Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 03, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
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		74,017,725

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2016: $3,374,192; 2015: $3,562,864)	$ 3,452,605	$ 3,508,088
Fixed maturities, held-to-maturity, at amortized cost (fair value 2016: $794,671; 2015: $598,975)	761,713	607,843
Other investments, at fair value (cost 2016: $10,743; 2015: $10,816)	11,827	11,812
Total investments	4,226,145	4,127,743
Cash and cash equivalents	127,459	89,641
Restricted cash and cash equivalents	378,328	242,859
Accrued investment income	32,572	32,288
Reinsurance balances receivable, net (includes $225,116 and $147,365 from related parties in 2016 and 2015, respectively)	554,069	377,318
Reinsurance recoverable on unpaid losses (includes $1,404 and $2,177 from related parties in 2016 and 2015, respectively)	90,805	71,248
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses, net (includes $388,242 and $341,025 from related parties in 2016 and 2015, respectively)	455,522	397,548
Goodwill and intangible assets, net	80,728	81,920
Other assets	157,396	115,038
Total assets	6,270,999	5,703,578
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,553,226 and $1,443,639 from related parties in 2016 and 2015, respectively)	2,636,631	2,510,101
Unearned premiums (includes $1,216,454 and $1,077,460 from related parties in 2016 and 2015, respectively)	1,583,477	1,354,572
Accrued expenses and other liabilities	168,756	139,873
Senior notes
Principal amount	362,500	360,000
Less unamortized issuance costs	11,252	10,067
Senior notes, net	351,248	349,933
Total liabilities	4,740,112	4,354,479
Commitments and Contingencies
EQUITY
Preference shares	480,000	480,000
Common shares ($0.01 par value: 75,066,428 and 74,735,785 shares issued in 2016 and 2015, respectively; 74,016,525 and 73,721,140 shares outstanding in 2016 and 2015, respectively)	751	747
Additional paid-in capital	581,452	579,178
Accumulated other comprehensive income (loss)	118,926	(23,767)
Retained earnings	353,576	316,184
Treasury shares, at cost (1,049,903 and 1,014,645 shares in 2016 and 2015, respectively)	(4,991)	(4,521)
Total Maiden shareholders’ equity	1,529,714	1,347,821
Noncontrolling interest in subsidiaries	1,173	1,278
Total equity	1,530,887	1,349,099
Total liabilities and equity	$ 6,270,999	$ 5,703,578

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fixed Maturities, available-for-sale, Amortized cost	$ 3,374,192	$ 3,562,864
Fixed Maturities, held-to-maturity, Fair Value	794,671	598,975
Other Investments, Cost	10,743	10,816
Reinsurance balance receivable, net	554,069	377,318
Reinsurance recoverable on unpaid losses	90,805	71,248
Deferred commissions and other acquisition expenses	455,522	397,548
Reserve for loss and loss adjustment expenses	2,636,631	2,510,101
Unearned premiums	$ 1,583,477	$ 1,354,572
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares issued	75,066,428	74,735,785
Common shares, shares outstanding	74,016,525	73,721,140
Treasury shares, shares	1,049,903	1,014,645
Related Party Transactions
Reinsurance balance receivable, net	$ 225,116	$ 147,365
Reinsurance recoverable on unpaid losses	1,404	2,177
Deferred commissions and other acquisition expenses	388,242	341,025
Reserve for loss and loss adjustment expenses	1,553,226	1,443,639
Unearned premiums	$ 1,216,454	$ 1,077,460

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Gross premiums written	$ 688,322	$ 674,168	$ 1,552,436	$ 1,508,434
Net premiums written	650,427	629,618	1,443,258	1,426,601
Change in unearned premiums	(12,863)	(20,198)	(189,685)	(239,862)
Net premiums earned	637,564	609,420	1,253,573	1,186,739
Other insurance revenue	1,525	2,252	6,351	7,231
Net investment income	35,323	35,157	71,625	63,417
Net realized gains on investment	334	242	2,611	1,111
Total revenues	674,746	647,071	1,334,160	1,258,498
Expenses:
Net loss and loss adjustment expenses	426,989	414,927	830,610	792,333
Commission and other acquisition expenses	185,727	175,697	380,795	354,039
General and administrative expenses	17,290	16,301	32,786	32,498
Interest and amortization expenses	7,193	7,266	14,458	14,530
Accelerated amortization of senior note issuance cost	2,345	0	2,345	0
Amortization of intangible assets	615	710	1,230	1,420
Foreign exchange and other (gains) losses	(5,520)	5,191	(5,787)	(2,635)
Total expenses	634,639	620,092	1,256,437	1,192,185
Income before income taxes	40,107	26,979	77,723	66,313
Income tax expense	220	468	1,007	1,268
Net income	39,887	26,511	76,716	65,045
Loss attributable to noncontrolling interest	46	92	110	47
Net income attributable to Maiden shareholders	39,933	26,603	76,826	65,092
Dividends on preference shares	(9,023)	(6,084)	(18,700)	(12,168)
Net income attributable to Maiden common shareholders	$ 30,910	$ 20,519	$ 58,126	$ 52,924
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.42	$ 0.28	$ 0.79	$ 0.72
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	0.39	0.27	0.75	0.69
Dividends declared per common share (in dollars per share)	$ 0.14	$ 0.13	$ 0.28	$ 0.26

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Comprehensive income:
Net income	$ 39,887	$ 26,511	$ 76,716	$ 65,045
Other comprehensive income (loss), before tax
Net unrealized holding gains (losses) on available-for-sale fixed maturities arising during the period	44,356	(56,670)	147,744	(63,611)
Adjustment for reclassification of net realized (gains) losses recognized in net income	(448)	(66)	200	83
Foreign currency translation adjustment	5,537	(9,878)	(5,197)	9,057
Other comprehensive income (loss), before tax	49,445	(66,614)	142,747	(54,471)
Income tax (expense) benefit related to components of other comprehensive income	(3)	57	(39)	64
Other comprehensive income (loss), after tax	49,442	(66,557)	142,708	(54,407)
Comprehensive income (loss)	89,329	(40,046)	219,424	10,638
Net loss attributable to noncontrolling interest	46	92	110	47
Other comprehensive loss (income) attributable to noncontrolling interest	14	(8)	(15)	47
Comprehensive loss attributable to noncontrolling interest	60	84	95	94
Comprehensive income (loss) attributable to Maiden shareholders	$ 89,389	$ (39,962)	$ 219,519	$ 10,732

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares [Member]	Common shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Retained earnings [Member]	Treasury shares [Member]	Noncontrolling interest in subsidiaries [Member]
Beginning balance at Dec. 31, 2014		$ 315,000	$ 739	$ 578,445	$ 95,293	$ 255,084	$ (3,867)	$ 472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			7	2,619
Share-based compensation expense				1,548
Change in net unrealized gains (losses) on investments, net of reclassification adjustment and deferred income tax expense					(63,464)
Foreign currency translation adjustments					9,104			(47)
Net income attributable to Maiden shareholders	$ 65,092					65,092
Dividends on preference shares						(12,168)
Dividends on common shares						(19,124)
Shares repurchased for treasury							(654)
Acquisition of subsidiary								1,710
Dividend paid to noncontrolling interest								(25)
Loss attributable to noncontrolling interest	47							(47)
Ending balance at Jun. 30, 2015	1,225,717	315,000	746	582,612	40,933	288,884	(4,521)	2,063
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Maiden shareholders	26,603
Loss attributable to noncontrolling interest	92
Ending balance at Jun. 30, 2015	1,225,717	315,000	746	582,612	40,933	288,884	(4,521)	2,063
Beginning balance at Dec. 31, 2015	1,349,099	480,000	747	579,178	(23,767)	316,184	(4,521)	1,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			4	438
Share-based compensation expense				1,836
Change in net unrealized gains (losses) on investments, net of reclassification adjustment and deferred income tax expense					147,905
Foreign currency translation adjustments					(5,212)			15
Net income attributable to Maiden shareholders	76,826					76,826
Dividends on preference shares						(18,700)
Dividends on common shares						(20,734)
Shares repurchased for treasury							(470)
Acquisition of subsidiary								14
Dividend paid to noncontrolling interest								(24)
Loss attributable to noncontrolling interest	110							(110)
Ending balance at Jun. 30, 2016	1,530,887	480,000	751	581,452	118,926	353,576	(4,991)	1,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Maiden shareholders	39,933
Loss attributable to noncontrolling interest	46
Ending balance at Jun. 30, 2016	$ 1,530,887	$ 480,000	$ 751	$ 581,452	$ 118,926	$ 353,576	$ (4,991)	$ 1,173

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 76,716	$ 65,045
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,838	2,548
Net realized gains on investment	(2,611)	(1,111)
Foreign exchange and other gains	(5,787)	(2,635)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(173,947)	(93,244)
Reinsurance recoverable on unpaid losses	(19,931)	(15,410)
Accrued investment income	(233)	(2,086)
Deferred commission and other acquisition expenses	(53,800)	(71,668)
Other assets	(41,288)	(45,573)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	129,615	209,199
Unearned premiums	217,596	281,771
Accrued expenses and other liabilities	26,869	51,599
Net cash provided by operating activities	165,037	378,435
Cash flows from investing activities:
Purchases of fixed maturities – available-for-sale	(363,083)	(884,863)
Purchases of other investments	(92)	(144)
Sale of investments:
Proceeds from sales of fixed maturities – available-for-sale	86,663	86,498
Proceeds from maturities and calls of fixed maturities	322,342	370,441
Proceeds from redemption of other investments	527	74
(Increase) decrease in restricted cash and cash equivalents, net	(135,417)	29,775
Other, net	(333)	(594)
Net cash used in investing activities	(89,393)	(398,813)
Cash flows from financing activities:
Senior notes issuance, net of issuance costs	106,535	0
Redemption of 2011 senior notes	(107,500)	0
Common share issuance	442	2,626
Repurchase of common shares for treasury	(470)	(654)
Dividends paid to common shareholders	(20,693)	(19,043)
Dividends paid to preference shareholders	(18,700)	(12,168)
Net cash used in financing activities	(40,386)	(29,239)
Effect of exchange rate changes on foreign currency cash	2,560	(1,126)
Net increase (decrease) in cash and cash equivalents	37,818	(50,743)
Cash and cash equivalents, beginning of period	89,641	108,119
Cash and cash equivalents, end of period	$ 127,459	$ 57,376

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. Certain reclassifications have been made for 2015 to conform to the 2016 presentation and have no impact on net income and total equity previously reported.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2015 with the exception of the following: Transition related to Accounting Standards Update ("ASU") No. 2015-03: Simplifying the Presentation of Debt Issuance Costs Effective January 1, 2016, the Company adopted the new guidance under ASU 2015-03 which requires that debt issuance costs be presented as a direct deduction from the related debt liability rather than as an asset in the balance sheet. The amortization of such costs is reported as an interest expense. The Company applied this new guidance retrospectively to all prior periods presented. The adoption of this new guidance reduced the December 31, 2015 audited consolidated total assets and total liabilities by $10,067, respectively, representing the amount of unamortized issuance costs related to our Senior Notes which was previously presented as part of other assets. There was no impact on the net income, related per-share amounts or the retained earnings for the periods affected by the adoption of this guidance. Recently Issued Accounting Standards Not Yet Adopted Disclosures about Short-Duration Contracts In May 2015, the Financial Accounting Standards Board ("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. 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 available for sale ("AFS") in Accumulated Other Comprehensive Income ("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. 2. Significant Accounting Policies (continued) Accounting for Leases In February 2016, the FASB issued final Accounting Standards Codification ("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. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09 guidance that outlines changes for certain aspects of share-based payments to employees, such as accounting for forfeitures, which applies to the Company. Under the new guidance, the entities can elect to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The guidance is effective for public business entities for fiscal year beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for all entities, in any annual or interim period for which financial statements haven't been issued or made available for issuance, but all of the guidance must be adopted in the same period. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition. Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 guidance that changes the impairment model for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today's "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard's provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods therein. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

Segment Reporting

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting

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 primarily located in the U.S. and Europe. Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance Ltd. ("Maiden Bermuda") from AmTrust Financial Services, Inc. ("AmTrust"), primarily the AmTrust Quota Share and the European Hospital Liability Quota Share. Please refer to "Note 6. Related Party Transactions" for additional information. 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:

3. Segment Reporting (continued)



For the Three Months Ended June 30, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	164,834		$	523,488		$	—		$	688,322
Net premiums written	$	161,294		$	489,133		$	—		$	650,427
Net premiums earned	$	190,755		$	446,809		$	—		$	637,564
Other insurance revenue	1,525			—			—			1,525
Net loss and loss adjustment expenses ("LAE")	(144,246		)	(282,619		)	(124		)	(426,989		)
Commission and other acquisition expenses	(45,496		)	(140,230		)	(1		)	(185,727		)
General and administrative expenses	(9,079		)	(963		)	—			(10,042		)
Underwriting income (loss)	$	(6,541	)	$	22,997		$	(125	)	$	16,331
Reconciliation to net income
Net investment income and realized gains on investment										35,657
Interest and amortization expenses										(7,193		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(615		)
Foreign exchange and other gains										5,520
Other general and administrative expenses										(7,248		)
Income tax expense										(220		)
Net income										$	39,887

Net loss and LAE ratio ⁽¹⁾	75.0		%	63.3		%				66.8		%
Commission and other acquisition expense ratio ⁽²⁾	23.7		%	31.4		%				29.1		%
General and administrative expense ratio⁽³⁾	4.7		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.4		%	94.9		%				98.6		%

3. Segment Reporting (continued)



For the Three Months Ended June 30, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	151,646		$	522,522		$	—		$	674,168
Net premiums written	$	144,785		$	484,833		$	—		$	629,618
Net premiums earned	$	184,803		$	424,617		$	—		$	609,420
Other insurance revenue	2,252			—			—			2,252
Net loss and LAE	(142,992		)	(270,142		)	(1,793		)	(414,927		)
Commission and other acquisition expenses	(42,412		)	(133,147		)	(138		)	(175,697		)
General and administrative expenses	(8,438		)	(797		)	—			(9,235		)
Underwriting income (loss)	$	(6,787	)	$	20,531		$	(1,931	)	$	11,813
Reconciliation to net income
Net investment income and realized gains on investment										35,399
Interest and amortization expenses										(7,266		)
Amortization of intangible assets										(710		)
Foreign exchange and other losses										(5,191		)
Other general and administrative expenses										(7,066		)
Income tax expense										(468		)
Net income										$	26,511

Net loss and LAE ratio ⁽¹⁾	76.4		%	63.6		%				67.8		%
Commission and other acquisition expense ratio ⁽²⁾	22.7		%	31.4		%				28.7		%
General and administrative expense ratio⁽³⁾	4.5		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.6		%	95.2		%				99.2		%

3. Segment Reporting (continued)



For the Six Months Ended June 30, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	480,638		$	1,071,798		$	—		$	1,552,436
Net premiums written	$	447,430		$	995,828		$	—		$	1,443,258
Net premiums earned	$	363,011		$	890,562		$	—		$	1,253,573
Other insurance revenue	6,351			—			—			6,351
Net loss and LAE	(263,322		)	(564,393		)	(2,895		)	(830,610		)
Commission and other acquisition expenses	(100,027		)	(280,768		)	—			(380,795		)
General and administrative expenses	(17,679		)	(1,549		)	—			(19,228		)
Underwriting income (loss)	$	(11,666	)	$	43,852		$	(2,895	)	$	29,291
Reconciliation to net income
Net investment income and realized gains on investment										74,236
Interest and amortization expenses										(14,458		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(1,230		)
Foreign exchange and other gains										5,787
Other general and administrative expenses										(13,558		)
Income tax expense										(1,007		)
Net income										$	76,716

Net loss and LAE ratio ⁽¹⁾	71.3		%	63.4		%				65.9		%
Commission and other acquisition expense ratio ⁽²⁾	27.1		%	31.5		%				30.2		%
General and administrative expense ratio⁽³⁾	4.8		%	0.2		%				2.6		%
Combined ratio⁽⁴⁾	103.2		%	95.1		%				98.7		%

3. Segment Reporting (continued)



For the Six Months Ended June 30, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	456,987		$	1,051,448		$	(1	)	$	1,508,434
Net premiums written	$	438,983		$	987,617		$	1		$	1,426,601
Net premiums earned	$	377,487		$	809,250		$	2		$	1,186,739
Other insurance revenue	7,231			—			—			$	7,231
Net loss and LAE	(275,378		)	(513,236		)	(3,719		)	$	(792,333	)
Commission and other acquisition expenses	(100,618		)	(253,283		)	(138		)	$	(354,039	)
General and administrative expenses	(17,758		)	(1,544		)	—			$	(19,302	)
Underwriting income (loss)	$	(9,036	)	$	41,187		$	(3,855	)	$	28,296
Reconciliation to net income
Net investment income and realized gains on investment										64,528
Interest and amortization expenses										(14,530		)
Amortization of intangible assets										(1,420		)
Foreign exchange and other gains										2,635
Other general and administrative expenses										(13,196		)
Income tax expense										(1,268		)
Net income										$	65,045

Net loss and LAE ratio ⁽¹⁾	71.6		%	63.4		%				66.3		%
Commission and other acquisition expense ratio ⁽²⁾	26.2		%	31.3		%				29.7		%
General and administrative expense ratio⁽³⁾	4.5		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	102.3		%	94.9		%				98.7		%



(1) Calculated by dividing net loss and LAE by net premiums earned and other insurance revenue.
(2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.
(3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue.
(4) Calculated by adding together the net loss and LAE ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

The following tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at June 30, 2016 and December 31, 2015:



June 30, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,828,411	$	3,712,856	$	5,541,267
Corporate assets	—		—		729,732
Total Assets	$	1,828,411	$	3,712,856	$	6,270,999



December 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,644,541	$	3,178,859	$	4,823,400
Corporate assets	—		—		880,178
Total Assets	$	1,644,541	$	3,178,859	$	5,703,578

3. Segment Reporting (continued)

The following tables set forth financial information relating to net premiums written and earned by major line of business and reportable segment for the three and six months ended June 30, 2016 and 2015:



For the Three Months Ended June 30,	2016				2015
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	31,516	4.8	%	$	30,394	4.8	%
Casualty	94,692		14.6	%	86,808		13.8	%
Accident and Health	13,723		2.1	%	10,458		1.7	%
International	21,363		3.3	%	17,125		2.7	%
Total Diversified Reinsurance	161,294		24.8	%	144,785		23.0	%
AmTrust Reinsurance
Small Commercial Business	306,425		47.1	%	303,000		48.1	%
Specialty Program	92,507		14.2	%	100,876		16.0	%
Specialty Risk and Extended Warranty	90,201		13.9	%	80,957		12.9	%
Total AmTrust Reinsurance	489,133		75.2	%	484,833		77.0	%
	$	650,427	100.0	%	$	629,618	100.0	%



For the Three Months Ended June 30,	2016				2015
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	40,392	6.3	%	$	32,662	5.4	%
Casualty	107,677		16.9	%	115,965		19.0	%
Accident and Health	19,548		3.1	%	15,067		2.5	%
International	23,138		3.6	%	21,109		3.5	%
Total Diversified Reinsurance	190,755		29.9	%	184,803		30.4	%
AmTrust Reinsurance
Small Commercial Business	279,612		43.9	%	252,444		41.4	%
Specialty Program	77,488		12.2	%	73,378		12.0	%
Specialty Risk and Extended Warranty	89,709		14.0	%	98,795		16.2	%
Total AmTrust Reinsurance	446,809		70.1	%	424,617		69.6	%
	$	637,564	100.0	%	$	609,420	100.0	%

3. Segment Reporting (continued)



For the Six Months Ended June 30,	2016				2015
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	93,385	6.5	%	$	98,908	6.9	%
Casualty	249,972		17.3	%	258,339		18.1	%
Accident and Health	53,295		3.7	%	40,565		2.9	%
International	50,778		3.5	%	41,171		2.9	%
Total Diversified Reinsurance	447,430		31.0	%	438,983		30.8	%
AmTrust Reinsurance
Small Commercial Business	668,924		46.4	%	626,201		43.9	%
Specialty Program	169,298		11.7	%	175,456		12.3	%
Specialty Risk and Extended Warranty	157,606		10.9	%	185,960		13.0	%
Total AmTrust Reinsurance	995,828		69.0	%	987,617		69.2	%
Other	—		—	%	1		—	%
	$	1,443,258	100.0	%	$	1,426,601	100.0	%



For the Six Months Ended June 30,	2016				2015
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	73,102	5.8	%	$	73,285	6.2	%
Casualty	207,843		16.6	%	234,903		19.8	%
Accident and Health	37,352		3.0	%	27,268		2.3	%
International	44,714		3.6	%	42,031		3.5	%
Total Diversified Reinsurance	363,011		29.0	%	377,487		31.8	%
AmTrust Reinsurance
Small Commercial Business	544,103		43.4	%	477,435		40.2	%
Specialty Program	161,687		12.9	%	130,388		11.0	%
Specialty Risk and Extended Warranty	184,772		14.7	%	201,427		17.0	%
Total AmTrust Reinsurance	890,562		71.0	%	809,250		68.2	%
Other	—		—	%	2		—	%
	$	1,253,573	100.0	%	$	1,186,739	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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599

+ Details

Investments

6 Months Ended

Jun. 30, 2016

Schedule of Investments [Abstract]

Investments

(a) Fixed Maturities and Other Investments

The original or amortized cost, estimated fair value and gross unrealized gains and losses of investment in fixed maturities and other investments as of June 30, 2016 and December 31, 2015 are as follows:



June 30, 2016	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,180	$	372	$	—		$	5,552
U.S. agency bonds – mortgage-backed	1,411,283		41,697		(1,185		)	1,451,795
U.S. agency bonds – other	4,251		423		—			4,674
Non-U.S. government and supranational bonds	36,151		286		(3,619		)	32,818
Asset-backed securities	189,218		6,593		(932		)	194,879
Corporate bonds	1,665,920		70,807		(42,408		)	1,694,319
Municipal bonds	62,189		6,379		—			68,568
Total AFS fixed maturities	3,374,192		126,557		(48,144		)	3,452,605
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	761,713		33,991		(1,033		)	794,671
Total HTM fixed maturities	761,713		33,991		(1,033		)	794,671
Other investments	10,743		1,084		—			11,827
Total investments	$	4,146,648	$	161,632	$	(49,177	)	$	4,259,103



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

During the second quarter of 2016, we designated additional fixed maturities with a total fair value of $155,538 as HTM reflecting our intent to hold these securities to maturity. The net unrealized holding gain of $15,770 at the designation date was 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 contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without prepayment penalties.

4. Investments (continued)



	AFS fixed maturities				HTM fixed maturities
June 30, 2016	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	130,284	$	127,026	$	—	$	—
Due after one year through five years	377,161		378,005		225,081		228,114
Due after five years through ten years	1,251,826		1,285,794		531,545		561,450
Due after ten years	14,420		15,106		5,087		5,107
	1,773,691		1,805,931		761,713		794,671
U.S. agency bonds – mortgage-backed	1,411,283		1,451,795		—		—
Asset-backed securities	189,218		194,879		—		—
Total fixed maturities	$	3,374,192	$	3,452,605	$	761,713	$	794,671

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



	Less than 12 Months					12 Months or more					Total
June 30, 2016	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. agency bonds – mortgage-backed	$	1,613	$	(8	)	$	57,431	$	(1,177	)	$	59,044	$	(1,185	)
Non–U.S. government and supranational bonds	1,078		(44		)	27,774		(3,575		)	28,852		(3,619		)
Asset-backed securities	47,629		(932		)	—		—			47,629		(932		)
Corporate bonds	103,933		(4,232		)	378,880		(39,209		)	482,813		(43,441		)
Total temporarily impaired fixed maturities	$	154,253	$	(5,216	)	$	464,085	$	(43,961	)	$	618,338	$	(49,177	)

As of June 30, 2016, there were approximately 141 securities in an unrealized loss position with a fair value of $618,338 and unrealized losses of $49,177. Of these securities, there are 93 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $464,085 and unrealized losses of $43,961.



	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	)

4. Investments (continued)

As of 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 are 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.

Other-Than-Temporary Impairments ("OTTI")

The Company performs quarterly reviews of its investment portfolio in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At June 30, 2016, we have determined that the unrealized losses on fixed maturities were primarily due to widening of credit spreads since their date of purchase. Because we do not intend to sell these securities and it is not more likely than not that we will be required to do so until a recovery of fair value to amortized cost, we currently believe it is probable that we will collect all amounts due according to their respective contractual terms. Therefore, we do not consider these fixed maturities to be other-than-temporarily impaired at June 30, 2016. For the three and six months ended June 30, 2016 and 2015, the Company recognized no OTTI.

The following summarizes the credit ratings of our fixed maturities:



Ratings* as of June 30, 2016	Amortized cost		Fair value		% of Total fair value
Fixed maturities
U.S. treasury bonds	$	5,180	$	5,552	0.1	%
U.S. agency bonds	1,415,534		1,456,469		34.3	%
AAA	167,166		176,605		4.2	%
AA+, AA, AA-	234,090		245,115		5.8	%
A+, A, A-	1,211,299		1,249,125		29.4	%
BBB+, BBB, BBB-	940,206		956,705		22.5	%
BB+ or lower	162,430		157,705		3.7	%
Total	$	4,135,905	$	4,247,276	100.0	%



Ratings* as of December 31, 2015	Amortized cost		Fair value		% of Total fair value
Fixed maturities
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	%

*Based on Standard & Poor’s ("S&P"), or equivalent, ratings

4. Investments (continued)

(b) Other Investments

The table below shows our portfolio of other investments:



	June 30, 2016				December 31, 2015
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in quoted equity	$	5,265	44.5	%	$	4,905	41.5	%
Investments in limited partnerships	5,562		47.0	%	5,907		50.0	%
Other	1,000		8.5	%	1,000		8.5	%
Total other investments	$	11,827	100.0	%	$	11,812	100.0	%

The Company has an unfunded commitment on its investments in limited partnerships of approximately $609 at June 30, 2016.

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following provides an analysis of net realized gains on investment included in the unaudited Condensed Consolidated Statements of Income:



For the Three Months Ended June 30, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	47	$	(12	)	$	35
Other investments	299		—			299
Net realized gains on investment	$	346	$	(12	)	$	334



For the Three Months Ended June 30, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	203	$	—	$	203
Other investments	39		—		39
Net realized gains on investment	$	242	$	—	$	242



For the Six Months Ended June 30, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,140	$	(891	)	$	2,249
Other investments	362		—			362
Net realized gains on investment	$	3,502	$	(891	)	$	2,611



For the Six Months Ended June 30, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	1,048	$	—	$	1,048
Other investments	63		—		63
Net realized gains on investment	$	1,111	$	—	$	1,111

Proceeds from sales of AFS fixed maturities were $18,826 and $86,663 for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $29,859 and $86,498, respectively). Net unrealized gains were as follows:

4. Investments (continued)



	June 30, 2016			December 31, 2015
Fixed maturities	$	92,834		$	(55,024	)
Other investments	1,084			996
Total net unrealized gain (loss)	93,918			(54,028		)
Deferred income tax expense	(125		)	(84		)
Net unrealized gains, net of deferred income tax	$	93,793		$	(54,112	)
Change in net unrealized gains, net of deferred income tax	$	147,905

(d) Restricted Cash and Cash Equivalents and Investments

We are required to maintain assets to serve as collateral for our reinsurance liabilities under various reinsurance agreements. We also utilize trust accounts to collateralize business with our reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturity securities. The fair value of our restricted assets was as follows:



	June 30, 2016		December 31, 2015
Restricted cash and cash equivalents – third party agreements	$	97,001	$	102,837
Restricted cash and cash equivalents – related party agreements	281,210		139,944
Restricted cash and cash equivalents – U.S. state regulatory authorities	117		78
Total restricted cash and cash equivalents	378,328		242,859
Restricted investments AFS – in trust for third party agreements at fair value (Amortized cost: 2016 – $1,115,030; 2015 – $1,081,202)	1,148,048		1,067,602
Restricted investments AFS – in trust for related party agreements at fair value (Amortized cost: 2016 – $1,726,025; 2015 – $1,781,178)	1,764,902		1,754,705
Restricted investments HTM – in trust for related party agreements at fair value (Amortized cost: 2016 – $761,713; 2015 – $607,843)	794,671		598,975
Restricted investments AFS – in trust for U.S. state regulatory authorities (Amortized cost: 2016 – $4,050; 2015 – $4,071)	4,351		4,303
Total restricted investments	3,711,972		3,425,585
Total restricted cash and cash equivalents and investments	$	4,090,300	$	3,668,444

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

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

•

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

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

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

The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at June 30, 2016.

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 — These securities comprise CMBS and CLO originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. 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.

5. Fair Value of Financial Instruments (continued)

Other investments — Includes both quoted and unquoted investments. The fair value of our quoted equity investment is obtained from the Pricing Service 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 condensed consolidated balance sheets for these financial instruments approximate their fair value due to short term nature of the assets.

Loan to related party — The carrying value reported in the accompanying condensed consolidated balance sheets for this financial instrument approximates its fair value.

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

(b) Fair Value Hierarchy

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



June 30, 2016	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	$	5,552		$	—		$	—		$	5,552
U.S. agency bonds – mortgage-backed	—			1,451,795			—			1,451,795
U.S. agency bonds – other	—			4,674			—			4,674
Non-U.S. government and supranational bonds	—			32,818			—			32,818
Asset-backed securities	—			194,879			—			194,879
Corporate bonds	—			1,694,319			—			1,694,319
Municipal bonds	—			68,568			—			68,568
Other investments	5,265			—			6,562			11,827
Total	$	10,817		$	3,447,053		$	6,562		$	3,464,432
As a percentage of total assets	0.2		%	55.0		%	0.1		%	55.3		%

5. Fair Value of Financial Instruments (continued)



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		%	61.4		%	0.1		%	61.7		%

The Company utilized a Pricing Service to estimate fair value measurements for approximately 99.8% and 99.9% of its fixed maturities at June 30, 2016 and December 31, 2015, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2. At June 30, 2016 and December 31, 2015, 0.2% and 0.1%, respectively, of the fixed maturities are valued using the market approach. At those dates, a total of three and two securities, or approximately $8,824 and $4,943, 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 June 30, 2016 and December 31, 2015, we have not adjusted any pricing provided to us based on the review performed by our investment managers. There have not been any transfers between Level 1 and Level 2 during the periods represented by these unaudited Condensed Consolidated Financial Statements.

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



	For the Three Months Ended
Other investments:	June 30, 2016			June 30, 2015
Balance at beginning of period	$	6,765		$	6,755
Total realized gains – included in net realized gains on investment	299			39
Change in total unrealized gains – included in other comprehensive income (loss)	(328		)	110
Purchases	46			47
Redemptions	(220		)	(45		)
Balance at end of period	$	6,562		$	6,906

5. Fair Value of Financial Instruments (continued)



	For the Six Months Ended
Other investments:	June 30, 2016			June 30, 2015
Balance at beginning of period	$	6,907		$	6,581
Total realized gains – included in net realized gains on investment	362			63
Change in total unrealized gains – included in other comprehensive income (loss)	(272		)	192
Purchases	92			144
Redemptions	(527		)	(74		)
Balance at end of period	$	6,562		$	6,906

(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:



	June 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM - corporate bonds	$	761,713	$	794,671	$	607,843	$	598,975
Total financial assets	$	761,713	$	794,671	$	607,843	$	598,975
Financial Liabilities
MHNA - 8.25%	$	—	$	—	$	107,500	$	110,424
MHNB - 8.00%	100,000		104,760		100,000		105,328
MHNC - 7.75%	152,500		164,700		152,500		165,456
MHLA - 6.625%	110,000		112,200		—		—
Total financial liabilities	$	362,500	$	381,660	$	360,000	$	381,208

- 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

Long-Term Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

Maiden Holdings and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA"), completed public debt offerings on four separate occasions, with the issuance of Senior Notes in 2011, 2012, 2013 and 2016, respectively, (the "Senior Notes"). Each of the issuances made by Maiden NA, namely the 2011, 2012 and 2013 Senior Notes, is fully and unconditionally guaranteed by the Company. The Senior Notes are an unsecured and unsubordinated obligation of the Company.

On June 14, 2016, Maiden Holdings issued $110,000 6.625% Senior Notes for cash.

On June 15, 2016, Maiden NA fully redeemed all of its 2011 Senior Notes using the proceeds from the 2016 Senior Notes issuance. The 2011 Senior Notes were redeemed at a redemption price equal to 100% of the principal amount of $107,500 plus accrued and unpaid interest on the principal amount being redeemed up to, but not including, the redemption date. As a result, the Company accelerated the amortization of the remaining debt issuance cost of $2,345.

The following table details the Company's outstanding Senior Notes issuances as of June 30, 2016:

6. Long-Term Debt (continued)



	2012 Senior Notes			2013 Senior Notes			2016 Senior Notes
Principal	$	100,000		$	152,500		$	110,000
Debt Issuance Costs	3,406			5,054			3,715
Net Proceeds	$	96,594		$	147,446		$	106,285

Unamortized debt issuance costs	$	2,922		$	4,617		$	3,713

Other details:
Maturity date	March 27, 2042			December 1, 2043			June 14, 2046
Earliest redeemable date (for cash)	March 27, 2017			December 1, 2018			June 14, 2021
Coupon rate	8.00		%	7.75		%	6.625		%
Effective interest rate	8.28		%	8.04		%	7.07		%

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Founding Shareholders of the Company are Michael Karfunkel, George Karfunkel and Barry Zyskind. Michael Karfunkel passed away on April 27, 2016. As of June 30, 2016 Leah Karfunkel (wife of Michael Karfunkel), George Karfunkel and Barry Zyskind own or control approximately 20.1% of the outstanding shares of the Company. Leah Karfunkel and George Karfunkel are directors of AmTrust, and Barry Zyskind is the president, CEO and chairman of AmTrust, and combined they own or control approximately 47.8% 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 the Michael Karfunkel 2005 Family Trust (which is controlled by Leah Karfunkel) own a combined 43.0% of the common stock of NGHC. Barry Zyskind is the non-executive chairman 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 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"). Under the Reinsurance Agreement, 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. 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. The agreement automatically renews for successive three-year periods thereafter unless AII or Maiden Bermuda elects to so terminate the Reinsurance Agreement by giving written notice to the other party 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. 7. Related Party Transactions (continued) 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. The Company recorded approximately $143,380 and $284,431 of ceding commission expense for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $130,951 and $248,153, respectively) as a result of both these quota share arrangements with AmTrust. Other Reinsurance Agreements 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 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 $5 and $12 of ceded premiums and $0 and $1 ceding commission income for the three and six months ended June 30, 2016, (June 30, 2015 - $21 and $45 of premiums ceded and $2 and $3 of ceding commission income, 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, for the three and six months ended June 30, 2016, the Company recorded approximately $248 and $440 net premiums earned and $49 and $100 of commission expense, respectively, (June 30, 2015 - $173 and $329 net premiums earned and $45 and $82 commission expense, 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 June 30, 2016 and December 31, 2015 pursuant to a loan agreement entered into between those parties. This loan was assigned 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 June 30, 2016, was approximately $2,601,548 (December 31, 2015 - $2,256,383) and the accrued interest was $16,893 (December 31, 2015 - $15,448). Please refer to "Note 4. (d) Investments" for additional information. 7. Related Party Transactions (continued) 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. (d) Investments" for additional information. Brokerage Agreement Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. ("AIIB"), a wholly owned subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and, the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed. The brokerage fee is payable in consideration of AIIB's brokerage services. AIIB is not the Company's exclusive broker. The agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $5,890 and $11,678 of reinsurance brokerage expense for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $5,427 and $10,307 respectively) and deferred reinsurance brokerage of $15,197 at June 30, 2016 (December 31, 2015 - $13,464) 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 $1,697 and $3,342 of investment management fees for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $1,506 and $2,937, 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 three and six months ended June 30, 2016, the Company recorded an expense of $17 and $39, respectively (June 30, 2015 - $26 and $50, respectively) for the use of the aircraft. NGHC The following describes transactions between the Company and NGHC and its subsidiaries: NGHC Quota Share Reinsurance Agreement ("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. On August 1, 2013, the Company and NGHC mutually agreed the termination of the NGHC Quota Share on a run-off basis effective on that date. Consequently, Maiden Bermuda recorded no ceding commission expense for the three and six months ended June 30, 2016 and 2015, respectively, 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 indemnified on an excess of loss basis, for the amounts of net loss, paid from April 1, 2015 through March 31, 2016. Maiden US was liable for 100% of the net loss for each covered person per agreement year in excess of the $1,175 retention (each covered person per agreement year). Maiden US' liability did not exceed $8,825 per covered person per agreement year. In addition, Maiden US continued to indemnify extra contractual obligations with a maximum liability of $2,000. This agreement terminated on March 31, 2016 and Maiden US was relieved of all liability hereunder for losses incurred or paid subsequent to such termination date. Under these agreements, Maiden US recorded approximately $52 and $157 of premiums earned for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $111 and $198, respectively). 7. Related Party Transactions (continued) Effective May 1, 2015, Maiden US entered into an agreement with several NGHC subsidiaries for medical excess of loss programs. This program covers employer aggregate and traditional specific medical stop loss policies underwritten by the Managing General Agent that they support. The NGHC companies covered under the treaty are Integon Indemnity Insurance Company, Integon National Insurance Company and National Health Insurance Company. This agreement was renewed for another year and now terminates on April 30, 2017 with either party having the right to cancel by giving 60 days notice to the other party in the event that other party fails to maintain certain financial and other criteria. Upon expiration of this agreement, coverage remains in full force and effect on all assumed liability for policies in force on the date of expiration until expiration, cancellation or next anniversary date of such subject policies. The treaty limit of the aggregate medical stop loss is subject to a limit of $4,000 in excess of $1,000 any one insured person. The treaty limit on the traditional specific medical stop loss Layer 1 is subject to a limit of $1,000 in excess of $1,000 any one insured person; Layer 2 is subject to a limit of $3,000 in excess of $2,000 any one insured person and Layer 3 is subject to a limit of $5,000 in excess of $5,000. In addition to these limits, the Company shall cover extra contractual obligations arising under this agreement with a maximum liability of $2,000. Under these agreements, Maiden US recorded approximately $115 and $159 of premiums earned for the three and six months ended June 30, 2016, respectively (June 30, 2015 - $3 and $3, respectively).

Earnings per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per Common Share

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



For the Three Months Ended June 30,	2016			2015
Numerator:
Net income attributable to Maiden shareholders	$	39,933		$	26,603
Dividends on preference shares - Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares - Series B	(2,990		)	(2,990		)
Dividends on preference shares - Series C	(2,939		)	—
Amount allocated to participating common shareholders⁽¹⁾	(19		)	(16		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	30,891		$	20,503
Potentially dilutive securities
Dividends on convertible preference shares - Series B	2,990			2,990
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	33,881		$	23,493
Denominator:
Weighted average number of common shares outstanding – basic	73,997,759			73,482,506
Potentially dilutive securities:
Share options and restricted share units	1,009,595			1,302,780
Convertible preference shares⁽²⁾	10,919,272			10,781,420
Adjusted weighted average number of common shares and assumed conversions – diluted	85,926,626			85,566,706
Basic earnings per share attributable to Maiden common shareholders:	$	0.42		$	0.28
Diluted earnings per share attributable to Maiden common shareholders:	$	0.39		$	0.27

8. Earnings per Common Share (continued)



For the Six Months Ended June 30,	2016			2015
Numerator:
Net income attributable to Maiden shareholders	$	76,826		$	65,092
Dividends on preference shares - Series A	(6,188		)	(6,188		)
Dividends on convertible preference shares - Series B	(5,980		)	(5,980		)
Dividends on preference shares - Series C	(6,532		)	—
Amount allocated to participating common shareholders⁽¹⁾	(36		)	(42		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	58,090		$	52,882
Potentially dilutive securities
Dividends on convertible preference shares- Series B	5,980			5,980
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	64,070		$	58,862
Denominator:
Weighted average number of common shares outstanding – basic	73,934,518			73,284,559
Potentially dilutive securities:
Share options and restricted share units	1,040,272			1,348,365
Convertible preference shares⁽²⁾	10,919,272			10,781,420
Adjusted weighted average number of common shares and assumed conversions – diluted	85,894,062			85,414,344
Basic earnings per share attributable to Maiden common shareholders:	$	0.79		$	0.72
Diluted earnings per share attributable to Maiden common shareholders:	$	0.75		$	0.69

(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) Please refer to "Notes to Consolidated Financial Statements" included under Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2015 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 July 1, 2016 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 319,150, an increase of 44,866 common shares since April 1, 2016.

Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

At June 30, 2016, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 75,066,428 common shares, of which 74,016,525 are outstanding, and issued 15,900,000 preference shares. The remaining 59,033,572 are undesignated at June 30, 2016. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

Treasury Shares

On January 1, 2016, February 15, 2016, February 17, 2016 and March 10, 2016, the Company repurchased 3,351 shares at a price per share of $14.91, 10,255 shares at a price per share of $13.16, 1,183 shares at a price per share of $13.36 and 20,469 shares at a price per share of $13.16, respectively, from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares.

Accumulated Other Comprehensive Income

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

9. Shareholders' Equity (continued)



For the Three Months Ended June 30, 2016	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	49,888		$	19,497		$	69,385
Other comprehensive gain before reclassifications	44,353			5,537			49,890
Amounts reclassified from AOCI to net income, net of tax	(448		)	—			(448		)
Net current period other comprehensive income	43,905			5,537			49,442
Ending balance	93,793			25,034			118,827
Less: AOCI attributable to noncontrolling interest	—			(99		)	(99		)
Ending balance, Maiden shareholders	$	93,793		$	25,133		$	118,926



For the Three Months Ended June 30, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	71,794		$	35,600		$	107,394
Other comprehensive loss before reclassifications	(56,613		)	(9,878		)	(66,491		)
Amounts reclassified from AOCI to net income, net of tax	(66		)	—			(66		)
Net current period other comprehensive loss	(56,679		)	(9,878		)	(66,557		)
Ending balance	15,115			25,722			40,837
Less: AOCI attributable to noncontrolling interest	—			(96		)	(96		)
Ending balance, Maiden shareholders	$	15,115		$	25,818		$	40,933



For the Six Months Ended June 30, 2016	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	(54,112	)	$	30,231		$	(23,881	)
Other comprehensive income (loss) before reclassifications	147,705			(5,197		)	142,508
Amounts reclassified from AOCI to net income, net of tax	200			—			200
Net current period other comprehensive income (loss)	147,905			(5,197		)	142,708
Ending balance	93,793			25,034			118,827
Less: AOCI attributable to noncontrolling interest	—			(99		)	(99		)
Ending balance, Maiden shareholders	$	93,793		$	25,133		$	118,926



For the Six Months Ended June 30, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(63,547		)	9,057			(54,490		)
Amounts reclassified from AOCI to net income, net of tax	83			—			83
Net current period other comprehensive (loss) income	(63,464		)	9,057			(54,407		)
Ending balance	15,115			25,722			40,837
Less: AOCI attributable to noncontrolling interest	—			(96		)	(96		)
Ending balance, Maiden shareholders	$	15,115		$	25,818		$	40,933

- 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 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: 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 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: 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 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

There are no material changes from the commitments and contingencies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

Dividends Declared

On May 4, 2016, the Company's Board of Directors authorized the following quarterly dividend:



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

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.

Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

On August 3, 2016, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.14	October 19, 2016	October 5, 2016
Preference shares - Series A	$	0.515625	September 15, 2016	September 1, 2016
Preference shares - Series B	$	0.90625	September 15, 2016	September 1, 2016
Preference shares - Series C	$	0.445313	September 15, 2016	September 1, 2016

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden") and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. Certain reclassifications have been made for 2015 to conform to the 2016 presentation and have no impact on net income and total equity previously reported.
Recently Issued Accounting Standards Not Yet Adopted	Transition related to Accounting Standards Update ("ASU") No. 2015-03: Simplifying the Presentation of Debt Issuance Costs Effective January 1, 2016, the Company adopted the new guidance under ASU 2015-03 which requires that debt issuance costs be presented as a direct deduction from the related debt liability rather than as an asset in the balance sheet. The amortization of such costs is reported as an interest expense. The Company applied this new guidance retrospectively to all prior periods presented. The adoption of this new guidance reduced the December 31, 2015 audited consolidated total assets and total liabilities by $10,067, respectively, representing the amount of unamortized issuance costs related to our Senior Notes which was previously presented as part of other assets. There was no impact on the net income, related per-share amounts or the retained earnings for the periods affected by the adoption of this guidance. Recently Issued Accounting Standards Not Yet Adopted Disclosures about Short-Duration Contracts In May 2015, the Financial Accounting Standards Board ("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. 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 available for sale ("AFS") in Accumulated Other Comprehensive Income ("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. 2. Significant Accounting Policies (continued) Accounting for Leases In February 2016, the FASB issued final Accounting Standards Codification ("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. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09 guidance that outlines changes for certain aspects of share-based payments to employees, such as accounting for forfeitures, which applies to the Company. Under the new guidance, the entities can elect to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The guidance is effective for public business entities for fiscal year beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted for all entities, in any annual or interim period for which financial statements haven't been issued or made available for issuance, but all of the guidance must be adopted in the same period. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition. Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13 guidance that changes the impairment model for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today's "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard's provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods therein. The Company is evaluating the impact of this new guidance on its consolidated results of operations and financial condition.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2016

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:

3. Segment Reporting (continued)



For the Three Months Ended June 30, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	164,834		$	523,488		$	—		$	688,322
Net premiums written	$	161,294		$	489,133		$	—		$	650,427
Net premiums earned	$	190,755		$	446,809		$	—		$	637,564
Other insurance revenue	1,525			—			—			1,525
Net loss and loss adjustment expenses ("LAE")	(144,246		)	(282,619		)	(124		)	(426,989		)
Commission and other acquisition expenses	(45,496		)	(140,230		)	(1		)	(185,727		)
General and administrative expenses	(9,079		)	(963		)	—			(10,042		)
Underwriting income (loss)	$	(6,541	)	$	22,997		$	(125	)	$	16,331
Reconciliation to net income
Net investment income and realized gains on investment										35,657
Interest and amortization expenses										(7,193		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(615		)
Foreign exchange and other gains										5,520
Other general and administrative expenses										(7,248		)
Income tax expense										(220		)
Net income										$	39,887

Net loss and LAE ratio ⁽¹⁾	75.0		%	63.3		%				66.8		%
Commission and other acquisition expense ratio ⁽²⁾	23.7		%	31.4		%				29.1		%
General and administrative expense ratio⁽³⁾	4.7		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.4		%	94.9		%				98.6		%

3. Segment Reporting (continued)



For the Three Months Ended June 30, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	151,646		$	522,522		$	—		$	674,168
Net premiums written	$	144,785		$	484,833		$	—		$	629,618
Net premiums earned	$	184,803		$	424,617		$	—		$	609,420
Other insurance revenue	2,252			—			—			2,252
Net loss and LAE	(142,992		)	(270,142		)	(1,793		)	(414,927		)
Commission and other acquisition expenses	(42,412		)	(133,147		)	(138		)	(175,697		)
General and administrative expenses	(8,438		)	(797		)	—			(9,235		)
Underwriting income (loss)	$	(6,787	)	$	20,531		$	(1,931	)	$	11,813
Reconciliation to net income
Net investment income and realized gains on investment										35,399
Interest and amortization expenses										(7,266		)
Amortization of intangible assets										(710		)
Foreign exchange and other losses										(5,191		)
Other general and administrative expenses										(7,066		)
Income tax expense										(468		)
Net income										$	26,511

Net loss and LAE ratio ⁽¹⁾	76.4		%	63.6		%				67.8		%
Commission and other acquisition expense ratio ⁽²⁾	22.7		%	31.4		%				28.7		%
General and administrative expense ratio⁽³⁾	4.5		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	103.6		%	95.2		%				99.2		%

3. Segment Reporting (continued)



For the Six Months Ended June 30, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	480,638		$	1,071,798		$	—		$	1,552,436
Net premiums written	$	447,430		$	995,828		$	—		$	1,443,258
Net premiums earned	$	363,011		$	890,562		$	—		$	1,253,573
Other insurance revenue	6,351			—			—			6,351
Net loss and LAE	(263,322		)	(564,393		)	(2,895		)	(830,610		)
Commission and other acquisition expenses	(100,027		)	(280,768		)	—			(380,795		)
General and administrative expenses	(17,679		)	(1,549		)	—			(19,228		)
Underwriting income (loss)	$	(11,666	)	$	43,852		$	(2,895	)	$	29,291
Reconciliation to net income
Net investment income and realized gains on investment										74,236
Interest and amortization expenses										(14,458		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(1,230		)
Foreign exchange and other gains										5,787
Other general and administrative expenses										(13,558		)
Income tax expense										(1,007		)
Net income										$	76,716

Net loss and LAE ratio ⁽¹⁾	71.3		%	63.4		%				65.9		%
Commission and other acquisition expense ratio ⁽²⁾	27.1		%	31.5		%				30.2		%
General and administrative expense ratio⁽³⁾	4.8		%	0.2		%				2.6		%
Combined ratio⁽⁴⁾	103.2		%	95.1		%				98.7		%

3. Segment Reporting (continued)



For the Six Months Ended June 30, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	456,987		$	1,051,448		$	(1	)	$	1,508,434
Net premiums written	$	438,983		$	987,617		$	1		$	1,426,601
Net premiums earned	$	377,487		$	809,250		$	2		$	1,186,739
Other insurance revenue	7,231			—			—			$	7,231
Net loss and LAE	(275,378		)	(513,236		)	(3,719		)	$	(792,333	)
Commission and other acquisition expenses	(100,618		)	(253,283		)	(138		)	$	(354,039	)
General and administrative expenses	(17,758		)	(1,544		)	—			$	(19,302	)
Underwriting income (loss)	$	(9,036	)	$	41,187		$	(3,855	)	$	28,296
Reconciliation to net income
Net investment income and realized gains on investment										64,528
Interest and amortization expenses										(14,530		)
Amortization of intangible assets										(1,420		)
Foreign exchange and other gains										2,635
Other general and administrative expenses										(13,196		)
Income tax expense										(1,268		)
Net income										$	65,045

Net loss and LAE ratio ⁽¹⁾	71.6		%	63.4		%				66.3		%
Commission and other acquisition expense ratio ⁽²⁾	26.2		%	31.3		%				29.7		%
General and administrative expense ratio⁽³⁾	4.5		%	0.2		%				2.7		%
Combined ratio⁽⁴⁾	102.3		%	94.9		%				98.7		%



(1) Calculated by dividing net loss and LAE by net premiums earned and other insurance revenue.
(2) Calculated by dividing commission and other acquisition expenses by net premiums earned and other insurance revenue.
(3) Calculated by dividing general and administrative expenses by net premiums earned and other insurance revenue.
(4) Calculated by adding together the net loss and LAE ratio, commission and other acquisition expense ratio and general and administrative expense ratio.

The following tables summarize the total assets of our reportable segments including the reconciliation to our consolidated assets at June 30, 2016 and December 31, 2015:



June 30, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,828,411	$	3,712,856	$	5,541,267
Corporate assets	—		—		729,732
Total Assets	$	1,828,411	$	3,712,856	$	6,270,999



December 31, 2015	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,644,541	$	3,178,859	$	4,823,400
Corporate assets	—		—		880,178
Total Assets	$	1,644,541	$	3,178,859	$	5,703,578

Net premiums by major line of business



For the Three Months Ended June 30,	2016				2015
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	31,516	4.8	%	$	30,394	4.8	%
Casualty	94,692		14.6	%	86,808		13.8	%
Accident and Health	13,723		2.1	%	10,458		1.7	%
International	21,363		3.3	%	17,125		2.7	%
Total Diversified Reinsurance	161,294		24.8	%	144,785		23.0	%
AmTrust Reinsurance
Small Commercial Business	306,425		47.1	%	303,000		48.1	%
Specialty Program	92,507		14.2	%	100,876		16.0	%
Specialty Risk and Extended Warranty	90,201		13.9	%	80,957		12.9	%
Total AmTrust Reinsurance	489,133		75.2	%	484,833		77.0	%
	$	650,427	100.0	%	$	629,618	100.0	%



For the Three Months Ended June 30,	2016				2015
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	40,392	6.3	%	$	32,662	5.4	%
Casualty	107,677		16.9	%	115,965		19.0	%
Accident and Health	19,548		3.1	%	15,067		2.5	%
International	23,138		3.6	%	21,109		3.5	%
Total Diversified Reinsurance	190,755		29.9	%	184,803		30.4	%
AmTrust Reinsurance
Small Commercial Business	279,612		43.9	%	252,444		41.4	%
Specialty Program	77,488		12.2	%	73,378		12.0	%
Specialty Risk and Extended Warranty	89,709		14.0	%	98,795		16.2	%
Total AmTrust Reinsurance	446,809		70.1	%	424,617		69.6	%
	$	637,564	100.0	%	$	609,420	100.0	%

3. Segment Reporting (continued)



For the Six Months Ended June 30,	2016				2015
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	93,385	6.5	%	$	98,908	6.9	%
Casualty	249,972		17.3	%	258,339		18.1	%
Accident and Health	53,295		3.7	%	40,565		2.9	%
International	50,778		3.5	%	41,171		2.9	%
Total Diversified Reinsurance	447,430		31.0	%	438,983		30.8	%
AmTrust Reinsurance
Small Commercial Business	668,924		46.4	%	626,201		43.9	%
Specialty Program	169,298		11.7	%	175,456		12.3	%
Specialty Risk and Extended Warranty	157,606		10.9	%	185,960		13.0	%
Total AmTrust Reinsurance	995,828		69.0	%	987,617		69.2	%
Other	—		—	%	1		—	%
	$	1,443,258	100.0	%	$	1,426,601	100.0	%



For the Six Months Ended June 30,	2016				2015
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	73,102	5.8	%	$	73,285	6.2	%
Casualty	207,843		16.6	%	234,903		19.8	%
Accident and Health	37,352		3.0	%	27,268		2.3	%
International	44,714		3.6	%	42,031		3.5	%
Total Diversified Reinsurance	363,011		29.0	%	377,487		31.8	%
AmTrust Reinsurance
Small Commercial Business	544,103		43.4	%	477,435		40.2	%
Specialty Program	161,687		12.9	%	130,388		11.0	%
Specialty Risk and Extended Warranty	184,772		14.7	%	201,427		17.0	%
Total AmTrust Reinsurance	890,562		71.0	%	809,250		68.2	%
Other	—		—	%	2		—	%
	$	1,253,573	100.0	%	$	1,186,739	100.0	%

Investments (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Investments [Abstract]

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



June 30, 2016	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,180	$	372	$	—		$	5,552
U.S. agency bonds – mortgage-backed	1,411,283		41,697		(1,185		)	1,451,795
U.S. agency bonds – other	4,251		423		—			4,674
Non-U.S. government and supranational bonds	36,151		286		(3,619		)	32,818
Asset-backed securities	189,218		6,593		(932		)	194,879
Corporate bonds	1,665,920		70,807		(42,408		)	1,694,319
Municipal bonds	62,189		6,379		—			68,568
Total AFS fixed maturities	3,374,192		126,557		(48,144		)	3,452,605
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	761,713		33,991		(1,033		)	794,671
Total HTM fixed maturities	761,713		33,991		(1,033		)	794,671
Other investments	10,743		1,084		—			11,827
Total investments	$	4,146,648	$	161,632	$	(49,177	)	$	4,259,103



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

Contractual maturities of fixed maturities, available-for-sale

4. Investments (continued)



	AFS fixed maturities				HTM fixed maturities
June 30, 2016	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	130,284	$	127,026	$	—	$	—
Due after one year through five years	377,161		378,005		225,081		228,114
Due after five years through ten years	1,251,826		1,285,794		531,545		561,450
Due after ten years	14,420		15,106		5,087		5,107
	1,773,691		1,805,931		761,713		794,671
U.S. agency bonds – mortgage-backed	1,411,283		1,451,795		—		—
Asset-backed securities	189,218		194,879		—		—
Total fixed maturities	$	3,374,192	$	3,452,605	$	761,713	$	794,671

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
June 30, 2016	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. agency bonds – mortgage-backed	$	1,613	$	(8	)	$	57,431	$	(1,177	)	$	59,044	$	(1,185	)
Non–U.S. government and supranational bonds	1,078		(44		)	27,774		(3,575		)	28,852		(3,619		)
Asset-backed securities	47,629		(932		)	—		—			47,629		(932		)
Corporate bonds	103,933		(4,232		)	378,880		(39,209		)	482,813		(43,441		)
Total temporarily impaired fixed maturities	$	154,253	$	(5,216	)	$	464,085	$	(43,961	)	$	618,338	$	(49,177	)



	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	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings* as of June 30, 2016	Amortized cost		Fair value		% of Total fair value
Fixed maturities
U.S. treasury bonds	$	5,180	$	5,552	0.1	%
U.S. agency bonds	1,415,534		1,456,469		34.3	%
AAA	167,166		176,605		4.2	%
AA+, AA, AA-	234,090		245,115		5.8	%
A+, A, A-	1,211,299		1,249,125		29.4	%
BBB+, BBB, BBB-	940,206		956,705		22.5	%
BB+ or lower	162,430		157,705		3.7	%
Total	$	4,135,905	$	4,247,276	100.0	%



Ratings* as of December 31, 2015	Amortized cost		Fair value		% of Total fair value
Fixed maturities
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	%

*Based on Standard & Poor’s ("S&P"), or equivalent, ratings

Portfolio of other investments

The table below shows our portfolio of other investments:



	June 30, 2016				December 31, 2015
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in quoted equity	$	5,265	44.5	%	$	4,905	41.5	%
Investments in limited partnerships	5,562		47.0	%	5,907		50.0	%
Other	1,000		8.5	%	1,000		8.5	%
Total other investments	$	11,827	100.0	%	$	11,812	100.0	%

Analysis of realized and unrealized gains on investment

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



For the Three Months Ended June 30, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	47	$	(12	)	$	35
Other investments	299		—			299
Net realized gains on investment	$	346	$	(12	)	$	334



For the Three Months Ended June 30, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	203	$	—	$	203
Other investments	39		—		39
Net realized gains on investment	$	242	$	—	$	242



For the Six Months Ended June 30, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,140	$	(891	)	$	2,249
Other investments	362		—			362
Net realized gains on investment	$	3,502	$	(891	)	$	2,611



For the Six Months Ended June 30, 2015	Gross gains		Gross losses		Net
AFS fixed maturities	$	1,048	$	—	$	1,048
Other investments	63		—		63
Net realized gains on investment	$	1,111	$	—	$	1,111

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

4. Investments (continued)



	June 30, 2016			December 31, 2015
Fixed maturities	$	92,834		$	(55,024	)
Other investments	1,084			996
Total net unrealized gain (loss)	93,918			(54,028		)
Deferred income tax expense	(125		)	(84		)
Net unrealized gains, net of deferred income tax	$	93,793		$	(54,112	)
Change in net unrealized gains, net of deferred income tax	$	147,905

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	June 30, 2016		December 31, 2015
Restricted cash and cash equivalents – third party agreements	$	97,001	$	102,837
Restricted cash and cash equivalents – related party agreements	281,210		139,944
Restricted cash and cash equivalents – U.S. state regulatory authorities	117		78
Total restricted cash and cash equivalents	378,328		242,859
Restricted investments AFS – in trust for third party agreements at fair value (Amortized cost: 2016 – $1,115,030; 2015 – $1,081,202)	1,148,048		1,067,602
Restricted investments AFS – in trust for related party agreements at fair value (Amortized cost: 2016 – $1,726,025; 2015 – $1,781,178)	1,764,902		1,754,705
Restricted investments HTM – in trust for related party agreements at fair value (Amortized cost: 2016 – $761,713; 2015 – $607,843)	794,671		598,975
Restricted investments AFS – in trust for U.S. state regulatory authorities (Amortized cost: 2016 – $4,050; 2015 – $4,071)	4,351		4,303
Total restricted investments	3,711,972		3,425,585
Total restricted cash and cash equivalents and investments	$	4,090,300	$	3,668,444

- Definition

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

+ References + Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

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

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



June 30, 2016	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	$	5,552		$	—		$	—		$	5,552
U.S. agency bonds – mortgage-backed	—			1,451,795			—			1,451,795
U.S. agency bonds – other	—			4,674			—			4,674
Non-U.S. government and supranational bonds	—			32,818			—			32,818
Asset-backed securities	—			194,879			—			194,879
Corporate bonds	—			1,694,319			—			1,694,319
Municipal bonds	—			68,568			—			68,568
Other investments	5,265			—			6,562			11,827
Total	$	10,817		$	3,447,053		$	6,562		$	3,464,432
As a percentage of total assets	0.2		%	55.0		%	0.1		%	55.3		%

5. Fair Value of Financial Instruments (continued)



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		%	61.4		%	0.1		%	61.7		%

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

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



	For the Three Months Ended
Other investments:	June 30, 2016			June 30, 2015
Balance at beginning of period	$	6,765		$	6,755
Total realized gains – included in net realized gains on investment	299			39
Change in total unrealized gains – included in other comprehensive income (loss)	(328		)	110
Purchases	46			47
Redemptions	(220		)	(45		)
Balance at end of period	$	6,562		$	6,906

5. Fair Value of Financial Instruments (continued)



	For the Six Months Ended
Other investments:	June 30, 2016			June 30, 2015
Balance at beginning of period	$	6,907		$	6,581
Total realized gains – included in net realized gains on investment	362			63
Change in total unrealized gains – included in other comprehensive income (loss)	(272		)	192
Purchases	92			144
Redemptions	(527		)	(74		)
Balance at end of period	$	6,562		$	6,906

Carrying values and fair values of financial instruments

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



	June 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM - corporate bonds	$	761,713	$	794,671	$	607,843	$	598,975
Total financial assets	$	761,713	$	794,671	$	607,843	$	598,975
Financial Liabilities
MHNA - 8.25%	$	—	$	—	$	107,500	$	110,424
MHNB - 8.00%	100,000		104,760		100,000		105,328
MHNC - 7.75%	152,500		164,700		152,500		165,456
MHLA - 6.625%	110,000		112,200		—		—
Total financial liabilities	$	362,500	$	381,660	$	360,000	$	381,208

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Outstanding Senior Notes Issuances

The following table details the Company's outstanding Senior Notes issuances as of June 30, 2016:

6. Long-Term Debt (continued)



	2012 Senior Notes			2013 Senior Notes			2016 Senior Notes
Principal	$	100,000		$	152,500		$	110,000
Debt Issuance Costs	3,406			5,054			3,715
Net Proceeds	$	96,594		$	147,446		$	106,285

Unamortized debt issuance costs	$	2,922		$	4,617		$	3,713

Other details:
Maturity date	March 27, 2042			December 1, 2043			June 14, 2046
Earliest redeemable date (for cash)	March 27, 2017			December 1, 2018			June 14, 2021
Coupon rate	8.00		%	7.75		%	6.625		%
Effective interest rate	8.28		%	8.04		%	7.07		%

- 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=64930739&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=64930785&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=64930785&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

+ Details

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

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

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



For the Three Months Ended June 30,	2016			2015
Numerator:
Net income attributable to Maiden shareholders	$	39,933		$	26,603
Dividends on preference shares - Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares - Series B	(2,990		)	(2,990		)
Dividends on preference shares - Series C	(2,939		)	—
Amount allocated to participating common shareholders⁽¹⁾	(19		)	(16		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	30,891		$	20,503
Potentially dilutive securities
Dividends on convertible preference shares - Series B	2,990			2,990
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	33,881		$	23,493
Denominator:
Weighted average number of common shares outstanding – basic	73,997,759			73,482,506
Potentially dilutive securities:
Share options and restricted share units	1,009,595			1,302,780
Convertible preference shares⁽²⁾	10,919,272			10,781,420
Adjusted weighted average number of common shares and assumed conversions – diluted	85,926,626			85,566,706
Basic earnings per share attributable to Maiden common shareholders:	$	0.42		$	0.28
Diluted earnings per share attributable to Maiden common shareholders:	$	0.39		$	0.27

8. Earnings per Common Share (continued)



For the Six Months Ended June 30,	2016			2015
Numerator:
Net income attributable to Maiden shareholders	$	76,826		$	65,092
Dividends on preference shares - Series A	(6,188		)	(6,188		)
Dividends on convertible preference shares - Series B	(5,980		)	(5,980		)
Dividends on preference shares - Series C	(6,532		)	—
Amount allocated to participating common shareholders⁽¹⁾	(36		)	(42		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	$	58,090		$	52,882
Potentially dilutive securities
Dividends on convertible preference shares- Series B	5,980			5,980
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	64,070		$	58,862
Denominator:
Weighted average number of common shares outstanding – basic	73,934,518			73,284,559
Potentially dilutive securities:
Share options and restricted share units	1,040,272			1,348,365
Convertible preference shares⁽²⁾	10,919,272			10,781,420
Adjusted weighted average number of common shares and assumed conversions – diluted	85,894,062			85,414,344
Basic earnings per share attributable to Maiden common shareholders:	$	0.79		$	0.72
Diluted earnings per share attributable to Maiden common shareholders:	$	0.75		$	0.69

(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)

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income

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

9. Shareholders' Equity (continued)



For the Three Months Ended June 30, 2016	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	49,888		$	19,497		$	69,385
Other comprehensive gain before reclassifications	44,353			5,537			49,890
Amounts reclassified from AOCI to net income, net of tax	(448		)	—			(448		)
Net current period other comprehensive income	43,905			5,537			49,442
Ending balance	93,793			25,034			118,827
Less: AOCI attributable to noncontrolling interest	—			(99		)	(99		)
Ending balance, Maiden shareholders	$	93,793		$	25,133		$	118,926



For the Three Months Ended June 30, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	71,794		$	35,600		$	107,394
Other comprehensive loss before reclassifications	(56,613		)	(9,878		)	(66,491		)
Amounts reclassified from AOCI to net income, net of tax	(66		)	—			(66		)
Net current period other comprehensive loss	(56,679		)	(9,878		)	(66,557		)
Ending balance	15,115			25,722			40,837
Less: AOCI attributable to noncontrolling interest	—			(96		)	(96		)
Ending balance, Maiden shareholders	$	15,115		$	25,818		$	40,933



For the Six Months Ended June 30, 2016	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	(54,112	)	$	30,231		$	(23,881	)
Other comprehensive income (loss) before reclassifications	147,705			(5,197		)	142,508
Amounts reclassified from AOCI to net income, net of tax	200			—			200
Net current period other comprehensive income (loss)	147,905			(5,197		)	142,708
Ending balance	93,793			25,034			118,827
Less: AOCI attributable to noncontrolling interest	—			(99		)	(99		)
Ending balance, Maiden shareholders	$	93,793		$	25,133		$	118,926



For the Six Months Ended June 30, 2015	Change in net unrealized gains on investments			Foreign currency translation adjustments			Total
Beginning balance	$	78,579		$	16,665		$	95,244
Other comprehensive (loss) income before reclassifications	(63,547		)	9,057			(54,490		)
Amounts reclassified from AOCI to net income, net of tax	83			—			83
Net current period other comprehensive (loss) income	(63,464		)	9,057			(54,407		)
Ending balance	15,115			25,722			40,837
Less: AOCI attributable to noncontrolling interest	—			(96		)	(96		)
Ending balance, Maiden shareholders	$	15,115		$	25,818		$	40,933

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Schedule of subsequent events

On August 3, 2016, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.14	October 19, 2016	October 5, 2016
Preference shares - Series A	$	0.515625	September 15, 2016	September 1, 2016
Preference shares - Series B	$	0.90625	September 15, 2016	September 1, 2016
Preference shares - Series C	$	0.445313	September 15, 2016	September 1, 2016

Significant Accounting Policies (Details) - ASU 2015-03 $ in Thousands	Dec. 31, 2015 USD ($)
Total assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ (10,067)
Total liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ 10,067

Segment Reporting - Net Income (Loss) and Total Assets (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 15, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) Segment	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment				2
Net Income (Loss) [Abstract]
Gross premiums written		$ 688,322	$ 674,168	$ 1,552,436	$ 1,508,434
Net premiums written		650,427	629,618	1,443,258	1,426,601
Net premiums earned		637,564	609,420	1,253,573	1,186,739
Other insurance revenue		1,525	2,252	6,351	7,231
Net loss and loss adjustment expenses (LAE)		(426,989)	(414,927)	(830,610)	(792,333)
Commission and other acquisition expenses		(185,727)	(175,697)	(380,795)	(354,039)
General and administrative expenses		(10,042)	(9,235)	(19,228)	(19,302)
Underwriting income (loss)		16,331	11,813	29,291	28,296
Reconciliation to net income
Net investment income and realized gains on investment		35,657	35,399	74,236	64,528
Interest and amortization expenses		(7,193)	(7,266)	(14,458)	(14,530)
Accelerated amortization of senior note issuance cost	$ (2,345)	(2,345)	0	(2,345)	0
Amortization of intangible assets		(615)	(710)	(1,230)	(1,420)
Foreign exchange and other gains (losses)		5,520	(5,191)	5,787	2,635
Other general and administrative expenses		(7,248)	(7,066)	(13,558)	(13,196)
Income tax expense		(220)	(468)	(1,007)	(1,268)
Net income		$ 39,887	$ 26,511	$ 76,716	$ 65,045
Net loss and loss adjustment expense ratio		66.80%	67.80%	65.90%	66.30%
Commission and other acquisition expense ratio		29.10%	28.70%	30.20%	29.70%
General and administrative expense ratio		2.70%	2.70%	2.60%	2.70%
Combined ratio		98.60%	99.20%	98.70%	98.70%
Assets [Abstract]
Total assets - reportable segments		$ 5,541,267		$ 5,541,267		$ 4,823,400
Corporate assets		729,732		729,732		880,178
Total assets		6,270,999		6,270,999		5,703,578
Diversified Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written		164,834	$ 151,646	480,638	$ 456,987
Net premiums written		161,294	144,785	447,430	438,983
Net premiums earned		190,755	184,803	363,011	377,487
Other insurance revenue		1,525	2,252	6,351	7,231
Net loss and loss adjustment expenses (LAE)		(144,246)	(142,992)	(263,322)	(275,378)
Commission and other acquisition expenses		(45,496)	(42,412)	(100,027)	(100,618)
General and administrative expenses		(9,079)	(8,438)	(17,679)	(17,758)
Underwriting income (loss)		$ (6,541)	$ (6,787)	$ (11,666)	$ (9,036)
Reconciliation to net income
Net loss and loss adjustment expense ratio		75.00%	76.40%	71.30%	71.60%
Commission and other acquisition expense ratio		23.70%	22.70%	27.10%	26.20%
General and administrative expense ratio		4.70%	4.50%	4.80%	4.50%
Combined ratio		103.40%	103.60%	103.20%	102.30%
Assets [Abstract]
Total assets - reportable segments		$ 1,828,411		$ 1,828,411		1,644,541
Corporate assets		0		0		0
Total assets		1,828,411		1,828,411		1,644,541
AmTrust Reinsurance Segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written		523,488	$ 522,522	1,071,798	$ 1,051,448
Net premiums written		489,133	484,833	995,828	987,617
Net premiums earned		446,809	424,617	890,562	809,250
Other insurance revenue		0	0	0	0
Net loss and loss adjustment expenses (LAE)		(282,619)	(270,142)	(564,393)	(513,236)
Commission and other acquisition expenses		(140,230)	(133,147)	(280,768)	(253,283)
General and administrative expenses		(963)	(797)	(1,549)	(1,544)
Underwriting income (loss)		$ 22,997	$ 20,531	$ 43,852	$ 41,187
Reconciliation to net income
Net loss and loss adjustment expense ratio		63.30%	63.60%	63.40%	63.40%
Commission and other acquisition expense ratio		31.40%	31.40%	31.50%	31.30%
General and administrative expense ratio		0.20%	0.20%	0.20%	0.20%
Combined ratio		94.90%	95.20%	95.10%	94.90%
Assets [Abstract]
Total assets - reportable segments		$ 3,712,856		$ 3,712,856		3,178,859
Corporate assets		0		0		0
Total assets		3,712,856		3,712,856		$ 3,178,859
Other Category [Member]
Net Income (Loss) [Abstract]
Gross premiums written		0	$ 0	0	$ (1)
Net premiums written		0	0	0	1
Net premiums earned		0	0	0	2
Other insurance revenue		0	0	0	0
Net loss and loss adjustment expenses (LAE)		(124)	(1,793)	(2,895)	(3,719)
Commission and other acquisition expenses		(1)	(138)	0	(138)
General and administrative expenses		0	0	0	0
Underwriting income (loss)		$ (125)	$ (1,931)	$ (2,895)	$ (3,855)

Segment Reporting - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 650,427	$ 629,618	$ 1,443,258	$ 1,426,601
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	$ 637,564	$ 609,420	$ 1,253,573	$ 1,186,739
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 161,294	$ 144,785	$ 447,430	$ 438,983
% of Total Net premiums written	24.80%	23.00%	31.00%	30.80%
Net premiums earned	$ 190,755	$ 184,803	$ 363,011	$ 377,487
% of Total Net premiums earned	29.90%	30.40%	29.00%	31.80%
AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 489,133	$ 484,833	$ 995,828	$ 987,617
% of Total Net premiums written	75.20%	77.00%	69.00%	69.20%
Net premiums earned	$ 446,809	$ 424,617	$ 890,562	$ 809,250
% of Total Net premiums earned	70.10%	69.60%	71.00%	68.20%
Other Category [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ 0	$ 0	$ 1
% of Total Net premiums written			0.00%	0.00%
Net premiums earned	0	0	$ 0	$ 2
% of Total Net premiums earned			0.00%	0.00%
Property [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 31,516	$ 30,394	$ 93,385	$ 98,908
% of Total Net premiums written	4.80%	4.80%	6.50%	6.90%
Net premiums earned	$ 40,392	$ 32,662	$ 73,102	$ 73,285
% of Total Net premiums earned	6.30%	5.40%	5.80%	6.20%
Casualty [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 94,692	$ 86,808	$ 249,972	$ 258,339
% of Total Net premiums written	14.60%	13.80%	17.30%	18.10%
Net premiums earned	$ 107,677	$ 115,965	$ 207,843	$ 234,903
% of Total Net premiums earned	16.90%	19.00%	16.60%	19.80%
Accident and Health [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 13,723	$ 10,458	$ 53,295	$ 40,565
% of Total Net premiums written	2.10%	1.70%	3.70%	2.90%
Net premiums earned	$ 19,548	$ 15,067	$ 37,352	$ 27,268
% of Total Net premiums earned	3.10%	2.50%	3.00%	2.30%
International [Member] \| Diversified Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 21,363	$ 17,125	$ 50,778	$ 41,171
% of Total Net premiums written	3.30%	2.70%	3.50%	2.90%
Net premiums earned	$ 23,138	$ 21,109	$ 44,714	$ 42,031
% of Total Net premiums earned	3.60%	3.50%	3.60%	3.50%
Small Commercial Business [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 306,425	$ 303,000	$ 668,924	$ 626,201
% of Total Net premiums written	47.10%	48.10%	46.40%	43.90%
Net premiums earned	$ 279,612	$ 252,444	$ 544,103	$ 477,435
% of Total Net premiums earned	43.90%	41.40%	43.40%	40.20%
Specialty Program [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 92,507	$ 100,876	$ 169,298	$ 175,456
% of Total Net premiums written	14.20%	16.00%	11.73%	12.30%
Net premiums earned	$ 77,488	$ 73,378	$ 161,687	$ 130,388
% of Total Net premiums earned	12.20%	12.00%	12.90%	11.00%
Specialty Risk and Extended Warranty [Member] \| AmTrust Reinsurance Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 90,201	$ 80,957	$ 157,606	$ 185,960
% of Total Net premiums written	13.90%	12.90%	10.92%	13.00%
Net premiums earned	$ 89,709	$ 98,795	$ 184,772	$ 201,427
% of Total Net premiums earned	14.00%	16.20%	14.70%	17.00%

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Abstract]
Fair value of securities transferred from AFS to HTM	$ 155,538
AFS transferred to HTM securities, unrealized gain	15,770
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	3,374,192	$ 3,562,864
Fixed Maturities, available-for-sale, Gross unrealized gains	126,557	58,115
Fixed Maturities, available-for-sale, Gross unrealized losses	(48,144)	(112,891)
Fixed Maturities, available-for-sale, Fair value	3,452,605	3,508,088
Fixed Maturities, held-to-maturity, Original or amortized cost	761,713	607,843
Fixed Maturities, held-to-maturity, Gross unrealized gains	33,991	3,458
Fixed Maturities, held-to-maturity, Gross unrealized losses	(1,033)	(12,326)
Fixed Maturities, held-to-maturity, Fair value	794,671	598,975
Other Investments, Original or amortized cost	10,743	10,816
Other Investments, Gross unrealized gains	1,084	1,091
Other Investments, Gross unrealized losses	0	(95)
Other investments	11,827	11,812
Total investments, Original or amortized cost	4,146,648	4,181,523
Investments, Gross unrealized gains	161,632	62,664
Investments, Gross unrealized losses	(49,177)	(125,312)
Total investments	4,259,103	4,118,875
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	5,180	5,714
Fixed Maturities, available-for-sale, Gross unrealized gains	372	312
Fixed Maturities, available-for-sale, Gross unrealized losses	0	(16)
Fixed Maturities, available-for-sale, Fair value	5,552	6,010
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	1,411,283	1,471,782
Fixed Maturities, available-for-sale, Gross unrealized gains	41,697	15,399
Fixed Maturities, available-for-sale, Gross unrealized losses	(1,185)	(10,190)
Fixed Maturities, available-for-sale, Fair value	1,451,795	1,476,991
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	4,251	23,734
Fixed Maturities, available-for-sale, Gross unrealized gains	423	577
Fixed Maturities, available-for-sale, Gross unrealized losses	0	0
Fixed Maturities, available-for-sale, Fair value	4,674	24,311
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	36,151	35,128
Fixed Maturities, available-for-sale, Gross unrealized gains	286	0
Fixed Maturities, available-for-sale, Gross unrealized losses	(3,619)	(4,584)
Fixed Maturities, available-for-sale, Fair value	32,818	30,544
Asset-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	189,218	165,719
Fixed Maturities, available-for-sale, Gross unrealized gains	6,593	1,174
Fixed Maturities, available-for-sale, Gross unrealized losses	(932)	(1,089)
Fixed Maturities, available-for-sale, Fair value	194,879	165,804
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	1,665,920	1,798,610
Fixed Maturities, available-for-sale, Gross unrealized gains	70,807	38,070
Fixed Maturities, available-for-sale, Gross unrealized losses	(42,408)	(97,012)
Fixed Maturities, available-for-sale, Fair value	1,694,319	1,739,668
Fixed Maturities, held-to-maturity, Original or amortized cost	761,713	607,843
Fixed Maturities, held-to-maturity, Gross unrealized gains	33,991	3,458
Fixed Maturities, held-to-maturity, Gross unrealized losses	(1,033)	(12,326)
Fixed Maturities, held-to-maturity, Fair value	794,671	598,975
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	62,189	62,177
Fixed Maturities, available-for-sale, Gross unrealized gains	6,379	2,583
Fixed Maturities, available-for-sale, Gross unrealized losses	0	0
Fixed Maturities, available-for-sale, Fair value	$ 68,568	$ 64,760

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
HTM fixed maturities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	225,081
Due after five years through ten years	531,545
Due after ten years	5,087
Total before securities without single maturities, Amortized cost	761,713
Fixed Maturities, held-to-maturity, Amortized cost	761,713
HTM fixed maturities, Fair value
Due in one year or less	0
Due after one year through five years	228,114
Due after five years through ten years	561,450
Due after ten years	5,107
Total before securities without single maturities, Fair value	794,671
Fixed Maturities, held-to-maturity, Fair Value	794,671	$ 598,975
AFS fixed maturities, Amortized cost
Due in one year or less	130,284
Due after one year through five years	377,161
Due after five years through ten years	1,251,826
Due after five years through ten years	14,420
Total before securities without single maturities, Amortized cost	1,773,691
Fixed Maturities, available-for-sale, Amortized cost	3,374,192	3,562,864
AFS fixed maturities, Fair value
Due in one year or less	127,026
Due after one year through five years	378,005
Due after five years through ten years	1,285,794
Due after ten years	15,106
Total before securities without single maturities, Fair value	1,805,931
Fixed Maturities, available-for-sale, Fair value	3,452,605	3,508,088
U.S. agency bonds – mortgage-backed [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	1,411,283
Fixed Maturities, available-for-sale, Amortized cost	1,411,283	1,471,782
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,451,795
Fixed Maturities, available-for-sale, Fair value	1,451,795	1,476,991
Asset-backed securities [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	189,218
Fixed Maturities, available-for-sale, Amortized cost	189,218	165,719
AFS fixed maturities, Fair value
Fair value of securities without single maturities	194,879
Fixed Maturities, available-for-sale, Fair value	$ 194,879	$ 165,804

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Jun. 30, 2016 USD ($) security	Dec. 31, 2015 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 154,253	$ 1,294,157
12 Months or More, Fair value	464,085	592,418
Total, Fair value	618,338	1,886,575
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(5,216)	(46,935)
12 months or more, Unrealized losses	(43,961)	(78,282)
Total, Unrealized losses	(49,177)	(125,217)
Investments, Fair Value
Less than 12 Months, Fair value		1,299,062
12 Months or More, Fair value	464,085	592,418
Total, Fair value	618,338	1,891,480
Investments, Unrealized losses
Less than 12 months, Unrealized losses		(47,030)
12 months or more, Unrealized losses	(43,961)	(78,282)
Total, Unrealized losses	$ (49,177)	$ (125,312)
Number of securities in an unrealized loss position \| security	141	270
Number of securities in an unrealized loss position for 12 months or greater \| security	93	93
U.S. treasury bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value		$ 1,119
12 Months or More, Fair value		0
Total, Fair value		1,119
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses		(16)
12 months or more, Unrealized losses		0
Total, Unrealized losses		(16)
U.S. agency bonds – mortgage-backed [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 1,613	443,331
12 Months or More, Fair value	57,431	170,053
Total, Fair value	59,044	613,384
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(8)	(4,113)
12 months or more, Unrealized losses	(1,177)	(6,077)
Total, Unrealized losses	(1,185)	(10,190)
Non-U.S. government and supranational bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,078	6,958
12 Months or More, Fair value	27,774	22,586
Total, Fair value	28,852	29,544
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(44)	(365)
12 months or more, Unrealized losses	(3,575)	(4,219)
Total, Unrealized losses	(3,619)	(4,584)
Asset-backed securities [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	47,629	89,838
12 Months or More, Fair value	0	0
Total, Fair value	47,629	89,838
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(932)	(1,089)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(932)	(1,089)
Corporate bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	103,933	752,911
12 Months or More, Fair value	378,880	399,779
Total, Fair value	482,813	1,152,690
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(4,232)	(41,352)
12 months or more, Unrealized losses	(39,209)	(67,986)
Total, Unrealized losses	$ (43,441)	(109,338)
Other investments [Member]
Investments, Fair Value
Less than 12 Months, Fair value		4,905
12 Months or More, Fair value		0
Total, Fair value		4,905
Investments, Unrealized losses
Less than 12 months, Unrealized losses		(95)
12 months or more, Unrealized losses		0
Total, Unrealized losses		$ (95)

Investments - Credit Ratings (Details) - USD ($)	3 Months Ended		6 Months Ended
Investments - Credit Ratings (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Fixed Maturities Table [Line Items]
OTTI	$ 0	$ 0	$ 0	$ 0
Fixed Maturities, Amortized cost	4,135,905,000		4,135,905,000		$ 4,170,707,000
Fixed Maturities, Fair value	$ 4,247,276,000		$ 4,247,276,000		$ 4,107,063,000
Fixed maturities, % of Total fair value	100.00%		100.00%		100.00%
AAA [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 167,166,000		$ 167,166,000		$ 170,190,000
Fixed Maturities, Fair value	$ 176,605,000		$ 176,605,000		$ 170,391,000
Fixed maturities, % of Total fair value	4.20%		4.20%		4.10%
AA Plus, AA, AA Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 234,090,000		$ 234,090,000		$ 222,506,000
Fixed Maturities, Fair value	$ 245,115,000		$ 245,115,000		$ 223,084,000
Fixed maturities, % of Total fair value	5.80%		5.80%		5.40%
A Plus, A, A Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,211,299,000		$ 1,211,299,000		$ 1,075,550,000
Fixed Maturities, Fair value	$ 1,249,125,000		$ 1,249,125,000		$ 1,066,794,000
Fixed maturities, % of Total fair value	29.40%		29.40%		26.00%
BBB Plus, BBB, BBB Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 940,206,000		$ 940,206,000		$ 1,077,064,000
Fixed Maturities, Fair value	$ 956,705,000		$ 956,705,000		$ 1,039,228,000
Fixed maturities, % of Total fair value	22.50%		22.50%		25.30%
BB Plus or Lower [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 162,430,000		$ 162,430,000		$ 124,167,000
Fixed Maturities, Fair value	$ 157,705,000		$ 157,705,000		$ 100,254,000
Fixed maturities, % of Total fair value	3.70%		3.70%		2.50%
U.S. treasury bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 5,180,000		$ 5,180,000		$ 5,714,000
Fixed Maturities, Fair value	$ 5,552,000		$ 5,552,000		$ 6,010,000
Fixed maturities, % of Total fair value	0.10%		0.10%		0.10%
U.S. agency bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,415,534,000		$ 1,415,534,000		$ 1,495,516,000
Fixed Maturities, Fair value	$ 1,456,469,000		$ 1,456,469,000		$ 1,501,302,000
Fixed maturities, % of Total fair value	34.30%		34.30%		36.60%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Other investments	$ 11,827	$ 11,812
% of Total fair value	100.00%	100.00%
Investment in quoted equity [Member]
Schedule of Investments [Line Items]
Other investments	$ 5,265	$ 4,905
% of Total fair value	44.50%	41.50%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	$ 5,562	$ 5,907
% of Total fair value	47.00%	50.00%
Unfunded commitment on investments in limited partnerships	$ 609
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,000	$ 1,000
% of Total fair value	8.50%	8.50%

Investments - Net Realized and Unrealized Gains on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Gain (Loss) on Investments [Line Items]
Gross gains	$ 346	$ 242	$ 3,502	$ 1,111
Gross losses	(12)	0	(891)	0
Realized gains, Net	334	242	2,611	1,111
Proceeds from sales of fixed maturities classified as available-for-sale	18,826	29,859	86,663	86,498
Net unrealized gains	93,918		93,918		$ (54,028)
Deferred income tax expense	(125)		(125)		(84)
Net unrealized gains, net of deferred income tax	93,793		93,793		(54,112)
Change in net unrealized gains, net of deferred income tax			147,905
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Net unrealized gains	92,834		92,834		(55,024)
Available-for-sale securities [Member] \| Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	47	203	3,140	1,048
Gross losses	(12)	0	(891)	0
Realized gains, Net	35	203	2,249	1,048
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	299	39	362	63
Gross losses	0	0	0	0
Realized gains, Net	299	$ 39	362	$ 63
Net unrealized gains	$ 1,084		$ 1,084		$ 996

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 378,328	$ 242,859
Restricted investments	3,711,972	3,425,585
Restricted cash and investments	4,090,300	3,668,444
Amortized cost	4,146,648	4,181,523
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	97,001	102,837
Restricted investments	1,148,048	1,067,602
Amortized cost	1,115,030	1,081,202
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	281,210	139,944
Restricted investments	1,764,902	1,754,705
Amortized cost	1,726,025	1,781,178
HTM related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted investments	794,671	598,975
Amortized cost	761,713	607,843
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash and cash equivalents	117	78
Restricted investments	4,351	4,303
Amortized cost	$ 4,050	$ 4,071

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - Other investments [Member] - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,765	$ 6,755	$ 6,907	$ 6,581
Total realized gains – included in net realized gains on investment	299	39	362	63
Change in total unrealized gains – included in other comprehensive income (loss)	(328)	110	(272)	192
Purchases	46	47	92	144
Redemptions	(220)	(45)	(527)	(74)
Balance at end of period	$ 6,562	$ 6,906	$ 6,562	$ 6,906

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 4,259,103	$ 4,118,875
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	761,713	607,843
Financial Liabilities	362,500	360,000
Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	794,671	598,975
Financial Liabilities	381,660	381,208
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNA - 8.25% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 0	107,500
Stated interest rate	8.25%
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNB - 8.00% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 100,000	100,000
Stated interest rate	8.00%
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	152,500
Stated interest rate	7.75%
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHLA - 6.625% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 110,000	0
Stated interest rate	6.625%
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNA - 8.25% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 0	110,424
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNB - 8.00% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	104,760	105,328
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	164,700	165,456
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHLA - 6.625% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	112,200	0
Corporate bonds [Member] \| Held-to-maturity securities [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	761,713	607,843
Corporate bonds [Member] \| Held-to-maturity securities [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 794,671	$ 598,975

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - Senior Notes [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 14, 2016
2012 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 100,000,000
Debt Issuance Costs	3,406,000
Net Proceeds	96,594,000
Unamortized debt issuance costs	$ 2,922,000
Coupon rate	8.00%
Effective interest rate	8.28%
2013 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 152,500,000
Debt Issuance Costs	5,054,000
Net Proceeds	147,446,000
Unamortized debt issuance costs	$ 4,617,000
Coupon rate	7.75%
Effective interest rate	8.04%
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 110,000,000	$ 110,000,000
Debt Issuance Costs	3,715,000
Net Proceeds	106,285,000
Unamortized debt issuance costs	$ 3,713,000
Coupon rate	6.625%	6.625%
Effective interest rate	7.07%

Long-Term Debt - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 15, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 14, 2016
Debt Instrument [Line Items]
Accelerated amortization of remaining debt issuance costs	$ 2,345,000	$ 2,345,000	$ 0	$ 2,345,000	$ 0
Senior Notes [Member] \| 2016 Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount		$ 110,000,000		$ 110,000,000		$ 110,000,000
Stated interest rate		6.625%		6.625%		6.625%
Senior Notes [Member] \| 2011 Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 107,500,000
Redemption price percentage	100.00%

Related Party Transactions - AmTrust (Details)									3 Months Ended		6 Months Ended		12 Months Ended
Related Party Transactions - AmTrust (Details)	Mar. 07, 2013	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2011	Sep. 01, 2010	Jun. 11, 2008	Jul. 01, 2007 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Related Party Transaction [Line Items]
Net premiums earned									$ 637,564,000	$ 609,420,000	$ 1,253,573,000	$ 1,186,739,000
Loan to related party									$ 167,975,000		$ 167,975,000		$ 167,975,000
Founding Shareholders [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									20.10%		20.10%
AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Loan to related party									$ 167,975,000		$ 167,975,000		167,975,000
AmTrust Financial Services, Inc. [Member] \| AmTrust Quota Share Reinsurance Agreement [Member]
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	3 years
Cancellation notice period	9 months
Cancellation notice period upon the occurrence of certain early termination events	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. [Member] \| AmTrust Quota Share Reinsurance Agreement [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor								81.50%
AmTrust Financial Services, Inc. [Member] \| AmTrust Quota Share Reinsurance Agreement [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling								95.00%
AmTrust Financial Services, Inc. [Member] \| AmTrust European Hospital Liability Quota Share Agreement [Member]
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums				5.00%
Related Party Transaction, Termination Notice Period											4 months
Premiums and losses related to policies				40.00%
Maximum limit of liability attaching \| €			€ 10,000	€ 5,000
Percent basis currency equivalent of maximum limit of liability attaching				100.00%
AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member]
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%
AmTrust Financial Services, Inc. [Member] \| AmTrust NA Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Agreement period		1 year
Net premiums earned									248,000	173,000	$ 440,000	329,000
Reinsurance coverage threshold		$ 1,000,000
AmTrust Financial Services, Inc. [Member] \| Reinsurer Trust Assets Collateral Agreement [Member]
Related Party Transaction [Line Items]
Collateral held by related party									2,601,548,000		2,601,548,000		2,256,383,000
Accrued interest on collateral held by related party									$ 16,893,000		$ 16,893,000		15,448,000
AmTrust Financial Services, Inc. [Member] \| Reinsurance Brokerage Agreements [Member]
Related Party Transaction [Line Items]
Cancellation notice period				30 days
Brokerage fee, percent of premium assumed								1.25%
AmTrust Financial Services, Inc. [Member] \| Asset Management Agreement [Member]
Related Party Transaction [Line Items]
Cancellation notice period								30 days
Quarterly brokerage fee, portfolio threshold								$ 1,000,000,000
Quarterly brokerage fee, above portfolio threshold, percent of average holdings								0.0375%
AmTrust Financial Services, Inc. [Member] \| AmTrust Time Sharing Agreement [Member]
Related Party Transaction [Line Items]
Contract extension					1 year
AmTrust Financial Services, Inc. [Member] \| Founding Shareholders [Member]
Related Party Transaction [Line Items]
Controlling interest, ownership percentage									47.80%		47.80%
National General Holdings Corp. [Member] \| AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									11.60%		11.60%
National General Holdings Corp. [Member] \| Michael Karfunkel 2005 Grantor Retained Annuity Trust [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									43.00%		43.00%
London Interbank Offered Rate (LIBOR) [Member] \| AmTrust Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Loan to related party, Basis spread on LIBOR									0.90%		0.90%
Commission Expense [Member] \| AmTrust Financial Services, Inc. [Member] \| Quota Share Reinsurance Agreements [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									$ 143,380,000	130,951,000	$ 284,431,000	248,153,000
Commission Expense [Member] \| AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									0	2,000	1,000	3,000
Commission Expense [Member] \| AmTrust Financial Services, Inc. [Member] \| AmTrust NA Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									49,000	45,000	100,000	82,000
Premiums Earned [Member] \| AmTrust Financial Services, Inc. [Member] \| AmTrust Technology Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Revenue from related parties									5,000	21,000	12,000	45,000
Brokerage Expense [Member] \| AmTrust Financial Services, Inc. [Member] \| Reinsurance Brokerage Agreements [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									5,890,000	5,427,000	11,678,000	10,307,000
Reserve for loss and loss adjustment expenses									15,197,000		15,197,000		$ 13,464,000
Investment Management Fees [Member] \| AmTrust Financial Services, Inc. [Member] \| Asset Management Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									1,697,000	1,506,000	3,342,000	2,937,000
Aircraft Expenses [Member] \| AmTrust Financial Services, Inc. [Member] \| AmTrust Time Sharing Agreement [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									$ 17,000	$ 26,000	$ 39,000	$ 50,000

Related Party Transactions - NGHC (Details) - USD ($)				3 Months Ended		6 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	May 01, 2015	Apr. 01, 2015	Mar. 01, 2010	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Premiums earned				$ 637,564,000	$ 609,420,000	$ 1,253,573,000	$ 1,186,739,000
National General Holdings Corp. [Member] \| NGHC Quota Share Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Percent participation in quota share by subsidiary			50.00%
Percentage of net premiums received on personal lines automobile business			25.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers			25.00%
National General Holdings Corp. [Member] \| NGHC Quota Share Reinsurance Agreement [Member] \| Commission Expense [Member]
Related Party Transaction [Line Items]
Expenses recorded from related party transactions				0	0	0	0
National General Holdings Corp. [Member] \| NGHC Subsidiaries Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Premiums earned				115,000	3,000	159,000	3,000
National General Holdings Corp. [Member] \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	$ 1,000,000
Reinsurance coverage limit	4,000,000
Maximum limit of liability	2,000,000	$ 2,000,000
Premiums earned				$ 52,000	$ 111,000	157,000	$ 198,000
National General Holdings Corp. [Member] \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member] \| Layer 1 [Member]
Related Party Transaction [Line Items]
Liability percentage		100.00%
Reinsurance coverage threshold	1,000,000					1,175,000
Reinsurance coverage limit	1,000,000					$ 8,825,000
National General Holdings Corp. [Member] \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member] \| Layer 2 [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	2,000,000
Reinsurance coverage limit	3,000,000
National General Holdings Corp. [Member] \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member] \| Layer 3 [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Maiden shareholders	$ 39,933	$ 26,603	$ 76,826	$ 65,092
Dividends on preference shares	(9,023)	(6,084)	(18,700)	(12,168)
Amount allocated to participating common shareholders	(19)	(16)	(36)	(42)
Numerator for basic EPS - net income allocated to Maiden common shareholders	30,891	20,503	58,090	52,882
Dividends on convertible preference shares - Series B	2,990	2,990	5,980	5,980
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$ 33,881	$ 23,493	$ 64,070	$ 58,862
Weighted average number of common shares outstanding – basic (in shares)	73,997,759	73,482,506	73,934,518	73,284,559
Potentially dilutive securities:
Share options and restricted share units (in shares)	1,009,595	1,302,780	1,040,272	1,348,365
Convertible preference shares (in shares)	10,919,272	10,781,420	10,919,272	10,781,420
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	85,926,626	85,566,706	85,894,062	85,414,344
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.42	$ 0.28	$ 0.79	$ 0.72
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.39	$ 0.27	$ 0.75	$ 0.69
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	$ (3,094)	$ (3,094)	$ (6,188)	$ (6,188)
Series B Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	(2,990)	(2,990)	(5,980)	(5,980)
Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares	$ (2,939)	$ 0	$ (6,532)	$ 0

Earnings per Common Share - Anti-dilutive Securities (Details)	3 Months Ended
	Jun. 30, 2016 shares
Earnings Per Share [Abstract]
Incremental common shares attributable to contingent conversion of preferred stock	319,150
Incremental common shares attributable to contingent conversion of preferred stock, increase in period	44,866

Shareholders' Equity - Narrative (Details) - $ / shares	Mar. 10, 2016	Feb. 17, 2016	Feb. 15, 2016	Jan. 01, 2016	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)					150,000,000
Common stock, shares issued (in shares)					75,066,428	74,735,785
Common stock, shares outstanding (in shares)					74,016,525	73,721,140
Preference shares issued (in shares)					15,900,000
Undesignated shares (in shares)					59,033,572
Shares repurchased (in shares)	20,469,000	1,183,000	10,255	3,351
Shares repurchased, price per share (in dollars per share)	$ 13.16	$ 13.36	$ 13.16	$ 14.91

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 1,349,099
Other comprehensive gain (loss) before reclassifications	$ 49,890	$ (66,491)	142,508	$ (54,490)
Amounts reclassified from AOCI to net income, net of tax	(448)	(66)	200	83
Other comprehensive income (loss), after tax	49,442	(66,557)	142,708	(54,407)
Ending balance	1,530,887	1,225,717	1,530,887	1,225,717
Change in net unrealized gains on investments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	49,888	71,794	(54,112)	78,579
Other comprehensive gain (loss) before reclassifications	44,353	(56,613)	147,705	(63,547)
Amounts reclassified from AOCI to net income, net of tax	(448)	(66)	200	83
Other comprehensive income (loss), after tax	43,905	(56,679)	147,905	(63,464)
Ending balance	93,793	15,115	93,793	15,115
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	19,497	35,600	30,231	16,665
Other comprehensive gain (loss) before reclassifications	5,537	(9,878)	(5,197)	9,057
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive income (loss), after tax	5,537	(9,878)	(5,197)	9,057
Ending balance	25,034	25,722	25,034	25,722
AOCI including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	69,385	107,394	(23,881)	95,244
Ending balance	118,827	40,837	118,827	40,837
Change in net unrealized gains on investment attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	0	0	0	0
Foreign currency translation adjustments attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(99)	(96)	(99)	(96)
AOCI attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(99)	(96)	(99)	(96)
Accumulated other comprehensive income [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(23,767)	95,293
Ending balance	118,926	40,933	118,926	40,933
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	93,793	15,115	93,793	15,115
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	$ 25,133	$ 25,818	$ 25,133	$ 25,818

Subsequent Events (Details) - $ / shares			3 Months Ended		6 Months Ended
Subsequent Events (Details) - $ / shares	Aug. 03, 2016	May 04, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.14	$ 0.14	$ 0.13	$ 0.28	$ 0.26
Subsequent event [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.14
Subsequent event [Member] \| Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent event [Member] \| Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.90625
Subsequent event [Member] \| Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.445313

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Jun. 30, 2016 USD ($) security	Dec. 31, 2015 USD ($) security
Significant Other Observable Inputs (Level 2) [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities priced for fair value \| security	3	2
Securities valued using market approach	$ 8,824	$ 4,943
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	5,265	4,905
Total	$ 10,817	$ 10,915
Percentage of total assets	0.20%	0.20%
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 5,552	$ 6,010
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 3,447,053	$ 3,502,078
Percentage of total assets	55.00%	61.40%
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,451,795	1,476,991
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	4,674	24,311
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	32,818	30,544
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	194,879	165,804
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,694,319	1,739,668
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	68,568	64,760
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	6,562	6,907
Total	$ 6,562	$ 6,907
Percentage of total assets	0.10%	0.10%
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	11,827	11,812
Total	$ 3,464,432	$ 3,519,900
Percentage of total assets	55.30%	61.70%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	99.80%	99.90%
Assets, valued using market approach, percentage	0.20%	0.10%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 5,552	$ 6,010
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,451,795	1,476,991
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	4,674	24,311
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	32,818	30,544
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	194,879	165,804
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,694,319	1,739,668
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 68,568	$ 64,760

Commitments and Contingencies (Details) - $ / shares		3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) - $ / shares	May 04, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.14	$ 0.14	$ 0.13	$ 0.28	$ 0.26