Change in unearned premiums

605,456

463,418

1,856,268

1,650,426

(13,014)

44,708

(212,700)

(140,585)

592,442

508,126

1,643,568

1,509,841

Net realized gains on investment

2,423

3,271

10,427

11,266

Net investment income

29,520

23,253

85,469

65,977

310

477

975

3,707

Total other-than-temporary impairment losses

(1,189)

Portion of loss recognized in other comprehensive income (loss)

Net impairment losses recognized in earnings

(1,189)

Total revenues

623,506

535,127

1,739,250

1,590,791

Expenses:

399,815

341,629

1,102,316

1,019,871

166,246

144,194

469,730

420,096

Interest and amortization expenses

15,524

13,251

45,844

44,163

7,172

9,571

22,408

28,711

Accelerated amortization of junior subordinated debt discount and issuance cost

28,240

Amortization of intangible assets

820

945

2,458

2,835

Foreign exchange and other (gains) losses

(483)

(1,555)

(2,573)

Total expenses

589,094

509,613

1,669,441

1,513,103

Total before tax

34,412

25,514

69,809

77,688

Income tax expense

486

481

1,907

1,217

Net income

33,926

25,033

67,902

76,471

Less: Income attributable to noncontrolling interest

(43)

(36)

(109)

(95)

Net income attributable to Maiden shareholders

33,883

24,997

67,793

76,376

Dividends on preference shares

(6,085)

(3,093)

(18,253)

(9,281)

Net income attributable to Maiden common shareholders

$ 27,798

$ 21,904

$ 49,540

$ 67,095

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

$ 0.38

$ 0.30

$ 0.68

$ 0.92

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

$ 0.36

^[1]

$ 0.30

^[1]

$ 0.67

^[1]

$ 0.91

^[1]

Dividends declared per common share (in dollars per share)

$ 0.11

$ 0.09

$ 0.33

$ 0.27

[1]

The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the nine months ended September 30, 2014 as they were anti-dilutive. Please refer to "Notes to Consolidated Financial Statements" included under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2013 for the terms and conditions of each of these anti-dilutive instruments. Furthermore, the current number of additional common shares that could possibly be issued on conversion, if conversion after September 30, 2014 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 73,321, an increase of 53,481 common shares since January 2, 2014.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Comprehensive income:
Net income	$ 33,926	$ 25,033	$ 67,902	$ 76,471
Other comprehensive (loss) income
Net unrealized holding gains (losses) on available-for-sale fixed maturities arising during the period (net of tax of $6 and $(37) for the three and nine months ended September 30, 2014 and $(10) and $23 for the three and nine months ended September 30, 2013, respectively)	(47,728)	5,743	43,446	(85,415)
Portion of other-than-temporary impairment losses recognized in other comprehensive income, net of deferred tax	0	0	0	0
Adjustment for reclassification of net realized losses (gains) recognized in net income, net of tax	26	(397)	538	(3,657)
Foreign currency translation adjustment	16,953	(4,744)	17,430	(3,427)
Other comprehensive (loss) income	(30,749)	602	61,414	(92,499)
Comprehensive income (loss)	3,177	25,635	129,316	(16,028)
Net income attributable to noncontrolling interest	(43)	(36)	(109)	(95)
Other comprehensive loss (income) attributable to noncontrolling interest	42	(18)	45	(12)
Comprehensive income attributable to noncontrolling interest	(1)	(54)	(64)	(107)
Comprehensive income (loss) attributable to Maiden shareholders	$ 3,176	$ 25,581	$ 129,252	$ (16,135)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Tax on unrealized holding (losses) gains on available-for-sale fixed maturities	$ 6	$ (10)	$ (37)	$ 23

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	Series B Preferred Stock Preference shares
Beginning balance at Dec. 31, 2012		$ 150,000	$ 733	$ 575,869	$ 141,130	$ 151,308	$ (3,801)	$ 372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preference shares - Series B subscribed but unissued									150,000
Subscription receivable		150,000
Exercise of options and issuance of common shares			3	1,633
Share based compensation expense				1,668
Change in net unrealized gains (losses) on investments, net of reclassification adjustment					(89,072)
Foreign currency translation adjustment	(3,427)				(3,439)			12
Net income	76,471					76,376		95
Dividends on preference shares						(9,281)
Dividends on common shares						(19,607)
Shares repurchased for treasury							0
Dividend paid to noncontrolling interest								(46)
Ending balance at Sep. 30, 2013	973,953	150,000	736	579,170	48,619	198,796	(3,801)	433
Beginning balance at Dec. 31, 2013	1,124,295	315,000	736	574,522	25,784	211,602	(3,801)	452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preference shares - Series B subscribed but unissued									0
Subscription receivable		0
Exercise of options and issuance of common shares			3	462
Share based compensation expense				2,454
Change in net unrealized gains (losses) on investments, net of reclassification adjustment					43,984
Foreign currency translation adjustment	17,430				17,475			(45)
Net income	67,902					67,793		109
Dividends on preference shares						(18,253)
Dividends on common shares						(24,079)
Shares repurchased for treasury							(66)
Dividend paid to noncontrolling interest								(42)
Ending balance at Sep. 30, 2014	$ 1,214,090	$ 315,000	$ 739	$ 577,438	$ 87,243	$ 237,063	$ (3,867)	$ 474

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 67,902	$ 76,471
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	3,590	3,870
Net realized gains on investment	(975)	(3,707)
Net impairment losses recognized in earnings	1,189	0
Foreign exchange and other gains	(1,555)	(2,573)
Amortization of share-based compensation expense, bond premium and discount, subordinated debt discount and accelerated amortization of junior subordinated debt discount and issuance cost, net	34,748	11,641
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	35,514	(28,459)
Reinsurance recoverable on unpaid losses	1,857	13,522
Accrued investment income	(1,943)	(2,055)
Deferred commission and other acquisition expenses	(65,235)	(40,023)
Other assets	17,510	(9,668)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	224,519	181,171
Unearned premiums	202,624	151,492
Accrued expenses and other liabilities	(12,773)	7,644
Net cash provided by operating activities	506,972	359,326
Cash flows from investing activities:
Purchases of fixed maturities – available-for-sale	(599,440)	(725,921)
Purchases of other investments	(6,551)	(2,013)
Proceeds from sales of fixed maturities – available-for-sale	114,007	186,957
Proceeds from maturities and calls of fixed maturities	236,372	387,692
Proceeds from redemption of other investments	679	259
Increase in restricted cash and cash equivalents	(143,485)	(137,617)
Proceeds from sale of a business unit	0	1,281
Other, net	(853)	(290)
Net cash used in investing activities	(399,271)	(289,652)
Cash flows from financing activities:
Repayment of junior subordinated debt	(152,500)	0
Common share issuance	465	1,636
Dividends paid to common shareholders	(24,050)	(13,063)
Dividends paid to preference shareholders	(18,253)	(9,281)
Net cash used in financing activities	(194,338)	(20,708)
Effect of exchange rate changes on foreign currency cash	(814)	787
Net (decrease) increase in cash and cash equivalents	(87,451)	49,753
Cash and cash equivalents, beginning of period	139,833	81,543
Cash and cash equivalents, end of period	$ 52,382	$ 131,296

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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. 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, 2013. Certain reclassifications have been made for 2013 to conform to the 2014 presentation and have no impact on net income previously reported.

Significant Accounting Policies

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

Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2013, except as discussed below:

Recently Adopted Accounting Standards Updates

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, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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.

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. The update was adopted effective January 1, 2014. The adoption of this guidance did not have an impact on our results of operations, financial condition or liquidity.

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.

2. Significant Accounting Policies (continued)

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 update was adopted effective January 1, 2014. The adoption of this guidance did not have an impact on our results of operations, financial condition or liquidity.

Recently Issued Accounting Standards Not Yet Adopted

Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

On April 10, 2014, the FASB issued ASU 2014-08, which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about disposal transactions that both meet and do not meet the discontinued-operations criteria. Under the previous guidance, the results of operations of a component of an entity were classified as a discontinued operation if all of the following conditions were met:


•	The component has been disposed of or is classified as held for sale;


•	The operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction; and


•	The entity will not have any significant continuing involvement in the operations of the component after the disposal transaction.

The revised guidance will change how entities identify disposal transactions under U.S. GAAP by eliminating the second and third criteria above for classifying operations as discontinued. The new guidance instead requires classification of a component or group of components as discontinued operations if it represents a strategic shift that has or will have a major impact on an entity’s operations or financial results.

The amendments in this ASU are effective prospectively to all disposals (or classifications as held for sale) that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014. Early adoption is permitted. Entities are prohibited from applying the new ASU to any component that is classified as held for sale before the adoption date. The Company is currently evaluating the impact of the adoption of this new guidance on its consolidated results of operations and financial condition.

Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period

On June 19, 2014, FASB issued ASU 2014-12 to clarify how entities should treat performance targets that can be met after the requisite service period of a share-based payment award. The ASU states that the share-based payment award should be treated as a performance condition that affects vesting and therefore, an entity would not record compensation expense (measured as of the grant date without taking into account the effect of the performance target) related to an award for which transfer to the employee is contingent on the entity’s satisfaction of a performance target until it becomes probable that the performance target will be met. No new disclosures are required under the ASU.

ASU 2014-12 is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted. In addition, all entities will have the option of applying the guidance either prospectively (i.e. only to awards granted or modified on or after the effective date of the issue) or retrospectively. Retrospective application would only apply to awards with performance targets outstanding at or after the beginning of the first annual period presented (i.e. the earliest presented comparative period). The adoption of this guidance is not expected to have an impact on our results of operations, financial condition or liquidity.

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

+ References+ Details

Segments

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Reporting

The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance (previously titled AmTrust Quota Share Reinsurance segment).

As of September 30, 2014, the Company revised the structure of its reportable segments following a review which concluded that the former segment, NGHC Quota Share, currently in run-off, no longer met the reportable segment criteria under FASB ASC 280 Segment Reporting. As a result, the Company determined that it no longer requires separate disclosure of the NGHC Quota Share as a reportable segment. Furthermore, it was concluded that the remnants of the excess & surplus ("E&S") business, which is also in run-off, no longer meets the aggregation criteria under FASB ASC 280 Segment Reporting and therefore is no longer aggregated with the other operating segments of the Diversified Reinsurance reportable segment. Due to these presentation revisions, the results of operations of the former NGHC Quota Share segment and the remnants of the E&S business have been included in "Other" category, and all prior periods presented herein have been reclassified to conform with the current year presentation.

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 reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, restricted cash and cash equivalents and investments, and prepaid reinsurance premiums, reinsurance recoverable on paid losses and funds withheld (which are presented as part of other assets in the unaudited Condensed Consolidated Balance Sheets). 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 Reinsurance Ltd. ("Maiden Bermuda", formerly known as Maiden Insurance Company Ltd.), 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.

3. Segment Reporting (continued)

The following tables summarize our reporting segment's underwriting results and the reconciliation of our reportable segments and Other category to net income:



For the Three Months Ended September 30, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	219,576		$	385,923		$	(43	)	$	605,456
Net premiums earned	$	233,022		$	359,065		$	355		$	592,442
Other insurance revenue	2,423			—			—			2,423
Net loss and loss adjustment expenses	(166,342		)	(233,166		)	(307		)	(399,815		)
Commission and other acquisition expenses	(56,878		)	(109,241		)	(127		)	(166,246		)
General and administrative expenses	(9,812		)	(538		)	(193		)	(10,543		)
Underwriting income (loss)	$	2,413		$	16,120		$	(272	)	$	18,261
Reconciliation to net income
Net investment income and realized gains on investment										29,830
Net impairment losses recognized in earnings										(1,189		)
Amortization of intangible assets										(820		)
Foreign exchange and other gains										483
Interest and amortization expenses										(7,172		)
Other general and administrative expenses										(4,981		)
Income tax expense										(486		)
Net income										$	33,926

Net loss and loss adjustment expense ratio*	70.7		%	64.9		%	86.5		%	67.2		%
Commission and other acquisition expense ratio**	24.2		%	30.4		%	35.8		%	27.9		%
General and administrative expense ratio***	4.1		%	0.2		%	54.3		%	2.7		%
Combined ratio****	99.0		%	95.5		%	176.6		%	97.8		%

3. Segment Reporting (continued)



For the Three Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	187,864		$	259,633		$	15,921		$	463,418
Net premiums earned	$	198,328		$	243,408		$	66,390		$	508,126
Other insurance revenue	3,271			—			—			3,271
Net loss and loss adjustment expenses	(135,324		)	(160,378		)	(45,927		)	(341,629		)
Commission and other acquisition expenses	(52,600		)	(71,869		)	(19,725		)	(144,194		)
General and administrative expenses	(9,688		)	(504		)	(177		)	(10,369		)
Underwriting income	$	3,987		$	10,657		$	561		$	15,205
Reconciliation to net income
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		)
Net income										$	25,033

Net loss and loss adjustment expense ratio*	67.1		%	65.9		%	69.2		%	66.8		%
Commission and other acquisition expense ratio**	26.1		%	29.5		%	29.7		%	28.2		%
General and administrative expense ratio***	4.8		%	0.2		%	0.3		%	2.6		%
Combined ratio****	98.0		%	95.6		%	99.2		%	97.6		%

3. Segment Reporting (continued)



For the Nine Months Ended September 30, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	681,690		$	1,176,957		$	(2,379	)	$	1,856,268
Net premiums earned	$	635,251		$	988,913		$	19,404		$	1,643,568
Other insurance revenue	10,427			—			—			10,427
Net loss and loss adjustment expenses	(439,329		)	(645,358		)	(17,629		)	(1,102,316		)
Commission and other acquisition expenses	(164,850		)	(298,236		)	(6,644		)	(469,730		)
General and administrative expenses	(31,207		)	(1,600		)	(580		)	(33,387		)
Underwriting income (loss)	$	10,292		$	43,719		$	(5,449	)	$	48,562
Reconciliation to net income
Net investment income and realized gains on investment										86,444
Net impairment losses recognized in earnings										(1,189		)
Amortization of intangible assets										(2,458		)
Foreign exchange and other gains										1,555
Interest and amortization expenses										(22,408		)
Accelerated amortization of junior subordinated debt discount and issuance costs										(28,240		)
Other general and administrative expenses										(12,457		)
Income tax expense										(1,907		)
Net income										$	67,902

Net loss and loss adjustment expense ratio*	68.0		%	65.3		%	90.9		%	66.6		%
Commission and other acquisition expense ratio**	25.5		%	30.2		%	34.2		%	28.4		%
General and administrative expense ratio***	4.9		%	0.1		%	3.0		%	2.8		%
Combined ratio****	98.4		%	95.6		%	128.1		%	97.8		%

3. Segment Reporting (continued)



For the Nine Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	589,612		$	895,029		$	165,785		$	1,650,426
Net premiums earned	$	565,148		$	725,100		$	219,593		$	1,509,841
Other insurance revenue	11,266			—			—			11,266
Net loss and loss adjustment expenses	(392,370		)	(478,722		)	(148,779		)	(1,019,871		)
Commission and other acquisition expenses	(141,740		)	(213,199		)	(65,157		)	(420,096		)
General and administrative expenses	(31,639		)	(1,498		)	(530		)	(33,667		)
Underwriting income	$	10,665		$	31,681		$	5,127		$	47,473
Reconciliation to net income
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		)
Net income										$	76,471

Net loss and loss adjustment expense ratio*	68.1		%	66.0		%	67.8		%	67.0		%
Commission and other acquisition expense ratio**	24.6		%	29.4		%	29.7		%	27.6		%
General and administrative expense ratio***	5.4		%	0.2		%	0.2		%	3.0		%
Combined ratio****	98.1		%	95.6		%	97.7		%	97.6		%


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


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


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


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

3. Segment Reporting (continued)

The following table summarizes our reportable segments' identifiable assets reconciled to total assets as of September 30, 2014 and December 31, 2013:



September 30, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	299,310	$	211,721	$	511,031
Reinsurance recoverable on unpaid losses	35,328		—		35,328
Deferred commission and other acquisition expenses	95,081		274,070		369,151
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	88,155		—		88,155
Restricted cash and cash equivalents and investments	1,131,883		1,579,684		2,711,567
Other assets	53,266		—		53,266
Total assets - reportable segments	1,703,023		2,233,450		3,936,473
Corporate assets	—		—		1,123,319
Total Assets	$	1,703,023	$	2,233,450	$	5,059,792



December 31, 2013	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	261,317	$	278,573	$	539,890
Reinsurance recoverable on unpaid losses	31,519		—		31,519
Deferred commission and other acquisition expenses	88,755		209,439		298,194
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	90,613		—		90,613
Restricted cash and cash equivalents and investments	1,025,629		1,102,317		2,127,946
Other assets	60,652		—		60,652
Total assets - reportable segments	1,558,485		1,758,304		3,316,789
Corporate assets	—		—		1,396,590
Total Assets	$	1,558,485	$	1,758,304	$	4,713,379

3. Segment Reporting (continued)

The following tables set forth financial information relating to net premiums written and earned by major line of business and reportable segment for the three and nine months ended September 30, 2014 and 2013:



For the Three Months Ended September 30,	2014					2013
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
Property	$	36,991		6.1	%	$	29,027	6.3	%
Casualty	149,067			24.6	%	122,600		26.4	%
Accident and Health	7,061			1.2	%	9,040		2.0	%
International	26,457			4.4	%	27,197		5.9	%
Total Diversified Reinsurance	219,576			36.3	%	187,864		40.6	%
AmTrust Reinsurance
Small Commercial Business	211,986			35.0	%	136,725		29.5	%
Specialty Program	57,035			9.4	%	41,698		9.0	%
Specialty Risk and Extended Warranty	116,902			19.3	%	81,210		17.5	%
Total AmTrust Reinsurance	385,923			63.7	%	259,633		56.0	%
Other	(43		)	—	%	15,921		3.4	%
	$	605,456		100.0	%	$	463,418	100.0	%



For the Three Months Ended September 30,	2014				2013
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	45,030	7.6	%	$	41,014	8.1	%
Casualty	150,876		25.5	%	126,091		24.8	%
Accident and Health	9,001		1.5	%	8,994		1.8	%
International	28,115		4.7	%	22,229		4.4	%
Total Diversified Reinsurance	233,022		39.3	%	198,328		39.1	%
AmTrust Reinsurance
Small Commercial Business	202,151		34.1	%	130,472		25.7	%
Specialty Program	40,654		6.9	%	39,661		7.8	%
Specialty Risk and Extended Warranty	116,260		19.6	%	73,275		14.4	%
Total AmTrust Reinsurance	359,065		60.6	%	243,408		47.9	%
Other	355		0.1	%	66,390		13.0	%
	$	592,442	100.0	%	$	508,126	100.0	%

3. Segment Reporting (continued)



For the Nine Months Ended September 30,	2014					2013
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
Property	$	126,680		6.8	%	$	114,309	6.9	%
Casualty	428,648			23.1	%	359,816		21.8	%
Accident and Health	32,178			1.7	%	31,649		1.9	%
International	94,184			5.1	%	83,838		5.1	%
Total Diversified Reinsurance	681,690			36.7	%	589,612		35.7	%
AmTrust Reinsurance
Small Commercial Business	663,766			35.8	%	434,951		26.4	%
Specialty Program	145,162			7.8	%	115,313		7.0	%
Specialty Risk and Extended Warranty	368,029			19.8	%	344,765		20.9	%
Total AmTrust Reinsurance	1,176,957			63.4	%	895,029		54.3	%
Other	(2,379		)	(0.1	)%	165,785		10.0	%
Total	$	1,856,268		100.0	%	$	1,650,426	100.0	%



For the Nine Months Ended September 30,	2014				2013
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	128,458	7.8	%	$	108,567	7.2	%
Casualty	398,148		24.2	%	359,988		23.8	%
Accident and Health	29,261		1.8	%	27,356		1.8	%
International	79,384		4.9	%	69,237		4.6	%
Total Diversified Reinsurance	635,251		38.7	%	565,148		37.4	%
AmTrust Reinsurance
Small Commercial Business	537,810		32.7	%	350,295		23.2	%
Specialty Program	118,459		7.2	%	105,122		7.0	%
Specialty Risk and Extended Warranty	332,644		20.2	%	269,683		17.9	%
Total AmTrust Reinsurance	988,913		60.1	%	725,100		48.1	%
Other	19,404		1.2	%	219,593		14.5	%
Total	$	1,643,568	100.0	%	$	1,509,841	100.0	%

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.

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+ Details

Investments

9 Months Ended

Sep. 30, 2014

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, 2014 and December 31, 2013 are as follows:



September 30, 2014	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	11,943	$	421	$	(13	)	$	12,351
U.S. agency bonds – mortgage-backed	1,392,159		14,897		(23,532		)	1,383,524
U.S. agency bonds – other	7,211		893		—			8,104
Non-U.S. government and supranational bonds	55,058		571		(1,128		)	54,501
Other mortgage-backed securities	52,595		1,363		—			53,958
Corporate bonds	1,791,121		93,727		(12,306		)	1,872,542
Municipal bonds – other	62,147		3,232		—			65,379
Total available-for-sale fixed maturities	3,372,234		115,104		(36,979		)	3,450,359
Other investments	10,746		743		—			11,489
Total investments	$	3,382,980	$	115,847	$	(36,979	)	$	3,461,848



December 31, 2013	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	16,622	$	587	$	—		$	17,209
U.S. agency bonds – mortgage-backed	1,292,032		11,727		(41,104		)	1,262,655
U.S. agency bonds – other	7,207		901		—			8,108
Non-U.S. government and supranational bonds	70,377		3,547		(712		)	73,212
Other mortgage-backed securities	33,676		—		(232		)	33,444
Corporate bonds	1,546,578		82,952		(22,830		)	1,606,700
Municipal bonds – auction rate	99,170		—		—			99,170
Municipal bonds – other	62,130		934		(1,495		)	61,569
Total available-for-sale fixed maturities	3,127,792		100,648		(66,373		)	3,162,067
Other investments	4,522		570		—			5,092
Total investments	$	3,132,314	$	101,218	$	(66,373	)	$	3,167,159

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

4. Investments (continued)



September 30, 2014	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	23,528	$	23,114	0.7	%
Due after one year through five years	521,590		562,061		16.3	%
Due after five years through ten years	1,310,434		1,351,440		39.2	%
Due after ten years	71,928		76,262		2.2	%
	1,927,480		2,012,877		58.4	%
U.S. agency bonds – mortgage-backed	1,392,159		1,383,524		40.1	%
Other mortgage-backed securities	52,595		53,958		1.5	%
Total available-for-sale fixed maturities	$	3,372,234	$	3,450,359	100.0	%

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



	Less than 12 Months					12 Months or more					Total
September 30, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. treasury bonds	$	3,338	$	(13	)	$	—	$	—		$	3,338	$	(13	)
U.S. agency bonds – mortgage-backed	$	206,820	$	(2,077	)	$	578,369	$	(21,455	)	$	785,189	$	(23,532	)
Non–U.S. government and supranational bonds	42,053		(915		)	2,668		(213		)	44,721		(1,128		)
Corporate bonds	260,017		(5,686		)	150,075		(6,620		)	410,092		(12,306		)
Total temporarily impaired available-for-sale fixed maturities	$	512,228	$	(8,691	)	$	731,112	$	(28,288	)	$	1,243,340	$	(36,979	)

As of September 30, 2014, there were approximately 138 securities in an unrealized loss position with a fair value of $1,243,340 and unrealized losses of $36,979. Of these securities, there are 55 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $731,112 and unrealized losses of $28,288.



	Less than 12 Months					12 Months or more					Total
December 31, 2013	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. agency bonds – mortgage-backed	$	795,439	$	(38,421	)	$	60,602	$	(2,683	)	$	856,041	$	(41,104	)
Non–U.S. government and supranational bonds	9,946		(712		)	—		—			9,946		(712		)
Other mortgage-backed securities	33,444		(232		)	—		—			33,444		(232		)
Corporate bonds	463,469		(16,687		)	169,294		(6,143		)	632,763		(22,830		)
Municipal bonds – other	50,545		(1,495		)	—		—			50,545		(1,495		)
Total temporarily impaired available-for-sale fixed maturities	$	1,352,843	$	(57,547	)	$	229,896	$	(8,826	)	$	1,582,739	$	(66,373	)

As of December 31, 2013, there were approximately 140 securities in an unrealized loss position with a fair value of $1,582,739 and unrealized losses of $66,373. Of these securities, there are 19 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $229,896 and unrealized losses of $8,826.

4. Investments (continued)

Other-Than-Temporary Impairments ("OTTI")

The Company performs quarterly reviews of its available-for-sale investments in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. Based on our qualitative and quantitative OTTI review of each security within our fixed maturity portfolio, at September 30, 2014, we determined that there was a credit impairment in respect of one corporate bond. The Company does not intend to sell this security, but we do not believe it is probable that we will recover the amortized cost basis of the security. The Company has therefore recognized $1,189 of OTTI through earnings for the three and nine months ended September 30, 2014, respectively. For both the three and nine months ended September 30, 2013, the Company recognized no OTTI.

In respect of the rest of our portfolio, we have determined that the unrealized losses on fixed maturities at September 30, 2014 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 do so 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, 2014.

The following summarizes the credit ratings of our available-for-sale fixed maturities:



Rating* as of September 30, 2014	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	11,943	$	12,351	0.4	%
U.S. agency bonds	1,399,370		1,391,628		40.3	%
AAA	194,105		206,233		6.0	%
AA+, AA, AA-	140,336		145,994		4.2	%
A+, A, A-	796,421		833,612		24.2	%
BBB+, BBB, BBB-	768,599		798,232		23.1	%
BB+ or lower	61,460		62,309		1.8	%
Total	$	3,372,234	$	3,450,359	100.0	%



Rating* as of December 31, 2013	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	16,622	$	17,209	0.5	%
U.S. agency bonds	1,299,239		1,270,763		40.2	%
AAA	210,872		222,417		7.0	%
AA+, AA, AA-	236,424		242,986		7.7	%
A+, A, A-	619,148		651,248		20.6	%
BBB+, BBB, BBB-	689,532		701,529		22.2	%
BB+ or lower	55,955		55,915		1.8	%
Total	$	3,127,792	$	3,162,067	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, 2014				December 31, 2013
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investments in limited partnerships	$	5,489	47.8	%	$	4,092	80.4	%
Other	6,000		52.2	%	1,000		19.6	%
Total other investments	$	11,489	100.0	%	$	5,092	100.0	%

The Company has an unfunded commitment on its investments in limited partnerships of approximately $794 as of September 30, 2014.

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 net realized gains on investment included in the unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013:



For the Three Months Ended September 30, 2014	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	250	$	—	$	250
Other investments	60		—		60
Net realized gains on investment	$	310	$	—	$	310



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 losses on investment	$	477	$	—	$	477



For the Nine Months Ended September 30, 2014	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	623	$	—	$	623
Other investments	352		—		352
Net realized gains on investment	$	975	$	—	$	975



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

Proceeds from sales of fixed maturities classified as available-for-sale were $4,044 and $114,007 for the three and nine months ended September 30, 2014 (September 30, 2013 - $6,471 and $186,957, respectively).

4. Investments (continued)

Net unrealized gains were as follows:



	September 30, 2014			December 31, 2013
Available-for-sale fixed maturities	$	78,125		$	34,275
Other investments	743			570
Total net unrealized gains	78,868			34,845
Deferred income tax expense	(156		)	(117		)
Net unrealized gains, net of deferred income tax	$	78,712		$	34,728
Change in net unrealized gains, net of deferred income tax	$	43,984		$	(108,937	)

(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 available-for-sale fixed maturity securities. The fair value of our restricted assets was as follows:



	September 30, 2014		December 31, 2013
Restricted cash and cash equivalents – third party agreements	$	59,272	$	72,877
Restricted cash and cash equivalents – related party agreements	161,047		4,429
Restricted cash and cash equivalents – U.S. state regulatory authorities	526		54
Total restricted cash and cash equivalents	220,845		77,360
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2014 – $1,036,950; 2013 – $933,897)	1,059,522		939,800
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2014 – $1,448,698; 2013 – $1,183,156)	1,491,460		1,201,473
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2014 – $8,474; 2013 – $12,730)	8,685		13,065
Total restricted investments	2,559,667		2,154,338
Total restricted cash and cash equivalents and investments	$	2,780,512	$	2,231,698

Fair Value of Financial Instruments

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, 2014

Fair Value Disclosures [Abstract]

(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. To date, we have only included U.S. government fixed maturity instruments as level 1. 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 the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy.

The Pricing Service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information and for structured securities, cash flow and, when available, loan performance data. The Pricing Service’s evaluated pricing applications apply available information as applicable through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing, to prepare evaluations. In addition, the Pricing Service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. The market inputs that the Pricing Service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

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, 2014.

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. government agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency bonds are included in the Level 2 fair value hierarchy.

Non-U.S. government and supranational bonds — Comprised of bonds issued by non-U.S. governments and their agencies along with supranational organizations. These securities are generally priced by independent 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 — Comprised of commercial mortgage-backed securities ("CMBS"). These securities are 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 independent 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 - auction rate — Comprised of auction rate securities issued by U.S. state and municipality entities or agencies. Municipal auction rate securities are reported in the Condensed Consolidated Balance Sheets at fair value which approximates their cost. As the significant inputs used to price the auction rate securities are observable market inputs, auction rate securities are classified within Level 2.

Municipal bonds - other — Comprised of bonds issued by U.S. state and municipality entities or agencies. The fair values of municipal bonds are generally priced by independent 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, municipal bonds are classified within Level 2.

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. The fair value of both the investment in preference shares of a start-up insurance producer and the common shares of an insurance company, was determined using recent private market transactions and a subscription via a 144a prospectus, respectively, and as such, the fair value is 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.

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 was determined using observable market inputs in the Black-Derman-Toy model, the fair value was included in the Level 2 fair value hierarchy for the year ended December 31, 2013. On January 15, 2014, the Company's wholly owned U.S. holding company, Maiden Holdings North America, Ltd. ("Maiden NA"), repurchased all of the outstanding junior subordinated debt at face value.

(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.

5. Fair Value of Financial Instruments (continued)

At September 30, 2014 and December 31, 2013, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



September 30, 2014	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	$	12,351		$	—		$	—		$	12,351
U.S. agency bonds – mortgage-backed	—			1,383,524			—			1,383,524
U.S. agency bonds – other	—			8,104			—			8,104
Non-U.S. government and supranational bonds	—			54,501			—			54,501
Other mortgage-backed securities	—			53,958			—			53,958
Corporate bonds	—			1,872,542			—			1,872,542
Municipal bonds – other	—			65,379			—			65,379
Other investments	—			—			11,489			11,489
Total	$	12,351		$	3,438,008		$	11,489		$	3,461,848
As a percentage of total assets	0.2		%	67.9		%	0.2		%	68.3		%



December 31, 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	$	17,209		$	—		$	—		$	17,209
U.S. agency bonds – mortgage-backed	—			1,262,655			—			1,262,655
U.S. agency bonds – other	—			8,108			—			8,108
Non-U.S. government and supranational bonds	—			73,212			—			73,212
Other mortgage-backed securities	—			33,444			—			33,444
Corporate bonds	—			1,606,700			—			1,606,700
Municipal bonds – auction rate	—			99,170			—			99,170
Municipal bonds – other	—			61,569			—			61,569
Other investments	—			—			5,092			5,092
Total	$	17,209		$	3,144,858		$	5,092		$	3,167,159
As a percentage of total assets	0.4		%	66.7		%	0.1		%	67.2		%

The Company utilized a Pricing Service to estimate fair value measurements for approximately 99.9% and 95.3% of its fixed maturities at September 30, 2014 and December 31, 2013, respectively. 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. As of September 30, 2014 and December 31, 2013, 0.1% and 4.7%, respectively, of the fixed maturities are valued using the market approach. At those dates, a total of one security and five securities, respectively, or approximately $5,110 and $150,928, respectively, of Level 2 fixed maturities, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service. The Pricing Service was not able to value one corporate bond as of September 30, 2014 and five newly-issued U.S. agency bonds as of December 31, 2013 due to lack of information available. At September 30, 2014 and December 31, 2013, we have not adjusted any pricing provided to us based on the review performed by our investment managers.

5. Fair Value of Financial Instruments (continued)

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 Condensed Consolidated Financial Statements.

Other investments: The Company has $5,489, or 0.2%, of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the Company includes the estimate in the amount disclosed as Level 3. The Company also has investments of $1,000 in preference shares of a start-up insurance producer and $5,000 in common shares of an insurance company, the fair values of both investments were determined using recent private market transactions and a subscription via a 144a prospectus, respectively, and as such, the fair values are included in the Level 3 fair value hierarchy.

The Company has determined that its investments in Level 3 securities are not material to its financial position or results of

operations.

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, 2014 and 2013:



	For the Three Months Ended
Other investments:	September 30, 2014			September 30, 2013
Balance at beginning of period	$	11,061		$	4,438
Total realized gains – included in net realized gains on investment	60			29
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	120			155
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	417			475
Sales and redemptions	(169		)	(91		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	11,489		$	5,006
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, 2014			September 30, 2013
Balance at beginning of period	$	5,092		$	2,901
Total realized gains – included in net realized gains on investment	352			147
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	173			204
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	6,551			2,013
Sales and redemptions	(679		)	(259		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	11,489		$	5,006
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, 2014 and December 31, 2013:



			September 30, 2014				December 31, 2013
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	113,090	$	107,500	$	101,480
2012 Senior Notes	8.00	%	100,000		105,400		100,000		89,760
2013 Senior Notes	7.75	%	152,500		159,826		152,500		126,209
Junior Subordinated Debt	14.00	%	—		—		126,381		152,500

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

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
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 59% of the outstanding shares of AmTrust. On June 6, 2013, NGHC issued 21,850,000 common shares in a 144A offering, which resulted in AmTrust owning 15.4% of the issued and outstanding common shares of NGHC, Michael Karfunkel owning 15.8% of the issued and outstanding common shares of NGHC and the Michael Karfunkel 2005 Grantor Retained Annuity Trust ("Annuity Trust") (which is controlled by Leah Karfunkel) owning 41.4% of the issued and outstanding common shares of NGHC. 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. 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. 6. Related Party Transactions (continued) 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 was 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. 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, 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. 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 ("AEL") and AmTrust International Underwriters Limited ("AIUL"), 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 AEL and AIUL a profit share based upon the results of a contract year exceeding defined underwriting performance. To the extent that the underwriting performance is exceeded, the Company will share 50% of the excess amounts computed. The agreement has been renewed through March 31, 2015 and can be terminated on any April 1 by either party on four months notice. Effective January 1, 2012, the quota share reinsurance contract with AEL and AIUL 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. The Company recorded approximately $104,753 and $285,875 of ceding commission expense for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $68,827 and $204,135, respectively) as a result of these quota share arrangements with AmTrust. Other Reinsurance Agreements 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 ceded (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 was 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 ceded premiums of approximately $66 and $151 and recorded ceding commission income of $5 and $9 for the three and nine months ended September 30, 2014, respectively (September 30, 2013 - $160 and $849 of premiums ceded and $25 and $181 of ceding commission income, respectively). 6. Related Party Transactions (continued) Effective September 1, 2010, our indirect wholly owned subsidiary, Maiden Reinsurance North America, Inc. ("Maiden US", formerly known as Maiden Reinsurance Company), 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% assumed by a third party. This fronting arrangement compensated AmTrust with a 5% commission of ceded 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 ceded premium and reinsures 100% of the liabilities incurred (from the effective date). Under this agreement, as amended, for the three and nine months ended September 30, 2014, Maiden US recorded approximately $40 and $1,796 of premiums earned and $2 and $90 of commission expense, respectively, (September 30, 2013 - $1,410 and $3,285 of premiums earned and $70 and $164 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, for the three and nine months ended September 30, 2014, Maiden US recorded approximately $300 and $950 of net premiums earned and $54 and $180 of commission expense, respectively, (September 30, 2013 - $170 and $369 net premiums earned and $38 and $94 commission expense, 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 ("Letter of Credit"), or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII (“Withheld Funds”). Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Reinsurance Agreement with AII. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: •by lending funds in the amount of $167,975 as of September 30, 2014 and December 31, 2013 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. •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, 2014 was approximately $1,459,452 (December 31, 2013 - $1,094,964) and the accrued interest was $9,466 (December 31, 2013 - $8,159). (See Note 4(d)). 6. Related Party Transactions (continued) Brokerage Agreement Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. ("AIIB"), a wholly owned subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and, beginning on April 1, 2011, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed from AII. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. AIIB may, if mutually agreed, also produce reinsurance business for the Company from other ceding companies, and in such cases the Company will negotiate a mutually acceptable commission rate. Following the initial one-year term, the agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $4,488 and $12,361 of reinsurance brokerage expense for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $3,043 and $9,064, respectively) and deferred reinsurance brokerage of $10,896 as of September 30, 2014 (December 31, 2013 - $8,592) as a result of this agreement. Asset Management Agreement Effective July 1, 2007, the Company 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 $1,325 and $3,814 of investment management fees for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $1,080 and $3,182, respectively) as a result of this agreement. 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, 2014, the Company recorded an expense of $36 and $60, respectively (September 30, 2013 - $38 and $57, respectively) for the use of the aircraft. 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. 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 and assumes 25% of the related net losses. The NGHC Quota Share provides that the reinsurers pay a provisional ceding commission equal to 32.5% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment.The ceding commission is subject to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.0% or less and a minimum of 30.5% if the loss ratio is 64.5% or greater. Effective October 1, 2012, the parties amended the reinsurance agreement to decrease the provisional ceding commission from 32.5% to 32.0% of ceded earned premium, net of premiums ceded by the personal lines companies for inuring reinsurance, subject to adjustment. The ceding commission is subject to adjustment to a minimum of 30.0% (changed from 30.5%), if the loss ratio is 64.5% or greater. 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 mutually 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 $95 and $6,513 of ceding commission expense for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $19,910 and $63,608, respectively) as a result of this transaction. 6. Related Party Transactions (continued) 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' 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 layer 2 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. Effective April 1, 2014, Maiden US renewed this agreement whereby Maiden US indemnifies, on an excess of loss basis, the amounts of net loss, paid from April 1, 2014 through March 31, 2015. Maiden US is liable for 100% of the net loss for each covered person per agreement year in excess of the $1,100 retention (each covered person per agreement year). Maiden US' liability shall not exceed $8,900 per covered person per agreement year. In addition to the coverage provided under layers 1 and 2, Maiden US continues to indemnify extra contractual obligations with a maximum liability of $2,000. This agreement terminates on March 31, 2015 and, unless mutually agreed, Maiden US will be relieved of all liability hereunder for losses incurred or paid subsequent to such termination date. Under these agreements, Maiden US recorded approximately $43 and $132 of premiums earned for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $104 and $113, respectively).

Earnings per Common Share

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

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Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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, 2014 and 2013:



For the Three Months Ended September 30,	2014			2013
Numerator:
Net income attributable to Maiden shareholders	$	33,883		$	24,997
Dividends on preference shares	(6,085		)	(3,093		)
Amount allocated to participating common shareholders⁽¹⁾	(33		)	(29		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	27,765		$	21,875
Potentially dilutive securities
Dividends on convertible preference shares⁽²⁾	2,991			—
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	30,756		$	21,875
Denominator:
Weighted average number of common shares outstanding – basic	72,888,024			72,552,022
Potentially dilutive securities:
Share options and restricted share units	1,335,888			1,385,872
Convertible preference shares	10,699,884			—
Adjusted weighted average number of common shares and assumed conversions – diluted	84,923,796			73,937,894
Basic earnings per share attributable to Maiden common shareholders:	$	0.38		$	0.30
Diluted earnings per share attributable to Maiden common shareholders ⁽²⁾:	$	0.36		$	0.30

7. Earnings per Common Share (continued)



For the Nine Months Ended September 30,	2014			2013
Numerator:
Net income attributable to Maiden shareholders	$	67,793		$	76,376
Dividends on preference shares	(18,253		)	(9,281		)
Amount allocated to participating common shareholders⁽¹⁾	(62		)	(88		)
Numerator for basic EPS - Net income allocated to Maiden common shareholders	$	49,478		$	67,007
Potentially dilutive securities
Dividends on convertible preference shares⁽²⁾	—			—
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	49,478		$	67,007
Denominator:
Weighted average number of common shares – basic	72,819,452			72,475,087
Potentially dilutive securities:
Share options and restricted share units	1,213,828			1,249,281
Convertible preference shares⁽²⁾	—			—
Adjusted weighted average number of common shares and assumed conversions – diluted	74,033,280			73,724,368
Basic earnings per share attributable to Maiden common shareholders:	$	0.68		$	0.92
Diluted earnings per share attributable to Maiden common shareholders⁽²⁾:	$	0.67		$	0.91

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

(2) The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the nine months ended September 30, 2014 as they were anti-dilutive. Please refer to "Notes to Consolidated Financial Statements" included under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2013 for the terms and conditions of each of these anti-dilutive instruments. Furthermore, the current number of additional common shares that could possibly be issued on conversion, if conversion after September 30, 2014 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 73,321, an increase of 53,481 common shares since January 2, 2014.

Stockholders' Equity Note [Abstract]

The entire disclosure for earnings per share.

+ References+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2014

Shareholders' Equity

As of September 30, 2014, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 73,877,519 common shares, of which 72,909,332 are outstanding, and issued 9,300,000 preference shares. The remaining 66,822,481 are undesignated as of September 30, 2014.

Treasury Shares

On February 19, 2014, the Company repurchased 5,851 shares from employees, at a price per share of $11.18, which represents withholdings from employees surrendered in respect of tax obligations on the vesting of restricted shares.

8. Shareholders' Equity (continued)

Accumulated Other Comprehensive Income

The following table presents details about amounts reclassified from accumulated other comprehensive income ("AOCI"):



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
Unrealized Gains (losses) on available-for-sale securities		2014			2013		2014			2013
	Net realized gains on investment	$	147		$	397	$	(421	)	$	3,657
	Net impairment losses recognized in earnings	(173		)	—		(102		)	—
	Total before tax	$	(26	)	$	397	$	(523	)	$	3,657
	Income tax expense	—			—		(15		)	—
	Total after tax	$	(26	)	$	397	$	(538	)	$	3,657

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, 2014 and 2013:



For the Three Months Ended September 30, 2014	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	126,414		$	(8,450	)	$	117,964
Other comprehensive (loss) income before reclassifications	(47,728		)	16,953			(30,775		)
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	26			—			26
Net current period other comprehensive (loss) income	(47,702		)	16,953			(30,749		)
Ending balance	78,712			8,503			87,215
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(28		)	(28		)
Ending balance, Maiden shareholders	$	78,712		$	8,531		$	87,243



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	5,743			(4,744		)	999
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	(397		)	—			(397		)
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

8. Shareholders' Equity (continued)



For the Nine Months Ended September 30, 2014	Change in net unrealized gains on investments		Foreign currency translation adjustments			Total
Beginning balance	$	34,728	$	(8,927	)	$	25,801
Other comprehensive income before reclassifications	43,446		17,430			60,876
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	538		—			538
Net current period other comprehensive income	43,984		17,430			61,414
Ending balance	78,712		8,503			87,215
Less: Accumulated other comprehensive loss attributable to non controlling interest	—		(28		)	(28		)
Ending balance, Maiden shareholders	$	78,712	$	8,531		$	87,243



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 loss before reclassifications	(85,415		)	(3,427		)	(88,842		)
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	(3,657		)	—			(3,657		)
Net current period other comprehensive loss	(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

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.

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+ Details

Share Based Compensation

9 Months Ended

Sep. 30, 2014

Share-based Compensation [Abstract]

Share Based Compensation

The Company’s Amended and Restated 2007 Share Incentive Plan (the "Plan") provides for grants of share options, restricted common shares and restricted share units. The total number of common shares currently reserved for issuance under the Plan is 10,000,000. The Plan is administered by the Compensation Committee of the Board of Directors (the "Committee").

Restricted Shares and Share Units

The fair value of each restricted share or share unit is determined based on the market value of the Company's common shares on the date of grant. The total estimated fair value is amortized as an expense over the requisite service period as determined by the Committee.

Share Options

Exercise prices of options are 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 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.

Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion on the techniques applied to determine the fair value of all share option awards and key assumptions used in determining this fair value.

9. Share Based Compensation (continued)

The following schedule shows all options granted, exercised, expired and forfeited under the Plan for the three and nine months ended September 30, 2014 and 2013:



For the Three Months Ended September 30, 2014	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2014	2,418,020		$	6.91	5.35 years
Exercised	(31,675	)	$	4.36
Outstanding, September 30, 2014	2,386,345		$	6.94	5.11 years



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 Nine Months Ended September 30, 2014	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2013	2,439,413		$	6.76	5.75 years
Granted	45,000		$	12.01
Exercised	(97,226	)	$	4.78
Forfeited	(842	)	$	7.74
Outstanding, September 30, 2014	2,386,345		$	6.94	5.11 years



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

The weighted average grant date fair value was $2.11 and $2.03 for all options outstanding at September 30, 2014 and December 31, 2013, respectively. There was approximately $345 and $513 of total unrecognized compensation cost related to non- vested options as of September 30, 2014 and December 31, 2013, respectively, which will be recognized during the next 4 years. The Company issues new common shares upon the exercise of an option. In connection with these exercises, there was no tax benefit realized by the Company.

9. Share Based Compensation (continued)

Performance-Based Restricted Share Units (PB-RSUs)

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 certain senior leaders of the Company. 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. All prior, current and future PB-RSUs are paid 50% based on the certain criteria stated above, while the other 50% of the payout is at the discretion of the Committee based on individual performance. 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 March 1, 2012, February 19, 2013 and February 18, 2014, the Committee approved the award of PB-RSUs to executive officers and senior Company employees for the fiscal years 2012-2014, 2013-2015 and 2014-2016, respectively. All prior, current and future PB-RSUs are paid 50% based on certain 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.

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 fully vested on December 31, 2013. Each share unit has a fair value of $8.56 which was amortized over 22 months. The share units were issued to the Company's CEO 2.5 months after the vesting date.

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 vested on February 19, 2014, with the next one-third automatically vesting on February 19, 2015, and of which the final one-third will automatically vest on February 19, 2016. Each share unit has a fair value of $10.02 which is amortized over 36 months. The total fair value of the share units vested for the three and nine months ended September 30, 2014 was $0 and $500, respectively.

On February 18, 2014, the Committee approved an award of NPB-RSUs to the Company's CEO. The award consists of 70,298 restricted share units, of which one-third will automatically vest on December 31, 2014, with the next one-third automatically vesting on December 31, 2015, and of which the final one-third will automatically vest on December 31, 2016. The units shall be settled no later than 2.5 months after expiration of the three respective vesting dates. Each share unit has a fair value of $11.38 which is amortized over 36 months.

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 certain senior leaders of the Company. The award consists of 95,590 restricted shares, 50% of which vested on February 19, 2014, the first anniversary of the grant date, with an additional 50% due to vest on the second anniversary of the grant date. Each share unit has a fair value of $10.02.

On February 18, 2014, 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 38,522 restricted shares, 50% of which will vest on January 1, 2015, with an additional 50% due to vest on January 1, 2016. Each share unit has a fair value of $11.38.

The Company recorded share based expenses (a component of salaries and benefits) in accordance with ASC Topic 718 "Compensation - Stock Compensation" in the amount of $1,489 and $2,454 for the three and nine months ended September 30, 2014, respectively, (September 30, 2013 - $508 and $1,668, respectively).

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.

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Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There are no material changes from the commitments and contingencies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Legal Proceedings Except as noted below, the Company is not a party to any material legal proceedings. From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings is not expected to have a material adverse effect on its financial condition or results of operations. In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle blowing in violation of the whistle blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged concerns regarding corporate governance with respect to negotiation of the terms of the Trust Preferred Securities Offering and seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. The Company filed its brief in opposition to the petition for review on October 19, 2011. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014, and we expect it to conclude in the first half of 2015. The Company believes that it had ample reason for terminating such employment for good and sufficient legal cause, and the Company believes that the claim is without merit and is vigorously defending this claim.

Recent Accounting Pronouncements

The entire disclosure for commitments and contingencies.

+ References+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

(a) Dividends

On November 5, 2014, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.13	January 15, 2015	January 2, 2015
Preference shares - Series A	$	0.515625	December 15, 2014	December 1, 2014
Preference shares - Series B	$	0.90625	December 15, 2014	December 1, 2014

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

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.

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, 2013.

Certain reclassifications have been made for 2013 to conform to the 2014 presentation and have no impact on net income previously reported.

Recently Adopted Accounting Standards Updates

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.

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

2. Significant Accounting Policies (continued)

Recently Issued Accounting Standards Not Yet Adopted

Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity


•	The component has been disposed of or is classified as held for sale;


•	The operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction; and


•	The entity will not have any significant continuing involvement in the operations of the component after the disposal transaction.

Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period

Segments (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Underwriting results of operating segments

The following tables summarize our reporting segment's underwriting results and the reconciliation of our reportable segments and Other category to net income:



For the Three Months Ended September 30, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	219,576		$	385,923		$	(43	)	$	605,456
Net premiums earned	$	233,022		$	359,065		$	355		$	592,442
Other insurance revenue	2,423			—			—			2,423
Net loss and loss adjustment expenses	(166,342		)	(233,166		)	(307		)	(399,815		)
Commission and other acquisition expenses	(56,878		)	(109,241		)	(127		)	(166,246		)
General and administrative expenses	(9,812		)	(538		)	(193		)	(10,543		)
Underwriting income (loss)	$	2,413		$	16,120		$	(272	)	$	18,261
Reconciliation to net income
Net investment income and realized gains on investment										29,830
Net impairment losses recognized in earnings										(1,189		)
Amortization of intangible assets										(820		)
Foreign exchange and other gains										483
Interest and amortization expenses										(7,172		)
Other general and administrative expenses										(4,981		)
Income tax expense										(486		)
Net income										$	33,926

Net loss and loss adjustment expense ratio*	70.7		%	64.9		%	86.5		%	67.2		%
Commission and other acquisition expense ratio**	24.2		%	30.4		%	35.8		%	27.9		%
General and administrative expense ratio***	4.1		%	0.2		%	54.3		%	2.7		%
Combined ratio****	99.0		%	95.5		%	176.6		%	97.8		%

3. Segment Reporting (continued)



For the Three Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	187,864		$	259,633		$	15,921		$	463,418
Net premiums earned	$	198,328		$	243,408		$	66,390		$	508,126
Other insurance revenue	3,271			—			—			3,271
Net loss and loss adjustment expenses	(135,324		)	(160,378		)	(45,927		)	(341,629		)
Commission and other acquisition expenses	(52,600		)	(71,869		)	(19,725		)	(144,194		)
General and administrative expenses	(9,688		)	(504		)	(177		)	(10,369		)
Underwriting income	$	3,987		$	10,657		$	561		$	15,205
Reconciliation to net income
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		)
Net income										$	25,033

Net loss and loss adjustment expense ratio*	67.1		%	65.9		%	69.2		%	66.8		%
Commission and other acquisition expense ratio**	26.1		%	29.5		%	29.7		%	28.2		%
General and administrative expense ratio***	4.8		%	0.2		%	0.3		%	2.6		%
Combined ratio****	98.0		%	95.6		%	99.2		%	97.6		%

3. Segment Reporting (continued)



For the Nine Months Ended September 30, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	681,690		$	1,176,957		$	(2,379	)	$	1,856,268
Net premiums earned	$	635,251		$	988,913		$	19,404		$	1,643,568
Other insurance revenue	10,427			—			—			10,427
Net loss and loss adjustment expenses	(439,329		)	(645,358		)	(17,629		)	(1,102,316		)
Commission and other acquisition expenses	(164,850		)	(298,236		)	(6,644		)	(469,730		)
General and administrative expenses	(31,207		)	(1,600		)	(580		)	(33,387		)
Underwriting income (loss)	$	10,292		$	43,719		$	(5,449	)	$	48,562
Reconciliation to net income
Net investment income and realized gains on investment										86,444
Net impairment losses recognized in earnings										(1,189		)
Amortization of intangible assets										(2,458		)
Foreign exchange and other gains										1,555
Interest and amortization expenses										(22,408		)
Accelerated amortization of junior subordinated debt discount and issuance costs										(28,240		)
Other general and administrative expenses										(12,457		)
Income tax expense										(1,907		)
Net income										$	67,902

Net loss and loss adjustment expense ratio*	68.0		%	65.3		%	90.9		%	66.6		%
Commission and other acquisition expense ratio**	25.5		%	30.2		%	34.2		%	28.4		%
General and administrative expense ratio***	4.9		%	0.1		%	3.0		%	2.8		%
Combined ratio****	98.4		%	95.6		%	128.1		%	97.8		%

3. Segment Reporting (continued)



For the Nine Months Ended September 30, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Net premiums written	$	589,612		$	895,029		$	165,785		$	1,650,426
Net premiums earned	$	565,148		$	725,100		$	219,593		$	1,509,841
Other insurance revenue	11,266			—			—			11,266
Net loss and loss adjustment expenses	(392,370		)	(478,722		)	(148,779		)	(1,019,871		)
Commission and other acquisition expenses	(141,740		)	(213,199		)	(65,157		)	(420,096		)
General and administrative expenses	(31,639		)	(1,498		)	(530		)	(33,667		)
Underwriting income	$	10,665		$	31,681		$	5,127		$	47,473
Reconciliation to net income
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		)
Net income										$	76,471

Net loss and loss adjustment expense ratio*	68.1		%	66.0		%	67.8		%	67.0		%
Commission and other acquisition expense ratio**	24.6		%	29.4		%	29.7		%	27.6		%
General and administrative expense ratio***	5.4		%	0.2		%	0.2		%	3.0		%
Combined ratio****	98.1		%	95.6		%	97.7		%	97.6		%


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


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


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


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

3. Segment Reporting (continued)

The following table summarizes our reportable segments' identifiable assets reconciled to total assets as of September 30, 2014 and December 31, 2013:



September 30, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	299,310	$	211,721	$	511,031
Reinsurance recoverable on unpaid losses	35,328		—		35,328
Deferred commission and other acquisition expenses	95,081		274,070		369,151
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	88,155		—		88,155
Restricted cash and cash equivalents and investments	1,131,883		1,579,684		2,711,567
Other assets	53,266		—		53,266
Total assets - reportable segments	1,703,023		2,233,450		3,936,473
Corporate assets	—		—		1,123,319
Total Assets	$	1,703,023	$	2,233,450	$	5,059,792



December 31, 2013	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	261,317	$	278,573	$	539,890
Reinsurance recoverable on unpaid losses	31,519		—		31,519
Deferred commission and other acquisition expenses	88,755		209,439		298,194
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	90,613		—		90,613
Restricted cash and cash equivalents and investments	1,025,629		1,102,317		2,127,946
Other assets	60,652		—		60,652
Total assets - reportable segments	1,558,485		1,758,304		3,316,789
Corporate assets	—		—		1,396,590
Total Assets	$	1,558,485	$	1,758,304	$	4,713,379

Net premiums by major line of business



For the Three Months Ended September 30,	2014					2013
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
Property	$	36,991		6.1	%	$	29,027	6.3	%
Casualty	149,067			24.6	%	122,600		26.4	%
Accident and Health	7,061			1.2	%	9,040		2.0	%
International	26,457			4.4	%	27,197		5.9	%
Total Diversified Reinsurance	219,576			36.3	%	187,864		40.6	%
AmTrust Reinsurance
Small Commercial Business	211,986			35.0	%	136,725		29.5	%
Specialty Program	57,035			9.4	%	41,698		9.0	%
Specialty Risk and Extended Warranty	116,902			19.3	%	81,210		17.5	%
Total AmTrust Reinsurance	385,923			63.7	%	259,633		56.0	%
Other	(43		)	—	%	15,921		3.4	%
	$	605,456		100.0	%	$	463,418	100.0	%



For the Three Months Ended September 30,	2014				2013
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	45,030	7.6	%	$	41,014	8.1	%
Casualty	150,876		25.5	%	126,091		24.8	%
Accident and Health	9,001		1.5	%	8,994		1.8	%
International	28,115		4.7	%	22,229		4.4	%
Total Diversified Reinsurance	233,022		39.3	%	198,328		39.1	%
AmTrust Reinsurance
Small Commercial Business	202,151		34.1	%	130,472		25.7	%
Specialty Program	40,654		6.9	%	39,661		7.8	%
Specialty Risk and Extended Warranty	116,260		19.6	%	73,275		14.4	%
Total AmTrust Reinsurance	359,065		60.6	%	243,408		47.9	%
Other	355		0.1	%	66,390		13.0	%
	$	592,442	100.0	%	$	508,126	100.0	%

3. Segment Reporting (continued)



For the Nine Months Ended September 30,	2014					2013
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
Property	$	126,680		6.8	%	$	114,309	6.9	%
Casualty	428,648			23.1	%	359,816		21.8	%
Accident and Health	32,178			1.7	%	31,649		1.9	%
International	94,184			5.1	%	83,838		5.1	%
Total Diversified Reinsurance	681,690			36.7	%	589,612		35.7	%
AmTrust Reinsurance
Small Commercial Business	663,766			35.8	%	434,951		26.4	%
Specialty Program	145,162			7.8	%	115,313		7.0	%
Specialty Risk and Extended Warranty	368,029			19.8	%	344,765		20.9	%
Total AmTrust Reinsurance	1,176,957			63.4	%	895,029		54.3	%
Other	(2,379		)	(0.1	)%	165,785		10.0	%
Total	$	1,856,268		100.0	%	$	1,650,426	100.0	%



For the Nine Months Ended September 30,	2014				2013
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	128,458	7.8	%	$	108,567	7.2	%
Casualty	398,148		24.2	%	359,988		23.8	%
Accident and Health	29,261		1.8	%	27,356		1.8	%
International	79,384		4.9	%	69,237		4.6	%
Total Diversified Reinsurance	635,251		38.7	%	565,148		37.4	%
AmTrust Reinsurance
Small Commercial Business	537,810		32.7	%	350,295		23.2	%
Specialty Program	118,459		7.2	%	105,122		7.0	%
Specialty Risk and Extended Warranty	332,644		20.2	%	269,683		17.9	%
Total AmTrust Reinsurance	988,913		60.1	%	725,100		48.1	%
Other	19,404		1.2	%	219,593		14.5	%
Total	$	1,643,568	100.0	%	$	1,509,841	100.0	%

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

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, 2014

Schedule of Investments [Abstract]



September 30, 2014	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	11,943	$	421	$	(13	)	$	12,351
U.S. agency bonds – mortgage-backed	1,392,159		14,897		(23,532		)	1,383,524
U.S. agency bonds – other	7,211		893		—			8,104
Non-U.S. government and supranational bonds	55,058		571		(1,128		)	54,501
Other mortgage-backed securities	52,595		1,363		—			53,958
Corporate bonds	1,791,121		93,727		(12,306		)	1,872,542
Municipal bonds – other	62,147		3,232		—			65,379
Total available-for-sale fixed maturities	3,372,234		115,104		(36,979		)	3,450,359
Other investments	10,746		743		—			11,489
Total investments	$	3,382,980	$	115,847	$	(36,979	)	$	3,461,848



December 31, 2013	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities:
U.S. treasury bonds	$	16,622	$	587	$	—		$	17,209
U.S. agency bonds – mortgage-backed	1,292,032		11,727		(41,104		)	1,262,655
U.S. agency bonds – other	7,207		901		—			8,108
Non-U.S. government and supranational bonds	70,377		3,547		(712		)	73,212
Other mortgage-backed securities	33,676		—		(232		)	33,444
Corporate bonds	1,546,578		82,952		(22,830		)	1,606,700
Municipal bonds – auction rate	99,170		—		—			99,170
Municipal bonds – other	62,130		934		(1,495		)	61,569
Total available-for-sale fixed maturities	3,127,792		100,648		(66,373		)	3,162,067
Other investments	4,522		570		—			5,092
Total investments	$	3,132,314	$	101,218	$	(66,373	)	$	3,167,159

Contractual maturities of fixed maturities, available-for-sale

4. Investments (continued)



September 30, 2014	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	23,528	$	23,114	0.7	%
Due after one year through five years	521,590		562,061		16.3	%
Due after five years through ten years	1,310,434		1,351,440		39.2	%
Due after ten years	71,928		76,262		2.2	%
	1,927,480		2,012,877		58.4	%
U.S. agency bonds – mortgage-backed	1,392,159		1,383,524		40.1	%
Other mortgage-backed securities	52,595		53,958		1.5	%
Total available-for-sale fixed maturities	$	3,372,234	$	3,450,359	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, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. treasury bonds	$	3,338	$	(13	)	$	—	$	—		$	3,338	$	(13	)
U.S. agency bonds – mortgage-backed	$	206,820	$	(2,077	)	$	578,369	$	(21,455	)	$	785,189	$	(23,532	)
Non–U.S. government and supranational bonds	42,053		(915		)	2,668		(213		)	44,721		(1,128		)
Corporate bonds	260,017		(5,686		)	150,075		(6,620		)	410,092		(12,306		)
Total temporarily impaired available-for-sale fixed maturities	$	512,228	$	(8,691	)	$	731,112	$	(28,288	)	$	1,243,340	$	(36,979	)



	Less than 12 Months					12 Months or more					Total
December 31, 2013	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale fixed maturities
U.S. agency bonds – mortgage-backed	$	795,439	$	(38,421	)	$	60,602	$	(2,683	)	$	856,041	$	(41,104	)
Non–U.S. government and supranational bonds	9,946		(712		)	—		—			9,946		(712		)
Other mortgage-backed securities	33,444		(232		)	—		—			33,444		(232		)
Corporate bonds	463,469		(16,687		)	169,294		(6,143		)	632,763		(22,830		)
Municipal bonds – other	50,545		(1,495		)	—		—			50,545		(1,495		)
Total temporarily impaired available-for-sale fixed maturities	$	1,352,843	$	(57,547	)	$	229,896	$	(8,826	)	$	1,582,739	$	(66,373	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our available-for-sale fixed maturities:



Rating* as of September 30, 2014	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	11,943	$	12,351	0.4	%
U.S. agency bonds	1,399,370		1,391,628		40.3	%
AAA	194,105		206,233		6.0	%
AA+, AA, AA-	140,336		145,994		4.2	%
A+, A, A-	796,421		833,612		24.2	%
BBB+, BBB, BBB-	768,599		798,232		23.1	%
BB+ or lower	61,460		62,309		1.8	%
Total	$	3,372,234	$	3,450,359	100.0	%



Rating* as of December 31, 2013	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	16,622	$	17,209	0.5	%
U.S. agency bonds	1,299,239		1,270,763		40.2	%
AAA	210,872		222,417		7.0	%
AA+, AA, AA-	236,424		242,986		7.7	%
A+, A, A-	619,148		651,248		20.6	%
BBB+, BBB, BBB-	689,532		701,529		22.2	%
BB+ or lower	55,955		55,915		1.8	%
Total	$	3,127,792	$	3,162,067	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, 2014				December 31, 2013
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investments in limited partnerships	$	5,489	47.8	%	$	4,092	80.4	%
Other	6,000		52.2	%	1,000		19.6	%
Total other investments	$	11,489	100.0	%	$	5,092	100.0	%

Analysis of realized and unrealized gains on investment

The following provides an analysis of net realized gains on investment included in the unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013:



For the Three Months Ended September 30, 2014	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	250	$	—	$	250
Other investments	60		—		60
Net realized gains on investment	$	310	$	—	$	310



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 losses on investment	$	477	$	—	$	477



For the Nine Months Ended September 30, 2014	Gross gains		Gross losses		Net
Available-for-sale fixed maturities	$	623	$	—	$	623
Other investments	352		—		352
Net realized gains on investment	$	975	$	—	$	975



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

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

Net unrealized gains were as follows:



	September 30, 2014			December 31, 2013
Available-for-sale fixed maturities	$	78,125		$	34,275
Other investments	743			570
Total net unrealized gains	78,868			34,845
Deferred income tax expense	(156		)	(117		)
Net unrealized gains, net of deferred income tax	$	78,712		$	34,728
Change in net unrealized gains, net of deferred income tax	$	43,984		$	(108,937	)

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	September 30, 2014		December 31, 2013
Restricted cash and cash equivalents – third party agreements	$	59,272	$	72,877
Restricted cash and cash equivalents – related party agreements	161,047		4,429
Restricted cash and cash equivalents – U.S. state regulatory authorities	526		54
Total restricted cash and cash equivalents	220,845		77,360
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2014 – $1,036,950; 2013 – $933,897)	1,059,522		939,800
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2014 – $1,448,698; 2013 – $1,183,156)	1,491,460		1,201,473
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2014 – $8,474; 2013 – $12,730)	8,685		13,065
Total restricted investments	2,559,667		2,154,338
Total restricted cash and cash equivalents and investments	$	2,780,512	$	2,231,698

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

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, 2014

Fair Value Disclosures [Abstract]

At September 30, 2014 and December 31, 2013, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



September 30, 2014	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	$	12,351		$	—		$	—		$	12,351
U.S. agency bonds – mortgage-backed	—			1,383,524			—			1,383,524
U.S. agency bonds – other	—			8,104			—			8,104
Non-U.S. government and supranational bonds	—			54,501			—			54,501
Other mortgage-backed securities	—			53,958			—			53,958
Corporate bonds	—			1,872,542			—			1,872,542
Municipal bonds – other	—			65,379			—			65,379
Other investments	—			—			11,489			11,489
Total	$	12,351		$	3,438,008		$	11,489		$	3,461,848
As a percentage of total assets	0.2		%	67.9		%	0.2		%	68.3		%



December 31, 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	$	17,209		$	—		$	—		$	17,209
U.S. agency bonds – mortgage-backed	—			1,262,655			—			1,262,655
U.S. agency bonds – other	—			8,108			—			8,108
Non-U.S. government and supranational bonds	—			73,212			—			73,212
Other mortgage-backed securities	—			33,444			—			33,444
Corporate bonds	—			1,606,700			—			1,606,700
Municipal bonds – auction rate	—			99,170			—			99,170
Municipal bonds – other	—			61,569			—			61,569
Other investments	—			—			5,092			5,092
Total	$	17,209		$	3,144,858		$	5,092		$	3,167,159
As a percentage of total assets	0.4		%	66.7		%	0.1		%	67.2		%

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, 2014 and 2013:



	For the Three Months Ended
Other investments:	September 30, 2014			September 30, 2013
Balance at beginning of period	$	11,061		$	4,438
Total realized gains – included in net realized gains on investment	60			29
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	120			155
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	417			475
Sales and redemptions	(169		)	(91		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	11,489		$	5,006
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, 2014			September 30, 2013
Balance at beginning of period	$	5,092		$	2,901
Total realized gains – included in net realized gains on investment	352			147
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	173			204
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	6,551			2,013
Sales and redemptions	(679		)	(259		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	11,489		$	5,006
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, 2014 and December 31, 2013:



			September 30, 2014				December 31, 2013
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	113,090	$	107,500	$	101,480
2012 Senior Notes	8.00	%	100,000		105,400		100,000		89,760
2013 Senior Notes	7.75	%	152,500		159,826		152,500		126,209
Junior Subordinated Debt	14.00	%	—		—		126,381		152,500

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

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

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

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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, 2014 and 2013:



For the Three Months Ended September 30,	2014			2013
Numerator:
Net income attributable to Maiden shareholders	$	33,883		$	24,997
Dividends on preference shares	(6,085		)	(3,093		)
Amount allocated to participating common shareholders⁽¹⁾	(33		)	(29		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	27,765		$	21,875
Potentially dilutive securities
Dividends on convertible preference shares⁽²⁾	2,991			—
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	30,756		$	21,875
Denominator:
Weighted average number of common shares outstanding – basic	72,888,024			72,552,022
Potentially dilutive securities:
Share options and restricted share units	1,335,888			1,385,872
Convertible preference shares	10,699,884			—
Adjusted weighted average number of common shares and assumed conversions – diluted	84,923,796			73,937,894
Basic earnings per share attributable to Maiden common shareholders:	$	0.38		$	0.30
Diluted earnings per share attributable to Maiden common shareholders ⁽²⁾:	$	0.36		$	0.30

7. Earnings per Common Share (continued)



For the Nine Months Ended September 30,	2014			2013
Numerator:
Net income attributable to Maiden shareholders	$	67,793		$	76,376
Dividends on preference shares	(18,253		)	(9,281		)
Amount allocated to participating common shareholders⁽¹⁾	(62		)	(88		)
Numerator for basic EPS - Net income allocated to Maiden common shareholders	$	49,478		$	67,007
Potentially dilutive securities
Dividends on convertible preference shares⁽²⁾	—			—
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	49,478		$	67,007
Denominator:
Weighted average number of common shares – basic	72,819,452			72,475,087
Potentially dilutive securities:
Share options and restricted share units	1,213,828			1,249,281
Convertible preference shares⁽²⁾	—			—
Adjusted weighted average number of common shares and assumed conversions – diluted	74,033,280			73,724,368
Basic earnings per share attributable to Maiden common shareholders:	$	0.68		$	0.92
Diluted earnings per share attributable to Maiden common shareholders⁽²⁾:	$	0.67		$	0.91

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

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of reclassification from accumulated other comprehensive income

The following table presents details about amounts reclassified from accumulated other comprehensive income ("AOCI"):



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
Unrealized Gains (losses) on available-for-sale securities		2014			2013		2014			2013
	Net realized gains on investment	$	147		$	397	$	(421	)	$	3,657
	Net impairment losses recognized in earnings	(173		)	—		(102		)	—
	Total before tax	$	(26	)	$	397	$	(523	)	$	3,657
	Income tax expense	—			—		(15		)	—
	Total after tax	$	(26	)	$	397	$	(538	)	$	3,657

Schedule of accumulated other comprehensive income



For the Three Months Ended September 30, 2014	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	126,414		$	(8,450	)	$	117,964
Other comprehensive (loss) income before reclassifications	(47,728		)	16,953			(30,775		)
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	26			—			26
Net current period other comprehensive (loss) income	(47,702		)	16,953			(30,749		)
Ending balance	78,712			8,503			87,215
Less: Accumulated other comprehensive loss attributable to non controlling interest	—			(28		)	(28		)
Ending balance, Maiden shareholders	$	78,712		$	8,531		$	87,243



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	5,743			(4,744		)	999
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	(397		)	—			(397		)
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

8. Shareholders' Equity (continued)



For the Nine Months Ended September 30, 2014	Change in net unrealized gains on investments		Foreign currency translation adjustments			Total
Beginning balance	$	34,728	$	(8,927	)	$	25,801
Other comprehensive income before reclassifications	43,446		17,430			60,876
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	538		—			538
Net current period other comprehensive income	43,984		17,430			61,414
Ending balance	78,712		8,503			87,215
Less: Accumulated other comprehensive loss attributable to non controlling interest	—		(28		)	(28		)
Ending balance, Maiden shareholders	$	78,712	$	8,531		$	87,243



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 loss before reclassifications	(85,415		)	(3,427		)	(88,842		)
Amounts reclassified from accumulated other comprehensive income to net income, net of tax	(3,657		)	—			(3,657		)
Net current period other comprehensive loss	(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

Share Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Share-based Compensation [Abstract]

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, 2014 and 2013:



For the Three Months Ended September 30, 2014	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, June 30, 2014	2,418,020		$	6.91	5.35 years
Exercised	(31,675	)	$	4.36
Outstanding, September 30, 2014	2,386,345		$	6.94	5.11 years



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 Nine Months Ended September 30, 2014	Number of Share Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding, December 31, 2013	2,439,413		$	6.76	5.75 years
Granted	45,000		$	12.01
Exercised	(97,226	)	$	4.78
Forfeited	(842	)	$	7.74
Outstanding, September 30, 2014	2,386,345		$	6.94	5.11 years



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

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Schedule of subsequent events

On November 5, 2014, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.13	January 15, 2015	January 2, 2015
Preference shares - Series A	$	0.515625	December 15, 2014	December 1, 2014
Preference shares - Series B	$	0.90625	December 15, 2014	December 1, 2014

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

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Segment

Sep. 30, 2013

Dec. 31, 2013

Segment Reporting Information [Line Items]

Number of reporting segments

$ 605,456

$ 463,418

$ 1,856,268

$ 1,650,426

592,442

508,126

1,643,568

1,509,841

2,423

3,271

10,427

11,266

(399,815)

(341,629)

(1,102,316)

(1,019,871)

(166,246)

(144,194)

(469,730)

(420,096)

(10,543)

(10,369)

(33,387)

(33,667)

18,261

15,205

48,562

47,473

Net investment income and realized gains on investment

29,830

23,730

86,444

69,684

Net impairment losses recognized in earnings

(1,189)

Amortization of intangible assets

(820)

(945)

(2,458)

(2,835)

Foreign exchange and other gains

483

(23)

1,555

2,573

Interest and amortization expenses

(7,172)

(9,571)

(22,408)

(28,711)

Accelerated amortization of junior subordinated debt discount and issuance cost

(28,240)

Other general and administrative expenses

(4,981)

(2,882)

(12,457)

(10,496)

Income tax expense

(486)

(481)

(1,907)

(1,217)

Net income

33,926

25,033

67,902

76,471

67.20%

^[1]

66.80%

^[1]

66.60%

^[1]

67.00%

^[1]

27.90%

^[2]

28.20%

^[2]

28.40%

^[2]

27.60%

^[2]

2.70%

^[3]

2.60%

^[3]

2.80%

^[3]

3.00%

^[3]

97.80%

^[4]

97.60%

^[4]

97.80%

^[4]

97.60%

^[4]

516,416

560,145

Deferred commissions and other acquisition expenses

82,158

84,036

369,149

304,908

167,975

Restricted cash and cash equivalents and investments

88,155

90,613

2,780,512

2,231,698

5,059,792

4,713,379

Diversified Reinsurance Segment [Member]

219,576

187,864

681,690

589,612

233,022

198,328

635,251

565,148

2,423

3,271

10,427

11,266

(166,342)

(135,324)

(439,329)

(392,370)

(56,878)

(52,600)

(164,850)

(141,740)

(9,812)

(9,688)

(31,207)

(31,639)

2,413

3,987

10,292

10,665

70.70%

^[1]

67.10%

^[1]

68.00%

^[1]

68.10%

^[1]

24.20%

^[2]

26.10%

^[2]

25.50%

^[2]

24.60%

^[2]

4.10%

^[3]

4.80%

^[3]

4.90%

^[3]

5.40%

^[3]

99.00%

^[4]

98.00%

^[4]

98.40%

^[4]

98.10%

^[4]

299,310

261,317

Deferred commissions and other acquisition expenses

35,328

31,519

95,081

88,755

Restricted cash and cash equivalents and investments

88,155

90,613

1,131,883

1,025,629

Other assets

53,266

60,652

Total assets - reportable segments

1,703,023

1,558,485

Corporate assets

1,703,023

1,558,485

AmTrust Reinsurance Segment [Member]

385,923

259,633

1,176,957

895,029

359,065

243,408

988,913

725,100

(233,166)

(160,378)

(645,358)

(478,722)

(109,241)

(71,869)

(298,236)

(213,199)

(538)

(504)

(1,600)

(1,498)

16,120

10,657

43,719

31,681

64.90%

^[1]

65.90%

^[1]

65.30%

^[1]

66.00%

^[1]

30.40%

^[2]

29.50%

^[2]

30.20%

^[2]

29.40%

^[2]

0.20%

^[3]

0.20%

^[3]

0.10%

^[3]

0.20%

^[3]

95.50%

^[4]

95.60%

^[4]

95.60%

^[4]

95.60%

^[4]

211,721

278,573

Deferred commissions and other acquisition expenses

274,070

209,439

167,975

Restricted cash and cash equivalents and investments

1,579,684

1,102,317

Other assets

Total assets - reportable segments

2,233,450

1,758,304

Corporate assets

2,233,450

1,758,304

Other [Member]

(43)

15,921

(2,379)

165,785

355

66,390

19,404

219,593

(307)

(45,927)

(17,629)

(148,779)

(127)

(19,725)

(6,644)

(65,157)

(193)

(177)

(580)

(530)

(272)

561

(5,449)

5,127

86.50%

^[1]

69.20%

^[1]

90.90%

^[1]

67.80%

^[1]

35.80%

^[2]

29.70%

^[2]

34.20%

^[2]

29.70%

^[2]

54.30%

^[3]

0.30%

^[3]

3.00%

^[3]

0.20%

^[3]

176.60%

^[4]

99.20%

^[4]

128.10%

^[4]

97.70%

^[4]

Total Segments, Excluding Other Category [Member]

511,031

539,890

Deferred commissions and other acquisition expenses

35,328

31,519

369,151

298,194

167,975

Restricted cash and cash equivalents and investments

88,155

90,613

2,711,567

2,127,946

Other assets

53,266

60,652

Total assets - reportable segments

3,936,473

3,316,789

Corporate assets

1,123,319

1,396,590

$ 5,059,792

$ 4,713,379

[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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Net premiums written	$ 605,456	$ 463,418	$ 1,856,268	$ 1,650,426
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	592,442	508,126	1,643,568	1,509,841
% 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	219,576	187,864	681,690	589,612
% of Total Net premiums written	36.30%	40.60%	36.70%	35.70%
Net premiums earned	233,022	198,328	635,251	565,148
% of Total Net premiums earned	39.30%	39.10%	38.70%	37.40%
Diversified Reinsurance Segment [Member] \| Property [Member]
Segment Reporting Information [Line Items]
Net premiums written	36,991	29,027	126,680	114,309
% of Total Net premiums written	6.10%	6.30%	6.80%	6.90%
Net premiums earned	45,030	41,014	128,458	108,567
% of Total Net premiums earned	7.60%	8.10%	7.80%	7.20%
Diversified Reinsurance Segment [Member] \| Casualty [Member]
Segment Reporting Information [Line Items]
Net premiums written	149,067	122,600	428,648	359,816
% of Total Net premiums written	24.60%	26.40%	23.10%	21.80%
Net premiums earned	150,876	126,091	398,148	359,988
% of Total Net premiums earned	25.50%	24.80%	24.20%	23.80%
Diversified Reinsurance Segment [Member] \| Accident and Health [Member]
Segment Reporting Information [Line Items]
Net premiums written	7,061	9,040	32,178	31,649
% of Total Net premiums written	1.20%	2.00%	1.70%	1.90%
Net premiums earned	9,001	8,994	29,261	27,356
% of Total Net premiums earned	1.50%	1.80%	1.80%	1.80%
Diversified Reinsurance Segment [Member] \| International [Member]
Segment Reporting Information [Line Items]
Net premiums written	26,457	27,197	94,184	83,838
% of Total Net premiums written	4.40%	5.90%	5.10%	5.10%
Net premiums earned	28,115	22,229	79,384	69,237
% of Total Net premiums earned	4.70%	4.40%	4.90%	4.60%
AmTrust Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Net premiums written	385,923	259,633	1,176,957	895,029
% of Total Net premiums written	63.70%	56.00%	63.40%	54.30%
Net premiums earned	359,065	243,408	988,913	725,100
% of Total Net premiums earned	60.60%	47.90%	60.10%	48.10%
AmTrust Reinsurance Segment [Member] \| Small Commercial Business [Member]
Segment Reporting Information [Line Items]
Net premiums written	211,986	136,725	663,766	434,951
% of Total Net premiums written	35.00%	29.50%	35.80%	26.40%
Net premiums earned	202,151	130,472	537,810	350,295
% of Total Net premiums earned	34.10%	25.70%	32.70%	23.20%
AmTrust Reinsurance Segment [Member] \| Specialty Program [Member]
Segment Reporting Information [Line Items]
Net premiums written	57,035	41,698	145,162	115,313
% of Total Net premiums written	9.40%	9.00%	7.80%	7.00%
Net premiums earned	40,654	39,661	118,459	105,122
% of Total Net premiums earned	6.90%	7.80%	7.20%	7.00%
AmTrust Reinsurance Segment [Member] \| Specialty Risk and Extended Warranty [Member]
Segment Reporting Information [Line Items]
Net premiums written	116,902	81,210	368,029	344,765
% of Total Net premiums written	19.30%	17.50%	19.80%	20.90%
Net premiums earned	116,260	73,275	332,644	269,683
% of Total Net premiums earned	19.60%	14.40%	20.20%	17.90%
Other [Member]
Segment Reporting Information [Line Items]
Net premiums written	(43)	15,921	(2,379)	165,785
% of Total Net premiums written	0.00%	3.40%	(0.10%)	10.00%
Net premiums earned	$ 355	$ 66,390	$ 19,404	$ 219,593
% of Total Net premiums earned	0.10%	13.00%	1.20%	14.50%

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

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, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	$ 3,372,234	$ 3,127,792
Other Investments, Original or amortized cost	10,746	4,522
Total investments, Original or amortized cost	3,382,980	3,132,314
Available-for-sale securities, Gross unrealized gains	115,104	100,648
Other investments, Gross unrealized gains	743	570
Investments, Gross unrealized gains	115,847	101,218
Available-for-sale securities, Gross unrealized losses	(36,979)	(66,373)
Other investments, Gross unrealized losses	0	0
Investments, Gross unrealized losses	(36,979)	(66,373)
Fair value	3,450,359	3,162,067
Other investments	11,489	5,092
Total investments	3,461,848	3,167,159
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	11,943	16,622
Available-for-sale securities, Gross unrealized gains	421	587
Available-for-sale securities, Gross unrealized losses	(13)	0
Fair value	12,351	17,209
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	1,392,159	1,292,032
Available-for-sale securities, Gross unrealized gains	14,897	11,727
Available-for-sale securities, Gross unrealized losses	(23,532)	(41,104)
Fair value	1,383,524	1,262,655
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	7,211	7,207
Available-for-sale securities, Gross unrealized gains	893	901
Available-for-sale securities, Gross unrealized losses	0	0
Fair value	8,104	8,108
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	55,058	70,377
Available-for-sale securities, Gross unrealized gains	571	3,547
Available-for-sale securities, Gross unrealized losses	(1,128)	(712)
Fair value	54,501	73,212
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	52,595	33,676
Available-for-sale securities, Gross unrealized gains	1,363	0
Available-for-sale securities, Gross unrealized losses	0	(232)
Fair value	53,958	33,444
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	1,791,121	1,546,578
Available-for-sale securities, Gross unrealized gains	93,727	82,952
Available-for-sale securities, Gross unrealized losses	(12,306)	(22,830)
Fair value	1,872,542	1,606,700
Municipal bonds – auction rate [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost		99,170
Available-for-sale securities, Gross unrealized gains		0
Available-for-sale securities, Gross unrealized losses		0
Fair value		99,170
Municipal bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	62,147	62,130
Available-for-sale securities, Gross unrealized gains	3,232	934
Available-for-sale securities, Gross unrealized losses	0	(1,495)
Fair value	$ 65,379	$ 61,569

Investments - Contractual Maturities (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Due in one year or less, Amortized cost	$ 23,528
Due after one year through five years, Amortized cost	521,590
Due after five years through ten years, Amortized cost	1,310,434
Due after ten years, Amortized cost	71,928
Total before securities without single maturities, Amortized cost	1,927,480
Fixed Maturities, available-for-sale, Amortized cost	3,372,234	3,127,792
Due in one year or less, Fair value	23,114
Due after one year through five years, Fair value	562,061
Due after five years through ten years, Fair value	1,351,440
Due after ten years, Fair value	76,262
Total before securities without single maturities, Fair value	2,012,877
Fair value	3,450,359	3,162,067
Due in one year or less, % of Total fair value	0.70%
Due after one year through five years, % of Total fair value	16.30%
Due after five years through ten years, % of Total fair value	39.20%
Due after ten years, % of Total fair value	2.20%
Total before securities without single maturities, % of Total fair value	58.40%
% 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	1,392,159
Fixed Maturities, available-for-sale, Amortized cost	1,392,159	1,292,032
Fair value of securities without single maturities	1,383,524
Fair value	1,383,524	1,262,655
% of Total fair value for securities without single maturities	40.10%
Other mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	52,595
Fixed Maturities, available-for-sale, Amortized cost	52,595	33,676
Fair value of securities without single maturities	53,958
Fair value	$ 53,958	$ 33,444
% of Total fair value for securities without single maturities	1.50%

Investments - Fair Value and Unrealized Losses (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014 security	Dec. 31, 2013 security
Fair value
12 Months or More, Fair value		$ 229,896
Total, Fair value		1,582,739
Unrealized losses
12 Months or More, Unrealized losses		(8,826)
Total, Unrealized losses		(66,373)
Number of securities in loss position (in securities)	138	140
12 Months or More, number of securities (in securities)	55	19
U.S. treasury bonds [Member]
Fair value
Less than 12 Months, Fair value	3,338
12 Months or More, Fair value	0
Total, Fair value	3,338
Unrealized losses
Less than 12 Months, Unrealized losses	(13)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	(13)
U.S. agency bonds – mortgage-backed [Member]
Fair value
Less than 12 Months, Fair value	206,820	795,439
12 Months or More, Fair value	578,369	60,602
Total, Fair value	785,189	856,041
Unrealized losses
Less than 12 Months, Unrealized losses	(2,077)	(38,421)
12 Months or More, Unrealized losses	(21,455)	(2,683)
Total, Unrealized losses	(23,532)	(41,104)
Non-U.S. government and supranational bonds [Member]
Fair value
Less than 12 Months, Fair value	42,053	9,946
12 Months or More, Fair value	2,668	0
Total, Fair value	44,721	9,946
Unrealized losses
Less than 12 Months, Unrealized losses	(915)	(712)
12 Months or More, Unrealized losses	(213)	0
Total, Unrealized losses	(1,128)	(712)
Other mortgage-backed bonds [Member]
Fair value
Less than 12 Months, Fair value		33,444
12 Months or More, Fair value		0
Total, Fair value		33,444
Unrealized losses
Less than 12 Months, Unrealized losses		(232)
12 Months or More, Unrealized losses		0
Total, Unrealized losses		(232)
Corporate bonds [Member]
Fair value
Less than 12 Months, Fair value	260,017	463,469
12 Months or More, Fair value	150,075	169,294
Total, Fair value	410,092	632,763
Unrealized losses
Less than 12 Months, Unrealized losses	(5,686)	(16,687)
12 Months or More, Unrealized losses	(6,620)	(6,143)
Total, Unrealized losses	(12,306)	(22,830)
Municipal bonds – other [Member]
Fair value
Less than 12 Months, Fair value		50,545
12 Months or More, Fair value		0
Total, Fair value		50,545
Unrealized losses
Less than 12 Months, Unrealized losses		(1,495)
12 Months or More, Unrealized losses		0
Total, Unrealized losses		(1,495)
Available-for-sale securities [Member]
Fair value
Less than 12 Months, Fair value	512,228	1,352,843
12 Months or More, Fair value	731,112	229,896
Total, Fair value	1,243,340	1,582,739
Unrealized losses
Less than 12 Months, Unrealized losses	(8,691)	(57,547)
12 Months or More, Unrealized losses	(28,288)	(8,826)
Total, Unrealized losses	$ (36,979)	$ (66,373)

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

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

OTTI

$ 1,189

$ 0

$ 1,189

$ 0

3,372,234

3,127,792

3,450,359

3,162,067

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

100.00%

U.S. treasury bonds [Member]

11,943

^[1]

11,943

^[1]

16,622

^[1]

12,351

^[1]

12,351

^[1]

17,209

^[1]

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

0.40%

^[1]

0.40%

^[1]

0.50%

^[1]

U.S. agency bonds [Member]

1,399,370

^[1]

1,399,370

^[1]

1,299,239

^[1]

1,391,628

^[1]

1,391,628

^[1]

1,270,763

^[1]

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

40.30%

^[1]

40.30%

^[1]

40.20%

^[1]

AAA [Member]

194,105

^[1]

194,105

^[1]

210,872

^[1]

206,233

^[1]

206,233

^[1]

222,417

^[1]

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

6.00%

^[1]

6.00%

^[1]

7.00%

^[1]

AA Plus, AA, AA Minus [Member]

140,336

^[1]

140,336

^[1]

236,424

^[1]

145,994

^[1]

145,994

^[1]

242,986

^[1]

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

4.20%

^[1]

4.20%

^[1]

7.70%

^[1]

A Plus, A, A Minus [Member]

796,421

^[1]

796,421

^[1]

619,148

^[1]

833,612

^[1]

833,612

^[1]

651,248

^[1]

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

24.20%

^[1]

24.20%

^[1]

20.60%

^[1]

BBB Plus, BBB, BBB Minus [Member]

768,599

^[1]

768,599

^[1]

689,532

^[1]

798,232

^[1]

798,232

^[1]

701,529

^[1]

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

23.10%

^[1]

23.10%

^[1]

22.20%

^[1]

BB Plus or Lower [Member]

61,460

^[1]

61,460

^[1]

55,955

^[1]

$ 62,309

^[1]

$ 62,309

^[1]

$ 55,915

^[1]

1.80%

^[1]

1.80%

^[1]

1.80%

^[1]

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

Investments - Other Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Other investments	$ 11,489	$ 5,092
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	5,489	4,092
% of Total fair value	47.80%	80.40%
Unfunded commitment on investments in limited partnerships	794
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 6,000	$ 1,000
% of Total fair value	52.20%	19.60%

Investments - Net Realized Gains on Investment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Gross gains	$ 310	$ 477	$ 975	$ 3,760
Gross losses	0	0	0	(53)
Realized gains (losses), Net	310	477	975	3,707
Proceeds from sales of fixed maturities classified as available-for-sale	4,044	6,471	114,007	186,957
Net unrealized gains	78,868		78,868		34,845
Deferred income tax expense	(156)		(156)		(117)
Net unrealized gains, net of deferred income tax	78,712		78,712		34,728
Change in net unrealized gains, net of deferred income tax			43,984		(108,937)
Available-for-sale securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	250	448	623	3,560
Gross losses	0	0	0	0
Realized gains (losses), Net	250	448	623	3,560
Net unrealized gains	78,125		78,125		34,275
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	60	29	352	200
Gross losses	0	0	0	(53)
Realized gains (losses), Net	60	29	352	147
Net unrealized gains	$ 743		$ 743		$ 570

Investments - Restricted Cash and Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 220,845	$ 77,360
Restricted investments	2,559,667	2,154,338
Restricted cash and investments	2,780,512	2,231,698
Amortized cost	3,382,980	3,132,314
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	59,272	72,877
Restricted investments	1,059,522	939,800
Amortized cost	1,036,950	933,897
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	161,047	4,429
Restricted investments	1,491,460	1,201,473
Amortized cost	1,448,698	1,183,156
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	526	54
Restricted investments	8,685	13,065
Amortized cost	$ 8,474	$ 12,730

Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 11,489	$ 5,092
Investments in limited partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	5,489	4,092
Other investments, percent of assets	0.20%
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	6,000	1,000
U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities		5
Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities	1
Significant Other Observable Inputs (Level 2) [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	5,110	150,928
Number of securities	1	5
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	12,351	17,209
Percentage of total assets	0.20%	0.40%
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	12,351	17,209
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Municipal bonds – auction rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value		0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Municipal bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	3,438,008	3,144,858
Percentage of total assets	67.90%	66.70%
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,383,524	1,262,655
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	8,104	8,108
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	54,501	73,212
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	53,958	33,444
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,872,542	1,606,700
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds – auction rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value		99,170
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	65,379	61,569
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	11,489	5,092
Total	11,489	5,092
Percentage of total assets	0.20%	0.10%
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Municipal bonds – auction rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value		0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Municipal bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	11,489	5,092
Total	3,461,848	3,167,159
Percentage of total assets	68.30%	67.20%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	99.90%	95.30%
Assets, valued using market approach, percentage	0.10%	4.70%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	12,351	17,209
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,383,524	1,262,655
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	8,104	8,108
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	54,501	73,212
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Other mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	53,958	33,444
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	1,872,542	1,606,700
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Municipal bonds – auction rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value		99,170
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Municipal bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	65,379	61,569
Preferred Stock [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,000
Common Stock [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 5,000

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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
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	$ 11,061	$ 4,438	$ 5,092	$ 2,901
Total realized gains – included in net realized gains on investment	60	29	352	147
Total realized losses – included in net realized gains on investment	0	0	0	0
Change in total unrealized gains – included in other comprehensive income (loss)	120	155	173	204
Change in total unrealized losses – included in other comprehensive income (loss)	0	0	0	0
Purchases	417	475	6,551	2,013
Sales and redemptions	(169)	(91)	(679)	(259)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	11,489	5,006	11,489	5,006
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	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 360,000	$ 360,000
Junior Subordinated Debt	0	126,381
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Junior Subordinated Debt	0	152,500
Significant Other Observable Inputs (Level 2) [Member] \| 2011 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	113,090	101,480
Significant Other Observable Inputs (Level 2) [Member] \| 2012 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	105,400	89,760
Significant Other Observable Inputs (Level 2) [Member] \| 2013 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	159,826	126,209
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Junior Subordinated Debt	0	126,381
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2011 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	107,500	107,500
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2012 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	100,000	100,000
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2013 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 152,500	$ 152,500
Senior Notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2011 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	8.25%
Senior Notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2012 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	8.00%
Senior Notes [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| 2013 Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
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	14.00%