act 1978 (Bermuda), amendments thereto and related regulations (the “Insurance Act”), Maiden Bermuda is required to prepare Statutory Financial Statements and to file a Statutory Financial Return in Bermuda. The Insurance Act also requires Maiden Bermuda to maintain a minimum share capital of $120. To satisfy these requirements, the statutory capital and surplus of Maiden Bermuda at December 31, 2012 was approximately $942,806 (2011 – $693,435) and the amount required to be maintained under Bermuda law, the Minimum Solvency Margin, was $231,133 (2011 – $226,468) at December 31, 2012. Maiden Bermuda was also required to maintain a minimum liquidity ratio. All requirements were met by Maiden Bermuda throughout the period. In addition, Maiden Bermuda is subject to statutory and regulatory restrictions under the Insurance Act that limit the maximum amount of annual dividends or distributions to be paid by Maiden Bermuda to Maiden Holdings without notification to the Bermuda Monetary Authority of such payment (and in certain cases prior approval of the Bermuda Monetary Authority). Maiden Bermuda is also restricted in paying dividends that would result in Maiden Bermuda failing to comply with the enhanced capital requirement ("ECR") as calculated based on the Bermuda Solvency Requirement ("BSCR"). Maiden Bermuda is currently completing its BSCR as of December 31, 2012 and it is anticipated Maiden Bermuda will be allowed to pay dividends or distributions not exceeding $217,652.

Maiden Bermuda is registered as a Class 3B reinsurer under the Insurance Act and therefore must maintain capital at a level equal to its ECR which is established by reference to the BSCR model. The BSCR employs a standard mathematical model that correlates the risk underwritten to the capital that is dedicated to the business. The regulatory requirements are designed to have insurers operate at or above a threshold capital level, which exceeds the BSCR. While not specifically referred to in the Insurance Act, the BMA has established a target capital level (“TCL”) for each Class 3B insurer equal to 120% of its ECR. While a Class 3B insurer is not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased BMA regulatory oversight. Maiden Bermuda is currently completing its BSCR as of December 31, 2012 and believes that it exceeds the ECR level of required capital.

For Bermuda registered insurance companies, there are some differences between financial statements prepared in accordance with U.S. GAAP and those prepared on a statutory basis. Certain assets are non-admitted under Bermuda regulations and so deferred commission and other acquisition expenses have been fully expensed and prepaid expenses and fixed assets removed from the statutory balance sheet.

The Company’s insurance subsidiaries in the U.S., Maiden US and Maiden Specialty, file financial statements in accordance with statutory accounting practices (“SAP”) prescribed or permitted by domestic or foreign insurance regulatory authorities. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between domestic and foreign jurisdictions. The principal differences relate to (1) acquisition expenses incurred in connection with acquiring new business which are charged to expense under SAP but under GAAP are deferred and amortized as the related premiums are earned; (2) limitation on net deferred tax assets created by the tax effects of temporary differences; (3) unpaid losses and loss expense, and unearned premium reserves are presented gross of reinsurance with a corresponding asset recorded; and (4) fixed maturity portfolios that qualify as available-for-sale are carried at fair value and changes in fair value are reflected directly in unassigned surplus, net of related deferred taxes.

Without prior approval of its domiciliary commissioner, dividends to shareholders are limited by the laws of the US companies’ state of domicile, Missouri and North Carolina, to the greater of 10% of statutory policyholders’ surplus as of the preceding December 31, or net income, less net realized capital gain on investments, for the 12-month period ending December 31 of the preceding year. Accordingly, the maximum dividend payments that can be made in the next year without prior approval by the Missouri Department of Insurance and North Carolina Department of Insurance is $0 and $4,616, respectively.

17. Statutory Financial Information (continued)

The Company’s insurance subsidiary in Sweden, Maiden LF, is regulated by the Swedish Finansinspektionen (“Swedish FSA”). Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,618 at December 31, 2012 (2011 - $4,536). This requirement was met by Maiden LF throughout the period. The statutory assets were approximately $29,378 (2011 - $31,761). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to the Company. As of December 31, 2012, Maiden LF is allowed to pay dividends or distributions not exceeding the capital surplus of $2,007.

The Statutory equity and net income of the Company's insurance and reinsurance subsidiaries were as follows:



	Maiden Bermuda		Maiden US			Maiden Specialty		Maiden LF
Statutory Capital and Surplus
December 31, 2012	$	942,806	$	267,863		$	46,164	$	8,603
December 31, 2011	693,435		268,055			36,280		7,866

Statutory Net Income (Loss)
For the Year Ended December 31, 2012	$	79,113	$	(19,156	)	$	1,227	$	464
For the Year Ended December 31, 2011	30,070		(1,684		)	119		753
For the Year Ended December 31, 2010	89,562		1,268			1,675		486

Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

On February 19, 2013, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	April 15, 2013	April 1, 2013
Preference shares - Series A	$	0.515625	March 15, 2013	March 1, 2013

On March 7, 2013, Maiden Bermuda and AII executed an amendment to the Reinsurance Agreement, which provides for the extension of the term of the Quota Share to July 1, 2016. The amendment further provides that, effective January 1, 2013, AII will receive a ceding commission of 31% of ceded written premiums with respect to all Covered Business other than retail commercial package business, for which the ceding commission will remain 34.375%. Lastly, with regards to the Specialty Program portion of Covered Business only, excluding workers’ compensation business included in the AmTrust’s Specialty Program segment from July 1, 2007 through December 31, 2012, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Bermuda to the extent that the loss ratio to Maiden Bermuda, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the defined corridor, the Company will continue to reinsure losses at its proportional 40% share per the Reinsurance Agreement.

Condensed Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Condensed Quarterly Financial Data — Unaudited

The following tables summarize our quarterly financial data:



	2012 Quarters Ended
	Mar 31		Jun 30		Sep 30		Dec 31
Total revenues	$	463,052	$	456,536	$	475,555	$	504,622
Net income (loss)	20,378		14,606		21,934		(6,657		)
Net income (loss) attributable to Maiden common shareholders	20,377		14,541		21,919		(10,327		)
Comprehensive income (loss) - attributable to Maiden shareholders	47,167		19,250		63,802		(2,994		)
Basic earnings (loss) per common share attributable to Maiden shareholders	$	0.28	$	0.20	$	0.30	$	(0.14	)
Diluted earnings (loss) per common share attributable to Maiden shareholders	$	0.28	$	0.20	$	0.30	$	(0.14	)



	2011 Quarters Ended
	Mar 31		Jun 30			Sep 30		Dec 31
Total revenues	$	370,378	$	390,371		$	440,656	$	439,035
Net income (loss)	19,345		(24,372		)	16,002		17,552
Net income (loss) attributable to Maiden common shareholders	19,342		(24,366		)	16,004		17,544
Comprehensive income (loss) - attributable to Maiden shareholders	24,212		(5,722		)	12,918		6,841
Basic earnings (loss) per common share attributable to Maiden shareholders	$	0.27	$	(0.34	)	$	0.22	$	0.25
Diluted earnings (loss) per common share attributable to Maiden shareholders	$	0.27	$	(0.34	)	$	0.22	$	0.24

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

Schedule I Summary of Investments, Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2012

Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I Summary of Investments Other than Investments in Related Parties

Schedule I

MAIDEN HOLDINGS, LTD.
SUMMARY OF INVESTMENTS
OTHER THAN INVESTMENTS IN RELATED PARTIES
(in thousands of U.S. dollars)



December 31, 2012	Amortized Cost*		Fair Value		Amount at Which Shown in the Balance Sheet
Available-for-sale securities:
U.S. treasury bonds	$	42,671	$	43,931	$	43,931
U.S. agency bonds – mortgage-backed	962,649		992,174		992,174
U.S. agency bonds – other	11,682		13,089		13,089
Non-U.S. government bonds	55,169		57,433		57,433
Other mortgage-backed bonds	23,167		24,068		24,068
Corporate bonds	1,247,260		1,354,154		1,354,154
Municipal bonds	132,604		133,848		133,848
Total available-for-sale fixed maturities	2,475,202		2,618,697		2,618,697
Other investments	2,599		2,901		2,901
Total investments	$	2,477,801	$	2,621,598	$	2,621,598

* Original cost of other investments and, for fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or discounts

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

+ References+ Details

Schedule II Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II Condensed Financial Information of Parent Company

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED BALANCE SHEETS — PARENT COMPANY
As of December 31, 2012 and 2011

(In thousands of U.S. dollars, except share and per share data)



	2012			2011
Assets:
Fixed maturities, available-for-sale, at fair value (Amortized cost: $103,049)	$	103,651		$	—
Cash and cash equivalents	3,147			550
Investment in subsidiaries	1,213,865			983,816
Balances due from subsidiaries	55,370			137,733
Other assets	1,063			233
Total assets	$	1,377,096		$	1,122,332
Liabilities:
Accrued expenses and other liabilities	$	1,138		$	8,495
Balances due to subsidiaries	360,719			345,195
Total liabilities	361,857			353,690
Shareholders’ equity
Preference shares - Series A	150,000			—
Common shares ($0.01 par value; 73,306,283 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,343,947 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	733			732
Additional paid-in capital	575,869			579,004
Accumulated other comprehensive income	141,130			64,059
Retained earnings	151,308			128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801		)	(3,801		)
Total shareholders’ equity	1,015,239			768,642
Total liabilities and shareholders’ equity	$	1,377,096		$	1,122,332

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF INCOME — PARENT COMPANY
For the Years Ended December 31, 2012, 2011 and 2010
(In thousands of U.S. dollars)



	For the Year Ended December 31,
	2012			2011			2010
Revenues:
Net investment income (loss)	$	795		$	408		$	(118	)
Net realized and unrealized gains on investments	229			—			—
	1,024			408			(118		)
Expenses:
General and administrative expenses	8,030			10,806			7,076
Foreign exchange (gains) losses	(225		)	31			—
	7,805			10,837			7,076
Loss before equity in earnings of consolidated subsidiaries	(6,781		)	(10,429		)	(7,194		)
Equity in earnings of consolidated subsidiaries	56,935			38,953			77,060
Net income attributable to Maiden shareholders	50,154			28,524			69,866
Dividends on preference shares	(3,644		)	—			—
Net income attributable to Maiden common shareholders	$	46,510		$	28,524		$	69,866

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2012, 2011 and 2010
(In thousands of U.S. dollars)



	2012			2011			2010
Cash flows provided by operating activities:
Net income attributable to Maiden shareholders	$	50,154		$	28,524		$	69,866
Adjustments to reconcile net income to cash provided by operating activities:
Equity in earnings of consolidated subsidiaries	(56,935		)	(38,953		)	(77,060		)
Amortization of bond premium and discount	786			—			—
Net realized and unrealized gains on investments	(229		)	—			—
Foreign exchange (gains) losses	(225		)	31			—
Non-cash share compensation expense	1,347			1,307			1,015
Changes in assets – decrease (increase):
Balance due from subsidiaries	82,588			(36,414		)	(4,209)
Other assets	(829		)	230			(57)
Changes in liabilities – (decrease) increase:
Accounts payable and accrued liabilities	(1,579		)	1,746			387
Balances due to subsidiaries	15,524			63,633			36,485
Net cash provided by operating activities	90,602			20,104			26,427
Cash flows used in investing activities:
Purchases of fixed-maturity securities – available-for-sale	(137,486		)	—			—
Proceeds from sales of fixed-maturity securities – available-for-sale	9,452			—			—
Proceeds from maturities and calls of fixed maturity securities	24,427			—			—
Investment in subsidiaries	(96,643		)	148			(7,476		)
Net cash (used in) provided by investing activities	(200,250		)	148			(7,476		)
Cash flows used in financing activities:
Preference shares - Series A issuance, net of issuance costs	145,041			—			—
Dividends paid on preference shares	(3,644		)	—			—
Dividends paid to Maiden common shareholders	(29,630		)	(20,921		)	(18,394		)
Issuance of common shares	478			422			52
Net cash provided by (used in) financing activities	112,245			(20,499		)	(18,342		)
Net increase (decrease) in cash and cash equivalents	2,597			(247		)	609
Cash and cash equivalents, beginning of year	550			797			188
Cash and cash equivalents, end of year	$	3,147		$	550		$	797

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details

Schedule III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2012

Supplementary Insurance Information [Abstract]

Schedule III Supplementary Insurance Information

Schedule III

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY INSURANCE INFORMATION
(In thousands of U.S. dollars)



	December 31, 2012						For the Year Ended December 31, 2012
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	83,287	$	1,139,179	$	324,954	$	795,341	$	—	$	583,970	$	203,209	$	40,951	$	765,293
AmTrust Quota Share Reinsurance	153,530		521,924		503,915		727,781		—		494,633		200,546		1,949		840,346
ACAC Quota Share	33,852		79,178		107,628		280,658		—		183,745		88,276		737		295,646
Corporate	—		—				—		81,188		—		—		10,167		—
Total	$	270,669	$	1,740,281	$	936,497	$	1,803,780	$	81,188	$	1,262,348	$	492,031	$	53,804	$	1,901,285



	December 31, 2011						For the Year Ended December 31, 2011
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	98,712	$	1,011,431	$	348,131	$	748,387	$	—	$	502,375	$	200,239	$	36,374	$	798,037
AmTrust Quota Share Reinsurance	120,369		327,101		391,275		558,197		—		380,263		160,522		2,283		669,283
ACAC Quota Share	29,355		59,906		92,641		245,844		—		160,416		78,051		1,635		256,201
Corporate	—		—		—		—		74,891		—		—		13,600		—
Total	$	248,436	$	1,398,438	$	832,047	$	1,552,428	$	74,891	$	1,043,054	$	438,812	$	53,892	$	1,723,521



	December 31, 2010						For the Year Ended December 31, 2010
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and administrative expenses		Net premiums written
Diversified Reinsurance	$	85,252	$	971,317	$	291,148	$	601,254	$	—	$	394,604	$	152,698	$	26,123	$	554,049
AmTrust Quota Share Reinsurance	92,155		222,812		284,124		445,081		—		280,890		144,655		1,500		468,043
ACAC Quota Share	26,224		32,644		82,284		123,455		—		79,628		39,344		243		205,739
Corporate	—		—		—		—		71,651		—		—		14,314		—
Total	$	203,631	$	1,226,773	$	657,556	$	1,169,790	$	71,651	$	755,122	$	336,697	$	42,180	$	1,227,831

- Definition

The entire disclosure for required supplementary insurance information giving segment detail in support of various balance sheet and income statement captions. The balance sheet information generally is presented as of the date of each audited balance sheet filed, and the income statement information generally is presented for each period for which an audited income statement is required to be filed. Supplementary insurance information table includes segment name; deferred policy acquisition costs; future policy benefits, losses, claims and loss expenses; unearned premiums; other policy claims and benefits payable; premium revenue; net investment income; benefits, claims, losses and settlement expenses; amortization of deferred policy acquisition costs; other operating expenses; and premiums written.

+ References+ Details

Schedule IV Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2012

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Schedule IV Supplementary Reinsurance Information

Schedule IV

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY REINSURANCE INFORMATION
(In thousands of U.S. dollars)



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2012 Premiums – General Insurance	$	122,412	$	99,707	$	1,878,580	$	1,901,285	98.8	%
2011 Premiums – General Insurance	114,036		89,076		1,698,561		1,723,521		98.6	%
2010 Premiums – General Insurance	71,625		70,224		1,226,430		1,227,831		99.9	%

Schedule VI

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY INSURANCE INFORMATION
CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS
(In thousands of U.S. dollars)



	Net loss and loss adjustment expenses					Paid loss and loss adjustment expenses
For the Year Ended December 31,	Current Year		Prior Year			Paid loss and loss adjustment expenses
2012	$	1,239,016	$	23,332		$	1,015,309
2011	1,028,855		14,199			880,004
2010	787,967		(32,845		)	631,334

- Definition

The entire disclosure for the supplemental schedule of reinsurance information required to be filed for each period for which an audited income statement is presented. Reinsurance schedule includes the type of insurance, gross amount of premiums, premiums ceded to other companies, premiums assumed from other companies, net amount of premium revenue, and the percentage of the premiums assumed to net premium revenue.

+ References+ Details

Schedule VI Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2012

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Schedule VI Supplementary Reinsurance Information

Schedule IV

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY REINSURANCE INFORMATION
(In thousands of U.S. dollars)



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2012 Premiums – General Insurance	$	122,412	$	99,707	$	1,878,580	$	1,901,285	98.8	%
2011 Premiums – General Insurance	114,036		89,076		1,698,561		1,723,521		98.6	%
2010 Premiums – General Insurance	71,625		70,224		1,226,430		1,227,831		99.9	%

Schedule VI

MAIDEN HOLDINGS, LTD.
SUPPLEMENTARY INSURANCE INFORMATION
CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS
(In thousands of U.S. dollars)



	Net loss and loss adjustment expenses					Paid loss and loss adjustment expenses
For the Year Ended December 31,	Current Year		Prior Year			Paid loss and loss adjustment expenses
2012	$	1,239,016	$	23,332		$	1,015,309
2011	1,028,855		14,199			880,004
2010	787,967		(32,845		)	631,334

- Definition

+ References+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Basis of Reporting and Consolidation

Estimates


•	reserve for loss and loss adjustment expenses;


•	recoverability of deferred commission and other acquisition expenses;


•	determination of impairment of goodwill and other intangible assets;


•	valuation of financial instruments; and


•	determination of other-than-temporary impairment of investments.

Investments

2. Significant Accounting Policies (continued)


•	Historic and implied volatility of the security;


•	Length of time and extent to which the fair value has been less than amortized cost;


•	Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;


•	Failure, if any, of the issuer of the security to make scheduled payments; and


•	Recoveries or additional declines in fair value subsequent to the balance sheet date.

Fair Value Measurements

•

2. Significant Accounting Policies (continued)

•

Cash and Cash Equivalents

Premiums and Related Costs

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits.

Loss and Loss Adjustment Expenses Incurred

Capital Assets



Furniture and fixtures	3 – 7 years
Computer equipment and software	3 years
Vehicles	3 years
Leasehold improvements	Lease term

Business Combinations, Goodwill and Intangible Assets

Non Controlling Interests

Income Taxes

Share Compensation Expense

Earnings Per Share

Treasury Shares

Foreign Currency Transactions

2. Significant Accounting Policies (continued)

Recently Adopted Accounting Standards Updates

Transfers and Servicing: Reconsideration of Effective Control for Repurchase Agreement

Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS

Presentation of Comprehensive Income

2. Significant Accounting Policies (continued)

Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts

Intangibles - Goodwill and Other: Testing Goodwill for Impairment

Technical Corrections and Improvements

2. Significant Accounting Policies (continued)

Recently Issued Accounting Standards Updates Not Yet Adopted

Qualitative Impairment Test For Indefinite-Lived Intangibles

Balance Sheet Offsetting

Comprehensive Income - Reporting of amounts reclassified out of Accumulated Other Comprehensive Income

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Estimated useful lives of the assets

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, as follows:



Furniture and fixtures	3 – 7 years
Computer equipment and software	3 years
Vehicles	3 years
Leasehold improvements	Lease term

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Underwriting results of operating segments

The following tables summarize the underwriting results of our operating segments:



For the Year Ended December 31, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	765,293		$	840,346		$	295,646		$	1,901,285
Net premiums earned	$	795,341		$	727,781		$	280,658		$	1,803,780
Other insurance revenue	12,890			—			—			12,890
Net loss and loss adjustment expenses	(583,970		)	(494,633		)	(183,745		)	(1,262,348		)
Commission and other acquisition expenses	(203,209		)	(200,546		)	(88,276		)	(492,031		)
General and administrative expenses	(40,951		)	(1,949		)	(737		)	(43,637		)
Underwriting (loss) income	$	(19,899	)	$	30,653		$	7,900		18,654
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										83,095
Amortization of intangible assets										(4,362		)
Foreign exchange gains										1,638
Interest and amortization expenses										(36,384		)
Other general and administrative expenses										(10,167		)
Income tax expense										(2,213		)
Income attributable to noncontrolling interest										(107		)
Dividends on preference shares										(3,644		)
Net income attributable to Maiden common shareholders										$	46,510

Net loss and loss expense ratio*	72.3		%	68.0		%	65.5		%	69.5		%
Commission and other acquisition expense ratio**	25.1		%	27.6		%	31.5		%	27.1		%
General and administrative expense ratio***	5.1		%	0.2		%	0.2		%	2.9		%
Combined ratio****	102.5		%	95.8		%	97.2		%	99.5		%

3. Segment Information (continued)



For the Year Ended December 31, 2011	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	798,037		$	669,283		$	256,201		$	1,723,521
Net premiums earned	$	748,387		$	558,197		$	245,844		$	1,552,428
Other insurance revenue	12,640			—			—			12,640
Net loss and loss adjustment expenses	(502,375		)	(380,263		)	(160,416		)	(1,043,054		)
Commission and other acquisition expenses	(200,239		)	(160,522		)	(78,051		)	(438,812		)
General and administrative expenses	(36,374		)	(2,283		)	(1,635		)	(40,292		)
Underwriting income	$	22,039		$	15,129		$	5,742		42,910
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										75,372
Amortization of intangible assets										(5,033		)
Foreign exchange gains										323
Interest and amortization expenses										(34,155		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(20,313		)
Junior subordinated debt repurchase expense										(15,050		)
Other general and administrative expenses										(13,600		)
Income tax expense										(1,927		)
Income attributable to noncontrolling interest										(3		)
Net income attributable to Maiden common shareholders										$	28,524

Net loss and loss adjustment expense ratio*	66.0		%	68.1		%	65.3		%	66.6		%
Commission and other acquisition expense ratio**	26.3		%	28.8		%	31.7		%	28.0		%
General and administrative expense ratio***	4.8		%	0.4		%	0.7		%	3.5		%
Combined ratio****	97.1		%	97.3		%	97.7		%	98.1		%

3. Segment Information (continued)



For the Year Ended December 31, 2010	Diversified Reinsurance			AmTrust Quota Share Reinsurance			ACAC Quota Share			Total
Net premiums written	$	554,049		$	468,043		$	205,739		$	1,227,831
Net premiums earned	$	601,254		$	445,081		$	123,455		$	1,169,790
Net loss and loss adjustment expenses	(394,604		)	(280,890		)	(79,628		)	(755,122		)
Commission and other acquisition expenses	(152,698		)	(144,655		)	(39,344		)	(336,697		)
General and administrative expenses	(26,123		)	(1,500		)	(243		)	(27,866		)
Underwriting income	$	27,829		$	18,036		$	4,240		50,105
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized and unrealized gains on investments										78,255
Amortization of intangible assets										(5,808		)
Foreign exchange losses										(580		)
Interest and amortization expenses										(36,466		)
Other general and administrative expenses										(14,314		)
Income tax expense										(1,330		)
Loss attributable to noncontrolling interest										4
Net income attributable to Maiden common shareholders										$	69,866

Net loss and loss adjustment expense ratio*	65.6		%	63.1		%	64.5		%	64.6		%
Commission and other acquisition expense ratio**	25.4		%	32.5		%	31.9		%	28.8		%
General and administrative expense ratio***	4.4		%	0.3		%	0.2		%	3.5		%
Combined ratio****	95.4		%	95.9		%	96.6		%	96.9		%


*	Calculated by dividing net loss and loss adjustment expenses by the sum of net premiums earned and other insurance revenue.


**	Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.


***	Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.


****	Calculated by adding together net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

3. Segment Information (continued)

The following table summarizes the financial position of our operating segments as of December 31, 2012 and 2011:



	Diversified Reinsurance		AmTrust Quota Share Reinsurance		ACAC Quota Share		Total
December 31, 2012
Reinsurance balances receivable, net	$	260,161	$	170,983	$	91,470	$	522,614
Funds withheld	42,712		—		—		42,712
Prepaid reinsurance premiums	38,725		—		—		38,725
Reinsurance recoverable on unpaid losses	110,858		—		—		110,858
Deferred commission and other acquisition expenses	83,287		153,530		33,852		270,669
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	94,393		—		—		94,393
Restricted cash and cash equivalents and investments	1,219,454		857,013		90,851		2,167,318
Corporate and other assets	5,864		—		—		722,899
Total Assets	$	1,855,454	$	1,349,501	$	216,173	$	4,138,163

December 31, 2011
Reinsurance balances receivable, net	$	244,610	$	102,003	$	76,742	$	423,355
Funds withheld	42,605		—		—		42,605
Prepaid reinsurance premiums	35,381		—		—		35,381
Reinsurance recoverable on unpaid losses	20,289		—		—		20,289
Deferred commission and other acquisition expenses	98,712		120,369		29,355		248,436
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	98,755		—		—		98,755
Restricted cash and cash equivalents and investments	1,063,010		461,216		62,017		1,586,243
Corporate and other assets	2,429		—		—		772,072
Total Assets	$	1,605,791	$	851,563	$	168,114	$	3,395,111

Gross and net premiums written and and net premiums earned by geographic location



For the Year Ended December 31,	2012		2011		2010
Gross premiums written – North America	$	1,575,452	$	1,400,114	$	1,098,672
Gross premiums written – Other (predominantly Europe)	425,540		412,483		199,383
Net premiums written – North America	1,481,076		1,317,265		1,028,518
Net premiums written – Other (predominantly Europe)	420,209		406,256		199,313
Net premiums earned – North America	1,413,596		1,194,628		1,038,859
Net premiums earned – Other (predominantly Europe)	390,184		357,800		130,931

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written by major line of business for the years ended December 31, 2012, 2011 and 2010:



For the Year Ended December 31,	2012				2011				2010
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	190,125	10.0	%	$	207,993	12.1	%	$	168,919	13.8	%
Casualty	433,307		22.8	%	441,666		25.6	%	311,852		25.4	%
Accident and Health	37,244		2.0	%	42,604		2.5	%	43,658		3.5	%
International	104,617		5.5	%	105,774		6.1	%	29,620		2.4	%
Total Diversified Reinsurance	765,293		40.3	%	798,037		46.3	%	554,049		45.1	%
AmTrust Quota Share Reinsurance
Small Commercial Business	364,123		19.2	%	237,560		13.8	%	197,097		16.0	%
Specialty Program	95,902		5.0	%	93,701		5.4	%	73,881		6.0	%
Specialty Risk and Extended Warranty	380,321		20.0	%	338,022		19.6	%	197,065		16.1	%
Total AmTrust Quota Share Reinsurance	840,346		44.2	%	669,283		38.8	%	468,043		38.1	%
ACAC Quota Share
Automobile Liability	159,861		8.4	%	147,362		8.6	%	117,962		9.6	%
Automobile Physical Damage	135,785		7.1	%	108,839		6.3	%	87,777		7.2	%
Total ACAC Quota Share	295,646		15.5	%	256,201		14.9	%	205,739		16.8	%
	$	1,901,285	100.0	%	$	1,723,521	100.0	%	$	1,227,831	100.0	%

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business for the years ended December 31, 2012, 2011 and 2010:



For the Year Ended December 31,	2012				2011				2010
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	211,997	11.7	%	$	196,947	12.7	%	$	176,538	15.1	%
Casualty	444,775		24.7	%	395,533		25.5	%	356,389		30.5	%
Accident and Health	41,968		2.3	%	43,210		2.8	%	62,954		5.4	%
International	96,601		5.4	%	112,697		7.3	%	5,373		0.5	%
Total Diversified Reinsurance	795,341		44.1	%	748,387		48.3	%	601,254		51.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	313,110		17.3	%	215,941		13.9	%	202,716		17.3	%
Specialty Program	85,812		4.8	%	81,281		5.2	%	71,596		6.1	%
Specialty Risk and Extended Warranty	328,859		18.2	%	260,975		16.8	%	170,769		14.6	%
Total AmTrust Quota Share Reinsurance	727,781		40.3	%	558,197		35.9	%	445,081		38.0	%
ACAC Quota Share
Automobile Liability	155,266		8.6	%	141,173		9.1	%	69,444		5.9	%
Automobile Physical Damage	125,392		7.0	%	104,671		6.7	%	54,011		4.6	%
Total ACAC Quota Share	280,658		15.6	%	245,844		15.8	%	123,455		10.5	%
	$	1,803,780	100.0	%	$	1,552,428	100.0	%	$	1,169,790	100.0	%

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References+ Details

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Investments [Abstract]

Original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments



December 31, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	42,671	$	1,260	$	—		$	43,931
U.S. agency bonds – mortgage-backed	962,649		30,998		(1,473		)	992,174
U.S. agency bonds – other	11,682		1,407		—			13,089
Non-U.S. government bonds	55,169		2,264		—			57,433
Other mortgage-backed bonds	23,167		901		—			24,068
Corporate bonds	1,247,260		113,386		(6,492		)	1,354,154
Municipal bonds	132,604		1,244		—			133,848
Total available-for-sale fixed maturities	2,475,202		151,460		(7,965		)	2,618,697
Other investments	2,599		353		(51		)	2,901
Total investments	$	2,477,801	$	151,813	$	(8,016	)	$	2,621,598



December 31, 2011	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale securities:
U.S. treasury bonds	$	44,175	$	1,774	$	—		$	45,949
U.S. agency bonds – mortgage-backed	928,944		43,230		(75		)	972,099
U.S. agency bonds – other	10,374		622		—			10,996
Non-U.S. government bonds	52,489		78		(293		)	52,274
Other mortgage-backed bonds	9,919		1		—			9,920
Corporate bonds	742,867		47,726		(30,236		)	760,357
Municipal bonds	168,338		728		—			169,066
Total available-for-sale fixed maturities	1,957,106		94,159		(30,604		)	2,020,661
Other investments	1,955		318		(81		)	2,192
Total investments	$	1,959,061	$	94,477	$	(30,685	)	$	2,022,853

Contractual maturities of fixed maturities, available-for-sale

5. Investments (continued)



December 31, 2012	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	57,675	$	58,672	2.2	%
Due after one year through five years	373,208		387,882		14.8	%
Due after five years through ten years	888,694		981,504		37.5	%
Due after ten years	169,809		174,397		6.7	%
	1,489,386		1,602,455		61.2	%
U.S. agency bonds - mortgage-backed	962,649		992,174		37.9	%
Other mortgage-backed bonds	23,167		24,068		0.9	%
Total	$	2,475,202	$	2,618,697	100.0	%

Summary of available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position



	Less than 12 Months					12 Months or More					Total
December 31, 2012	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	158,591	$	(1,473	)	$	—	$	—		$	158,591	$	(1,473	)
Corporate bonds	94,742		(1,098		)	141,842		(5,394		)	236,584		(6,492		)
	253,333		(2,571		)	141,842		(5,394		)	395,175		(7,965		)
Other investments	—		—			2,011		(51		)	2,011		(51		)
Total temporarily impaired available-for-sale securities and other investments	$	253,333	$	(2,571	)	$	143,853	$	(5,445	)	$	397,186	$	(8,016	)



	Less than 12 Months					12 Months or More					Total
December 31, 2011	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale securities:
U.S. agency bonds – mortgage-backed	$	30,447	$	(75	)	$	—	$	—		$	30,447	$	(75	)
Non-U.S. government bonds	43,629		(293		)	—		—			43,629		(293		)
Corporate bonds	227,367		(7,406		)	125,089		(22,830		)	352,456		(30,236		)
	301,443		(7,774		)	125,089		(22,830		)	426,532		(30,604		)
Other investments	1,214		(81		)	—		—			1,214		(81		)
Total temporarily impaired available-for-sale securities and other investments	$	302,657	$	(7,855	)	$	125,089	$	(22,830	)	$	427,746	$	(30,685	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Rating* as of December 31, 2012	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	42,671	$	43,931	1.7	%
U.S. agency bonds	974,331		1,005,263		38.4	%
AAA	171,136		183,950		7.0	%
AA+, AA, AA-	186,495		196,797		7.5	%
A+, A, A-	477,236		515,383		19.7	%
BBB+, BBB, BBB-	587,858		637,089		24.3	%
BB+ or lower	35,475		36,284		1.4	%
Total	$	2,475,202	$	2,618,697	100.0	%



Rating* as of December 31, 2011	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	44,175	$	45,949	2.3	%
U.S. agency bonds	939,318		983,095		48.6	%
AAA	160,319		161,945		8.0	%
AA+, AA, AA-	150,961		153,303		7.6	%
A+, A, A-	327,794		328,448		16.3	%
BBB+, BBB, BBB-	316,150		330,156		16.3	%
BB+ or lower	18,389		17,765		0.9	%
Total	$	1,957,106	$	2,020,661	100.0	%

*Ratings as assigned by S&P

Portfolio of other investments

The table below shows our portfolio of other investments:



December 31,	2012				2011
Investment in limited partnerships	$	2,901	100.0	%	$	2,192	100.0	%
Total other investments	$	2,901	100.0	%	$	2,192	100.0	%

Net investment income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2012			2011			2010
Fixed maturities	$	79,891		$	72,050		$	71,607
Cash and cash equivalents	1,439			925			1,680
Funds withheld	1,648			4,235			407
Loan to related party	1,945			1,925			1,996
	84,923			79,135			75,690
Less:
Investment expenses	(3,735		)	(3,488		)	(2,992		)
Interest expense on securities sold under agreements to repurchase	—			(756		)	(1,047		)
Total	$	81,188		$	74,891		$	71,651

Analysis of realized and unrealized gains on investment

The following provides an analysis of net realized and unrealized gains on investment:



For the Year Ended December 31, 2012	Gross gains		Gross losses			Net
Available-for-sale securities	$	3,468	$	(13	)	$	3,455
Trading securities and short sales	—		(1,592		)	(1,592		)
Other investments	55		(11		)	44
Net realized gains on investments	$	3,523	$	(1,616	)	$	1,907



For the Year Ended December 31, 2011	Gross gains		Gross losses			Net
Available-for-sale securities	$	5,091	$	(1,812	)	$	3,279
Trading securities and short sales	2,709		(1,902		)	807
Other investments	43		(116		)	(73		)
Net realized gains	7,843		(3,830		)	4,013
Unrealized losses on short sales	—		(3,532		)	(3,532		)
Net realized and unrealized gains on investments	$	7,843	$	(7,362	)	$	481

5. Investments (continued)



For the Year Ended December 31, 2010	Gross gains		Gross losses			Net
Available-for-sale securities	$	10,372	$	(1,976	)	$	8,396
Trading securities and short sales	6,372		(7,915		)	(1,543		)
Other investments	—		(249		)	(249		)
Net realized gains on investments	$	16,744	$	(10,140	)	$	6,604

Net unrealized gains on available-for-sale securities and other investments

Net unrealized gains (losses) were as follows:



December 31,	2012			2011			2010
Available-for-sale securities	$	143,495		$	63,555		$	54,658
Other investments	302			237			96
Total net unrealized gains	143,797			63,792			54,754
Deferred income tax	(132		)	(55		)	—
Net unrealized gains, net of deferred income tax	$	143,665		$	63,737		$	54,754
Change in net unrealized gains, net of deferred income tax	$	79,928		$	8,983		$	22,007

Fair value of restricted assets

The fair value of our restricted assets was as follows:



December 31,	2012		2011
Restricted cash and cash equivalents – third party agreements	$	97,695	$	67,627
Restricted cash and cash equivalents – related party agreements	33,882		46,729
Restricted cash and cash equivalents – U.S. state regulatory authorities	750		539
Total restricted cash and cash equivalents	132,327		114,895
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2012 – $1,048,827; 2011 – $950,103)	1,101,971		972,130
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2012 – $851,873; 2011 – $458,105)	919,557		485,468
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2012 – $12,744; 2011 – $12,862)	13,463		13,750
Total restricted investments	2,034,991		1,471,348
Total restricted cash and cash equivalents and investments	$	2,167,318	$	1,586,243

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis

At December 31, 2012 and 2011, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 31, 2012	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	43,931		$	—		$	—		$	43,931
U.S. agency bonds – mortgage-backed	—			992,174			—			992,174
U.S. agency bonds – other	—			13,089			—			13,089
Non-U.S. government bonds	—			57,433			—			57,433
Other mortgage-backed securities	—			24,068			—			24,068
Corporate bonds	—			1,354,154			—			1,354,154
Municipal bonds	—			133,848			—			133,848
Other investments	—			—			2,901			2,901
Total	$	43,931		$	2,574,766		$	2,901		$	2,621,598
As a percentage of total assets	1.1		%	62.2		%	0.1		%	63.4		%

6. Fair Value Measurements (continued)



December 31, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets
Fixed maturities
U.S. treasury bonds	$	45,949		$	—		$	—		$	45,949
U.S. agency bonds – mortgage-backed	—			972,099			—			972,099
U.S. agency bonds – other	—			10,996			—			10,996
Non-U.S. government bonds	—			52,274			—			52,274
Other mortgage-backed securities	—			9,920			—			9,920
Corporate bonds	—			760,357			—			760,357
Municipal bonds	—			169,066			—			169,066
Other investments	—			—			2,192			2,192
Total	$	45,949		$	1,974,712		$	2,192		$	2,022,853
As a percentage of total assets	1.4		%	58.1		%	0.1		%	59.6		%
Liabilities
Securities sold under agreements to repurchase	$	—		$	55,830		$	—		$	55,830
As a percentage of total liabilities	—		%	2.1		%	—		%	2.1		%

Changes in Level 3 for financial instruments measured at fair value on a recurring basis

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2012 and 2011:



	For the Year Ended December 31,
Other investments:	2012			2011
Balance at beginning of period	$	2,192		$	5,847
Net realized and unrealized gains – included in net income	44			—
Net realized and unrealized (losses) – included in net income	—			(73		)
Change in net unrealized gains – included in other comprehensive income	65			141
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	940			1,173
Sales and redemptions	(340		)	(4,896		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	2,901		$	2,192
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

Carrying values and fair values of the Senior Notes and Junior Subordinated debt

The following table presents the carrying values and fair values of the Senior Notes and Junior Subordinated Debt as of December 31, 2012 and 2011:



			December 31, 2012				December 31, 2011
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	112,832	$	107,500	$	104,888
2012 Senior Notes	8.00	%	100,000		105,600		—		—
Junior Subordinated Debt	14.00	%	126,317		166,919		126,263		173,621

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Analysis of goodwill and intangible assets

The following tables show the analysis of goodwill and intangible assets:



	Goodwill			Intangible Assets			Total
December 31, 2010	$	58,429		$	45,476		$	103,905
Adjustment during the year	(117		)	—			(117		)
Amortization	—			(5,033		)	(5,033		)
December 31, 2011	58,312			40,443			98,755
Amortization	—			(4,362		)	(4,362		)
December 31, 2012	$	58,312		$	36,081		$	94,393



December 31, 2012	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(23,046		)	28,354		15 years double declining
Net balance	$	117,439	$	(23,046	)	$	94,393



December 31, 2011	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(18,684		)	32,716		15 years double declining
Net balance	$	117,439	$	(18,684	)	$	98,755

Estimated amortization expenses for the next five years

However, during 2011 as a result of the adjusted price allocation relating to the IIS Acquisition, the amount of goodwill was reduced to $5,695 (2010 - $5,812). The estimated amortization of intangible assets for the next five years is:



2013	$	3,781
2014	3,276
2015	2,840
2016	2,461
2017	2,133

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2012

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and loss adjustment expenses comprise the following:



December 31,	2012		2011
Reserve for reported loss and loss adjustment expenses	$	1,029,594	$	820,795
Reserve for losses incurred but not reported	710,687		577,643
Reserve for loss and loss adjustment expenses	$	1,740,281	$	1,398,438

10. Reserve for Loss and Loss Adjustment Expenses (continued)

The following table represents a reconciliation of our beginning and ending net losses and loss expense reserves:



For the Year Ended December 31,	2012			2011			2010
Gross unpaid loss and loss adjustment expenses reserves at beginning of period	$	1,398,438		$	1,226,773		$	1,002,676
Less: reinsurance recoverable on unpaid losses at beginning of period	20,289			6,656			8,340
Net loss and loss adjustment expense reserves at beginning of period	1,378,149			1,220,117			994,336
Net incurred losses related to:
Current year	1,239,016			1,028,855			787,967
Prior years	23,332			14,199			(32,845		)
	1,262,348			1,043,054			755,122
Net paid losses related to:
Current year	(485,015		)	(456,149		)	(365,343		)
Prior years	(530,294		)	(423,855		)	(265,991		)
	(1,015,309		)	(880,004		)	(631,334		)
Acquired loss and loss expense reserve	—			450			102,020
Effect of foreign exchange movements	4,235			(5,468		)	(27		)
Net loss and loss adjustment expense reserves at end of period	1,629,423			1,378,149			1,220,117
Reinsurance recoverable on unpaid losses at end of period	110,858			20,289			6,656
Gross unpaid loss and loss adjustment expenses reserves at end of period	$	1,740,281		$	1,398,438		$	1,226,773

- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under non-cancellable operating leases

Future minimum lease payments as of December 31, 2012 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2012
2013	$	2,004
2014	1,646
2015	942
2016	482
2017	482
	$	5,556

Schedule of dividends payable

During the fourth quarter, the Company's Board of Directors authorized the following quarterly dividends payable to shareholders:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	December 28, 2012	December 14, 2012
Preference shares - Series A	$	0.6073	December 17, 2012	December 1, 2012

Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Share-based Compensation [Abstract]

Key assumptions used in determining the fair value of options granted

The key assumptions used in determining the fair value of options granted in 2012, 2011 and 2010 and a summary of the methodology applied to develop each assumption were as follows:

15. Share Compensation and Pension Plans (continued)



	2012		2011		2010
Assumptions:
Volatility	45.30 – 47.60	%	45.55 – 47.60	%	29.50 – 46.00	%
Risk-free interest rate	0.85 – 1.29	%	1.29 – 1.62	%	1.62 – 3.21	%
Weighted average expected lives in years	6.1 years		6.1 years		5.5 – 6.1 years
Forfeiture rate	1.60	%	0	%	0	%
Dividend yield rate	3.04 – 3.55	%	3.04 – 3.27	%	1.00 – 3.57	%

Schedule of all options granted, exercised, expired and forfeited under the Plan

The following schedule shows all options granted, exercised, expired and exchanged under the Plan for the years ended December 31, 2012, 2011 and 2010:



	Number of Share Options		Weighted Average Exercise Price		Fair Value of Options		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2009	2,036,542		$	5.79			8.86 years	$	1,548	$3.28 – 10.00
Granted	931,333		$	7.57	$	2.45	9.60 years			$6.94 – 7.99
Exercised	(15,811	)	$	3.28				$	68
Expired	(688	)	$	3.28
Forfeited	(10,500	)	$	3.28
Outstanding, December 31, 2010	2,940,876		$	6.41			8.40 years	$	5,286	$3.28 – 10.00
Granted	133,500		$	8.57	$	2.89	9.77 years			$7.63 – 9.40
Exercised	(114,328	)	$	3.69				$	587
Expired	(375	)	$	7.65
Forfeited	(43,530	)	$	7.19
Outstanding, December 31, 2011	2,916,143		$	6.61			7.55 years	$	6,866	$3.28 – 10.00
Granted	117,000		$	8.89	$	2.65	9.65 years			$8.14 – 9.42
Exercised	(122,519	)	$	3.90				$	616
Expired	(103,847	)	$	9.87
Forfeited	(11,340	)	$	7.54
Outstanding, December 31, 2012	2,795,437		$	6.70			6.75 years	$	7,271	$3.28 – 10.00
Total options exercisable at December 31, 2012	2,127,141		$	6.35			6.35 years	$	6,336	$3.28 – 10.00

Taxation (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Income tax expense for the years ended December 31, 2012, 2011 and 2010 and net deferred tax liabilities for the years ended December 31, 2012 and 2011 were as follows:



For the Year Ended December 31,	2012		2011		2010
Current tax expense – U.S.	$	34	$	79	$	130
Current tax expense – Other jurisdictions	986		553		30
Total current tax expense	1,020		632		160
Deferred tax expense – U.S.	1,161		1,161		1,170
Deferred tax expense – Other jurisdictions	32		134		—
Total deferred tax expense	1,193		1,295		1,170
Total income tax expense	$	2,213	$	1,927	$	1,330

Schedule of effective income tax rate reconciliation



For the Year Ended December 31,	2012			2011			2010
Income before income taxes	$	52,474		$	30,454		$	71,192
Income tax expense	2,213			1,927			1,330
Net income	$	50,261		$	28,527		$	69,862
Reconciliation of effective tax rate (% of income before taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	(9.4		)%	(67.2		)%	(18.8		)%
Valuation allowance in respect of U.S. taxes	11.7		%	71.3		%	20.6		%
Other jurisdictions	1.9		%	2.2		%	0.1		%
Actual tax rate	4.2		%	6.3		%	1.9		%

Schedule of deferred tax assets and liabilities

The significant components of our deferred tax assets and liabilities as of December 31, 2012 and 2011 were as follows:



December 31,	2012		2011
Deferred tax assets:
Net operating losses	$	42,014	$	38,279
Unearned premiums	8,929		5,595
Discounting of net loss and loss adjustment expense reserves	10,585		5,212
Accruals not currently deductible	88		1,647
Amortization of intangibles	2,988		2,680
Others	913		343
Deferred tax assets before valuation allowance	65,517		53,756
Valuation allowance	41,231		36,208
Deferred tax assets, net	24,286		17,548
Deferred tax liabilities:
Deferred commission and other acquisition expenses	13,054		7,829
Indefinite lived intangible	2,870		2,870
Amortization of goodwill	4,837		3,676
Net unrealized gains on investments	10,249		9,111
Market discount on bonds	488		497
Others	488		24
Deferred tax liabilities	31,986		24,007
Net deferred tax liability	$	7,700	$	6,459

Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2012

Statutory Financial Information [Abstract]

Statutory and U.S. GAAP equity and net income of insurance and reinsurance subsidiaries

The Statutory equity and net income of the Company's insurance and reinsurance subsidiaries were as follows:



	Maiden Bermuda		Maiden US			Maiden Specialty		Maiden LF
Statutory Capital and Surplus
December 31, 2012	$	942,806	$	267,863		$	46,164	$	8,603
December 31, 2011	693,435		268,055			36,280		7,866

Statutory Net Income (Loss)
For the Year Ended December 31, 2012	$	79,113	$	(19,156	)	$	1,227	$	464
For the Year Ended December 31, 2011	30,070		(1,684		)	119		753
For the Year Ended December 31, 2010	89,562		1,268			1,675		486

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References

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+ Details

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Schedule of subsequent events

On February 19, 2013, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.09	April 15, 2013	April 1, 2013
Preference shares - Series A	$	0.515625	March 15, 2013	March 1, 2013

- Definition

Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.

+ References+ Details

Condensed Quarterly Financial Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial data

The following tables summarize our quarterly financial data:



	2012 Quarters Ended
	Mar 31		Jun 30		Sep 30		Dec 31
Total revenues	$	463,052	$	456,536	$	475,555	$	504,622
Net income (loss)	20,378		14,606		21,934		(6,657		)
Net income (loss) attributable to Maiden common shareholders	20,377		14,541		21,919		(10,327		)
Comprehensive income (loss) - attributable to Maiden shareholders	47,167		19,250		63,802		(2,994		)
Basic earnings (loss) per common share attributable to Maiden shareholders	$	0.28	$	0.20	$	0.30	$	(0.14	)
Diluted earnings (loss) per common share attributable to Maiden shareholders	$	0.28	$	0.20	$	0.30	$	(0.14	)



	2011 Quarters Ended
	Mar 31		Jun 30			Sep 30		Dec 31
Total revenues	$	370,378	$	390,371		$	440,656	$	439,035
Net income (loss)	19,345		(24,372		)	16,002		17,552
Net income (loss) attributable to Maiden common shareholders	19,342		(24,366		)	16,004		17,544
Comprehensive income (loss) - attributable to Maiden shareholders	24,212		(5,722		)	12,918		6,841
Basic earnings (loss) per common share attributable to Maiden shareholders	$	0.27	$	(0.34	)	$	0.22	$	0.25
Diluted earnings (loss) per common share attributable to Maiden shareholders	$	0.27	$	(0.34	)	$	0.22	$	0.24

Significant Accounting Policies - Foreign Currency Transactions (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]
Accumulated foreign currency translation adjustment	$ (2,535)	$ 322

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

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+ Details

Significant Accounting Policies - Prospectively Adopted New Accounting Pronouncements (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Item Effected [Line Items]
Increase in commission and other acquisition expenses due to ASU adoption	$ 492,031	$ 438,812	$ 336,697
Deferred commission and other acquisition expenses	270,669	248,436
Accounting Standards Update 2010-26
Item Effected [Line Items]
Increase in commission and other acquisition expenses due to ASU adoption	2,033	2,614
Decrease in Earnings per Share due to ASU adoption, in dollars per share	$ 0.03
Deferred commission and other acquisition expenses		$ 2,614

- Definition

Amount of deferred policy acquisition costs charged to expense in the period, generally in proportion to related revenue earned, estimated gross profits, or over the customer relationship or some other period.

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- Definition

Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Segment Information - Net Income (Loss) and Total Assets (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2012

Segment

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Segment Reporting Information [Line Items]

Number of operating segments

Net Income (Loss) [Abstract]

Net premiums written

$ 1,901,285

$ 1,723,521

$ 1,227,831

Net premiums earned

1,803,780

1,552,428

1,169,790

Other insurance revenue

12,890

12,640

Net loss and loss adjustment expenses

(1,262,348)

(1,043,054)

(755,122)

Commission and other acquisition expenses

(492,031)

(438,812)

(336,697)

General and administrative expenses

(43,637)

(40,292)

(27,866)

Underwriting income

18,654

42,910

50,105

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net investment income and realized and unrealized gains on investments

83,095

75,372

78,255

Amortization of intangible assets

(4,362)

(5,033)

(5,808)

Foreign exchange losses (gains)

1,638

323

(580)

Interest and amortization expenses

(36,384)

(34,155)

(36,466)

Accelerated amortization of junior subordinated debt discount and issuance cost

(20,313)

Junior subordinated debt repurchase expense

(15,050)

Other general and administrative expenses

(10,167)

(13,600)

(14,314)

Income tax expense

(2,213)

(1,927)

(1,330)

Net (income) loss attributable to noncontrolling interest

(107)

(3)

Dividends on preference shares

(3,644)

Net income attributable to Maiden common shareholders

46,510

28,524

69,866

Net loss and loss expense ratio

69.50%

^[1]

66.60%

^[1]

64.60%

^[1]

Acquisition cost ratio

27.10%

^[2]

28.00%

^[2]

28.80%

^[2]

General and administrative expense ratio

2.90%

^[3]

3.50%

^[3]

3.50%

^[3]

Combined ratio

99.50%

^[4]

98.10%

^[4]

96.90%

^[4]

Assets [Abstract]

Reinsurance balances receivable, net

522,614

423,355

Funds withheld

42,712

42,605

Prepaid reinsurance premiums

38,725

35,381

Reinsurance recoverable on unpaid losses

110,858

20,289

6,656

8,340

Deferred commission and other acquisition expenses

270,669

248,436

Loan to related party

167,975

Goodwill and intangible assets, net

94,393

98,755

103,905

Restricted investments and cash

2,167,318

1,586,243

Corporate and other assets

722,899

772,072

Total assets

4,138,163

3,395,111

Diversified Reinsurance

Net Income (Loss) [Abstract]

Net premiums written

765,293

798,037

554,049

Net premiums earned

795,341

748,387

601,254

Other insurance revenue

12,890

12,640

Net loss and loss adjustment expenses

(583,970)

(502,375)

(394,604)

Commission and other acquisition expenses

(203,209)

(200,239)

(152,698)

General and administrative expenses

(40,951)

(36,374)

(26,123)

Underwriting income

(19,899)

22,039

27,829

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

72.30%

^[1]

66.00%

^[1]

65.60%

^[1]

Acquisition cost ratio

25.10%

^[2]

26.30%

^[2]

25.40%

^[2]

General and administrative expense ratio

5.10%

^[3]

4.80%

^[3]

4.40%

^[3]

Combined ratio

102.50%

^[4]

97.10%

^[4]

95.40%

^[4]

Assets [Abstract]

Reinsurance balances receivable, net

260,161

244,610

Funds withheld

42,712

42,605

Prepaid reinsurance premiums

38,725

35,381

Reinsurance recoverable on unpaid losses

110,858

20,289

Deferred commission and other acquisition expenses

83,287

98,712

Loan to related party

Goodwill and intangible assets, net

94,393

98,755

Restricted investments and cash

1,219,454

1,063,010

Corporate and other assets

5,864

2,429

Total assets

1,855,454

1,605,791

AmTrust Quota Share Reinsurance

Net Income (Loss) [Abstract]

Net premiums written

840,346

669,283

468,043

Net premiums earned

727,781

558,197

445,081

Other insurance revenue

Net loss and loss adjustment expenses

(494,633)

(380,263)

(280,890)

Commission and other acquisition expenses

(200,546)

(160,522)

(144,655)

General and administrative expenses

(1,949)

(2,283)

(1,500)

Underwriting income

30,653

15,129

18,036

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

68.00%

^[1]

68.10%

^[1]

63.10%

^[1]

Acquisition cost ratio

27.60%

^[2]

28.80%

^[2]

32.50%

^[2]

General and administrative expense ratio

0.20%

^[3]

0.40%

^[3]

0.30%

^[3]

Combined ratio

95.80%

^[4]

97.30%

^[4]

95.90%

^[4]

Assets [Abstract]

Reinsurance balances receivable, net

170,983

102,003

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commission and other acquisition expenses

153,530

120,369

Loan to related party

167,975

Goodwill and intangible assets, net

Restricted investments and cash

857,013

461,216

Corporate and other assets

Total assets

1,349,501

851,563

ACAC Quota Share

Net Income (Loss) [Abstract]

Net premiums written

295,646

256,201

205,739

Net premiums earned

280,658

245,844

123,455

Other insurance revenue

Net loss and loss adjustment expenses

(183,745)

(160,416)

(79,628)

Commission and other acquisition expenses

(88,276)

(78,051)

(39,344)

General and administrative expenses

(737)

(1,635)

(243)

Underwriting income

7,900

5,742

4,240

Reconciliation to net loss attributable to Maiden shareholders [Abstract]

Net loss and loss expense ratio

65.50%

^[1]

65.30%

^[1]

64.50%

^[1]

Acquisition cost ratio

31.50%

^[2]

31.70%

^[2]

31.90%

^[2]

General and administrative expense ratio

0.20%

^[3]

0.70%

^[3]

0.20%

^[3]

Combined ratio

97.20%

^[4]

97.70%

^[4]

96.60%

^[4]

Assets [Abstract]

Reinsurance balances receivable, net

91,470

76,742

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commission and other acquisition expenses

33,852

29,355

Loan to related party

Goodwill and intangible assets, net

Restricted investments and cash

90,851

62,017

Corporate and other assets

Total assets

$ 216,173

$ 168,114

[1]	Calculated by dividing net loss and loss adjustment expenses by the sum of net premiums earned and other insurance revenue.
[2]	Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue.
[3]	Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue.
[4]	Calculated by adding together net loss and loss adjustment expense ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

Segment Information - Net Premiums (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 2,000,992	$ 1,812,597	$ 1,298,055
Net premiums written	1,901,285	1,723,521	1,227,831
Net premiums earned	1,803,780	1,552,428	1,169,790
% of Total Net premiums written	100.00%	100.00%	100.00%
% of Total Net premiums earned	100.00%	100.00%	100.00%
Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	765,293	798,037	554,049
Net premiums earned	795,341	748,387	601,254
% of Total Net premiums written	40.30%	46.30%	45.10%
% of Total Net premiums earned	44.10%	48.30%	51.50%
AmTrust Quota Share Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	840,346	669,283	468,043
Net premiums earned	727,781	558,197	445,081
% of Total Net premiums written	44.20%	38.80%	38.10%
% of Total Net premiums earned	40.30%	35.90%	38.00%
ACAC Quota Share
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	295,646	256,201	205,739
Net premiums earned	280,658	245,844	123,455
% of Total Net premiums written	15.50%	14.90%	16.80%
% of Total Net premiums earned	15.60%	15.80%	10.50%
Property \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	190,125	207,993	168,919
Net premiums earned	211,997	196,947	176,538
% of Total Net premiums written	10.00%	12.10%	13.80%
% of Total Net premiums earned	11.70%	12.70%	15.10%
Casualty \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	433,307	441,666	311,852
Net premiums earned	444,775	395,533	356,389
% of Total Net premiums written	22.80%	25.60%	25.40%
% of Total Net premiums earned	24.70%	25.50%	30.50%
Accident and Health \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	37,244	42,604	43,658
Net premiums earned	41,968	43,210	62,954
% of Total Net premiums written	2.00%	2.50%	3.50%
% of Total Net premiums earned	2.30%	2.80%	5.40%
International \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	104,617	105,774	29,620
Net premiums earned	96,601	112,697	5,373
% of Total Net premiums written	5.50%	6.10%	2.40%
% of Total Net premiums earned	5.40%	7.30%	0.50%
Small Commercial Business \| AmTrust Quota Share Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	364,123	237,560	197,097
Net premiums earned	313,110	215,941	202,716
% of Total Net premiums written	19.20%	13.80%	16.00%
% of Total Net premiums earned	17.30%	13.90%	17.30%
Specialty Program \| AmTrust Quota Share Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	95,902	93,701	73,881
Net premiums earned	85,812	81,281	71,596
% of Total Net premiums written	5.00%	5.40%	6.00%
% of Total Net premiums earned	4.80%	5.20%	6.10%
Specialty Risk and Extended Warranty \| AmTrust Quota Share Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	380,321	338,022	197,065
Net premiums earned	328,859	260,975	170,769
% of Total Net premiums written	20.00%	19.60%	16.10%
% of Total Net premiums earned	18.20%	16.80%	14.60%
Automobile Liability \| ACAC Quota Share
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	159,861	147,362	117,962
Net premiums earned	155,266	141,173	69,444
% of Total Net premiums written	8.40%	8.60%	9.60%
% of Total Net premiums earned	8.60%	9.10%	5.90%
Automobile Physical Damage \| ACAC Quota Share
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	135,785	108,839	87,777
Net premiums earned	125,392	104,671	54,011
% of Total Net premiums written	7.10%	6.30%	7.20%
% of Total Net premiums earned	7.00%	6.70%	4.60%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	1,575,452	1,400,114	1,098,672
Net premiums written	1,481,076	1,317,265	1,028,518
Net premiums earned	1,413,596	1,194,628	1,038,859
Gross premiums written – Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	425,540	412,483	199,383
Net premiums written	420,209	406,256	199,313
Net premiums earned	$ 390,184	$ 357,800	$ 130,931

- Definition

Premiums earned on the income statement for all insurance and reinsurance contracts after subtracting any amounts ceded to another insurer and adding premiums assumed from other insurers.

+ References+ Details

Acquisitions (Details) (USD $)				0 Months Ended	12 Months Ended
Acquisitions (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Nov. 30, 2010 IIS Acquisition	Dec. 31, 2011 IIS Acquisition	Dec. 31, 2010 IIS Acquisition	Nov. 30, 2010 IIS Acquisition GMAC International Insurance Company Ltd.	Nov. 30, 2010 GMAC VersicherungsService GmbH Austria
Business Acquisition [Line Items]
Renewal rights acquired				$ 100,000,000
Loss reserves and net unearned premiums				100,000,000
Percentage of share capital and net assets acquired				100.00%				60.00%
Consideration transferred, base price				4,000,000
Consideration transferred				22,274,000	21,632,000
Non-recurring acquisition expenses					1,841,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Cash				15,595,000	14,971,000
Restricted cash				469,000	450,000
Fixed maturity investments				13,999,000	13,480,000
Other assets				191,000	303,000
Goodwill	58,312,000	58,312,000	58,429,000	5,812,000	5,695,000	5,812,000
Assets acquired				36,066,000	34,899,000
Reserve for loss and loss adjustment expenses				3,192,000	4,739,000
Unearned premiums				5,665,000	5,454,000
Accrued expenses and other liabilities				4,935,000	3,074,000
Liabilities acquired				13,792,000	13,267,000
Total purchase price				22,274,000	21,632,000
Percent of contracts reinsured							100.00%
Loss portfolio transfer, liabilties assumed				122,574,000
Loss porftfolio transfer, collateral requirement				140,520,000
Payments for collateral requirements				$ 26,204,000

Investments - Schedule of Investments Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	$ 2,475,202	$ 1,957,106
Other Investments, Original or amortized cost		1,955
Total investments, Original or amortized cost	2,477,801	1,959,061
Available-for-sale securities, Gross unrealized gains	151,460	94,159
Other investments, Gross unrealized gains		318
Investments, Gross unrealized gains	151,813	94,477
Available-for-sale securities, Gross unrealized losses	(7,965)	(30,604)
Other investments, Gross unrealized losses		(81)
Investments, Gross unrealized losses	(8,016)	(30,685)
Total Investments	2,618,697	2,020,661
Other investments	2,901	2,192
Total investments	2,621,598	2,022,853
U.S. treasury bonds
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	42,671	44,175
Available-for-sale securities, Gross unrealized gains	1,260	1,774
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments	43,931	45,949
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	962,649	928,944
Available-for-sale securities, Gross unrealized gains	30,998	43,230
Available-for-sale securities, Gross unrealized losses	(1,473)	(75)
Total Investments	992,174	972,099
U.S. agency bonds – other
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	11,682	10,374
Available-for-sale securities, Gross unrealized gains	1,407	622
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments	13,089	10,996
Non-U.S. government bonds
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	55,169	52,489
Available-for-sale securities, Gross unrealized gains	2,264	78
Available-for-sale securities, Gross unrealized losses	0	(293)
Total Investments	57,433	52,274
Other mortgage-backed securities
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	23,167	9,919
Available-for-sale securities, Gross unrealized gains	901	1
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments	24,068	9,920
Corporate bonds
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	1,247,260	742,867
Available-for-sale securities, Gross unrealized gains	113,386	47,726
Available-for-sale securities, Gross unrealized losses	(6,492)	(30,236)
Total Investments	1,354,154	760,357
Municipal bonds
Schedule of Investments [Line Items]
Available-for-sale securities, Original or amortized cost	132,604	168,338
Available-for-sale securities, Gross unrealized gains	1,244	728
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments	133,848	169,066
Other investments
Schedule of Investments [Line Items]
Other Investments, Original or amortized cost	2,599
Other investments, Gross unrealized gains	353
Other investments, Gross unrealized losses	(51)
Other investments	$ 2,901

Investments - Contractual Maturities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Due in one year or less, Amortized cost	$ 57,675
Due after one year through five years, Amortized cost	373,208
Due after five years through ten years, Amortized cost	888,694
Due after ten years, Amortized cost	169,809
Total before securities without single maturities, Amortized cost	1,489,386
Total Amortized cost	2,475,202
Due in one year or less, Fair value	58,672
Due after one year through five years, Fair value	387,882
Due after five years through ten years, Fair value	981,504
Due after ten years, Fair value	174,397
Total before securities without single maturities, Fair value	1,602,455
Total Investments	2,618,697	2,020,661
Due in one year or less, % of Total fair value	2.20%
Due after one year through five years, % of Total fair value	14.80%
Due after five years through ten years, % of Total fair value	37.50%
Due after ten years, % of Total fair value	6.70%
Total before securities without single maturities, % of Total fair value	61.20%
% of Total fair value	100.00%	100.00%
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	962,649
Fair value of securities without single maturities	992,174
Total Investments	992,174	972,099
% of Total fair value for securities without single maturities	37.90%
Other mortgage-backed securities
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	23,167
Fair value of securities without single maturities	24,068
Total Investments	$ 24,068	$ 9,920
% of Total fair value for securities without single maturities	0.90%

Investments - Fair Value and Unrealized Losses (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Sep. 30, 2012 securities	Dec. 31, 2011 securities
Fair value
Less than 12 months, Fair Value	$ 253,333		$ 302,657
12 Months or More, Fair value	143,853		125,089
Total, Fair value	397,186		427,746
Unrealized losses
Less than 12 months, Unrealized losses	(2,571)		(7,855)
12 Months or More, Unrealized losses	(5,445)		(22,830)
Total, Unrealized losses	(8,016)		(30,685)
Number of securities in loss position (in securities)		32	62
12 Months or More, number of securities (in securities)		9	8
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months, Fair value	158,591		30,447
12 Months or More, Fair value	0		0
Total, Fair value	158,591		30,447
Unrealized losses
Less than 12 Months, Unrealized losses	(1,473)		(75)
12 Months or More, Unrealized losses	0		0
Total, Unrealized losses	(1,473)		(75)
Non-U.S. government bonds
Fair value
Less than 12 Months, Fair value			43,629
12 Months or More, Fair value			0
Total, Fair value			43,629
Unrealized losses
Less than 12 Months, Unrealized losses			(293)
12 Months or More, Unrealized losses			0
Total, Unrealized losses			(293)
Corporate bonds
Fair value
Less than 12 Months, Fair value	94,742		227,367
12 Months or More, Fair value	141,842		125,089
Total, Fair value	236,584		352,456
Unrealized losses
Less than 12 Months, Unrealized losses	(1,098)		(7,406)
12 Months or More, Unrealized losses	(5,394)		(22,830)
Total, Unrealized losses	(6,492)		(30,236)
Available-for-sale securities
Fair value
Less than 12 Months, Fair value	253,333		301,443
12 Months or More, Fair value	141,842		125,089
Total, Fair value	395,175		426,532
Unrealized losses
Less than 12 Months, Unrealized losses	(2,571)		(7,774)
12 Months or More, Unrealized losses	(5,394)		(22,830)
Total, Unrealized losses	(7,965)		(30,604)
Other investments
Fair value
Less than 12 months, Fair Value	0		1,214
12 Months or More, Fair value	2,011		0
Total, Fair value	2,011		1,214
Unrealized losses
Less than 12 months, Unrealized losses	0		(81)
12 Months or More, Unrealized losses	(51)		0
Total, Unrealized losses	$ (51)		$ (81)

Investments - Credit Ratings (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

$ 2,475,202

$ 1,957,106

Fair value

2,618,697

2,020,661

% of Total fair value

100.00%

U.S. treasury bonds

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

42,671

^[1]

44,175

^[1]

Fair value

43,931

^[1]

45,949

^[1]

% of Total fair value

1.70%

^[1]

2.30%

^[1]

U.S. agency bonds

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

974,331

^[1]

939,318

^[1]

Fair value

1,005,263

^[1]

983,095

^[1]

% of Total fair value

38.40%

^[1]

48.60%

^[1]

AAA

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

171,136

^[1]

160,319

^[1]

Fair value

183,950

^[1]

161,945

^[1]

% of Total fair value

7.00%

^[1]

8.00%

^[1]

AA Plus, AA, AA Minus

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

186,495

^[1]

150,961

^[1]

Fair value

196,797

^[1]

153,303

^[1]

% of Total fair value

7.50%

^[1]

7.60%

^[1]

A Plus, A, A Minus

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

477,236

^[1]

327,794

^[1]

Fair value

515,383

^[1]

328,448

^[1]

% of Total fair value

19.70%

^[1]

16.30%

^[1]

BBB Plus, BBB, BBB Minus

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

587,858

^[1]

316,150

^[1]

Fair value

637,089

^[1]

330,156

^[1]

% of Total fair value

24.30%

^[1]

16.30%

^[1]

BB Plus or Lower

Schedule of Available-for-sale Securities [Line Items]

Amortized cost

35,475

^[1]

18,389

^[1]

Fair value

$ 36,284

^[1]

$ 17,765

^[1]

% of Total fair value

1.40%

^[1]

0.90%

^[1]

[1]	Ratings as assigned by S&P

- Definition

Amount of debt securities categorized neither as held-to-maturity nor trading.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 25

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 13

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 15C

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-Subparagraph (b)-(g)

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investments - Other Investments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Other investments	$ 2,901	$ 2,192
% of Total fair value	100.00%	100.00%
Investments in limited partnerships
Schedule of Investments [Line Items]
Other investments	2,901	2,192
% of Total fair value	100.00%	100.00%
Unfunded commitment on investments in limited partnerships	$ 3,099

Investments - Net Investment Income (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 84,923	$ 79,135	$ 75,690
Investment expenses	(3,735)	(3,488)	(2,992)
Interest expense on securities sold under agreements to repurchase	0	(756)	(1,047)
Net investment income	81,188	74,891	71,651
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	79,891	72,050	71,607
Cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	1,439	925	1,680
Funds withheld
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	1,648	4,235	407
Loan to related party
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 1,945	$ 1,925	$ 1,996

- Definition

Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies.

+ References+ Details

- Definition

This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income.

+ References+ Details

Investments - Realized and Unrealized Gains on Investment (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Gain (Loss) on Investments [Line Items]
Gross gains		$ 7,843
Gross losses		(3,830)
Realized gains (losses), Net		4,013
Unrealized gain, Gross gains		0
Unrealized gain, Gross losses		(3,532)
Unrealized gain, Net		(3,532)
Gross realized and unrealized gains	3,523	7,843	16,744
Gross realized and unrealized losses	(1,616)	(7,362)	(10,140)
Net realized and unrealized gains on investment	1,907	481	6,604
Proceeds from sales of fixed maturities classified as available-for-sale	142,694	304,499	331,593
Net unrealized gains	143,797	63,792	54,754
Deferred income tax expense	(132)	(55)	0
Net unrealized gains, net of deferred income tax	143,665	63,737	54,754
Change in net unrealized gains, net of deferred income tax	79,928	8,983	22,007
Available-for-sale securities
Gain (Loss) on Investments [Line Items]
Gross gains	3,468	5,091	10,372
Gross losses	(13)	(1,812)	(1,976)
Realized gains (losses), Net	3,455	3,279	8,396
Net unrealized gains	143,495	63,555	54,658
Trading securities and short sales
Gain (Loss) on Investments [Line Items]
Gross gains	0	2,709	6,372
Gross losses	(1,592)	(1,902)	(7,915)
Realized gains (losses), Net	(1,592)	807	(1,543)
Other investments
Gain (Loss) on Investments [Line Items]
Gross gains	55	43	0
Gross losses	(11)	(116)	(249)
Realized gains (losses), Net	44	(73)	(249)
Net unrealized gains	$ 302	$ 237	$ 96

Investments - Restricted Cash and Investments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 132,327	$ 114,895
Restricted investments	2,034,991	1,471,348
Restricted cash and investments	2,167,318	1,586,243
Amortized cost	2,477,801	1,959,061
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	97,695	67,627
Restricted investments	1,101,971	972,130
Amortized cost	1,048,827	950,103
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	33,882	46,729
Restricted investments	919,557	485,468
Amortized cost	851,873	458,105
US state regulatory authorities
Restricted Cash and Investments Items [Line Items]
Restricted cash	750	539
Restricted investments	13,463	13,750
Amortized cost	$ 12,744	$ 12,862

- Definition

The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.

+ References+ Details

Investments - Other (Details) (Accrued expenses and other liabilities, USD $)	Dec. 31, 2012	Dec. 31, 2011
Accrued expenses and other liabilities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities sold but not yet purchased, fair value	$ 0	$ 55,830,000

- Definition

+ References+ Details

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) (Fair Value, Measurements, Recurring, USD $)																																																			12 Months Ended
	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1)	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1)	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. treasury bonds	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. treasury bonds	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. agency bonds – mortgage-backed	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. agency bonds – mortgage-backed	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. agency bonds – other	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) U.S. agency bonds – other	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) Non-U.S. government bonds	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) Non-U.S. government bonds	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) Other mortgage-backed securities	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) Other mortgage-backed securities	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) Corporate bonds	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) Corporate bonds	Dec. 31, 2012 Quoted Prices in Active Markets for Identical Assets (Level 1) Municipal bonds	Dec. 31, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) Municipal bonds	Dec. 31, 2012 Significant Other Observable Inputs (Level 2)	Dec. 31, 2011 Significant Other Observable Inputs (Level 2)	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) U.S. treasury bonds	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) U.S. treasury bonds	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) U.S. agency bonds – mortgage-backed	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) U.S. agency bonds – mortgage-backed	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) U.S. agency bonds – other	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) U.S. agency bonds – other	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) Non-U.S. government bonds	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) Non-U.S. government bonds	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) Other mortgage-backed securities	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) Other mortgage-backed securities	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) Corporate bonds	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) Corporate bonds	Dec. 31, 2012 Significant Other Observable Inputs (Level 2) Municipal bonds	Dec. 31, 2011 Significant Other Observable Inputs (Level 2) Municipal bonds	Dec. 31, 2012 Significant Unobservable Inputs (Level 3)	Dec. 31, 2011 Significant Unobservable Inputs (Level 3)	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) U.S. treasury bonds	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) U.S. treasury bonds	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) U.S. agency bonds – mortgage-backed	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) U.S. agency bonds – mortgage-backed	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) U.S. agency bonds – other	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) U.S. agency bonds – other	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) Non-U.S. government bonds	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) Non-U.S. government bonds	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) Other mortgage-backed securities	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) Other mortgage-backed securities	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) Corporate bonds	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) Corporate bonds	Dec. 31, 2012 Significant Unobservable Inputs (Level 3) Municipal bonds	Dec. 31, 2011 Significant Unobservable Inputs (Level 3) Municipal bonds	Dec. 31, 2012 Total Fair Value	Dec. 31, 2011 Total Fair Value	Dec. 31, 2012 Total Fair Value Fixed maturities [Member]	Dec. 31, 2012 Total Fair Value U.S. treasury bonds	Dec. 31, 2011 Total Fair Value U.S. treasury bonds	Dec. 31, 2012 Total Fair Value U.S. agency bonds – mortgage-backed	Dec. 31, 2011 Total Fair Value U.S. agency bonds – mortgage-backed	Dec. 31, 2012 Total Fair Value U.S. agency bonds – other	Dec. 31, 2011 Total Fair Value U.S. agency bonds – other	Dec. 31, 2012 Total Fair Value Non-U.S. government bonds	Dec. 31, 2011 Total Fair Value Non-U.S. government bonds	Dec. 31, 2012 Total Fair Value Other mortgage-backed securities	Dec. 31, 2011 Total Fair Value Other mortgage-backed securities	Dec. 31, 2012 Total Fair Value Corporate bonds	Dec. 31, 2011 Total Fair Value Corporate bonds	Dec. 31, 2012 Total Fair Value Municipal bonds	Dec. 31, 2011 Total Fair Value Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value			$ 43,931,000	$ 45,949,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	$ 0	$ 992,174,000	$ 972,099,000	$ 13,089,000	$ 10,996,000	$ 57,433,000	$ 52,274,000	$ 24,068,000	$ 9,920,000	$ 1,354,154,000	$ 760,357,000	$ 133,848,000	$ 169,066,000			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0				$ 43,931,000	$ 45,949,000	$ 992,174,000	$ 972,099,000	$ 13,089,000	$ 10,996,000	$ 57,433,000	$ 52,274,000	$ 24,068,000	$ 9,920,000	$ 1,354,154,000	$ 760,357,000	$ 133,848,000	$ 169,066,000
Other investments, fair value	0	0															0	0															2,901,000	2,192,000															2,901,000	2,192,000
Total assets fair value	43,931,000	45,949,000															2,574,766,000	1,974,712,000															2,901,000	2,192,000															2,621,598,000	2,022,853,000
Percentage of total assets	1.10%	1.40%															62.20%	58.10%															0.10%	0.10%															63.40%	59.60%
Securities sold but not yet purchased, fair value		$ 0																$ 55,830,000																$ 0																$ 55,830,000
Percentage of total liabilities		0.00%																2.10%																0.00%																2.10%
Assets valued by third party, percentage																																																			99.70%
Other investments, percent of assets																																																	0.10%

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References+ Details

- Definition

+ References+ Details

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) (Fair Value, Measurements, Recurring, Significant Unobservable Inputs (Level 3), USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 2,192	$ 5,847
Net realized and unrealized gains – included in net income	44	0
Net realized and unrealized losses – included in net income	0	(73)
Change in net unrealized gains – included in other comprehensive income	65	141
Change in net unrealized losses – included in other comprehensive income	0	0
Purchases	940	1,173
Sales and redemptions	340	4,896
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	2,901	2,192
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011 Senior notes 8.25% Senior note	Mar. 31, 2012 Senior notes 8.00% Senior note	Dec. 31, 2012 Senior notes Significant Other Observable Inputs (Level 2) 8.25% Senior note	Dec. 31, 2012 Senior notes Significant Other Observable Inputs (Level 2) 8.00% Senior note	Dec. 31, 2012 Junior subordinated debt Significant Other Observable Inputs (Level 2)	Dec. 31, 2012 Carrying Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.25% Senior note	Dec. 31, 2012 Carrying Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.00% Senior note	Dec. 31, 2011 Carrying Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.00% Senior note	Dec. 31, 2012 Carrying Value [Member] Junior subordinated debt Significant Other Observable Inputs (Level 2)	Dec. 31, 2011 Carrying Value [Member] Junior subordinated debt Significant Other Observable Inputs (Level 2)	Dec. 31, 2012 Fair Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.25% Senior note	Dec. 31, 2011 Fair Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.25% Senior note	Dec. 31, 2012 Fair Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.00% Senior note	Dec. 31, 2011 Fair Value [Member] Senior notes Significant Other Observable Inputs (Level 2) 8.00% Senior note	Dec. 31, 2012 Fair Value [Member] Junior subordinated debt Significant Other Observable Inputs (Level 2)	Dec. 31, 2011 Fair Value [Member] Junior subordinated debt Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	8.25%	8.00%	8.25%	8.00%	14.00%
Fair value						$ 107,500	$ 100,000	$ 0	$ 126,317	$ 126,263	$ 112,832	$ 104,888	$ 105,600	$ 0	$ 166,919	$ 173,621

Goodwill and Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended						12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011 IIS Acquisition	Dec. 31, 2010 IIS Acquisition	Nov. 30, 2010 IIS Acquisition	Dec. 31, 2012 Customer relationships	Dec. 31, 2011 Customer relationships	Dec. 31, 2012 State licenses	Dec. 31, 2011 State licenses
Intangible Assets, Net (Including Goodwill) [Roll Forward]
Goodwill, beginning balance	$ 58,312	$ 58,429		$ 5,695	$ 5,812	$ 5,812
Intangible assets, beginning balance	40,443	45,476
Goodwill and Intangible Assets, beginning balance	98,755	103,905
Adjustment during the year		(117)
Amortization	(4,362)	(5,033)	(5,808)
Goodwill, ending balance	58,312	58,312	58,429	5,695	5,812	5,812
Intangible assets, ending balance	36,081	40,443	45,476
Goodwill and Intangible Assets, ending balance	94,393	98,755	103,905
Goodwill	58,312	58,312	58,429	5,695	5,812	5,812
State licenses									7,727	7,727
Customer relationships, Gross							51,400	51,400
Accumulated Amortization	(23,046)	(18,684)					(23,046)	(18,684)
Customer relationships, Net							28,354	32,716
Balance, Gross	117,439	117,439
Balance, net	94,393	98,755	103,905
Useful Life							15 years	15 years
Estimated amortization expenses for the next five years [Abstract]
2013	3,781
2014	3,276
2015	2,840
2016	2,461
2017	$ 2,133

Long-Term Debt (Details) (USD $)	12 Months Ended					1 Months Ended	6 Months Ended	12 Months Ended			1 Months Ended	9 Months Ended	12 Months Ended	0 Months Ended		1 Months Ended	12 Months Ended
Long-Term Debt (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Sep. 20, 2010	Jan. 20, 2009 Maiden Capital Financing Trust	Jun. 30, 2011 Senior notes 8.25% Senior note	Dec. 31, 2011 Senior notes 8.25% Senior note	Dec. 31, 2012 Senior notes 8.25% Senior note	Dec. 31, 2011 Senior notes 8.25% Senior note	Sep. 30, 2012 Senior notes 8.25% Senior note	Mar. 31, 2012 Senior notes 8.00% Senior note	Dec. 31, 2012 Senior notes 8.00% Senior note	Dec. 31, 2012 Senior notes 8.00% Senior note	Jul. 15, 2011 Junior subordinated debt Trust Preferred Securities	Jan. 20, 2009 Junior subordinated debt Trust Preferred Securities	Jun. 30, 2011 Junior subordinated debt Trust Preferred Securities	Dec. 31, 2012 Junior subordinated debt Trust Preferred Securities	Dec. 31, 2011 Junior subordinated debt Trust Preferred Securities	Dec. 31, 2010 Junior subordinated debt Trust Preferred Securities	Sep. 30, 2012 Junior subordinated debt Trust Preferred Securities	Jan. 20, 2009 Junior subordinated debt Trust Preferred Securities Founding shareholders	Jan. 20, 2009 Junior subordinated debt Trust Preferred Securities Institutional shareholders	Sep. 30, 2012 Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust	Jan. 20, 2009 Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust Unit
Debt Instrument [Line Items]
Face amount						$ 107,500,000				$ 107,500,000	$ 100,000,000												$ 260,000,000
Stated interest rate						8.25%					8.00%									14.00%
Portion redeemable for cash at maturity										100.00%	100.00%
Minimum redemption notice period								30 days
Effective interest rate										8.47%	8.28%									16.95%
Proceeds from issuance						104,689,000					96,594,000
Debt issuance costs						2,811,000					3,406,000				4,342,000
Amortization of financing costs							49,000	94,000				87,000
Principal amount repurchased	0	107,500,000	0													107,500,000
Interest expense	36,384,000	34,155,000	36,466,000					8,869,000	4,607,000				6,111,000				21,350,000	29,502,000	36,400,000
Accrued interest							394,000	394,000	394,000			111,000	111,000				4,448,000	4,448,000
Unamortized discount																				44,928,000
Market price (in dollars per share)				$ 4.56											$ 3.85
Discount amortization period from issuance																	30 years
Proceeds from issuance															260,117,000
Repurchase interest expense amount														15,050,000
Accelerated amortization of debt issuance costs and discount	0	20,313,000	0											20,313,000
Number of units issued (in units)																								260,000
Principal amount per unit (in dollars per unit)																								1,000,000
Number of common shares per unit (in shares per unit)																								45
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01			$ 0.01
Purchase price per unit (in dollars per unit)																								1,000.45
Number of common shares included in units issued (in shares)															11,700,000
Number of units purchased (in shares)																					159,000	101,000
Portion of units purchased by certain trusts																					61.12%
Period in which if the principal is paid in full, additional interest will be due																	5 years
Period used to calculate additional interest for early repurchase																	1 year
Additional repurchase expense																				21,350,000
Junior subordinated debt	126,317,000	126,263,000															126,317,000
Principal balance																	152,500,000
Unamortized discount																	26,183,000
Amortization expense																	$ 54,000	$ 46,000	$ 66,000

Reinsurance (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reinsurance Disclosures [Abstract]
Premiums written, Direct	$ 122,412	$ 114,036	$ 71,625
Premiums written, asumed	1,878,580	1,698,561	1,226,430
Premiums written, Ceded	(99,707)	(89,076)	(70,224)
Premiums written, Net	1,901,285	1,723,521	1,227,831
Premium earned, Direct	119,398	112,308	68,967
Premium earned, Assumed	1,780,745	1,523,685	1,168,116
Premium earned, Ceded	(96,363)	(83,565)	(67,293)
Net premiums earned	1,803,780	1,552,428	1,169,790
Gross loss and loss adjustment expenses	1,457,404	1,103,821	788,815
Loss and loss adjustment expenses ceded	(195,056)	(60,767)	(33,693)
Net loss and loss adjustment expenses	$ 1,262,348	$ 1,043,054	$ 755,122

Reinsurance - Narrative (Details) (Reinsurance recoverable, Customer concentration risk)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Rating A or better
Concentration Risk [Line Items]
Concentration risk, percentage	88.40%
Rating A-
Concentration Risk [Line Items]
Concentration risk, percentage	11.30%
State pools
Concentration Risk [Line Items]
Concentration risk, percentage	0.30%
Major customer one
Concentration Risk [Line Items]
Concentration risk, percentage	30.20%	31.10%
Major customer two
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%	26.20%
Major customer three
Concentration Risk [Line Items]
Concentration risk, percentage	11.40%	12.60%

Reserve for Loss and Loss Adjustment Expenses (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Reserve for reported loss and loss adjustment expenses	$ 1,029,594	$ 820,795
Reserve for losses incurred but not reported	710,687	577,643
Reserve for loss and loss adjustment expenses	1,740,281	1,398,438
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross unpaid loss and loss adjustment expenses reserves at beginning of period	1,398,438	1,226,773	1,002,676
Less: reinsurance recoverable on unpaid losses at beginning of period	20,289	6,656	8,340
Net loss and loss adjustment expense reserves at beginning of period	1,378,149	1,220,117	994,336
Net incurred losses related to Current year	1,239,016	1,028,855	787,967
Net incurred losses related to Prior years	23,332	14,199	(32,845)
Net incurred losses	1,262,348	1,043,054	755,122
Net paid losses related to Current year	(485,015)	(456,149)	(365,343)
Net paid losses related to Prior years	(530,294)	(423,855)	(265,991)
Net paid losses	(1,015,309)	(880,004)	(631,334)
Acquired loss and loss expense reserve	0	450	102,020
Effect of foreign exchange movements	4,235	(5,468)	(27)
Net loss and loss adjustment expense reserves at end of period	1,629,423	1,378,149	1,220,117
Reinsurance recoverable on unpaid losses at end of period	110,858	20,289	6,656
Gross unpaid loss and loss adjustment expenses reserves at end of period	1,740,281	1,398,438	1,226,773
Gain to date from the loss portfolio transfer reserves	75,656	68,882	43,811
Unamortized gain on portfolio transfer	4	2,570
GMAC Acquisition and the IIS Acquisition
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gains relating to the loss portfolio transfers acquired as part of the GMAC Acquisition and the IIS Acquisition	$ 9,134	$ 28,898	$ 25,332

Related Party Transactions - AmTrust (Details)						0 Months Ended		1 Months Ended	12 Months Ended	15 Months Ended	55 Months Ended	12 Months Ended				21 Months Ended	12 Months Ended		36 Months Ended	60 Months Ended	28 Months Ended	12 Months Ended						28 Months Ended	12 Months Ended								12 Months Ended			18 Months Ended	21 Months Ended	12 Months Ended			63 Months Ended	66 Months Ended	12 Months Ended			10 Months Ended		12 Months Ended
Related Party Transactions - AmTrust (Details)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2012 Michael Karfunkel 2005 Grantor Retained Annuity Trust American Capital Acquisition Corp.	Sep. 30, 2012 Michael Karfunkel American Capital Acquisition Corp.	Dec. 31, 2012 AmTrust Financial Services, Inc. USD ($)	Feb. 09, 2009 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance USD ($)	Jun. 11, 2008 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance USD ($)	Jul. 31, 2007 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Mar. 31, 2011 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance Commissions paid USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance Commissions paid USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance Commissions paid USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust European Hospital Liability Quota Share Agreement EUR (€)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust European Hospital Liability Quota Share Agreement EUR (€)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust European Hospital Liability Quota Share Agreement Commissions paid USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust European Hospital Liability Quota Share Agreement Commissions paid USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Workers' Compensation Reinsurance Agreement USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Workers' Compensation Reinsurance Agreement USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. AmTrust Technology Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Commissions paid USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. AmTrust SNIC Reinsurance Agreement Premiums earned USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. Reinsurer Trust Assets Collateral Agreement USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. Reinsurer Trust Assets Collateral Agreement USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements	Dec. 31, 2012 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements	Dec. 31, 2012 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements Brokerage expense USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements Brokerage expense USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. Reinsurance Brokerage Agreements Brokerage expense USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. Asset Management Agreement	Dec. 31, 2012 AmTrust Financial Services, Inc. Asset Management Agreement USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. Asset Management Agreement Investment management fees USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. Asset Management Agreement Investment management fees USD ($)	Dec. 31, 2010 AmTrust Financial Services, Inc. Asset Management Agreement Investment management fees USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Time Sharing Agreement	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust Time Sharing Agreement	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Time Sharing Agreement Aircraft expenses USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AmTrust Time Sharing Agreement Aircraft expenses USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. AII Reinsurance Agreement [Member] USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. AII Reinsurance Agreement [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. American Capital Acquisition Corp.
Related Party Transaction [Line Items]
Ownership percentage			72.40%	27.60%
Ownership percentage upon conversion of preferred stock																																																								21.25%
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party							100.00%	40.00%
Unearned Premiums	$ 936,497,000	$ 832,047,000					$ 82,200,000
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party								40.00%
Covered business threshold						5,000,000		5,000,000
Premiums and losses related to covered business to cede										40.00%	40.00%
Commission rate, percent of ceded written premiums									31.00%	31.00%	34.375%					5.00%					5.00%							5.00%
Commission rate, adjustment to percent of ceded written premiums									1.00%
Commission rate, adjusted percent of ceded written premiums									30.00%
Commission rate, adjustment criteria, threshold percent of specialty risk and extended warranty to covered business									42.00%
Commission rate, adjustment criteria 2, floor percent of specialty risk and extended warranty to covered business									38.00%
Commission rate, reduced adjustment to percent of ceded written premiums									0.50%
Commission rate, reduced adjustment to percent of ceded written premiums									30.50%
Contract extension									1 year		1 year
Cancellation notice period									9 months																															30 days					30 days
Cancellation notice period upon the occurrence of certain early termination events									30 days
Early termination events, reduction threshold of stockholders' equity									50.00%
Premiums and losses related to policies																40.00%
Maximum limit of liability attaching											2,000,000				10,000,000	5,000,000
Percent basis currency equivalent of maximum limit of liabilitiy attaching															100.00%	100.00%
Profit sharing commencement period																2 years
Portion of excess performance to be shared																50.00%
Agreement period																					3 years							1 year													1 year									10 months
Revenue from related parties																									7,363,000	10,276,000	88,000		107,000	0	0	2,145,000	7,000	1,000
Percent of gross liabilities, from related party																												80.00%
Contract extension									3 years																																										1 year
Expenses recorded from related party transactions												185,574,000	150,140,000	139,092,000			5,876,000	3,405,000				2,171,000	3,155,000	26,000																		9,097,000	6,977,000	5,564,000			3,697,000	3,158,000	2,643,000			38,000	96,000
Percent participation in reinsurance program																			40.00%	45.00%
Excess reinsurance coverage above threshold																				9,000,000
Reinsurance coverage threshold																				1,000,000
Reinsurance coverage limit																			10,000,000	10,000,000
Annual aggregate deductible																				1,250,000
Remaining percent participation in single carrier																				55.00%
Percent of credit insurance business to cede																					90.00%
Percent of general liability busines to cede																					100.00%
Loan to related party	167,975,000	167,975,000			167,975,000																																																		167,975,000
Loan to related party, Basis spread on LIBOR																																																						0.90%
Loan to related party, LIBOR basis spread assessment period																																																						360 days
Collateral held by related party																																			857,013,000	461,216,000
Accrued interest on collateral held by related party																																			6,967,000	4,131,000																		0	0
Brokerage fee, percent of premium assumed																																									1.25%
Reserve for loss and loss adjustment expenses																																										6,299,000	4,891,000
Brokerage fees paid																																					61,000	111,000	83,000
Quarterly brokerage fee, below portfolio threshold, percent of average holdings																																														0.05%
Quarterly brokerage fee, portfolio threshold																																														$ 1,000,000,000
Quarterly brokerage fee, above portfolio threshold, percent of average holdings																																														0.0375%

Related Party Transactions - ACAC (Details) (USD $)	12 Months Ended					1 Months Ended		1 Months Ended	0 Months Ended		3 Months Ended	34 Months Ended	12 Months Ended			0 Months Ended	12 Months Ended								0 Months Ended
Related Party Transactions - ACAC (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Sep. 30, 2012 Senior notes 8.25% Senior note	Jun. 30, 2011 Senior notes 8.25% Senior note	Jun. 30, 2011 Junior subordinated debt Trust Preferred Securities	Sep. 30, 2012 Junior subordinated debt Trust Preferred Securities	Jun. 30, 2011 American Capital Acquisition Corp. Senior notes 8.25% Senior note	Jul. 15, 2011 American Capital Acquisition Corp. Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust	Sep. 30, 2012 American Capital Acquisition Corp. Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust	Dec. 31, 2012 American Capital Acquisition Corp. ACAC Quota Share Reinsurance Agreement	Dec. 31, 2012 American Capital Acquisition Corp. ACAC Quota Share Reinsurance Agreement	Dec. 31, 2012 American Capital Acquisition Corp. ACAC Quota Share Reinsurance Agreement Commissions paid	Dec. 31, 2011 American Capital Acquisition Corp. ACAC Quota Share Reinsurance Agreement Commissions paid	Dec. 31, 2010 American Capital Acquisition Corp. ACAC Quota Share Reinsurance Agreement Commissions paid	Sep. 12, 2012 American Capital Acquisition Corp. ACAC Integon Consulting Agreement	Dec. 31, 2012 American Capital Acquisition Corp. ACAC Integon Consulting Agreement	Dec. 31, 2012 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement	Dec. 31, 2012 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Commissions paid	Dec. 31, 2011 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Commissions paid	Dec. 31, 2010 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Commissions paid	Dec. 31, 2012 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Premiums earned	Dec. 31, 2011 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Premiums earned	Dec. 31, 2010 American Capital Acquisition Corp. ACAC New South Insurance Company Reinsurance Agreement Premiums earned	Jul. 15, 2011 American Capital Acquisition Corp. AmTrust International Insurance, Ltd. Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust	Jul. 15, 2011 Michael Karfunkel Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust	Jul. 15, 2011 George Karfunkel Junior subordinated debt Trust Preferred Securities Maiden Capital Financing Trust
Related Party Transaction [Line Items]
Percent of net premiums of personal lines business reinsured												25.00%
Percent participation in quota share by parent												50.00%
Percent of net premiums of personal lines business received by parent												25.00%
Percent of net premiums of personal lines business received by reinsurers												50.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers												50.00%
Agreement period												3 years				1 year
Contract extension												3 years				1 year
Cancellation notice period												9 months				120 days
Cancellation notice period upon the occurrence of certain early termination events												60 days
Early termination events, reduction threshold of stockholders' equity												50.00%
Cancellation notice period upon the occurrence of IPO												9 months
Commission rate, percent of ceded written premiums											32.00%	32.50%
Commission rate, adjusted percent of ceded written premiums												34.50%
Commission rate, adjustment criteria, loss ratio ceiling												60.00%
Commission rate, reduced adjustment to percent of ceded written premiums											30.00%	30.50%
Commission rate, adjustment criteria, loss ratio floor											64.50%	64.50%
Expenses recorded from related party transactions													$ 85,296,000	$ 74,983,000	$ 37,654,000				$ 0	$ 0	$ 61,000
Monthly base fee																25
Fee rate per policy quote																0.1
Fee rate per policy requote																0.1
Face amount				107,500,000	107,500,000			107,500,000		260,000,000
Percent of personal lines business ceded to related party																		100.00%
Revenue from related parties																	100,000					0	(600)	398,000
Stated interest rate					8.25%		14.00%	8.25%
Principal amount repurchased	$ 0	$ 107,500,000	$ 0			$ 107,500,000		$ 107,500,000	$ 12,500,000																$ 12,500,000	$ 79,066,000	$ 25,000,000

Commitments and Contingencies (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	0 Months Ended	3 Months Ended	12 Months Ended
	Dec. 28, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Loss Contingencies [Line Items]
Net premiums written			$ 1,901,285	$ 1,723,521	$ 1,227,831
Letters of credit outstanding		101,411	101,411	97,486
Rent expense			2,485	2,283	1,969
2013		2,004	2,004
2014		1,646	1,646
2015		942	942
2016		482	482
2017		482	482
Total		5,556	5,556
Dividends declared per common share (in dollars per share)		$ 0.09	$ 0.33	$ 0.30	$ 0.265
Dividends declared per Preference share (in dollars per share)		$ 0.6073
Dividends paid (in dollars per share)	$ 0.09
Letter of credit
Loss Contingencies [Line Items]
Collateral		113,717	113,717	109,337
Segment concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			56.80%	51.00%	51.90%
AmTrust Quota Share Reinsurance
Loss Contingencies [Line Items]
Net premiums written			840,346	669,283	468,043
AmTrust Quota Share Reinsurance \| Segment concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			42.00%	36.90%	36.10%
ACAC Quota Share
Loss Contingencies [Line Items]
Net premiums written			295,646	256,201	205,739
ACAC Quota Share \| Segment concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			14.80%	14.10%	15.80%
Diversified Reinsurance
Loss Contingencies [Line Items]
Net premiums written			$ 765,293	$ 798,037	$ 554,049
Diversified Reinsurance \| Broker concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			49.70%	59.70%	56.30%
Number of major brokers			3
Diversified Reinsurance \| Marsh & McLennan Inc. \| Broker concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			24.10%	27.40%	31.00%
Diversified Reinsurance \| Aon Benfield Group, Ltd. \| Broker concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			13.50%	18.10%	16.90%
Diversified Reinsurance \| Beach & Associates, Ltd. \| Broker concentration risk \| Gross premiums written
Loss Contingencies [Line Items]
Concentration risk, percentage			12.10%	14.20%	8.40%

Earnings per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings Per Share [Abstract]
Net income attributable to Maiden shareholders									$ 46,510	$ 28,524	$ 69,866
Weighted average number of common shares outstanding – basic (in shares)									72,263,022	72,155,503	70,799,966
Potentially dilutive securities:
Share options and restricted share units (in shares)									842,509	748,185	572,722
Weighted average number of common shares outstanding – diluted (in shares)									73,105,531	72,903,688	71,372,688
Basic earnings (loss) per share attributable to Maiden shareholders: (in dollars per share)	$ (0.14)	$ 0.30	$ 0.20	$ 0.28	$ 0.25	$ 0.22	$ (0.34)	$ 0.27	$ 0.64	$ 0.40	$ 0.99
Diluted earnings (loss) per share attributable to Maiden shareholders: (in dollars per share)	$ (0.14)	$ 0.30	$ 0.20	$ 0.28	$ 0.24	$ 0.22	$ (0.34)	$ 0.27	$ 0.64	$ 0.39	$ 0.98

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

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-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 942

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-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Earnings per Common Share - Anti-dilutive Securities (Details) (Share options)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share options excluded from the calculation of diluted earnings per common share	2,072,989	2,137,836	1,820,626

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Antidilution

-URI http://asc.fasb.org/extlink&oid=6505113

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Diluted Earnings Per Share

-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 13, 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Shareholders' Equity (Details) (USD $)	0 Months Ended				1 Months Ended		12 Months Ended			0 Months Ended		1 Months Ended
Shareholders' Equity (Details) (USD $)	Sep. 20, 2010	Jan. 20, 2009	Oct. 14, 2008	Jun. 14, 2007	Jul. 31, 2007	Jun. 30, 2007	Dec. 31, 2012 director	Dec. 31, 2011	Dec. 31, 2010	Aug. 22, 2012 Preference Shares - Series A	Dec. 24, 2012 Maximum	Jun. 30, 2007 Founding shareholders
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued and outstanding shares – January 1 (in shares)							72,221,428	72,107,100	70,291,289
Exercise of options (in shares)							122,519	114,328	15,811
Exchange of warrants (in shares)							0	0	1,800,000
Issued and outstanding shares – December 31 (in shares)							72,343,947	72,221,428	72,107,100
Number of shares authorized (in shares)							150,000,000
Common shares, par value (in dollars per share)							$ 0.01	$ 0.01
Common shares, shares outstanding (in shares)							72,343,947	72,221,428	72,107,100
Number of shares issued (in shares)												7,800,000
Investment												$ 50,000,000
Number of shares issued (in shares)		11,700,000			51,750,000					6,000,000
Proceeds from private placement sale					479,929,000
Authorized amount of Share Repurchase Program											75,000,000
Term of Warrant						10 years
Number of common shares callable by Warrants (in shares)	1,800,000			4,050,000
Price per common share callable by warrants (in dollars per share)				$ 10
Fair value of Warrants	8,343,000			19,521,000
Risk free interest rate				5.16%
Expected volatility				34.53%
Expected life				10 years
Expected dividend rate				1.00%
Period following exchange for which shares are restricted	36 months
Fair value per Warrant (in dollars per Warrant)	2.06
Fair value of share (in dollars per share)	$ 4.56									$ 25
Value of restricted stock	8,208,000
Period in which dissolved hedge fund will redistribute funds			18 months
Portion of investment redeemed			90.00%
Number of Treasury shares acquired (in shares)			962,336
Valuation of Treasury shares acquired (in dollars per share)			$ 3.95
Dividend rate of Preference Shares										8.25%
Par value of Preference Shares (in dollars per share)										$ 0.01
Proceeds from issuance of Preference Shares							145,041,000	0	0	145,041,000
Expenses and underwriting discounts										4,959,000
Redemption price for Preference Shares										$ 25
Sale price of Preference Shares (in dollars per share)										$ 25
Preferred Stock, number of Directors contingently electable							2
Preferred Stock, dividend default period							six or more dividend periods
Dividends on preference shares							$ 3,644,000

Share Based Compensation (Details) (USD $)	12 Months Ended										9 Months Ended		10 Months Ended
Share Based Compensation (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2012 Minimum	Dec. 31, 2011 Minimum	Dec. 31, 2010 Minimum	Dec. 31, 2012 Maximum	Dec. 31, 2011 Maximum	Dec. 31, 2010 Maximum	Sep. 30, 2012 Share options	Dec. 31, 2012 Share options	Dec. 31, 2012 CEO Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)	10,000,000
Portion of options that will become exercisable on the first anniversary of the grant date												25.00%
Additional options vesting each quarter based on the grantee’s continued employment over a four-year period after the first anniversary												6.25%
Additional vesting period after first anniversary											4 years
Award expiration period											10 years
Share-based compensation expense from adoption of ASC Topic 718	$ 1,347,000	$ 1,307,000	$ 1,015,000
Assumptions:
Volatility, minimum	45.30%	45.55%	29.50%
Volatility, maximum	47.60%	47.60%	46.00%
Risk-free interest rate, minimum	0.85%	1.29%	1.62%
Risk-free interest rate, maximum	1.29%	1.62%	3.21%
Weighted average expected lives	6 years 1 month 6 days	6 years 1 month 6 days					5 years 6 months			6 years 1 month 6 days
Forfeiture rate, minimum	1.60%	0.00%	0.00%
Dividend yield rate					3.04%	3.04%	1.00%	3.55%	3.27%	3.57%
Number of Share Options, Outstanding [Roll Forward]
Outstanding, start of period (in shares)	2,916,143	2,940,876	2,036,542
Granted (in shares)	117,000	133,500	931,333
Exercised (in shares)	(122,519)	(114,328)	(15,811)
Expired (in shares)	(103,847)	(375)	(688)
Forfeited (in shares)	(11,340)	(43,530)	(10,500)
Outstanding, end of period (in shares)	2,795,437	2,916,143	2,940,876	2,036,542
Total options exercisable at December 31, 2012, Number of Share Options	2,127,141
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 6.61	$ 6.41	$ 5.79		$ 3.28	$ 3.28	$ 3.28	$ 10	$ 10	$ 10
Granted (in dollars per share)	$ 8.89	$ 8.57	$ 7.57		$ 8.14	$ 7.63	$ 6.94	$ 9.42	$ 9.4	$ 7.99
Exercised (in dollars per share)	$ 3.90	$ 3.69	$ 3.28
Expired (in dollars per share)	$ 9.87	$ 7.65	$ 3.28
Forfeited (in dollars per share)	$ 7.54	$ 7.19	$ 3.28
Outstanding, end of period (in dollars per share)	$ 6.70	$ 6.61	$ 6.41	$ 5.79	$ 3.28	$ 3.28	$ 3.28	$ 10	$ 10	$ 10
Total options exercisable at December 31, 2012, Weighted Average Exercise Price (in dollars per share)	$ 6.35				$ 3.28			$ 10
Granted, Fair Value of Options (in dollars per share)	$ 2.65	$ 2.89	$ 2.45
Weighted Average Remaining Contractual Term [Roll Forward]
Outstanding, beginning of period	6 years 9 months	7 years 6 months 18 days	8 years 4 months 24 days	8 years 10 months 10 days
Granted	9 years 7 months 24 days	9 years 9 months 7 days	9 years 7 months 6 days
Outstanding, end of period	6 years 9 months	7 years 6 months 18 days	8 years 4 months 24 days	8 years 10 months 10 days
Total options exercisable at December 31, 2012, Weighted Average Remaining Contractual Term	6 years 4 months 6 days
Options Outstandings, Aggregate Instrinsic Value	7,271	6,866	5,286	1,548
Options Exercised, Aggregate Instrinsic Value	616	587	68
Total options exercisable at December 31, 2012, Aggregate Instrinsic Value	6,336
Weighted average grant date fair value (in dollars per share)	$ 2.05	$ 2.01	$ 1.91
Unrecognized compensation cost related to non-vested share-based compensation arrangements	1,528,000												524,000
Period of recognition	4 years
Proceeds from stock options exercised	478,000	422,000	52,000
Units awarded													86,705
Annual vesting percentage													33.33%
Fair value of awards													$ 8.56
Life of awards													34 months
Defined contribution plans expense	$ 2,529,000	$ 2,813,000	$ 2,326,000

Taxation (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Current tax (benefit) expense									$ 1,020	$ 632	$ 160
Deferred tax expense									1,193	1,295	1,170
Total income tax expense									2,213	1,927	1,330
Income before income taxes									52,474	30,454	71,192
Total income tax expense									2,213	1,927	1,330
Net Income (Loss)	(10,327)	21,919	14,541	20,377	17,544	16,004	(24,366)	19,342	50,261	28,527	69,862
Bermuda tax rate									0.00%	0.00%	0.00%
U.S. taxes at statutory rates									(9.40%)	(67.20%)	(18.80%)
Valuation allowance in respect of U.S. taxes									11.70%	71.30%	20.60%
Other jurisdictions									1.90%	2.20%	0.10%
Actual tax rate									4.20%	6.30%	1.90%
Net operating losses	42,014				38,279				42,014	38,279
Unearned premiums	8,929				5,595				8,929	5,595
Discounting of net loss and loss adjustment expense reserves	10,585				5,212				10,585	5,212
Accruals not currently deductible	88				1,647				88	1,647
Amortization of intangibles	2,988				2,680				2,988	2,680
Others	913				343				913	343
Deferred tax assets before valuation allowance	65,517				53,756				65,517	53,756
Valuation allowance	41,231				36,208				41,231	36,208
Deferred tax assets, net	24,286				17,548				24,286	17,548
Deferred commission and other acquisition expenses	13,054				7,829				13,054	7,829
Indefinite lived intangible	2,870				2,870				2,870	2,870
Amortization of goodwill	4,837				3,676				4,837	3,676
Net unrealized gains on investments	10,249				9,111				10,249	9,111
Market discount on bonds	488				497				488	497
Others	488				24				488	24
Deferred tax liabilities	31,986				24,007				31,986	24,007
Net deferred tax liability	7,700				6,459				7,700	6,459
Increase/(decrease) in valuation allowance									6,104	21,713
Other comprehensive income
Operating Loss Carryforwards [Line Items]
Increase/(decrease) in valuation allowance									(1,081)	1,545
U.S.
Operating Loss Carryforwards [Line Items]
Current tax (benefit) expense									34	79	130
Deferred tax expense									1,161	1,161	1,170
Net operating loss carry-forward	119,991								119,991
Other jurisdictions
Operating Loss Carryforwards [Line Items]
Current tax (benefit) expense									986	553	30
Deferred tax expense									$ 32	$ 134	$ 0

Statutory Financial Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
UNITED STATES
Statutory Accounting Practices [Line Items]
Dividends permitted as a percentage of surplus	10.00%
MISSOURI
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	$ 0
NORTH CAROLINA
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	4,616
Maiden Bermuda \| BERMUDA
Statutory Accounting Practices [Line Items]
Minimum share capital	120
Statutory Capital and Surplus	942,806	693,435
Minimum Solvency Margin	231,133	226,468
Dividends or distributions limit	217,652
Target Capital Level	120.00%
Statutory Net Income (Loss)	79,113	30,070	89,562
Maiden US \| UNITED STATES
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	267,863	268,055
Statutory Net Income (Loss)	(19,156)	(1,684)	1,268
Maiden Specialty \| UNITED STATES
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	46,164	36,280
Statutory Net Income (Loss)	1,227	119	1,675
Maiden LF \| SWEDEN
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	8,603	7,866
Minimum Solvency Margin	4,618	4,536
Dividends or distributions limit	2,007
Statutory assets	29,378	31,761
Statutory Net Income (Loss)	$ 464	$ 753	$ 486

- Definition

The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country.

+ References+ Details

Subsequent Events (Details) (USD $)	3 Months Ended	12 Months Ended			1 Months Ended	12 Months Ended	15 Months Ended	55 Months Ended	2 Months Ended			0 Months Ended
Subsequent Events (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jul. 31, 2007 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Mar. 31, 2011 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Dec. 31, 2012 AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Mar. 06, 2013 Subsequent event AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance	Mar. 06, 2013 Subsequent event AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance Minimum	Mar. 06, 2013 Subsequent event AmTrust Financial Services, Inc. AmTrust Quota Share Reinsurance Maximum	Feb. 19, 2013 Subsequent event Dividend declared
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.09	$ 0.33	$ 0.30	$ 0.265								$ 0.09
Dividends declared per Preference share (in dollars per share)	$ 0.6073											$ 0.515625
Premiums and losses related to covered business to cede							40.00%	40.00%	31.00%
Commission rate, percent of ceded written premiums						31.00%	31.00%	34.375%	34.375%
Commission rate, adjustment criteria, loss ratio floor										81.50%
Commission rate, adjustment criteria, loss ratio ceiling											95.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party					40.00%				40.00%

Condensed Quarterly Financial Data - Unaudited (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 504,622	$ 475,555	$ 456,536	$ 463,052	$ 439,035	$ 440,656	$ 390,371	$ 370,378	$ 1,899,765	$ 1,640,440	$ 1,248,045
Net income (loss) attributable to noncontrolling interest	(6,657)	21,934	14,606	20,378	17,552	16,002	(24,372)	19,345	50,154	28,524	69,866
Net income attributable to Maiden shareholders	(10,327)	21,919	14,541	20,377	17,544	16,004	(24,366)	19,342	50,261	28,527	69,862
Comprehensive income (loss) - attributable to Maiden shareholders	$ (2,994)	$ 63,802	$ 19,250	$ 47,167	$ 6,841	$ 12,918	$ (5,722)	$ 24,212	$ 127,225	$ 38,249	$ 91,453
Basic earnings per share attributable to Maiden shareholders (in dollars per share)	$ (0.14)	$ 0.30	$ 0.20	$ 0.28	$ 0.25	$ 0.22	$ (0.34)	$ 0.27	$ 0.64	$ 0.40	$ 0.99
Diluted earnings per share attributable to Maiden shareholders (in dollars per share)	$ (0.14)	$ 0.30	$ 0.20	$ 0.28	$ 0.24	$ 0.22	$ (0.34)	$ 0.27	$ 0.64	$ 0.39	$ 0.98

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References+ Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591552-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

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-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Schedule I Summary of Investments, Other than Investments in Related Parties (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	$ 2,475,202	$ 1,957,106
Other Investments, Amortized cost		1,955
Total investments, Original or amortized cost	2,477,801	1,959,061
Fair value	2,618,697	2,020,661
Other investments, at fair value	2,901	2,192
Total investments	2,621,598	2,022,853
Carrying amount	2,621,598
U.S. treasury bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	42,671	44,175
Fair value	43,931	45,949
Carrying amount	43,931
U.S. agency bonds – mortgage-backed
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	962,649	928,944
Fair value	992,174	972,099
Carrying amount	992,174
U.S. agency bonds – other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	11,682	10,374
Fair value	13,089	10,996
Carrying amount	13,089
Non-U.S. government bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	55,169	52,489
Fair value	57,433	52,274
Carrying amount	57,433
Other mortgage-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	23,167	9,919
Fair value	24,068	9,920
Carrying amount	24,068
Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	1,247,260	742,867
Fair value	1,354,154	760,357
Carrying amount	1,354,154
Municipal bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	132,604	168,338
Fair value	133,848	169,066
Carrying amount	133,848
Available-for-sale securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	2,475,202
Fair value	2,618,697
Carrying amount	2,618,697
Other investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Other Investments, Amortized cost	2,599
Other investments, at fair value	2,901
Carrying amount	$ 2,901

- Definition

Amount of debt securities categorized neither as held-to-maturity nor trading.

+ References

+ Details

Schedule II Condensed Financial Information of Parent Company - Balance Sheet (Details) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value	$ 2,618,697	$ 2,020,661
Cash and cash equivalents	81,543	188,082	96,151	107,396
Other assets	33,742	19,270
Total assets	4,138,163	3,395,111
Accrued expenses and other liabilities	111,957	161,883
Total liabilities	3,122,552	2,626,131
Preference shares - Series A	150,000	0
Common shares ($0.01 par value; 73,306,283 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,343,947 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	733	732
Accumulated other comprehensive income	141,130	64,059
Retained earnings	151,308	128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders' equity	1,015,239	768,642
Total liabilities and equity	4,138,163	3,395,111
Balance Sheet Related Disclosures [Abstract]
Amortized cost	2,475,202	1,957,106
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	73,306,283	73,183,764
Common shares, shares outstanding (in shares)	72,343,947	72,221,428	72,107,100	70,291,289
Treasury shares, shares (in shares)	962,336	962,336
Parent Company
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value	103,651	0
Cash and cash equivalents	3,147	550	797	188
Investment in subsidiaries	1,213,865	983,816
Balances due from subsidiaries	55,370	137,733
Other assets	1,063	233
Total assets	1,377,096	1,122,332
Accrued expenses and other liabilities	1,138	8,495
Balances due to subsidiaries	360,719	345,195
Total liabilities	361,857	353,690
Preference shares - Series A	150,000	0
Common shares ($0.01 par value; 73,306,283 and 73,183,764 shares issued in 2012 and 2011, respectively; 72,343,947 and 72,221,428 shares outstanding in 2012 and 2011, respectively)	733	732
Additional paid-in capital	575,869	579,004
Accumulated other comprehensive income	141,130	64,059
Retained earnings	151,308	128,648
Treasury shares, at cost (2012 and 2011: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders' equity	1,015,239	768,642
Total liabilities and equity	1,377,096	1,122,332
Balance Sheet Related Disclosures [Abstract]
Amortized cost	$ 103,049
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	73,306,283	73,183,764
Common shares, shares outstanding (in shares)	72,343,947	72,221,428
Treasury shares, shares (in shares)	962,336	962,336

Schedule II Condensed Financial Information of Parent Company - Statements of Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Net investment income (loss)									$ 81,188	$ 74,891	$ 71,651
Net realized and unrealized (losses) gains on investments									1,907	481	6,604
Total revenues	504,622	475,555	456,536	463,052	439,035	440,656	390,371	370,378	1,899,765	1,640,440	1,248,045
General and administrative expenses									53,804	53,892	42,180
Foreign exchange losses (gains)									(1,638)	(323)	580
Total expenses									1,847,291	1,609,986	1,176,853
Net Income (Loss)	(10,327)	21,919	14,541	20,377	17,544	16,004	(24,366)	19,342	50,261	28,527	69,862
Dividends on preference shares									(3,644)
Net income attributable to Maiden common shareholders									46,510	28,524	69,866
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net investment income (loss)									795	408	(118)
Net realized and unrealized (losses) gains on investments									229	0	0
Total revenues									1,024	408	(118)
General and administrative expenses									8,030	10,806	7,076
Foreign exchange losses (gains)									(225)	31	0
Total expenses									7,805	10,837	7,076
Loss before equity in earnings of consolidated subsidiaries									(6,781)	(10,429)	(7,194)
Equity in earnings of consolidated subsidiaries									56,935	38,953	77,060
Net Income (Loss)									50,154	28,524	69,866
Dividends on preference shares									(3,644)	0	0
Net income attributable to Maiden common shareholders									$ 46,510	$ 28,524	$ 69,866

Schedule II Condensed Financial Information of Parent Company - Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Net income attributable to Maiden shareholders	$ 50,261	$ 28,527	$ 69,862
Net realized and unrealized (gains) losses on investments	(1,907)	(481)	(6,604)
Foreign exchange losses (gains)	(1,638)	(323)	580
Other assets	(13,277)	(14,422)	1,583
Net cash provided by operating activities	319,089	181,270	151,579
Purchases of fixed-maturity securities - available-for-sale	(1,193,768)	(636,141)	(1,010,142)
Proceeds from sales of fixed-maturity securities - available-for-sale	142,694	304,499	331,593
Proceeds from maturities and calls of fixed maturity securities	484,091	310,526	507,326
Net cash (used in) provided by investing activities	(637,546)	13,326	(125,193)
Preference shares - Series A issuance, net of issuance costs	145,041	0	0
Dividends paid on preference shares	(3,644)	0	0
Dividends paid to Maiden common shareholders	(29,630)	(20,921)	(18,394)
Common share issuance	478	422	52
Net cash provided by (used in) financing activities	208,839	(99,535)	(37,239)
Net (decrease) increase in cash and cash equivalents	(106,539)	91,931	(11,245)
Cash and cash equivalents, beginning of period	188,082	96,151	107,396
Cash and cash equivalents, end of period	81,543	188,082	96,151
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net income attributable to Maiden shareholders	50,154	28,524	69,866
Equity in earnings of consolidated subsidiaries	(56,935)	(38,953)	(77,060)
Amortization of bond premium and discount	786	0	0
Net realized and unrealized (gains) losses on investments	(229)	0	0
Foreign exchange losses (gains)	(225)	31	0
Non-cash share compensation expense	1,347	1,307	1,015
Balance due from subsidiaries	82,588	(36,414)	(4,209)
Other assets	(829)	230	(57)
Accounts payable and accrued liabilities	(1,579)	1,746	387
Balances due to subsidiaries	15,524	63,633	36,485
Net cash provided by operating activities	90,602	20,104	26,427
Purchases of fixed-maturity securities - available-for-sale	(137,486)	0	0
Proceeds from sales of fixed-maturity securities - available-for-sale	9,452	0	0
Proceeds from maturities and calls of fixed maturity securities	24,427	0	0
Investment in subsidiaries	(96,643)	148	(7,476)
Net cash (used in) provided by investing activities	(200,250)	148	(7,476)
Preference shares - Series A issuance, net of issuance costs	145,041	0	0
Dividends paid on preference shares	(3,644)	0	0
Dividends paid to Maiden common shareholders	(29,630)	(20,921)	(18,394)
Common share issuance	478	422	52
Net cash provided by (used in) financing activities	112,245	(20,499)	(18,342)
Net (decrease) increase in cash and cash equivalents	2,597	(247)	609
Cash and cash equivalents, beginning of period	550	797	188
Cash and cash equivalents, end of period	$ 3,147	$ 550	$ 797

Schedule III Supplementary Insurance Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	$ 270,669	$ 248,436	$ 203,631
Reserve for loss and loss adjustment expenses	1,740,281	1,398,438	1,226,773
Unearned premiums	936,497	832,047	657,556
Net premiums earned	1,803,780	1,552,428	1,169,790
Net investment income	81,188	74,891	71,651
Net loss and loss adjustment expenses	1,262,348	1,043,054	755,122
Amortization of deferred commission and other acquisition expenses	492,031	438,812	336,697
General and administrative expenses	53,804	53,892	42,180
Net premiums written	1,901,285	1,723,521	1,227,831
Diversified Reinsurance
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	83,287	98,712	85,252
Reserve for loss and loss adjustment expenses	1,139,179	1,011,431	971,317
Unearned premiums	324,954	348,131	291,148
Net premiums earned	795,341	748,387	601,254
Net investment income	0	0	0
Net loss and loss adjustment expenses	583,970	502,375	394,604
Amortization of deferred commission and other acquisition expenses	203,209	200,239	152,698
General and administrative expenses	40,951	36,374	26,123
Net premiums written	765,293	798,037	554,049
AmTrust Quota Share Reinsurance
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	153,530	120,369	92,155
Reserve for loss and loss adjustment expenses	521,924	327,101	222,812
Unearned premiums	503,915	391,275	284,124
Net premiums earned	727,781	558,197	445,081
Net investment income	0	0	0
Net loss and loss adjustment expenses	494,633	380,263	280,890
Amortization of deferred commission and other acquisition expenses	200,546	160,522	144,655
General and administrative expenses	1,949	2,283	1,500
Net premiums written	840,346	669,283	468,043
ACAC Quota Share
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	33,852	29,355	26,224
Reserve for loss and loss adjustment expenses	79,178	59,906	32,644
Unearned premiums	107,628	92,641	82,284
Net premiums earned	280,658	245,844	123,455
Net investment income	0	0	0
Net loss and loss adjustment expenses	183,745	160,416	79,628
Amortization of deferred commission and other acquisition expenses	88,276	78,051	39,344
General and administrative expenses	737	1,635	243
Net premiums written	295,646	256,201	205,739
Corporate
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	0	0	0
Reserve for loss and loss adjustment expenses	0	0	0
Unearned premiums		0	0
Net premiums earned	0	0	0
Net investment income	81,188	74,891	71,651
Net loss and loss adjustment expenses	0	0	0
Amortization of deferred commission and other acquisition expenses	0	0	0
General and administrative expenses	10,167	13,600	14,314
Net premiums written	$ 0	$ 0	$ 0

Schedule IV Supplementary Reinsurance Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Gross	$ 122,412	$ 114,036	$ 71,625
Ceded to other companies	99,707	89,076	70,224
Assumed from other companies	1,878,580	1,698,561	1,226,430
Net premiums earned	$ 1,901,285	$ 1,723,521	$ 1,227,831
Percentage of amount to net	98.80%	98.60%	99.90%

Schedule VI Supplementary Reinsurance Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Net loss and loss adjustment expenses, Current Year	$ 1,239,016	$ 1,028,855	$ 787,967
Net loss and loss adjustment expenses, Prior Year	23,332	14,199	(32,845)
Paid loss and loss adjustment expenses	$ 1,015,309	$ 880,004	$ 631,334

Significant Accounting Policies - Capital Assets (Details)	12 Months Ended
	Dec. 31, 2012
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful life	3 years