Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 04, 2013
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
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		72,613,048

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Fixed maturities, available-for-sale, at fair value (Amortized cost 2013: $2,620,107; 2012: $2,475,202)	$ 2,674,305	$ 2,618,697
Other investments, at fair value (Cost 2013: $4,500; 2012: $2,599)	5,006	2,901
Total investments	2,679,311	2,621,598
Cash and cash equivalents	131,296	81,543
Restricted cash and cash equivalents	269,944	132,327
Accrued investment income	23,107	21,007
Reinsurance balances receivable, net (includes $272,391 and $265,766 from related parties in 2013 and 2012, respectively)	554,680	522,614
Funds withheld	45,492	42,712
Prepaid reinsurance premiums (includes $360 and $743 from related parties in 2013 and 2012, respectively)	49,515	38,725
Reinsurance recoverable on unpaid losses (includes $9,132 and $9,387 from related parties in 2013 and 2012, respectively)	97,334	110,858
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $222,785 and $187,387 from related parties in 2013 and 2012, respectively)	310,726	270,669
Goodwill and intangible assets, net	91,558	94,393
Other assets	28,734	33,742
Total assets	4,449,672	4,138,163
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $825,096 and $610,810 from related parties in 2013 and 2012, respectively)	1,926,635	1,740,281
Unearned premiums (includes $742,204 and $612,903 from related parties in 2013 and 2012, respectively)	1,089,218	936,497
Accrued expenses and other liabilities	126,002	111,957
Senior notes	207,500	207,500
Junior subordinated debt	126,364	126,317
Total liabilities	3,475,719	3,122,552
Commitments and Contingencies
EQUITY
Preference shares	150,000	150,000
Common shares ($0.01 par value; 73,575,384 and 73,306,283 shares issued in 2013 and 2012, respectively; 72,613,048 and 72,343,947 shares outstanding in 2013 and 2012, respectively)	736	733
Additional paid-in capital	579,170	575,869
Accumulated other comprehensive income	48,619	141,130
Retained earnings	198,796	151,308
Treasury shares, at cost (2013 and 2012: 962,336 shares)	(3,801)	(3,801)
Total Maiden shareholders’ equity	973,520	1,015,239
Noncontrolling interest in subsidiaries	433	372
Total equity	973,953	1,015,611
Total liabilities and equity	$ 4,449,672	$ 4,138,163

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fixed Maturities, available-for-sale, Amortized cost	$ 2,620,107	$ 2,475,202
Other Investments, Cost	4,500	2,599
Reinsurance balance receivable, net	554,680	522,614
Prepaid reinsurance premiums	49,515	38,725
Reinsurance recoverable on unpaid losses	97,334	110,858
Deferred commissions and other acquisition expenses	310,726	270,669
Reserve for loss and loss adjustment expenses	1,926,635	1,740,281
Unearned premiums	1,089,218	936,497
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	73,575,384	73,306,283
Common shares, shares outstanding	72,613,048	72,343,947
Treasury shares, shares	962,336	962,336
Related Party Transactions
Reinsurance balance receivable, net	272,391	265,766
Prepaid reinsurance premiums	360	743
Reinsurance recoverable on unpaid losses	9,132	9,387
Deferred commissions and other acquisition expenses	222,785	187,387
Reserve for loss and loss adjustment expenses	825,096	610,810
Unearned premiums	$ 742,204	$ 612,903

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Gross premiums written	$ 491,915,000	$ 478,515,000	$ 1,742,092,000	$ 1,536,955,000
Net premiums written	463,418,000	455,847,000	1,650,426,000	1,458,640,000
Change in unearned premiums	44,708,000	(6,874,000)	(140,585,000)	(134,055,000)
Net premiums earned	508,126,000	448,973,000	1,509,841,000	1,324,585,000
Other insurance revenue	3,271,000	2,622,000	11,266,000	9,650,000
Net investment income	23,253,000	21,550,000	65,977,000	60,072,000
Net realized gains on investment	477,000	2,410,000	3,707,000	836,000
Total revenues	535,127,000	475,555,000	1,590,791,000	1,395,143,000
Expenses:
Net loss and loss adjustment expenses	341,629,000	309,146,000	1,019,871,000	897,498,000
Commission and other acquisition expenses	144,194,000	120,923,000	420,096,000	367,844,000
General and administrative expenses	13,251,000	13,578,000	44,163,000	42,617,000
Interest and amortization expenses	9,571,000	9,569,000	28,711,000	26,815,000
Amortization of intangible assets	945,000	1,090,000	2,835,000	3,271,000
Foreign exchange and other losses (gains)	23,000	(1,213,000)	(2,573,000)	(1,318,000)
Total expenses	509,613,000	453,093,000	1,513,103,000	1,336,727,000
Income before income taxes	25,514,000	22,462,000	77,688,000	58,416,000
Income taxes:
Current tax expense	136,000	397,000	656,000	880,000
Deferred tax expense	345,000	131,000	561,000	618,000
Income tax expense	481,000	528,000	1,217,000	1,498,000
Net income	25,033,000	21,934,000	76,471,000	56,918,000
Less: Income attributable to noncontrolling interest	(36,000)	(15,000)	(95,000)	(81,000)
Net income attributable to Maiden shareholders	24,997,000	21,919,000	76,376,000	56,837,000
Dividends on preference shares	(3,093,000)	0	(9,281,000)	0
Net income attributable to Maiden common shareholders	$ 21,904,000	$ 21,919,000	$ 67,095,000	$ 56,837,000
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.30	$ 0.30	$ 0.92	$ 0.79
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.30	$ 0.30	$ 0.91	$ 0.78
Dividends declared per common share (in dollars per share)	$ 0.09	$ 0.08	$ 0.27	$ 0.24

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Comprehensive income:
Net income	$ 25,033	$ 21,934	$ 76,471	$ 56,918
Other comprehensive income (loss)
Net unrealized holding gains (losses) on available-for-sale fixed maturities arising during the period (net of tax of $(10) and $23 for the three and nine months ended September 30, 2013 and $(44) and $(39) for the three and nine months ended September 30, 2012, respectively)	5,922	45,986	(85,415)	76,098
Adjustment for reclassification of net realized gains recognized in net income, net of tax	(576)	(2,410)	(3,657)	(2,429)
Foreign currency translation adjustment	(4,744)	(1,700)	(3,427)	(292)
Other comprehensive income (loss)	602	41,876	(92,499)	73,377
Comprehensive income (loss)	25,635	63,810	(16,028)	130,295
Net income attributable to noncontrolling interest	(36)	(15)	(95)	(81)
Other comprehensive (income) loss attributable to noncontrolling interest	(18)	7	(12)	5
Comprehensive income attributable to noncontrolling interest	(54)	(8)	(107)	(76)
Comprehensive income (loss) attributable to Maiden shareholders	$ 25,581	$ 63,802	$ (16,135)	$ 130,219

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
Tax on unrealized holding (losses) gains on available-for-sale fixed maturities	$ (10)	$ (44)	$ 23	$ (39)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) In Thousands, unless otherwise specified	Total	Preference shares	Common shares	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings	Treasury shares	Noncontrolling interest in subsidiaries
Beginning balance at Dec. 31, 2011		$ 0	$ 732	$ 579,004	$ 64,059	$ 128,648	$ (3,801)	$ 338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preference shares - Series A		150,000
Preference shares - Series B subscribed but unissued		0
Subscription receivable		0
Exercise of options and issuance of shares			0	253
Issuance costs of preference shares				(4,959)
Share based compensation expense				995
Change in net unrealized (losses) gains on investments, net					73,669
Dividend paid to noncontrolling interest								(18)
Net income attributable to Maiden shareholders	56,918					56,837		81
Dividends on preference shares						0
Dividends on common shares						(17,344)
Foreign currency translation adjustment	(292)				(287)			(5)
Ending balance at Sep. 30, 2012	1,028,202	150,000	732	575,293	137,441	168,141	(3,801)	396
Beginning balance at Dec. 31, 2012	1,015,611	150,000	733	575,869	141,130	151,308	(3,801)	372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preference shares - Series A		0
Preference shares - Series B subscribed but unissued		150,000
Subscription receivable		(150,000)
Exercise of options and issuance of shares			3	1,633
Issuance costs of preference shares				0
Share based compensation expense				1,668
Change in net unrealized (losses) gains on investments, net					(89,072)
Dividend paid to noncontrolling interest								(46)
Net income attributable to Maiden shareholders	76,471					76,376		95
Dividends on preference shares						(9,281)
Dividends on common shares						(19,607)
Foreign currency translation adjustment	(3,427)				(3,439)			12
Ending balance at Sep. 30, 2013	$ 973,953	$ 150,000	$ 736	$ 579,170	$ 48,619	$ 198,796	$ (3,801)	$ 433

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$ 76,471	$ 56,918
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	3,870	4,755
Net realized gains on investment	(3,707)	(836)
Foreign exchange and other gains	(2,573)	(1,318)
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net	11,641	6,493
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(28,459)	(26,003)
Funds withheld	(3,319)	883
Prepaid reinsurance premiums	(10,790)	(8,240)
Reinsurance recoverable on unpaid losses	13,522	(8,818)
Accrued investment income	(2,055)	(8,094)
Deferred commission and other acquisition expenses	(40,023)	(26,164)
Other assets	4,441	(9,551)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	181,171	148,304
Unearned premiums	151,492	145,203
Accrued expenses and other liabilities	7,644	(5,385)
Net cash provided by operating activities	359,326	268,147
Cash flows from investing activities:
Purchases of fixed maturities – available-for-sale	(725,921)	(1,013,988)
Purchases of fixed-maturity securities – trading and short sales	0	(102,073)
Purchases of other investments	(2,013)	(794)
Proceeds from sales of fixed maturities – available-for-sale	186,957	120,865
Proceeds from sales of fixed-maturity securities – trading and short sales	0	49,883
Proceeds from maturities and calls of fixed maturities	387,692	331,162
Proceeds from redemption of other investments	259	274
Increase in restricted cash and cash equivalents	(137,617)	(429)
Proceeds from sale of a business unit	1,281	0
Other, net	(290)	(307)
Net cash used in investing activities	(289,652)	(615,407)
Cash flows from financing activities:
Senior notes issuance, net of issuance costs	0	96,594
Preference shares issuance, net of issuance costs	0	145,041
Common share issuance	1,636	254
Dividends paid to common shareholders	(13,063)	(17,339)
Dividends paid to preference shareholders	(9,281)	0
Net cash (used in) provided by financing activities	(20,708)	224,550
Effect of exchange rate changes on foreign currency cash	787	1,505
Net increase (decrease) in cash and cash equivalents	49,753	(121,205)
Cash and cash equivalents, beginning of period	81,543	188,082
Cash and cash equivalents, end of period	$ 131,296	$ 66,877

Basis of Presentation - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation - Summary of Significant Accounting Policies	Basis of Presentation - Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Maiden Holdings, Ltd. and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated in the condensed consolidated financial statements. These interim unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements, including these notes, should be read in conjunction with the Company's audited consolidated financial statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Certain reclassifications have been made for 2012 to conform to the 2013 presentation and have no impact on net income previously reported.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Standards Updates

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

In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. Entities may present the disaggregation either on the face of the statement where net income is presented or in the notes to the financial statements. 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 did not have any effect on the Company's results of operations, financial position or liquidity.

Balance Sheet Offsetting

In December 2011, the FASB issued new guidance requiring 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. This guidance is effective at 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 did not have any effect on the Company's results of operations, financial position or liquidity.

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 the 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 did not have any effect on the Company's results of operations, financial position or liquidity.

2. Recent Accounting Pronouncements (continued)

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.

Recently Issued Accounting Standards Updates Not Yet Adopted

Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity

In March 2013, FASB issued ASU 2013-05 with the objective of resolving the diversity about whether Accounting Standards Codification ("ASC") 810-10, Consolidation - Overall, or ASC 830-30, Foreign Currency Matters - Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity.

Under this guidance, when a reporting entity that is also the parent entity, ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in ASC 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, for an equity method investment that is a foreign entity, the partial sale guidance in ASC 830-30-40 continues to be applicable. As such, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. However, this treatment does not apply to an equity method investment that is not a foreign entity. In those instances, the cumulative translation adjustment is released into net income only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment.

Furthermore, the amendments in this ASU clarify that the sale of an investment in a foreign entity includes both: (1) events that result in the loss of a controlling financial interest in a foreign entity (that is, irrespective of any retained investment); and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date (sometimes also referred to as a step acquisition). Accordingly, the cumulative translation adjustment should be released into net income upon the occurrence of those events.

The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists

On July 18, 2013, FASB issued ASU 2013-11 which provides guidance on the presentation of an unrecognized tax benefit when a net operating loss ("NOL") carry-forward, a similar tax loss, or a tax credit carry-forward exists. Under this ASU, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a NOL carry-forward, similar tax loss, or a tax credit carry-forward. There are two exceptions to this form of presentation as follows:


•	To the extent a NOL carry-forward, a similar tax loss, or a tax credit carry-forward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position; and


•	The entity does not intend to use the deferred tax asset for this purpose.

2. Recent Accounting Pronouncements (continued)

If either of these conditions exists, an entity should present an unrecognized benefit in the financial statements as a liability and should not net the unrecognizable tax benefit with a deferred tax asset.

The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. 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 of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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

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-Name Regulation S-X (SX)

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-Glossary Direct Effects of a Change in Accounting Principle

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-Name Accounting Standards Codification

-Glossary Indirect Effects of a Change in Accounting Principle

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-Name Accounting Standards Codification

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+ Details

Segments

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segments

The Company currently operates three business segments, Diversified Reinsurance, AmTrust Quota Share Reinsurance and the NGHC Quota Share (formerly known as 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, and restricted cash and cash equivalents and investments. All remaining assets are allocated to Corporate.

Fee-generating business, which is included in the Diversified Reinsurance segment, is considered part of the underwriting operations of the Company.

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 with Maiden Insurance Company Ltd. ("Maiden Bermuda"), a proportionate share of the fee is offset against the related acquisition expense. To the extent that 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 unaudited Condensed Consolidated Statements of Income.

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

3. Segments (continued)



For the Three Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	185,620		$	259,633		$	18,165		$	463,418
Net premiums earned	$	198,966		$	243,408		$	65,752		$	508,126
Other insurance revenue	3,271			—			—			3,271
Net loss and loss adjustment expenses	(137,080		)	(160,212		)	(44,337		)	(341,629		)
Commission and other acquisition expenses	(51,657		)	(71,869		)	(20,668		)	(144,194		)
General and administrative expenses	(9,688		)	(504		)	(177		)	(10,369		)
Underwriting income	$	3,812		$	10,823		$	570		$	15,205
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,730
Amortization of intangible assets										(945		)
Foreign exchange and other losses										(23		)
Interest and amortization expenses										(9,571		)
Other general and administrative expenses										(2,882		)
Income tax expense										(481		)
Income attributable to noncontrolling interest										(36		)
Dividends on preference shares										(3,093		)
Net income attributable to Maiden common shareholders										$	21,904

Net loss and loss adjustment expense ratio*	67.8		%	65.8		%	67.4		%	66.8		%
Commission and other acquisition expense ratio**	25.5		%	29.5		%	31.4		%	28.2		%
General and administrative expense ratio***	4.8		%	0.3		%	0.3		%	2.6		%
Combined ratio****	98.1		%	95.6		%	99.1		%	97.6		%

3. Segments (continued)



For the Three Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	193,943		$	186,258		$	75,646		$	455,847
Net premiums earned	$	200,020		$	177,293		$	71,660		$	448,973
Other insurance revenue	2,622			—			—			2,622
Net loss and loss adjustment expenses	(141,625		)	(120,942		)	(46,579		)	(309,146		)
Commission and other acquisition expenses	(47,801		)	(50,525		)	(22,597		)	(120,923		)
General and administrative expenses	(9,256		)	(535		)	(199		)	(9,990		)
Underwriting income	$	3,960		$	5,291		$	2,285		$	11,536
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,960
Amortization of intangible assets										(1,090		)
Foreign exchange gains										1,213
Interest and amortization expenses										(9,569		)
Other general and administrative expenses										(3,588		)
Income tax expense										(528		)
Income attributable to noncontrolling interest										(15		)
Net income attributable to Maiden common shareholders										$	21,919

Net loss and loss adjustment expense ratio*	69.9		%	68.2		%	65.0		%	68.5		%
Commission and other acquisition expense ratio**	23.6		%	28.5		%	31.5		%	26.8		%
General and administrative expense ratio***	4.5		%	0.3		%	0.3		%	2.9		%
Combined ratio****	98.0		%	97.0		%	96.8		%	98.2		%

3. Segments (continued)



For the Nine Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	588,164		$	895,029		$	167,233		$	1,650,426
Net premiums earned	$	573,551		$	725,100		$	211,190		$	1,509,841
Other insurance revenue	11,266			—			—			11,266
Net loss and loss adjustment expenses	(398,680		)	(478,782		)	(142,409		)	(1,019,871		)
Commission and other acquisition expenses	(140,877		)	(213,199		)	(66,020		)	(420,096		)
General and administrative expenses	(31,639		)	(1,498		)	(530		)	(33,667		)
Underwriting income	$	13,621		$	31,621		$	2,231		$	47,473
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										69,684
Amortization of intangible assets										(2,835		)
Foreign exchange and other gains										2,573
Interest and amortization expenses										(28,711		)
Other general and administrative expenses										(10,496		)
Income tax expense										(1,217		)
Income attributable to noncontrolling interest										(95		)
Dividends on preference shares										(9,281		)
Net income attributable to Maiden common shareholders										$	67,095

Net loss and loss adjustment expense ratio*	68.2		%	66.0		%	67.4		%	67.0		%
Commission and other acquisition expense ratio**	24.1		%	29.4		%	31.3		%	27.6		%
General and administrative expense ratio***	5.4		%	0.2		%	0.2		%	3.0		%
Combined ratio****	97.7		%	95.6		%	98.9		%	97.6		%

3. Segments (continued)



For the Nine Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	626,220		$	607,902		$	224,518		$	1,458,640
Net premiums earned	$	603,613		$	512,988		$	207,984		$	1,324,585
Other insurance revenue	9,650			—			—			9,650
Net loss and loss adjustment expenses	(412,437		)	(350,553		)	(134,508		)	(897,498		)
Commission and other acquisition expenses	(159,895		)	(142,284		)	(65,665		)	(367,844		)
General and administrative expenses	(31,849		)	(1,444		)	(566		)	(33,859		)
Underwriting income	$	9,082		$	18,707		$	7,245		$	35,034
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										60,908
Amortization of intangible assets										(3,271		)
Foreign exchange gains										1,318
Interest and amortization expenses										(26,815		)
Other general and administrative expenses										(8,758		)
Income tax expense										(1,498		)
Income attributable to noncontrolling interest										(81		)
Net income attributable to Maiden common shareholders										$	56,837

Net loss and loss adjustment expense ratio*	67.3		%	68.3		%	64.7		%	67.3		%
Commission and other acquisition expense ratio**	26.1		%	27.7		%	31.6		%	27.6		%
General and administrative expense ratio***	5.1		%	0.4		%	0.2		%	3.1		%
Combined ratio****	98.5		%	96.4		%	96.5		%	98.0		%


*	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. Segments (continued)



September 30, 2013	Diversified Reinsurance		AmTrust Quota Share Reinsurance		NGHC Quota Share		Total
Reinsurance balances receivable, net	$	283,368	$	210,447	$	60,865	$	554,680
Funds withheld	45,492		—		—		45,492
Prepaid reinsurance premiums	49,515		—		—		49,515
Reinsurance recoverable on unpaid losses	97,334		—		—		97,334
Deferred commission and other acquisition expenses	88,060		202,691		19,975		310,726
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	91,558		—		—		91,558
Restricted cash and cash equivalents and investments	1,107,671		1,095,601		101,397		2,304,669
Other assets	8,164		—		—		8,164
Total assets - operating segments	1,771,162		1,676,714		182,237		3,630,113
Corporate assets	—		—		—		819,559
Total Assets	$	1,771,162	$	1,676,714	$	182,237	$	4,449,672



December 31, 2012	Diversified Reinsurance		AmTrust Quota Share Reinsurance		NGHC Quota Share		Total
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
Other assets	5,864		—		—		5,864
Total assets - operating segments	1,855,454		1,349,501		216,173		3,421,128
Corporate assets	—		—		—		717,035
Total Assets	$	1,855,454	$	1,349,501	$	216,173	$	4,138,163

The following tables set forth financial information relating to net premiums written and earned by major line of business for the three and nine months ended September 30, 2013 and 2012:

3. Segments (continued)



	For the Three Months Ended September 30,
	2013				2012
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	26,783	5.8	%	$	41,667	9.1	%
Casualty	122,600		26.4	%	114,655		25.2	%
Accident and Health	9,040		2.0	%	9,174		2.0	%
International	27,197		5.9	%	28,447		6.2	%
Total Diversified Reinsurance	185,620		40.1	%	193,943		42.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	136,725		29.5	%	84,024		18.4	%
Specialty Program	41,698		9.0	%	14,931		3.3	%
Specialty Risk and Extended Warranty	81,210		17.5	%	87,303		19.2	%
Total AmTrust Quota Share Reinsurance	259,633		56.0	%	186,258		40.9	%
NGHC Quota Share
Automobile Liability	9,707		2.1	%	39,019		8.6	%
Automobile Physical Damage	8,458		1.8	%	36,627		8.0	%
Total NGHC Quota Share	18,165		3.9	%	75,646		16.6	%
	$	463,418	100.0	%	$	455,847	100.0	%



	For the Three Months Ended September 30,
	2013				2012
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	41,652	8.2	%	$	50,688	11.3	%
Casualty	126,091		24.8	%	119,572		26.6	%
Accident and Health	8,994		1.8	%	11,176		2.5	%
International	22,229		4.4	%	18,584		4.1	%
Total Diversified Reinsurance	198,966		39.2	%	200,020		44.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	130,472		25.7	%	81,287		18.1	%
Specialty Program	39,661		7.8	%	9,828		2.2	%
Specialty Risk and Extended Warranty	73,275		14.4	%	86,178		19.2	%
Total AmTrust Quota Share Reinsurance	243,408		47.9	%	177,293		39.5	%
NGHC Quota Share
Automobile Liability	38,015		7.5	%	38,374		8.6	%
Automobile Physical Damage	27,737		5.4	%	33,286		7.4	%
Total NGHC Quota Share	65,752		12.9	%	71,660		16.0	%
	$	508,126	100.0	%	$	448,973	100.0	%

3. Segments (continued)



	For the Nine Months Ended September 30,
	2013				2012
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	112,861	6.8	%	$	157,628	10.8	%
Casualty	359,816		21.8	%	349,356		24.0	%
Accident and Health	31,649		1.9	%	34,484		2.3	%
International	83,838		5.1	%	84,752		5.8	%
Total Diversified Reinsurance	588,164		35.6	%	626,220		42.9	%
AmTrust Quota Share Reinsurance
Small Commercial Business	434,951		26.4	%	256,198		17.6	%
Specialty Program	115,313		7.0	%	63,877		4.4	%
Specialty Risk and Extended Warranty	344,765		20.9	%	287,827		19.7	%
Total AmTrust Quota Share Reinsurance	895,029		54.3	%	607,902		41.7	%
NGHC Quota Share
Automobile Liability	95,631		5.8	%	118,288		8.1	%
Automobile Physical Damage	71,602		4.3	%	106,230		7.3	%
Total NGHC Quota Share	167,233		10.1	%	224,518		15.4	%
	$	1,650,426	100.0	%	$	1,458,640	100.0	%



	For the Nine Months Ended September 30,
	2013				2012
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	116,970	7.7	%	$	164,739	12.4	%
Casualty	359,988		23.8	%	334,559		25.3	%
Accident and Health	27,356		1.8	%	32,547		2.5	%
International	69,237		4.6	%	71,768		5.4	%
Total Diversified Reinsurance	573,551		37.9	%	603,613		45.6	%
AmTrust Quota Share Reinsurance
Small Commercial Business	350,295		23.2	%	218,086		16.4	%
Specialty Program	105,122		7.0	%	60,414		4.6	%
Specialty Risk and Extended Warranty	269,683		17.9	%	234,488		17.7	%
Total AmTrust Quota Share Reinsurance	725,100		48.1	%	512,988		38.7	%
NGHC Quota Share
Automobile Liability	122,118		8.1	%	113,168		8.5	%
Automobile Physical Damage	89,072		5.9	%	94,816		7.2	%
Total NGHC Quota Share	211,190		14.0	%	207,984		15.7	%
	$	1,509,841	100.0	%	$	1,324,585	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=d3e8380-108599

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-Name Accounting Standards Codification

-Topic 280

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-Name Accounting Standards Codification

-Topic 280

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-Name Accounting Standards Codification

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+ Details

Investments

9 Months Ended

Sep. 30, 2013

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 September 30, 2013 and December 31, 2012 are as follows:



September 30, 2013	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	16,629	$	745	$	—		$	17,374
U.S. agency bonds – mortgage-backed	1,138,860		16,083		(24,230		)	1,130,713
U.S. agency bonds – other	7,205		1,093		—			8,298
Non-U.S. government bonds	64,992		2,734		(444		)	67,282
Other mortgage-backed bonds	22,624		97		(59		)	22,662
Corporate bonds	1,324,209		81,247		(23,810		)	1,381,646
Municipal bonds	45,588		743		(1		)	46,330
Total available-for-sale fixed maturities	2,620,107		102,742		(48,544		)	2,674,305
Other investments	4,500		506		—			5,006
Total investments	$	2,624,607	$	103,248	$	(48,544	)	$	2,679,311



December 31, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
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

The contractual maturities of our fixed maturities, available-for-sale as of September 30, 2013 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations prior to contractual maturity.

4. Investments (continued)



September 30, 2013	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	95,601	$	97,385	3.7	%
Due after one year through five years	398,953		428,246		16.0	%
Due after five years through ten years	888,970		917,690		34.3	%
Due after ten years	75,099		77,609		2.9	%
	1,458,623		1,520,930		56.9	%
U.S. agency bonds – mortgage-backed	1,138,860		1,130,713		42.3	%
Other mortgage-backed bonds	22,624		22,662		0.8	%
Total	$	2,620,107	$	2,674,305	100.0	%

The following tables summarize our available-for-sale fixed maturities 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
September 30, 2013	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. agency bonds – mortgage-backed	$	601,779	$	(23,199	)	$	39,548	$	(1,031	)	$	641,327	$	(24,230	)
Non–U.S. government bonds	10,234		(444		)	—		—			10,234		(444		)
Other mortgage-backed bonds	13,152		(59		)	—		—			13,152		(59		)
Corporate bonds	354,698		(21,689		)	123,226		(2,121		)	477,924		(23,810		)
Municipal bonds	2,500		(1		)	—		—			2,500		(1		)
Total temporarily impaired available-for-sale fixed maturities	$	982,363	$	(45,392	)	$	162,774	$	(3,152	)	$	1,145,137	$	(48,544	)

As of September 30, 2013, there were approximately 109 securities in an unrealized loss position with a fair value of $1,145,137 and unrealized losses of $48,544. Of these securities, there are 11 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $162,774 and unrealized losses of $3,152.



	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 fixed maturities
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 fixed maturities and other investments	$	253,333	$	(2,571	)	$	143,853	$	(5,445	)	$	397,186	$	(8,016	)

4. Investments (continued)

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.

Other-Than-Temporary Impairments ("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 September 30, 2013, 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 three and nine months ended September 30, 2013 and 2012, the Company recognized no OTTI. Based on our qualitative and quantitative OTTI review of each asset class within our fixed maturity portfolio, the unrealized losses on fixed maturities at September 30, 2013 were primarily due to widening of credit spreads since their date of purchase. 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 September 30, 2013.

The following summarizes the credit ratings of our fixed maturities:



Rating* as of September 30, 2013	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	16,629	$	17,374	0.7	%
U.S. agency bonds	1,146,065		1,139,011		42.6	%
AAA	153,544		165,945		6.2	%
AA+, AA, AA-	114,209		121,167		4.5	%
A+, A, A-	487,189		517,408		19.3	%
BBB+, BBB, BBB-	646,396		658,567		24.6	%
BB+ or lower	56,075		54,833		2.1	%
Total	$	2,620,107	$	2,674,305	100.0	%



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	%

*Ratings as assigned by Standard & Poor’s ("S&P")

4. Investments (continued)

(b) Other Investments

The table below shows our portfolio of other investments:



	September 30, 2013				December 31, 2012
Investments in limited partnerships	$	4,006	80.0	%	$	2,901	100.0	%
Other	1,000		20.0	%	—		—	%
Total other investments	$	5,006	100.0	%	$	2,901	100.0	%

The Company has an unfunded commitment on its investments in limited partnerships of approximately $1,994 as of September 30, 2013.

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following provides an analysis of realized gains (losses) on investment for the three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30, 2013	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	448	$	—	$	448
Other investments	29		—		29
Net realized gains on investment	$	477	$	—	$	477



For the Three Months Ended September 30, 2012	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	2,374	$	—	$	2,374
Other investments	36		—		36
Net realized gains on investment	$	2,410	$	—	$	2,410



For the Nine Months Ended September 30, 2013	Gross gains		Gross losses			Net
Available-for-sale fixed maturities	$	3,560	$	—		$	3,560
Other investments	200		(53		)	147
Net realized gains on investment	$	3,760	$	(53	)	$	3,707



For the Nine Months Ended September 30, 2012	Gross gains		Gross losses			Net
Available-for-sale fixed maturities	$	2,374	$	—		$	2,374
Trading securities and short sales	—		(1,593		)	(1,593		)
Other investments	56		(1		)	55
Net realized gains on investment	$	2,430	$	(1,594	)	$	836

Proceeds from sales of fixed maturities classified as available-for-sale were $186,957 and $120,865 for the nine months ended September 30, 2013 and 2012, respectively.

4. Investments (continued)

Net unrealized gains on available-for-sale fixed maturities and other investments was as follows:



	September 30, 2013			December 31, 2012
Available-for-sale fixed maturities	$	54,198		$	143,495
Other investments	506			302
Total net unrealized gains	54,704			143,797
Deferred income tax expense	(111		)	(132		)
Net unrealized gains, net of deferred income tax	$	54,593		$	143,665
Change in net unrealized gains, net of deferred income tax	$	(89,072	)	$	79,928

(d) 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 cash and highly rated fixed maturity securities. The fair value of our restricted assets was as follows:



	September 30, 2013		December 31, 2012
Restricted cash and cash equivalents – third party agreements	$	92,783	$	97,695
Restricted cash and cash equivalents – related party agreements	176,596		33,882
Restricted cash and cash equivalents – U.S. state regulatory authorities	565		750
Total restricted cash and cash equivalents	269,944		132,327
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2013 – $977,880; 2012 – $1,048,827)	997,105		1,101,971
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2013 – $996,096; 2012 – $851,873)	1,024,446		919,557
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2013 – $12,733; 2012 – $12,744)	13,174		13,463
Total restricted investments	2,034,725		2,034,991
Total restricted cash and cash equivalents and investments	$	2,304,669	$	2,167,318

- 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 Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between open market participants at the measurement date. 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;

5. Fair Value of Financial Instruments (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); and

•

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 a third party, a nationally recognized pricing service provider (“pricing service”). When quoted market prices are unavailable, the Company utilizes a pricing service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representation of 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. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. 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 orderly transaction.

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

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 September 30, 2013.

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. treasury 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. 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. 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.

5. Fair Value of Financial Instruments (continued)

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 — Comprised of 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 Condensed Consolidated Balance Sheets at cost which approximates their fair value.

Other investments — The fair values of the investments 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.

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.

At September 30, 2013 and December 31, 2012, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

5. Fair Value of Financial Instruments (continued)



September 30, 2013	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	17,374		$	—		$	—		$	17,374
U.S. agency bonds – mortgage-backed	—			1,130,713			—			1,130,713
U.S. agency bonds – other	—			8,298			—			8,298
Non-U.S. government bonds	—			67,282			—			67,282
Other mortgage-backed bonds	—			22,662			—			22,662
Corporate bonds	—			1,381,646			—			1,381,646
Municipal bonds	—			46,330			—			46,330
Other investments	—			—			5,006			5,006
Total	$	17,374		$	2,656,931		$	5,006		$	2,679,311
As a percentage of total assets	0.4		%	59.7		%	0.1		%	60.2		%



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
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 bonds	—			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		%

The Company utilized a pricing service to estimate fair value measurements for approximately 99.1% 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.

There have not been any transfers between Level 1 and Level 2, or Level 2 and Level 3, respectively, during the periods represented by these consolidated financial statements.

Other investments: The Company has $5,006 or approximately 0.2% of its investment portfolio in limited partnerships and other investments where the fair value estimate of the investments in limited partnerships 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.

5. Fair Value of Financial Instruments (continued)

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis for the three and nine months ended September 30, 2013 and 2012:



	For the Three Months Ended
Other investments:	September 30, 2013			September 30, 2012
Balance at beginning of period	$	4,438		$	2,697
Net realized gains – included in net income	29			36
Net realized losses – included in net income	—			—
Change in net unrealized gains – included in other comprehensive income	155			7
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	475			200
Sales and redemptions	(91		)	(114		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	5,006		$	2,826
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—



	For the Nine Months Ended
Other investments:	September 30, 2013			September 30, 2012
Balance at beginning of period	$	2,901		$	2,192
Net realized gains – included in net income	147			55
Net realized losses – included in net income	—			—
Change in net unrealized gains – included in other comprehensive income	204			59
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	2,013			794
Sales and redemptions	(259		)	(274		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	5,006		$	2,826
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

5. Fair Value of Financial Instruments (continued)

(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 September 30, 2013 and December 31, 2012:



			September 30, 2013				December 31, 2012
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	110,252	$	107,500	$	112,832
2012 Senior Notes	8.00	%	100,000		101,760		100,000		105,600
Junior Subordinated Debt	14.00	%	126,364		156,506		126,317		166,919

- 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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2013

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.

The following table shows an analysis of goodwill and intangible assets as of September 30, 2013 and December 31, 2012:



September 30, 2013	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(25,881		)	25,519		15 years double declining
Net balance	$	117,439	$	(25,881	)	$	91,558



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

6. Goodwill and Intangible Assets (continued)

The goodwill and intangible assets were recognized as a result of the acquisitions and are subject to annual impairment testing. No impairment was recorded during the three and nine months ended September 30, 2013 and 2012. The estimated amortization expenses for the next five years are:



2013 (remainder of the year)	$	946
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	9 Months Ended
Long-Term Debt	Sep. 30, 2013
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 up to but excluding the redemption date. 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. The issuance costs related to the 2011 Senior Notes were capitalized and is being amortized over the life of the notes. Amortization expense for the three and nine months ended September 30, 2013 was $24 and $70, respectively (September 30, 2012 - $24 and $70, respectively). The interest on the 2011 Senior Notes is payable each quarter beginning on September 15, 2011. Interest expense for the three and nine months ended September 30, 2013 was $2,217 and $6,651, respectively (September 30, 2012 - $2,217 and $6,651, respectively), out of which $394 was accrued as of September 30, 2013 (December 31, 2012 - $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. The issuance costs related to the 2012 Senior Notes were capitalized and are being amortized over the life of the notes. Amortization expense for the three and nine months ended September 30, 2013 was $29 and $85, respectively (September 30, 2012 - $29 and $58, respectively). The interest on the 2012 Senior Notes is payable each quarter beginning on June 27, 2012. Interest expense for the three and nine months ended September 30, 2013 was $2,000 and $6,000, respectively (September 30, 2012 - $2,000 and $4,111, respectively), out of which $111 was accrued as of September 30, 2013 (December 31, 2012 - $111). 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. 7. 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, repurchase 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; however, the Company is not deemed 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 $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 in 2011 equivalent to one year's interest expense, or $15,050. The Company also accelerated the amortization of the issuance cost and discount related to those repurchased Junior Subordinated Debt in 2011 which amounted to $20,313. As of September 30, 2013, the stated value of the Junior Subordinated Debt was $126,364 which comprises the principal amount of $152,500 less the unamortized discount of $26,136. Amortization expense for the three and nine months ended September 30, 2013 were $16 and $47, respectively (September 30, 2012 - $14 and $40, respectively). Interest expense for the three and nine months ended September 30, 2013 were $5,338 and $16,013, respectively (September 30, 2012 - $5,338 and $16,013, respectively), out of which $4,448 was accrued as of September 30, 2013 (December 31, 2012 - $4,448).

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2013
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, including Leah Karfunkel (wife of Michael Karfunkel), own or control approximately 58% of the outstanding shares of AmTrust. In addition, on June 5, 2013, AmTrust converted its 53,054 shares of Series A Preferred Stock of National General Holdings Corp. ("NGHC") (formerly known as American Capital Acquisition Corporation, or ACAC) into 42,958 shares of NGHC common stock, par value $0.01 per share, which became 12,295,430 shares of common stock after NGHC effected a 286.22:1 stock split on June 6, 2013. On June 6, 2013, NGHC issued 21,850,000 shares of common stock in a 144A offering, which resulted in AmTrust owning 15.4% of the issued and outstanding shares of NGHC common stock, Michael Karfunkel owning 15.8% of the outstanding shares of NGHC common stock and the Michael Karfunkel 2005 Grantor Retained Annuity Trust (which is controlled by Leah Karfunkel) owning 41.4% of the outstanding shares of NGHC common stock ("Annuity Trust"). Michael Karfunkel is the chairman and chief executive officer of NGHC, and Barry Zyskind is a director of NGHC. 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. 8. Related Party Transactions (continued) 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 premiums 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 increased to 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. Effective March 7, 2013, Maiden Bermuda and AII amended the Reinsurance Agreement extending the term of the agreement to July 1, 2016, and shall automatically renew for successive three-year periods thereafter. If 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, 2016 or the expiration of any successive three-year period. 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 shareholders' equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries. 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 regard to the Specialty Program portion of Covered Business only, excluding workers’ compensation business included in AmTrust’s Specialty Program segment from July 1, 2007 through December 31, 2012, AII 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, Maiden Bermuda will continue to reinsure losses at its proportional 40% share per the Reinsurance Agreement. The Company recorded approximately $67,429 and $199,841 of ceding commission expense for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $46,969 and $132,098, respectively) as a result of this transaction. AmTrust European Hospital Liability Quota Share Agreement ("European Hospital Liability Quota Share") Effective April 1, 2011, 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, will will share 50% of the excess amounts computed. The agreement has an initial term of one year, has been automatically renewed for one year and can be terminated at any April 1 by either party on four months notice. Effective January 1, 2012, European Hospital Liability Quota Share 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 three and nine months ended September 30, 2013, the Company recorded approximately $1,398 and $4,294, respectively (September 30, 2012 - $1,340 and $3,774, respectively) of commission expense as a result of this transaction. 8. Related Party Transactions (continued) 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, our indirect wholly owned subsidiary, Maiden Specialty Insurance Company ("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 $160 and $849 of premiums earned ceded and $25 and $181 of ceding commission for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $1,404 and $6,438 of premiums earned ceded and $404 and $1,921 of ceding commission, respectively). Effective September 1, 2010, our indirect wholly owned subsidiary, Maiden Reinsurance Company ("Maiden US"), entered into an arrangement whereby a subsidiary of AmTrust fronted a reinsurance agreement in which Maiden US assumed 80% of the gross liabilities produced under the Southern General Agency program with the other 20% being assumed by a third party. This fronting arrangement compensated AmTrust with a 5% commission of ceded written premiums. The agreement was subsequently amended, effective September 1, 2012, whereby the termination date of the agreement was extended until August 31, 2013. This agreement expired on the termination date and is currently in run-off. Pursuant to the latest amendment, Maiden US now receives 100% of the premium and reinsures 100% of the gross liabilities incurred (from the effective date). Under this agreement, as amended, Maiden US recorded approximately $1,410 and $3,285 of premiums earned and $70 and $164 of commission expense for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $547 and $1,198 of premiums earned and $27 and $60 of commission expense, respectively). Effective April 1, 2012, Maiden US entered into a reinsurance agreement with AmTrust's wholly owned subsidiary, AmTrust North America, Inc. ("AmTrust NA"). Maiden US shall indemnify AmTrust NA, on an excess of loss basis, as a result of losses occurring on AmTrust NA's new and renewal policies relating to the lines of business classified as Automobile Liability by AmTrust NA in its annual statement utilizing the specific underwriting guidelines defined in the reinsurance agreement. AmTrust NA shall retain the first $1,000 of loss, per any one policy or per any one loss occurrence. Maiden US shall be liable for the amount by which AmTrust NA's loss exceeds $1,000, but the liability of Maiden US shall not exceed $1,000 on any one policy and any one loss occurrence. The agreement provides AmTrust NA with fixed ceding commissions on net written premiums varying between 10% to 27.5% depending on the commission rate in the underlying policy. This 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 $170 and $369 of net premiums earned and $38 and $94 of commission expense for the three and nine months ended September 30, 2013, respectively ($535 and $582 net premiums earned and $463 and $472 commission expense for the three and nine months ended September 30, 2012, respectively). 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. 8. Related Party Transactions (continued) 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 September 30, 2013 and December 31, 2012 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 interest earned on the loan was $467 and $1,397 for the three and nine months ended September 30, 2013, respectively, ($489 and $1,468 for the three and nine months ended September 30, 2012, respectively), out of which $467 was accrued as of September 30, 2013 (December 31, 2012 - $0); 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 September 30, 2013 was approximately $1,095,601 (December 31, 2012 - $857,013) and the accrued interest was $7,346 (December 31, 2012 - $6,967). (See Note 4(d)). 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. 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 $3,043 and $9,064 of reinsurance brokerage expense for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $2,216 and $6,412, respectively) and deferred reinsurance brokerage of $8,441 as of September 30, 2013 (December 31, 2012 - $6,299) as a result of this agreement. The Company paid brokerage fees to AmTrust NA of $21 and $22 for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $20 and $20, respectively) for acting as insurance intermediary in relation to certain insurance placements. Asset Management Agreement Effective July 1, 2007, we entered into an asset management agreement with AIIM 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 $1,080 and $3,182 of investment management fees for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $952 and $2,667, respectively) as a result of this agreement, out of which $1,080 was accrued as of September 30, 2013 (December 31, 2012 - $0). Other On March 1, 2011, we entered into a time sharing agreement for the lease of aircraft owned by AmTrust Underwriters, Inc. ("AUI"), a wholly owned subsidiary of AmTrust. The initial lease was for 10 months ending on December 31, 2011 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 three and nine months ended September 30, 2013, the Company recorded an expense of $38 and $57, respectively (September 30, 2012 - $6 and $38, respectively) for the use of the aircraft. 8. Related Party Transactions (continued) NGHC The following describes transactions between the Company and NGHC and its subsidiaries: NGHC 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 (“NGHC 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 NGHC Quota Share, by which it receives 25% of net premiums of the personal lines automobile business. The NGHC Quota Share provides that the reinsurers, severally, in accordance with their participation percentages, shall receive 50% of the net premiums of the GMAC personal lines insurance companies and assume 50% of the related net losses. The NGHC Quota Share has an initial term of three years and shall renew automatically for successive three year 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 NGHC Quota Share may be terminated by NGHC 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 NGHC Quota Share or latest anniversary, whichever is greater, is subject to a change of control, or ceases writing new and renewal business. NGHC also may terminate the agreement on 60 days written notice following the effective date of initial public offering or private placement of stock by NGHC or a subsidiary. Maiden Bermuda may terminate its participation in the NGHC Quota Share on 60 days written notice in the event NGHC 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 NGHC Quota Share. The NGHC Quota Share provided that the reinsurers paid 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 was 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 maximum of 34.5% (no change) and a minimum of 30.0% (changed from 30.5%), if the loss ratio is 64.5% or greater. On August 1, 2013, the Company received notice from NGHC of the termination of the NGHC Quota Share effective on that date. The Company and NGHC agreed that the termination is on a run-off basis, which means that Maiden Bermuda continues to earn premiums and remain liable for losses occurring subsequent to August 1, 2013 for any policies in force prior to and as of August 1, 2013 until those policies expire. Maiden Bermuda recorded approximately $19,910 and $63,608 of ceding commission expense for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $21,856 and $63,435, respectively) as a result of this transaction. Other Effective April 1, 2013, Maiden US entered into a Medical Excess of Loss reinsurance agreement with wholly owned subsidiaries of NGHC, Distributors Insurance Company PCC, AIBD Insurance Company IC and Professional Services Captive Corporation IC. Pursuant to this agreement, Maiden US indemnifies on an excess of loss basis, for the amounts of net loss, paid from April 1, 2013 through March 31, 2014. Maiden US is liable, under layer 1 of this agreement, for 100% of the net loss for each covered person per agreement year in excess of the $1,000 retention (each covered person per agreement year). Under this layer, Maiden US's liability shall not exceed $4,000 per covered person per agreement year. Maiden US is also liable, under layer 2 of this agreement, for 100% of net loss for each covered person per agreement year in excess of layer 1. Maiden US' liability under this section shall not exceed $5,000 per covered person per agreement year. In addition to the coverage provided under layers 1 and 2, Maiden US indemnifies extra contractual obligations with a maximum liability of $2,000. This agreement terminates on March 31, 2014 and, unless mutually agreed, Maiden US will be relieved of all liability hereunder for losses incurred or paid subsequent to such termination date. Under this agreement, Maiden US recorded approximately $104 and $113 of premiums earned for the three and nine months ended September 30, 2013. Effective September 12, 2012, our 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 NGHC, 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 was for a period of one year. This consulting agreement was amended after its initial term, effective September 12, 2013, whereby the term shall be for a period of one month, with renewals for successive monthly periods occurring automatically unless a party delivers at least 30 days prior written notice of non-renewal to the other party. The amendment also alters the consideration due to Maiden Re for the services provided. Under the terms of the amendment, the monthly fee is $15 per month and the fee for each policy quote evaluation will vary based on quantity of quotes provided per month. 8. Related Party Transactions (continued) The Company recorded $72 and $238 consulting fee income for the three and nine months ended September 30, 2013, respectively ($0 for the three and nine months ended September 30, 2012). Maiden Specialty entered into a reinsurance arrangement with New South Insurance Company ("New South"), a wholly owned subsidiary of NGHC. 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 run-off business. For the three and nine months ended September 30, 2013 and 2012, no premiums were ceded to New South and no commission income was earned by the Company. In June 2011, the Company, through Maiden NA, issued $107,500 principal amount of 2011 Senior Notes due on June 15, 2041, which are fully and unconditionally guaranteed by the Company. The proceeds from 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. 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 NGHC and AII each purchased $12,500, of the principal amount of the 2011 Senior Notes. The Company's Audit Committee reviewed and approved NGHC's, AII's, and George Karfunkel's participation in the 2011 Senior Notes offering.

- 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.

+ References+ Details

Earnings per Common Share

9 Months Ended

Sep. 30, 2013

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 three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	21,904		$	21,919
Amount allocated to participating common shareholders ⁽¹⁾	(29		)	—
Net income allocated to Maiden common shareholders	$	21,875		$	21,919

Weighted average number of common shares outstanding – basic	72,552,022			72,270,052
Potentially dilutive securities:
Share options and restricted share units	1,385,872			868,909
Weighted average number of common shares outstanding – diluted	73,937,894			73,138,961
Basic earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30
Diluted earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30



For the Nine Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	67,095		$	56,837
Amount allocated to participating common shareholders ⁽¹⁾	(88		)	—
Net income allocated to Maiden common shareholders	$	67,007		$	56,837

Weighted average number of common shares outstanding – basic	72,475,087			72,251,711
Potentially dilutive securities:
Share options and restricted share units	1,249,281			836,822
Weighted average number of common shares outstanding – diluted	73,724,368			73,088,533
Basic earnings per share attributable to Maiden common shareholders:	$	0.92		$	0.79
Diluted earnings per share attributable to Maiden common shareholders:	$	0.91		$	0.78

(1) This represents earnings allocated to the holders of non-vested restricted shares issued to Company's employees under the 2007 Share Incentive Plan.

As of September 30, 2013, 1,611,272 share options (September 30, 2012 - 2,082,608) were excluded from the calculation of diluted earnings per common share as they were anti-dilutive.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Shareholders' Equity

As at September 30, 2013, the aggregate authorized share capital of the Company was 150,000,000 shares from which the Company has issued 73,575,384 common shares, of which 72,613,048 common shares are outstanding, and issued 6,000,000 preference shares with an additional 3,000,000 preference shares subscribed for but unissued. Furthermore, there is a further 300,000 preference shares authorized for issuance from the aggregate authorized share capital of the Company.

Mandatory Convertible Preference Shares - Series B

On September 25, 2013, the Company announced the pricing of a public offering of 3,000,000 7.25% Mandatory Convertible Preference Shares - Series B (the "Preference Shares - Series B"), at $50 per preference share, with an underwriting discount of $1.50 per preference share. In addition, the underwriters of the issuance received an over allotment option to purchase an additional 300,000 shares, which was exercised on October 1, 2013. The Preference Shares - Series B are not redeemable. The authorized number of the Preference Shares - Series B is initially 3,300,000 shares with 3,000,000 of these shares subscribed but unissued as at September 30, 2013. See "Note 13. Subsequent Events" for additional information related to the issuance of the Preference Shares - Series B.

The Company will pay cumulative dividends on each of the Preference Shares - Series B at a rate of 7.25% per annum on the initial liquidation preference of $50 per share (equivalent to $3.625 per annum per Preference Share - Series B or $0.90625 per quarter except on the initial payment date which is expected to be $0.745139). Dividends will accrue and accumulate from the date of issuance and, to the extent that the Company has lawfully available funds to pay dividends and the board of directors declares a dividend payable, it will pay dividends quarterly each year commencing on December 15, 2013, up to, and including, September 15, 2016 in cash and on September 15, 2016 or any earlier conversion date in cash, or common shares, or a combination thereof, at the Company’s election and subject to the share cap, which is an amount per share equal to the product of (i) 2 and (ii) the maximum conversion rate of 4.0322, subject to conversion rate adjustments.

On the mandatory conversion date, September 15, 2016, each of the then-outstanding Preference Shares - Series B will automatically convert into a variable number of the Company’s common shares equal to the conversion rate, which will not be more than 4.0322 of the Company's common shares and not less than 3.2258, subject to conversion rate adjustments, that is based on the volume weighted average price per share of the Company’s common shares over the forty consecutive trading day period beginning on, and including, the forty-second scheduled trading day immediately preceding September 15, 2016 (the "final averaging period"). The mandatory conversion date is the third business day immediately following the last trading day of the final averaging period. The conversion rate will be adjusted from time to time if the Company issues common shares as a dividend, increases the cash dividend from $0.09 per share or in some other cases as described under "Description of the Mandatory Convertible Preference Shares - Conversion Rate Adjustments" of the Form 424B2 Prospectus Supplement filed with the SEC on September 27, 2013.

At any time prior to September 15, 2016, other than during the fundamental change conversion period (as defined in the prospectus supplement), a holder of mandatory convertible preference shares may elect to convert such holder's mandatory convertible preference shares at the minimum conversion rate of 3.2258 shares of the common stock per mandatory convertible preference share, subject to adjustment as described under "Description of Mandatory Convertible Preference Shares - Conversion Rate Adjustments" of the Form 424B2 Prospectus Supplement filed with the SEC on September 27, 2013.

The Preference Shares - Series B have no voting rights other than to elect two additional members of the board of directors if dividends on the Preference Shares - Series B have not been declared and paid for the equivalent of six or more dividend periods

Preference Shares - Series A

On August 22, 2012, the Company issued six million 8.25% Preference Shares - Series A (the “Preference Shares - Series A”), 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 authorized number of the Preference Shares - Series A is 6,000,000 shares with 6,000,000 of these shares issued and outstanding as at September 30, 2013. The Preference Shares - Series A 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 - Series A plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

Dividends on the Preference Shares - Series A are non-cumulative. Consequently, in the event dividends are not declared on the Preference Shares - Series A for any dividend period, holders of Preference Shares - Series A 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 - Series A 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.

10. Shareholders' Equity (continued)

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 - Series A remain

outstanding, unless the full dividend for the latest completed dividend period on all outstanding Preference Shares - Series A have been declared and paid, no dividend shall be paid or declared on the common shares.

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

During the three and nine months ended September 30, 2013, the Company declared and paid $3,093 and $9,281 in preference share dividends, respectively ($0for the three and nine months ended September 30, 2012).

Accumulated Other Comprehensive Income

The following tables set forth financial information regarding the changes in the balances of each component of accumulated other comprehensive income for the three and nine months ended September 30, 2013 and 2012.



For the Three Months Ended September 30, 2013	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	49,247		$	(1,222	)	$	48,025
Other comprehensive income (loss) before reclassifications	5,922			(4,744		)	1,178
Amounts reclassified from accumulated other comprehensive income	(576		)	—			(576		)
Net current period other comprehensive income (loss)	5,346			(4,744		)	602
Ending balance	54,593			(5,966		)	48,627
Less: Accumulated other comprehensive income attributable to non controlling interest	—			8			8
Ending balance, Maiden shareholders	$	54,593		$	(5,974	)	$	48,619



For the Three Months Ended September 30, 2012	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	93,830		$	1,722		$	95,552
Other comprehensive income (loss) before reclassifications	45,986			(1,700		)	44,286
Amounts reclassified from accumulated other comprehensive income	(2,410		)	—			(2,410		)
Net current period other comprehensive income (loss)	43,576			(1,700		)	41,876
Ending balance	137,406			22			137,428
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(13		)	(13		)
Ending balance, Maiden shareholders	$	137,406		$	35		$	137,441

10. Shareholders' Equity (continued)



For the Nine Months Ended September 30, 2013	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	143,665		$	(2,539	)	$	141,126
Other comprehensive income (loss) before reclassifications	(85,415		)	(3,427		)	(88,842		)
Amounts reclassified from accumulated other comprehensive income	(3,657		)	—			(3,657		)
Net current period other comprehensive (loss) income	(89,072		)	(3,427		)	(92,499		)
Ending balance	54,593			(5,966		)	48,627
Less: Accumulated other comprehensive income attributable to non controlling interest	—			8			8
Ending balance, Maiden shareholders	$	54,593		$	(5,974	)	$	48,619



For the Nine Months Ended September 30, 2012	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	63,737		$	314		$	64,051
Other comprehensive income (loss) before reclassifications	76,098			(292		)	75,806
Amounts reclassified from accumulated other comprehensive income	(2,429		)	—			(2,429		)
Net current period other comprehensive income (loss)	73,669			(292		)	73,377
Ending balance	137,406			22			137,428
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(13		)	(13		)
Ending balance, Maiden shareholders	$	137,406		$	35		$	137,441

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Share Based Compensation

9 Months Ended

Sep. 30, 2013

Share-based Compensation [Abstract]

Share Based Compensation

The Company’s 2007 Share Incentive Plan, as amended (the "Plan") provides for grants of share options, restricted shares and restricted share units. The total number of shares currently reserved for issuance under the Plan is 10,000,000 common shares. 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 as of 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 compensation expense in the amount of $508 and $1,668 for the three and nine months ended September 30, 2013, respectively (September 30, 2012 - $343 and $995, respectively).

The key assumptions used in determining the fair value of options granted in the three and nine months ended September 30, 2013 and a summary of the methodology applied to develop each assumption are as follows:

11. Share Based Compensation (continued)




Assumptions:
Volatility	45.30 – 47.60	%
Risk-free interest rate	0.85 – 1.29	%
Weighted average expected lives in years	6.1 years
Forfeiture rate	1.60	%
Dividend yield rate	3.04 – 3.55	%

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.

The following schedule shows all options granted, exercised, expired and forfeited under the Plan for the three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30, 2013	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2013	2,673,575		$	6.85	6.39 years
Exercised	(98,611	)	$	7.12	—
Expired	(628	)	$	7.67	—
Forfeited	(112,474	)	$	8.52	—
Outstanding, September 30, 2013	2,461,862		$	6.76	6.00 years



For the Three Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2012	2,870,581		$	6.62	7.13 years
Exercised	(20,907	)	$	4.36	—
Expired	(52,251	)	$	9.90	—
Forfeited	(7,465	)	$	7.76	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

11. Share Based Compensation (continued)



For the Nine Months Ended September 30, 2013	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2012	2,795,437		$	6.70	6.75 years
Granted	49,000		$	10.61	—
Exercised	(269,101	)	$	6.08	—
Expired	(628	)	$	7.67	—
Forfeited	(112,846	)	$	8.52	—
Outstanding, September 30, 2013	2,461,862		$	6.76	6.00 years



For the Nine Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2011	2,916,143		$	6.61	7.55 years
Granted	49,500		$	8.77	—
Exercised	(61,061	)	$	4.16	—
Expired	(103,284	)	$	9.88	—
Forfeited	(11,340	)	$	7.54	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

The weighted average grant date fair value was $2.04 and $2.00 for all options outstanding at September 30, 2013 and 2012, respectively. There was approximately $707 and $1,630 of total unrecognized compensation cost related to options as of September 30, 2013 and 2012, respectively.

Performance-Based Restricted Share Units (PB-RSUs)

The Compensation Committee of the Board of Directors (the "Committee") 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 our 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 Committee. The first performance cycle was for two years, 2011-2012, and subsequent performance cycles are for three years. For the years 2011-2012, no RSUs vested as the target level of performance was not met.

Effective February 19, 2013, the Committee approved the award of PB-RSUs to executive officers and senior Company employees for the fiscal year 2013-2015. 50% of the payout is based on criteria such as return on equity, underwriting performance, revenue growth and operating expense being met during the performance period, while the other 50% of the payout is at the discretion of the Committee based on individual performance. For the three and nine months ended September 30, 2013, no accrual was recognized as the calculated weighted percentage of the performance results of the Company did not meet the target levels.

CEO Non-Performance-Based Restricted Share Units ("NPB-RSUs")

On March 1, 2012, the Committee approved an award of NPB-RSUs to the Company's CEO. The award consists of 86,705 restricted share units which will fully vest on December 31, 2013. Each share unit has a fair value of $8.56 which is being amortized over 22 months.

On February 19, 2013, the Committee approved an award of NPB-RSUs to the Company's CEO. The award consists of 149,701 restricted share units, of which one-third automatically vest by February 19, 2014, of which one-third automatically vest by February 19, 2015, and of which one-third automatically vest by February 19, 2016. Each share unit has a fair value of $10.02 which is amortized over 36 months.

11. Share Based Compensation (continued)

Non-CEO Discretionary Non-Performance-Based Restricted Shares ("NPB-RSs")

On February 19, 2013, pursuant to the Plan, the Committee approved an award of NPB-RSs to non-CEO named executive officers and senior leaders of the Company. The award consists of 95,590 restricted shares, 50% of which will vest on the first anniversary of the grant date, with an additional 50% vesting on the second anniversary of the grant date. Each share unit has a fair value of $10.02.

- 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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

(a) Dividends

On November 6, 2013, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.11	January 15, 2014	January 2, 2014
Preference shares - Series A	$	0.515625	December 16, 2013	December 1, 2013
Preference shares - Series B	$	0.7451389	December 16, 2013	December 1, 2013

(b) Preference Shares - Series B

On October 1, 2013, the Company received proceeds from the issuance of the 3,000,000 Preference Shares - Series B of $145,500, which was net of the discount of $4,500. On the same date, the underwriters of the offering exercised their over allotment option to purchase 300,000 additional shares of the Preference Shares - Series B. The Company received net proceeds relating to the exercise of the over allotment option of $14,550, net of the discount of $450, on October 3, 2013.

Basis of Presentation - Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Standards Updates

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

Balance Sheet Offsetting

Qualitative Impairment Test For Indefinite-Lived Intangibles

2. Recent Accounting Pronouncements (continued)

Technical Corrections and Improvements

Recently Issued Accounting Standards Updates Not Yet Adopted

Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity

Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists


•	To the extent a NOL carry-forward, a similar tax loss, or a tax credit carry-forward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position; and


•	The entity does not intend to use the deferred tax asset for this purpose.

2. Recent Accounting Pronouncements (continued)

Segments (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Underwriting results of operating segments

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

3. Segments (continued)



For the Three Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	185,620		$	259,633		$	18,165		$	463,418
Net premiums earned	$	198,966		$	243,408		$	65,752		$	508,126
Other insurance revenue	3,271			—			—			3,271
Net loss and loss adjustment expenses	(137,080		)	(160,212		)	(44,337		)	(341,629		)
Commission and other acquisition expenses	(51,657		)	(71,869		)	(20,668		)	(144,194		)
General and administrative expenses	(9,688		)	(504		)	(177		)	(10,369		)
Underwriting income	$	3,812		$	10,823		$	570		$	15,205
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,730
Amortization of intangible assets										(945		)
Foreign exchange and other losses										(23		)
Interest and amortization expenses										(9,571		)
Other general and administrative expenses										(2,882		)
Income tax expense										(481		)
Income attributable to noncontrolling interest										(36		)
Dividends on preference shares										(3,093		)
Net income attributable to Maiden common shareholders										$	21,904

Net loss and loss adjustment expense ratio*	67.8		%	65.8		%	67.4		%	66.8		%
Commission and other acquisition expense ratio**	25.5		%	29.5		%	31.4		%	28.2		%
General and administrative expense ratio***	4.8		%	0.3		%	0.3		%	2.6		%
Combined ratio****	98.1		%	95.6		%	99.1		%	97.6		%

3. Segments (continued)



For the Three Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	193,943		$	186,258		$	75,646		$	455,847
Net premiums earned	$	200,020		$	177,293		$	71,660		$	448,973
Other insurance revenue	2,622			—			—			2,622
Net loss and loss adjustment expenses	(141,625		)	(120,942		)	(46,579		)	(309,146		)
Commission and other acquisition expenses	(47,801		)	(50,525		)	(22,597		)	(120,923		)
General and administrative expenses	(9,256		)	(535		)	(199		)	(9,990		)
Underwriting income	$	3,960		$	5,291		$	2,285		$	11,536
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										23,960
Amortization of intangible assets										(1,090		)
Foreign exchange gains										1,213
Interest and amortization expenses										(9,569		)
Other general and administrative expenses										(3,588		)
Income tax expense										(528		)
Income attributable to noncontrolling interest										(15		)
Net income attributable to Maiden common shareholders										$	21,919

Net loss and loss adjustment expense ratio*	69.9		%	68.2		%	65.0		%	68.5		%
Commission and other acquisition expense ratio**	23.6		%	28.5		%	31.5		%	26.8		%
General and administrative expense ratio***	4.5		%	0.3		%	0.3		%	2.9		%
Combined ratio****	98.0		%	97.0		%	96.8		%	98.2		%

3. Segments (continued)



For the Nine Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	588,164		$	895,029		$	167,233		$	1,650,426
Net premiums earned	$	573,551		$	725,100		$	211,190		$	1,509,841
Other insurance revenue	11,266			—			—			11,266
Net loss and loss adjustment expenses	(398,680		)	(478,782		)	(142,409		)	(1,019,871		)
Commission and other acquisition expenses	(140,877		)	(213,199		)	(66,020		)	(420,096		)
General and administrative expenses	(31,639		)	(1,498		)	(530		)	(33,667		)
Underwriting income	$	13,621		$	31,621		$	2,231		$	47,473
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										69,684
Amortization of intangible assets										(2,835		)
Foreign exchange and other gains										2,573
Interest and amortization expenses										(28,711		)
Other general and administrative expenses										(10,496		)
Income tax expense										(1,217		)
Income attributable to noncontrolling interest										(95		)
Dividends on preference shares										(9,281		)
Net income attributable to Maiden common shareholders										$	67,095

Net loss and loss adjustment expense ratio*	68.2		%	66.0		%	67.4		%	67.0		%
Commission and other acquisition expense ratio**	24.1		%	29.4		%	31.3		%	27.6		%
General and administrative expense ratio***	5.4		%	0.2		%	0.2		%	3.0		%
Combined ratio****	97.7		%	95.6		%	98.9		%	97.6		%

3. Segments (continued)



For the Nine Months Ended September 30, 2012	Diversified Reinsurance			AmTrust Quota Share Reinsurance			NGHC Quota Share			Total
Net premiums written	$	626,220		$	607,902		$	224,518		$	1,458,640
Net premiums earned	$	603,613		$	512,988		$	207,984		$	1,324,585
Other insurance revenue	9,650			—			—			9,650
Net loss and loss adjustment expenses	(412,437		)	(350,553		)	(134,508		)	(897,498		)
Commission and other acquisition expenses	(159,895		)	(142,284		)	(65,665		)	(367,844		)
General and administrative expenses	(31,849		)	(1,444		)	(566		)	(33,859		)
Underwriting income	$	9,082		$	18,707		$	7,245		$	35,034
Reconciliation to net income attributable to Maiden common shareholders
Net investment income and realized gains on investment										60,908
Amortization of intangible assets										(3,271		)
Foreign exchange gains										1,318
Interest and amortization expenses										(26,815		)
Other general and administrative expenses										(8,758		)
Income tax expense										(1,498		)
Income attributable to noncontrolling interest										(81		)
Net income attributable to Maiden common shareholders										$	56,837

Net loss and loss adjustment expense ratio*	67.3		%	68.3		%	64.7		%	67.3		%
Commission and other acquisition expense ratio**	26.1		%	27.7		%	31.6		%	27.6		%
General and administrative expense ratio***	5.1		%	0.4		%	0.2		%	3.1		%
Combined ratio****	98.5		%	96.4		%	96.5		%	98.0		%


*	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. Segments (continued)



September 30, 2013	Diversified Reinsurance		AmTrust Quota Share Reinsurance		NGHC Quota Share		Total
Reinsurance balances receivable, net	$	283,368	$	210,447	$	60,865	$	554,680
Funds withheld	45,492		—		—		45,492
Prepaid reinsurance premiums	49,515		—		—		49,515
Reinsurance recoverable on unpaid losses	97,334		—		—		97,334
Deferred commission and other acquisition expenses	88,060		202,691		19,975		310,726
Loan to related party	—		167,975		—		167,975
Goodwill and intangible assets, net	91,558		—		—		91,558
Restricted cash and cash equivalents and investments	1,107,671		1,095,601		101,397		2,304,669
Other assets	8,164		—		—		8,164
Total assets - operating segments	1,771,162		1,676,714		182,237		3,630,113
Corporate assets	—		—		—		819,559
Total Assets	$	1,771,162	$	1,676,714	$	182,237	$	4,449,672



December 31, 2012	Diversified Reinsurance		AmTrust Quota Share Reinsurance		NGHC Quota Share		Total
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
Other assets	5,864		—		—		5,864
Total assets - operating segments	1,855,454		1,349,501		216,173		3,421,128
Corporate assets	—		—		—		717,035
Total Assets	$	1,855,454	$	1,349,501	$	216,173	$	4,138,163

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written and earned by major line of business for the three and nine months ended September 30, 2013 and 2012:

3. Segments (continued)



	For the Three Months Ended September 30,
	2013				2012
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	26,783	5.8	%	$	41,667	9.1	%
Casualty	122,600		26.4	%	114,655		25.2	%
Accident and Health	9,040		2.0	%	9,174		2.0	%
International	27,197		5.9	%	28,447		6.2	%
Total Diversified Reinsurance	185,620		40.1	%	193,943		42.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	136,725		29.5	%	84,024		18.4	%
Specialty Program	41,698		9.0	%	14,931		3.3	%
Specialty Risk and Extended Warranty	81,210		17.5	%	87,303		19.2	%
Total AmTrust Quota Share Reinsurance	259,633		56.0	%	186,258		40.9	%
NGHC Quota Share
Automobile Liability	9,707		2.1	%	39,019		8.6	%
Automobile Physical Damage	8,458		1.8	%	36,627		8.0	%
Total NGHC Quota Share	18,165		3.9	%	75,646		16.6	%
	$	463,418	100.0	%	$	455,847	100.0	%



	For the Three Months Ended September 30,
	2013				2012
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	41,652	8.2	%	$	50,688	11.3	%
Casualty	126,091		24.8	%	119,572		26.6	%
Accident and Health	8,994		1.8	%	11,176		2.5	%
International	22,229		4.4	%	18,584		4.1	%
Total Diversified Reinsurance	198,966		39.2	%	200,020		44.5	%
AmTrust Quota Share Reinsurance
Small Commercial Business	130,472		25.7	%	81,287		18.1	%
Specialty Program	39,661		7.8	%	9,828		2.2	%
Specialty Risk and Extended Warranty	73,275		14.4	%	86,178		19.2	%
Total AmTrust Quota Share Reinsurance	243,408		47.9	%	177,293		39.5	%
NGHC Quota Share
Automobile Liability	38,015		7.5	%	38,374		8.6	%
Automobile Physical Damage	27,737		5.4	%	33,286		7.4	%
Total NGHC Quota Share	65,752		12.9	%	71,660		16.0	%
	$	508,126	100.0	%	$	448,973	100.0	%

3. Segments (continued)



	For the Nine Months Ended September 30,
	2013				2012
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	112,861	6.8	%	$	157,628	10.8	%
Casualty	359,816		21.8	%	349,356		24.0	%
Accident and Health	31,649		1.9	%	34,484		2.3	%
International	83,838		5.1	%	84,752		5.8	%
Total Diversified Reinsurance	588,164		35.6	%	626,220		42.9	%
AmTrust Quota Share Reinsurance
Small Commercial Business	434,951		26.4	%	256,198		17.6	%
Specialty Program	115,313		7.0	%	63,877		4.4	%
Specialty Risk and Extended Warranty	344,765		20.9	%	287,827		19.7	%
Total AmTrust Quota Share Reinsurance	895,029		54.3	%	607,902		41.7	%
NGHC Quota Share
Automobile Liability	95,631		5.8	%	118,288		8.1	%
Automobile Physical Damage	71,602		4.3	%	106,230		7.3	%
Total NGHC Quota Share	167,233		10.1	%	224,518		15.4	%
	$	1,650,426	100.0	%	$	1,458,640	100.0	%



	For the Nine Months Ended September 30,
	2013				2012
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	116,970	7.7	%	$	164,739	12.4	%
Casualty	359,988		23.8	%	334,559		25.3	%
Accident and Health	27,356		1.8	%	32,547		2.5	%
International	69,237		4.6	%	71,768		5.4	%
Total Diversified Reinsurance	573,551		37.9	%	603,613		45.6	%
AmTrust Quota Share Reinsurance
Small Commercial Business	350,295		23.2	%	218,086		16.4	%
Specialty Program	105,122		7.0	%	60,414		4.6	%
Specialty Risk and Extended Warranty	269,683		17.9	%	234,488		17.7	%
Total AmTrust Quota Share Reinsurance	725,100		48.1	%	512,988		38.7	%
NGHC Quota Share
Automobile Liability	122,118		8.1	%	113,168		8.5	%
Automobile Physical Damage	89,072		5.9	%	94,816		7.2	%
Total NGHC Quota Share	211,190		14.0	%	207,984		15.7	%
	$	1,509,841	100.0	%	$	1,324,585	100.0	%

- 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)

9 Months Ended

Sep. 30, 2013

Schedule of Investments [Abstract]

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



September 30, 2013	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	16,629	$	745	$	—		$	17,374
U.S. agency bonds – mortgage-backed	1,138,860		16,083		(24,230		)	1,130,713
U.S. agency bonds – other	7,205		1,093		—			8,298
Non-U.S. government bonds	64,992		2,734		(444		)	67,282
Other mortgage-backed bonds	22,624		97		(59		)	22,662
Corporate bonds	1,324,209		81,247		(23,810		)	1,381,646
Municipal bonds	45,588		743		(1		)	46,330
Total available-for-sale fixed maturities	2,620,107		102,742		(48,544		)	2,674,305
Other investments	4,500		506		—			5,006
Total investments	$	2,624,607	$	103,248	$	(48,544	)	$	2,679,311



December 31, 2012	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
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

Contractual maturities of fixed maturities, available-for-sale

4. Investments (continued)



September 30, 2013	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	95,601	$	97,385	3.7	%
Due after one year through five years	398,953		428,246		16.0	%
Due after five years through ten years	888,970		917,690		34.3	%
Due after ten years	75,099		77,609		2.9	%
	1,458,623		1,520,930		56.9	%
U.S. agency bonds – mortgage-backed	1,138,860		1,130,713		42.3	%
Other mortgage-backed bonds	22,624		22,662		0.8	%
Total	$	2,620,107	$	2,674,305	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
September 30, 2013	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. agency bonds – mortgage-backed	$	601,779	$	(23,199	)	$	39,548	$	(1,031	)	$	641,327	$	(24,230	)
Non–U.S. government bonds	10,234		(444		)	—		—			10,234		(444		)
Other mortgage-backed bonds	13,152		(59		)	—		—			13,152		(59		)
Corporate bonds	354,698		(21,689		)	123,226		(2,121		)	477,924		(23,810		)
Municipal bonds	2,500		(1		)	—		—			2,500		(1		)
Total temporarily impaired available-for-sale fixed maturities	$	982,363	$	(45,392	)	$	162,774	$	(3,152	)	$	1,145,137	$	(48,544	)



	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 fixed maturities
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 fixed maturities and other investments	$	253,333	$	(2,571	)	$	143,853	$	(5,445	)	$	397,186	$	(8,016	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Rating* as of September 30, 2013	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	16,629	$	17,374	0.7	%
U.S. agency bonds	1,146,065		1,139,011		42.6	%
AAA	153,544		165,945		6.2	%
AA+, AA, AA-	114,209		121,167		4.5	%
A+, A, A-	487,189		517,408		19.3	%
BBB+, BBB, BBB-	646,396		658,567		24.6	%
BB+ or lower	56,075		54,833		2.1	%
Total	$	2,620,107	$	2,674,305	100.0	%



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	%

*Ratings as assigned by Standard & Poor’s ("S&P")

Portfolio of other investments

The table below shows our portfolio of other investments:



	September 30, 2013				December 31, 2012
Investments in limited partnerships	$	4,006	80.0	%	$	2,901	100.0	%
Other	1,000		20.0	%	—		—	%
Total other investments	$	5,006	100.0	%	$	2,901	100.0	%

Analysis of realized and unrealized gains on investment

The following provides an analysis of realized gains (losses) on investment for the three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30, 2013	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	448	$	—	$	448
Other investments	29		—		29
Net realized gains on investment	$	477	$	—	$	477



For the Three Months Ended September 30, 2012	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	2,374	$	—	$	2,374
Other investments	36		—		36
Net realized gains on investment	$	2,410	$	—	$	2,410



For the Nine Months Ended September 30, 2013	Gross gains		Gross losses			Net
Available-for-sale fixed maturities	$	3,560	$	—		$	3,560
Other investments	200		(53		)	147
Net realized gains on investment	$	3,760	$	(53	)	$	3,707



For the Nine Months Ended September 30, 2012	Gross gains		Gross losses			Net
Available-for-sale fixed maturities	$	2,374	$	—		$	2,374
Trading securities and short sales	—		(1,593		)	(1,593		)
Other investments	56		(1		)	55
Net realized gains on investment	$	2,430	$	(1,594	)	$	836

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

Net unrealized gains on available-for-sale fixed maturities and other investments was as follows:



	September 30, 2013			December 31, 2012
Available-for-sale fixed maturities	$	54,198		$	143,495
Other investments	506			302
Total net unrealized gains	54,704			143,797
Deferred income tax expense	(111		)	(132		)
Net unrealized gains, net of deferred income tax	$	54,593		$	143,665
Change in net unrealized gains, net of deferred income tax	$	(89,072	)	$	79,928

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	September 30, 2013		December 31, 2012
Restricted cash and cash equivalents – third party agreements	$	92,783	$	97,695
Restricted cash and cash equivalents – related party agreements	176,596		33,882
Restricted cash and cash equivalents – U.S. state regulatory authorities	565		750
Total restricted cash and cash equivalents	269,944		132,327
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2013 – $977,880; 2012 – $1,048,827)	997,105		1,101,971
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2013 – $996,096; 2012 – $851,873)	1,024,446		919,557
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2013 – $12,733; 2012 – $12,744)	13,174		13,463
Total restricted investments	2,034,725		2,034,991
Total restricted cash and cash equivalents and investments	$	2,304,669	$	2,167,318

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

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

At September 30, 2013 and December 31, 2012, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

5. Fair Value of Financial Instruments (continued)



September 30, 2013	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	17,374		$	—		$	—		$	17,374
U.S. agency bonds – mortgage-backed	—			1,130,713			—			1,130,713
U.S. agency bonds – other	—			8,298			—			8,298
Non-U.S. government bonds	—			67,282			—			67,282
Other mortgage-backed bonds	—			22,662			—			22,662
Corporate bonds	—			1,381,646			—			1,381,646
Municipal bonds	—			46,330			—			46,330
Other investments	—			—			5,006			5,006
Total	$	17,374		$	2,656,931		$	5,006		$	2,679,311
As a percentage of total assets	0.4		%	59.7		%	0.1		%	60.2		%



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
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 bonds	—			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		%

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 three and nine months ended September 30, 2013 and 2012:



	For the Three Months Ended
Other investments:	September 30, 2013			September 30, 2012
Balance at beginning of period	$	4,438		$	2,697
Net realized gains – included in net income	29			36
Net realized losses – included in net income	—			—
Change in net unrealized gains – included in other comprehensive income	155			7
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	475			200
Sales and redemptions	(91		)	(114		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	5,006		$	2,826
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—



	For the Nine Months Ended
Other investments:	September 30, 2013			September 30, 2012
Balance at beginning of period	$	2,901		$	2,192
Net realized gains – included in net income	147			55
Net realized losses – included in net income	—			—
Change in net unrealized gains – included in other comprehensive income	204			59
Change in net unrealized losses – included in other comprehensive income	—			—
Purchases	2,013			794
Sales and redemptions	(259		)	(274		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	5,006		$	2,826
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 September 30, 2013 and December 31, 2012:



			September 30, 2013				December 31, 2012
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	110,252	$	107,500	$	112,832
2012 Senior Notes	8.00	%	100,000		101,760		100,000		105,600
Junior Subordinated Debt	14.00	%	126,364		156,506		126,317		166,919

- 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)

9 Months Ended

Sep. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Analysis of goodwill and intangible assets

The following table shows an analysis of goodwill and intangible assets as of September 30, 2013 and December 31, 2012:



September 30, 2013	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(25,881		)	25,519		15 years double declining
Net balance	$	117,439	$	(25,881	)	$	91,558



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

Estimated amortization expenses for the next five years

The estimated amortization expenses for the next five years are:



2013 (remainder of the year)	$	946
2014	3,276
2015	2,840
2016	2,461
2017	2,133

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Summary of elements used in calculating basic and diluted earnings per common share

The following is a summary of the elements used in calculating basic and diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	21,904		$	21,919
Amount allocated to participating common shareholders ⁽¹⁾	(29		)	—
Net income allocated to Maiden common shareholders	$	21,875		$	21,919

Weighted average number of common shares outstanding – basic	72,552,022			72,270,052
Potentially dilutive securities:
Share options and restricted share units	1,385,872			868,909
Weighted average number of common shares outstanding – diluted	73,937,894			73,138,961
Basic earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30
Diluted earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30



For the Nine Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	67,095		$	56,837
Amount allocated to participating common shareholders ⁽¹⁾	(88		)	—
Net income allocated to Maiden common shareholders	$	67,007		$	56,837

Weighted average number of common shares outstanding – basic	72,475,087			72,251,711
Potentially dilutive securities:
Share options and restricted share units	1,249,281			836,822
Weighted average number of common shares outstanding – diluted	73,724,368			73,088,533
Basic earnings per share attributable to Maiden common shareholders:	$	0.92		$	0.79
Diluted earnings per share attributable to Maiden common shareholders:	$	0.91		$	0.78

(1) This represents earnings allocated to the holders of non-vested restricted shares issued to Company's employees under the 2007 Share Incentive Plan.

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income



For the Three Months Ended September 30, 2013	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	49,247		$	(1,222	)	$	48,025
Other comprehensive income (loss) before reclassifications	5,922			(4,744		)	1,178
Amounts reclassified from accumulated other comprehensive income	(576		)	—			(576		)
Net current period other comprehensive income (loss)	5,346			(4,744		)	602
Ending balance	54,593			(5,966		)	48,627
Less: Accumulated other comprehensive income attributable to non controlling interest	—			8			8
Ending balance, Maiden shareholders	$	54,593		$	(5,974	)	$	48,619



For the Three Months Ended September 30, 2012	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	93,830		$	1,722		$	95,552
Other comprehensive income (loss) before reclassifications	45,986			(1,700		)	44,286
Amounts reclassified from accumulated other comprehensive income	(2,410		)	—			(2,410		)
Net current period other comprehensive income (loss)	43,576			(1,700		)	41,876
Ending balance	137,406			22			137,428
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(13		)	(13		)
Ending balance, Maiden shareholders	$	137,406		$	35		$	137,441

10. Shareholders' Equity (continued)



For the Nine Months Ended September 30, 2013	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	143,665		$	(2,539	)	$	141,126
Other comprehensive income (loss) before reclassifications	(85,415		)	(3,427		)	(88,842		)
Amounts reclassified from accumulated other comprehensive income	(3,657		)	—			(3,657		)
Net current period other comprehensive (loss) income	(89,072		)	(3,427		)	(92,499		)
Ending balance	54,593			(5,966		)	48,627
Less: Accumulated other comprehensive income attributable to non controlling interest	—			8			8
Ending balance, Maiden shareholders	$	54,593		$	(5,974	)	$	48,619



For the Nine Months Ended September 30, 2012	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	63,737		$	314		$	64,051
Other comprehensive income (loss) before reclassifications	76,098			(292		)	75,806
Amounts reclassified from accumulated other comprehensive income	(2,429		)	—			(2,429		)
Net current period other comprehensive income (loss)	73,669			(292		)	73,377
Ending balance	137,406			22			137,428
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(13		)	(13		)
Ending balance, Maiden shareholders	$	137,406		$	35		$	137,441

Share Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Share-based Compensation [Abstract]

Key assumptions used in determining the fair value of options granted

11. Share Based Compensation (continued)




Assumptions:
Volatility	45.30 – 47.60	%
Risk-free interest rate	0.85 – 1.29	%
Weighted average expected lives in years	6.1 years
Forfeiture rate	1.60	%
Dividend yield rate	3.04 – 3.55	%

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

The following schedule shows all options granted, exercised, expired and forfeited under the Plan for the three and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30, 2013	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2013	2,673,575		$	6.85	6.39 years
Exercised	(98,611	)	$	7.12	—
Expired	(628	)	$	7.67	—
Forfeited	(112,474	)	$	8.52	—
Outstanding, September 30, 2013	2,461,862		$	6.76	6.00 years



For the Three Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2012	2,870,581		$	6.62	7.13 years
Exercised	(20,907	)	$	4.36	—
Expired	(52,251	)	$	9.90	—
Forfeited	(7,465	)	$	7.76	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

11. Share Based Compensation (continued)



For the Nine Months Ended September 30, 2013	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2012	2,795,437		$	6.70	6.75 years
Granted	49,000		$	10.61	—
Exercised	(269,101	)	$	6.08	—
Expired	(628	)	$	7.67	—
Forfeited	(112,846	)	$	8.52	—
Outstanding, September 30, 2013	2,461,862		$	6.76	6.00 years



For the Nine Months Ended September 30, 2012	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2011	2,916,143		$	6.61	7.55 years
Granted	49,500		$	8.77	—
Exercised	(61,061	)	$	4.16	—
Expired	(103,284	)	$	9.88	—
Forfeited	(11,340	)	$	7.54	—
Outstanding, September 30, 2012	2,789,958		$	6.58	6.90 years

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Schedule of subsequent events

On November 6, 2013, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.11	January 15, 2014	January 2, 2014
Preference shares - Series A	$	0.515625	December 16, 2013	December 1, 2013
Preference shares - Series B	$	0.7451389	December 16, 2013	December 1, 2013

Segments - Net Income (Loss) and Total Assets (Details) (USD $)

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Segment

Sep. 30, 2012

Dec. 31, 2012

Segment Reporting Information [Line Items]

Number of operating segments

Net Income (Loss) [Abstract]

Net premiums written

$ 463,418,000

$ 455,847,000

$ 1,650,426,000

$ 1,458,640,000

Net premiums earned

508,126,000

448,973,000

1,509,841,000

1,324,585,000

Other insurance revenue

3,271,000

2,622,000

11,266,000

9,650,000

Net loss and loss adjustment expenses

(341,629,000)

(309,146,000)

(1,019,871,000)

(897,498,000)

Commission and other acquisition expenses

(144,194,000)

(120,923,000)

(420,096,000)

(367,844,000)

General and administrative expenses

(10,369,000)

(9,990,000)

(33,667,000)

(33,859,000)

Underwriting income

15,205,000

11,536,000

47,473,000

35,034,000

Reconciliation to net income attributable to Maiden common shareholders

Net investment income and realized gains on investment

23,730,000

23,960,000

69,684,000

60,908,000

Amortization of intangible assets

(945,000)

(1,090,000)

(2,835,000)

(3,271,000)

Foreign exchange and other gains (losses)

(23,000)

1,213,000

2,573,000

1,318,000

Interest and amortization expenses

(9,571,000)

(9,569,000)

(28,711,000)

(26,815,000)

Other general and administrative expenses

(2,882,000)

(3,588,000)

(10,496,000)

(8,758,000)

Income tax expense

(481,000)

(528,000)

(1,217,000)

(1,498,000)

Net income attributable to noncontrolling interest

(36,000)

(15,000)

(95,000)

(81,000)

Dividends on preference shares

(3,093,000)

(9,281,000)

Net income attributable to Maiden common shareholders

21,904,000

21,919,000

67,095,000

56,837,000

Net loss and loss adjustment expense ratio

66.80%

^[1]

68.50%

^[1]

67.00%

^[1]

67.30%

^[1]

Commission and other acquisition expense ratio

28.20%

^[2]

26.80%

^[2]

27.60%

^[2]

27.60%

^[2]

General and administrative expense ratio

2.60%

^[3]

2.90%

^[3]

3.00%

^[3]

3.10%

^[3]

Combined ratio

97.60%

^[4]

98.20%

^[4]

97.60%

^[4]

98.00%

^[4]

Assets [Abstract]

Reinsurance balance receivable, net

554,680,000

522,614,000

Funds withheld

45,492,000

42,712,000

Prepaid reinsurance premiums

49,515,000

38,725,000

Reinsurance recoverable on unpaid losses

97,334,000

110,858,000

Deferred commissions and other acquisition expenses

310,726,000

270,669,000

Loan to related party

167,975,000

Goodwill and intangible assets, net

91,558,000

94,393,000

Restricted cash and cash equivalents and investments

2,304,669,000

2,167,318,000

Other assets

8,164,000

5,864,000

Total Assets - Operating Segments

3,630,113,000

3,421,128,000

Corporate assets

819,559,000

717,035,000

Total assets

4,449,672,000

4,138,163,000

Diversified Reinsurance Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

185,620,000

193,943,000

588,164,000

626,220,000

Net premiums earned

198,966,000

200,020,000

573,551,000

603,613,000

Other insurance revenue

3,271,000

2,622,000

11,266,000

9,650,000

Net loss and loss adjustment expenses

(137,080,000)

(141,625,000)

(398,680,000)

(412,437,000)

Commission and other acquisition expenses

(51,657,000)

(47,801,000)

(140,877,000)

(159,895,000)

General and administrative expenses

(9,688,000)

(9,256,000)

(31,639,000)

(31,849,000)

Underwriting income

3,812,000

3,960,000

13,621,000

9,082,000

Reconciliation to net income attributable to Maiden common shareholders

Net loss and loss adjustment expense ratio

67.80%

^[1]

69.90%

^[1]

68.20%

^[1]

67.30%

^[1]

Commission and other acquisition expense ratio

25.50%

^[2]

23.60%

^[2]

24.10%

^[2]

26.10%

^[2]

General and administrative expense ratio

4.80%

^[3]

4.50%

^[3]

5.40%

^[3]

5.10%

^[3]

Combined ratio

98.10%

^[4]

98.00%

^[4]

97.70%

^[4]

98.50%

^[4]

Assets [Abstract]

Reinsurance balance receivable, net

283,368,000

260,161,000

Funds withheld

45,492,000

42,712,000

Prepaid reinsurance premiums

49,515,000

38,725,000

Reinsurance recoverable on unpaid losses

97,334,000

110,858,000

Deferred commissions and other acquisition expenses

88,060,000

83,287,000

Loan to related party

Goodwill and intangible assets, net

91,558,000

94,393,000

Restricted cash and cash equivalents and investments

1,107,671,000

1,219,454,000

Other assets

8,164,000

5,864,000

Total Assets - Operating Segments

1,771,162,000

1,855,454,000

Corporate assets

Total assets

1,771,162,000

1,855,454,000

AmTrust Quota Share Reinsurance Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

259,633,000

186,258,000

895,029,000

607,902,000

Net premiums earned

243,408,000

177,293,000

725,100,000

512,988,000

Other insurance revenue

Net loss and loss adjustment expenses

(160,212,000)

(120,942,000)

(478,782,000)

(350,553,000)

Commission and other acquisition expenses

(71,869,000)

(50,525,000)

(213,199,000)

(142,284,000)

General and administrative expenses

(504,000)

(535,000)

(1,498,000)

(1,444,000)

Underwriting income

10,823,000

5,291,000

31,621,000

18,707,000

Reconciliation to net income attributable to Maiden common shareholders

Net loss and loss adjustment expense ratio

65.80%

^[1]

68.20%

^[1]

66.00%

^[1]

68.30%

^[1]

Commission and other acquisition expense ratio

29.50%

^[2]

28.50%

^[2]

29.40%

^[2]

27.70%

^[2]

General and administrative expense ratio

0.30%

^[3]

0.30%

^[3]

0.20%

^[3]

0.40%

^[3]

Combined ratio

95.60%

^[4]

97.00%

^[4]

95.60%

^[4]

96.40%

^[4]

Assets [Abstract]

Reinsurance balance receivable, net

210,447,000

170,983,000

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commissions and other acquisition expenses

202,691,000

153,530,000

Loan to related party

167,975,000

Goodwill and intangible assets, net

Restricted cash and cash equivalents and investments

1,095,601,000

857,013,000

Other assets

Total Assets - Operating Segments

1,676,714,000

1,349,501,000

Corporate assets

Total assets

1,676,714,000

1,349,501,000

NGHC Quota Share Segment [Member]

Net Income (Loss) [Abstract]

Net premiums written

18,165,000

75,646,000

167,233,000

224,518,000

Net premiums earned

65,752,000

71,660,000

211,190,000

207,984,000

Other insurance revenue

Net loss and loss adjustment expenses

(44,337,000)

(46,579,000)

(142,409,000)

(134,508,000)

Commission and other acquisition expenses

(20,668,000)

(22,597,000)

(66,020,000)

(65,665,000)

General and administrative expenses

(177,000)

(199,000)

(530,000)

(566,000)

Underwriting income

570,000

2,285,000

2,231,000

7,245,000

Reconciliation to net income attributable to Maiden common shareholders

Net loss and loss adjustment expense ratio

67.40%

^[1]

65.00%

^[1]

67.40%

^[1]

64.70%

^[1]

Commission and other acquisition expense ratio

31.40%

^[2]

31.50%

^[2]

31.30%

^[2]

31.60%

^[2]

General and administrative expense ratio

0.30%

^[3]

0.30%

^[3]

0.20%

^[3]

0.20%

^[3]

Combined ratio

99.10%

^[4]

96.80%

^[4]

98.90%

^[4]

96.50%

^[4]

Assets [Abstract]

Reinsurance balance receivable, net

60,865,000

91,470,000

Funds withheld

Prepaid reinsurance premiums

Reinsurance recoverable on unpaid losses

Deferred commissions and other acquisition expenses

19,975,000

33,852,000

Loan to related party

Goodwill and intangible assets, net

Restricted cash and cash equivalents and investments

101,397,000

90,851,000

Other assets

Total Assets - Operating Segments

182,237,000

216,173,000

Corporate assets

Total assets

$ 182,237,000

$ 216,173,000

[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.

Segments - Net Premiums (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Net premiums written	$ 463,418	$ 455,847	$ 1,650,426	$ 1,458,640
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	508,126	448,973	1,509,841	1,324,585
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	185,620	193,943	588,164	626,220
% of Total Net premiums written	40.10%	42.50%	35.60%	42.90%
Net premiums earned	198,966	200,020	573,551	603,613
% of Total Net premiums earned	39.20%	44.50%	37.90%	45.60%
AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	259,633	186,258	895,029	607,902
% of Total Net premiums written	56.00%	40.90%	54.30%	41.70%
Net premiums earned	243,408	177,293	725,100	512,988
% of Total Net premiums earned	47.90%	39.50%	48.10%	38.70%
NGHC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	18,165	75,646	167,233	224,518
% of Total Net premiums written	3.90%	16.60%	10.10%	15.40%
Net premiums earned	65,752	71,660	211,190	207,984
% of Total Net premiums earned	12.90%	16.00%	14.00%	15.70%
Property [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	26,783	41,667	112,861	157,628
% of Total Net premiums written	5.80%	9.10%	6.80%	10.80%
Net premiums earned	41,652	50,688	116,970	164,739
% of Total Net premiums earned	8.20%	11.30%	7.70%	12.40%
Casualty [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	122,600	114,655	359,816	349,356
% of Total Net premiums written	26.40%	25.20%	21.80%	24.00%
Net premiums earned	126,091	119,572	359,988	334,559
% of Total Net premiums earned	24.80%	26.60%	23.80%	25.30%
Accident and Health [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	9,040	9,174	31,649	34,484
% of Total Net premiums written	2.00%	2.00%	1.90%	2.30%
Net premiums earned	8,994	11,176	27,356	32,547
% of Total Net premiums earned	1.80%	2.50%	1.80%	2.50%
International [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	27,197	28,447	83,838	84,752
% of Total Net premiums written	5.90%	6.20%	5.10%	5.80%
Net premiums earned	22,229	18,584	69,237	71,768
% of Total Net premiums earned	4.40%	4.10%	4.60%	5.40%
Small Commercial Business [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	136,725	84,024	434,951	256,198
% of Total Net premiums written	29.50%	18.40%	26.40%	17.60%
Net premiums earned	130,472	81,287	350,295	218,086
% of Total Net premiums earned	25.70%	18.10%	23.20%	16.40%
Specialty Program [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	41,698	14,931	115,313	63,877
% of Total Net premiums written	9.00%	3.30%	7.00%	4.40%
Net premiums earned	39,661	9,828	105,122	60,414
% of Total Net premiums earned	7.80%	2.20%	7.00%	4.60%
Specialty Risk and Extended Warranty [Member] \| AmTrust Quota Share Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	81,210	87,303	344,765	287,827
% of Total Net premiums written	17.50%	19.20%	20.90%	19.70%
Net premiums earned	73,275	86,178	269,683	234,488
% of Total Net premiums earned	14.40%	19.20%	17.90%	17.70%
Automobile Liability [Member] \| NGHC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	9,707	39,019	95,631	118,288
% of Total Net premiums written	2.10%	8.60%	5.80%	8.10%
Net premiums earned	38,015	38,374	122,118	113,168
% of Total Net premiums earned	7.50%	8.60%	8.10%	8.50%
Automobile Physical Damage [Member] \| NGHC Quota Share Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	8,458	36,627	71,602	106,230
% of Total Net premiums written	1.80%	8.00%	4.30%	7.30%
Net premiums earned	$ 27,737	$ 33,286	$ 89,072	$ 94,816
% of Total Net premiums earned	5.40%	7.40%	5.90%	7.20%

- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References+ Details

Investments - Schedule of Investments Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	$ 2,620,107	$ 2,475,202
Other Investments, Original or amortized cost	4,500	2,599
Total investments, Original or amortized cost	2,624,607	2,477,801
Available-for-sale securitites, Gross unrealized gains	102,742	151,460
Other investments, Gross unrealized gains	506	353
Investments, Gross unrealized gains	103,248	151,813
Available-for-sale securities, Gross unrealized losses	(48,544)	(7,965)
Other investments, Gross unrealized losses	0	(51)
Investments, Gross unrealized losses	(48,544)	(8,016)
Total Investments, Fair Value	2,674,305	2,618,697
Other investments	5,006	2,901
Total investments	2,679,311	2,621,598
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	16,629	42,671
Available-for-sale securitites, Gross unrealized gains	745	1,260
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	17,374	43,931
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	1,138,860	962,649
Available-for-sale securitites, Gross unrealized gains	16,083	30,998
Available-for-sale securities, Gross unrealized losses	(24,230)	(1,473)
Total Investments, Fair Value	1,130,713	992,174
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	7,205	11,682
Available-for-sale securitites, Gross unrealized gains	1,093	1,407
Available-for-sale securities, Gross unrealized losses	0	0
Total Investments, Fair Value	8,298	13,089
Non-U.S. government bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	64,992	55,169
Available-for-sale securitites, Gross unrealized gains	2,734	2,264
Available-for-sale securities, Gross unrealized losses	(444)	0
Total Investments, Fair Value	67,282	57,433
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	22,624	23,167
Available-for-sale securitites, Gross unrealized gains	97	901
Available-for-sale securities, Gross unrealized losses	(59)	0
Total Investments, Fair Value	22,662	24,068
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	1,324,209	1,247,260
Available-for-sale securitites, Gross unrealized gains	81,247	113,386
Available-for-sale securities, Gross unrealized losses	(23,810)	(6,492)
Total Investments, Fair Value	1,381,646	1,354,154
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	45,588	132,604
Available-for-sale securitites, Gross unrealized gains	743	1,244
Available-for-sale securities, Gross unrealized losses	(1)	0
Total Investments, Fair Value	$ 46,330	$ 133,848

Investments - Contractual Maturities (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Investments [Line Items]
Due in one year or less, Amortized cost	$ 95,601
Due after one year through five years, Amortized cost	398,953
Due after five years through ten years, Amortized cost	888,970
Due after ten years, Amortized cost	75,099
Total before securities without single maturities, Amortized cost	1,458,623
Total Amortized cost	2,620,107
Due in one year or less, Fair value	97,385
Due after one year through five years, Fair value	428,246
Due after five years through ten years, Fair value	917,690
Due after ten years, Fair value	77,609
Total before securities without single maturities, Fair value	1,520,930
Total Investments, Fair Value	2,674,305	2,618,697
Due in one year or less, % of Total fair value	3.70%
Due after one year through five years, % of Total fair value	16.00%
Due after five years through ten years, % of Total fair value	34.30%
Due after ten years, % of Total fair value	2.90%
Total before securities without single maturities, % of Total fair value	56.90%
% of Total fair value	100.00%	100.00%
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	1,138,860
Fair value of securities without single maturities	1,130,713
Total Investments, Fair Value	1,130,713	992,174
% of Total fair value for securities without single maturities	42.30%
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	22,624
Fair value of securities without single maturities	22,662
Total Investments, Fair Value	$ 22,662	$ 24,068
% of Total fair value for securities without single maturities	0.80%

Investments - Fair Value and Unrealized Losses (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013 securities	Dec. 31, 2012 securities
Fair value
Less than 12 months, Fair Value	$ 982,363	$ 253,333
12 Months or More, Fair value	162,774	143,853
Total, Fair value	1,145,137	397,186
Unrealized losses
Less than 12 months, Unrealized losses	(45,392)	(2,571)
12 Months or More, Unrealized losses	(3,152)	(5,445)
Total, Unrealized losses	(48,544)	(8,016)
Number of securities in loss position (in securities)	109	32
12 Months or More, number of securities (in securities)	11	9
U.S. agency bonds – mortgage-backed [Member]
Fair value
Less than 12 Months, Fair value	601,779	158,591
12 Months or More, Fair value	39,548	0
Total, Fair value	641,327	158,591
Unrealized losses
Less than 12 Months, Unrealized losses	(23,199)	(1,473)
12 Months or More, Unrealized losses	(1,031)	0
Total, Unrealized losses	(24,230)	(1,473)
Non-U.S. government bonds [Member]
Fair value
Less than 12 Months, Fair value	10,234
12 Months or More, Fair value	0
Total, Fair value	10,234
Unrealized losses
Less than 12 Months, Unrealized losses	(444)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	(444)
Other mortgage-backed bonds [Member]
Fair value
Less than 12 Months, Fair value	13,152
12 Months or More, Fair value	0
Total, Fair value	13,152
Unrealized losses
Less than 12 Months, Unrealized losses	(59)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	(59)
Corporate bonds [Member]
Fair value
Less than 12 Months, Fair value	354,698	94,742
12 Months or More, Fair value	123,226	141,842
Total, Fair value	477,924	236,584
Unrealized losses
Less than 12 Months, Unrealized losses	(21,689)	(1,098)
12 Months or More, Unrealized losses	(2,121)	(5,394)
Total, Unrealized losses	(23,810)	(6,492)
Municipal bonds [Member]
Fair value
Less than 12 Months, Fair value	2,500
12 Months or More, Fair value	0
Total, Fair value	2,500
Unrealized losses
Less than 12 Months, Unrealized losses	(1)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	(1)
Available-for-sale securities [Member]
Fair value
Less than 12 Months, Fair value		253,333
12 Months or More, Fair value		141,842
Total, Fair value		395,175
Unrealized losses
Less than 12 Months, Unrealized losses		(2,571)
12 Months or More, Unrealized losses		(5,394)
Total, Unrealized losses		(7,965)
Other investments [Member]
Fair value
Less than 12 months, Fair Value		0
12 Months or More, Fair value		2,011
Total, Fair value		2,011
Unrealized losses
Less than 12 months, Unrealized losses		0
12 Months or More, Unrealized losses		(51)
Total, Unrealized losses		$ (51)

Investments - Credit Ratings (Details) (USD $)

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

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

OTTI

$ 0

Amortized cost

2,620,107,000

2,475,202,000

Fair value

2,674,305,000

2,618,697,000

% of Total fair value

100.00%

U.S. treasury bonds [Member]

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

Amortized cost

16,629,000

^[1]

16,629,000

^[1]

42,671,000

^[1]

Fair value

17,374,000

^[1]

17,374,000

^[1]

43,931,000

^[1]

% of Total fair value

0.70%

^[1]

0.70%

^[1]

1.70%

^[1]

U.S. agency bonds [Member]

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

Amortized cost

1,146,065,000

^[1]

1,146,065,000

^[1]

974,331,000

^[1]

Fair value

1,139,011,000

^[1]

1,139,011,000

^[1]

1,005,263,000

^[1]

% of Total fair value

42.60%

^[1]

42.60%

^[1]

38.40%

^[1]

AAA [Member]

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

Amortized cost

153,544,000

^[1]

153,544,000

^[1]

171,136,000

^[1]

Fair value

165,945,000

^[1]

165,945,000

^[1]

183,950,000

^[1]

% of Total fair value

6.20%

^[1]

6.20%

^[1]

7.00%

^[1]

AA Plus, AA, AA Minus [Member]

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

Amortized cost

114,209,000

^[1]

114,209,000

^[1]

186,495,000

^[1]

Fair value

121,167,000

^[1]

121,167,000

^[1]

196,797,000

^[1]

% of Total fair value

4.50%

^[1]

4.50%

^[1]

7.50%

^[1]

A Plus, A, A Minus [Member]

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

Amortized cost

487,189,000

^[1]

487,189,000

^[1]

477,236,000

^[1]

Fair value

517,408,000

^[1]

517,408,000

^[1]

515,383,000

^[1]

% of Total fair value

19.30%

^[1]

19.30%

^[1]

19.70%

^[1]

BBB Plus, BBB, BBB Minus [Member]

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

Amortized cost

646,396,000

^[1]

646,396,000

^[1]

587,858,000

^[1]

Fair value

658,567,000

^[1]

658,567,000

^[1]

637,089,000

^[1]

% of Total fair value

24.60%

^[1]

24.60%

^[1]

24.30%

^[1]

BB Plus or Lower [Member]

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

Amortized cost

56,075,000

^[1]

56,075,000

^[1]

35,475,000

^[1]

Fair value

$ 54,833,000

^[1]

$ 54,833,000

^[1]

$ 36,284,000

^[1]

% of Total fair value

2.10%

^[1]

2.10%

^[1]

1.40%

^[1]

[1]	Ratings as assigned by Standard & Poor’s ("S&P")

Investments - Other Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Investments [Line Items]
Other investments	$ 5,006	$ 2,901
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	4,006	2,901
% of Total fair value	80.00%	100.00%
Unfunded commitment on investments in limited partnerships	1,994
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,000	$ 0
% of Total fair value	20.00%	0.00%

Investments - Realized and Unrealized Gains on Investment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Gain (Loss) on Investments [Line Items]
Gross gains	$ 477	$ 2,410	$ 3,760	$ 2,430
Gross losses	0	0	(53)	(1,594)
Realized gains (losses), Net	477	2,410	3,707	836
Proceeds from sales of fixed maturities classified as available-for-sale			186,957	120,865
Net unrealized gains	54,704		54,704		143,797
Deferred income tax expense	(111)		(111)		(132)
Net unrealized gains, net of deferred income tax	54,593		54,593		143,665
Change in net unrealized gains, net of deferred income tax			(89,072)		79,928
Available-for-sale securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	448	2,374	3,560	2,374
Gross losses	0	0	0	0
Realized gains (losses), Net	448	2,374	3,560	2,374
Net unrealized gains	54,198		54,198		143,495
Trading Securities and Short Sales [Member]
Gain (Loss) on Investments [Line Items]
Gross gains				0
Gross losses				(1,593)
Realized gains (losses), Net				(1,593)
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	29	36	200	56
Gross losses	0	0	(53)	(1)
Realized gains (losses), Net	29	36	147	55
Net unrealized gains	$ 506		$ 506		$ 302

Investments - Restricted Cash and Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 269,944	$ 132,327
Restricted investments	2,034,725	2,034,991
Restricted cash and investments	2,304,669	2,167,318
Amortized cost	2,624,607	2,477,801
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	92,783	97,695
Restricted investments	997,105	1,101,971
Amortized cost	977,880	1,048,827
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	176,596	33,882
Restricted investments	1,024,446	919,557
Amortized cost	996,096	851,873
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	565	750
Restricted investments	13,174	13,463
Amortized cost	$ 12,733	$ 12,744

Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified																																																						9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Other investments [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. treasury bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. treasury bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. agency bonds – mortgage-backed [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. agency bonds – mortgage-backed [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. agency bonds – other [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] U.S. agency bonds – other [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Non-U.S. government bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Non-U.S. government bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Other mortgage-backed securities [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Other mortgage-backed securities [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Corporate bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Corporate bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Municipal bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Municipal bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. treasury bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. treasury bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. agency bonds – mortgage-backed [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. agency bonds – mortgage-backed [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. agency bonds – other [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] U.S. agency bonds – other [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Non-U.S. government bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Non-U.S. government bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Other mortgage-backed securities [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Other mortgage-backed securities [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Corporate bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Corporate bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Municipal bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Other Observable Inputs (Level 2) [Member] Municipal bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. treasury bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. treasury bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. agency bonds – mortgage-backed [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. agency bonds – mortgage-backed [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. agency bonds – other [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] U.S. agency bonds – other [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Non-U.S. government bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Non-U.S. government bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Other mortgage-backed securities [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Other mortgage-backed securities [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Corporate bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Corporate bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Municipal bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Significant Unobservable Inputs (Level 3) [Member] Municipal bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Fixed Maturities [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. treasury bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. treasury bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. agency bonds – mortgage-backed [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. agency bonds – mortgage-backed [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. agency bonds – other [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] U.S. agency bonds – other [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Non-U.S. government bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Non-U.S. government bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Other mortgage-backed securities [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Other mortgage-backed securities [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Corporate bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Corporate bonds [Member]	Sep. 30, 2013 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Municipal bonds [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Total Fair Value [Member] Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value						$ 17,374	$ 43,931	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0			$ 0	$ 0	$ 1,130,713	$ 992,174	$ 8,298	$ 13,089	$ 67,282	$ 57,433	$ 22,662	$ 24,068	$ 1,381,646	$ 1,354,154	$ 46,330	$ 133,848			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0				$ 17,374	$ 43,931	$ 1,130,713	$ 992,174	$ 8,298	$ 13,089	$ 67,282	$ 57,433	$ 22,662	$ 24,068	$ 1,381,646	$ 1,354,154	$ 46,330	$ 133,848
Other investments, fair value				0	0															0	0															5,006	2,901															5,006	2,901
Total				17,374	43,931															2,656,931	2,574,766															5,006	2,901															2,679,311	2,621,598
Percentage of total assets				0.40%	1.10%															59.70%	62.20%															0.10%	0.10%															60.20%	63.40%
Percent of fixed maturities valued by a pricing service																																																						99.10%
Other investments	$ 5,006	$ 2,901	$ 5,006
Other investments, percent of assets																																																				0.20%

Fair Value Measurements - Changes in Level 3 Financial Instruments (Details) (Fair Value, Measurements, Recurring [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 4,438	$ 2,697	$ 2,901	$ 2,192
Net realized and unrealized gains – included in net income	29	36	147	55
Net realized and unrealized losses – included in net income	0	0	0	0
Change in net unrealized gains – included in other comprehensive income	155	7	204	59
Change in net unrealized losses – included in other comprehensive income	0	0	0	0
Purchases	475	200	2,013	794
Sales and redemptions	(91)	(114)	(259)	(274)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	5,006	2,826	5,006	2,826
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	$ 0	$ 0

Fair Value Measurements - Fair Value of Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011 Senior notes [Member] 8.25% Senior note [Member]	Mar. 31, 2012 Senior notes [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.25% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Junior subordinated debt [Member] Significant Other Observable Inputs (Level 2) [Member]	Sep. 30, 2013 Carrying Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.25% Senior note [Member]	Dec. 31, 2012 Carrying Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.25% Senior note [Member]	Sep. 30, 2013 Carrying Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.00% Senior note [Member]	Dec. 31, 2012 Carrying Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Carrying Value [Member] Junior subordinated debt [Member] Significant Other Observable Inputs (Level 2) [Member]	Dec. 31, 2012 Carrying Value [Member] Junior subordinated debt [Member] Significant Other Observable Inputs (Level 2) [Member]	Sep. 30, 2013 Fair Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.25% Senior note [Member]	Dec. 31, 2012 Fair Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.25% Senior note [Member]	Sep. 30, 2013 Fair Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.00% Senior note [Member]	Dec. 31, 2012 Fair Value [Member] Senior notes [Member] Significant Other Observable Inputs (Level 2) [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Fair Value [Member] Junior subordinated debt [Member] Significant Other Observable Inputs (Level 2) [Member]	Dec. 31, 2012 Fair Value [Member] Junior subordinated debt [Member] Significant Other Observable Inputs (Level 2) [Member]
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	$ 107,500	$ 100,000	$ 100,000	$ 126,364	$ 126,317	$ 110,252	$ 112,832	$ 101,760	$ 105,600	$ 156,506	$ 166,919

Goodwill and Intangible Assets (Details) (USD $)	3 Months Ended		9 Months Ended			9 Months Ended	12 Months Ended
Goodwill and Intangible Assets (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013 Customer relationships [Member]	Dec. 31, 2012 Customer relationships [Member]	Sep. 30, 2013 State licenses [Member]	Dec. 31, 2012 State licenses [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	$ 58,312,000		$ 58,312,000		$ 58,312,000
State licenses								7,727,000	7,727,000
Customer relationships, Gross						51,400,000	51,400,000
Accumulated Amortization	(25,881,000)		(25,881,000)		(23,046,000)	(25,881,000)	(23,046,000)
Customer relationships, Net						25,519,000	28,354,000
Balance, gross	117,439,000		117,439,000		117,439,000
Accumulated Amortization	(25,881,000)		(25,881,000)		(23,046,000)	(25,881,000)	(23,046,000)
Balance, net	91,558,000		91,558,000		94,393,000
Useful Life						15 years	15 years
Impairment of goodwill and intangible assets	0	0	0	0
Estimated amortization expenses for the next five years [Abstract]
2013 (remainder of the year)	946,000		946,000
2014	3,276,000		3,276,000
2015	2,840,000		2,840,000
2016	2,461,000		2,461,000
2017	$ 2,133,000		$ 2,133,000

Long-Term Debt (Details) (USD $)	3 Months Ended		9 Months Ended				1 Months Ended	3 Months Ended		9 Months Ended			1 Months Ended	3 Months Ended		9 Months Ended			0 Months Ended		1 Months Ended	3 Months Ended		9 Months Ended
Long-Term Debt (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Jan. 20, 2009 Maiden Capital Financing Trust [Member]	Jun. 30, 2011 Senior notes [Member] 8.25% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] 8.25% Senior note [Member]	Sep. 30, 2012 Senior notes [Member] 8.25% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] 8.25% Senior note [Member]	Sep. 30, 2012 Senior notes [Member] 8.25% Senior note [Member]	Dec. 31, 2012 Senior notes [Member] 8.25% Senior note [Member]	Mar. 31, 2012 Senior notes [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] 8.00% Senior note [Member]	Sep. 30, 2012 Senior notes [Member] 8.00% Senior note [Member]	Sep. 30, 2013 Senior notes [Member] 8.00% Senior note [Member]	Sep. 30, 2012 Senior notes [Member] 8.00% Senior note [Member]	Dec. 31, 2012 Senior notes [Member] 8.00% Senior note [Member]	Jul. 15, 2011 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Jan. 20, 2009 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Jun. 30, 2011 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Sep. 30, 2013 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Sep. 30, 2012 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Sep. 30, 2013 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Sep. 30, 2012 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Dec. 31, 2012 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Jan. 20, 2009 Junior subordinated debt [Member] Trust Preferred Securities [Member] Founding Shareholders [Member]	Jan. 20, 2009 Junior subordinated debt [Member] Trust Preferred Securities [Member] Institutional Shareholders [Member]	Sep. 30, 2013 Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member]	Jan. 20, 2009 Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member] Unit
Debt Instrument [Line Items]
Face amount							$ 107,500,000	$ 107,500,000		$ 107,500,000			$ 100,000,000																$ 260,000,000
Stated interest rate							8.25%						8.00%									14.00%		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%		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								24,000	24,000	70,000	70,000			29,000	29,000	85,000	58,000
Interest expense	9,571,000	9,569,000	28,711,000	26,815,000				2,217,000	2,217,000	6,651,000	6,651,000			2,000,000	2,000,000	6,000,000	4,111,000					5,338,000	5,338,000	16,013,000	16,013,000
Accrued interest								394,000		394,000		394,000		111,000		111,000		111,000				4,448,000		4,448,000		4,448,000
Number of units issued (in units)																														260,000
Principal amount per unit (in dollars per unit)																														1,000
Number of common shares per unit (in shares per unit)																														45
Common shares, par value	$ 0.01		$ 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
Proceeds from issuance																				260,117,000
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
Principal amount repurchased																					107,500,000
Additional repurchase expense																						21,350,000		21,350,000
Unamortized discount																						44,928,000		44,928,000
Market price (in dollars per share)																				$ 3.85
Discount amortization period from issuance																								30 years
Repurchase interest expense amount																			15,050,000
Accelerated amortization of debt issuance costs and discount																			20,313,000
Junior subordinated debt	126,364,000		126,364,000		126,317,000																	126,364,000		126,364,000
Principal balance																						152,500,000		152,500,000
Unamortized discount																						26,136,000		26,136,000
Amortization expense																						$ 16,000	$ 14,000	$ 47,000	$ 40,000

Related Party Transactions - AmTrust (Details)				3 Months Ended		9 Months Ended		21 Months Ended		0 Months Ended			1 Months Ended	2 Months Ended	9 Months Ended		15 Months Ended	21 Months Ended	55 Months Ended	3 Months Ended		9 Months Ended		21 Months Ended	30 Months Ended	3 Months Ended		9 Months Ended		24 Months Ended	45 Months Ended	69 Months Ended	37 Months Ended	3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		13 Months Ended	37 Months Ended	3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		18 Months Ended	3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended		30 Months Ended	3 Months Ended		9 Months Ended		75 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended	10 Months Ended	3 Months Ended		9 Months Ended					2 Months Ended	18 Months Ended	2 Months Ended	18 Months Ended		0 Months Ended
Related Party Transactions - AmTrust (Details)	Sep. 30, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2013 Founding Shareholders [Member] AmTrust Financial Services, Inc. [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. [Member] USD ($)	Mar. 07, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Feb. 09, 2009 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Jun. 11, 2008 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Jul. 31, 2007 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Mar. 06, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Dec. 31, 2011 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Mar. 31, 2011 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Dec. 31, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Dec. 31, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] EUR (€)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] EUR (€)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] Commissions Paid [Member] USD ($)	Dec. 31, 2009 AmTrust Financial Services, Inc. [Member] AmTrust Workers' Compensation Reinsurance Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Workers' Compensation Reinsurance Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Workers' Compensation Reinsurance Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. [Member] Reinsurer Trust Assets Collateral Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Dec. 31, 2012 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Dec. 31, 2011 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member]	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Sep. 30, 2012 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Sep. 30, 2013 AmTrust Financial Services, Inc. [Member] National General Holdings Corp. [Member]	Sep. 30, 2013 Michael Karfunkel 2005 Grantor Retained Annuity Trust [Member] National General Holdings Corp. [Member]	Sep. 30, 2013 Michael Karfunkel [Member] National General Holdings Corp. [Member]	Mar. 06, 2013 Minimum [Member] AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Sep. 30, 2013 Minimum [Member] AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member]	Mar. 06, 2013 Maximum [Member] AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Sep. 30, 2013 Maximum [Member] AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member]	Jun. 04, 2013 Series A Preferred Stock [Member] AmTrust Financial Services, Inc. [Member] National General Holdings Corp. [Member]	Jun. 06, 2013 Common Stock [Member] AmTrust Financial Services, Inc. [Member] National General Holdings Corp. [Member]	Jun. 05, 2013 Common Stock [Member] AmTrust Financial Services, Inc. [Member] National General Holdings Corp. [Member] USD ($)
Related Party Transaction [Line Items]
Ownership percentage			58.00%																																																																															15.40%	41.40%	15.80%
Shares owned																																																																																									53,054	12,295,430	42,958
Stock split, conversion ratio																																																																																										286.22
Number of shares issued (in shares)																																																																																										21,850,000
Common shares, par value	$ 0.01	$ 0.01																																																																																									$ 0.01
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party												100.00%	40.00%																													100.00%
Unearned premiums	$ 1,089,218,000	$ 936,497,000										$ 82,200,000
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party													40.00%	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%	34.375%	30.00%	31.00%	31.00%	34.375%						5.00%								5.00%										5.00%																																											10.00%		27.50%
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
Contract extension										3 years																																																																			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 liability attaching																								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				467,000	489,000		1,468,000	1,397,000																														160,000	1,404,000	849,000	6,438,000			70,000	27,000	164,000	60,000	1,410,000	547,000	3,285,000	1,198,000						170,000	535,000	369,000	582,000
Accrued interest				467,000		467,000		467,000	0
Percent of gross liabilities, from related party																																										100.00%	80.00%
Percent of gross liabilities, from third party																																											20.00%
Expenses recorded from related party transactions																				67,429,000	46,969,000	199,841,000	132,098,000			1,398,000	1,340,000	4,294,000	3,774,000					25,000	404,000	181,000	1,921,000																38,000	463,000	94,000	472,000											3,043,000	2,216,000	9,064,000	6,412,000		1,080,000	952,000	3,182,000	2,667,000	0		38,000	6,000	57,000	38,000
Percent participation in reinsurance program																														45.00%	40.00%
Excess reinsurance coverage above threshold																																9,000,000
Reinsurance coverage threshold																																1,000,000																				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 business to cede																																	100.00%
Loan to related party	167,975,000	167,975,000		167,975,000		167,975,000		167,975,000	167,975,000
Loan to related party, Basis spread on LIBOR				0.90%		0.90%		0.90%
Loan to related party, LIBOR basis spread assessment period						360 days
Collateral held by related party				1,095,601,000		1,095,601,000		1,095,601,000																																																					857,013,000
Accrued interest on collateral held by related party				7,346,000		7,346,000		7,346,000																																																					6,967,000
Brokerage fee, percent of premium assumed																																																																		1.25%
Reserve for loss and loss adjustment expenses																																																																			8,441,000	6,299,000	8,441,000	6,299,000
Brokerage fees paid																																																														21,000	20,000	22,000	20,000
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%
Commission rate, adjustment criteria, loss ratio floor																																																																																					81.50%
Commission rate, adjustment criteria, loss ratio ceiling																																																																																							95.00%

Related Party Transactions - NGHC (Details) (USD $)			1 Months Ended		0 Months Ended		12 Months Ended	31 Months Ended	3 Months Ended		9 Months Ended		3 Months Ended				9 Months Ended	0 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		0 Months Ended
Related Party Transactions - NGHC (Details) (USD $)	Sep. 30, 2013 Senior notes [Member] 8.25% Senior note [Member]	Jun. 30, 2011 Senior notes [Member] 8.25% Senior note [Member]	Jun. 30, 2011 Junior subordinated debt [Member] Trust Preferred Securities [Member]	Jun. 30, 2011 National General Holdings Corp. [Member] Senior notes [Member] 8.25% Senior note [Member]	Jul. 15, 2011 National General Holdings Corp. [Member] Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Layer One [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Layer Two [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Premiums Earned [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Premiums Earned [Member]	Sep. 12, 2013 National General Holdings Corp. [Member] NGHC Integon Consulting Agreement [Member]	Sep. 12, 2012 National General Holdings Corp. [Member] NGHC Integon Consulting Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Integon Consulting Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC Integon Consulting Agreement [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Commissions Paid [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Premiums Earned [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Premiums Earned [Member]	Sep. 30, 2013 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Premiums Earned [Member]	Sep. 30, 2012 National General Holdings Corp. [Member] NGHC New South Insurance Company Reinsurance Agreement [Member] Premiums Earned [Member]	Jul. 15, 2011 Michael Karfunkel [Member] Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member]	Jul. 15, 2011 George Karfunkel [Member] Junior subordinated debt [Member] Trust Preferred Securities [Member] Maiden Capital Financing Trust [Member]
Related Party Transaction [Line Items]
Percent of net premiums of personal lines business reinsured								25.00%
Percent participation in quota share by subsidiary								50.00%
Percent of net premiums of personal lines business received by subsidiary								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
Cancellation notice period								9 months
Cancellation notice period upon the occurrence of certain early termination events								60 days
Early termination events, reduction threshold of stockholders' equity								50.00%
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									$ 19,910,000	$ 21,856,000	$ 63,608,000	$ 63,435,000													$ 0	$ 0	$ 0	$ 0
Liability percentage														100.00%	100.00%
Reinsurance coverage limit														4,000,000	5,000,000
Reinsurance coverage threshold														1,000,000
Maximum limit of liability attaching													2,000,000
Monthly base fee																		15,000	25,000
Fee rate per policy quote																			100.0
Fee rate per policy requote																			100.0
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																104,000	113,000			72,000	238,000	0		0					0	0	0	0
Principal amount repurchased			$ 107,500,000	$ 107,500,000	$ 12,500,000																												$ 79,066,000	$ 25,000,000

Earnings per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Earnings Per Share [Abstract]

Net income attributable to Maiden common shareholders

$ 21,904

$ 21,919

$ 67,095

$ 56,837

Amount allocated to participating common shareholders

(29)

^[1]

(88)

^[1]

Net income allocated to Maiden common shareholders

$ 21,875

$ 21,919

$ 67,007

$ 56,837

Weighted average number of common shares outstanding – basic (in shares)

72,552,022

72,270,052

72,475,087

72,251,711

Potentially dilutive securities:

Share options and restricted share units (in shares)

1,385,872

868,909

1,249,281

836,822

Weighted average number of common shares outstanding – diluted (in shares)

73,937,894

73,138,961

73,724,368

73,088,533

Basic earnings per share attributable to Maiden common shareholders (in dollars per share)

$ 0.30

$ 0.92

$ 0.79

Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)

$ 0.30

$ 0.91

$ 0.78

[1]	This represents earnings allocated to the holders of non-vested restricted shares issued to Company's employees under the 2007 Share Incentive Plan.

Earnings per Common Share - Anti-dilutive Securities (Details) (Share Options [Member])	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Share Options [Member]
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	1,611,272	2,082,608

- 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+ Details

Shareholders' Equity (Details) (USD $)	3 Months Ended		9 Months Ended			3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		0 Months Ended				0 Months Ended	3 Months Ended		9 Months Ended		0 Months Ended
Shareholders' Equity (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013 Change in net unrealized gains on investments [Member]	Sep. 30, 2012 Change in net unrealized gains on investments [Member]	Sep. 30, 2013 Change in net unrealized gains on investments [Member]	Sep. 30, 2012 Change in net unrealized gains on investments [Member]	Sep. 30, 2013 Foreign currency translation adjustments [Member]	Sep. 30, 2012 Foreign currency translation adjustments [Member]	Sep. 30, 2013 Foreign currency translation adjustments [Member]	Sep. 30, 2012 Foreign currency translation adjustments [Member]	Sep. 30, 2013 Preference Shares - Series B [Member]	Sep. 25, 2013 Preference Shares - Series B [Member]	Sep. 30, 2013 Preference Shares - Series B [Member] Maximum [Member] director	Sep. 30, 2013 Preference Shares - Series B [Member] Minimum [Member]	Aug. 22, 2012 Preference Shares - Series A [Member]	Sep. 30, 2013 Preference Shares - Series A [Member]	Sep. 30, 2012 Preference Shares - Series A [Member]	Sep. 30, 2013 Preference Shares - Series A [Member]	Sep. 30, 2012 Preference Shares - Series A [Member]	Sep. 30, 2013 Preference Shares - Series A [Member] Maximum [Member] director
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	150,000,000		150,000,000
Common stock, shares issued (in shares)	73,575,384		73,575,384		73,306,283
Common stock, shares outstanding (in shares)	72,613,048		72,613,048		72,343,947
Preference shares issued (in shares)	6,000,000		6,000,000																6,000,000		6,000,000
Preference shares, subscribed but unissued (in shares)	3,000,000		3,000,000											3,000,000
Preference shares authorized (in shares)	300,000		300,000											3,300,000					6,000,000		6,000,000
Preference shares offered (in shares)															3,000,000
Dividend rate of Preference Shares															7.25%			8.25%
Number of Preference Shares issued (in shares)																		6,000,000
Share price (in dollars per share)															$ 50			$ 25.000
Preference shares, issuance costs (in dollars per share)															$ 1.50
Sale price of Preference Shares (in dollars per share)														$ 50				$ 25.00
Preference shares, liquidation preference per share per annum (in dollars per share)														$ 3.625
Preference shares, liquidation preference per share per quarter (in dollars per share)														$ 0.90625
Preference shares, liquidation preference per share in initial quarter (in dollars per share)														$ 0.745139
Convertible Preference shares, Number of common shares issued upon conversion (in shares)																4.0322	3.2258
Par value of Preference Shares (in dollars per share)																		$ 0.01
Preference shares, number of electable board members (in directors)																2							2
Convertible Preference shares, conversion rate measurement period														40 days
Preference shares, dividend rate (in dollars per share)														$ 0.09
Proceeds from issuance of Preference Shares			$ 0	$ 145,041,000														$ 145,041,000
Expenses and underwriting discounts																		4,959,000
Preference shares, outstanding (in shares)																			6,000,000		6,000,000
Redemption price for Preference Shares (in dollars per share)																		$ 25.000
Dividends on Preference shares	3,093,000	0	9,281,000	0															3,093,000	0	9,281,000	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	48,025,000	95,552,000	141,126,000	64,051,000		49,247,000	93,830,000	143,665,000	63,737,000	(1,222,000)	1,722,000	(2,539,000)	314,000
Other comprehensive income (loss) before reclassifications	1,178,000	44,286,000	(88,842,000)	75,806,000		5,922,000	45,986,000	(85,415,000)	76,098,000	(4,744,000)	(1,700,000)	(3,427,000)	(292,000)
Amounts reclassified from accumulated other comprehensive income	(576,000)	(2,410,000)	(3,657,000)	(2,429,000)		(576,000)	(2,410,000)	(3,657,000)	(2,429,000)	0	0	0	0
Other comprehensive income (loss)	602,000	41,876,000	(92,499,000)	73,377,000		5,346,000	43,576,000	(89,072,000)	73,669,000	(4,744,000)	(1,700,000)	(3,427,000)	(292,000)
Ending balance	48,627,000	137,428,000	48,627,000	137,428,000		54,593,000	137,406,000	54,593,000	137,406,000	(5,966,000)	22,000	(5,966,000)	22,000
Less: Accumulated other comprehensive income attributable to non controlling interest	8,000	(13,000)	8,000	(13,000)		0	0	0	0	8,000	(13,000)	8,000	(13,000)
Ending balance, Maiden shareholders	$ 48,619,000	$ 137,441,000	$ 48,619,000	$ 137,441,000	$ 141,130,000	$ 54,593,000	$ 137,406,000	$ 54,593,000	$ 137,406,000	$ (5,974,000)	$ 35,000	$ (5,974,000)	$ 35,000

Share Based Compensation (Details) (USD $)	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended	24 Months Ended	0 Months Ended
Share Based Compensation (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Maximum [Member]	Sep. 30, 2013 Maximum [Member]	Sep. 30, 2013 Share Options [Member]	Sep. 30, 2013 Performance-Based Restricted Share Units [Member]	Sep. 30, 2013 Performance-Based Restricted Share Units [Member]	Dec. 31, 2012 Performance-Based Restricted Share Units [Member]	Feb. 19, 2013 CEO Non-Performance-Based Restricted Share Units [Member]	Mar. 01, 2012 CEO Non-Performance-Based Restricted Share Units [Member]	Feb. 19, 2013 Non-CEO Non-Performance-Based Restricted Share Units [Member]
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				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	$ 508,000	$ 343,000			$ 1,668,000	$ 995,000								$ 0	$ 0
Assumptions:
Volatility, minimum	45.30%				45.30%
Volatility, maximum	47.60%				47.60%
Risk-free interest rate, minimum	0.85%				0.85%
Risk-free interest rate, maximum	1.29%				1.29%
Weighted average expected lives	6 years 1 month 6 days				6 years 1 month 6 days
Forfeiture rate, minimum	1.60%				1.60%
Forfeiture rate, maximum	1.60%				1.60%
Dividend yield rate									3.04%	3.04%	3.55%	3.55%
Number of Share Options, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	2,673,575	2,870,581	2,795,437	2,916,143	2,795,437	2,916,143	2,916,143
Granted (in shares)					49,000	49,500
Exercised (in shares)	(98,611)	(20,907)			(269,101)	(61,061)
Expired (in shares)	(628)	(52,251)			(628)	(103,284)
Forfeited (in shares)	(112,474)	(7,465)			(112,846)	(11,340)
Outstanding, end of period (in shares)	2,461,862	2,789,958	2,673,575	2,870,581	2,461,862	2,789,958	2,795,437	2,916,143
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 6.85	$ 6.62	$ 6.70	$ 6.61	$ 6.70	$ 6.61	$ 6.61
Granted (in dollars per share)					$ 10.61	$ 8.77
Exercised (in dollars per share)	$ 7.12	$ 4.36			$ 6.08	$ 4.16
Expired (in dollars per share)	$ 7.67	$ 9.90			$ 7.67	$ 9.88
Forfeited (in dollars per share)	$ 8.52	$ 7.76			$ 8.52	$ 7.54
Outstanding, end of period (in dollars per share)	$ 6.76	$ 6.58	$ 6.85	$ 6.62	$ 6.76	$ 6.58	$ 6.70	$ 6.61
Weighted average contractual term			6 years 4 months 21 days	7 years 1 month 17 days	6 years	6 years 10 months 24 days	6 years 9 months	7 years 6 months 18 days
Weighted average grant date fair value (in dollars per share)	$ 2.04	$ 2.00			$ 2.04	$ 2.00
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 707,000	$ 1,630,000			$ 707,000	$ 1,630,000
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period															3 years	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																0
Units awarded																	149,701	86,705	95,590
Fair value of awards																	$ 10.02	$ 8.56	$ 10.02
Life of awards																	36 months	22 months
Annual vesting percentage																	33.33%		50.00%

Dividends Declared (Details) (USD $)	3 Months Ended		9 Months Ended
Dividends Declared (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Dividends [Abstract]
Common shares (in dollars per share)	$ 0.09	$ 0.08	$ 0.27	$ 0.24
Preference shares - Series A (in dollars per share)	$ 0.515625

Subsequent Events (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended		0 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Aug. 22, 2012 Preference Shares - Series A [Member]	Oct. 02, 2013 Subsequent Event [Member] Preference Shares - Series B [Member]	Oct. 03, 2013 Subsequent Event [Member] Preference Shares - Series B [Member]	Nov. 06, 2013 Subsequent Event [Member] Dividend Declared [Member]	Nov. 06, 2013 Subsequent Event [Member] Dividend Declared [Member] Preference Shares - Series A [Member]	Nov. 06, 2013 Subsequent Event [Member] Dividend Declared [Member] Preference Shares - Series B [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.09	$ 0.08	$ 0.27	$ 0.24				$ 0.11
Dividends declared per Preference share (in dollars per share)	$ 0.515625								$ 0.515625	$ 0.7451389
Number of shares issued (in shares)					6,000,000	3,000,000	300,000
Preference shares issuance, net of issuance costs			$ 0	$ 145,041	$ 145,041	$ 145,500	$ 14,550
Discount on Preference Shares						$ 4,500	$ 450