Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	May 04, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	MHLD
Entity Registrant Name	Maiden Holdings, Ltd.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		73,456,213

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Fixed maturities, available-for-sale, at fair value (Amortized cost 2015: $3,279,749; 2014: $3,379,864)	$ 3,350,932	$ 3,456,904
Other investments, at fair value (Cost 2015: $10,955; 2014: $10,862)	11,730	12,571
Total investments	3,362,662	3,469,475
Cash and cash equivalents	168,121	108,119
Restricted cash and cash equivalents	473,066	284,381
Accrued investment income	25,791	27,524
Reinsurance balances receivable, net (includes $312,349 and $267,490 from related parties in 2015 and 2014, respectively)	636,230	512,996
Reinsurance recoverable on unpaid losses (includes $3,492 and $3,845 from related parties in 2015 and 2014, respectively)	79,271	75,873
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses, net (includes $330,303 and $285,227 from related parties in 2015 and 2014, respectively)	430,871	372,487
Goodwill and intangible assets, net	86,626	87,336
Other assets	76,727	57,926
Total assets	5,507,340	5,164,092
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,218,533 and $1,163,195 from related parties in 2015 and 2014, respectively)	2,331,508	2,271,292
Unearned premiums (includes $1,047,190 and $913,986 from related parties in 2015 and 2014, respectively)	1,437,492	1,207,757
Accrued expenses and other liabilities	100,755	83,877
Senior notes	360,000	360,000
Total liabilities	4,229,755	3,922,926
Commitments and Contingencies
EQUITY
Preference shares	315,000	315,000
Common shares ($0.01 par value; 74,424,539 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,409,894 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	744	739
Additional paid-in capital	580,477	578,445
Accumulated other comprehensive income	107,498	95,293
Retained earnings	277,938	255,084
Treasury shares, at cost (1,014,645 and 968,187 shares in 2015 and 2014, respectively)	(4,521)	(3,867)
Total Maiden shareholders’ equity	1,277,136	1,240,694
Noncontrolling interest in subsidiaries	449	472
Total equity	1,277,585	1,241,166
Total liabilities and equity	$ 5,507,340	$ 5,164,092

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fixed Maturities, available-for-sale, Amortized cost	$ 3,279,749	$ 3,379,864
Other Investments, Cost	10,955	10,862
Reinsurance balance receivable, net	636,230	512,996
Reinsurance recoverable on unpaid losses	79,271	75,873
Deferred commissions and other acquisition expenses	430,871	372,487
Reserve for loss and loss adjustment expenses	2,331,508	2,271,292
Unearned premiums	1,437,492	1,207,757
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	74,424,539	73,900,889
Common shares, shares outstanding	73,409,894	72,932,702
Treasury shares, shares	1,014,645	968,187
Related Party Transactions
Reinsurance balance receivable, net	312,349	267,490
Reinsurance recoverable on unpaid losses	3,492	3,845
Deferred commissions and other acquisition expenses	330,303	285,227
Reserve for loss and loss adjustment expenses	1,218,533	1,163,195
Unearned premiums	$ 1,047,190	$ 913,986

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Gross premiums written	$ 834,266	$ 722,382
Net premiums written	796,983	709,892
Change in unearned premiums	(219,664)	(190,662)
Net premiums earned	577,319	519,230
Other insurance revenue	4,979	5,162
Net investment income	28,260	27,842
Net realized gains on investment	869	88
Total revenues	611,427	552,322
Expenses:
Net loss and loss adjustment expenses	377,406	351,344
Commission and other acquisition expenses	178,342	146,082
General and administrative expenses	16,289	14,924
Interest and amortization expenses	7,172	8,064
Accelerated amortization of Junior Subordinated Debt discount and issuance cost	0	28,240
Amortization of intangible assets	710	819
Foreign exchange gains	(7,826)	(138)
Total expenses	572,093	549,335
Total before tax	39,334	2,987
Income tax expense	800	926
Net income	38,534	2,061
Less: Income attributable to noncontrolling interest	(45)	(39)
Net income attributable to Maiden shareholders	38,489	2,022
Dividends on preference shares	(6,084)	(6,084)
Net income (loss) attributable to Maiden common shareholders	$ 32,405	$ (4,062)
Basic earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.44	$ (0.06)
Diluted earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.41	$ (0.06)
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.11

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Comprehensive income:
Net income	$ 38,534	$ 2,061
Other comprehensive income
Net unrealized holding (losses) gains on available-for-sale fixed maturities arising during the period (net of tax of $7 for the three months ended March 31, 2015 and $(29) for the three months ended March 31, 2014, respectively)	(6,934)	38,031
Adjustment for reclassification of net realized losses (gains) recognized in net income, net of tax	149	(71)
Foreign currency translation adjustment	18,935	(166)
Other comprehensive income	12,150	37,794
Comprehensive income	50,684	39,855
Net income attributable to noncontrolling interest	(45)	(39)
Other comprehensive loss attributable to noncontrolling interest	55	0
Comprehensive loss (income) attributable to noncontrolling interest	10	(39)
Comprehensive income attributable to Maiden shareholders	$ 50,694	$ 39,816

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Tax on unrealized holding (losses) gains on available-for-sale fixed maturities	$ (7)	$ 29

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) In Thousands, unless otherwise specified	Total	Preference shares [Member]	Common shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Retained earnings [Member]	Treasury shares [Member]	Noncontrolling interest in subsidiaries [Member]
Beginning balance at Dec. 31, 2013		$ 315,000	$ 736	$ 574,522	$ 25,784	$ 211,602	$ (3,801)	$ 452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			2	182
Share based compensation expense				497
Change in net unrealized (losses) gains on investments, net of reclassification adjustment and deferred income tax expense					37,960
Foreign currency translation adjustment	(166)				(166)
Net income	2,061					2,022		39
Dividends on preference shares						(6,084)
Dividends on common shares						(8,034)
Shares repurchased for treasury							(66)
Dividend paid to noncontrolling interest								(15)
Ending balance at Mar. 31, 2014	1,150,632	315,000	738	575,201	63,578	199,506	(3,867)	476
Beginning balance at Dec. 31, 2014	1,241,166	315,000	739	578,445	95,293	255,084	(3,867)	472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			5	1,316
Share based compensation expense				716
Change in net unrealized (losses) gains on investments, net of reclassification adjustment and deferred income tax expense					(6,785)
Foreign currency translation adjustment	18,935				18,990			(55)
Net income	38,534					38,489		45
Dividends on preference shares						(6,084)
Dividends on common shares						(9,551)
Shares repurchased for treasury							(654)
Dividend paid to noncontrolling interest								(13)
Ending balance at Mar. 31, 2015	$ 1,277,585	$ 315,000	$ 744	$ 580,477	$ 107,498	$ 277,938	$ (4,521)	$ 449

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 38,534	$ 2,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	1,051	1,190
Net realized gains on investment	(869)	(88)
Foreign exchange gains	(7,826)	(138)
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	2,949	30,201
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(131,943)	(114,814)
Reinsurance recoverable on unpaid losses	(3,471)	710
Accrued investment income	1,390	(17)
Deferred commission and other acquisition expenses	(59,701)	(43,676)
Other assets	(20,898)	13,194
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	95,458	77,580
Unearned premiums	237,879	183,339
Accrued expenses and other liabilities	17,202	(5,852)
Net cash provided by operating activities	169,755	143,690
Cash flows from investing activities:
Purchases of fixed maturities – available-for-sale	(115,992)	(152,969)
Purchases of other investments	(97)	(787)
Proceeds from sales of fixed maturities – available-for-sale	56,639	105,334
Proceeds from maturities and calls of fixed maturities	158,078	77,292
Proceeds from redemption of other investments	29	313
Increase in restricted cash and cash equivalents	(191,903)	(73,852)
Other, net	(240)	(624)
Net cash used in investing activities	(93,486)	(45,293)
Cash flows from financing activities:
Repayment of Junior Subordinated Debt	0	(152,500)
Common share issuance	1,321	184
Dividends paid to common shareholders	(9,492)	(8,000)
Dividends paid to preference shareholders	(6,084)	(6,084)
Net cash used in financing activities	(14,255)	(166,400)
Effect of exchange rate changes on foreign currency cash	(2,012)	208
Net increase (decrease) in cash and cash equivalents	60,002	(67,795)
Cash and cash equivalents, beginning of period	108,119	139,833
Cash and cash equivalents, end of period	$ 168,121	$ 72,038

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2015
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, 2014. Certain reclassifications have been made for 2014 to conform to the 2015 presentation and have no impact on net income and total equity previously reported.

- Definition

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

+ References+ Details

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies 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, 2014. Recently Issued Accounting Standards Not Yet Adopted Simplifying the Presentation of Debt Issuance Costs On April 7, 2015 the Financial Accounting Standards Board ("FSAB") issued Accounting Standards Update ("ASU") 2015- 03 which changes the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present such cost in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of such costs shall be reported as an interest expense. For public business entities, this final guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015. Early adoption is permitted and the Company will be required to apply this new guidance retrospectively to all prior periods presented. The Company will also be required, in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial line items (that is, debt issuance cost asset and the debt liability). The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

- Definition

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

+ References+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Refer to "Business - Our Reportable Segments" section included under Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2014 for a detailed discussion about these segments.

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 is considered part of the underwriting operations of the Company and is reported as "Other insurance revenue" in the unaudited Condensed Consolidated Statements of Income. To the extent that these fees are generated from underlying insurance contracts sold to third parties that are subsequently ceded under quota share reinsurance contracts to Maiden Reinsurance Ltd. ("Maiden Bermuda"), a proportionate share of the fee is offset against the related acquisition expense.

3. Segment Reporting (continued)

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



For the Three Months Ended March 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	305,341		$	528,926		$	(1	)	$	834,266
Net premiums written	$	294,198		$	502,784		$	1		$	796,983
Net premiums earned	$	192,684		$	384,633		$	2		$	577,319
Other insurance revenue	4,979			—			—			4,979
Net loss and loss adjustment expenses	(132,386		)	(243,094		)	(1,926		)	(377,406		)
Commission and other acquisition expenses	(58,206		)	(120,136		)	—			(178,342		)
General and administrative expenses	(9,413		)	(747		)	—			(10,160		)
Underwriting (loss) income	$	(2,342	)	$	20,656		$	(1,924	)	$	16,390
Reconciliation to net income
Net investment income and realized gains on investment										29,129
Interest and amortization expenses										(7,172		)
Amortization of intangible assets										(710		)
Foreign exchange gains										7,826
Other general and administrative expenses										(6,129		)
Income tax expense										(800		)
Net income										$	38,534

Net loss and loss adjustment expense ratio⁽¹⁾	67.0		%	63.2		%				64.8		%
Commission and other acquisition expense ratio⁽²⁾	29.4		%	31.2		%				30.6		%
General and administrative expense ratio⁽³⁾	4.8		%	0.2		%				2.8		%
Combined ratio⁽⁴⁾	101.2		%	94.6		%				98.2		%

3. Segment Reporting (continued)



For the Three Months Ended March 31, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	304,187		$	419,010		$	(815	)	$	722,382
Net premiums written	$	291,640		$	419,010		$	(758	)	$	709,892
Net premiums earned	$	199,547		$	304,922		$	14,761		$	519,230
Other insurance revenue	5,162			—			—			5,162
Net loss and loss adjustment expenses	(138,663		)	(200,413		)	(12,268		)	(351,344		)
Commission and other acquisition expenses	(51,214		)	(90,485		)	(4,383		)	(146,082		)
General and administrative expenses	(9,876		)	(499		)	(199		)	(10,574		)
Underwriting income (loss)	$	4,956		$	13,525		$	(2,089	)	$	16,392
Reconciliation to net income
Net investment income and realized gains on investment										27,930
Interest and amortization expenses										(8,064		)
Accelerated amortization of Junior Subordinated Debt discount and issuance cost										(28,240		)
Amortization of intangible assets										(819		)
Foreign exchange gains										138
Other general and administrative expenses										(4,350		)
Income tax expense										(926		)
Net income										$	2,061

Net loss and loss adjustment expense ratio⁽¹⁾	67.7		%	65.7		%				67.0		%
Commission and other acquisition expense ratio⁽²⁾	25.0		%	29.7		%				27.9		%
General and administrative expense ratio⁽³⁾	4.9		%	0.2		%				2.8		%
Combined ratio⁽⁴⁾	97.6		%	95.6		%				97.7		%



(1) Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue.
(2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.
(3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue.
(4) Calculated by adding together the 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 tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at March 31, 2015 and December 31, 2014:



March 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,746,552	$	2,911,618	$	4,658,170
Corporate assets	—		—		849,170
Total Assets	$	1,746,552	$	2,911,618	$	5,507,340



December 31, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,624,664	$	2,640,488	$	4,265,152
Corporate assets	—		—		898,940
Total Assets	$	1,624,664	$	2,640,488	$	5,164,092

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 months ended March 31, 2015 and 2014:



For the Three Months Ended March 31,	2015				2014
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
Property	$	68,514	8.6	%	$	62,602		8.8	%
Casualty	171,531		21.5	%	171,754			24.3	%
Accident and Health	30,107		3.8	%	17,222			2.4	%
International	24,046		3.0	%	40,062			5.6	%
Total Diversified Reinsurance	294,198		36.9	%	291,640			41.1	%
AmTrust Reinsurance
Small Commercial Business	323,201		40.5	%	253,757			35.7	%
Specialty Program	74,580		9.4	%	31,798			4.5	%
Specialty Risk and Extended Warranty	105,003		13.2	%	133,455			18.8	%
Total AmTrust Reinsurance	502,784		63.1	%	419,010			59.0	%
Other	1		—	%	(758		)	(0.1	)%
	$	796,983	100.0	%	$	709,892		100.0	%

3. Segment Reporting (continued)



For the Three Months Ended March 31,	2015				2014
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	40,623	7.0	%	$	40,826	7.9	%
Casualty	118,938		20.6	%	121,887		23.5	%
Accident and Health	12,201		2.1	%	8,886		1.7	%
International	20,922		3.6	%	27,948		5.4	%
Total Diversified Reinsurance	192,684		33.3	%	199,547		38.5	%
AmTrust Reinsurance
Small Commercial Business	224,991		39.0	%	158,605		30.5	%
Specialty Program	57,010		9.9	%	32,853		6.3	%
Specialty Risk and Extended Warranty	102,632		17.8	%	113,464		21.9	%
Total AmTrust Reinsurance	384,633		66.7	%	304,922		58.7	%
Other	2		—	%	14,761		2.8	%
	$	577,319	100.0	%	$	519,230	100.0	%

- Definition

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

+ References

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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

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-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

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-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

+ Details

Investments

3 Months Ended

Mar. 31, 2015

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 ("AFS") fixed maturities and other investments as of March 31, 2015 and December 31, 2014 are as follows:



March 31, 2015	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,938	$	492	$	—		$	9,430
U.S. agency bonds – mortgage-backed	1,151,287		25,560		(4,285		)	1,172,562
U.S. agency bonds – other	7,214		756		—			7,970
Non-U.S. government and supranational bonds	40,109		—		(5,352		)	34,757
Commercial mortgage-backed securities	96,997		3,659		—			100,656
Corporate bonds	1,865,540		95,398		(49,822		)	1,911,116
Municipal bonds	62,159		4,777		—			66,936
Short-term investments	47,505		—		—			47,505
Total AFS fixed maturities	3,279,749		130,642		(59,459		)	3,350,932
Other investments	10,955		800		(25		)	11,730
Total investments	$	3,290,704	$	131,442	$	(59,484	)	$	3,362,662

4. Investments (continued)



December 31, 2014	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,937	$	423	$	—		$	9,360
U.S. agency bonds – mortgage-backed	1,313,834		19,197		(10,588		)	1,322,443
U.S. agency bonds – other	7,213		775		—			7,988
Non-U.S. government and supranational bonds	54,467		304		(3,128		)	51,643
Commercial mortgage-backed securities	52,337		2,443		—			54,780
Corporate bonds	1,831,431		89,243		(25,295		)	1,895,379
Municipal bonds	62,153		3,666		—			65,819
Short-term investments	49,492		—		—			49,492
Total AFS fixed maturities	3,379,864		116,051		(39,011		)	3,456,904
Other investments	10,862		1,709		—			12,571
Total investments	$	3,390,726	$	117,760	$	(39,011	)	$	3,469,475

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.



March 31, 2015	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	70,797	$	69,576	2.1	%
Due after one year through five years	593,546		620,145		18.5	%
Due after five years through ten years	1,328,216		1,344,974		40.1	%
Due after ten years	38,906		43,019		1.3	%
	2,031,465		2,077,714		62.0	%
U.S. agency bonds – mortgage-backed	1,151,287		1,172,562		35.0	%
Commercial mortgage-backed securities	96,997		100,656		3.0	%
Total AFS fixed maturities	$	3,279,749	$	3,350,932	100.0	%

The following tables summarize fixed maturities and other investments 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
March 31, 2015	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
AFS fixed maturities
U.S. agency bonds – mortgage-backed	$	52,898	$	(203	)	$	200,388	$	(4,082	)	$	253,286	$	(4,285	)
Non–U.S. government and supranational bonds	32,052		(4,843		)	2,705		(509		)	34,757		(5,352		)
Corporate bonds	442,101		(40,111		)	134,841		(9,711		)	576,942		(49,822		)
Total temporarily impaired AFS fixed maturities	527,051		(45,157		)	337,934		(14,302		)	864,985		(59,459		)
Other investments	4,975		(25		)	—		—			4,975		(25		)
Total	$	532,026	$	(45,182	)	$	337,934	$	(14,302	)	$	869,960	$	(59,484	)

4. Investments (continued)

As of March 31, 2015, there were approximately 138 securities in an unrealized loss position with a fair value of $869,960 and unrealized losses of $59,484. Of these securities, there are 35 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $337,934 and unrealized losses of $14,302.



	Less than 12 Months					12 Months or more					Total
December 31, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
AFS fixed maturities
U.S. agency bonds – mortgage-backed	$	84,264	$	(806	)	$	441,601	$	(9,782	)	$	525,865	$	(10,588	)
Non–U.S. government and supranational bonds	43,712		(2,822		)	2,522		(306		)	46,234		(3,128		)
Corporate bonds	397,173		(14,485		)	143,894		(10,810		)	541,067		(25,295		)
Total temporarily impaired AFS fixed maturities	$	525,149	$	(18,113	)	$	588,017	$	(20,898	)	$	1,113,166	$	(39,011	)

As of December 31, 2014, there were approximately 141 securities in an unrealized loss position with a fair value of $1,113,166 and unrealized losses of $39,011. Of these securities, there are 46 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $588,017 and unrealized losses of $20,898.

Other-Than-Temporary Impairments ("OTTI")

The Company performs quarterly reviews of its investment portfolio in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At March 31, 2015, we have determined that the unrealized losses on fixed maturities 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 March 31, 2015. For the three months ended March 31, 2015 and March 31, 2014, the Company recognized no OTTI.

The following summarizes the credit ratings of our AFS fixed maturities:



Ratings* as of March 31, 2015	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,938	$	9,430	0.3	%
U.S. agency bonds	1,158,501		1,180,532		35.2	%
AAA	179,127		183,789		5.5	%
AA+, AA, AA-	161,985		163,430		4.9	%
A+, A, A-	834,585		856,875		25.6	%
BBB+, BBB, BBB-	853,382		877,694		26.2	%
BB+ or lower	83,231		79,182		2.3	%
Total	$	3,279,749	$	3,350,932	100.0	%

4. Investments (continued)



Ratings* as of December 31, 2014	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,937	$	9,360	0.3	%
U.S. agency bonds	1,321,047		1,330,431		38.5	%
AAA	193,280		202,973		5.9	%
AA+, AA, AA-	116,936		120,679		3.5	%
A+, A, A-	883,092		917,544		26.5	%
BBB+, BBB, BBB-	794,244		814,039		23.5	%
BB+ or lower	62,328		61,878		1.8	%
Total	$	3,379,864	$	3,456,904	100.0	%

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

(b) Other Investments

The table below shows our portfolio of other investments:



	March 31, 2015				December 31, 2014
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investments in limited partnerships	$	5,755	49.1	%	$	5,581	44.4	%
Investment in quoted equity	4,975		42.4	%	5,990		47.6	%
Other	1,000		8.5	%	1,000		8.0	%
Total other investments	$	11,730	100.0	%	$	12,571	100.0	%

The Company has an unfunded commitment on its investments in limited partnerships of approximately $643 at March 31, 2015.

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 months ended March 31, 2015 and 2014:



For the Three Months Ended March 31, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	845	$	—	$	845
Other investments	24		—		24
Net realized gains on investment	$	869	$	—	$	869



For the Three Months Ended March 31, 2014	Gross gains		Gross losses		Net
AFS fixed maturities	$	1	$	—	$	1
Other investments	$	87	$	—	$	87
Net realized losses on investment	$	88	$	—	$	88

Proceeds from sales of AFS fixed maturities were $56,639 for the three months ended March 31, 2015 (March 31, 2014 - $105,334).

4. Investments (continued)

Net unrealized gains were as follows:



	March 31, 2015			December 31, 2014
AFS fixed maturities	$	71,183		$	77,040
Other investments	775			1,709
Total net unrealized gains	71,958			78,749
Deferred income tax expense	(164		)	(170		)
Net unrealized gains, net of deferred income tax	$	71,794		$	78,579
Change in net unrealized gains, net of deferred income tax	$	(6,785	)	$	43,851

(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. We also utilize trust accounts to collateralize business with our reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated AFS fixed maturity securities. These trust accounts generally take the place of letter of credit requirements.

The fair value of our restricted assets was as follows:



	March 31, 2015		December 31, 2014
Restricted cash and cash equivalents – third party agreements	$	77,695	$	107,884
Restricted cash and cash equivalents – related party agreements	394,869		175,817
Restricted cash and cash equivalents – U.S. state regulatory authorities	502		680
Total restricted cash and cash equivalents	473,066		284,381
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2015 – $1,040,802; 2014 – $993,974)	1,067,119		1,014,878
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2015 – $1,716,457; 2014 – $1,769,083)	1,753,041		1,814,478
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2015 – $7,276; 2014 – $7,269)	7,676		7,606
Total restricted investments	2,827,836		2,836,962
Total restricted cash and cash equivalents and investments	$	3,300,902	$	3,121,343

- Definition

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

+ References+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

FASB Accounting Standards Codification ("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 bonds, 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: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; corporate and municipal bonds; commercial mortgage-backed securities; 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; and hedge and credit funds with partial transparency.

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

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized pricing service provider ("the 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 Company will challenge any prices for its investments which are considered not to be representation of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued or through consensus pricing of a pricing service. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

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 at March 31, 2015.

U.S. government and U.S. government agencies — 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 bonds 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 bonds 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 — These securities are generally priced by independent pricing services. The Pricing Service 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 and supranational bonds are observable market inputs, the fair values of non-U.S. government and supranational bonds are included in the Level 2 fair value hierarchy.

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 — 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 are priced, by the pricing services 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.

5. Fair Value of Financial Instruments (continued)

Municipal bonds — 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.

Short-term investments — Primarily commercial paper issued by corporations, all with maturities greater than 90 days and less than one year at the date of purchase. The fair values of these short-term investments are priced by independent pricing services, using market pricing and other observable market inputs for the same or similar securities obtained from a number of industry standard data providers. As the significant inputs used to price the commercial paper securities are observable market inputs, commercial paper securities are classified within Level 2.

Other investments — Includes both quoted and unquoted investments. The fair value of our quoted equity investment is obtained from the Pricing Service, reflecting the closing price quoted for the final trading day of the period and is classified within Level 1. Unquoted other investments comprise investments in limited partnerships and an investment in preference shares of a start-up insurance producer. The fair values of the 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 the investment in preference shares of a start-up insurance producer was determined using recent private market transactions 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 condensed consolidated 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 condensed consolidated balance sheets for this financial instrument approximates its fair value.

Senior notes — The amount reported in the accompanying condensed consolidated 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.

(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.

We classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2015	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
AFS fixed maturities
U.S. treasury bonds	$	9,430		$	—		$	—		$	9,430
U.S. agency bonds – mortgage-backed	—			1,172,562			—			1,172,562
U.S. agency bonds – other	—			7,970			—			7,970
Non-U.S. government and supranational bonds	—			34,757			—			34,757
Commercial mortgage-backed securities	—			100,656			—			100,656
Corporate bonds	—			1,911,116			—			1,911,116
Municipal bonds	—			66,936			—			66,936
Short-term investments	—			47,505			—			47,505
Other investments	4,975			—			6,755			11,730
Total	$	14,405		$	3,341,502		$	6,755		$	3,362,662
As a percentage of total assets	0.3		%	60.7		%	0.1		%	61.1		%

5. Fair Value of Financial Instruments (continued)



December 31, 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
AFS fixed maturities
U.S. treasury bonds	$	9,360		$	—		$	—		$	9,360
U.S. agency bonds – mortgage-backed	—			1,322,443			—			1,322,443
U.S. agency bonds – other	—			7,988			—			7,988
Non-U.S. government and supranational bonds	—			51,643			—			51,643
Commercial mortgage-backed securities	—			54,780			—			54,780
Corporate bonds	—			1,895,379			—			1,895,379
Municipal bonds	—			65,819			—			65,819
Short-term investments	—			49,492			—			49,492
Other investments	5,990			—			6,581			12,571
Total	$	15,350		$	3,447,544		$	6,581		$	3,469,475
As a percentage of total assets	0.3		%	66.8		%	0.1		%	67.2		%

The Company utilized a Pricing Service to estimate fair value measurements for approximately 99.7% and 99.9% of its fixed maturities at March 31, 2015 and December 31, 2014, 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 bonds 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. At March 31, 2015 and December 31, 2014, 0.3% and 0.1%, respectively, of the fixed maturities are valued using the market approach. At those dates, a total of three securities and one security, respectively, or approximately $11,487 and $5,016, respectively, of Level 2 fixed maturities, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At March 31, 2015 and December 31, 2014, we have not adjusted any pricing provided to us based on the review performed by our investment managers.

Other investments: The Company utilized a Pricing Service to estimate fair value measurement for the quoted equity investment reflecting the closing price quoted for the final trading day of the period and is included in Level 1. For the unquoted other investments, the Company has $5,755, 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, other business and market sector fundamentals and an investment of $1,000 in preference shares of a start-up insurance producer, the fair value of which was determined using recent private market transactions. Due to the significant unobservable inputs in these valuations, the Company includes the estimate of the fair value of the unquoted investments as Level 3.

There have not been any transfers between Level 1 and Level 2 during the periods represented by these unaudited Condensed Consolidated Financial Statements.

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

5. Fair Value of Financial Instruments (continued)

The following table presents changes in Level 3 for our financial instruments measured at fair value on a recurring basis:



	For the Three Months Ended
Other investments:	March 31, 2015			March 31, 2014
Balance at beginning of period	$	6,581		$	5,092
Total realized gains – included in net realized gains on investment	24			87
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	82			120
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	97			787
Sales and redemptions	(29		)	(313		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	6,755		$	5,773
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

(d) Fair Value of Liabilities

The following table presents the carrying values and fair values of the Senior Notes:



			March 31, 2015				December 31, 2014
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	114,036	$	107,500	$	113,391
2012 Senior Notes	8.00	%	100,000		106,560		100,000		106,320
2013 Senior Notes	7.75	%	152,500		164,273		152,500		162,016

- Definition

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

+ References+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2015
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 51.5% of the outstanding shares of AmTrust. AmTrust owns 13.2% of the issued and outstanding shares of National General Holdings Corp. ("NGHC") common stock, and Michael Karfunkel individually and the Michael Karfunkel 2005 Grantor Retained Annuity Trust (which is controlled by Leah Karfunkel) own a combined 48.8% of the 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 ("AEL"), 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. The Master Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. 6. Related Party Transactions (continued) On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business as a consequence of AmTrust's acquisition of Unitrin Business Insurance ("UBI"). Under the amendment, AmTrust's subsidiaries ceded, upon collection, to Maiden Bermuda 100% of $82.2 million of unearned premium (net of inuring reinsurance) from the acquisition of UBI's in-force book of business. Additionally, AmTrust cedes to Maiden Bermuda 40% of net premiums written, effective 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. On February 9, 2009, Maiden Bermuda and AII amended the Reinsurance Agreement to clarify that (i) AII would offer Maiden Bermuda the opportunity to reinsure Excess Retention Business, which is defined as a policy issued by an AmTrust insurance subsidiary with respect to which the insurance subsidiary's retention is greater than $5,000 and (ii) the deduction for the cost of inuring reinsurance from Affiliate Subject Premium (as defined in the Reinsurance Agreement) retroceded to Maiden Bermuda is net of ceding commission. Effective April 1, 2011, Maiden Bermuda and AII amended the Master Agreement to reduce the commission on all business ceded except Retail Commercial Package Business to 30% until December, 31, 2011. Thereafter the rate shall be 31% subject to an adjustment of 1% to 30% if the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 42% of the Covered Business (excluding Retail Commercial Package Business). If the proportion of Specialty Risk and Extended Warranty premium ceded is greater than or equal to 38% but less than 42% of the Covered Business (excluding Retail Commercial Package Business), the commission rate shall be reduced by 0.5% to 30.5%. In addition, the collateral arrangements 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 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%. 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 agreement has been renewed through March 31, 2016 and can be terminated at any April 1 by either party on four months notice. The Company recorded approximately $117,202 of ceding commission expense for the three months ended March 31, 2015 (March 31, 2014 - $86,674) as a result of these quota share arrangements with AmTrust. Other Reinsurance Agreements Effective September 1, 2010, the Company through its 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. 6. Related Party Transactions (continued) The OPL program was terminated on December 31, 2011 on a run-off basis and the NAXS program terminated on October 31, 2012. Maiden Specialty recorded $24 of ceded premiums and $1 ceding commission income for the three months ended March 31, 2015, respectively, (March 31, 2014 - $35 of premiums ceded and $2 of ceding commission income, respectively). Effective September 1, 2010, our indirect wholly owned subsidiary, Maiden Reinsurance North America, Inc. ("Maiden US"), entered into an arrangement whereby a subsidiary of AmTrust fronted a reinsurance agreement in which Maiden US assumed 80% of the gross liabilities produced under the Southern General Agency program with the other 20% being assumed by a third party. This fronting arrangement compensated AmTrust with a 5% commission of ceded written premiums. The agreement was subsequently amended, effective September 1, 2012, whereby the termination date of the agreement was extended until August 31, 2013. This agreement expired on the termination date and is currently in run-off. Pursuant to the latest amendment, Maiden US now receives 100% of the premium and reinsures 100% of the gross liabilities incurred (from the effective date). As this program is currently in run-off, for the three months ended March 31, 2015, Maiden US did not record any premiums earned or commission expense, respectively, (March 31, 2014 - $1,116 of premiums earned and $56 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 premiums written 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 months ended March 31, 2015, Maiden US recorded approximately $156 of net premiums earned and $37 of commission expense, respectively, (March 31, 2014 - $303 net premiums earned and $47 commission expense, respectively). Effective November 1, 2014, the Company's wholly owned subsidiary, Maiden Life Försäkrings AB ("Maiden LF"), executed a Binding Authority Agreement with AEL, whereby Maiden LF effectively authorizes AEL to place Maiden LF on risk, within defined parameters, on a scheme that covers Medical Expenses, Life, Permanent Disability and Critical Illness of a company, that provides medical advice, access to health professionals and health related insurance products on a membership basis. The maximum liability shall not exceed €20 per insured person and any bound agreement shall not exceed 12 months. This agreement may be terminated upon 90 days written notice by either party. Under this agreement, for the three months ended March 31, 2015, the Company has recorded no net premiums written. Collateral provided to AmTrust a) AmTrust Quota Share Reinsurance Agreement In order to provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of the AmTrust's insurance subsidiaries, has established trust accounts ("Trust Accounts") for their benefit. Maiden Bermuda has agreed to provide appropriate collateral to secure its proportional share under the Reinsurance Agreement of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral. This collateral may be in the form of (a) assets loaned by Maiden Bermuda to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Bermuda for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Bermuda and delivered to an AmTrust subsidiary on AII's behalf (a "Letter of Credit"), or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII ("Withheld Funds"). Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Reinsurance Agreement with AII. The amount of collateral Maiden Bermuda is required to maintain, which is determined quarterly, equals its proportionate share of (a) the amount of ceded paid losses for which AII is responsible to such AmTrust subsidiaries but has not yet paid, (b) the amount of ceded loss reserves (including ceded reserves for claims reported but not resolved and losses incurred but not reported) for which AII is responsible to AmTrust subsidiaries, and (c) the amount of ceded reserves for unearned premiums ceded by AmTrust subsidiaries to AII. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: •by lending funds in the amount of $167,975 at March 31, 2015 and December 31, 2014 pursuant to a loan agreement entered into between those parties. Interest is payable at a 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. •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, at March 31, 2015 was approximately $1,842,878 (December 31, 2014 - $1,691,970) and the accrued interest was $10,122 (December 31, 2014 - $10,413). Please refer to "Note 4. (e) Investments" for additional information. 6. Related Party Transactions (continued) b) European Hospital Liability Quota Share AEL requested, in accordance with the agreement, that Maiden Bermuda provide collateral to secure its proportional share under the agreement. The amount of collateral Maiden Bermuda provided at March 31, 2015 was $235,346 (December 31, 2014 - $230,618) and the accrued interest was $2,037 (December 31, 2014 - $3,185). Please refer to "Note 4. (d) Investments" for additional information. 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, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. The agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $4,880 of reinsurance brokerage expense for the three months ended March 31, 2015 (March 31, 2014 - $3,811) and deferred reinsurance brokerage of $13,089 at March 31, 2015 (December 31, 2014 - $11,423) as a result of this agreement. Asset Management Agreement Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM") pursuant to which AIIM has agreed to provide investment management services to the Company. AIIM provides investment management services for a quarterly fee of 0.0375% if the average value of the account for the previous calendar quarter is greater than $1 billion. The agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $1,431 of investment management fees for the three months ended March 31, 2015 (March 31, 2014 - $1,224) as a result of this agreement. Other The Company entered into time sharing agreements for the lease of aircraft owned by AmTrust Underwriters, Inc. ("AUI"), a wholly owned subsidiary of AmTrust, and by AmTrust on March 1, 2011 and November 5, 2014, respectively. The agreements automatically renew for successive one-year terms unless terminated in accordance with the provisions of the agreement. Pursuant to the agreements, the Company will reimburse AUI and AmTrust for actual expenses incurred as allowed by Federal Aviation Regulations. For the three months ended March 31, 2015, the Company recorded an expense of $24 (March 31, 2014 - $0) for the use of the aircraft. NGHC The following describes transactions between the Company and NGHC and its subsidiaries: NGHC Quota Share Reinsurance Agreement ("NGHC Quota Share") Maiden Bermuda, effective March 1, 2010, reinsured 25% of the net premiums of the GMAC personal lines business, pursuant to the NGHC Quota Share with the GMAC personal lines insurance companies, as cedents, and Maiden Bermuda. Maiden Bermuda had a 50% participation in the NGHC Quota Share, by which it received 25% of net premiums of the personal lines automobile business and assumed 25% of the related net losses. The NGHC Quota Share provided 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 was subject to adjustment to a maximum of 34.5% if the loss ratio for the reinsured business is 60.0% or less and a minimum of 30.5% if the loss ratio was 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 was 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. As this agreement is now in run-off, Maiden Bermuda recorded no ceding commission expense for the three months ended March 31, 2015 (March 31, 2014 - $4,556) as a result of this transaction. 6. Related Party Transactions (continued) Other Prior to March 31, but effective April 1, 2015, Maiden US renewed 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, 2015 through March 31, 2016. Maiden US is liable for 100% of the net loss for each covered person per agreement year in excess of the $1,175 (2014 - $1,100) retention (each covered person per agreement year). Maiden US' liability shall not exceed $8,825 (2014 - $8,900) per covered person per agreement year. In addition, Maiden US continues to indemnify extra contractual obligations with a maximum liability of $2,000. This agreement terminates on March 31, 2016 and, unless mutually agreed, Maiden US will be relieved of all liability hereunder for losses incurred or paid subsequent to such termination date. Under the prior years agreements, Maiden US recorded approximately $87 of premiums earned for the three months ended March 31, 2015 (March 31, 2014 - $33).

- Definition

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

+ References+ Details

Earnings (Loss) per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

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



For the Three Months Ended March 31,	2015			2014
Numerator:
Net income attributable to Maiden shareholders	$	38,489		$	2,022
Dividends on preference shares - Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares - Series B	(2,990		)	(2,990		)
Amount allocated to participating common shareholders⁽¹⁾	(26		)	6
Numerator for basic EPS - net income (loss) allocated to Maiden common shareholders	$	32,379		$	(4,056	)
Potentially dilutive securities
Dividends on convertible preference shares- Series B⁽²⁾	2,990			—
Numerator for diluted EPS - net income (loss) allocated to Maiden common shareholders after assumed conversion	$	35,369		$	(4,056	)
Denominator:
Weighted average number of common shares outstanding – basic	73,084,412			72,708,113
Potentially dilutive securities:
Share options and restricted share units	1,427,725			—
Convertible preference shares⁽²⁾	10,751,648			—
Adjusted weighted average number of common shares and assumed conversions – diluted	85,263,785			72,708,113
Basic earnings (loss) per share attributable to Maiden common shareholders:	$	0.44		$	(0.06	)
Diluted earnings (loss) per share attributable to Maiden common shareholders⁽²⁾:	$	0.41		$	(0.06	)

(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 three months ended March 31, 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, 2014 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 April 1, 2015 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 136,259, an increase of 29,773 common shares since January 2, 2015.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

At March 31, 2015, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 74,424,539 common shares, of which 73,409,894 are outstanding, and issued 9,300,000 preference shares. The remaining 66,275,461 are undesignated at March 31, 2015. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

Treasury Shares

On January 1, 2015, February 19, 2015 and March 5, 2015 respectively, the Company repurchased 4,954 shares, at a price per share of $12.79, 7,658 shares, at a price per share of $14.40 and 33,846 shares at a price per share of $14.21, from employees, which represents withholdings from employees surrendered in respect of tax obligations on the vesting of restricted shares and performance based shares.

Accumulated Other Comprehensive Income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI:



For the Three Months Ended March 31, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(6,934		)	18,935			12,001
Amounts reclassified from AOCI to net income, net of tax	149			—			149
Net current period other comprehensive (loss) income	(6,785		)	18,935			12,150
Ending balance	71,794			35,600			107,394
Less: AOCI attributable to non controlling interest	—			(104		)	(104		)
Ending balance, Maiden shareholders	$	71,794		$	35,704		$	107,498



For the Three Months Ended March 31, 2014	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	34,728		$	(8,927	)	$	25,801
Other comprehensive income (loss) before reclassifications	38,031			(166		)	37,865
Amounts reclassified from AOCI to net income, net of tax	(71		)	—			(71		)
Net current period other comprehensive income (loss)	37,960			(166		)	37,794
Ending balance	72,688			(9,093		)	63,595
Less: AOCI attributable to non controlling interest	—			17			17
Ending balance, Maiden shareholders	$	72,688		$	(9,110	)	$	63,578

- Definition

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

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

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, 2014.

Dividends Declared

On February 16, 2015, the Company's Board of Directors authorized the following quarterly dividend:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.13	April 15, 2015	April 1, 2015

9. Commitments and Contingencies (continued)

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 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

(a) Dividends

On April 28, 2015, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.13	July 15, 2015	July 1, 2015
Preference shares - Series A	$	0.515625	June 15, 2015	June 1, 2015
Preference shares - Series B	$	0.90625	June 15, 2015	June 1, 2015

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2015
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, 2014. Certain reclassifications have been made for 2014 to conform to the 2015 presentation and have no impact on net income and total equity previously reported.
Recent Accounting Pronouncements	Recently Issued Accounting Standards Not Yet Adopted Simplifying the Presentation of Debt Issuance Costs On April 7, 2015 the Financial Accounting Standards Board ("FSAB") issued Accounting Standards Update ("ASU") 2015- 03 which changes the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present such cost in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of such costs shall be reported as an interest expense. For public business entities, this final guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015. Early adoption is permitted and the Company will be required to apply this new guidance retrospectively to all prior periods presented. The Company will also be required, in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial line items (that is, debt issuance cost asset and the debt liability). The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

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's underwriting results to our consolidated net income:



For the Three Months Ended March 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	305,341		$	528,926		$	(1	)	$	834,266
Net premiums written	$	294,198		$	502,784		$	1		$	796,983
Net premiums earned	$	192,684		$	384,633		$	2		$	577,319
Other insurance revenue	4,979			—			—			4,979
Net loss and loss adjustment expenses	(132,386		)	(243,094		)	(1,926		)	(377,406		)
Commission and other acquisition expenses	(58,206		)	(120,136		)	—			(178,342		)
General and administrative expenses	(9,413		)	(747		)	—			(10,160		)
Underwriting (loss) income	$	(2,342	)	$	20,656		$	(1,924	)	$	16,390
Reconciliation to net income
Net investment income and realized gains on investment										29,129
Interest and amortization expenses										(7,172		)
Amortization of intangible assets										(710		)
Foreign exchange gains										7,826
Other general and administrative expenses										(6,129		)
Income tax expense										(800		)
Net income										$	38,534

Net loss and loss adjustment expense ratio⁽¹⁾	67.0		%	63.2		%				64.8		%
Commission and other acquisition expense ratio⁽²⁾	29.4		%	31.2		%				30.6		%
General and administrative expense ratio⁽³⁾	4.8		%	0.2		%				2.8		%
Combined ratio⁽⁴⁾	101.2		%	94.6		%				98.2		%

3. Segment Reporting (continued)



For the Three Months Ended March 31, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	304,187		$	419,010		$	(815	)	$	722,382
Net premiums written	$	291,640		$	419,010		$	(758	)	$	709,892
Net premiums earned	$	199,547		$	304,922		$	14,761		$	519,230
Other insurance revenue	5,162			—			—			5,162
Net loss and loss adjustment expenses	(138,663		)	(200,413		)	(12,268		)	(351,344		)
Commission and other acquisition expenses	(51,214		)	(90,485		)	(4,383		)	(146,082		)
General and administrative expenses	(9,876		)	(499		)	(199		)	(10,574		)
Underwriting income (loss)	$	4,956		$	13,525		$	(2,089	)	$	16,392
Reconciliation to net income
Net investment income and realized gains on investment										27,930
Interest and amortization expenses										(8,064		)
Accelerated amortization of Junior Subordinated Debt discount and issuance cost										(28,240		)
Amortization of intangible assets										(819		)
Foreign exchange gains										138
Other general and administrative expenses										(4,350		)
Income tax expense										(926		)
Net income										$	2,061

Net loss and loss adjustment expense ratio⁽¹⁾	67.7		%	65.7		%				67.0		%
Commission and other acquisition expense ratio⁽²⁾	25.0		%	29.7		%				27.9		%
General and administrative expense ratio⁽³⁾	4.9		%	0.2		%				2.8		%
Combined ratio⁽⁴⁾	97.6		%	95.6		%				97.7		%



(1) Calculated by dividing net loss and loss adjustment expenses by net premiums earned and other insurance revenue.
(2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.
(3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue.
(4) Calculated by adding together the 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 tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at March 31, 2015 and December 31, 2014:



March 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,746,552	$	2,911,618	$	4,658,170
Corporate assets	—		—		849,170
Total Assets	$	1,746,552	$	2,911,618	$	5,507,340



December 31, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,624,664	$	2,640,488	$	4,265,152
Corporate assets	—		—		898,940
Total Assets	$	1,624,664	$	2,640,488	$	5,164,092

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written and earned by major line of business and reportable segment for the three months ended March 31, 2015 and 2014:



For the Three Months Ended March 31,	2015				2014
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
Property	$	68,514	8.6	%	$	62,602		8.8	%
Casualty	171,531		21.5	%	171,754			24.3	%
Accident and Health	30,107		3.8	%	17,222			2.4	%
International	24,046		3.0	%	40,062			5.6	%
Total Diversified Reinsurance	294,198		36.9	%	291,640			41.1	%
AmTrust Reinsurance
Small Commercial Business	323,201		40.5	%	253,757			35.7	%
Specialty Program	74,580		9.4	%	31,798			4.5	%
Specialty Risk and Extended Warranty	105,003		13.2	%	133,455			18.8	%
Total AmTrust Reinsurance	502,784		63.1	%	419,010			59.0	%
Other	1		—	%	(758		)	(0.1	)%
	$	796,983	100.0	%	$	709,892		100.0	%

3. Segment Reporting (continued)



For the Three Months Ended March 31,	2015				2014
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	40,623	7.0	%	$	40,826	7.9	%
Casualty	118,938		20.6	%	121,887		23.5	%
Accident and Health	12,201		2.1	%	8,886		1.7	%
International	20,922		3.6	%	27,948		5.4	%
Total Diversified Reinsurance	192,684		33.3	%	199,547		38.5	%
AmTrust Reinsurance
Small Commercial Business	224,991		39.0	%	158,605		30.5	%
Specialty Program	57,010		9.9	%	32,853		6.3	%
Specialty Risk and Extended Warranty	102,632		17.8	%	113,464		21.9	%
Total AmTrust Reinsurance	384,633		66.7	%	304,922		58.7	%
Other	2		—	%	14,761		2.8	%
	$	577,319	100.0	%	$	519,230	100.0	%

- Definition

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

+ References+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Investments [Abstract]

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



March 31, 2015	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,938	$	492	$	—		$	9,430
U.S. agency bonds – mortgage-backed	1,151,287		25,560		(4,285		)	1,172,562
U.S. agency bonds – other	7,214		756		—			7,970
Non-U.S. government and supranational bonds	40,109		—		(5,352		)	34,757
Commercial mortgage-backed securities	96,997		3,659		—			100,656
Corporate bonds	1,865,540		95,398		(49,822		)	1,911,116
Municipal bonds	62,159		4,777		—			66,936
Short-term investments	47,505		—		—			47,505
Total AFS fixed maturities	3,279,749		130,642		(59,459		)	3,350,932
Other investments	10,955		800		(25		)	11,730
Total investments	$	3,290,704	$	131,442	$	(59,484	)	$	3,362,662

4. Investments (continued)



December 31, 2014	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,937	$	423	$	—		$	9,360
U.S. agency bonds – mortgage-backed	1,313,834		19,197		(10,588		)	1,322,443
U.S. agency bonds – other	7,213		775		—			7,988
Non-U.S. government and supranational bonds	54,467		304		(3,128		)	51,643
Commercial mortgage-backed securities	52,337		2,443		—			54,780
Corporate bonds	1,831,431		89,243		(25,295		)	1,895,379
Municipal bonds	62,153		3,666		—			65,819
Short-term investments	49,492		—		—			49,492
Total AFS fixed maturities	3,379,864		116,051		(39,011		)	3,456,904
Other investments	10,862		1,709		—			12,571
Total investments	$	3,390,726	$	117,760	$	(39,011	)	$	3,469,475

Contractual maturities of fixed maturities, available-for-sale



March 31, 2015	Amortized cost		Fair value		% of Total fair value
Maturity
Due in one year or less	$	70,797	$	69,576	2.1	%
Due after one year through five years	593,546		620,145		18.5	%
Due after five years through ten years	1,328,216		1,344,974		40.1	%
Due after ten years	38,906		43,019		1.3	%
	2,031,465		2,077,714		62.0	%
U.S. agency bonds – mortgage-backed	1,151,287		1,172,562		35.0	%
Commercial mortgage-backed securities	96,997		100,656		3.0	%
Total AFS fixed maturities	$	3,279,749	$	3,350,932	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
March 31, 2015	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
AFS fixed maturities
U.S. agency bonds – mortgage-backed	$	52,898	$	(203	)	$	200,388	$	(4,082	)	$	253,286	$	(4,285	)
Non–U.S. government and supranational bonds	32,052		(4,843		)	2,705		(509		)	34,757		(5,352		)
Corporate bonds	442,101		(40,111		)	134,841		(9,711		)	576,942		(49,822		)
Total temporarily impaired AFS fixed maturities	527,051		(45,157		)	337,934		(14,302		)	864,985		(59,459		)
Other investments	4,975		(25		)	—		—			4,975		(25		)
Total	$	532,026	$	(45,182	)	$	337,934	$	(14,302	)	$	869,960	$	(59,484	)

4. Investments (continued)



	Less than 12 Months					12 Months or more					Total
December 31, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
AFS fixed maturities
U.S. agency bonds – mortgage-backed	$	84,264	$	(806	)	$	441,601	$	(9,782	)	$	525,865	$	(10,588	)
Non–U.S. government and supranational bonds	43,712		(2,822		)	2,522		(306		)	46,234		(3,128		)
Corporate bonds	397,173		(14,485		)	143,894		(10,810		)	541,067		(25,295		)
Total temporarily impaired AFS fixed maturities	$	525,149	$	(18,113	)	$	588,017	$	(20,898	)	$	1,113,166	$	(39,011	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our AFS fixed maturities:



Ratings* as of March 31, 2015	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,938	$	9,430	0.3	%
U.S. agency bonds	1,158,501		1,180,532		35.2	%
AAA	179,127		183,789		5.5	%
AA+, AA, AA-	161,985		163,430		4.9	%
A+, A, A-	834,585		856,875		25.6	%
BBB+, BBB, BBB-	853,382		877,694		26.2	%
BB+ or lower	83,231		79,182		2.3	%
Total	$	3,279,749	$	3,350,932	100.0	%

4. Investments (continued)



Ratings* as of December 31, 2014	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,937	$	9,360	0.3	%
U.S. agency bonds	1,321,047		1,330,431		38.5	%
AAA	193,280		202,973		5.9	%
AA+, AA, AA-	116,936		120,679		3.5	%
A+, A, A-	883,092		917,544		26.5	%
BBB+, BBB, BBB-	794,244		814,039		23.5	%
BB+ or lower	62,328		61,878		1.8	%
Total	$	3,379,864	$	3,456,904	100.0	%

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

Portfolio of other investments

The table below shows our portfolio of other investments:



	March 31, 2015				December 31, 2014
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investments in limited partnerships	$	5,755	49.1	%	$	5,581	44.4	%
Investment in quoted equity	4,975		42.4	%	5,990		47.6	%
Other	1,000		8.5	%	1,000		8.0	%
Total other investments	$	11,730	100.0	%	$	12,571	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 months ended March 31, 2015 and 2014:



For the Three Months Ended March 31, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	845	$	—	$	845
Other investments	24		—		24
Net realized gains on investment	$	869	$	—	$	869



For the Three Months Ended March 31, 2014	Gross gains		Gross losses		Net
AFS fixed maturities	$	1	$	—	$	1
Other investments	$	87	$	—	$	87
Net realized losses on investment	$	88	$	—	$	88

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

Net unrealized gains were as follows:



	March 31, 2015			December 31, 2014
AFS fixed maturities	$	71,183		$	77,040
Other investments	775			1,709
Total net unrealized gains	71,958			78,749
Deferred income tax expense	(164		)	(170		)
Net unrealized gains, net of deferred income tax	$	71,794		$	78,579
Change in net unrealized gains, net of deferred income tax	$	(6,785	)	$	43,851

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	March 31, 2015		December 31, 2014
Restricted cash and cash equivalents – third party agreements	$	77,695	$	107,884
Restricted cash and cash equivalents – related party agreements	394,869		175,817
Restricted cash and cash equivalents – U.S. state regulatory authorities	502		680
Total restricted cash and cash equivalents	473,066		284,381
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2015 – $1,040,802; 2014 – $993,974)	1,067,119		1,014,878
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2015 – $1,716,457; 2014 – $1,769,083)	1,753,041		1,814,478
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2015 – $7,276; 2014 – $7,269)	7,676		7,606
Total restricted investments	2,827,836		2,836,962
Total restricted cash and cash equivalents and investments	$	3,300,902	$	3,121,343

- Definition

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

+ References+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

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

We classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2015	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
AFS fixed maturities
U.S. treasury bonds	$	9,430		$	—		$	—		$	9,430
U.S. agency bonds – mortgage-backed	—			1,172,562			—			1,172,562
U.S. agency bonds – other	—			7,970			—			7,970
Non-U.S. government and supranational bonds	—			34,757			—			34,757
Commercial mortgage-backed securities	—			100,656			—			100,656
Corporate bonds	—			1,911,116			—			1,911,116
Municipal bonds	—			66,936			—			66,936
Short-term investments	—			47,505			—			47,505
Other investments	4,975			—			6,755			11,730
Total	$	14,405		$	3,341,502		$	6,755		$	3,362,662
As a percentage of total assets	0.3		%	60.7		%	0.1		%	61.1		%

5. Fair Value of Financial Instruments (continued)



December 31, 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
AFS fixed maturities
U.S. treasury bonds	$	9,360		$	—		$	—		$	9,360
U.S. agency bonds – mortgage-backed	—			1,322,443			—			1,322,443
U.S. agency bonds – other	—			7,988			—			7,988
Non-U.S. government and supranational bonds	—			51,643			—			51,643
Commercial mortgage-backed securities	—			54,780			—			54,780
Corporate bonds	—			1,895,379			—			1,895,379
Municipal bonds	—			65,819			—			65,819
Short-term investments	—			49,492			—			49,492
Other investments	5,990			—			6,581			12,571
Total	$	15,350		$	3,447,544		$	6,581		$	3,469,475
As a percentage of total assets	0.3		%	66.8		%	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 Months Ended
Other investments:	March 31, 2015			March 31, 2014
Balance at beginning of period	$	6,581		$	5,092
Total realized gains – included in net realized gains on investment	24			87
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	82			120
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	97			787
Sales and redemptions	(29		)	(313		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	6,755		$	5,773
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:



			March 31, 2015				December 31, 2014
	Interest Rate		Carrying Value		Fair Value		Carrying Value		Fair Value
2011 Senior Notes	8.25	%	$	107,500	$	114,036	$	107,500	$	113,391
2012 Senior Notes	8.00	%	100,000		106,560		100,000		106,320
2013 Senior Notes	7.75	%	152,500		164,273		152,500		162,016

- Definition

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

+ References+ Details

- Definition

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

+ References+ Details

Earnings (Loss) per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

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

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



For the Three Months Ended March 31,	2015			2014
Numerator:
Net income attributable to Maiden shareholders	$	38,489		$	2,022
Dividends on preference shares - Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares - Series B	(2,990		)	(2,990		)
Amount allocated to participating common shareholders⁽¹⁾	(26		)	6
Numerator for basic EPS - net income (loss) allocated to Maiden common shareholders	$	32,379		$	(4,056	)
Potentially dilutive securities
Dividends on convertible preference shares- Series B⁽²⁾	2,990			—
Numerator for diluted EPS - net income (loss) allocated to Maiden common shareholders after assumed conversion	$	35,369		$	(4,056	)
Denominator:
Weighted average number of common shares outstanding – basic	73,084,412			72,708,113
Potentially dilutive securities:
Share options and restricted share units	1,427,725			—
Convertible preference shares⁽²⁾	10,751,648			—
Adjusted weighted average number of common shares and assumed conversions – diluted	85,263,785			72,708,113
Basic earnings (loss) per share attributable to Maiden common shareholders:	$	0.44		$	(0.06	)
Diluted earnings (loss) per share attributable to Maiden common shareholders⁽²⁾:	$	0.41		$	(0.06	)

(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)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI:



For the Three Months Ended March 31, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(6,934		)	18,935			12,001
Amounts reclassified from AOCI to net income, net of tax	149			—			149
Net current period other comprehensive (loss) income	(6,785		)	18,935			12,150
Ending balance	71,794			35,600			107,394
Less: AOCI attributable to non controlling interest	—			(104		)	(104		)
Ending balance, Maiden shareholders	$	71,794		$	35,704		$	107,498



For the Three Months Ended March 31, 2014	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	34,728		$	(8,927	)	$	25,801
Other comprehensive income (loss) before reclassifications	38,031			(166		)	37,865
Amounts reclassified from AOCI to net income, net of tax	(71		)	—			(71		)
Net current period other comprehensive income (loss)	37,960			(166		)	37,794
Ending balance	72,688			(9,093		)	63,595
Less: AOCI attributable to non controlling interest	—			17			17
Ending balance, Maiden shareholders	$	72,688		$	(9,110	)	$	63,578

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Schedule of subsequent events

On April 28, 2015, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.13	July 15, 2015	July 1, 2015
Preference shares - Series A	$	0.515625	June 15, 2015	June 1, 2015
Preference shares - Series B	$	0.90625	June 15, 2015	June 1, 2015

Segment Reporting - Net Income (Loss) and Total Assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015 Segment	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reporting segments	2
Net Income (Loss) [Abstract]
Gross premiums written	$ 834,266,000	$ 722,382,000
Net premiums written	796,983,000	709,892,000
Net premiums earned	577,319,000	519,230,000
Other insurance revenue	4,979,000	5,162,000
Net loss and loss adjustment expenses	(377,406,000)	(351,344,000)
Commission and other acquisition expenses	(178,342,000)	(146,082,000)
General and administrative expenses	(10,160,000)	(10,574,000)
Underwriting (loss) income	16,390,000	16,392,000
Reconciliation to net income
Net investment income and realized gains on investment	29,129,000	27,930,000
Interest and amortization expenses	(7,172,000)	(8,064,000)
Accelerated amortization of Junior Subordinated Debt discount and issuance cost	0	(28,240,000)
Amortization of intangible assets	(710,000)	(819,000)
Foreign exchange gains	7,826,000	138,000
Other general and administrative expenses	(6,129,000)	(4,350,000)
Income tax expense	(800,000)	(926,000)
Net income	38,534,000	2,061,000
Net loss and loss adjustment expense ratio	64.80%	67.00%
Commission and other acquisition expense ratio	30.60%	27.90%
General and administrative expense ratio	2.80%	2.80%
Combined ratio	98.20%	97.70%
Assets [Abstract]
Total assets - reportable segments	4,658,170,000		4,265,152,000
Corporate assets	849,170,000		898,940,000
Total assets	5,507,340,000		5,164,092,000
Diversified Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	305,341,000	304,187,000
Net premiums written	294,198,000	291,640,000
Net premiums earned	192,684,000	199,547,000
Other insurance revenue	4,979,000	5,162,000
Net loss and loss adjustment expenses	(132,386,000)	(138,663,000)
Commission and other acquisition expenses	(58,206,000)	(51,214,000)
General and administrative expenses	(9,413,000)	(9,876,000)
Underwriting (loss) income	(2,342,000)	4,956,000
Reconciliation to net income
Net loss and loss adjustment expense ratio	67.00%	67.70%
Commission and other acquisition expense ratio	29.40%	25.00%
General and administrative expense ratio	4.80%	4.90%
Combined ratio	101.20%	97.60%
Assets [Abstract]
Total assets - reportable segments	1,746,552,000		1,624,664,000
Corporate assets	0		0
Total assets	1,746,552,000		1,624,664,000
AmTrust Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	528,926,000	419,010,000
Net premiums written	502,784,000	419,010,000
Net premiums earned	384,633,000	304,922,000
Other insurance revenue	0	0
Net loss and loss adjustment expenses	(243,094,000)	(200,413,000)
Commission and other acquisition expenses	(120,136,000)	(90,485,000)
General and administrative expenses	(747,000)	(499,000)
Underwriting (loss) income	20,656,000	13,525,000
Reconciliation to net income
Net loss and loss adjustment expense ratio	63.20%	65.70%
Commission and other acquisition expense ratio	31.20%	29.70%
General and administrative expense ratio	0.20%	0.20%
Combined ratio	94.60%	95.60%
Assets [Abstract]
Total assets - reportable segments	2,911,618,000		2,640,488,000
Corporate assets	0		0
Total assets	2,911,618,000		2,640,488,000
Other Category [Member]
Net Income (Loss) [Abstract]
Gross premiums written	(1,000)	(815,000)
Net premiums written	1,000	(758,000)
Net premiums earned	2,000	14,761,000
Other insurance revenue	0	0
Net loss and loss adjustment expenses	(1,926,000)	(12,268,000)
Commission and other acquisition expenses	0	(4,383,000)
General and administrative expenses	0	(199,000)
Underwriting (loss) income	$ (1,924,000)	$ (2,089,000)

Segment Reporting - Net Premiums (Details) (USD $)	3 Months Ended
Segment Reporting - Net Premiums (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 796,983,000	$ 709,892,000
% of Total Net premiums written	100.00%	100.00%
Net premiums earned	577,319,000	519,230,000
% of Total Net premiums earned	100.00%	100.00%
Other Category [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	1,000	(758,000)
% of Total Net premiums written	0.00%	(0.10%)
Net premiums earned	2,000	14,761,000
% of Total Net premiums earned	0.00%	2.80%
AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	502,784,000	419,010,000
% of Total Net premiums written	63.10%	59.00%
Net premiums earned	384,633,000	304,922,000
% of Total Net premiums earned	66.70%	58.70%
Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	294,198,000	291,640,000
% of Total Net premiums written	36.90%	41.10%
Net premiums earned	192,684,000	199,547,000
% of Total Net premiums earned	33.30%	38.50%
Property [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	68,514,000	62,602,000
% of Total Net premiums written	8.60%	8.80%
Net premiums earned	40,623,000	40,826,000
% of Total Net premiums earned	7.00%	7.90%
Casualty [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	171,531,000	171,754,000
% of Total Net premiums written	21.50%	24.30%
Net premiums earned	118,938,000	121,887,000
% of Total Net premiums earned	20.60%	23.50%
Accident and Health [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	30,107,000	17,222,000
% of Total Net premiums written	3.80%	2.40%
Net premiums earned	12,201,000	8,886,000
% of Total Net premiums earned	2.10%	1.70%
International [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	24,046,000	40,062,000
% of Total Net premiums written	3.00%	5.60%
Net premiums earned	20,922,000	27,948,000
% of Total Net premiums earned	3.60%	5.40%
Small Commercial Business [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	323,201,000	253,757,000
% of Total Net premiums written	40.50%	35.70%
Net premiums earned	224,991,000	158,605,000
% of Total Net premiums earned	39.00%	30.50%
Specialty Program [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	74,580,000	31,798,000
% of Total Net premiums written	9.40%	4.50%
Net premiums earned	57,010,000	32,853,000
% of Total Net premiums earned	9.90%	6.30%
Specialty Risk and Extended Warranty [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	105,003,000	133,455,000
% of Total Net premiums written	13.20%	18.80%
Net premiums earned	$ 102,632,000	$ 113,464,000
% of Total Net premiums earned	17.80%	21.90%

- Definition

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

+ References+ Details

Investments - Schedule of Investments Reconciliation (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	$ 3,279,749,000	$ 3,379,864,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	130,642,000	116,051,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(59,459,000)	(39,011,000)
Fair value	3,350,932,000	3,456,904,000
Other Investments, Original or amortized cost	10,955,000	10,862,000
Other Investments, Gross Unrealized Gains	800,000	1,709,000
Other Investments, Gross Unrealized Losses	(25,000)	0
Other investments	11,730,000	12,571,000
Total investments, Original or amortized cost	3,290,704,000	3,390,726,000
Investments, Gross unrealized gains	131,442,000	117,760,000
Investments, Gross unrealized losses	(59,484,000)	(39,011,000)
Total investments	3,362,662,000	3,469,475,000
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	8,938,000	8,937,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	492,000	423,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fair value	9,430,000	9,360,000
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	1,151,287,000	1,313,834,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	25,560,000	19,197,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(4,285,000)	(10,588,000)
Fair value	1,172,562,000	1,322,443,000
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	7,214,000	7,213,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	756,000	775,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fair value	7,970,000	7,988,000
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	40,109,000	54,467,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	0	304,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(5,352,000)	(3,128,000)
Fair value	34,757,000	51,643,000
Commercial mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	96,997,000	52,337,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	3,659,000	2,443,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fair value	100,656,000	54,780,000
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	1,865,540,000	1,831,431,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	95,398,000	89,243,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	(49,822,000)	(25,295,000)
Fair value	1,911,116,000	1,895,379,000
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	62,159,000	62,153,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	4,777,000	3,666,000
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fair value	66,936,000	65,819,000
Short-term investments [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or Amortized cost	47,505,000	49,492,000
Fixed Maturities, available-for-sale, Gross Unrealized Gains	0	0
Fixed Maturities, available-for-sale, Gross Unrealized Losses	0	0
Fair value	$ 47,505,000	$ 49,492,000

Investments - Contractual Maturities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Due in one year or less, Amortized cost	$ 70,797
Due after one year through five years, Amortized cost	593,546
Due after five years through ten years, Amortized cost	1,328,216
Due after ten years, Amortized cost	38,906
Total before securities without single maturities, Amortized cost	2,031,465
Fixed Maturities, available-for-sale, Amortized cost	3,279,749	3,379,864
Due in one year or less, Fair value	69,576
Due after one year through five years, Fair value	620,145
Due after five years through ten years, Fair value	1,344,974
Due after ten years, Fair value	43,019
Total before securities without single maturities, Fair value	2,077,714
Fair value	3,350,932	3,456,904
Due in one year or less, % of Total fair value	2.10%
Due after one year through five years, % of Total fair value	18.50%
Due after five years through ten years, % of Total fair value	40.10%
Due after ten years, % of Total fair value	1.30%
Total before securities without single maturities, % of Total fair value	62.00%
% 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	1,151,287
Fixed Maturities, available-for-sale, Amortized cost	1,151,287	1,313,834
Fair value of securities without single maturities	1,172,562
Fair value	1,172,562	1,322,443
% of Total fair value for securities without single maturities	35.00%
Commercial mortgage-backed securities [Member]
Schedule of Investments [Line Items]
Amortized cost of securities without single maturities	96,997
Fixed Maturities, available-for-sale, Amortized cost	96,997	52,337
Fair value of securities without single maturities	100,656
Fair value	$ 100,656	$ 54,780
% of Total fair value for securities without single maturities	3.00%

Investments - Fair Value and Unrealized Losses (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015 security	Dec. 31, 2014 security
Fair value
Less than 12 Months, Fair value	$ 532,026	$ 525,149
12 Months or More, Fair value	337,934	588,017
Total, Fair value	869,960	1,113,166
Unrealized losses
Less than 12 months, Unrealized losses	(45,182)	(18,113)
12 months or more, Unrealized losses	(14,302)	(20,898)
Total, Unrealized losses	(59,484)	(39,011)
Number of securities in an unrealized loss position	138	141
Number of securities in an unrealized loss position for 12 months or greater	35	46
U.S. agency bonds – mortgage-backed [Member]
Fair value
Less than 12 Months, Fair value	52,898	84,264
12 Months or More, Fair value	200,388	441,601
Total, Fair value	253,286	525,865
Unrealized losses
Less than 12 months, Unrealized losses	(203)	(806)
12 months or more, Unrealized losses	(4,082)	(9,782)
Total, Unrealized losses	(4,285)	(10,588)
Non-U.S. government and supranational bonds [Member]
Fair value
Less than 12 Months, Fair value	32,052	43,712
12 Months or More, Fair value	2,705	2,522
Total, Fair value	34,757	46,234
Unrealized losses
Less than 12 months, Unrealized losses	(4,843)	(2,822)
12 months or more, Unrealized losses	(509)	(306)
Total, Unrealized losses	(5,352)	(3,128)
Corporate bonds [Member]
Fair value
Less than 12 Months, Fair value	442,101	397,173
12 Months or More, Fair value	134,841	143,894
Total, Fair value	576,942	541,067
Unrealized losses
Less than 12 months, Unrealized losses	(40,111)	(14,485)
12 months or more, Unrealized losses	(9,711)	(10,810)
Total, Unrealized losses	(49,822)	(25,295)
Other investments [Member]
Fair value
Less than 12 Months, Fair Value, Other Investments	4,975
12 Months or More, Fair Value, Other Investments	0
Total, Fair Value, Other Investments	4,975
Unrealized losses
Less than 12 Months, Unrealized Losses, Other Investments	(25)
12 Months or More, Unrealized Losses, Other Investments	0
Total, Unrealized losses	(25)
Available-for-sale securities [Member]
Fair value
Less than 12 Months, Fair value	527,051
12 Months or More, Fair value	337,934
Total, Fair value	864,985
Unrealized losses
Less than 12 months, Unrealized losses	(45,157)
12 months or more, Unrealized losses	(14,302)
Total, Unrealized losses	$ (59,459)

Investments - Credit Ratings (Details) (USD $)	3 Months Ended
Investments - Credit Ratings (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
OTTI	$ 0
Amortized cost		3,279,749,000	3,379,864,000
Fair value		3,350,932,000	3,456,904,000
% of Total fair value		100.00%	100.00%
AAA [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		179,127,000	193,280,000
Fair value		183,789,000	202,973,000
% of Total fair value		5.50%	5.90%
AA Plus, AA, AA Minus [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		161,985,000	116,936,000
Fair value		163,430,000	120,679,000
% of Total fair value		4.90%	3.50%
A Plus, A, A Minus [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		834,585,000	883,092,000
Fair value		856,875,000	917,544,000
% of Total fair value		25.60%	26.50%
BBB Plus, BBB, BBB Minus [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		853,382,000	794,244,000
Fair value		877,694,000	814,039,000
% of Total fair value		26.20%	23.50%
BB Plus or Lower [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		83,231,000	62,328,000
Fair value		79,182,000	61,878,000
% of Total fair value		2.30%	1.80%
U.S. treasury bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		8,938,000	8,937,000
Fair value		9,430,000	9,360,000
% of Total fair value		0.30%	0.30%
U.S. agency bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		1,158,501,000	1,321,047,000
Fair value		$ 1,180,532,000	$ 1,330,431,000
% of Total fair value		35.20%	38.50%

Investments - Other Investments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Other investments	$ 11,730,000	$ 12,571,000
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	5,755,000	5,581,000
% of Total fair value	49.10%	44.40%
Unfunded commitment on investments in limited partnerships	643,000
Investment in quoted equity [Member]
Schedule of Investments [Line Items]
Other investments	4,975,000	5,990,000
% of Total fair value	42.40%	47.60%
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,000,000	$ 1,000,000
% of Total fair value	8.50%	8.00%

Investments - Net Realized Gains on Investment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Gross gains	$ 869	$ 88
Gross losses	0	0
Realized gains (losses), Net	869	88
Proceeds from sales of fixed maturities classified as available-for-sale	56,639	105,334
Net unrealized gains	71,958		78,749
Deferred income tax expense	(164)		(170)
Net unrealized gains, net of deferred income tax	71,794		78,579
Change in net unrealized gains, net of deferred income tax	(6,785)		43,851
Available-for-sale securities [Member] \| Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	845	1
Gross losses	0	0
Realized gains (losses), Net	845	1
Net unrealized gains	71,183		77,040
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	24	87
Gross losses	0	0
Realized gains (losses), Net	24	87
Net unrealized gains	$ 775		$ 1,709

Investments - Restricted Cash and Investments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 473,066	$ 284,381
Restricted investments	2,827,836	2,836,962
Restricted cash and investments	3,300,902	3,121,343
Amortized cost	3,290,704	3,390,726
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	77,695	107,884
Restricted investments	1,067,119	1,014,878
Amortized cost	1,040,802	993,974
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	394,869	175,817
Restricted investments	1,753,041	1,814,478
Amortized cost	1,716,457	1,769,083
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	502	680
Restricted investments	7,676	7,606
Amortized cost	$ 7,276	$ 7,269

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 11,730,000	$ 12,571,000
Investments in limited partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	5,755,000	5,581,000
Other investments, percent of assets	0.20%
Other [Member] \| Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		1,000,000
Significant Other Observable Inputs (Level 2) [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities priced for fair value	3	1
Securities valued using market approach	11,487,000	5,016,000
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	4,975,000	5,990,000
Total	14,405,000	15,350,000
Percentage of total assets	0.30%	0.30%
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	9,430,000	9,360,000
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] \| Commercial 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 [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] \| Short-term investments [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	3,341,502,000	3,447,544,000
Percentage of total assets	60.70%	66.80%
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	1,172,562,000	1,322,443,000
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	7,970,000	7,988,000
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	34,757,000	51,643,000
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	100,656,000	54,780,000
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	1,911,116,000	1,895,379,000
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	66,936,000	65,819,000
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	47,505,000	49,492,000
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	6,755,000	6,581,000
Total	6,755,000	6,581,000
Percentage of total assets	0.10%	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] \| Commercial 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 [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] \| Short-term investments [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	11,730,000	12,571,000
Total	3,362,662,000	3,469,475,000
Percentage of total assets	61.10%	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	99.70%	99.90%
Assets, valued using market approach, percentage	0.30%	0.10%
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	9,430,000	9,360,000
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	1,172,562,000	1,322,443,000
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	7,970,000	7,988,000
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	34,757,000	51,643,000
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	100,656,000	54,780,000
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	1,911,116,000	1,895,379,000
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	66,936,000	65,819,000
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, fair value	$ 47,505,000	$ 49,492,000

Fair Value of Financial Instruments - 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
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at end of period	$ 6,755	$ 5,773
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
Other investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	6,581	5,092
Total realized gains – included in net realized gains on investment	24	87
Total realized losses – included in net realized gains on investment	0	0
Change in total unrealized gains – included in other comprehensive income (loss)	82	120
Change in total unrealized losses – included in other comprehensive income (loss)	0	0
Purchases	97	787
Sales and redemptions	(29)	(313)
Transfers into Level 3	0	0
Transfers out of Level 3	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 360,000	$ 360,000
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%
Senior Notes [Member] \| 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
Senior Notes [Member] \| 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
Senior Notes [Member] \| 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] \| Fair 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	114,036	113,391
Senior Notes [Member] \| Fair 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	106,560	106,320
Senior Notes [Member] \| Fair 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	$ 164,273	$ 162,016

Related Party Transactions - AmTrust (Details)	3 Months Ended			3 Months Ended			0 Months Ended							9 Months Ended	33 Months Ended		0 Months Ended						0 Months Ended	3 Months Ended				0 Months Ended		3 Months Ended		0 Months Ended	3 Months Ended				0 Months Ended				0 Months Ended	3 Months Ended			0 Months Ended	3 Months Ended		0 Months Ended	3 Months Ended
Related Party Transactions - AmTrust (Details)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] Quota Share Reinsurance Agreements [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] Quota Share Reinsurance Agreements [Member] Commissions Paid [Member] USD ($)	Mar. 07, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Jan. 02, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Jan. 01, 2010 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Feb. 09, 2009 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Jun. 11, 2008 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Jun. 01, 2008 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Jul. 07, 2007 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Dec. 31, 2011 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Sep. 30, 2014 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member]	Jun. 11, 2008 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] USD ($)	Jan. 02, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Minimum [Member]	Jan. 02, 2013 AmTrust Financial Services, Inc. [Member] AmTrust Quota Share Reinsurance Agreement [Member] Maximum [Member]	Jan. 01, 2012 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] EUR (€)	Apr. 01, 2011 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] EUR (€)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] USD ($)	Dec. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust European Hospital Liability Quota Share Agreement [Member] USD ($)	Sep. 01, 2010 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member]	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust Technology Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Sep. 01, 2012 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member]	Sep. 01, 2010 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member]	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] Southern General Agency Program Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Apr. 01, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Commissions Paid [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Premiums Earned [Member] USD ($)	Apr. 01, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Minimum [Member]	Apr. 01, 2012 AmTrust Financial Services, Inc. [Member] AmTrust NA Reinsurance Agreement [Member] Maximum [Member]	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] Reinsurer Trust Assets Collateral Agreement [Member] USD ($)	Dec. 31, 2014 AmTrust Financial Services, Inc. [Member] Reinsurer Trust Assets Collateral Agreement [Member] USD ($)	Apr. 01, 2011 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member]	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Dec. 31, 2014 AmTrust Financial Services, Inc. [Member] Reinsurance Brokerage Agreements [Member] Brokerage Expense [Member] USD ($)	Jul. 01, 2007 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] Asset Management Agreement [Member] Investment Management Fees [Member] USD ($)	Mar. 01, 2011 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member]	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Mar. 31, 2014 AmTrust Financial Services, Inc. [Member] AmTrust Time Sharing Agreement [Member] Aircraft Expenses [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust Europe Limited Binding Authority Contract [Member] USD ($)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] AmTrust Europe Limited Binding Authority Contract [Member] EUR (€)	Mar. 31, 2015 AmTrust Financial Services, Inc. [Member] Founding Shareholders [Member]	Mar. 31, 2015 National General Holdings Corp. [Member] AmTrust Financial Services, Inc. [Member]	Mar. 31, 2015 National General Holdings Corp. [Member] Michael Karfunkel 2005 Grantor Retained Annuity Trust [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Controlling Interest, Ownership Percentage																																																					51.50%
Noncontrolling interest, ownership percentage																																																						13.20%	48.80%
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party											100.00%		40.00%															100.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party								40.00%					40.00%
Covered business threshold										$ 5,000,000
Premiums and losses related to covered business to cede												40.00%
Unearned premiums	1,437,492,000		1,207,757,000													82,200,000
Commission rate, percent of ceded written premiums								31.00%	31.00%			34.375%		30.00%	31.00%					5.00%			5.00%						5.00%								10.00%	27.50%
Commission rate, adjustment to percent of ceded written premiums															1.00%
Commission rate, adjusted percent of ceded written premiums															30.00%
Commission rate, adjustment criteria, threshold percent of specialty risk and extended warranty to covered business															42.00%
Commission rate, adjustment criteria 2, floor percent of specialty risk and extended warranty to covered business															38.00%
Commission rate, reduced adjustment to percent of ceded written premiums															0.50%
Commission rate, reduced adjustment to percent of ceded written premiums															30.50%
Contract extension							3 years																																									1 year
Cancellation notice period							9 months																																		30 days				30 days
Cancellation notice period upon the occurrence of certain early termination events							30 days
Early termination events, reduction threshold of stockholders' equity							50.00%
Commission rate, adjustment criteria, loss ratio floor																	81.50%
Commission rate, adjustment criteria, loss ratio ceiling																		95.00%
Premiums and losses related to policies																				40.00%
Maximum limit of liability attaching																			10,000,000	5,000,000
Percent basis currency equivalent of maximum limit of liability attaching																				100.00%
Agreement period																							3 years									1 year
Revenue from related parties																										24,000	35,000			56,000	1,116,000				156,000	303,000
Percent of gross liabilities, from related party																												100.00%	80.00%
Percent of gross liabilities, from third party																													20.00%
Expenses recorded from related party transactions					117,202,000	86,674,000																		1,000	2,000								37,000	47,000								4,880,000	3,811,000			1,431,000	1,224,000		24,000	0
Reinsurance coverage threshold																																1,000,000
Percent of credit insurance business to cede																							90.00%
Percent of general liability business to cede																							100.00%
Loan to related party	167,975,000		167,975,000	167,975,000
Loan to related party, Basis spread on LIBOR																																																								0.90%
Loan to related party, LIBOR basis spread assessment period				360 days
Collateral held by related party																					235,346,000	230,618,000																	1,842,878,000	1,691,970,000
Accrued interest on collateral held by related party																					2,037,000	3,185,000																	10,122,000	10,413,000
Brokerage fee, percent of premium assumed																																									1.25%
Reserve for loss and loss adjustment expenses																																										13,089,000		(11,423,000)
Quarterly brokerage fee, portfolio threshold																																													1,000,000,000
Quarterly brokerage fee, above portfolio threshold, percent of average holdings																																													0.0375%
Insurance, Maximum Coverage Per Injured Person																																																				20,000
Net premiums written	$ 796,983,000	$ 709,892,000																																																	$ 0

Related Party Transactions - NGHC (Details) (USD $)	3 Months Ended		0 Months Ended		3 Months Ended		0 Months Ended	3 Months Ended		0 Months Ended	3 Months Ended
Related Party Transactions - NGHC (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Oct. 01, 2012 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member]	Mar. 01, 2010 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member]	Mar. 31, 2015 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Mar. 31, 2014 National General Holdings Corp. [Member] NGHC Quota Share Reinsurance Agreement [Member] Commissions Paid [Member]	Apr. 01, 2014 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member]	Mar. 31, 2015 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member]	Mar. 31, 2014 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member]	Apr. 01, 2014 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Layer One [Member]	Mar. 31, 2015 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Layer One [Member]	Mar. 31, 2014 National General Holdings Corp. [Member] NGHC Subsidiaries Reinsurance Agreement [Member] Layer One [Member]
Related Party Transaction [Line Items]
Percent of net premiums of personal lines business reinsured				25.00%
Percent participation in quota share by subsidiary				50.00%
Percent of net premiums of personal lines business received by subsidiary				25.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers				25.00%
Commission rate, percent of ceded written premiums			32.00%	32.50%
Commission rate, adjusted percent of ceded written premiums				34.50%
Commission rate, adjustment criteria, loss ratio ceiling				60.00%
Commission rate, reduced adjustment to percent of ceded written premiums			30.00%	30.50%
Commission rate, adjustment criteria, loss ratio floor			64.50%	64.50%
Expenses recorded from related party transactions					$ 0	$ 4,556,000
Liability percentage										100.00%
Reinsurance coverage threshold											1,175,000	1,100,000
Reinsurance coverage limit											8,825,000	8,900,000
Maximum limit of liability attaching							2,000,000
Net premiums earned	$ 577,319,000	$ 519,230,000						$ 87,000	$ 33,000

Earnings (Loss) per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Maiden shareholders	$ 38,489	$ 2,022
Dividends on preference shares	(6,084)	(6,084)
Amount allocated to participating common shareholders	(26)	6
Numerator for basic EPS - net income (loss) allocated to Maiden common shareholders	32,379	(4,056)
Dividends on convertible preference shares- Series B	2,990	0
Numerator for diluted EPS - net income (loss) allocated to Maiden common shareholders after assumed conversion	35,369	(4,056)
Weighted average number of common shares outstanding – basic (in shares)	73,084,412	72,708,113
Potentially dilutive securities:
Share options and restricted share units (in shares)	1,427,725	0
Convertible preference shares (in shares)	10,751,648	0
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	85,263,785	72,708,113
Basic earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.44	$ (0.06)
Diluted earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.41	$ (0.06)
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	(3,094)	(3,094)
Series B Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	$ (2,990)	$ (2,990)

Earnings (Loss) per Common Share - Anti-dilutive Securities (Details)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Incremental common shares attributable to contingent conversion of preferred stock	136,259
Incremental common shares attributable to contingent conversion of preferred stock, increase (decrease) in period	29,773

Shareholders' Equity - AOCI Components (Details) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended			3 Months Ended
	Mar. 05, 2015	Jan. 01, 2015	Feb. 19, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				150,000,000
Common stock, shares issued (in shares)				74,424,539		73,900,889
Common stock, shares outstanding (in shares)				73,409,894		72,932,702
Preference shares issued (in shares)				9,300,000
Undesignated shares (in shares)				66,275,461
Shares repurchased (in shares)	33,846	4,954	7,658
Shares repurchased, price per share (in dollars per share)	$ 14.21	$ 12.79	$ 14.40
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ 95,244		$ 95,244	$ 25,801
Other comprehensive income (loss) before reclassifications				12,001	37,865
Amounts reclassified from AOCI to net income, net of tax				149	(71)
Other comprehensive income				12,150	37,794
Ending balance				107,394	63,595
Less: Accumulated other comprehensive income (loss) attributable to non controlling interest				(104)	17
Ending balance, Maiden shareholders				107,498	63,578	95,293
Change in net unrealized gains on investments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		78,579		78,579	34,728
Other comprehensive income (loss) before reclassifications				(6,934)	38,031
Amounts reclassified from AOCI to net income, net of tax				149	(71)
Other comprehensive income				(6,785)	37,960
Ending balance				71,794	72,688
Less: Accumulated other comprehensive income (loss) attributable to non controlling interest				0	0
Ending balance, Maiden shareholders				71,794	72,688
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		16,665		16,665	(8,927)
Other comprehensive income (loss) before reclassifications				18,935	(166)
Amounts reclassified from AOCI to net income, net of tax				0	0
Other comprehensive income				18,935	(166)
Ending balance				35,600	(9,093)
Less: Accumulated other comprehensive income (loss) attributable to non controlling interest				(104)	17
Ending balance, Maiden shareholders				$ 35,704	$ (9,110)

Subsequent Events (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
Subsequent Events (Details) (USD $)	Feb. 16, 2015	Mar. 31, 2015	Mar. 31, 2014	Apr. 28, 2015 Subsequent Event [Member] Dividend Declared [Member]	Apr. 28, 2015 Subsequent Event [Member] Dividend Declared [Member] Preference Shares - Series A [Member]	Apr. 28, 2015 Subsequent Event [Member] Dividend Declared [Member] Preference Shares - Series B [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.13
Dividends declared per Preference share (in dollars per share)					$ 0.515625	$ 0.90625

Commitments and Contingencies (Details) (USD $)	0 Months Ended	3 Months Ended
Commitments and Contingencies (Details) (USD $)	Feb. 16, 2015	Mar. 31, 2015	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.13	$ 0.11