Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document and Entity [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	MHLD
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		73,862,441
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 931.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2015: $3,562,864; 2014: $3,379,864)	$ 3,508,088	$ 3,456,904
Fixed maturities, held-to-maturity, at amortized cost (fair value 2015: $598,975; 2014: $0)	607,843	0
Other investments, at fair value (cost 2015: $10,816; 2014: $10,862)	11,812	12,571
Total investments	4,127,743	3,469,475
Cash and cash equivalents	89,641	108,119
Restricted cash and cash equivalents	242,859	284,381
Accrued investment income	32,288	27,524
Reinsurance balances receivable, net (includes $147,365 and $267,490 from related parties in 2015 and 2014, respectively)	377,318	512,996
Reinsurance recoverable on unpaid losses (includes $2,177 and $3,845 from related parties in 2015 and 2014, respectively)	71,248	75,873
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $341,025 and $285,227 from related parties in 2015 and 2014, respectively)	397,548	372,487
Goodwill and intangible assets, net	81,920	87,336
Other assets	125,105	57,926
Total assets	5,713,645	5,164,092
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,443,639 and $1,167,041 from related parties in 2015 and 2014, respectively)	2,510,101	2,271,292
Unearned premiums (includes $1,077,460 and $914,087 from related parties in 2015 and 2014, respectively)	1,354,572	1,207,757
Accrued expenses and other liabilities	139,873	83,877
Senior notes	360,000	360,000
Total liabilities	$ 4,364,546	$ 3,922,926
Commitments and Contingencies
EQUITY
Preference shares	$ 480,000	$ 315,000
Common shares ($0.01 par value; 74,735,785 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,721,140 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	747	739
Additional paid-in capital	579,178	578,445
Accumulated other comprehensive (loss) income	(23,767)	95,293
Retained earnings	316,184	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	1,347,821	1,240,694
Noncontrolling interests in subsidiaries	1,278	472
Total equity	1,349,099	1,241,166
Total liabilities and equity	$ 5,713,645	$ 5,164,092

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fixed Maturities, available-for-sale, Amortized cost	$ 3,562,864	$ 3,379,864
Fixed Maturities, held-to-maturity, Amortized cost	598,975	0
Other Investments, Cost	10,816	10,862
Reinsurance balance receivable, net	377,318	512,996
Reinsurance recoverable on unpaid losses	71,248	75,873
Deferred commissions and other acquisition expenses	397,548	372,487
Reserve for loss and LAE	2,510,101	2,271,292
Unearned premiums	$ 1,354,572	$ 1,207,757
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	74,735,785	73,900,889
Common shares, shares outstanding (in shares)	73,721,140	72,932,702
Treasury shares, shares (in shares)	1,014,645	968,187
Affiliated Entity [Member]
Reinsurance balance receivable, net	$ 147,365	$ 267,490
Reinsurance recoverable on unpaid losses	2,177	3,845
Deferred commissions and other acquisition expenses	341,025	285,227
Reserve for loss and LAE	1,443,639	1,167,041
Unearned premiums	$ 1,077,460	$ 914,087

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gross premiums written	$ 2,662,825	$ 2,507,352	$ 2,204,159
Net premiums written	2,514,116	2,458,136	2,096,301
Change in unearned premiums	(85,047)	(206,393)	(95,414)
Net premiums earned	2,429,069	2,251,743	2,000,887
Other insurance revenue	11,512	13,410	14,232
Net investment income	131,092	117,215	91,352
Net realized gains on investment	2,498	1,163	3,585
Total other-than-temporary impairment losses	(1,060)	(2,364)	0
Portion of loss recognized in other comprehensive income (loss)	0	0	0
Net impairment losses recognized in earnings	(1,060)	(2,364)	0
Total revenues	2,573,111	2,381,167	2,110,056
Expenses
Net loss and loss adjustment expenses	1,633,570	1,498,271	1,349,630
Commission and other acquisition expenses	724,197	659,315	556,578
General and administrative expenses	64,872	62,558	58,353
Interest and amortization expenses	29,063	29,959	39,805
Accelerated amortization of junior subordinated debt discount and issuance cost	0	28,240	0
Amortization of intangible assets	2,840	3,277	3,780
Foreign exchange and other gains	(7,753)	(4,150)	(2,809)
Total expenses	2,446,789	2,277,470	2,005,337
Income before income taxes	126,322	103,697	104,719
Income tax expense	2,038	2,164	1,863
Net income	124,284	101,533	102,856
Loss (income) attributable to noncontrolling interests	192	(142)	(121)
Net income attributable to Maiden	124,476	101,391	102,735
Dividends on preference shares	(24,337)	(24,337)	(14,834)
Net income attributable to Maiden common shareholders	$ 100,139	$ 77,054	$ 87,901
Basic earnings per share attributable to Maiden shareholders (in dollars per share)	$ 1.36	$ 1.06	$ 1.21
Diluted earnings per share attributable to Maiden shareholders (in dollars per share)	1.31	1.04	1.18
Dividends declared per common share (in dollars per share)	$ 0.53	$ 0.46	$ 0.38
Weighted average number of common shares - basic (in shares)	73,478,544	72,843,782	72,510,361
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	85,638,235	74,117,568	76,417,839

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Comprehensive income:
Net income	$ 124,284	$ 101,533	$ 102,856
Other comprehensive (loss) income
Net unrealized holdings (losses) gains on available-for-sale fixed maturities arising during the period	(132,511)	40,625	(102,001)
Portion of other-than-temporary impairment losses recognized in other comprehensive income	0	0	0
Adjustment for reclassification of net realized (gains) losses recognized in net income	(263)	3,278	(6,953)
Foreign currency translation adjustment	13,566	25,592	(6,388)
Other comprehensive (loss) income, before tax	(119,208)	69,495	(115,342)
Income tax benefit (expense) related to components of other comprehensive income	83	(52)	17
Other comprehensive (loss) income, after tax	(119,125)	69,443	(115,325)
Comprehensive income (loss)	5,159	170,976	(12,469)
Net loss (income) attributable to noncontrolling interests	192	(142)	(121)
Other comprehensive loss (income) attributable to noncontrolling interests	65	66	(21)
Comprehensive loss (income) attributable to noncontrolling interests	257	(76)	(142)
Comprehensive income (loss) attributable to Maiden	$ 5,416	$ 170,900	$ (12,611)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares - Series A, B and C	Preference shares - Series A, B and C Preference shares - Series C	Preference shares - Series A, B and C Series B Preference Shares	Common shares	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings	Treasury shares	Noncontrolling interest in subsidiaries
Beginning balance at Dec. 31, 2012		$ 150,000			$ 733	$ 575,869	$ 141,130	$ 151,308	$ (3,801)	$ 372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preference shares				$ 165,000
Exercise of options and issuance of shares					3	1,773
Issuance costs of preference shares						(5,325)
Share-based compensation expense						2,205
Change in net unrealized (losses) gains on investment							(108,937)
Foreign currency translation adjustment							(6,409)			21
Net income attributable to Maiden	$ 102,735							102,735
Dividends on preference shares								(14,834)
Ending balance								(27,607)
Shares repurchased									0
Acquisition of subsidiary										0
Dividend paid to noncontrolling interest										(62)
Net loss (income) attributable to noncontrolling interests	(121)									121
Ending balance at Dec. 31, 2013	1,124,295	315,000			736	574,522	25,784	211,602	(3,801)	452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preference shares				0
Exercise of options and issuance of shares					3	589
Share-based compensation expense						3,334
Change in net unrealized (losses) gains on investment							43,851
Foreign currency translation adjustment							25,658			(66)
Net income attributable to Maiden	101,391							101,391
Dividends on preference shares								(24,337)
Ending balance								(33,572)
Shares repurchased									(66)
Acquisition of subsidiary										0
Dividend paid to noncontrolling interest										(56)
Net loss (income) attributable to noncontrolling interests	(142)									142
Ending 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]
Issuance of preference shares			$ 165,000	$ 0
Exercise of options and issuance of shares					8	3,310
Issuance costs of preference shares						(5,515)
Share-based compensation expense						2,938
Change in net unrealized (losses) gains on investment							(132,691)
Foreign currency translation adjustment							13,631			(65)
Net income attributable to Maiden	124,476							124,476
Dividends on preference shares								(24,337)
Ending balance								(39,039)
Shares repurchased									(654)
Acquisition of subsidiary										1,378
Dividend paid to noncontrolling interest										(315)
Net loss (income) attributable to noncontrolling interests	192									(192)
Ending balance at Dec. 31, 2015	$ 1,349,099	$ 480,000			$ 747	$ 579,178	$ (23,767)	$ 316,184	$ (4,521)	$ 1,278

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Cash flows from operating activities
Net income	$ 124,284	$ 101,533	$ 102,856
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	9,716	40,319	19,076
Net realized gains on investment	(2,498)	(1,163)	(3,585)
Net impairment losses recognized in earnings	1,060	2,364	0
Foreign exchange losses (gains)	(7,753)	(4,150)	(2,809)
Changes in assets - (increase) decrease:
Reinsurance balances receivable, net	127,506	34,343	(31,051)
Reinsurance recoverable on unpaid losses	(20,721)	8,078	26,821
Accrued investment income	(5,086)	(2,693)	(4,141)
Deferred commission and other acquisition expenses	(26,546)	(69,217)	(34,118)
Other assets	(76,599)	32,060	(131)
Changes in liabilities - increase (decrease):
Reserve for loss and loss adjustment expenses	304,254	354,014	206,783
Unearned premiums	154,642	182,602	96,040
Accrued expenses and other liabilities	52,039	(26,445)	(9,494)
Net cash provided by operating activities	634,298	651,645	366,247
Cash flows from investing activities
Purchases of fixed-maturities – available-for-sale	(1,463,556)	(778,702)	(1,442,116)
Purchases of other investments	(217)	(6,698)	(2,135)
Proceeds from sales of fixed-maturities – available-for-sale	129,152	171,216	355,863
Proceeds from maturities and calls of fixed maturities	541,081	349,852	448,881
Proceeds from redemption of other investments	456	797	400
Decrease (increase) in restricted cash and cash equivalents	34,980	(207,859)	54,967
Other, net	7,426	(490)	146
Net cash used in investing activities	(750,678)	(471,884)	(583,994)
Cash flows from financing activities
Senior notes issuance, net of issuance costs	0	0	147,446
Repayment of junior subordinated debt	0	(152,500)	0
Preference shares issuance, net of issuance costs	159,628	0	159,675
Issuance of common shares	3,318	592	1,776
Repurchase of common shares	(654)	(66)	0
Dividends paid - Maiden common shareholders	(38,204)	(32,079)	(19,607)
Dividends paid - preference shares	(24,337)	(24,337)	(14,834)
Net cash provided by (used in) financing activities	99,751	(208,390)	274,456
Effect of exchange rate changes on foreign currency cash	(1,849)	(3,085)	1,581
Net (decrease) increase in cash and cash equivalents	(18,478)	(31,714)	58,290
Cash and cash equivalents, beginning of period	108,119	139,833	81,543
Cash and cash equivalents, end of period	89,641	108,119	139,833
Supplemental information on cash flows
Interest paid	28,687	34,222	38,219
Taxes paid	789	708	634
Supplemental information about non cash investing and financing activities
Acquisition of fixed maturities, available-for-sale	0	0	23,478
Other assets	$ 0	$ 0	$ (23,478)

Organization	12 Months Ended
Organization	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company formed in June 2007, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing innovative reinsurance solutions designed to support their capital needs. Together with its subsidiaries (collectively referred to as the "Company", "We" or "Maiden"), Maiden specializes in reinsurance solutions that optimize financing by providing coverage within the more predictable and actuarially credible lower layers of coverage and/or reinsure risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. Our tailored solutions include a variety of value added services focused on helping our clients grow and prosper. We provide reinsurance through our wholly owned subsidiaries, Maiden Reinsurance Ltd. ("Maiden Bermuda") and Maiden Reinsurance North America, Inc. ("Maiden US") and have operations in Bermuda and the United States, respectively. Maiden Bermuda does not underwrite any direct insurance business. Internationally, we provide reinsurance-related services through Maiden Global Holdings, Ltd. ("Maiden Global") and its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer partners to retail clients in the European Union and other global markets, which also produce reinsurance programs which are underwritten by Maiden Bermuda. Certain international credit life business is also written on a primary basis by Maiden Life Försäkrings AB ("Maiden LF"), a wholly owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Reporting and Consolidation — These Consolidated Financial Statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.

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


•	reserve for loss and loss adjustment expenses;


•	recoverability of deferred commission and other acquisition expenses;


•	determination of impairment of goodwill and other intangible assets;


•	valuation of financial instruments; and


•	determination of other-than-temporary impairment ("OTTI") of investments.

Investments — The Company currently classifies its fixed maturity investments as either "available-for-sale" ("AFS") or held-to-maturity ("HTM"). The AFS portfolio is reported at fair value. The HTM portfolio includes securities for which we have the ability and intent to hold to maturity or redemption. The HTM portfolio is reported at amortized cost. When a security is transferred from AFS to HTM, the fair value at the time of transfer, adjusted for subsequent amortization, becomes the security's amortized cost. The fair value of fixed maturity investments is generally determined from quotations received from nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of purchase.

The Company's other investments comprise both quoted and unquoted investments. The Company's quoted equity investment is based on a quoted market price from a Pricing Service, reflecting the closing price quoted for the final trading day of the period. The Company accounts for its unquoted other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944, "Financial Services" ("ASC 944"). Unquoted other investments primarily comprise investments in limited partnerships which are reported at fair value based on the financial information received from the fund managers and other information available to management.

Unrealized gains or losses on fixed maturities and other investments are reported as a component of accumulated other comprehensive income ("AOCI"). The net unrealized holding gains/losses of securities transferred from AFS to HTM at the designation date continues to be reported in the carrying value of the HTM securities and is amortized through Other Comprehensive Income over the remaining life of the securities using the effective interest method in a manner consistent with the amortization of any premium or discount.

2. Significant Accounting Policies (continued)

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

A security is potentially impaired when its fair value is below its amortized cost. On a quarterly basis, we review all impaired securities to determine if the impairment is OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value in a short period. Our review process begins with a quantitative analysis to identify securities to be further evaluated for potential OTTI. For all identified securities, further fundamental analysis is performed that considers, but not limited to, the following quantitative and qualitative factors:


•	Historic and implied volatility of the security;


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


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


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


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

The Company recognizes OTTI in earnings for its impaired fixed maturity securities (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total OTTI related to all other factors is recognized in other comprehensive income. In periods after the recognition of OTTI on the Company’s fixed maturity securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For fixed maturity securities in which OTTI was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income.

As our investment portfolio is the largest component of our consolidated assets, OTTI on our fixed maturity securities could be material to our financial condition and operating results particularly during periods of dislocation in the financial markets.

Fair Value Measurements — 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 and U.S. Treasury bonds;

•

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; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and

2. Significant Accounting Policies (continued)


•	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 at 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 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.

Cash and Cash Equivalents — The Company maintains its cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. Accordingly, changes in restricted cash and cash equivalents are reported as an investing activity in our Consolidated Statements of Cash Flows. The Company maintains certain cash and investments in trust accounts to be used primarily as collateral for unearned premiums and loss and loss adjustment expenses reserves owed to insureds. The Company is required to maintain minimum balances in these accounts based on pre-determined formulas. See "Note 4. (e) Investments" for additional details.

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

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

2. Significant Accounting Policies (continued)

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

Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of the business. Policy and contract acquisition expenses, including assumed commissions and other direct operating expenses that are related to successful contracts are deferred and recognized as expense as related premiums are earned.

Only certain expenses incurred in the successful acquisition of new and renewal insurance contracts are capitalized. Those expenses include incremental direct costs of contract acquisition that result directly from and are essential to the contract transaction and would not have been incurred had the contract transaction not occurred. All other acquisition-related expenses, such as costs incurred for soliciting business, administration, and unsuccessful acquisition or renewal efforts are charged to expense as incurred. Administrative expenses, including rent, depreciation, occupancy, equipment, and all other general overhead expenses are considered indirect and are expensed as incurred.

The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition expenses and anticipated investment income exceed unearned premium.

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

Reinsurance — Reinsurance premiums, losses and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and losses and LAE incurred and ceded to other companies as reduction of premium revenue and losses and LAE. The Company accounts for commissions allowed by reinsurers on business ceded as ceding commission, which is a reduction of acquisition costs and other underwriting expenses. The Company earns commissions on reinsurance premiums ceded in a manner consistent with the recognition of the earned premium on the underlying insurance policies, on a pro-rata basis over the terms of the policies reinsured. Reinsurance recoverable relate to the portion of reserves and paid losses and LAE that are ceded to other companies. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers.

Ceding Commissions on Reinsurance Transactions — Ceding commissions on reinsurance transactions are commissions the Company receives from ceding gross written premiums to third party reinsurers. The ceding commissions the Company receives cover a portion of its capitalized acquisition costs and a portion of other underwriting expenses. Ceding commissions received from reinsurance transactions that represent recovery of capitalized direct acquisition costs are recorded as a reduction of deferred acquisition costs and the net amount is charged to expense in proportion to net premium revenue recognized. Ceding commissions received from reinsurance transactions that represent the recovery of other underwriting expenses are recognized in the income statement over the insurance contract period in proportion to the insurance protection provided and classified as a reduction of acquisition costs and other underwriting expenses. Ceding commissions received, but not yet earned, that represent the recovery of other underwriting expenses are classified as a component of accrued expenses and other current liabilities. The Company allocates earned ceding commissions to its segments based on each segment’s proportionate share of total acquisition costs and other underwriting expenses recognized during the period.

Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the life of the debt. The amortization of these costs is included in interest and amortization expenses in the Consolidated Statements of Income.

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

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

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

2. Significant Accounting Policies (continued)

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

Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for its subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2015, 2014 and 2013.

Share-Based Compensation Expense — The Company is authorized to issue restricted share awards and units, performance based restricted share units ("PB-RSUs"), share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options, restricted share and share unit grants, based on the fair value of the award on the date of grant, over the vesting period, which is the requisite service period. The estimated fair value of the grant will be amortized ratably over its vesting period as a charge to compensation expense (a component of general and administrative expenses) and an increase to additional paid in capital in Shareholders’ Equity.

The estimated fair value of the PB-RSUs is recognized as a charge to compensation expense and an increase to additional paid in capital in Shareholders’ Equity following certain criteria such as operating return on common equity, underwriting performance, revenue growth and operating expense being met during the specified performance period as well as based on the recommendation of the Company's Chief Executive Officer ("CEO") and the discretion of the Compensation Committee of the Board of Directors.

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of options and restricted share units ("RSUs"). Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options, RSUs, PB-RSUs and the mandatory convertible preference shares using the if-converted method.

The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain senior leaders is considered a participating security and the Company uses the two-class method to calculate its net income (loss) attributable to Maiden common shareholders per common share – basic and diluted.

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

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

Assets and liabilities of subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the translation adjustments for foreign entities are included in AOCI. The amount of cumulative translation adjustment at December 31, 2015 was $30,345 (2014 - $16,714).

2. Significant Accounting Policies (continued)

Recently Adopted Accounting Standards Updates

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

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


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


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


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

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

The amendments in this ASU are effective prospectively to all disposals (or classifications as held for sale) that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014. Early adoption is permitted. Entities are prohibited from applying the new ASU to any component that is classified as held for sale before the adoption date. The adoption of this guidance did not have an impact on our results of operations, financial condition or liquidity.

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

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

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

Recently Issued Accounting Standards Not Yet Adopted

Simplifying the Presentation of Debt Issuance Costs

In April 2015, the FASB issued 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 guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our results of operations, financial condition or liquidity.

2. Significant Accounting Policies (continued)

Disclosures about Short-Duration Contracts

In May 2015, the FASB issued ASU 2015-09 which is aimed at providing users of financial statements with more transparent information about an insurance entity’s initial claim estimates and subsequent adjustments to those estimates, methodologies and judgments in estimating claims, and the timing, frequency and severity of claims. The new disclosures are required for short-duration insurance contracts issued by insurers. For public business entities, this guidance will be effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted and should be applied retrospectively by providing comparative disclosures for each period presented. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position.

Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, the FASB issued ASU No. 2015-07 which removes the requirement to categorize all investments for which fair value is measured using the net asset value per share practical expedient within the fair value hierarchy. ASU 2015-07 also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient, unless the entity has elected to measure the fair value using that practical expedient. For public business entities, this guidance will be effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. Earlier application is permitted. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s statements of operations and financial position.

Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU 2016-01 that will change how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. Under the new guidance, entities will have to measure many equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. This includes investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify today as AFS in AOCI. They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

Accounting for Leases

In February 2016, the FASB issued final ASC 842 guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statement in a manner similar to today's accounting. The guidance also eliminates today's real-estate-specific provisions for all entities. All entities classify leases to determine how to recognize lease-related revenue and expense. The U.S. GAAP standard is effective for public business entities and certain not-for-profit entities and employee benefit plans for annual periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted for all entities. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located, primarily in the U.S. and Europe. Our AmTrust Reinsurance segment includes all business ceded to Maiden Bermuda from AmTrust, primarily the AmTrust Quota Share and the European Hospital Liability Quota Share. In addition to our reportable segments, the results of operations of the former NGHC Quota Share segment and the remnants of the U.S. excess and surplus business have been included in the "Other" category.

The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments 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. All remaining assets are allocated to Corporate.

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 Year Ended December 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	776,852		$	1,885,974		$	(1	)	$	2,662,825
Net premiums written	$	734,781		$	1,779,334		$	1		$	2,514,116
Net premiums earned	$	744,875		$	1,684,191		$	3		$	2,429,069
Other insurance revenue	11,512			—			—			11,512
Net loss and loss adjustment expenses	(547,296		)	(1,074,072		)	(12,202		)	(1,633,570		)
Commission and other acquisition expenses	(196,292		)	(527,863		)	(42		)	(724,197		)
General and administrative expenses	(37,550		)	(2,947		)	—			(40,497		)
Underwriting (loss) income	$	(24,751	)	$	79,309		$	(12,241	)	42,317
Reconciliation to net income
Net investment income and realized gains on investment										133,590
Net impairment losses recognized in earnings										(1,060		)
Interest and amortization expenses										(29,063		)
Amortization of intangible assets										(2,840		)
Foreign exchange and other gains										7,753
Other general and administrative expenses										(24,375		)
Income tax expense										(2,038		)
Net income										$	124,284

Net loss and LAE ratio ⁽¹⁾	72.3		%	63.8		%				66.9		%
Commission and other acquisition expense ratio ⁽²⁾	26.0		%	31.3		%				29.7		%
General and administrative expense ratio⁽³⁾	5.0		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.3		%	95.3		%				99.3		%

3. Segment Information (continued)



For the Year Ended December 31, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	897,748		$	1,610,485		$	(881	)	$	2,507,352
Net premiums written	$	850,049		$	1,610,485		$	(2,398	)	$	2,458,136
Net premiums earned	$	854,026		$	1,378,327		$	19,390		$	2,251,743
Other insurance revenue	13,410			—			—			13,410
Net loss and loss adjustment expenses	(579,771		)	(893,502		)	(24,998		)	(1,498,271		)
Commission and other acquisition expenses	(233,711		)	(418,908		)	(6,696		)	(659,315		)
General and administrative expenses	(38,858		)	(2,533		)	(757		)	(42,148		)
Underwriting income (loss)	$	15,096		$	63,384		$	(13,061	)	65,419
Reconciliation to net income
Net investment income and realized gains on investment										118,378
Net impairment losses recognized in earnings										(2,364		)
Interest and amortization expenses										(29,959		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(28,240		)
Amortization of intangible assets										(3,277		)
Foreign exchange and other gains										4,150
Other general and administrative expenses										(20,410		)
Income tax expense										(2,164		)
Net income										$	101,533

Net loss and LAE ratio ⁽¹⁾	66.8		%	64.8		%				66.1		%
Commission and other acquisition expense ratio ⁽²⁾	26.9		%	30.4		%				29.1		%
General and administrative expense ratio⁽³⁾	4.6		%	0.2		%				2.8		%
Combined ratio ⁽⁴⁾	98.3		%	95.4		%				98.0		%

3. Segment Information (continued)



For the Year Ended December 31, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	848,790		$	1,169,961		$	185,408		$	2,204,159
Net premiums written	$	763,374		$	1,169,961		$	162,966		$	2,096,301
Net premiums earned	$	753,157		$	988,900		$	258,830		$	2,000,887
Other insurance revenue	14,232			—			—			14,232
Net loss and loss adjustment expenses	(519,962		)	(653,528		)	(176,140		)	(1,349,630		)
Commission and other acquisition expenses	(190,604		)	(291,559		)	(74,415		)	(556,578		)
General and administrative expenses	(37,649		)	(1,566		)	(707		)	(39,922		)
Underwriting income	$	19,174		$	42,247		$	7,568		68,989
Reconciliation to net income
Net investment income and realized gains on investment										94,937
Interest and amortization expenses										(39,805		)
Amortization of intangible assets										(3,780		)
Foreign exchange and other gains										2,809
Other general and administrative expenses										(18,431		)
Income tax expense										(1,863		)
Net income										$	102,856

Net loss and LAE ratio ⁽¹⁾	67.8		%	66.1		%				67.0		%
Commission and other acquisition expense ratio ⁽²⁾	24.8		%	29.5		%				27.6		%
General and administrative expense ratio ⁽³⁾	4.9		%	0.2		%				2.9		%
Combined ratio⁽⁴⁾	97.5		%	95.8		%				97.5		%


(1)	Calculated by dividing net loss and LAE by the sum of net premiums earned and other insurance revenue.


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


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


(4)	Calculated by adding together net loss and LAE ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at December 31, 2015 and 2014:



December 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	230,223	$	137,586	$	367,809
Reinsurance recoverable on unpaid losses	38,390		14,230		52,620
Deferred commission and other acquisition expenses	80,012		317,536		397,548
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	81,920		—		81,920
Restricted cash and cash equivalents and investments	1,178,076		2,468,689		3,646,765
Other assets	35,920		72,843		108,763
Total assets - reportable segments	1,644,541		3,178,859		4,823,400
Corporate assets	—		—		890,245
Total Assets	$	1,644,541	$	3,178,859	$	5,713,645

December 31, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	245,782	$	256,779	$	502,561
Reinsurance recoverable on unpaid losses	31,272		—		31,272
Deferred commission and other acquisition expenses	87,289		285,232		372,521
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	87,336		—		87,336
Restricted cash and cash equivalents and investments	1,132,953		1,930,502		3,063,455
Other assets	40,032		—		40,032
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 table shows an analysis of the Company’s gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2015, 2014 and 2013. In case of business assumed from AmTrust Financial Services, Inc. ("AmTrust"), it is the location of the relevant AmTrust subsidiaries.



For the Year Ended December 31,	2015		2014		2013
Gross premiums written – North America	$	2,165,309	$	1,979,768	$	1,742,333
Gross premiums written – Other (predominantly Europe)	497,516		527,584		461,826
Net premiums written – North America	2,038,444		1,934,644		1,638,844
Net premiums written – Other (predominantly Europe)	475,672		523,492		457,457
Net premiums earned – North America	2,027,141		1,778,579		1,602,128
Net premiums earned – Other (predominantly Europe)	401,928		473,164		398,759

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31,	2015				2014					2013
	Total		% of Total		Total			% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	160,939	6.4	%	$	160,308		6.5	%	$	145,292	6.9	%
Casualty	435,625		17.3	%	535,518			21.8	%	473,732		22.6	%
Accident and Health	64,102		2.6	%	38,870			1.6	%	35,340		1.7	%
International	74,115		2.9	%	115,353			4.7	%	109,010		5.2	%
Total Diversified Reinsurance	734,781		29.2	%	850,049			34.6	%	763,374		36.4	%
AmTrust Reinsurance
Small Commercial Business	1,057,968		42.1	%	857,576			34.9	%	572,006		27.3	%
Specialty Program	332,416		13.2	%	220,121			8.9	%	157,578		7.5	%
Specialty Risk and Extended Warranty	388,950		15.5	%	532,788			21.7	%	440,377		21.0	%
Total AmTrust Reinsurance	1,779,334		70.8	%	1,610,485			65.5	%	1,169,961		55.8	%
Other	1		—	%	(2,398		)	(0.1	)%	162,966		7.8	%
	$	2,514,116	100.0	%	$	2,458,136		100.0	%	$	2,096,301	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31,	2015				2014				2013
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	157,186	6.5	%	$	174,785	7.7	%	$	150,261	7.5	%
Casualty	449,000		18.5	%	533,775		23.7	%	472,095		23.6	%
Accident and Health	55,672		2.3	%	39,918		1.8	%	36,165		1.8	%
International	83,017		3.4	%	105,548		4.7	%	94,636		4.7	%
Total Diversified Reinsurance	744,875		30.7	%	854,026		37.9	%	753,157		37.6	%
AmTrust Reinsurance
Small Commercial Business	984,333		40.5	%	752,188		33.4	%	493,774		24.7	%
Specialty Program	290,209		11.9	%	175,286		7.8	%	140,478		7.0	%
Specialty Risk and Extended Warranty	409,649		16.9	%	450,853		20.0	%	354,648		17.7	%
Total AmTrust Reinsurance	1,684,191		69.3	%	1,378,327		61.2	%	988,900		49.4	%
Other	3		—	%	19,390		0.9	%	258,830		13.0	%
	$	2,429,069	100.0	%	$	2,251,743	100.0	%	$	2,000,887	100.0	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Investments

12 Months Ended

Dec. 31, 2015

Schedule of Investments [Abstract]

Investments

a) Fixed Maturities and Other Investments

During the third quarter of 2015, we designated fixed maturities with a total fair value of $608,722 as HTM reflecting our intent to hold these securities to maturity. The net unrealized holding gain of $244 at the designation date continues to be reported in the carrying value of the HTM securities and is amortized through Other Comprehensive Income over the remaining life of the securities using the effective interest method in a manner consistent with the amortization of any premium or discount.

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities and other investments at December 31, 2015 and 2014, are as follows:



December 31, 2015	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,714	$	312	$	(16	)	$	6,010
U.S. agency bonds – mortgage-backed	1,471,782		15,399		(10,190		)	1,476,991
U.S. agency bonds – other	23,734		577		—			24,311
Non-U.S. government and supranational bonds	35,128		—		(4,584		)	30,544
Asset-backed securities	165,719		1,174		(1,089		)	165,804
Corporate bonds	1,798,610		38,070		(97,012		)	1,739,668
Municipal bonds	62,177		2,583		—			64,760
Total AFS fixed maturities	3,562,864		58,115		(112,891		)	3,508,088
HTM fixed maturities:
Corporate bonds	607,843		3,458		(12,326		)	598,975
Total HTM fixed maturities	607,843		3,458		(12,326		)	598,975
Other investments	10,816		1,091		(95		)	11,812
Total investments	$	4,181,523	$	62,664	$	(125,312	)	$	4,118,875



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
Asset-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 prepay obligations with or without call or prepayment penalties.

4. Investments (continued)



	AFS fixed maturities				HTM fixed maturities
December 31, 2015	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	181,769	$	180,407	$	—	$	—
Due after one year through five years	477,902		475,103		67,371		66,888
Due after five years through ten years	1,238,535		1,180,221		540,472		532,087
Due after ten years	27,157		29,562		—		—
	1,925,363		1,865,293		607,843		598,975
U.S. agency bonds - mortgage-backed	1,471,782		1,476,991		—		—
Asset-backed securities	165,719		165,804		—		—
Total fixed maturities	$	3,562,864	$	3,508,088	$	607,843	$	598,975

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



	Less than 12 Months					12 Months or More					Total
December 31, 2015	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	1,119	$	(16	)	$	—	$	—		$	1,119	$	(16	)
U.S. agency bonds – mortgage-backed	443,331		(4,113		)	170,053		(6,077		)	613,384		(10,190		)
Non–U.S. government and supranational bonds	6,958		(365		)	22,586		(4,219		)	29,544		(4,584		)
Asset-backed securities	89,838		(1,089		)	—		—			89,838		(1,089		)
Corporate bonds	752,911		(41,352		)	399,779		(67,986		)	1,152,690		(109,338		)
Total temporarily impaired fixed maturities	1,294,157		(46,935		)	592,418		(78,282		)	1,886,575		(125,217		)
Other investments	4,905		(95		)	—		—			4,905		(95		)
Total temporarily impaired fixed maturities and other investments	$	1,299,062	$	(47,030	)	$	592,418	$	(78,282	)	$	1,891,480	$	(125,312	)

At December 31, 2015, there were approximately 270 securities in an unrealized loss position with a fair value of $1,891,480 and unrealized losses of $125,312. Of these securities, there were 93 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $592,418 and unrealized losses of $78,282.



	Less than 12 Months					12 Months or More					Total
December 31, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
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	$	525,149	$	(18,113	)	$	588,017	$	(20,898	)	$	1,113,166	$	(39,011	)

4. Investments (continued)

At 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 were 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.

OTTI

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. Based on our qualitative and quantitative OTTI review of each security within our fixed maturity portfolio, during the year ended December 31, 2015, we determined that there was a credit impairment in respect of one corporate bond. The Company does not intend to sell this security, but we do not believe it is probable that we will recover the amortized cost basis of the security. The Company has therefore recognized $1,060 of OTTI through earnings for the year ended December 31, 2015. The Company recognized $2,364 and $0 OTTI for the years ended December 31, 2014 and 2013, respectively.

In respect of the rest of our portfolio, we have determined that the unrealized losses on fixed maturities at December 31, 2015 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 December 31, 2015.

The following summarizes the credit ratings of our fixed maturities:



Rating* at December 31, 2015	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,714	$	6,010	0.1	%
U.S. agency bonds	1,495,516		1,501,302		36.6	%
AAA	170,190		170,391		4.1	%
AA+, AA, AA-	222,506		223,084		5.4	%
A+, A, A-	1,075,550		1,066,794		26.0	%
BBB+, BBB, BBB-	1,077,064		1,039,228		25.3	%
BB+ or lower	124,167		100,254		2.5	%
Total	$	4,170,707	$	4,107,063	100.0	%



Rating* at 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")

4. Investments (continued)

b) Other Investments

The table below shows our portfolio of other investments:



December 31,	2015				2014
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,907	50.0	%	$	5,581	44.4	%
Investment in quoted equity	4,905		41.5	%	5,990		47.6	%
Other	1,000		8.5	%	1,000		8.0	%
Total other investments	$	11,812	100.0	%	$	12,571	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $622 at December 31, 2015.

c) Net Investment Income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2015			2014			2013
Fixed maturities	$	132,394		$	118,203		$	89,350
Cash and cash equivalents	2,578			2,224			3,120
Loan to related party	1,865			1,797			1,857
Other	312			246			1,452
	137,149			122,470			95,779
Less: Investment expenses	(6,057		)	(5,255		)	(4,427		)
Total	$	131,092		$	117,215		$	91,352

d) Realized Gains (Losses) on Investment

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 Consolidated Statements of Income:



For the Year Ended December 31, 2015	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,849	$	(543	)	$	2,306
Other investments	192		—			192
Net realized gains on investment	$	3,041	$	(543	)	$	2,498



For the Year Ended December 31, 2014	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,334	$	(610	)	$	724
Other investments	439		—			439
Net realized gains on investment	$	1,773	$	(610	)	$	1,163

4. Investments (continued)



For the Year Ended December 31, 2013	Gross gains		Gross losses			Net
AFS fixed maturities	$	5,598	$	(2,201	)	$	3,397
Other investments	188		—			188
Net realized gains on investment	$	5,786	$	(2,201	)	$	3,585

Proceeds from sales of fixed maturities classified as AFS were $129,152, $171,216 and $355,863, for the years ended December 31, 2015, 2014 and 2013, respectively.

Net unrealized (losses) gains were as follows:



December 31,	2015			2014			2013
Fixed maturities	$	(55,024	)	$	77,040		$	34,275
Other investments	996			1,709			570
Total net unrealized (losses) gains	(54,028		)	78,749			34,845
Deferred income tax	(84		)	(170		)	(117		)
Net unrealized (losses) gains, net of deferred income tax	$	(54,112	)	$	78,579		$	34,728
Change, net of deferred income tax	$	(132,691	)	$	43,851		$	(108,937	)

e) Restricted Cash and Cash Equivalents and Investments

We are required to maintain assets on deposit to support our reinsurance operations and to serve as collateral for our reinsurance liabilities under various reinsurance agreements. The assets on deposit are available to settle reinsurance liabilities. We also utilize trust accounts to collateralize business with our reinsurance counterparties. These trust accounts generally take the place of letter of credit requirements.

The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair value of our restricted assets was as follows:



December 31,	2015		2014
Restricted cash and cash equivalents – third party agreements	$	102,837	$	107,884
Restricted cash and cash equivalents – related party agreements	139,944		175,817
Restricted cash and cash equivalents – U.S. state regulatory authorities	78		680
Total restricted cash and cash equivalents	242,859		284,381
Restricted investments AFS – in trust for third party agreements at fair value (Amortized cost: 2015 – $1,081,202; 2014 – $993,974)	1,067,602		1,014,878
Restricted investments AFS – in trust for related party agreements at fair value (Amortized cost: 2015 – $1,781,178; 2014 – $1,769,083)	1,754,705		1,814,478
Restricted investments HTM – in trust for related party agreements at fair value (Amortized cost: 2015 – $607,843; 2014 – $0)	598,975		—
Restricted investments AFS – in trust for U.S. state regulatory authorities (Amortized cost: 2015 – $4,071; 2014 – $7,269)	4,303		7,606
Total restricted investments	3,425,585		2,836,962
Total restricted cash and cash equivalents and investments	$	3,668,444	$	3,121,343

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments

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

The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at December 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.

Asset-backed securities — Comprise CMBS and CLO originated by a variety of financial institutions. 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 and CLO are observable market inputs, the fair value of the CMBS and CLO 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 spreads are sourced from broker/dealers, trade prices and the new issue market. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate bonds are included in the Level 2 fair value hierarchy.

Municipal bonds — 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 balances receivable — The carrying values reported in the accompanying 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 consolidated balance sheets for this financial instrument approximates its fair value.

Senior notes — The amount reported in the accompanying 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.

5. Fair Value Measurements (continued)

b) Fair Value Hierarchy

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

At December 31, 2015 and 2014, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 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	$	6,010		$	—		$	—		$	6,010
U.S. agency bonds – mortgage-backed	—			1,476,991			—			1,476,991
U.S. agency bonds – other	—			24,311			—			24,311
Non-U.S. government and supranational bonds	—			30,544			—			30,544
Asset-backed securities	—			165,804			—			165,804
Corporate bonds	—			1,739,668			—			1,739,668
Municipal bonds	—			64,760			—			64,760
Other investments	4,905			—			6,907			11,812
Total	$	10,915		$	3,502,078		$	6,907		$	3,519,900
As a percentage of total assets	0.2		%	61.3		%	0.1		%	61.6		%



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
Asset-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 99.9% of its fixed maturities at December 31, 2015 and 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.

5. Fair Value Measurements (continued)

At December 31, 2015 and 2014, 0.1%, respectively, of the fixed maturities are valued using the market approach. At those dates, a total of two securities and one security, respectively, or approximately $4,943 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 December 31, 2015 and 2014, we have not adjusted any pricing provided to us based on the review performed by our investment managers.

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 $5,907 or 0.1% of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth, 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 Consolidated Financial Statements. During the year ended December 31, 2014, there was a transfer from Level 3 to Level 1 following a private placement investment made by the Company which began trading on NASDAQ following a resale registration statement coming into effect. At December 31, 2015 and 2014, this investment is included within Level 1 of the fair value hierarchy.

c) Level 3 Financial Instruments

The Company has determined that its investments in Level 3 securities are not material to its financial position or results of operations. The following table presents changes in Level 3 of our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014:



	For the Year Ended December 31,
Other investments:	2015			2014
Balance at beginning of period	$	6,581		$	5,092
Total realized gains – included in net realized gains on investment	192			439
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	373			1,139
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	217			6,698
Sales and redemptions	(456		)	(797		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			(5,990		)
Balance at end of period	$	6,907		$	6,581
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$	—		$	—

5. Fair Value Measurements (continued)

(d) Financial Instruments not measured at Fair Value

The following table presents the fair value and carrying value of the financial instruments not measured at fair value:



	December 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM - corporate bonds	$	607,843	$	598,975	$	—	$	—
Total financial assets	$	607,843	$	598,975	$	—	$	—

Financial Liabilities
MHNA - 8.25%	$	107,500	$	110,424	$	107,500	$	113,391
MHNB - 8.00%	100,000		105,328		100,000		106,320
MHNC - 7.75%	152,500		165,456		152,500		162,016
Total financial liabilities	$	360,000	$	381,208	$	360,000	$	381,727

- Definition

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

+ References + Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company recognizes Goodwill and Intangible Assets in connection with certain acquisitions.

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

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

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



	Goodwill			Intangible Assets			Total
December 31, 2013	$	58,312		$	32,301		$	90,613
Amortization	—			(3,277		)	(3,277		)
December 31, 2014	58,312			29,024			87,336
Acquired during the year	1,800			—			1,800
Disposed during the year	(1,120		)	(3,200		)	(4,320		)
Cumulative translation adjustment	(56		)	—			(56		)
Amortization	—			(2,840		)	(2,840		)
December 31, 2015	$	58,936		$	22,984		$	81,920

6. Goodwill and Intangible Assets (continued)



December 31, 2015	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,936	$	—		$	58,936	Indefinite
State licenses	4,527		—			4,527		Indefinite
Customer relationships	51,400		(32,943		)	18,457		15 years double declining
Net balance	$	114,863	$	(32,943	)	$	81,920



December 31, 2014	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(30,103		)	21,297		15 years double declining
Net balance	$	117,439	$	(30,103	)	$	87,336

On November 4, 2015, Maiden US finalized the sale of its wholly owned subsidiary, Maiden Specialty Insurance Company, to Clear Blue Financial Holdings, LLC ("Clear Blue"). The goodwill and intangible assets disposed of by way of this sale agreement were $1,120 and $3,200, respectively. During 2015, the Company acquired Regulatory Capital Limited, trading as Insurance Regulatory Capital ("IRC"), a licensed asset manager in Ireland. IRC offers solutions designed to meet the capital and risk management needs of mid-sized insurance companies. The Company recognized goodwill of $1,800 as a result of the acquisition.

The goodwill and intangible assets are assigned to the Diversified Reinsurance segment and are subject to annual impairment testing. No impairment was recorded during the years ended December 31, 2015, 2014 and 2013.

The estimated amortization of intangible assets for the next five years is as follows:



2016	$	2,461
2017	2,133
2018	1,848
2019	1,602
2020	1,388

- Definition

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

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

The Company, through its wholly owned subsidiary Maiden NA, completed public debt offerings on three separate occasions, with the issuance of senior notes in 2011, 2012 and 2013, respectively, (the "Senior Notes"). Each issuance is fully and unconditionally guaranteed by the Company and are an unsecured and unsubordinated obligation of the Company. The following table details the Company's Senior Notes issuances:



	2011 Senior Notes			2012 Senior Notes			2013 Senior Notes
Principal	$	107,500		$	100,000		$	152,500
Debt Issuance Costs	2,811			3,406			5,054
Net Proceeds	$	104,689		$	96,594		$	147,446

Other details:
Maturity date	June 15, 2041			March 27, 2042			December 1, 2043
Earliest redeemable date (for cash)	June 15, 2016			March 27, 2017			December 1, 2018
Coupon rate	8.25		%	8.00		%	7.75		%
Effective interest rate	8.47		%	8.28		%	8.04		%

7. Long-Term Debt (continued)

The interest expense incurred on the Senior Notes for the year ended December 31, 2015 was $28,687 (2014 - $28,687, 2013 - $18,084), of which $1,523 was accrued at December 31, 2015 and 2014. The debt issuance costs related to the Senior Notes were capitalized and are being amortized over the life of the notes. The amount of amortization expense was $376 for the year ended December 31, 2015 (2014 - $375, 2013 - $223).

Reinsurance

12 Months Ended

Dec. 31, 2015

Reinsurance Disclosures [Abstract]

Reinsurance

We use retrocessional agreements ("ceded reinsurance") to mitigate volatility and to reduce our exposure on certain specialty reinsurance risks and to provide capital support. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers are unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances.

Effective January 1, 2015, the Company entered into a retrocessional quota share agreement with a highly rated global insurer to cede certain lines of business from both of our reportable segments.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2015, 2014 and 2013 was as follows:



For the Year Ended December 31,	2015			2014			2013
Premiums written
Direct	$	9,160		$	48,565		$	104,976
Assumed	2,653,666			2,458,787			2,099,183
Ceded	(148,710		)	(49,216		)	(107,858		)
Net	$	2,514,116		$	2,458,136		$	2,096,301
Premiums earned
Direct	$	26,358		$	70,807		$	118,170
Assumed	2,481,515			2,253,750			1,994,225
Ceded	(78,804		)	(72,814		)	(111,508		)
Net	$	2,429,069		$	2,251,743		$	2,000,887
Loss and loss adjustment expenses
Gross loss and LAE	$	1,687,564		$	1,592,795		$	1,421,328
Loss and LAE ceded	(53,994		)	(94,524		)	(71,698		)
Net	$	1,633,570		$	1,498,271		$	1,349,630

The reinsurers with the three largest balances accounted for 40.9%, 35.5% and 4.8%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at December 31, 2015 (2014 – 45.6%, 10.6% and 9.9%, respectively). At December 31, 2015, 99.1% of the reinsurance recoverable on unpaid losses was due from reinsurers with credit ratings from A.M Best of A, or better, and 0.9% of the reinsurance recoverable on unpaid losses was due from reinsurers without ratings. At December 31, 2015 and 2014, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6480758&loc=d3e6816-158387

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27374-158547

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.6,13)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6480758&loc=d3e6811-158387

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 55
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=34714010&loc=d3e27795-158548

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 605
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=34714010&loc=d3e27703-158548

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 310
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6485557&loc=d3e21549-158491

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 6
-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 13
-Article 7

+ Details

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

Our reserve for loss and LAE comprises:



December 31,	2015		2014
Reserve for reported loss and LAE	$	1,411,712	$	1,241,132
Reserve for losses incurred but not reported	1,098,389		1,030,160
Reserve for loss and LAE	$	2,510,101	$	2,271,292

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

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:



For the Year Ended December 31,	2015			2014			2013
Gross loss and LAE reserves, January 1	$	2,271,292		$	1,957,835		$	1,740,281
Less: reinsurance recoverable on unpaid losses, January 1	75,873			84,036			110,858
Net loss and LAE reserves, January 1	2,195,419			1,873,799			1,629,423
Net incurred losses related to:
Current year	1,558,704			1,479,425			1,351,043
Prior years	74,866			18,846			(1,413		)
	1,633,570			1,498,271			1,349,630
Net paid losses related to:
Current year	(457,517		)	(430,394		)	(517,606		)
Prior years	(892,840		)	(705,397		)	(598,490		)
	(1,350,357		)	(1,135,791		)	(1,116,096		)
Effect of foreign exchange movements	(39,779		)	(40,860		)	10,842
Net loss and LAE reserves, December 31	2,438,853			2,195,419			1,873,799
Reinsurance recoverable on unpaid losses, December 31	71,248			75,873			84,036
Gross loss and LAE reserves, December 31	$	2,510,101		$	2,271,292		$	1,957,835

Management believes that its use of both historical experience and industry-wide loss development factors provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and inflation may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves.

The anticipated effect of inflation is implicitly considered when estimating liabilities for losses and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves in previous calendar years. The development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after review of changes in actuarial assessments.

During 2015, the Company recorded estimated net adverse development, primarily from U.S. commercial auto business, on prior year loss reserves of $74,866 or 3.3% of prior year net loss and LAE reserves compared to net unfavorable development $18,846 or 1.0% in 2014 and net favorable development of $1,413 or 0.1% in 2013.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 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. The Founding Shareholders including Leah Karfunkel (wife of Michael Karfunkel) own or control approximately 20.3% of the outstanding shares of the Company. Michael Karfunkel is the non-executive chairman of the board of AmTrust, George Karfunkel is a director of AmTrust, and Barry Zyskind is the president, CEO and director of AmTrust. The Founding Shareholders, including Leah Karfunkel, own or control approximately 47.9% of the outstanding shares of AmTrust. AmTrust owns 11.6% of the issued and outstanding shares of National General Holdings Corporation ("NGHC") common stock, and Michael Karfunkel individually and the Michael Karfunkel 2005 Family Trust (which is controlled by Leah Karfunkel) own a combined 43.1% of the outstanding common shares of NGHC. Michael Karfunkel is the chairman and CEO 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. On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business. AII receives a ceding commission of 34.375% on Retail Commercial Package Business. Effective March 7, 2013, Maiden Bermuda and AII amended the Reinsurance Agreement extending the term of the agreement to June 30, 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 the expiration of any successive three-year period. As no written notice was given by either party, the term of the agreement has been extended to June 30, 2019. 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. In 2015, Maiden Bermuda and AII entered into an agreement to commute certain liabilities as of December 31, 2015. The commuted reserve value of $107,000, represents full and final settlement of all liabilities related to this business and as a result of this agreement, this business will be excluded prospectively. Additionally, for 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 (€10,000 effective January 1, 2012) or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Bermuda will pay a ceding commission of 5%. The agreement has been renewed through March 31, 2017 and can be terminated at any April 1 by either party on four months notice. For the year ended December 31, 2015, the Company recorded approximately $518,196 (2014 - $401,679, 2013 - $279,197) of commission expense as a result of both of these quota share arrangements with AmTrust. 10. Related Party Transactions (continued) Other Reinsurance Agreements Effective September 1, 2010, the Company, through a subsidiary, entered into an arrangement whereby a subsidiary of AmTrust fronted a reinsurance agreement in which we 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, we now receive 100% of the premium and reinsure 100% of the gross liabilities incurred (from the effective date). As this program is currently in run-off, we did not record any premiums earned or commission expense, respectively, for the year ended December 31, 2015 (2014 - $1,796 and $90, respectively, 2013 - $4,785 and $239, respectively). Effective September 1, 2010, the Company, through a subsidiary, entered into a quota share reinsurance agreement with Technology Insurance Company, Inc. ("Technology"), a subsidiary of AmTrust. Under the agreement, we 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"). Our involvement is limited to certain states where Technology was not fully licensed. The agreement also provides that we receive a ceding commission of 5% of ceded written premiums. The reinsurance agreement had a term of three years and remained continuously in force until terminated in accordance with the contract. The OPL program was terminated on December 31, 2011, on a run-off basis, and the NAXS program was terminated on October 31, 2012. We recorded $68 of ceded premiums and $3 ceding commission income for the year ended December 31, 2015 (2014 - $171 and $8, respectively, 2013 - $928 and $186, respectively). Effective April 1, 2012, the Company, through a subsidiary, entered into a reinsurance agreement with AmTrust's wholly owned subsidiary, AmTrust North America, Inc. ("AmTrust NA"). We 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. This agreement has a term of one year and automatically renews annually unless terminated pursuant to the terms of the agreement. Under this agreement, we recorded approximately $673 of net premiums earned and $166 of commission expense for the year ended December 31, 2015 ($1,241 and $643 net premiums earned and $262 and $158 commission expense for the years ended December 31, 2014 and 2013, respectively). 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, or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII. 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. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows: •by lending funds in the amount of $167,975 at December 31, 2015 and 2014 pursuant to a loan agreement entered into between those parties. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Interest is payable at a rate equivalent to the one-month LIBOR plus 90 basis points per annum; and •effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, at December 31, 2015 was approximately $2,256,383 (2014 - $1,691,970) and the accrued interest was $15,448 (2014 - $10,413). Please refer to "Note 4. (e) Investments" for additional information. b) European Hospital Liability Quota Share AEL requested that Maiden Bermuda provide collateral to secure its proportional share under the European Hospital Liability Quota Share agreement. Please refer to "Note 4. (e) Investments" for additional information. 10. Related Party Transactions (continued) Brokerage Agreement Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. ("AIIB"), a wholly owned subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and 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 $21,475, $17,229 and $12,361 of reinsurance brokerage expense for the years ended December 31, 2015, 2014 and 2013, respectively, and deferred reinsurance brokerage of $13,464 and $11,423 at December 31, 2015 and 2014, respectively, 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"), a wholly owned subsidiary of AmTrust, 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 $6,057, $5,214 and $4,388 of investment management fees for the years ended December 31, 2015, 2014 and 2013, respectively, 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 agreements. Pursuant to the agreements, the Company will reimburse AUI and AmTrust for actual expenses incurred as allowed by Federal Aviation Regulations. For the year ended December 31, 2015, the Company recorded an expense of $89 (2014- $88, 2013 - $57) 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, 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% (32.0% effective October 1, 2012) 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% (30.0% effective October 1, 2012) if the loss ratio was 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 continued 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. Consequently, Maiden Bermuda recorded no ceding commission expense for the year ended December 31, 2015 (2014 - $6,509, 2013 - $75,382) as a result of this transaction. Other Effective April 1, 2015, Maiden US renewed the 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 retention (2014 - $1,100) (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 these agreements, Maiden US recorded $443 of premiums earned for the year ended December 31, 2015 (2014 - $190, 2013 - $180).

- 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

Commitments, Contingencies and Concentrations

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Concentrations

a) Concentrations of Credit Risk

At December 31, 2015 and 2014, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party and reinsurance balances receivable.

The Company manages concentration of credit risk in the investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the loan to related party and its reinsurance balances receivable, within which the largest balance is due from AmTrust. To mitigate credit risk, we generally have a contractual right of offset thereby allowing us to settle claims net of any premiums or loan receivable. The Company believes these balances will be fully collectible.

b) Concentrations of Revenue

During 2015, our gross premiums written from AmTrust accounted for $1,885,974 or 70.8% of our total gross premiums written (2014 – $1,610,485 or 64.2% and 2013 – $1,169,961 or 53.1%).

c) Brokers

We market our Diversified Reinsurance segment through a combination of third-party intermediaries and directly through our own marketing efforts. For the year ended December 31, 2015, 54.6% (2014 - 57.1%, 2013 - 57.7%) of the Diversified Reinsurance segment gross premiums written was sourced through brokers. Our top three brokers represented approximately 36.9% of gross premiums written by our Diversified Reinsurance segment for the year ended December 31, 2015 (2014 - 31.6%, 2013 - 29.9%) and is comprised of Aon Benfield Inc. -17.3% (2014 - 15.8%, 2013 - 11.9%), Marsh & McLennan Companies (including Guy Carpenter) - 12.2% (2014 - 12.0%, 2013 - 12.6%), and U.S. RE Corporation - 7.4% (Tiger Risk Partners - 2014 - 3.8%, Beach & Associates, Ltd. - 2013- 5.4%).

d) Letters of Credit

At December 31, 2015 and 2014, we had letters of credit outstanding of $76,964 and $82,489, respectively. The letters of credit are for collateral purposes and are secured by cash and fixed maturities with a fair value of $108,666 (2014 - $115,151).

e) Employment agreements

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

f) Operating Lease Commitments

The Company leases office space, an apartment, equipment and vehicles under operating leases expiring in various years through 2020. The Company's office space lease in Hamilton, Bermuda for Maiden Holdings and Maiden Bermuda, which expires on November 30, 2017, has an option to renew for another five years. The Company's total rent expense for the years ended December 31, 2015, 2014 and 2013 was $1,984, $2,220 and $2,171, respectively. Future minimum lease payments at December 31, 2015 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2015
2016	$	1,395
2017	1,126
2018	534
2019	491
2020	345
	$	3,891

g) Unfunded Commitments

The Company has an unfunded commitment on its investment in limited partnerships of approximately $622 at December 31, 2015 (2014 - $736).

11. Commitments and Contingencies (continued)

h) Other Collateral

In the ordinary course of business, the Company enters into reinsurance agreements that may include terms which could require the Company to collateralize certain of its obligations.

i) Deposit Insurance

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

j) Legal Proceedings

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

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 2016. 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.

k) Dividends declared

On November 4, 2015, the Company's Board of Directors authorized the following quarterly dividend:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.14	January 15, 2016	January 1, 2016

Earnings per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings per Common Share

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



For the Year Ended December 31,	2015			2014			2013
Numerator:
Net income attributable to Maiden	$	124,476		$	101,391		$	102,735
Dividends on preference shares - Series A	(12,375		)	(12,375		)	(12,375		)
Dividends on convertible preference shares - Series B	(11,962		)	(11,962		)	(2,459		)
Amount allocated to participating common shareholders⁽¹⁾	(52		)	(94		)	(116		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	100,087			76,960			87,785
Potentially dilutive securities:
Dividends on convertible preference shares - Series B⁽²⁾	11,962			—			2,459
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	112,049		$	76,960		$	90,244
Denominator:
Weighted average number of common shares – basic	73,478,544			72,843,782			72,510,361
Potentially dilutive securities:
Share options and restricted share units	1,319,074			1,273,786			1,253,479
Convertible preference shares⁽²⁾	10,840,617			—			2,653,999
Adjusted weighted average number of common shares and assumed conversions – diluted	85,638,235			74,117,568			76,417,839
Basic earnings per share attributable to Maiden common shareholders:	$	1.36		$	1.06		$	1.21
Diluted earnings per share attributable to Maiden common shareholders:	$	1.31		$	1.04		$	1.18

(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 year ended December 31, 2014 as they were anti-dilutive. Please refer to "Notes to Consolidated Financial Statements, Note 13. Shareholders' Equity" and "Notes to Consolidated Financial Statements Note 14. Share Compensation and Pension Plans" 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 December 31, 2015 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 10,840,617, an increase of 195,456 common shares since October 1, 2013.

At December 31, 2015, no share options (2014 – 17,293; 2013 – nil) were excluded from diluted earnings per common share because they were anti-dilutive.

Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

At December 31, 2015, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 74,735,785 common shares, of which 73,721,140 common shares are outstanding, and issued 15,900,000 preference shares. The remaining 59,364,215 are undesignated at December 31, 2015.

a) Common Shares

The following table shows the summary of changes in the Company's common shares outstanding:



For the Year Ended December 31,	2015		2014		2013
Outstanding shares – January 1	72,932,702		72,633,561		72,343,947
Issuance of vested restricted shares and restricted share units	378,120		184,396		—
Shares repurchased	(46,458	)	(5,851	)	—
Exercise of options	456,776		120,596		289,614
Outstanding shares – December 31	73,721,140		72,932,702		72,633,561

13. Shareholders’ Equity (continued)

The Company's common shares have a par value of $0.01 per share. The holders of our common shares are entitled to receive dividends and are allocated one vote per common share, subject to downward adjustment under certain circumstances.

On December 24, 2012, the Company adopted a written trading plan to facilitate the repurchase of its common shares in accordance with the Company's existing share purchase reauthorization. On July 24, 2014, the Board of Directors has approved the repurchase of up to $75 million of the Company's common shares from time to time at market prices.

b) Preference Shares - Series C

On November 25 2015, the Company issued a total of 6,600,000 7.125% Preference Shares - Series C (the "Preference Shares - Series C"), par value $0.01 per share, at a price of $25 per preference share. The Company received net proceeds of $159,628 from its offering, after deducting issuance costs of $5,372, which were recognized as a reduction in additional paid-in capital. The Preference Shares - Series C have no stated maturity date and are redeemable in whole or in part at the option of the Company any time after December 15, 2020 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The authorized number of the Preference Shares - Series C is 6,600,000.

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

To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 7.125% of the $25 liquidation preference per annum. During any dividend period, so long as any Preference Shares - Series C remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Preference Shares - Series C have been declared and paid, no dividend shall be paid or declared on the common shares.

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

c) Mandatory Convertible Preference Shares - Series B

In October 2013, the Company issued a total of 3,300,000 7.25% Mandatory Convertible Preference Shares - Series B (the "Preference Shares - Series B"), par value $0.01, at a price of $50 per preference share. The Company received net proceeds of $159,675 from the offering after deducting issuance costs of $5,325, which were recognized as a reduction in additional paid-in capital. The Preference Shares - Series B are not redeemable. The authorized number of the Preference Shares - Series B is 3,300,000.

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

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

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

13. Shareholders’ Equity (continued)

The Preference Shares - Series B have no voting rights other than to elect two additional members of the board of directors if dividends on the Preference Shares - Series B have not been declared and paid for the equivalent of six or more dividend periods. For the years ended December 31, 2015, 2014 and 2013 the Company declared and paid dividends on the Preference Shares - Series B of $11,962, $11,962 and $2,459 respectively.

d) Preference Shares - Series A

On August 22, 2012, the Company issued 6,000,000 8.25% Preference Shares - Series A (the "Preference Shares - Series A"), par value $0.01 per share, at a price of $25 per preference share. The Company received net proceeds of $145,041 from its offering, after deducting issuance costs of $4,959, which were recognized as a reduction in additional paid-in capital. The Preference Shares - Series A have no stated maturity date and are redeemable in whole or in part at the option of the Company any time after August 29, 2017 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The authorized number of the Preference Shares - Series A is 6,000,000.

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

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

The holders of the Preference Shares - Series A have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For each of the years ended December 31, 2015, 2014 and 2013, the Company declared and paid dividends on the Preference Shares - Series A of $12,375.

d) Treasury Shares

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

On January 1, 2015, February 19, 2015 and March 5, 2015, 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, respectively, from employees, which represent withholdings from employees surrendered in respect of tax obligations on the vesting of restricted shares and performance based shares.

e) Accumulated Other Comprehensive (Loss) Income

The following table presents details about amounts reclassified from AOCI:



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
Unrealized gains (losses) on AFS securities		2015		2014			2013
	Net realized (losses) gains on investment	$	263	$	(3,160	)	$	6,955
	Net impairment losses recognized in earnings	—		(102		)	—
	Total before tax	263		(3,262		)	6,955
	Income tax expense	—		(16		)	(2		)
	Total after tax	$	263	$	(3,278	)	$	6,953

13. Shareholders’ Equity (continued)

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31, 2015	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(132,428		)	13,566			(118,862		)
Amounts reclassified from AOCI to net income, net of tax	(263		)	—			(263		)
Net current period other comprehensive (loss) income	(132,691		)	13,566			(119,125		)
Ending balance	(54,112		)	30,231			(23,881		)
Less: AOCI attributable to noncontrolling interest	—			(114		)	(114		)
Ending balance, Maiden shareholders	$	(54,112	)	$	30,345		$	(23,767	)



For the Year Ended December 31, 2014	Change in net unrealized gains on investment		Foreign currency translation adjustments			Total
Beginning balance	$	34,728	$	(8,927	)	$	25,801
Other comprehensive income before reclassifications	40,573		25,592			66,165
Amounts reclassified from AOCI to net income, net of tax	3,278		—			3,278
Net current period other comprehensive income	43,851		25,592			69,443
Ending balance	78,579		16,665			95,244
Less: AOCI attributable to noncontrolling interest	—		(49		)	(49		)
Ending balance, Maiden shareholders	$	78,579	$	16,714		$	95,293



For the Year Ended December 31, 2013	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	143,665		$	(2,539	)	$	141,126
Other comprehensive loss before reclassifications	(101,984		)	(6,388		)	(108,372		)
Amounts reclassified from AOCI to net income, net of tax	(6,953		)	—			(6,953		)
Net current period other comprehensive loss	(108,937		)	(6,388		)	(115,325		)
Ending balance	34,728			(8,927		)	25,801
Less: AOCI attributable to noncontrolling interest	—			17			17
Ending balance, Maiden shareholders	$	34,728		$	(8,944	)	$	25,784

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2015

Share-based Compensation [Abstract]

Share Compensation and Pension Plans

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

Share Options

Exercise prices of options are established at or above the fair market value of the Company’s common shares at the date of grant. Under the Plan, unless otherwise determined by the Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date.

14. Share Compensation and Pension Plans (continued)

The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company has estimated the fair value of all share option awards on the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.

The key assumptions used in determining the fair value of options granted in 2015, 2014 and 2013 and a summary of the methodology applied to develop each assumption were as follows:



	2015		2014		2013
Assumptions:
Volatility	37.60	%	51.40	%	45.30 – 51.40	%
Risk-free interest rate	1.55	%	1.77	%	0.85 – 1.77	%
Weighted average expected lives in years	5.5 years		6.1 years		6.1 years
Forfeiture rate	2.16	%	3.45	%	1.60 – 3.45	%
Dividend yield rate	4.05	%	3.46	%	3.46 – 3.55	%

Expected Price Volatility — This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. Maiden began trading on May 6, 2008, thus, has a maximum of 7.6 years trading history for estimating historical volatility. Maiden's expected volatility for 2015 of 37.6% was based on the average of the implied volatility and its historical volatility, commensurate with the expected life of the options.

Risk-Free Interest Rate — This is based on the yields on U.S. Treasury constant maturity notes with a term equal to the expected life of the option. An increase in the risk-free interest rate will increase compensation expense.

Expected Lives — This is the period of time over which the options granted are expected to remain outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. The Company uses the simplified method outlined in SEC Staff Accounting Bulletin Codification Topic 14 (SAB 14) to estimate expected lives for options granted during the period as there is insufficient observed option exercise and forfeiture behavior from which to base an estimate of the expected life. Options granted have a maximum term of ten years. An increase in the expected life will increase compensation expense.

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

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

14. Share Compensation and Pension Plans (continued)

The following table shows all options granted, exercised, expired and exchanged under the Plan for the years ended December 31, 2015, 2014 and 2013:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2012	2,795,437		$	6.70			6.75 years	$	7,271	$3.28 – 10.00
Granted	49,000		$	10.61	$	2.80				$9.99 - 11.22
Exercised	(289,614	)	$	6.13				$	1,397
Expired	(691	)	$	7.67
Forfeited	(114,719	)	$	8.51
Outstanding, December 31, 2013	2,439,413		$	6.76			5.75 years	$	10,174	$3.28 - 11.22
Granted	45,000		$	12.01	$	4.28				$11.38 - 12.42
Exercised	(120,596	)	$	4.91				$	930
Forfeited	(842	)	$	7.74
Outstanding, December 31, 2014	2,362,975		$	6.95			4.86 years	$	13,791	$3.28 - 12.42
Granted	24,000		$	13.98	$	3.31				13.98
Exercised	(456,776	)	$	7.27				$	3,521
Expired	(3,442	)	$	8.61
Forfeited	(558	)	$	9.00
Outstanding, December 31, 2015	1,926,199		$	6.96			4.15 years	$	15,306	$3.28 - 13.98
Total exercisable at December 31, 2015	1,874,855		$	6.82			3.99 years	$	15,171	$3.28 - 12.42

The weighted average grant date fair value was $2.13, $2.11 and $2.03 for all options outstanding at December 31, 2015, 2014 and 2013, respectively. There was $125 (2014 - $235) of total unrecognized compensation cost related to non-vested options at December 31, 2015 which will be recognized during the next 1.08 years. Cash in the amount of $3,318 was received from employees as a result of employee share option exercises during the year ended December 31, 2015 (2014 – $592, 2013 – $1,776). The Company issues new common shares upon the exercise of an option. In connection with these exercises, there was no tax benefit realized by the Company.

Restricted Shares and Share Units

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

Performance-Based Restricted Share Units

The Committee approved the formation of a long-term incentive program under the Plan on March 1, 2011. On that date, the Committee determined to award PB-RSUs to certain senior leaders of the Company. The formula for determining the amount of PB-RSUs awarded uses a combination of a percentage of the employee's base salary (based on a benchmarking analysis from our compensation consultant) divided by the closing price on NASDAQ of our common shares on that date. The grants are performance based which require that certain criteria such as operating return on common equity, underwriting performance, revenue growth and operating expense be met during the performance period to attain a payout. Each metric has a corresponding weighted percentage with a target and maximum level of performance goal set to achieve a payout. All prior, current and future PB-RSUs are paid 50% based on certain criteria stated above, while the other 50% of the payout is based upon the recommendation of the Company's CEO and the Committee's ultimate discretion of individual contribution to business results and strategic success for the performance period. Settlement of the grants can be made in either common shares or cash upon the decision of the Committee and the performance cycles are for three years.

Effective February 19, 2013, February 18, 2014 and February 17, 2015, the Committee approved the award of PB-RSUs to certain senior leaders of the Company for the fiscal years 2013-2015, 2014-2016 and 2015-2017, respectively.

14. Share Compensation and Pension Plans (continued)

CEO Non-Performance-Based Restricted Share Units

On February 19, 2013, the Committee approved an award of NPB-RSUs to the Company's CEO with one-third automatically vested on February 19, 2014, a further one-third automatically vested on February 19, 2015, and the final one-third will automatically vest on February 19, 2016. The total fair value of the share units vested for the year ended December 31, 2015 was $500 (2014 - $500, 2013 - $0).

On February 18, 2014, the Committee approved an award of NPB-RSUs to the Company's CEO with one-third automatically vested on December 31, 2014, and on December 31, 2015, respectively, and the final one-third will automatically vest on December 31, 2016. The total fair value of the share units vested for the year ended December 31, 2015 was $266 (2014 - $266).

On February 17, 2015, the Committee approved an award of NPB-RSUs to the Company's CEO with one-third automatically vested on February 17, 2016, and on February 17, 2017, respectively, and the final one-third will automatically vest on February 17, 2018.

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

On February 19, 2013, pursuant to the Plan, the Committee approved an award of NPB-RSs to certain senior leaders of the Company. 50% of which vested on the first anniversary of the grant date, with an additional 50% due to vest on the second anniversary of the grant date. The total fair value of restricted shares which vested during the year ended December 31, 2015 was $479 (2014 - $479).

On February 18, 2014, pursuant to the Plan, the Committee approved an award of NPB-RSs to non-CEO named executive officers and senior leaders of the Company, 50% of which will vest on January 1, 2015, with an additional 50% due to vest on January 1, 2016. The total fair value of restricted shares which vested during the year ended December 31, 2015 was $219 (2014 - $0).

On February 17, 2015 and March 18, 2015, pursuant to the Plan, the Committee approved an award of NPB-RSs to non-CEO named executive officers and senior leaders of the Company, with some vesting over 2 years and some vesting over 3 years from the date of grant.

The following schedule shows the summary of activity under the Company's restricted awards:



	CEO Non-Performance-Based Restricted Share Units				Non-CEO Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units¹
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested at December 2012	86,705		$	8.56	—		$	—	860,506		$	8.34
Awards granted	149,701		$	10.02	95,590		$	10.02	359,652		$	10.02
Awards vested	(86,705	)	$	8.56	—		$	—	—		$	—
Awards forfeited	—		$	—	—		$	—	(466,296	)	$	8.31
Non-vested December 31, 2013	149,701		$	10.02	95,590		$	10.02	753,862		$	9.21
Awards granted	70,298		$	11.38	38,522		$	11.38	396,672		$	11.38
Awards vested	(73,333	)	$	10.45	(47,795	)	$	10.02	(100,308	)	$	8.56
Awards forfeited	—		$	—	—		$	—	(242,456	)	$	8.56
Non-vested at December 31, 2014	146,666		$	10.45	86,317		$	10.63	807,770		$	10.51
Awards granted	64,795		$	13.89	38,180		$	13.94	291,730		$	13.89
Awards vested	(73,333	)	$	10.45	(67,061	)	$	10.41	(188,681	)	$	9.54
Awards forfeited	—		$	—	(4,284	)	$	11.38	(165,337	)	$	10.61
Non-vested at December 31, 2015	138,128		$	12.07	53,152		$	13.22	745,482		$	12.05

1) For Performance Shares, the number of shares is stated at the maximum number that can be attained if the performance conditions are met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions.

14. Share Compensation and Pension Plans (continued)

There was $975 and $352 of total unrecognized compensation cost related to RSUs and restricted shares at December 31, 2015, both of which will be recognized during the next 1.68 years and 1.82 years, respectively.

The adoption of ASC Topic 718 "Compensation - Stock Compensation" fair value method has resulted in share-based expense in the amount of $2,938, $3,334 and $2,205 for the years ended December 31, 2015, 2014 and 2013, respectively.

Pension Plans

The Company provides pension benefits to eligible employees principally through various defined contribution plans sponsored by the Company which vary for each subsidiary. The Company’s expenses for its defined contribution plans were $1,740, $2,809 and $2,892 for the years ended December 31, 2015, 2014 and 2013, respectively.

Taxation

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Taxation

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

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. During 2015 the Internal Revenue Service completed its audit of our U.S. subsidiaries for tax years 2009, 2010 and 2011. The audit has been closed without any impact on our operations. Tax years 2012, 2013 and 2014 are not under examination but remain subject to examination in the U.S.

The Company has subsidiary operations in various other locations around the world, including Australia, Austria, Germany, Ireland, Netherlands, Russia, Sweden and the U.K., that are subject to relevant taxes in those jurisdictions. These subsidiaries, are not under examination, but generally remain subject to examination in all applicable jurisdictions for tax years from 2011 through 2014.

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

There were no unrecognized tax benefits at December 31, 2015, 2014 and 2013. Income before taxes and income tax expense for the years ended December 31, 2015, 2014 and 2013 was as follows:



For the Year Ended December 31,	2015			2014			2013
Income before income taxes – Domestic (Bermuda)	$	134,012		$	117,780		$	125,926
Loss before income taxes – Foreign (U.S. and others)	(7,690		)	(14,083		)	(21,207		)
Total income before income taxes	$	126,322		$	103,697		$	104,719

Current tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Current tax expense – Foreign (U.S. and others)	780			945			873
Total current tax expense	780			945			873
Deferred tax expense – Domestic (Bermuda)	—			—			—
Deferred tax expense – Foreign (U.S. and others)	1,258			1,219			990
Total deferred tax expense	1,258			1,219			990
Total income tax expense	$	2,038		$	2,164		$	1,863

15. Taxation

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2015, 2014 and 2013 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to income before income taxes:



For the Year Ended December 31,	2015			2014			2013
Income before income taxes	$	126,322		$	103,697		$	104,719
Income tax expense	2,038			2,164			1,863
Net income	$	124,284		$	101,533		$	102,856
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	(2.2		)%	(7.3		)%	(8.7		)%
Valuation allowance in respect of U.S. taxes	3.2		%	8.5		%	9.8		%
Other jurisdictions	0.6		%	0.9		%	0.7		%
Actual tax rate	1.6		%	2.1		%	1.8		%

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:



December 31,	2015		2014
Deferred tax assets:
Net operating losses	$	60,147	$	54,524
Unearned premiums	9,459		8,860
Discounting of net loss and LAE reserves	11,756		12,250
Net unrealized losses on investments	4,374		—
Accruals not currently deductible	109		1,994
Amortization of intangibles	2,796		3,021
OTTI	1,198		827
Others	543		1,043
Deferred tax assets before valuation allowance	90,382		82,519
Valuation allowance	78,845		65,743
Deferred tax assets, net	11,537		16,776
Deferred tax liabilities:
Deferred commission and other acquisition expenses	10,664		10,119
Indefinite lived intangible	1,750		2,870
Amortization of goodwill	8,319		7,158
Net unrealized gains on investment	—		4,831
Others	866		1,789
Deferred tax liabilities	21,599		26,767
Net deferred tax liability	$	10,062	$	9,991

The net deferred tax liability at December 31, 2015 was $10,062 (2014 - $9,991). A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses, unearned premium and loss reserve discounting. At this time, we believe it is necessary to establish a valuation allowance against the net deferred tax assets due to insufficient positive evidence regarding the utilization of these losses. During 2015, the Company recorded an increase in the valuation allowance of $13,102 (2014 - decrease of $1,270). At December 31, 2015, the Company has an available U.S. net operating loss carry-forward of approximately $171,848 (2014 - $155,782) for income tax purposes which expires beginning in 2029.

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2015

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

Our insurance and reinsurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate, the most significant of which are Bermuda, the United States and Sweden. These regulations include certain liquidity and solvency requirements whereby restrictions are imposed on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities.

The combined statutory capital and combined statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows:



	Maiden Bermuda		Maiden US			Maiden LF
Statutory Capital and Surplus
December 31, 2015	$	1,813,766	$	294,338		$	7,601
December 31, 2014	1,289,155		289,224			8,705

Statutory Net Income (Loss)
For the Year Ended December 31, 2015	$	146,027	$	17,439		$	(737	)
For the Year Ended December 31, 2014	60,016		16,614			651
For the Year Ended December 31, 2013	109,326		(1,305		)	340

At December 31, 2015, the Company's net assets were $1,349,099 (2014 - $1,241,166), of which $724,480 (2014 - $718,050) are restricted primarily as a result of solvency and liquidity requirements imposed on the Company's insurance subsidiaries by local regulators as well as collateral requirements under various reinsurance agreements.

a) Bermuda

The Bermuda Monetary Authority ("BMA") is the group supervisor of the Company and has advised that Maiden Bermuda is the designated insurer. These regulations require that a group’s available statutory capital and surplus should be equal to or exceed the value of both its Minimum Solvency Margin ("MSM") and the Enhanced Capital Requirement ("ECR"). At December 31, 2015, the Company's ECR is 70% of the amount calculated using the group Bermuda Solvency Requirement ("BSCR") model of the BMA. The Company has complied with its regulatory capital requirements at December 31, 2015.

Maiden Bermuda is registered as a Class 3B reinsurer under The Insurance Act 1978 (Bermuda), amendments thereto and related regulations (the "Insurance Act") and is required to prepare and file Statutory Financial Statements and a Statutory Financial Return with the BMA. For Bermuda registered insurance companies, there are some differences between financial statements prepared in accordance with U.S. GAAP and those prepared on a statutory basis. Certain assets are non-admitted under Bermuda regulations and are removed from the statutory balance sheet.

Under the Insurance Act, Maiden Bermuda is required to maintain a minimum share capital of $120 and a minimum statutory capital and surplus equal to the greater of MSM and the ECR. ECR is established by reference to the BSCR model. The BSCR employs a standard mathematical model that correlates the risk underwritten to the capital that is dedicated to the business. The regulatory requirements are designed to have insurers operate at or above a threshold capital level, which exceeds the BSCR. The BMA has established a target capital level ("TCL") for each Class 3B insurer equal to 120% of its ECR which serves as an early warning tool for the BMA and failure to maintain statutory capital of at least equal to the TCL will likely result in increased BMA regulatory oversight.

The statutory capital and surplus of Maiden Bermuda at December 31, 2015 was $1,813,766 (2014 - $1,289,155) and the amount required to be maintained was $314,056 at December 31, 2015 (2014 - $302,341). Maiden Bermuda is also required to maintain a minimum liquidity ratio. All requirements were met by Maiden Bermuda throughout the period.

Maiden Bermuda is prohibited from declaring or paying dividends of more than 25% of its total statutory capital and surplus, as shown in its previous financial year statutory balance sheet, unless at least seven days before payment of the dividends it files with the BMA an affidavit that it will continue to meet its minimum capital requirements as described above. In addition, Maiden Bermuda must obtain the BMA’s prior approval before reducing its total statutory capital, as shown in its previous financial year statutory balance sheet, by 15% or more. Maiden Bermuda is also restricted in paying dividends that would result in Maiden Bermuda failing to comply with the ECR as calculated based on the BSCR or cause Maiden Bermuda to fail to meet its relevant margins. Based upon the BSCR calculation, Maiden Bermuda is allowed to pay dividends or distributions not exceeding $322,289.

16. Statutory Requirements and Dividend Restrictions (continued)

b) United States

Maiden US files financial statements in accordance with statutory accounting practices ("SAP") prescribed or permitted by state insurance regulatory authorities. The minimum statutory capital and surplus necessary to satisfy regulatory requirements for Maiden US for the year ended December 31, 2015 were $78,100 (2014 - $82,267). These requirements were met by Maiden US throughout the year ended December 31, 2015. Without prior approval of its domiciliary commissioner, dividends to shareholders are limited by the laws of the company's state of domicile, Missouri to the greater of 10% of statutory policyholders’ surplus at the preceding December 31, or net income, less net realized capital gain on investments, for the 12-month period ending December 31 of the preceding year. Additionally, Maiden US may only pay dividends if it has positive unassigned funds. Accordingly, the maximum dividend payments that can be made to shareholders in the next year without prior approval by the Missouri Department of Insurance is $0.

c) Sweden

The Company’s insurance subsidiary in Sweden, Maiden LF, is regulated by the Swedish Finansinspektionen ("Swedish FSA"). Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,019 at December 31, 2015 (2014 - $4,477). This requirement was met by Maiden LF throughout the year. Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. At December 31, 2015, Maiden LF is allowed to pay dividends or distributions not exceeding $2,178 (2014 - $2,508)

Condensed Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Condensed Quarterly Financial Data — Unaudited

The following tables summarize our quarterly financial data:



2015 Quarters Ended	March 31		June 30			September 30		December 31
Total revenues	$	611,427	$	647,071		$	693,696	$	620,917
Net income	38,534		26,511			28,515		30,724
Net income attributable to Maiden common shareholders	32,405		20,519			22,499		24,716
Comprehensive income (loss) - attributable to Maiden	50,694		(39,962		)	10,658		(15,974		)
Basic earnings per common share attributable to Maiden common shareholders	$	0.44	$	0.28		$	0.31	$	0.34
Diluted earnings per common share attributable to Maiden common shareholders	$	0.41	$	0.27		$	0.30	$	0.32



2014 Quarters Ended	March 31			June 30		September 30		December 31
Total revenues	$	552,322		$	563,422	$	623,506	$	641,917
Net income	2,061			31,915		33,926		33,631
Net (loss) income attributable to Maiden common shareholders	(4,062		)	25,804		27,798		27,514
Comprehensive income - attributable to Maiden	39,816			86,260		3,176		41,648
Basic (loss) earnings per common share attributable to Maiden common shareholders	$	(0.06	)	$	0.35	$	0.38	$	0.38
Diluted (loss) earnings per common share attributable to Maiden common shareholders	$	(0.06	)	$	0.34	$	0.36	$	0.36

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

12 Months Ended

Dec. 31, 2015

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

Schedule I Summary of Investments Other than Investments in Related Parties

Schedule I

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



December 31, 2015	Amortized Cost*		Fair Value		Amount at Which Shown in the Balance Sheet
AFS fixed maturities:
U.S. treasury bonds	$	5,714	$	6,010	$	6,010
U.S. agency bonds – mortgage-backed	1,471,782		1,476,991		1,476,991
U.S. agency bonds – other	23,734		24,311		24,311
Non-U.S. government and supranational bonds	35,128		30,544		30,544
Asset-backed securities	165,719		165,804		165,804
Corporate bonds	1,798,610		1,739,668		1,739,668
Municipal bonds	62,177		64,760		64,760
Total AFS fixed maturities	3,562,864		3,508,088		3,508,088
HTM fixed maturities:
Corporate bonds	607,843		598,975		607,843
Total HTM fixed maturities	607,843		598,975		607,843
Other investments	10,816		11,812		11,812
Total investments	$	4,181,523	$	4,118,875	$	4,127,743

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

Schedule II Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II Condensed Financial Information of Parent Company

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED BALANCE SHEETS — PARENT COMPANY
As of December 31, 2015 and 2014

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



	2015			2014
Assets
Fixed maturities, available-for-sale, at fair value (Amortized cost 2015: $42,774; 2014: $43,995)	$	40,189		$	44,270
Other investments, at fair value (Cost 2015: $5,000; 2014: $5,000)	4,905			5,990
Cash and cash equivalents	3,606			6,894
Investment in subsidiaries	1,736,707			1,591,000
Balances due from subsidiaries	120,100			99,809
Other assets	1,123			1,387
Total assets	$	1,906,630		$	1,749,350
Liabilities
Accrued expenses and other liabilities	$	12,217		$	11,226
Balances due to subsidiaries	546,592			497,430
Total liabilities	558,809			508,656
Shareholders’ equity
Preference shares	480,000			315,000
Common shares ($0.01 par value; 74,735,785 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,721,140 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	747			739
Additional paid-in capital	579,178			578,445
Accumulated other comprehensive income	(23,767		)	95,293
Retained earnings	316,184			255,084
Treasury shares, at cost (1,014,645 and 968,187 shares in 2015 and 2014, respectively)	(4,521		)	(3,867		)
Total shareholders’ equity	1,347,821			1,240,694
Total liabilities and shareholders’ equity	$	1,906,630		$	1,749,350

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME — PARENT COMPANY
For the Years Ended December 31, 2015, 2014 and 2013
(In thousands of U.S. dollars)



For the Year Ended December 31,	2015			2014			2013
Revenues
Net investment income	$	2,034		$	4,892		$	2,773
Net realized gains on investment	20			981			—
Other fee revenue	1,321			—			—
	3,375			5,873			2,773
Expenses
General and administrative expenses	16,319			14,588			11,732
Foreign exchange losses (gains)	668			893			(626		)
	16,987			15,481			11,106
Loss before equity in earnings of consolidated subsidiaries	(13,612		)	(9,608		)	(8,333		)
Equity in earnings of consolidated subsidiaries	138,088			110,999			111,068
Net income	124,476			101,391			102,735
Dividends on preference shares	(24,337		)	(24,337		)	(14,834		)
Net income attributable to Maiden common shareholders	$	100,139		$	77,054		$	87,901

Comprehensive income (loss) attributable to Maiden	$	5,416		$	170,900		$	(12,611	)

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2015, 2014 and 2013
(In thousands of U.S. dollars)



For the Year Ended December 31,	2015			2014			2013
Cash flows provided by operating activities
Net income	$	124,476		$	101,391		$	102,735
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of consolidated subsidiaries	(138,088		)	(110,999		)	(111,068		)
Amortization of bond premium and discount	222			414			1,209
Net realized gains on investment	(20		)	(981		)	—
Foreign exchange losses (gains)	668			893			(626		)
Non-cash share compensation expense	2,938			3,334			2,205
Changes in assets - (increase) decrease:
Balance due from subsidiaries	(20,930		)	(87,605		)	42,899
Other assets	237			536			(862)
Changes in liabilities - increase (decrease)
Accounts payable and accrued liabilities	12			(138		)	736
Balances due to subsidiaries	49,162			120,069			16,642
Net cash provided by operating activities	18,677			26,914			53,870
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale	—			(1,340		)	(170,882		)
Purchases of other investments	—			(5,000		)	—
Proceeds from sales of fixed-maturities – available-for-sale	1,041			87,032			90,515
Proceeds from maturities and calls of fixed maturities	—			6,857			46,208
Investment in subsidiaries	(122,757		)	(84,740		)	(116,807		)
Net cash (used in) provided by investing activities	(121,716		)	2,809			(150,966		)
Cash flows used in financing activities
Preference shares issuance, net of issuance costs	159,628			—			159,675
Dividends paid - preference shares	(24,337		)	(24,337		)	(14,834		)
Dividends paid - Maiden common shareholders	(38,204		)	(32,079		)	(19,607		)
Issuance of common shares	3,318			592			1,776
Repurchase of common shares	(654		)	(66		)	—
Net cash provided by (used in) financing activities	99,751			(55,890		)	127,010
Net (decrease) increase in cash and cash equivalents	(3,288		)	(26,167		)	29,914
Cash and cash equivalents, beginning of year	6,894			33,061			3,147
Cash and cash equivalents, end of year	$	3,606		$	6,894		$	33,061

Schedule III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2015

Supplementary Insurance Information [Abstract]

Schedule III Supplementary Insurance Information

Schedule III

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



	December 31, 2015						For the Year Ended December 31, 2015
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and admin. expenses		Net premiums written
Diversified Reinsurance	$	80,012	$	1,046,471	$	277,460	$	744,875	$	—	$	547,296	$	196,292	$	37,550	$	734,781
AmTrust Reinsurance	317,536		1,420,418		1,077,112		1,684,191		—		1,074,072		527,863		2,947		1,779,334
Total - Reportable Segments	397,548		2,466,889		1,354,572		2,429,066		—		1,621,368		724,155		40,497		2,514,115
Other	—		43,212		—		3		131,092		12,202		42		24,375		1
Total	$	397,548	$	2,510,101	$	1,354,572	$	2,429,069	$	131,092	$	1,633,570	$	724,197	$	64,872	$	2,514,116



	December 31, 2014							For the Year Ended December 31, 2014
	Deferred commission and other acquisition expenses			Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and admin. expenses		Net premiums written
Diversified Reinsurance	$	87,289		$	1,058,924	$	293,893	$	854,026	$	—	$	579,771	$	233,711	$	38,858	$	850,049
AmTrust Reinsurance	285,232			1,122,479		913,861		1,378,327		—		893,502		418,908		2,533		1,610,485
Total - Reportable Segments	372,521			2,181,403		1,207,754		2,232,353		—		1,473,273		652,619		41,391		2,460,534
Other	(34		)	89,889		3		19,390		117,215		24,998		6,696		21,167		(2,398		)
Total	$	372,487		$	2,271,292	$	1,207,757	$	2,251,743	$	117,215	$	1,498,271	$	659,315	$	62,558	$	2,458,136



	December 31, 2013						For the Year Ended December 31, 2013
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and loss adjustment expenses		Amortization of deferred commission and other acquisition expenses		General and admin. expenses		Net premiums written
Diversified Reinsurance	$	88,721	$	1,010,195	$	321,659	$	753,157	$	—	$	519,962	$	190,604	$	37,649	$	763,374
AmTrust Reinsurance	209,439		803,597		687,357		988,900		—		653,528		291,559		1,566		1,169,961
Total - Reportable Segments	298,160		1,813,792		1,009,016		1,742,057		—		1,173,490		482,163		39,215		1,933,335
Other	6,748		144,043		25,738		258,830		91,352		176,140		74,415		19,138		162,966
Total	$	304,908	$	1,957,835	$	1,034,754	$	2,000,887	$	91,352	$	1,349,630	$	556,578	$	58,353	$	2,096,301

Schedule IV Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2015

Supplementary Insurance Information [Abstract]

Schedule IV Supplementary Reinsurance Information

Schedule IV

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



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2015 Premiums – General Insurance	$	9,160	$	148,710	$	2,653,666	$	2,514,116	105.6	%
2014 Premiums – General Insurance	48,565		49,216		2,458,787		2,458,136		100.0	%
2013 Premiums – General Insurance	104,976		107,858		2,099,183		2,096,301		100.1	%

Schedule VI

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



	Net loss and LAE					Paid loss and LAE
For the Year Ended December 31,	Current Year		Prior Year			Paid loss and LAE
2015	$	1,558,704	$	74,866		$	1,350,357
2014	1,479,425		18,846			1,135,791
2013	1,351,043		(1,413		)	1,116,096

Schedule VI Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2015

Supplementary Insurance Information [Abstract]

Schedule VI Supplementary Reinsurance Information

Schedule IV

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



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2015 Premiums – General Insurance	$	9,160	$	148,710	$	2,653,666	$	2,514,116	105.6	%
2014 Premiums – General Insurance	48,565		49,216		2,458,787		2,458,136		100.0	%
2013 Premiums – General Insurance	104,976		107,858		2,099,183		2,096,301		100.1	%

Schedule VI

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



	Net loss and LAE					Paid loss and LAE
For the Year Ended December 31,	Current Year		Prior Year			Paid loss and LAE
2015	$	1,558,704	$	74,866		$	1,350,357
2014	1,479,425		18,846			1,135,791
2013	1,351,043		(1,413		)	1,116,096

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Reporting and Consolidation

Estimates


•	reserve for loss and loss adjustment expenses;


•	recoverability of deferred commission and other acquisition expenses;


•	determination of impairment of goodwill and other intangible assets;


•	valuation of financial instruments; and


•	determination of other-than-temporary impairment ("OTTI") of investments.

Investments

2. Significant Accounting Policies (continued)


•	Historic and implied volatility of the security;


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


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


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


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

Fair Value Measurements

•

2. Significant Accounting Policies (continued)


•	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.

Cash and Cash Equivalents

Premiums and Related Costs

2. Significant Accounting Policies (continued)

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

Loss and Loss Adjustment Expenses Incurred

Reinsurance

Debt Obligations and Deferred Debt Issuance Costs

Business Combinations

Noncontrolling Interests

Income Taxes

Share-Based Compensation Expense

Earnings Per Share

Treasury Shares

Foreign Currency Transactions

Recently Adopted Accounting Standards Updates

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


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


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


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

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

Recently Issued Accounting Standards Not Yet Adopted

Simplifying the Presentation of Debt Issuance Costs

2. Significant Accounting Policies (continued)

Disclosures about Short-Duration Contracts

Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Recognition and Measurement of Financial Assets and Financial Liabilities

Accounting for Leases

Segment Information (Tables)

12 Months Ended

Dec. 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 Year Ended December 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	776,852		$	1,885,974		$	(1	)	$	2,662,825
Net premiums written	$	734,781		$	1,779,334		$	1		$	2,514,116
Net premiums earned	$	744,875		$	1,684,191		$	3		$	2,429,069
Other insurance revenue	11,512			—			—			11,512
Net loss and loss adjustment expenses	(547,296		)	(1,074,072		)	(12,202		)	(1,633,570		)
Commission and other acquisition expenses	(196,292		)	(527,863		)	(42		)	(724,197		)
General and administrative expenses	(37,550		)	(2,947		)	—			(40,497		)
Underwriting (loss) income	$	(24,751	)	$	79,309		$	(12,241	)	42,317
Reconciliation to net income
Net investment income and realized gains on investment										133,590
Net impairment losses recognized in earnings										(1,060		)
Interest and amortization expenses										(29,063		)
Amortization of intangible assets										(2,840		)
Foreign exchange and other gains										7,753
Other general and administrative expenses										(24,375		)
Income tax expense										(2,038		)
Net income										$	124,284

Net loss and LAE ratio ⁽¹⁾	72.3		%	63.8		%				66.9		%
Commission and other acquisition expense ratio ⁽²⁾	26.0		%	31.3		%				29.7		%
General and administrative expense ratio⁽³⁾	5.0		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.3		%	95.3		%				99.3		%

3. Segment Information (continued)



For the Year Ended December 31, 2014	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	897,748		$	1,610,485		$	(881	)	$	2,507,352
Net premiums written	$	850,049		$	1,610,485		$	(2,398	)	$	2,458,136
Net premiums earned	$	854,026		$	1,378,327		$	19,390		$	2,251,743
Other insurance revenue	13,410			—			—			13,410
Net loss and loss adjustment expenses	(579,771		)	(893,502		)	(24,998		)	(1,498,271		)
Commission and other acquisition expenses	(233,711		)	(418,908		)	(6,696		)	(659,315		)
General and administrative expenses	(38,858		)	(2,533		)	(757		)	(42,148		)
Underwriting income (loss)	$	15,096		$	63,384		$	(13,061	)	65,419
Reconciliation to net income
Net investment income and realized gains on investment										118,378
Net impairment losses recognized in earnings										(2,364		)
Interest and amortization expenses										(29,959		)
Accelerated amortization of junior subordinated debt discount and issuance cost										(28,240		)
Amortization of intangible assets										(3,277		)
Foreign exchange and other gains										4,150
Other general and administrative expenses										(20,410		)
Income tax expense										(2,164		)
Net income										$	101,533

Net loss and LAE ratio ⁽¹⁾	66.8		%	64.8		%				66.1		%
Commission and other acquisition expense ratio ⁽²⁾	26.9		%	30.4		%				29.1		%
General and administrative expense ratio⁽³⁾	4.6		%	0.2		%				2.8		%
Combined ratio ⁽⁴⁾	98.3		%	95.4		%				98.0		%

3. Segment Information (continued)



For the Year Ended December 31, 2013	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	848,790		$	1,169,961		$	185,408		$	2,204,159
Net premiums written	$	763,374		$	1,169,961		$	162,966		$	2,096,301
Net premiums earned	$	753,157		$	988,900		$	258,830		$	2,000,887
Other insurance revenue	14,232			—			—			14,232
Net loss and loss adjustment expenses	(519,962		)	(653,528		)	(176,140		)	(1,349,630		)
Commission and other acquisition expenses	(190,604		)	(291,559		)	(74,415		)	(556,578		)
General and administrative expenses	(37,649		)	(1,566		)	(707		)	(39,922		)
Underwriting income	$	19,174		$	42,247		$	7,568		68,989
Reconciliation to net income
Net investment income and realized gains on investment										94,937
Interest and amortization expenses										(39,805		)
Amortization of intangible assets										(3,780		)
Foreign exchange and other gains										2,809
Other general and administrative expenses										(18,431		)
Income tax expense										(1,863		)
Net income										$	102,856

Net loss and LAE ratio ⁽¹⁾	67.8		%	66.1		%				67.0		%
Commission and other acquisition expense ratio ⁽²⁾	24.8		%	29.5		%				27.6		%
General and administrative expense ratio ⁽³⁾	4.9		%	0.2		%				2.9		%
Combined ratio⁽⁴⁾	97.5		%	95.8		%				97.5		%


(1)	Calculated by dividing net loss and LAE by the sum of net premiums earned and other insurance revenue.


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


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


(4)	Calculated by adding together net loss and LAE ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at December 31, 2015 and 2014:



December 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	230,223	$	137,586	$	367,809
Reinsurance recoverable on unpaid losses	38,390		14,230		52,620
Deferred commission and other acquisition expenses	80,012		317,536		397,548
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	81,920		—		81,920
Restricted cash and cash equivalents and investments	1,178,076		2,468,689		3,646,765
Other assets	35,920		72,843		108,763
Total assets - reportable segments	1,644,541		3,178,859		4,823,400
Corporate assets	—		—		890,245
Total Assets	$	1,644,541	$	3,178,859	$	5,713,645

December 31, 2014	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	245,782	$	256,779	$	502,561
Reinsurance recoverable on unpaid losses	31,272		—		31,272
Deferred commission and other acquisition expenses	87,289		285,232		372,521
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	87,336		—		87,336
Restricted cash and cash equivalents and investments	1,132,953		1,930,502		3,063,455
Other assets	40,032		—		40,032
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

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



For the Year Ended December 31,	2015		2014		2013
Gross premiums written – North America	$	2,165,309	$	1,979,768	$	1,742,333
Gross premiums written – Other (predominantly Europe)	497,516		527,584		461,826
Net premiums written – North America	2,038,444		1,934,644		1,638,844
Net premiums written – Other (predominantly Europe)	475,672		523,492		457,457
Net premiums earned – North America	2,027,141		1,778,579		1,602,128
Net premiums earned – Other (predominantly Europe)	401,928		473,164		398,759

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31,	2015				2014					2013
	Total		% of Total		Total			% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	160,939	6.4	%	$	160,308		6.5	%	$	145,292	6.9	%
Casualty	435,625		17.3	%	535,518			21.8	%	473,732		22.6	%
Accident and Health	64,102		2.6	%	38,870			1.6	%	35,340		1.7	%
International	74,115		2.9	%	115,353			4.7	%	109,010		5.2	%
Total Diversified Reinsurance	734,781		29.2	%	850,049			34.6	%	763,374		36.4	%
AmTrust Reinsurance
Small Commercial Business	1,057,968		42.1	%	857,576			34.9	%	572,006		27.3	%
Specialty Program	332,416		13.2	%	220,121			8.9	%	157,578		7.5	%
Specialty Risk and Extended Warranty	388,950		15.5	%	532,788			21.7	%	440,377		21.0	%
Total AmTrust Reinsurance	1,779,334		70.8	%	1,610,485			65.5	%	1,169,961		55.8	%
Other	1		—	%	(2,398		)	(0.1	)%	162,966		7.8	%
	$	2,514,116	100.0	%	$	2,458,136		100.0	%	$	2,096,301	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31,	2015				2014				2013
	Total		% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	157,186	6.5	%	$	174,785	7.7	%	$	150,261	7.5	%
Casualty	449,000		18.5	%	533,775		23.7	%	472,095		23.6	%
Accident and Health	55,672		2.3	%	39,918		1.8	%	36,165		1.8	%
International	83,017		3.4	%	105,548		4.7	%	94,636		4.7	%
Total Diversified Reinsurance	744,875		30.7	%	854,026		37.9	%	753,157		37.6	%
AmTrust Reinsurance
Small Commercial Business	984,333		40.5	%	752,188		33.4	%	493,774		24.7	%
Specialty Program	290,209		11.9	%	175,286		7.8	%	140,478		7.0	%
Specialty Risk and Extended Warranty	409,649		16.9	%	450,853		20.0	%	354,648		17.7	%
Total AmTrust Reinsurance	1,684,191		69.3	%	1,378,327		61.2	%	988,900		49.4	%
Other	3		—	%	19,390		0.9	%	258,830		13.0	%
	$	2,429,069	100.0	%	$	2,251,743	100.0	%	$	2,000,887	100.0	%

Investments (Tables)

12 Months Ended

Dec. 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

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities and other investments at December 31, 2015 and 2014, are as follows:



December 31, 2015	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,714	$	312	$	(16	)	$	6,010
U.S. agency bonds – mortgage-backed	1,471,782		15,399		(10,190		)	1,476,991
U.S. agency bonds – other	23,734		577		—			24,311
Non-U.S. government and supranational bonds	35,128		—		(4,584		)	30,544
Asset-backed securities	165,719		1,174		(1,089		)	165,804
Corporate bonds	1,798,610		38,070		(97,012		)	1,739,668
Municipal bonds	62,177		2,583		—			64,760
Total AFS fixed maturities	3,562,864		58,115		(112,891		)	3,508,088
HTM fixed maturities:
Corporate bonds	607,843		3,458		(12,326		)	598,975
Total HTM fixed maturities	607,843		3,458		(12,326		)	598,975
Other investments	10,816		1,091		(95		)	11,812
Total investments	$	4,181,523	$	62,664	$	(125,312	)	$	4,118,875



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
Asset-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

4. Investments (continued)



	AFS fixed maturities				HTM fixed maturities
December 31, 2015	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	181,769	$	180,407	$	—	$	—
Due after one year through five years	477,902		475,103		67,371		66,888
Due after five years through ten years	1,238,535		1,180,221		540,472		532,087
Due after ten years	27,157		29,562		—		—
	1,925,363		1,865,293		607,843		598,975
U.S. agency bonds - mortgage-backed	1,471,782		1,476,991		—		—
Asset-backed securities	165,719		165,804		—		—
Total fixed maturities	$	3,562,864	$	3,508,088	$	607,843	$	598,975

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



	Less than 12 Months					12 Months or More					Total
December 31, 2015	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	1,119	$	(16	)	$	—	$	—		$	1,119	$	(16	)
U.S. agency bonds – mortgage-backed	443,331		(4,113		)	170,053		(6,077		)	613,384		(10,190		)
Non–U.S. government and supranational bonds	6,958		(365		)	22,586		(4,219		)	29,544		(4,584		)
Asset-backed securities	89,838		(1,089		)	—		—			89,838		(1,089		)
Corporate bonds	752,911		(41,352		)	399,779		(67,986		)	1,152,690		(109,338		)
Total temporarily impaired fixed maturities	1,294,157		(46,935		)	592,418		(78,282		)	1,886,575		(125,217		)
Other investments	4,905		(95		)	—		—			4,905		(95		)
Total temporarily impaired fixed maturities and other investments	$	1,299,062	$	(47,030	)	$	592,418	$	(78,282	)	$	1,891,480	$	(125,312	)



	Less than 12 Months					12 Months or More					Total
December 31, 2014	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
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	$	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 fixed maturities:



Rating* at December 31, 2015	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,714	$	6,010	0.1	%
U.S. agency bonds	1,495,516		1,501,302		36.6	%
AAA	170,190		170,391		4.1	%
AA+, AA, AA-	222,506		223,084		5.4	%
A+, A, A-	1,075,550		1,066,794		26.0	%
BBB+, BBB, BBB-	1,077,064		1,039,228		25.3	%
BB+ or lower	124,167		100,254		2.5	%
Total	$	4,170,707	$	4,107,063	100.0	%



Rating* at 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:



December 31,	2015				2014
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,907	50.0	%	$	5,581	44.4	%
Investment in quoted equity	4,905		41.5	%	5,990		47.6	%
Other	1,000		8.5	%	1,000		8.0	%
Total other investments	$	11,812	100.0	%	$	12,571	100.0	%

Net investment income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2015			2014			2013
Fixed maturities	$	132,394		$	118,203		$	89,350
Cash and cash equivalents	2,578			2,224			3,120
Loan to related party	1,865			1,797			1,857
Other	312			246			1,452
	137,149			122,470			95,779
Less: Investment expenses	(6,057		)	(5,255		)	(4,427		)
Total	$	131,092		$	117,215		$	91,352

Analysis of realized and unrealized gains on investment

The following provides an analysis of net realized gains on investment included in the Consolidated Statements of Income:



For the Year Ended December 31, 2015	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,849	$	(543	)	$	2,306
Other investments	192		—			192
Net realized gains on investment	$	3,041	$	(543	)	$	2,498



For the Year Ended December 31, 2014	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,334	$	(610	)	$	724
Other investments	439		—			439
Net realized gains on investment	$	1,773	$	(610	)	$	1,163

4. Investments (continued)



For the Year Ended December 31, 2013	Gross gains		Gross losses			Net
AFS fixed maturities	$	5,598	$	(2,201	)	$	3,397
Other investments	188		—			188
Net realized gains on investment	$	5,786	$	(2,201	)	$	3,585

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

Net unrealized (losses) gains were as follows:



December 31,	2015			2014			2013
Fixed maturities	$	(55,024	)	$	77,040		$	34,275
Other investments	996			1,709			570
Total net unrealized (losses) gains	(54,028		)	78,749			34,845
Deferred income tax	(84		)	(170		)	(117		)
Net unrealized (losses) gains, net of deferred income tax	$	(54,112	)	$	78,579		$	34,728
Change, net of deferred income tax	$	(132,691	)	$	43,851		$	(108,937	)

Fair value of restricted assets

The fair value of our restricted assets was as follows:



December 31,	2015		2014
Restricted cash and cash equivalents – third party agreements	$	102,837	$	107,884
Restricted cash and cash equivalents – related party agreements	139,944		175,817
Restricted cash and cash equivalents – U.S. state regulatory authorities	78		680
Total restricted cash and cash equivalents	242,859		284,381
Restricted investments AFS – in trust for third party agreements at fair value (Amortized cost: 2015 – $1,081,202; 2014 – $993,974)	1,067,602		1,014,878
Restricted investments AFS – in trust for related party agreements at fair value (Amortized cost: 2015 – $1,781,178; 2014 – $1,769,083)	1,754,705		1,814,478
Restricted investments HTM – in trust for related party agreements at fair value (Amortized cost: 2015 – $607,843; 2014 – $0)	598,975		—
Restricted investments AFS – in trust for U.S. state regulatory authorities (Amortized cost: 2015 – $4,071; 2014 – $7,269)	4,303		7,606
Total restricted investments	3,425,585		2,836,962
Total restricted cash and cash equivalents and investments	$	3,668,444	$	3,121,343

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

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

At December 31, 2015 and 2014, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 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	$	6,010		$	—		$	—		$	6,010
U.S. agency bonds – mortgage-backed	—			1,476,991			—			1,476,991
U.S. agency bonds – other	—			24,311			—			24,311
Non-U.S. government and supranational bonds	—			30,544			—			30,544
Asset-backed securities	—			165,804			—			165,804
Corporate bonds	—			1,739,668			—			1,739,668
Municipal bonds	—			64,760			—			64,760
Other investments	4,905			—			6,907			11,812
Total	$	10,915		$	3,502,078		$	6,907		$	3,519,900
As a percentage of total assets	0.2		%	61.3		%	0.1		%	61.6		%



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
Asset-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 of our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014:



	For the Year Ended December 31,
Other investments:	2015			2014
Balance at beginning of period	$	6,581		$	5,092
Total realized gains – included in net realized gains on investment	192			439
Total realized losses – included in net realized gains on investment	—			—
Change in total unrealized gains – included in other comprehensive income (loss)	373			1,139
Change in total unrealized losses – included in other comprehensive income (loss)	—			—
Purchases	217			6,698
Sales and redemptions	(456		)	(797		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			(5,990		)
Balance at end of period	$	6,907		$	6,581
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 of financial instruments not measured at fair value

The following table presents the fair value and carrying value of the financial instruments not measured at fair value:



	December 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM - corporate bonds	$	607,843	$	598,975	$	—	$	—
Total financial assets	$	607,843	$	598,975	$	—	$	—

Financial Liabilities
MHNA - 8.25%	$	107,500	$	110,424	$	107,500	$	113,391
MHNB - 8.00%	100,000		105,328		100,000		106,320
MHNC - 7.75%	152,500		165,456		152,500		162,016
Total financial liabilities	$	360,000	$	381,208	$	360,000	$	381,727

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill and intangible assets

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



	Goodwill			Intangible Assets			Total
December 31, 2013	$	58,312		$	32,301		$	90,613
Amortization	—			(3,277		)	(3,277		)
December 31, 2014	58,312			29,024			87,336
Acquired during the year	1,800			—			1,800
Disposed during the year	(1,120		)	(3,200		)	(4,320		)
Cumulative translation adjustment	(56		)	—			(56		)
Amortization	—			(2,840		)	(2,840		)
December 31, 2015	$	58,936		$	22,984		$	81,920

Goodwill and intangible assets



December 31, 2015	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,936	$	—		$	58,936	Indefinite
State licenses	4,527		—			4,527		Indefinite
Customer relationships	51,400		(32,943		)	18,457		15 years double declining
Net balance	$	114,863	$	(32,943	)	$	81,920



December 31, 2014	Gross		Accumulated Amortization			Net		Useful Life
Goodwill	$	58,312	$	—		$	58,312	Indefinite
State licenses	7,727		—			7,727		Indefinite
Customer relationships	51,400		(30,103		)	21,297		15 years double declining
Net balance	$	117,439	$	(30,103	)	$	87,336

Estimated amortization expenses for the next five years

The estimated amortization of intangible assets for the next five years is as follows:



2016	$	2,461
2017	2,133
2018	1,848
2019	1,602
2020	1,388

Long-Term Debt Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Senior Note Issuances

The following table details the Company's Senior Notes issuances:



	2011 Senior Notes			2012 Senior Notes			2013 Senior Notes
Principal	$	107,500		$	100,000		$	152,500
Debt Issuance Costs	2,811			3,406			5,054
Net Proceeds	$	104,689		$	96,594		$	147,446

Other details:
Maturity date	June 15, 2041			March 27, 2042			December 1, 2043
Earliest redeemable date (for cash)	June 15, 2016			March 27, 2017			December 1, 2018
Coupon rate	8.25		%	8.00		%	7.75		%
Effective interest rate	8.47		%	8.28		%	8.04		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2015

Reinsurance Disclosures [Abstract]

Schedule of effects of reinsurance on premiums written and earned and liability for claims and claims adjustment expense

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2015, 2014 and 2013 was as follows:



For the Year Ended December 31,	2015			2014			2013
Premiums written
Direct	$	9,160		$	48,565		$	104,976
Assumed	2,653,666			2,458,787			2,099,183
Ceded	(148,710		)	(49,216		)	(107,858		)
Net	$	2,514,116		$	2,458,136		$	2,096,301
Premiums earned
Direct	$	26,358		$	70,807		$	118,170
Assumed	2,481,515			2,253,750			1,994,225
Ceded	(78,804		)	(72,814		)	(111,508		)
Net	$	2,429,069		$	2,251,743		$	2,000,887
Loss and loss adjustment expenses
Gross loss and LAE	$	1,687,564		$	1,592,795		$	1,421,328
Loss and LAE ceded	(53,994		)	(94,524		)	(71,698		)
Net	$	1,633,570		$	1,498,271		$	1,349,630

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:



December 31,	2015		2014
Reserve for reported loss and LAE	$	1,411,712	$	1,241,132
Reserve for losses incurred but not reported	1,098,389		1,030,160
Reserve for loss and LAE	$	2,510,101	$	2,271,292

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

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:



For the Year Ended December 31,	2015			2014			2013
Gross loss and LAE reserves, January 1	$	2,271,292		$	1,957,835		$	1,740,281
Less: reinsurance recoverable on unpaid losses, January 1	75,873			84,036			110,858
Net loss and LAE reserves, January 1	2,195,419			1,873,799			1,629,423
Net incurred losses related to:
Current year	1,558,704			1,479,425			1,351,043
Prior years	74,866			18,846			(1,413		)
	1,633,570			1,498,271			1,349,630
Net paid losses related to:
Current year	(457,517		)	(430,394		)	(517,606		)
Prior years	(892,840		)	(705,397		)	(598,490		)
	(1,350,357		)	(1,135,791		)	(1,116,096		)
Effect of foreign exchange movements	(39,779		)	(40,860		)	10,842
Net loss and LAE reserves, December 31	2,438,853			2,195,419			1,873,799
Reinsurance recoverable on unpaid losses, December 31	71,248			75,873			84,036
Gross loss and LAE reserves, December 31	$	2,510,101		$	2,271,292		$	1,957,835

Commitments, Contingencies and Concentrations (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

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

Future minimum lease payments at December 31, 2015 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2015
2016	$	1,395
2017	1,126
2018	534
2019	491
2020	345
	$	3,891

Schedule of dividends payable

On November 4, 2015, the Company's Board of Directors authorized the following quarterly dividend:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.14	January 15, 2016	January 1, 2016

Earnings per Common Share (Tables)

12 Months Ended

Dec. 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 per common share:



For the Year Ended December 31,	2015			2014			2013
Numerator:
Net income attributable to Maiden	$	124,476		$	101,391		$	102,735
Dividends on preference shares - Series A	(12,375		)	(12,375		)	(12,375		)
Dividends on convertible preference shares - Series B	(11,962		)	(11,962		)	(2,459		)
Amount allocated to participating common shareholders⁽¹⁾	(52		)	(94		)	(116		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	100,087			76,960			87,785
Potentially dilutive securities:
Dividends on convertible preference shares - Series B⁽²⁾	11,962			—			2,459
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	112,049		$	76,960		$	90,244
Denominator:
Weighted average number of common shares – basic	73,478,544			72,843,782			72,510,361
Potentially dilutive securities:
Share options and restricted share units	1,319,074			1,273,786			1,253,479
Convertible preference shares⁽²⁾	10,840,617			—			2,653,999
Adjusted weighted average number of common shares and assumed conversions – diluted	85,638,235			74,117,568			76,417,839
Basic earnings per share attributable to Maiden common shareholders:	$	1.36		$	1.06		$	1.21
Diluted earnings per share attributable to Maiden common shareholders:	$	1.31		$	1.04		$	1.18

(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)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Summary of changes in common shares issued and outstanding

The following table shows the summary of changes in the Company's common shares outstanding:



For the Year Ended December 31,	2015		2014		2013
Outstanding shares – January 1	72,932,702		72,633,561		72,343,947
Issuance of vested restricted shares and restricted share units	378,120		184,396		—
Shares repurchased	(46,458	)	(5,851	)	—
Exercise of options	456,776		120,596		289,614
Outstanding shares – December 31	73,721,140		72,932,702		72,633,561

Amounts reclassified from accumulated other comprehensive income

The following table presents details about amounts reclassified from AOCI:



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
Unrealized gains (losses) on AFS securities		2015		2014			2013
	Net realized (losses) gains on investment	$	263	$	(3,160	)	$	6,955
	Net impairment losses recognized in earnings	—		(102		)	—
	Total before tax	263		(3,262		)	6,955
	Income tax expense	—		(16		)	(2		)
	Total after tax	$	263	$	(3,278	)	$	6,953

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 years ended December 31, 2015, 2014 and 2013:



For the Year Ended December 31, 2015	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(132,428		)	13,566			(118,862		)
Amounts reclassified from AOCI to net income, net of tax	(263		)	—			(263		)
Net current period other comprehensive (loss) income	(132,691		)	13,566			(119,125		)
Ending balance	(54,112		)	30,231			(23,881		)
Less: AOCI attributable to noncontrolling interest	—			(114		)	(114		)
Ending balance, Maiden shareholders	$	(54,112	)	$	30,345		$	(23,767	)



For the Year Ended December 31, 2014	Change in net unrealized gains on investment		Foreign currency translation adjustments			Total
Beginning balance	$	34,728	$	(8,927	)	$	25,801
Other comprehensive income before reclassifications	40,573		25,592			66,165
Amounts reclassified from AOCI to net income, net of tax	3,278		—			3,278
Net current period other comprehensive income	43,851		25,592			69,443
Ending balance	78,579		16,665			95,244
Less: AOCI attributable to noncontrolling interest	—		(49		)	(49		)
Ending balance, Maiden shareholders	$	78,579	$	16,714		$	95,293



For the Year Ended December 31, 2013	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	143,665		$	(2,539	)	$	141,126
Other comprehensive loss before reclassifications	(101,984		)	(6,388		)	(108,372		)
Amounts reclassified from AOCI to net income, net of tax	(6,953		)	—			(6,953		)
Net current period other comprehensive loss	(108,937		)	(6,388		)	(115,325		)
Ending balance	34,728			(8,927		)	25,801
Less: AOCI attributable to noncontrolling interest	—			17			17
Ending balance, Maiden shareholders	$	34,728		$	(8,944	)	$	25,784

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2015

Share-based Compensation [Abstract]

Key assumptions used in determining the fair value of options granted

The key assumptions used in determining the fair value of options granted in 2015, 2014 and 2013 and a summary of the methodology applied to develop each assumption were as follows:



	2015		2014		2013
Assumptions:
Volatility	37.60	%	51.40	%	45.30 – 51.40	%
Risk-free interest rate	1.55	%	1.77	%	0.85 – 1.77	%
Weighted average expected lives in years	5.5 years		6.1 years		6.1 years
Forfeiture rate	2.16	%	3.45	%	1.60 – 3.45	%
Dividend yield rate	4.05	%	3.46	%	3.46 – 3.55	%

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

The following table shows all options granted, exercised, expired and exchanged under the Plan for the years ended December 31, 2015, 2014 and 2013:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2012	2,795,437		$	6.70			6.75 years	$	7,271	$3.28 – 10.00
Granted	49,000		$	10.61	$	2.80				$9.99 - 11.22
Exercised	(289,614	)	$	6.13				$	1,397
Expired	(691	)	$	7.67
Forfeited	(114,719	)	$	8.51
Outstanding, December 31, 2013	2,439,413		$	6.76			5.75 years	$	10,174	$3.28 - 11.22
Granted	45,000		$	12.01	$	4.28				$11.38 - 12.42
Exercised	(120,596	)	$	4.91				$	930
Forfeited	(842	)	$	7.74
Outstanding, December 31, 2014	2,362,975		$	6.95			4.86 years	$	13,791	$3.28 - 12.42
Granted	24,000		$	13.98	$	3.31				13.98
Exercised	(456,776	)	$	7.27				$	3,521
Expired	(3,442	)	$	8.61
Forfeited	(558	)	$	9.00
Outstanding, December 31, 2015	1,926,199		$	6.96			4.15 years	$	15,306	$3.28 - 13.98
Total exercisable at December 31, 2015	1,874,855		$	6.82			3.99 years	$	15,171	$3.28 - 12.42

Schedule of based compensation instrument granted, other than share options

The following schedule shows the summary of activity under the Company's restricted awards:



	CEO Non-Performance-Based Restricted Share Units				Non-CEO Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units¹
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested at December 2012	86,705		$	8.56	—		$	—	860,506		$	8.34
Awards granted	149,701		$	10.02	95,590		$	10.02	359,652		$	10.02
Awards vested	(86,705	)	$	8.56	—		$	—	—		$	—
Awards forfeited	—		$	—	—		$	—	(466,296	)	$	8.31
Non-vested December 31, 2013	149,701		$	10.02	95,590		$	10.02	753,862		$	9.21
Awards granted	70,298		$	11.38	38,522		$	11.38	396,672		$	11.38
Awards vested	(73,333	)	$	10.45	(47,795	)	$	10.02	(100,308	)	$	8.56
Awards forfeited	—		$	—	—		$	—	(242,456	)	$	8.56
Non-vested at December 31, 2014	146,666		$	10.45	86,317		$	10.63	807,770		$	10.51
Awards granted	64,795		$	13.89	38,180		$	13.94	291,730		$	13.89
Awards vested	(73,333	)	$	10.45	(67,061	)	$	10.41	(188,681	)	$	9.54
Awards forfeited	—		$	—	(4,284	)	$	11.38	(165,337	)	$	10.61
Non-vested at December 31, 2015	138,128		$	12.07	53,152		$	13.22	745,482		$	12.05

Taxation (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of income before taxes and income tax expense

Income before taxes and income tax expense for the years ended December 31, 2015, 2014 and 2013 was as follows:



For the Year Ended December 31,	2015			2014			2013
Income before income taxes – Domestic (Bermuda)	$	134,012		$	117,780		$	125,926
Loss before income taxes – Foreign (U.S. and others)	(7,690		)	(14,083		)	(21,207		)
Total income before income taxes	$	126,322		$	103,697		$	104,719

Current tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Current tax expense – Foreign (U.S. and others)	780			945			873
Total current tax expense	780			945			873
Deferred tax expense – Domestic (Bermuda)	—			—			—
Deferred tax expense – Foreign (U.S. and others)	1,258			1,219			990
Total deferred tax expense	1,258			1,219			990
Total income tax expense	$	2,038		$	2,164		$	1,863

Schedule of effective income tax rate reconciliation



For the Year Ended December 31,	2015			2014			2013
Income before income taxes	$	126,322		$	103,697		$	104,719
Income tax expense	2,038			2,164			1,863
Net income	$	124,284		$	101,533		$	102,856
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	(2.2		)%	(7.3		)%	(8.7		)%
Valuation allowance in respect of U.S. taxes	3.2		%	8.5		%	9.8		%
Other jurisdictions	0.6		%	0.9		%	0.7		%
Actual tax rate	1.6		%	2.1		%	1.8		%

Schedule of deferred tax assets and liabilities

The significant components of our deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:



December 31,	2015		2014
Deferred tax assets:
Net operating losses	$	60,147	$	54,524
Unearned premiums	9,459		8,860
Discounting of net loss and LAE reserves	11,756		12,250
Net unrealized losses on investments	4,374		—
Accruals not currently deductible	109		1,994
Amortization of intangibles	2,796		3,021
OTTI	1,198		827
Others	543		1,043
Deferred tax assets before valuation allowance	90,382		82,519
Valuation allowance	78,845		65,743
Deferred tax assets, net	11,537		16,776
Deferred tax liabilities:
Deferred commission and other acquisition expenses	10,664		10,119
Indefinite lived intangible	1,750		2,870
Amortization of goodwill	8,319		7,158
Net unrealized gains on investment	—		4,831
Others	866		1,789
Deferred tax liabilities	21,599		26,767
Net deferred tax liability	$	10,062	$	9,991

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2015

Statutory Financial Information [Abstract]

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

The combined statutory capital and combined statutory net income (loss) of our principal operating subsidiaries in their respective jurisdictions were as follows:



	Maiden Bermuda		Maiden US			Maiden LF
Statutory Capital and Surplus
December 31, 2015	$	1,813,766	$	294,338		$	7,601
December 31, 2014	1,289,155		289,224			8,705

Statutory Net Income (Loss)
For the Year Ended December 31, 2015	$	146,027	$	17,439		$	(737	)
For the Year Ended December 31, 2014	60,016		16,614			651
For the Year Ended December 31, 2013	109,326		(1,305		)	340

- Definition

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

+ References + Details

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Schedule of subsequent events

On February 15, 2016, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.14	April 15, 2016	April 1, 2016
Preference shares - Series A	$	0.515625	March 15, 2016	March 1, 2016
Preference shares - Series B	$	0.90625	March 15, 2016	March 1, 2016
Preference shares - Series C	$	0.544271	March 15, 2016	March 1, 2016

Condensed Quarterly Financial Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial data

The following tables summarize our quarterly financial data:



2015 Quarters Ended	March 31		June 30			September 30		December 31
Total revenues	$	611,427	$	647,071		$	693,696	$	620,917
Net income	38,534		26,511			28,515		30,724
Net income attributable to Maiden common shareholders	32,405		20,519			22,499		24,716
Comprehensive income (loss) - attributable to Maiden	50,694		(39,962		)	10,658		(15,974		)
Basic earnings per common share attributable to Maiden common shareholders	$	0.44	$	0.28		$	0.31	$	0.34
Diluted earnings per common share attributable to Maiden common shareholders	$	0.41	$	0.27		$	0.30	$	0.32



2014 Quarters Ended	March 31			June 30		September 30		December 31
Total revenues	$	552,322		$	563,422	$	623,506	$	641,917
Net income	2,061			31,915		33,926		33,631
Net (loss) income attributable to Maiden common shareholders	(4,062		)	25,804		27,798		27,514
Comprehensive income - attributable to Maiden	39,816			86,260		3,176		41,648
Basic (loss) earnings per common share attributable to Maiden common shareholders	$	(0.06	)	$	0.35	$	0.38	$	0.38
Diluted (loss) earnings per common share attributable to Maiden common shareholders	$	(0.06	)	$	0.34	$	0.36	$	0.36

Significant Accounting Policies - Foreign Currency Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accumulated foreign currency translation adjustment	$ 30,345	$ 16,714

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) Segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment									2
Income Statement [Abstract]
Gross premiums written									$ 2,662,825	$ 2,507,352	$ 2,204,159
Net premiums written									2,514,116	2,458,136	2,096,301
Net premiums earned									2,429,069	2,251,743	2,000,887
Other insurance revenue									11,512	13,410	14,232
Net loss and loss adjustment expenses									(1,633,570)	(1,498,271)	(1,349,630)
Commission and other acquisition expenses									(724,197)	(659,315)	(556,578)
General and administrative expenses									(40,497)	(42,148)	(39,922)
Underwriting (loss) income									42,317	65,419	68,989
Reconciliation to net income
Net investment income and realized gains on investment									133,590	118,378	94,937
Net impairment losses recognized in earnings									(1,060)	(2,364)	0
Interest and amortization expenses									(29,063)	(29,959)	(39,805)
Accelerated amortization of junior subordinated debt discount and issuance cost									0	(28,240)	0
Amortization of intangible assets									(2,840)	(3,277)	(3,780)
Foreign exchange and other gains									7,753	4,150	2,809
Other general and administrative expenses									(24,375)	(20,410)	(18,431)
Income tax expense									(2,038)	(2,164)	(1,863)
Net income	$ 30,724	$ 28,515	$ 26,511	$ 38,534	$ 33,631	$ 33,926	$ 31,915	$ 2,061	$ 124,284	$ 101,533	$ 102,856
Net loss and LAE ratio									66.90%	66.10%	67.00%
Commission and other acquisition expense ratio									29.70%	29.10%	27.60%
General and administrative expense ratio									2.70%	2.80%	2.90%
Combined ratio									99.30%	98.00%	97.50%
Assets [Abstract]
Reinsurance balance receivable, net	377,318				512,996				$ 377,318	$ 512,996
Reinsurance recoverable on unpaid losses	71,248				75,873				71,248	75,873	$ 84,036	$ 110,858
Deferred commissions and other acquisition expenses	397,548				372,487				397,548	372,487
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	81,920				87,336				81,920	87,336	90,613
Restricted cash and cash equivalents and investments	3,668,444				3,121,343				3,668,444	3,121,343
Other assets	125,105				57,926				125,105	57,926
Total assets	5,713,645				5,164,092				5,713,645	5,164,092
Diversified Reinsurance segment
Income Statement [Abstract]
Gross premiums written									776,852	897,748	848,790
Net premiums written									734,781	850,049	763,374
Net premiums earned									744,875	854,026	753,157
Other insurance revenue									11,512	13,410	14,232
Net loss and loss adjustment expenses									(547,296)	(579,771)	(519,962)
Commission and other acquisition expenses									(196,292)	(233,711)	(190,604)
General and administrative expenses									(37,550)	(38,858)	(37,649)
Underwriting (loss) income									$ (24,751)	$ 15,096	$ 19,174
Reconciliation to net income
Net loss and LAE ratio									72.30%	66.80%	67.80%
Commission and other acquisition expense ratio									26.00%	26.90%	24.80%
General and administrative expense ratio									5.00%	4.60%	4.90%
Combined ratio									103.30%	98.30%	97.50%
Assets [Abstract]
Reinsurance balance receivable, net	230,223				245,782				$ 230,223	$ 245,782
Reinsurance recoverable on unpaid losses	38,390				31,272				38,390	31,272
Deferred commissions and other acquisition expenses	80,012				87,289				80,012	87,289
Loan to related party	0				0				0	0
Goodwill and intangible assets, net	81,920				87,336				81,920	87,336
Restricted cash and cash equivalents and investments	1,178,076				1,132,953				1,178,076	1,132,953
Other assets	35,920				40,032				35,920	40,032
Total assets - reportable segments	1,644,541				1,624,664				1,644,541	1,624,664
Corporate assets	0				0				0	0
Total assets	1,644,541				1,624,664				1,644,541	1,624,664
AmTrust Reinsurance segment
Income Statement [Abstract]
Gross premiums written									1,885,974	1,610,485	$ 1,169,961
Net premiums written									1,779,334	1,610,485	1,169,961
Net premiums earned									1,684,191	1,378,327	988,900
Other insurance revenue									0	0	0
Net loss and loss adjustment expenses									(1,074,072)	(893,502)	(653,528)
Commission and other acquisition expenses									(527,863)	(418,908)	(291,559)
General and administrative expenses									(2,947)	(2,533)	(1,566)
Underwriting (loss) income									$ 79,309	$ 63,384	$ 42,247
Reconciliation to net income
Net loss and LAE ratio									63.80%	64.80%	66.10%
Commission and other acquisition expense ratio									31.30%	30.40%	29.50%
General and administrative expense ratio									0.20%	0.20%	0.20%
Combined ratio									95.30%	95.40%	95.80%
Assets [Abstract]
Reinsurance balance receivable, net	137,586				256,779				$ 137,586	$ 256,779
Reinsurance recoverable on unpaid losses	14,230				0				14,230	0
Deferred commissions and other acquisition expenses	317,536				285,232				317,536	285,232
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	0				0				0	0
Restricted cash and cash equivalents and investments	2,468,689				1,930,502				2,468,689	1,930,502
Other assets	72,843				0				72,843	0
Total assets - reportable segments	3,178,859				2,640,488				3,178,859	2,640,488
Corporate assets	0				0				0	0
Total assets	3,178,859				2,640,488				3,178,859	2,640,488
Other
Income Statement [Abstract]
Gross premiums written									(1)	(881)	$ 185,408
Net premiums written									1	(2,398)	162,966
Net premiums earned									3	19,390	258,830
Other insurance revenue									0	0	0
Net loss and loss adjustment expenses									(12,202)	(24,998)	(176,140)
Commission and other acquisition expenses									(42)	(6,696)	(74,415)
General and administrative expenses									0	(757)	(707)
Underwriting (loss) income									$ (12,241)	$ (13,061)	$ 7,568
Reconciliation to net income
Combined ratio
Total reportable segments
Assets [Abstract]
Reinsurance balance receivable, net	367,809				502,561				$ 367,809	$ 502,561
Reinsurance recoverable on unpaid losses	52,620				31,272				52,620	31,272
Deferred commissions and other acquisition expenses	397,548				372,521				397,548	372,521
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	81,920				87,336				81,920	87,336
Restricted cash and cash equivalents and investments	3,646,765				3,063,455				3,646,765	3,063,455
Other assets	108,763				40,032				108,763	40,032
Total assets - reportable segments	4,823,400				4,265,152				4,823,400	4,265,152
Corporate assets	890,245				898,940				890,245	898,940
Total assets	$ 5,713,645				$ 5,164,092				$ 5,713,645	$ 5,164,092

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 2,662,825	$ 2,507,352	$ 2,204,159
Net premiums written	2,514,116	2,458,136	2,096,301
Net premiums earned	$ 2,429,069	$ 2,251,743	$ 2,000,887
% of Total Net premiums written	100.00%	100.00%	100.00%
% of Total Net premiums earned	100.00%	100.00%	100.00%
Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 776,852	$ 897,748	$ 848,790
Net premiums written	734,781	850,049	763,374
Net premiums earned	$ 744,875	$ 854,026	$ 753,157
% of Total Net premiums written	29.20%	34.60%	36.40%
% of Total Net premiums earned	30.70%	37.90%	37.60%
AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 1,885,974	$ 1,610,485	$ 1,169,961
Net premiums written	1,779,334	1,610,485	1,169,961
Net premiums earned	$ 1,684,191	$ 1,378,327	$ 988,900
% of Total Net premiums written	70.80%	65.50%	55.80%
% of Total Net premiums earned	69.30%	61.20%	49.40%
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (1)	$ (881)	$ 185,408
Net premiums written	1	(2,398)	162,966
Net premiums earned	$ 3	$ 19,390	$ 258,830
% of Total Net premiums written	0.00%	(0.10%)	7.80%
% of Total Net premiums earned	0.00%	0.90%	13.00%
Property \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 160,939	$ 160,308	$ 145,292
Net premiums earned	$ 157,186	$ 174,785	$ 150,261
% of Total Net premiums written	6.40%	6.50%	6.90%
% of Total Net premiums earned	6.50%	7.70%	7.50%
Casualty \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 435,625	$ 535,518	$ 473,732
Net premiums earned	$ 449,000	$ 533,775	$ 472,095
% of Total Net premiums written	17.30%	21.80%	22.60%
% of Total Net premiums earned	18.50%	23.70%	23.60%
Accident and Health \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 64,102	$ 38,870	$ 35,340
Net premiums earned	$ 55,672	$ 39,918	$ 36,165
% of Total Net premiums written	2.60%	1.60%	1.70%
% of Total Net premiums earned	2.30%	1.80%	1.80%
International \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 74,115	$ 115,353	$ 109,010
Net premiums earned	$ 83,017	$ 105,548	$ 94,636
% of Total Net premiums written	2.90%	4.70%	5.20%
% of Total Net premiums earned	3.40%	4.70%	4.70%
Small Commercial Business \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 1,057,968	$ 857,576	$ 572,006
Net premiums earned	$ 984,333	$ 752,188	$ 493,774
% of Total Net premiums written	42.10%	34.90%	27.30%
% of Total Net premiums earned	40.50%	33.40%	24.70%
Specialty Program \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 332,416	$ 220,121	$ 157,578
Net premiums earned	$ 290,209	$ 175,286	$ 140,478
% of Total Net premiums written	13.20%	8.90%	7.50%
% of Total Net premiums earned	11.90%	7.80%	7.00%
Specialty Risk and Extended Warranty \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 388,950	$ 532,788	$ 440,377
Net premiums earned	$ 409,649	$ 450,853	$ 354,648
% of Total Net premiums written	15.50%	21.70%	21.00%
% of Total Net premiums earned	16.90%	20.00%	17.70%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 2,165,309	$ 1,979,768	$ 1,742,333
Net premiums written	2,038,444	1,934,644	1,638,844
Net premiums earned	2,027,141	1,778,579	1,602,128
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	497,516	527,584	461,826
Net premiums written	475,672	523,492	457,457
Net premiums earned	$ 401,928	$ 473,164	$ 398,759

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Fair value of securities transferred from AFS to HTM	$ 608,722
AFS Transferred to HTM securities, unrealized gain	$ 244
Available-for-sale fixed maturities, Original or amortized cost		$ 3,562,864	$ 3,379,864
Available-for-sale fixed maturities, Gross unrealized gains		58,115	116,051
Available-for-sale fixed maturities, Gross unrealized losses		(112,891)	(39,011)
Fair value		3,508,088	3,456,904
Fixed maturities, held-to-maturity, at amortized cost (fair value 2015: $598,975; 2014: $0)		607,843	0
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain		3,458
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss		(12,326)
HTM securities, Fair Value		598,975	0
Other Investments, Original or amortized cost		10,816	10,862
Other investments, Gross unrealized gains		1,091	1,709
Other investments, Gross unrealized losses		(95)	0
Other investments		11,812	12,571
Total investments, Original or amortized cost		4,181,523	3,390,726
Investments, Gross unrealized gains		62,664	117,760
Investments, Gross unrealized losses		(125,312)	(39,011)
Total investments, Fair value		4,118,875	3,469,475
U.S. treasury bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		5,714	8,937
Available-for-sale fixed maturities, Gross unrealized gains		312	423
Available-for-sale fixed maturities, Gross unrealized losses		(16)	0
Fair value		6,010	9,360
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		1,471,782	1,313,834
Available-for-sale fixed maturities, Gross unrealized gains		15,399	19,197
Available-for-sale fixed maturities, Gross unrealized losses		(10,190)	(10,588)
Fair value		1,476,991	1,322,443
U.S. agency bonds – other
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		23,734	7,213
Available-for-sale fixed maturities, Gross unrealized gains		577	775
Available-for-sale fixed maturities, Gross unrealized losses		0	0
Fair value		24,311	7,988
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		35,128	54,467
Available-for-sale fixed maturities, Gross unrealized gains		0	304
Available-for-sale fixed maturities, Gross unrealized losses		(4,584)	(3,128)
Fair value		30,544	51,643
Asset-backed securities
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		165,719	52,337
Available-for-sale fixed maturities, Gross unrealized gains		1,174	2,443
Available-for-sale fixed maturities, Gross unrealized losses		(1,089)	0
Fair value		165,804	54,780
Corporate bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		1,798,610	1,831,431
Available-for-sale fixed maturities, Gross unrealized gains		38,070	89,243
Available-for-sale fixed maturities, Gross unrealized losses		(97,012)	(25,295)
Fair value		1,739,668	1,895,379
Fixed maturities, held-to-maturity, at amortized cost (fair value 2015: $598,975; 2014: $0)		607,843
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain		3,458
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss		(12,326)
HTM securities, Fair Value		598,975
Municipal bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost		62,177	62,153
Available-for-sale fixed maturities, Gross unrealized gains		2,583	3,666
Available-for-sale fixed maturities, Gross unrealized losses		0	0
Fair value		$ 64,760	65,819
Short-term investments
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost			49,492
Available-for-sale fixed maturities, Gross unrealized gains			0
Available-for-sale fixed maturities, Gross unrealized losses			0
Fair value			$ 49,492

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 181,769
Due after one year through five years	477,902
Due after five years through ten years	1,238,535
Due after ten years	27,157
Total before securities with single maturities, Amortized cost	1,925,363
Amortized Cost	3,562,864	$ 3,379,864
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	180,407
Due after one year through five years	475,103
Due after five years through ten years	1,180,221
Due after ten years	29,562
Total before securities with single maturities, Fair value	1,865,293
Fair value	3,508,088	3,456,904
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Due in one year or less	0
Due after one year through five years	67,371
Due after five years through ten years	540,472
Due after ten years	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis	607,843
HTM securities, Amortized Cost	607,843
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Due in one year or less	0
Due after one year through five years	66,888
Due after five years through ten years	532,087
Due after ten years	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value	598,975
HTM securities, Fair Value	598,975	0
U.S. agency bonds – mortgage-backed
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	1,471,782
Amortized Cost	1,471,782	1,313,834
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	1,476,991
Fair value	1,476,991	1,322,443
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	0
Asset-backed securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	165,719
Amortized Cost	165,719	52,337
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	165,804
Fair value	165,804	$ 54,780
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	$ 0

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($) security
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 1,294,157	$ 525,149
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	592,418	588,017
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	1,886,575	1,113,166
Investments, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	1,299,062
Investments, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	592,418
Investments, Continuous Unrealized Loss Position, Fair Value	1,891,480
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(46,935)	(18,113)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(78,282)	(20,898)
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(125,217)	$ (39,011)
Investments, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses	(47,030)
Investments, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(78,282)
Investments, Continuous Unrealized Loss Position, Accumulated Loss	$ (125,312)
Fixed Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year \| security	93	46
Fixed Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions \| security	270	141
U.S. treasury bonds
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 1,119
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	1,119
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(16)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(16)
U.S. agency bonds – mortgage-backed
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	443,331	$ 84,264
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	170,053	441,601
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	613,384	525,865
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(4,113)	(806)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(6,077)	(9,782)
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(10,190)	(10,588)
Non-U.S. government and supranational bonds
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	6,958	43,712
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	22,586	2,522
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	29,544	46,234
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(365)	(2,822)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(4,219)	(306)
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(4,584)	(3,128)
Asset-backed securities
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	89,838
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	89,838
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,089)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(1,089)
Corporate bonds
Fair value
Fixed Maturities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	752,911	397,173
Fixed Maturities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	399,779	143,894
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value	1,152,690	541,067
Unrealized losses
Fixed Maturities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(41,352)	(14,485)
Fixed Maturities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(67,986)	(10,810)
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss	(109,338)	$ (25,295)
Other investments
Fair value
Investments, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	4,905
Investments, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Investments, Continuous Unrealized Loss Position, Fair Value	4,905
Unrealized losses
Investments, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses	(95)
Investments, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	0
Investments, Continuous Unrealized Loss Position, Accumulated Loss	$ (95)

Investments - Credit Ratings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Fixed Maturities [Line Items]
OTTI recognized through earnings	$ (1,060)	$ (2,364)	$ 0
Amortized cost	4,170,707	3,379,864
Fair value	$ 4,107,063	$ 3,456,904
% of Total fair value	100.00%	100.00%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 5,714	$ 8,937
Fair value	$ 6,010	$ 9,360
% of Total fair value	0.10%	0.30%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 1,495,516	$ 1,321,047
Fair value	$ 1,501,302	$ 1,330,431
% of Total fair value	36.60%	38.50%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 170,190	$ 193,280
Fair value	$ 170,391	$ 202,973
% of Total fair value	4.10%	5.90%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 222,506	$ 116,936
Fair value	$ 223,084	$ 120,679
% of Total fair value	5.40%	3.50%
A Plus, A, A Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 1,075,550	$ 883,092
Fair value	$ 1,066,794	$ 917,544
% of Total fair value	26.00%	26.50%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 1,077,064	$ 794,244
Fair value	$ 1,039,228	$ 814,039
% of Total fair value	25.30%	23.50%
BB Plus or Lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 124,167	$ 62,328
Fair value	$ 100,254	$ 61,878
% of Total fair value	2.50%	1.80%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Other investments	$ 11,812	$ 12,571
% of Total fair value	100.00%	100.00%
Investments in limited partnerships
Schedule of Investments [Line Items]
Other investments	$ 5,907	$ 5,581
% of Total fair value	50.00%	44.40%
Unfunded commitment on investments in limited partnerships	$ 622	$ 736
Investments in quoted equity
Schedule of Investments [Line Items]
Other investments	$ 4,905	$ 5,990
% of Total fair value	41.50%	47.60%
Other
Schedule of Investments [Line Items]
Other investments	$ 1,000	$ 1,000
% of Total fair value	8.50%	8.00%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 137,149	$ 122,470	$ 95,779
Investment expenses	(6,057)	(5,255)	(4,427)
Net investment income	131,092	117,215	91,352
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	132,394	118,203	89,350
Cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	2,578	2,224	3,120
Loan to related party
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	1,865	1,797	1,857
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 312	$ 246	$ 1,452

Investments - Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013
Gain (Loss) on Investments [Line Items]
Gross gains	$ 3,041	$ 1,773	$ 5,786
Gross losses	(543)	(610)	(2,201)
Realized gains (losses), Net	2,498	1,163	3,585
Proceeds from sales of fixed maturities classified as available-for-sale	129,152	171,216	355,863
Net unrealized (losses) gains	(54,028)	78,749		$ 34,845
Deferred income tax	(84)	(170)		(117)
Net unrealized (losses) gains, net of deferred income tax	(54,112)	78,579		34,728
Change in net unrealized gains, net of deferred income tax	(132,691)	43,851	(108,937)
Other investments
Gain (Loss) on Investments [Line Items]
Gross gains	192	439	188
Gross losses	0	0	0
Realized gains (losses), Net	192	439	188
Net unrealized (losses) gains	996	1,709		570
Fixed maturities \| Available-for-sale securities
Gain (Loss) on Investments [Line Items]
Gross gains	2,849	1,334	5,598
Gross losses	(543)	(610)	(2,201)
Realized gains (losses), Net	2,306	724	$ 3,397
Net unrealized (losses) gains	$ (55,024)	$ 77,040		$ 34,275

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 242,859	$ 284,381
Restricted investments	3,425,585	2,836,962
Restricted cash and investments	3,668,444	3,121,343
Amortized cost	4,181,523	3,390,726
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	102,837	107,884
Restricted investments	1,067,602	1,014,878
Amortized cost	1,081,202	933,974
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	139,944	175,817
Restricted investments	1,754,705	1,814,478
Amortized cost	1,781,178	1,769,083
HMT, related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted investments	598,975	0
Amortized cost	607,843	0
US state regulatory authorities
Restricted Cash and Investments Items [Line Items]
Restricted cash	78	680
Restricted investments	4,303	7,606
Amortized cost	$ 4,071	$ 7,269

Fair Value Measurements - Changes in Level 3 Financial Instruments (Details) - Other investments - Fair Value, Measurements, Recurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
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 and unrealized gains on investment	192	439
Total realized (losses) – included in net realized and unrealized gains on investment	0	0
Change in total unrealized gains – included in other comprehensive (loss) income	373	1,139
Change in total unrealized losses – included in other comprehensive (loss) income	0	0
Purchases	217	6,698
Sales and redemptions	(456)	(797)
Transfers into Level 3	0	0
Transfers out of Level 3	0	(5,990)
Balance at end of period	6,907	6,581
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date	$ 0	$ 0

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 4,118,875	$ 3,469,475
Carrying Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	607,843	0
Financial Liabilities	360,000	360,000
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNA - 8.25%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 107,500	$ 107,500
Stated interest rate	8.25%	8.25%
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNB - 8.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 100,000	$ 100,000
Stated interest rate	8.00%	8.00%
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNC - 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	$ 152,500
Stated interest rate	7.75%	7.75%
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 598,975	$ 0
Financial Liabilities	381,208	381,727
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNA - 8.25%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	110,424	113,391
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNB - 8.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	105,328	106,320
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| MHNC - 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	165,456	162,016
Held-to-maturity Securities \| Corporate bonds \| Carrying Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	607,843	0
Held-to-maturity Securities \| Corporate bonds \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 598,975	$ 0

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets, Net (Including Goodwill) [Roll Forward]
Goodwill, beginning balance	$ 58,312	$ 58,312
Intangible assets, beginning balance	29,024	32,301
Goodwill and Intangible assets, beginning balance	87,336	90,613
Amortization	(2,840)	(3,277)	$ (3,780)
Goodwill, acquired during the year	1,800
Goodwill and intangible assets, disposed during the year	(4,320)
Goodwill, cumulative translation adjustment	(56)
Goodwill, ending balance	58,936	58,312	58,312
Intangible assets, ending balance	22,984	29,024	32,301
Goodwill and Intangible assets, ending balance	$ 81,920	$ 87,336	$ 90,613

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($)		12 Months Ended
	Nov. 04, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets [Line Items]
Goodwill		$ 58,936,000	$ 58,312,000	$ 58,312,000
Accumulated Amortization		(32,943,000)	(30,103,000)
Balance, Gross		114,863,000	117,439,000
Balance, Net		81,920,000	87,336,000	90,613,000
Goodwill, acquired during the year		1,800,000
Impairment of goodwill and intangible assets		0	0	$ 0
Customer relationships
Goodwill and Intangible Assets [Line Items]
Finite-lived assets		51,400,000	51,400,000
Accumulated Amortization		(32,943,000)	(30,103,000)
Finite-lived assets, Net		$ 18,457,000	$ 21,297,000
Useful Life		15 years	15 years
State licenses
Goodwill and Intangible Assets [Line Items]
Indefinite-lived assets		$ 4,527,000	$ 7,727,000
Maiden Specialty
Goodwill and Intangible Assets [Line Items]
Goodwill, disposed during the year	$ (1,120,000)
Intangible assets, disposed during the year	(3,200,000)
IRC
Goodwill and Intangible Assets [Line Items]
Goodwill, acquired during the year	$ 1,800,000

Goodwill and Intangible Assets - Estimated Amortization (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Estimated amortization expenses for the next five years [Abstract]
2016	$ 2,461
2017	2,133
2018	1,848
2019	1,602
2020	$ 1,388

Long-Term Debt - Senior Notes Issuances (Details) - Senior Notes - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt Issuance Costs	$ 376,000	$ 375,000	$ 223,000
2011 Senior Notes
Debt Instrument [Line Items]
Principal	107,500,000
Debt Issuance Costs	2,811,000
Net Proceeds	$ 104,689,000
Coupon rate	8.25%
Effective interest rate	8.47%
2012 Senior Notes
Debt Instrument [Line Items]
Principal	$ 100,000,000
Debt Issuance Costs	3,406,000
Net Proceeds	$ 96,594,000
Coupon rate	8.00%
Effective interest rate	8.28%
2013 Senior Notes
Debt Instrument [Line Items]
Principal	$ 152,500,000
Debt Issuance Costs	5,054,000
Net Proceeds	$ 147,446,000
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Interest expense	$ 29,063	$ 29,959	$ 39,805
Senior Notes
Debt Instrument [Line Items]
Interest expense	28,687	28,687	18,084
Accrued interest	1,523	1,523
Debt issuance costs amortization expense	$ 376	$ 375	$ 223

Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Disclosures [Abstract]
Premiums written, Direct	$ 9,160	$ 48,565	$ 104,976
Premiums written, assumed	2,653,666	2,458,787	2,099,183
Premiums written, Ceded	(148,710)	(49,216)	(107,858)
Premiums written, Net	2,514,116	2,458,136	2,096,301
Premium earned, Direct	26,358	70,807	118,170
Premium earned, Assumed	2,481,515	2,253,750	1,994,225
Premium earned, Ceded	(78,804)	(72,814)	(111,508)
Net premiums earned	2,429,069	2,251,743	2,000,887
Gross loss and LAE	1,687,564	1,592,795	1,421,328
Loss and LAE ceded	(53,994)	(94,524)	(71,698)
Net loss and loss adjustment expenses	$ 1,633,570	$ 1,498,271	$ 1,349,630

Reinsurance - Narrative (Details) - Reinsurance recoverable - Customer concentration risk	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Rating A or better
Concentration Risk [Line Items]
Concentration risk, percentage	99.10%
Without credit rating
Concentration Risk [Line Items]
Concentration risk, percentage	0.90%
Major customer one
Concentration Risk [Line Items]
Concentration risk, percentage	40.90%	45.60%
Major customer two
Concentration Risk [Line Items]
Concentration risk, percentage	35.50%	10.60%
Major customer three
Concentration Risk [Line Items]
Concentration risk, percentage	4.80%	9.90%

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Insurance [Abstract]
Reserve for reported loss and LAE				$ 1,411,712	$ 1,241,132
Reserve for losses incurred but not reported				1,098,389	1,030,160
Reserve for loss and LAE	$ 2,271,292	$ 1,957,835	$ 1,740,281	$ 2,510,101	$ 2,271,292
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	2,271,292	1,957,835	1,740,281
Less: reinsurance recoverable on unpaid losses, January 1	75,873	84,036	110,858
Net loss and LAE reserves, January 1	2,195,419	1,873,799	1,629,423
Net incurred losses related to Current year	1,558,704	1,479,425	1,351,043
Net incurred losses related to Prior years	74,866	18,846	(1,413)
Net incurred losses	1,633,570	1,498,271	1,349,630
Net paid losses related to Current year	(457,517)	(430,394)	(517,606)
Net paid losses related to Prior years	(892,840)	(705,397)	(598,490)
Net paid losses	(1,350,357)	(1,135,791)	(1,116,096)
Effect of foreign exchange movements	(39,779)	(40,860)	10,842
Net loss and LAE reserves, December 31	2,438,853	2,195,419	1,873,799
Reinsurance recoverable on unpaid losses, December 31	71,248	75,873	84,036
Gross loss and LAE reserves, December 31	$ 2,510,101	$ 2,271,292	$ 1,957,835
Percentage of prior year net loss and loss adjustment expense reserves	3.30%	1.00%	0.10%

Related Party Transactions - AmTrust (Details)											12 Months Ended
Related Party Transactions - AmTrust (Details)	Mar. 07, 2013	Sep. 01, 2012	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2011	Sep. 01, 2010	Jun. 01, 2008	Jul. 01, 2007 USD ($)	Apr. 01, 2007	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Related Party Transaction [Line Items]
Net premiums earned											$ 2,429,069,000	$ 2,251,743,000	$ 2,000,887,000
Loan to related party											$ 167,975,000	167,975,000
Founding shareholders
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage											20.30%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage											47.90%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party											$ 167,975,000	167,975,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party									40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party									40.00%
Commission rate, percent of ceded written premiums								34.375%	31.00%
Contract extension (in years)	3 years
Cancellation notice period	9 months
Cancellation notice period upon the occurrence of certain early termination events (in days)	30 days
Early termination events, reduction threshold of stockholders' equity	50.00%
Consideration paid for agreement to commute certain liabilities including unearned premiums and loss reserves											107,000,000
AmTrust Financial Services, Inc. \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums					5.00%
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%
AmTrust Financial Services, Inc. \| AmTrust SNIC Reinsurance Agreement
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party		100.00%
Percent of credit insurance business to cede							80.00%
Percent of gross liabilities, from third party							20.00%
Percent of general liability business to cede							5.00%
Percent of gross liabilities, from related party		100.00%
AmTrust Financial Services, Inc. \| AmTrust Technology Reinsurance Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums							5.00%
Percent of credit insurance business to cede							90.00%
Percent of general liability business to cede							100.00%
Agreement period (in years)							3 years
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement
Related Party Transaction [Line Items]
Agreement period (in years)			1 year
Reinsurance coverage threshold			$ 1,000,000
Net premiums earned											673,000	1,241,000	643,000
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party											2,256,383,000	1,691,970,000
Accrued interest on collateral held by related party											$ 15,448,000	$ 10,413,000
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Cancellation notice period										30 days
Brokerage fee, percent of premium assumed										1.25%
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Cancellation notice period									30 days
Quarterly brokerage fee, above portfolio threshold, percent of average holdings									0.0375%
Quarterly brokerage fee, portfolio threshold									$ 1,000,000,000
AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement
Related Party Transaction [Line Items]
Contract extension (in years)						1 year
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage											11.60%
Leah Karfunkel \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage											43.10%
Minimum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor									81.50%
Maximum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling									95.00%
LIBOR \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party, Basis spread on LIBOR											0.90%	0.90%
Commission expense \| AmTrust Financial Services, Inc. \| Quota Share Reinsurance Agreements
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											$ 518,196,000	$ 401,679,000	279,197,000
Commission expense \| AmTrust Financial Services, Inc. \| AmTrust SNIC Reinsurance Agreement
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											0	90,000	239,000
Commission expense \| AmTrust Financial Services, Inc. \| AmTrust Technology Reinsurance Agreement
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											3,000	8,000	186,000
Commission expense \| AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											166,000	262,000	158,000
Premiums earned \| AmTrust Financial Services, Inc. \| AmTrust SNIC Reinsurance Agreement
Related Party Transaction [Line Items]
Revenue from related parties											0	1,796,000	4,785,000
Premiums earned \| AmTrust Financial Services, Inc. \| AmTrust Technology Reinsurance Agreement
Related Party Transaction [Line Items]
Revenue from related parties											68,000	171,000	928,000
Brokerage expense \| AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											21,475,000	17,229,000	12,361,000
Balances due to related party											13,464,000	11,423,000
Investment management fees \| AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											6,057,000	5,214,000	4,388,000
Aircraft expenses \| AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement
Related Party Transaction [Line Items]
Expenses recorded from related party transactions											$ 89,000	$ 88,000	$ 57,000

Related Party Transactions - NGHC (Details) - USD ($)				12 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	Apr. 01, 2015	Oct. 01, 2012	Mar. 01, 2010	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Premiums earned				$ 2,429,069,000	$ 2,251,743,000	$ 2,000,887,000
National General Holdings Corp. \| NGHC Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
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%
National General Holdings Corp. \| NGHC Quota Share Reinsurance Agreement \| Commissions paid
Related Party Transaction [Line Items]
Expenses recorded from related party transactions				0	6,509,000	75,382,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage limit				8,825,000	8,900
Medical Excess of Loss Reinsurance Agreement \| National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Liability percentage	100.00%
Reinsurance coverage threshold				1,175,000	1,100,000
Maximum limit of liability attaching				2,000,000
Premiums earned				$ 443,000	$ 190,000	$ 180,000

Commitments, Contingencies and Concentrations (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 04, 2015 $ / shares	Dec. 31, 2015 USD ($) broker $ / shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($) $ / shares
Loss Contingencies [Line Items]
Gross premiums written		$ 2,662,825	$ 2,507,352	$ 2,204,159
Letters of credit outstanding		$ 76,964	82,489
Renewal term (in years)		5 years
Rent expense		$ 1,984	$ 2,220	$ 2,171
2016		1,395
2017		1,126
2018		534
2019		491
2020		345
Total		$ 3,891
Dividends declared per common share (in dollars per share) \| $ / shares	$ 0.14	$ 0.53	$ 0.46	$ 0.38
Letter of credit
Loss Contingencies [Line Items]
Collateral		$ 108,666	$ 115,151
AmTrust Reinsurance
Loss Contingencies [Line Items]
Gross premiums written		1,885,974	1,610,485	$ 1,169,961
Diversified Reinsurance
Loss Contingencies [Line Items]
Gross premiums written		$ 776,852	$ 897,748	$ 848,790
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		70.80%	64.20%	53.10%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		54.60%	57.10%	57.70%
Number of major brokers \| broker		3
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Top 3 Brokers
Loss Contingencies [Line Items]
Concentration risk, percentage		36.90%	31.60%	29.90%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Aon Benfield Group, Ltd.
Loss Contingencies [Line Items]
Concentration risk, percentage		17.30%	15.80%	11.90%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Marsh & McLennan Inc.
Loss Contingencies [Line Items]
Concentration risk, percentage		12.20%	12.00%	12.60%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| U.S. RE Corporation
Loss Contingencies [Line Items]
Concentration risk, percentage		7.40%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Tiger Risk Partners
Loss Contingencies [Line Items]
Concentration risk, percentage			3.80%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Beach & Associates, Ltd.
Loss Contingencies [Line Items]
Concentration risk, percentage				5.40%
Investments in limited partnerships
Loss Contingencies [Line Items]
Unfunded commitment on investments in limited partnerships		$ 622	$ 736

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Maiden	$ 24,716	$ 22,499	$ 20,519	$ 32,405	$ 27,514	$ 27,798	$ 25,804	$ (4,062)	$ 124,476	$ 101,391	$ 102,735
Dividends on preference shares									(24,337)	(24,337)	(14,834)
Amount allocated to participating common shareholders									(52)	(94)	(116)
Numerator for basic EPS - net income allocated to Maiden common shareholders									100,087	76,960	87,785
Dividends on convertible preference shares - Series B									11,962	0	2,459
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion									$ 112,049	$ 76,960	$ 90,244
Weighted average number of common shares outstanding – basic (in shares)									73,478,544	72,843,782	72,510,361
Potentially dilutive securities:
Share options and restricted share units (in shares)									1,319,074	1,273,786	1,253,479
Convertible preference shares (in shares)									10,840,617	0	2,653,999
Weighted average number of common shares outstanding – diluted (in shares)									85,638,235	74,117,568	76,417,839
Basic earnings per share attributable to Maiden shareholders: (in dollars per share)	$ 0.34	$ 0.31	$ 0.28	$ 0.44	$ 0.38	$ 0.38	$ 0.35	$ (0.06)	$ 1.36	$ 1.06	$ 1.21
Diluted earnings per share attributable to Maiden shareholders: (in dollars per share)	$ 0.32	$ 0.30	$ 0.27	$ 0.41	$ 0.36	$ 0.36	$ 0.34	$ (0.06)	$ 1.31	$ 1.04	$ 1.18
Series A Preference Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares									$ (12,375)	$ (12,375)	$ (12,375)
Series B Convertible Preference Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares									$ (11,962)	$ (11,962)	$ (2,459)

Earnings per Common Share - Anti-dilutive Securities (Details) - shares	12 Months Ended			27 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to contingent conversion of preferred stock	10,840,617			10,840,617
Increase in incremental common shares attributable to contingent conversion of preferred stock				195,456
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share options excluded from the calculation of diluted earnings per common share	0	17,293	0

Shareholders' Equity - Narrative (Details)							1 Months Ended	12 Months Ended
Shareholders' Equity - Narrative (Details)	Nov. 25, 2015 USD ($) director $ / shares shares	Mar. 05, 2015 $ / shares shares	Feb. 19, 2015 $ / shares shares	Jan. 01, 2015 $ / shares shares	Feb. 19, 2014 $ / shares shares	Aug. 22, 2012 USD ($) director $ / shares shares	Oct. 31, 2013 USD ($) director $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) shares	Jul. 24, 2014 USD ($)	Dec. 31, 2012 shares
Class of Stock [Line Items]
Shares authorized (in shares) \| shares								150,000,000
Common shares, shares issued (in shares) \| shares								74,735,785	73,900,889
Common shares, shares outstanding (in shares) \| shares								73,721,140	72,932,702	72,633,561		72,343,947
Preference shares issued (in shares) \| shares								15,900,000
Shares undesignated (in shares) \| shares								59,364,215
Common shares, par value (in dollars per share)								$ 0.01	$ 0.01
Number of shares issued (in shares) \| shares								378,120	184,396	0
Proceeds from issuance of Preference Shares \| $								$ 159,628,000	$ 0	$ 159,675,000
Preferred Stock, number of Directors contingently electable \| director	2					2
Preferred Stock, dividend default period						six or more dividend periods
Shares repurchased (in shares) \| shares		33,846	7,658	4,954	5,851			46,458	5,851	0
Shares repurchased, price per share		$ 14.21	$ 14.40	$ 12.79	$ 11.18
Preference Shares - Series C
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares	6,600,000
Dividend rate of Preference Shares	7.125%
Par value of Preference Shares (in dollars per share)	$ 0.01
Fair value of share (in dollars per share)	$ 25
Proceeds from issuance of Preference Shares \| $	$ 159,628,000
Expenses and underwriting discounts \| $	$ 5,372,000
Redemption price for Preference Shares (in dollars per share)	$ 25
Shares authorized (in shares) \| shares	6,600,000
Sale price of Preference Shares (in dollars per share)	$ 25
Mandatory Convertible Preference Shares - Series B
Class of Stock [Line Items]
Preference shares offered (in shares) \| shares							3,300,000
Dividend rate of Preference Shares							7.25%
Par value of Preference Shares (in dollars per share)							$ 0.01
Fair value of share (in dollars per share)							$ 50
Proceeds from issuance of Preference Shares \| $							$ 159,675,000
Expenses and underwriting discounts \| $							$ 5,325,000
Shares authorized (in shares) \| shares							3,300,000
Sale price of Preference Shares (in dollars per share)							$ 50
Liquidation preference per share per annum (in dollars per share)							3.625
Liquidation preference per share per quarter (in dollars per share)							0.90625
Liquidation preference per share in initial quarter (in dollars per share)							$ 0.745139
Convertible Preferred Stock, conversion rate measurement period							40 days
Preferred Stock, dividend rate (in dollars per share)							$ 0.09
Dividends on preference shares \| $								$ 11,962,000	$ 11,962,000	$ 2,459,000
Preference shares - Series A
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares						6,000,000
Dividend rate of Preference Shares						8.25%
Par value of Preference Shares (in dollars per share)						$ 0.01
Fair value of share (in dollars per share)						$ 25
Proceeds from issuance of Preference Shares \| $						$ 145,041,000
Expenses and underwriting discounts \| $						$ 4,959,000
Redemption price for Preference Shares (in dollars per share)						$ 25
Shares authorized (in shares) \| shares						6,000,000
Sale price of Preference Shares (in dollars per share)						$ 25
Dividends on preference shares \| $								$ 12,375,000	$ 12,375,000	$ 12,375,000
Maximum
Class of Stock [Line Items]
Authorized amount of share repurchase program \| $											$ 75,000,000
Maximum \| Mandatory Convertible Preference Shares - Series B
Class of Stock [Line Items]
Convertible Preferred Stock, shares issued upon conversion ratio							4.0322
Preferred Stock, number of electable board members \| director							2
Minimum \| Mandatory Convertible Preference Shares - Series B
Class of Stock [Line Items]
Convertible Preferred Stock, shares issued upon conversion ratio							3.2258

Shareholders' Equity - Schedule of Common Shares (Details) - shares					12 Months Ended
	Mar. 05, 2015	Feb. 19, 2015	Jan. 01, 2015	Feb. 19, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued and outstanding shares – January 1 (in shares)			72,932,702		72,932,702	72,633,561	72,343,947
Issuance of vested restricted shares and restricted share units (in shares)					378,120	184,396	0
Shares repurchased (in shares)	(33,846)	(7,658)	(4,954)	(5,851)	(46,458)	(5,851)	0
Exercise of options (in shares)					456,776	120,596	289,614
Issued and outstanding shares – December 31 (in shares)					73,721,140	72,932,702	72,633,561

Shareholders' Equity - Reclassified out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax									$ 126,322	$ 103,697	$ 104,719
Income tax expense									(2,038)	(2,164)	(1,863)
Net income attributable to Maiden	$ 24,716	$ 22,499	$ 20,519	$ 32,405	$ 27,514	$ 27,798	$ 25,804	$ (4,062)	124,476	101,391	102,735
Unrealized gains (losses) on AFS securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (losses) gains on investment									263	(3,160)	6,955
Net impairment losses recognized in earnings									0	(102)	0
Total before tax									263	(3,262)	6,955
Income tax expense									0	(16)	(2)
Net income attributable to Maiden									$ 263	$ (3,278)	$ 6,953

- Definition

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

+ References + Details

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 95,244	$ 25,801	$ 141,126
Other comprehensive income (loss) before reclassifications	(118,862)	66,165	(108,372)
Amounts reclassified from AOCI to net income, net of tax	(263)	3,278	(6,953)
Other comprehensive income (loss)	(119,125)	69,443	(115,325)
Ending balance	95,244	25,801	141,126	$ (23,881)	$ 95,244	$ 25,801
Less: AOCI attributable to noncontrolling interest				(114)	(49)	17
Ending balance, Maiden shareholders				(23,767)	95,293	25,784
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	78,579	34,728	143,665
Other comprehensive income (loss) before reclassifications	(132,428)	40,573	(101,984)
Amounts reclassified from AOCI to net income, net of tax	(263)	3,278	(6,953)
Other comprehensive income (loss)	(132,691)	43,851	(108,937)
Ending balance	78,579	34,728	143,665	(54,112)	78,579	34,728
Less: AOCI attributable to noncontrolling interest				0	0	0
Ending balance, Maiden shareholders				(54,112)	78,579	34,728
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	16,665	(8,927)	(2,539)
Other comprehensive income (loss) before reclassifications	13,566	25,592	(6,388)
Amounts reclassified from AOCI to net income, net of tax	0	0	0
Other comprehensive income (loss)	13,566	25,592	(6,388)
Ending balance	$ 16,665	$ (8,927)	$ (2,539)	30,231	16,665	(8,927)
Less: AOCI attributable to noncontrolling interest				(114)	(49)	17
Ending balance, Maiden shareholders				$ 30,345	$ 16,714	$ (8,944)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 18, 2014	Feb. 19, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)			10,000,000
Volatility, maximum term			7 years 7 months 6 days
Volatility, maximum			37.60%	51.40%	51.40%
Weighted average grant date fair value (in dollars per share)			$ 2.13	$ 2.11		$ 2.03
Unrecognized compensation cost related to non-vested share-based compensation arrangements			$ 125	$ 235
Period of recognition (in years)			1 year 29 days
Proceeds from stock options exercised			$ 3,318	592	$ 1,776
Share-based expense from the adoption of ASC Topic 718			2,938	3,334	2,205
Defined contribution plans expense			$ 1,740	2,809	2,892
Vesting period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			2 years
Vesting period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period			4 years
Expiration period			10 years
Share options \| Vesting period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Share options \| Vesting period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			6.25%
Performance-Based Restricted Share Units \| Performance Cycle
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements			$ 975
Period of recognition (in years)			1 year 8 months 5 days
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements			$ 352
Period of recognition (in years)			1 year 9 months 26 days
CEO Non-Performance-Based Restricted Share Units February 2013 \| CEO Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested			$ 500	500	$ 0
CEO Non-Performance-Based Restricted Share Units February 2014 \| CEO Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested			266	266
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2013 \| Non-CEO Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested			479	479
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2013 \| Non-CEO Non-Performance-Based Restricted Share Units \| Vesting period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2013 \| Non-CEO Non-Performance-Based Restricted Share Units \| Vesting period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2014 \| Non-CEO Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested			$ 219	$ 0
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2014 \| Non-CEO Non-Performance-Based Restricted Share Units \| Vesting period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Non-CEO Discretionary Non-Performance-Based Restricted Shares February 2014 \| Non-CEO Non-Performance-Based Restricted Share Units \| Vesting period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

Share Compensation and Pension Plans - Assumptions Used in Determining Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assumptions:
Volatility, maximum	37.60%	51.40%	51.40%
Volatility, minimum			45.30%
Risk-free interest rate, maximum	1.55%	1.77%	1.77%
Risk-free interest rate, minimum			0.85%
Weighted average expected lives	5 years 6 months	6 years 1 month 6 days	6 years 1 month 6 days
Forfeiture rate, minimum	2.16%	3.45%	1.60%
Dividend yield rate	4.05%	3.46%
Maximum
Assumptions:
Forfeiture rate, minimum			3.45%
Dividend yield rate			3.55%
Minimum
Assumptions:
Dividend yield rate			3.46%

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of Share Options, Outstanding [Roll Forward]
Outstanding, start of period (in shares)	2,362,975	2,439,413	2,795,437
Granted (in shares)	24,000	45,000	49,000
Exercised (in shares)	(456,776)	(120,596)	(289,614)
Expired (in shares)	(3,442)		(691)
Forfeited (in shares)	(558)	(842)	(114,719)
Outstanding, end of period (in shares)	1,926,199	2,362,975	2,439,413	2,795,437
Total options exercisable outstanding, Number of Share Options (in shares)	1,874,855
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 6.95	$ 6.76	$ 6.70
Granted (in dollars per share)	13.98	12.01	10.61
Exercised (in dollars per share)	7.27	4.91	6.13
Expired (in dollars per share)	8.61		7.67
Forfeited (in dollars per share)	9.00	7.74	8.51
Outstanding, end of period (in dollars per share)	6.96	6.95	6.76	$ 6.70
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	6.82
Weighted Average Grant-Date Fair Value (in dollars per share)	$ 3.31	$ 4.28	$ 2.80
Outstanding, Weighted Average Remaining Contractual Term	4 years 1 month 24 days	4 years 10 months 10 days	5 years 9 months	6 years 9 months
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	3 years 11 months 27 days
Options Outstanding, Aggregate Intrinsic Value	$ 15,306	$ 13,791	$ 10,174	$ 7,271
Options Exercised, Aggregate Intrinsic Value	3,521	$ 930	$ 1,397
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 15,171
Minimum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 3.28	$ 3.28	$ 3.28
Granted (in dollars per share)		11.38	9.99
Outstanding, end of period (in dollars per share)	3.28	3.28	3.28	$ 3.28
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.28
Maximum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	12.42	11.22	10.00
Granted (in dollars per share)	13.98	12.42	11.22
Outstanding, end of period (in dollars per share)	13.98	$ 12.42	$ 11.22	$ 10.00
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 12.42

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CEO Non-Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	146,666.000	149,701.000	86,705
Awards granted (in shares)	64,795	70,298	149,701
Awards vested (in shares)	(73,333)	(73,333)	(86,705)
Awards forfeited (in shares)	0	0	0
Ending Balance, Non-vested (in shares)	138,128.000	146,666.000	149,701.000
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance	$ 10.45	$ 10.02	$ 8.56
Awards granted	13.89	11.38	10.02
Awards vested	10.45	10.45	8.56
Awards forfeited	0.00	0.00	0.00
Weighted average grant date fair value, ending balance	$ 12.07	$ 10.45	$ 10.02
Non-CEO Non-Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	86,317.000	95,590.00	0
Awards granted (in shares)	38,180	38,522	95,590
Awards vested (in shares)	(67,061)	(47,795)	0
Awards forfeited (in shares)	(4,284)	0	0
Ending Balance, Non-vested (in shares)	53,152.000	86,317.000	95,590.00
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance	$ 10.63	$ 10.02	$ 0.00
Awards granted	13.94	11.38	10.02
Awards vested	10.41	10.02	0.00
Awards forfeited	11.38	0.00	0.00
Weighted average grant date fair value, ending balance	$ 13.22	$ 10.63	$ 10.02
Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	807,770.00	753,862.000	860,506
Awards granted (in shares)	291,730	396,672	359,652
Awards vested (in shares)	(188,681)	(100,308)	0
Awards forfeited (in shares)	(165,337)	(242,456)	(466,296)
Ending Balance, Non-vested (in shares)	745,482.000	807,770.00	753,862.000
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance	$ 10.51	$ 9.21	$ 8.34
Awards granted	13.89	11.38	10.02
Awards vested	9.54	8.56	0.00
Awards forfeited	10.61	8.56	8.31
Weighted average grant date fair value, ending balance	$ 12.05	$ 10.51	$ 9.21

Taxation (Details) - USD ($)	12 Months Ended
Taxation (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Income before income taxes – Domestic (Bermuda)	134,012,000	117,780,000	125,926,000
Loss before income taxes – Foreign (U.S. and others)	(7,690,000)	(14,083,000)	(21,207,000)
Total before tax	126,322,000	103,697,000	104,719,000
Current tax expense – Domestic (Bermuda)	0	0	0
Current tax expense – Foreign (U.S. and others)	780,000	945,000	873,000
Current tax (benefit) expense	780,000	945,000	873,000
Deferred tax expense – Domestic (Bermuda)	0	0	0
Deferred tax expense – Foreign (U.S. and others)	1,258,000	1,219,000	990,000
Total deferred tax expense	1,258,000	1,219,000	990,000
Total income tax expense	2,038,000	2,164,000	$ 1,863,000
Deferred tax assets:
Net operating losses	60,147,000	54,524,000
Unearned premiums	9,459,000	8,860,000
Discounting of net loss and LAE reserves	11,756,000	12,250,000
Net unrealized losses on investments	4,374,000	0
Accruals not currently deductible	109,000	1,994,000
Amortization of intangibles	2,796,000	3,021,000
OTTI	1,198,000	827,000
Others	543,000	1,043,000
Deferred tax assets before valuation allowance	90,382,000	82,519,000
Valuation allowance	78,845,000	65,743,000
Deferred tax assets, net	11,537,000	16,776,000
Deferred tax liabilities:
Deferred commission and other acquisition expenses	10,664,000	10,119,000
Indefinite lived intangible	1,750,000	2,870,000
Amortization of goodwill	8,319,000	7,158,000
Net unrealized gains on investment	0	4,831,000
Others	866,000	1,789,000
Deferred tax liabilities	21,599,000	26,767,000
Net deferred tax liability	10,062,000	9,991,000
Increase/(decrease) in valuation allowance	13,102,000	(1,270,000)
U.S.
Deferred tax liabilities:
Net operating loss carry-forward	$ 171,848,000	$ 155,782,000

Taxation - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income before income taxes									$ 126,322	$ 103,697	$ 104,719
Income tax expense									2,038	2,164	1,863
Net income	$ 30,724	$ 28,515	$ 26,511	$ 38,534	$ 33,631	$ 33,926	$ 31,915	$ 2,061	$ 124,284	$ 101,533	$ 102,856
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate									0.00%	0.00%	0.00%
U.S. taxes at statutory rates									(2.20%)	(7.30%)	(8.70%)
Valuation allowance in respect of U.S. taxes									3.20%	8.50%	9.80%
Other jurisdictions									0.60%	0.90%	0.70%
Actual tax rate									1.60%	2.10%	1.80%

Statutory Requirements and Dividend Restrictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statutory Accounting Practices [Line Items]
Net assets	$ 1,349,099	$ 1,241,166	$ 1,124,295
Assets restricted due to statutory and collateral requirements	$ 724,480	718,050
Maximum dividend rate, percent of statutory capital and surplus	25.00%
Reduction to total statutory capital, percent threshold requiring approval	15.00%
Maiden Bermuda
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 1,813,766	1,289,155
Statutory Net Income (Loss)	146,027	60,016	109,326
Maiden Bermuda \| BERMUDA
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	1,813,766	1,289,155
Minimum solvency margin	314,056	302,341
Dividends or distributions limit	322,289
Maiden US
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	294,338	289,224
Statutory Net Income (Loss)	17,439	16,614	(1,305)
Maiden US \| UNITED STATES
Statutory Accounting Practices [Line Items]
Minimum solvency margin	$ 78,100	82,267
Dividends permitted as a percentage of surplus	10.00%
Maiden US \| MISSOURI
Statutory Accounting Practices [Line Items]
Statutory amount available for dividend payments without regulatory approval	$ 0
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	7,601	8,705
Statutory Net Income (Loss)	(737)	651	$ 340
Maiden LF \| SWEDEN
Statutory Accounting Practices [Line Items]
Minimum solvency margin	4,019	4,477
Dividends or distributions limit	$ 2,178	$ 2,508

Subsequent Events (Details) - $ / shares			12 Months Ended
Subsequent Events (Details) - $ / shares	Feb. 15, 2016	Nov. 04, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.14	$ 0.53	$ 0.46	$ 0.38
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.14
Subsequent event \| Preference shares - Series A
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent event \| Preference shares - Series B
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.90625
Subsequent event \| Preference shares - Series C
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.54427083

Condensed Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 620,917	$ 693,696	$ 647,071	$ 611,427	$ 641,917	$ 623,506	$ 563,422	$ 552,322	$ 2,573,111	$ 2,381,167	$ 2,110,056
Net income	30,724	28,515	26,511	38,534	33,631	33,926	31,915	2,061	124,284	101,533	102,856
Net (loss) income attributable to Maiden common shareholders	24,716	22,499	20,519	32,405	27,514	27,798	25,804	(4,062)	124,476	101,391	102,735
Comprehensive income (loss) - attributable to Maiden	$ (15,974)	$ 10,658	$ (39,962)	$ 50,694	$ 41,648	$ 3,176	$ 86,260	$ 39,816	$ 5,416	$ 170,900	$ (12,611)
Basic earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.34	$ 0.31	$ 0.28	$ 0.44	$ 0.38	$ 0.38	$ 0.35	$ (0.06)	$ 1.36	$ 1.06	$ 1.21
Diluted earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.32	$ 0.30	$ 0.27	$ 0.41	$ 0.36	$ 0.36	$ 0.34	$ (0.06)	$ 1.31	$ 1.04	$ 1.18

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Schedule I Summary of Investments, Other than Investments in Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 3,562,864	$ 3,379,864
HTM securities, Amortized Cost	607,843	0
Other Investments, Amortized Cost	10,816	10,862
Total investments, Original or Amortized cost	4,181,523	3,390,726
Fair value	3,508,088	3,456,904
HTM securities, Fair Value	598,975	0
Other investments	11,812	12,571
Total investments, Fair value	4,118,875	3,469,475
Amount at Which Shown in the Balance Sheet	4,127,743
U.S. treasury bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	5,714	8,937
Fair value	6,010	9,360
Amount at Which Shown in the Balance Sheet	6,010
U.S. agency bonds – mortgage-backed
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,471,782	1,313,834
Fair value	1,476,991	1,322,443
Amount at Which Shown in the Balance Sheet	1,476,991
U.S. agency bonds – other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	23,734	7,213
Fair value	24,311	7,988
Amount at Which Shown in the Balance Sheet	24,311
Non-U.S. government and supranational bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	35,128	54,467
Fair value	30,544	51,643
Amount at Which Shown in the Balance Sheet	30,544
Asset-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	165,719
Fair value	165,804
Amount at Which Shown in the Balance Sheet	165,804
Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,798,610	1,831,431
HTM securities, Amortized Cost	607,843
Fair value	1,739,668	$ 1,895,379
HTM securities, Fair Value	598,975
Amount at Which Shown in the Balance Sheet	1,739,668
Municipal bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	62,177
Fair value	64,760
Amount at Which Shown in the Balance Sheet	64,760
Total AFS fixed maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	3,562,864
Fair value	3,508,088
Amount at Which Shown in the Balance Sheet	3,508,088
HTM Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
HTM securities, Amortized Cost	607,843
HTM securities, Fair Value	598,975
Amount at Which Shown in the Balance Sheet	607,843
HTM fixed maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
HTM securities, Amortized Cost	607,843
HTM securities, Fair Value	598,975
Amount at Which Shown in the Balance Sheet	607,843
Other investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Other Investments, Amortized Cost	10,816
Other investments	11,812
Amount at Which Shown in the Balance Sheet	$ 11,812

Schedule II Condensed Financial Information of Parent Company - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value (Amortized cost 2015: $42,774; 2014: $43,995)	$ 3,508,088	$ 3,456,904
Other investments, at fair value (Cost 2015: $5,000; 2014: $5,000)	11,812	12,571
Cash and cash equivalents	89,641	108,119	$ 139,833	$ 81,543
Other assets	125,105	57,926
Total assets	5,713,645	5,164,092
Accrued expenses and other liabilities	139,873	83,877
Total liabilities	4,364,546	3,922,926
Preference shares	480,000	315,000
Common shares ($0.01 par value; 74,735,785 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,721,140 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	747	739
Additional paid-in capital	579,178	578,445
Accumulated other comprehensive (loss) income	(23,767)	95,293	$ 25,784
Retained earnings	316,184	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	1,347,821	1,240,694
Total liabilities and equity	5,713,645	5,164,092
Balance Sheet Related Disclosures [Abstract]
Amortized Cost	3,562,864	3,379,864
Other Investments, Cost	$ 10,816	$ 10,862
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	74,735,785	73,900,889
Common shares, shares outstanding (in shares)	73,721,140	72,932,702	72,633,561	72,343,947
Treasury shares, shares (in shares)	1,014,645	968,187
Parent Company
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value (Amortized cost 2015: $42,774; 2014: $43,995)	$ 40,189	$ 44,270
Other investments, at fair value (Cost 2015: $5,000; 2014: $5,000)	4,905	5,990
Cash and cash equivalents	3,606	6,894	$ 33,061	$ 3,147
Investment in subsidiaries	1,736,707	1,591,000
Balances due from subsidiaries	120,100	99,809
Other assets	1,123	1,387
Total assets	1,906,630	1,749,350
Accrued expenses and other liabilities	12,217	11,226
Balances due to subsidiaries	546,592	497,430
Total liabilities	558,809	508,656
Preference shares	480,000	315,000
Common shares ($0.01 par value; 74,735,785 and 73,900,889 shares issued in 2015 and 2014, respectively; 73,721,140 and 72,932,702 shares outstanding in 2015 and 2014, respectively)	747	739
Additional paid-in capital	579,178	578,445
Accumulated other comprehensive (loss) income	(23,767)	95,293
Retained earnings	316,184	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	1,347,821	1,240,694
Total liabilities and equity	1,906,630	1,749,350
Balance Sheet Related Disclosures [Abstract]
Amortized Cost	42,774	43,995
Other Investments, Cost	$ 5,000	$ 5,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	74,735,785	73,900,889
Common shares, shares outstanding (in shares)	73,721,140	72,932,702
Treasury shares, shares (in shares)	1,014,645	968,187

Schedule II Condensed Financial Information of Parent Company - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Net investment income									$ 131,092	$ 117,215	$ 91,352
Net realized gains on investment									2,498	1,163	3,585
Total revenues	$ 620,917	$ 693,696	$ 647,071	$ 611,427	$ 641,917	$ 623,506	$ 563,422	$ 552,322	2,573,111	2,381,167	2,110,056
Expenses
General and administrative expenses									64,872	62,558	58,353
Foreign exchange losses (gains)									(7,753)	(4,150)	(2,809)
Total expenses									2,446,789	2,277,470	2,005,337
Net income attributable to Maiden	24,716	22,499	20,519	32,405	27,514	27,798	25,804	(4,062)	124,476	101,391	102,735
Dividends on preference shares									(24,337)	(24,337)	(14,834)
Net income attributable to Maiden common shareholders									100,139	77,054	87,901
Comprehensive income (loss) - attributable to Maiden	$ (15,974)	$ 10,658	$ (39,962)	$ 50,694	$ 41,648	$ 3,176	$ 86,260	$ 39,816	5,416	170,900	(12,611)
Parent Company
Revenues
Net investment income									2,034	4,892	2,773
Net realized gains on investment									20	981	0
Other fee revenue									1,321	0	0
Total revenues									3,375	5,873	2,773
Expenses
General and administrative expenses									16,319	14,588	11,732
Foreign exchange losses (gains)									668	893	(626)
Total expenses									16,987	15,481	11,106
Loss before equity in earnings of consolidated subsidiaries									(13,612)	(9,608)	(8,333)
Equity in earnings of consolidated subsidiaries									138,088	110,999	111,068
Net income attributable to Maiden									124,476	101,391	102,735
Dividends on preference shares									(24,337)	(24,337)	(14,834)
Net income attributable to Maiden common shareholders									100,139	77,054	87,901
Comprehensive income (loss) - attributable to Maiden									$ 5,416	$ 170,900	$ (12,611)

Schedule II Condensed Financial Information of Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows provided by operating activities
Net income	$ 24,716	$ 22,499	$ 20,519	$ 32,405	$ 27,514	$ 27,798	$ 25,804	$ (4,062)	$ 124,476	$ 101,391	$ 102,735
Adjustments to reconcile net income to net cash provided by operating activities
Net realized gains on investment									(2,498)	(1,163)	(3,585)
Foreign exchange losses (gains)									(7,753)	(4,150)	(2,809)
Changes in assets - (increase) decrease:
Other assets									(76,599)	32,060	(131)
Changes in liabilities - increase (decrease):
Net cash provided by operating activities									634,298	651,645	366,247
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale									(1,463,556)	(778,702)	(1,442,116)
Purchases of other investments									(217)	(6,698)	(2,135)
Proceeds from sales of fixed-maturities – available-for-sale									129,152	171,216	355,863
Proceeds from maturities and calls of fixed maturities									541,081	349,852	448,881
Net cash used in investing activities									(750,678)	(471,884)	(583,994)
Cash flows used in financing activities
Preference shares issuance, net of issuance costs									159,628	0	159,675
Dividends paid - preference shares									(24,337)	(24,337)	(14,834)
Dividends paid - Maiden common shareholders									(38,204)	(32,079)	(19,607)
Issuance of common shares									3,318	592	1,776
Repurchase of common shares									(654)	(66)	0
Net cash provided by (used in) financing activities									99,751	(208,390)	274,456
Net (decrease) increase in cash and cash equivalents									(18,478)	(31,714)	58,290
Cash and cash equivalents, beginning of period				108,119				139,833	108,119	139,833	81,543
Cash and cash equivalents, end of period	89,641				108,119				89,641	108,119	139,833
Parent Company
Cash flows provided by operating activities
Net income									124,476	101,391	102,735
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of consolidated subsidiaries									(138,088)	(110,999)	(111,068)
Amortization of bond premium and discount									222	414	1,209
Net realized gains on investment									(20)	(981)	0
Foreign exchange losses (gains)									668	893	(626)
Non-cash share compensation expense									2,938	3,334	2,205
Changes in assets - (increase) decrease:
Balance due from subsidiaries									(20,930)	(87,605)	42,899
Other assets									237	536	(862)
Changes in liabilities - increase (decrease):
Accounts payable and accrued liabilities									12	(138)	736
Balances due to subsidiaries									49,162	120,069	16,642
Net cash provided by operating activities									18,677	26,914	53,870
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale									0	(1,340)	(170,882)
Purchases of other investments									0	(5,000)	0
Proceeds from sales of fixed-maturities – available-for-sale									1,041	87,032	90,515
Proceeds from maturities and calls of fixed maturities									0	6,857	46,208
Investment in subsidiaries									(122,757)	(84,740)	(116,807)
Net cash used in investing activities									(121,716)	2,809	(150,966)
Cash flows used in financing activities
Preference shares issuance, net of issuance costs									159,628	0	159,675
Dividends paid - preference shares									(24,337)	(24,337)	(14,834)
Dividends paid - Maiden common shareholders									(38,204)	(32,079)	(19,607)
Issuance of common shares									3,318	592	1,776
Repurchase of common shares									(654)	(66)	0
Net cash provided by (used in) financing activities									99,751	(55,890)	127,010
Net (decrease) increase in cash and cash equivalents									(3,288)	(26,167)	29,914
Cash and cash equivalents, beginning of period				$ 6,894				$ 33,061	6,894	33,061	3,147
Cash and cash equivalents, end of period	$ 3,606				$ 6,894				$ 3,606	$ 6,894	$ 33,061

Schedule III Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	$ 397,548	$ 372,487	$ 304,908
Reserve for loss and loss adjustment expenses	2,510,101	2,271,292	1,957,835
Unearned premiums	1,354,572	1,207,757	1,034,754
Net premiums earned	2,429,069	2,251,743	2,000,887
Net investment income	131,092	117,215	91,352
Net loss and loss adjustment expenses	1,633,570	1,498,271	1,349,630
Amortization of deferred commission and other acquisition expenses	724,197	659,315	556,578
General and admin. expenses	64,872	62,558	58,353
Net premiums written	2,514,116	2,458,136	2,096,301
Diversified Reinsurance segment
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	80,012	87,289	88,721
Reserve for loss and loss adjustment expenses	1,046,471	1,058,924	1,010,195
Unearned premiums	277,460	293,893	321,659
Net premiums earned	744,875	854,026	753,157
Net investment income	0	0	0
Net loss and loss adjustment expenses	547,296	579,771	519,962
Amortization of deferred commission and other acquisition expenses	196,292	233,711	190,604
General and admin. expenses	37,550	38,858	37,649
Net premiums written	734,781	850,049	763,374
AmTrust Reinsurance segment
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	317,536	285,232	209,439
Reserve for loss and loss adjustment expenses	1,420,418	1,122,479	803,597
Unearned premiums	1,077,112	913,861	687,357
Net premiums earned	1,684,191	1,378,327	988,900
Net investment income	0	0	0
Net loss and loss adjustment expenses	1,074,072	893,502	653,528
Amortization of deferred commission and other acquisition expenses	527,863	418,908	291,559
General and admin. expenses	2,947	2,533	1,566
Net premiums written	1,779,334	1,610,485	1,169,961
Total reportable segments
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	397,548	372,521	298,160
Reserve for loss and loss adjustment expenses	2,466,889	2,181,403	1,813,792
Unearned premiums	1,354,572	1,207,754	1,009,016
Net premiums earned	2,429,066	2,232,353	1,742,057
Net investment income	0	0	0
Net loss and loss adjustment expenses	1,621,368	1,473,273	1,173,490
Amortization of deferred commission and other acquisition expenses	724,155	652,619	482,163
General and admin. expenses	40,497	41,391	39,215
Net premiums written	2,514,115	2,460,534	1,933,335
Other
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	0	(34)	6,748
Reserve for loss and loss adjustment expenses	43,212	89,889	144,043
Unearned premiums	0	3	25,738
Net premiums earned	3	19,390	258,830
Net investment income	131,092	117,215	91,352
Net loss and loss adjustment expenses	12,202	24,998	176,140
Amortization of deferred commission and other acquisition expenses	42	6,696	74,415
General and admin. expenses	24,375	21,167	19,138
Net premiums written	$ 1	$ (2,398)	$ 162,966

Schedule IV Supplementary Reinsurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information [Abstract]
Gross	$ 9,160	$ 48,565	$ 104,976
Ceded to other companies	148,710	49,216	107,858
Assumed from other companies	2,653,666	2,458,787	2,099,183
Premiums written, Net	$ 2,514,116	$ 2,458,136	$ 2,096,301
Percentage of amount to net	105.60%	100.00%	100.10%

Schedule VI Supplementary Reinsurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information [Abstract]
Net loss and LAE, Current Year	$ 1,558,704	$ 1,479,425	$ 1,351,043
Net incurred losses related to Prior years	74,866	18,846	(1,413)
Paid loss and LAE	$ 1,350,357	$ 1,135,791	$ 1,116,096

Fair Value Measurements - Fair Value Hierarchy (Details)	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities \| security	2	1
Other investments	$ 11,812,000	$ 12,571,000
Investments in limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 5,907,000	5,581,000
Other investments, percent of assets	0.10%
Significant Other Observable Inputs (Level 2) \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued using market approach, amount	$ 4,943,000	5,016,000
Fair Value, Measurements, Recurring \| Total Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	11,812,000	12,571,000
Total assets fair value	$ 3,519,900,000	$ 3,469,475,000
Percentage of total assets	61.60%	67.20%
Fair Value, Measurements, Recurring \| Total Fair Value \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	99.90%	99.90%
Assets valued using market approach, percentage (in securities)	0.10%	0.10%
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 6,010,000	$ 9,360,000
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,476,991,000	1,322,443,000
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	24,311,000	7,988,000
Fair Value, Measurements, Recurring \| Total Fair Value \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	30,544,000	51,643,000
Fair Value, Measurements, Recurring \| Total Fair Value \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	165,804,000	54,780,000
Fair Value, Measurements, Recurring \| Total Fair Value \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,739,668,000	1,895,379,000
Fair Value, Measurements, Recurring \| Total Fair Value \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	64,760,000	65,819,000
Fair Value, Measurements, Recurring \| Total Fair Value \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		49,492,000
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	4,905,000	5,990,000
Total assets fair value	$ 10,915,000	$ 15,350,000
Percentage of total assets	0.20%	0.30%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 6,010,000	$ 9,360,000
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total assets fair value	$ 3,502,078,000	$ 3,447,544,000
Percentage of total assets	61.30%	66.80%
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,476,991,000	1,322,443,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	24,311,000	7,988,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	30,544,000	51,643,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	165,804,000	54,780,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,739,668,000	1,895,379,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	64,760,000	65,819,000
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		49,492,000
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	6,907,000	6,581,000
Total assets fair value	$ 6,907,000	$ 6,581,000
Percentage of total assets	0.10%	0.10%
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		$ 0
Preferred stock \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 1,000,000