Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 02, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	MHLD
Entity Registrant Name	Maiden Holdings, Ltd.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		86,553,329

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2017: $3,993,941; 2016: $4,005,642)	$ 3,967,907	$ 3,971,666
Fixed maturities, held to maturity, at amortized cost (fair value 2017: $767,657; 2016: $766,135)	750,554	752,212
Other investments, at fair value (cost 2017: $10,074; 2016: $10,057)	13,534	13,060
Total investments	4,731,995	4,736,938
Cash and cash equivalents	83,537	45,747
Restricted cash and cash equivalents	109,697	103,788
Accrued investment income	36,179	36,517
Reinsurance balances receivable, net (includes $232,548 and $132,056 from related parties in 2017 and 2016, respectively)	615,556	410,166
Reinsurance recoverable on unpaid losses (includes $5,084 and $5,085 from related parties in 2017 and 2016, respectively)	108,777	99,936
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $393,166 and $339,172 from related parties in 2017 and 2016, respectively)	472,459	424,605
Goodwill and intangible assets, net	77,183	77,715
Other assets	153,601	148,912
Total assets	6,556,959	6,252,299
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,862,125 and $1,776,784 from related parties in 2017 and 2016, respectively)	2,991,604	2,896,496
Unearned premiums (includes $1,225,241 and $1,152,484 from related parties in 2017 and 2016, respectively)	1,670,884	1,475,506
Accrued expenses and other liabilities	172,886	167,736
Senior notes - principal amount	362,500	362,500
Less unamortized issuance costs	11,012	11,091
Senior notes, net	351,488	351,409
Total liabilities	5,186,862	4,891,147
Commitments and Contingencies
EQUITY
Preference shares	315,000	315,000
Common shares ($0.01 par value; 87,641,349 and 87,321,012 shares issued in 2017 and 2016, respectively; 86,553,324 and 86,271,109 shares outstanding in 2017 and 2016, respectively)	876	873
Additional paid-in capital	750,694	749,256
Accumulated other comprehensive income	15,591	14,997
Retained earnings	293,164	285,662
Treasury shares, at cost (1,088,025 and 1,049,903 shares in 2017 and 2016, respectively)	(5,566)	(4,991)
Total Maiden shareholders’ equity	1,369,759	1,360,797
Noncontrolling interests in subsidiaries	338	355
Total equity	1,370,097	1,361,152
Total liabilities and equity	$ 6,556,959	$ 6,252,299

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fixed maturities, available-for-sale, amortized cost	$ 3,993,941	$ 4,005,642
Fixed maturities, held to maturity, fair value	767,657	766,135
Other investments, costs	10,074	10,057
Reinsurance balances receivable, net	615,556	410,166
Reinsurance recoverable on unpaid losses	108,777	99,936
Deferred commission and other acquisition expenses	472,459	424,605
Reserve for loss and loss adjustment expenses	2,991,604	2,896,496
Unearned premiums	$ 1,670,884	$ 1,475,506
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,641,349	87,321,012
Common shares, shares outstanding (in shares)	86,553,324	86,271,109
Treasury shares (in shares)	1,088,025	1,049,903
Related party transactions
Reinsurance balances receivable, net	$ 232,548	$ 132,056
Reinsurance recoverable on unpaid losses	5,084	5,085
Deferred commission and other acquisition expenses	393,166	339,172
Reserve for loss and loss adjustment expenses	1,862,125	1,776,784
Unearned premiums	$ 1,225,241	$ 1,152,484

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Gross premiums written	$ 923,427	$ 864,114
Net premiums written	900,548	792,831
Change in unearned premiums	(191,064)	(176,822)
Net premiums earned	709,484	616,009
Other insurance revenue	3,781	4,826
Net investment income	42,157	36,302
Net realized gains on investment	885	2,277
Total revenues	756,307	659,414
Expenses
Net loss and loss adjustment expenses	480,569	403,621
Commission and other acquisition expenses	222,029	195,068
General and administrative expenses	17,414	15,496
Interest and amortization expenses	6,856	7,265
Amortization of intangible assets	533	615
Foreign exchange losses (gains)	1,921	(267)
Total expenses	729,322	621,798
Income before income taxes	26,985	37,616
Less: income tax expense	484	787
Net income	26,501	36,829
Add: loss attributable to noncontrolling interests	22	64
Net income attributable to Maiden	26,523	36,893
Dividends on preference shares	(6,033)	(9,677)
Net income attributable to Maiden common shareholders	$ 20,490	$ 27,216
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.24	$ 0.37
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	0.23	0.35
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.14
Weighted average number of common shares - basic (in shares)	86,350,850	73,871,277
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	87,436,604	85,799,377

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive income:
Net income	$ 26,501	$ 36,829
Other comprehensive income
Net unrealized holdings gains on available-for-sale fixed maturities arising during the period	6,119	103,404
Adjustment for reclassification of net realized losses recognized in net income	637	632
Foreign currency translation adjustment	(6,198)	(10,734)
Other comprehensive income, before tax	558	93,302
Income tax benefit (expense) related to components of other comprehensive income	41	(36)
Other comprehensive income, after tax	599	93,266
Comprehensive income	27,100	130,095
Net loss attributable to noncontrolling interests	22	64
Other comprehensive income attributable to noncontrolling interests	(5)	(29)
Comprehensive loss attributable to noncontrolling interests	17	35
Comprehensive income attributable to Maiden	$ 27,117	$ 130,130

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares - Series A, B and C [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, 2015		$ 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 shares			3	345
Share-based compensation expense				1,256
Change in net unrealized gains (losses) on investment					104,000
Net income attributable to Maiden	$ 36,893					36,893
Dividends on preference shares						(9,677)
Dividends on common shares						(10,365)
Shares repurchased							(470)
Dividend paid to noncontrolling interest								(11)
Net loss attributable to noncontrolling interests	64							(64)
Foreign currency translation adjustment					(10,763)			29
Ending balance at Mar. 31, 2016	1,460,275	480,000	750	580,779	69,470	333,035	(4,991)	1,232
Beginning balance at Dec. 31, 2016	1,361,152	315,000	873	749,256	14,997	285,662	(4,991)	355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			3	515
Share-based compensation expense				923
Change in net unrealized gains (losses) on investment					6,797
Net income attributable to Maiden	26,523					26,523
Dividends on preference shares						(6,033)
Dividends on common shares						(12,988)
Shares repurchased							(575)
Dividend paid to noncontrolling interest								0
Net loss attributable to noncontrolling interests	22							(22)
Foreign currency translation adjustment					(6,203)			5
Ending balance at Mar. 31, 2017	$ 1,370,097	$ 315,000	$ 876	$ 750,694	$ 15,591	$ 293,164	$ (5,566)	$ 338

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 26,501	$ 36,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and share-based compensation	1,640	4,780
Net realized gains on investment	(885)	(2,277)
Foreign exchange losses (gains)	1,921	(267)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(204,287)	(218,880)
Reinsurance recoverable on unpaid losses	(8,792)	(12,392)
Accrued investment income	386	(1,373)
Deferred commission and other acquisition expenses	(47,280)	(44,002)
Other assets	(6,461)	(35,609)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	89,175	54,846
Unearned premiums	193,550	203,281
Accrued expenses and other liabilities	(26)	24,068
Net cash provided by operating activities	45,442	9,004
Cash flows from investing activities:
Purchases of fixed-maturities – available-for-sale	(118,935)	(268,661)
Purchases of other investments	(120)	(46)
Proceeds from sales of fixed-maturities – available-for-sale	30,784	67,837
Proceeds from maturities and calls of fixed maturities – available-for-sale	105,181	106,168
Proceeds from sale and redemption of other investments	266	307
(Increase) decrease in restricted cash and cash equivalents	(5,619)	97,701
Other, net	(367)	(178)
Net cash provided by investing activities	11,190	3,128
Cash flows from financing activities:
Issuance of common shares	518	348
Repurchase of common shares	(575)	(470)
Dividends paid – Maiden common shareholders	(12,948)	(10,328)
Dividends paid – preference shares	(6,033)	(9,677)
Net cash used in financing activities	(19,038)	(20,127)
Effect of exchange rate changes on foreign currency cash	196	3,594
Net increase (decrease) in cash and cash equivalents	37,790	(4,401)
Cash and cash equivalents, beginning of period	45,747	89,641
Cash and cash equivalents, end of period	$ 83,537	$ 85,240

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2017
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, 2016. Certain reclassifications have been made for 2016 to conform to the 2017 presentation and have no impact on consolidated net income and total equity previously reported.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2017
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, 2016 except for the following: Recently Adopted Accounting Standards Updates Improvements to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. Based on the Company's history, forfeitures have never been material. The Company will account for forfeitures as they occur. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. There were no forfeitures for the three months ended March 31, 2017. Recently Issued Accounting Standards Not Yet Adopted Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The amendments in ASU 2017-08 affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date. The amendments shorten the amortization period for certain callable debt securities held at a premium and require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company holds a number of securities with callable features on the Condensed Consolidated Balance Sheet and this includes certain securities that have been purchased at a premium that is being amortized to the associated security's maturity date. The Company is currently evaluating the impact of this guidance on the Company's results of operations, financial position or liquidity at the date of adoption.

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

The Company currently has two reportable segments: Diversified Reinsurance and AmTrust Reinsurance. Our Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located, primarily, in the U.S. and Europe. Our AmTrust Reinsurance segment includes all business ceded to our wholly owned subsidiary, Maiden Reinsurance Ltd. ("Maiden Bermuda") from AmTrust Financial Services, Inc. ("AmTrust"), primarily the AmTrust Quota Share and the European Hospital Liability Quota Share. In addition to our reportable segments, the results of operations of the former NGHC Quota Share segment and the remnants of the U.S. excess and surplus business have been included in the "Other" category. Please refer to "Note 8. Related Party Transactions" for additional information.

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 unearned reinsurance premiums ceded (presented as part of other assets in the Condensed Consolidated Balance Sheet). All remaining assets are allocated to Corporate.

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



For the Three Months Ended March 31, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	332,045		$	591,382		$	—		$	923,427
Net premiums written	$	327,496		$	573,052		$	—		$	900,548
Net premiums earned	$	201,842		$	507,642		$	—		$	709,484
Other insurance revenue	3,781			—			—			3,781
Net loss and loss adjustment expense ("loss and LAE")	(138,649		)	(341,631		)	(289		)	(480,569		)
Commission and other acquisition expenses	(57,945		)	(164,084		)	—			(222,029		)
General and administrative expenses	(8,730		)	(805		)	—			(9,535		)
Underwriting income (loss)	$	299		$	1,122		$	(289	)	1,132
Reconciliation to net income
Net investment income and realized gains on investment										43,042
Interest and amortization expenses										(6,856		)
Amortization of intangible assets										(533		)
Foreign exchange losses										(1,921		)
Other general and administrative expenses										(7,879		)
Income tax expense										(484		)
Net income										$	26,501

Net loss and LAE ratio⁽¹⁾	67.5		%	67.3		%				67.4		%
Commission and other acquisition expense ratio⁽²⁾	28.2		%	32.3		%				31.1		%
General and administrative expense ratio⁽³⁾	4.2		%	0.2		%				2.4		%
Expense ratio⁽⁴⁾	32.4		%	32.5		%				33.5		%
Combined ratio⁽⁵⁾	99.9		%	99.8		%				100.9		%

3. Segment Information (continued)



For the Three Months Ended March 31, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	315,804		$	548,310		$	—		$	864,114
Net premiums written	$	286,136		$	506,695		$	—		$	792,831
Net premiums earned	$	172,256		$	443,753		$	—		$	616,009
Other insurance revenue	4,826			—			—			4,826
Net loss and LAE	(119,076		)	(281,774		)	(2,771		)	(403,621		)
Commission and other acquisition expenses	(54,531		)	(140,538		)	1			(195,068		)
General and administrative expenses	(8,600		)	(586		)	—			(9,186		)
Underwriting (loss) income	$	(5,125	)	$	20,855		$	(2,770	)	12,960
Reconciliation to net income
Net investment income and realized gains on investment										38,579
Interest and amortization expenses										(7,265		)
Amortization of intangible assets										(615		)
Foreign exchange gains										267
Other general and administrative expenses										(6,310		)
Income tax expense										(787		)
Net income										$	36,829

Net loss and LAE ratio⁽¹⁾	67.2		%	63.5		%				65.0		%
Commission and other acquisition expense ratio⁽²⁾	30.8		%	31.7		%				31.4		%
General and administrative expense ratio⁽³⁾	4.9		%	0.1		%				2.5		%
Expense ratio⁽⁴⁾	35.7		%	31.8		%				33.9		%
Combined ratio⁽⁵⁾	102.9		%	95.3		%				98.9		%


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


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


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


(4)	Calculated by adding together the commission and other acquisition expense ratio and general and administrative expense ratio.


(5)	Calculated by adding together net loss and LAE ratio and the expense ratio.

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at March 31, 2017 and December 31, 2016:



March 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,903,557	$	4,095,845	$	5,999,402
Corporate assets	—		—		557,557
Total Assets	$	1,903,557	$	4,095,845	$	6,556,959

December 31, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,787,320	$	3,900,067	$	5,687,387
Corporate assets	—		—		564,912
Total Assets	$	1,787,320	$	3,900,067	$	6,252,299

3. Segment Information (continued)

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2017 and 2016:



For the Three Months Ended March 31,	2017				2016
	Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	73,377	8.2	%	$	61,869	7.8	%
Casualty	177,558		19.7	%	155,280		19.6	%
Accident and Health	48,649		5.4	%	39,572		5.0	%
International	27,912		3.1	%	29,415		3.7	%
Total Diversified Reinsurance	327,496		36.4	%	286,136		36.1	%
AmTrust Reinsurance
Small Commercial Business	392,566		43.6	%	362,499		45.7	%
Specialty Program	91,869		10.2	%	76,791		9.7	%
Specialty Risk and Extended Warranty	88,617		9.8	%	67,405		8.5	%
Total AmTrust Reinsurance	573,052		63.6	%	506,695		63.9	%
Total Net Premiums Written	$	900,548	100.0	%	$	792,831	100.0	%

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2017 and 2016:



For the Three Months Ended March 31,	2017				2016
	Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	39,894	5.6	%	$	32,710	5.3	%
Casualty	123,150		17.4	%	100,166		16.3	%
Accident and Health	20,689		2.9	%	17,804		2.9	%
International	18,109		2.6	%	21,576		3.5	%
Total Diversified Reinsurance	201,842		28.5	%	172,256		28.0	%
AmTrust Reinsurance
Small Commercial Business	316,909		44.7	%	264,491		42.9	%
Specialty Program	99,748		14.0	%	84,199		13.7	%
Specialty Risk and Extended Warranty	90,985		12.8	%	95,063		15.4	%
Total AmTrust Reinsurance	507,642		71.5	%	443,753		72.0	%
Total Net Premiums Earned	$	709,484	100.0	%	$	616,009	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
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+ Details

Investments

3 Months Ended

Mar. 31, 2017

Schedule of Investments [Abstract]

Investments


a)	Fixed Maturities and Other Investments

During the three months ended March 31, 2017, we did not designate any additional fixed maturities as held-to-maturity ("HTM"). During 2016 and 2015, we designated fixed maturities with a total fair value of $155,538 and $608,722, respectively, as HTM reflecting our intent to hold these securities to maturity. The net unrealized holding gain of $15,770 and $244, respectively, at the designation date continues to be reported in the carrying value of the HTM securities and is amortized through other comprehensive income over the remaining life of the securities using the effective yield method in a manner consistent with the amortization of any premium or discount.

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities and other investments at March 31, 2017 and December 31, 2016, are as follows:



March 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities ("AFS"):
U.S. treasury bonds	$	5,188	$	211	$	(10	)	$	5,389
U.S. agency bonds – mortgage-backed	1,679,527		11,079		(19,131		)	1,671,475
U.S. agency bonds – other	18,082		18		—			18,100
Non-U.S. government and supranational bonds	30,420		105		(4,169		)	26,356
Asset-backed securities	244,392		3,850		(79		)	248,163
Corporate bonds	1,954,125		32,340		(53,327		)	1,933,138
Municipal bonds	62,207		3,079		—			65,286
Total AFS fixed maturities	3,993,941		50,682		(76,716		)	3,967,907
HTM fixed maturities:
Corporate bonds	750,554		18,788		(1,685		)	767,657
Total HTM fixed maturities	750,554		18,788		(1,685		)	767,657
Other investments	10,074		3,460		—			13,534
Total investments	$	4,754,569	$	72,930	$	(78,401	)	$	4,749,098



December 31, 2016	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,186	$	238	$	(11	)	$	5,413
U.S. agency bonds – mortgage-backed	1,720,436		12,867		(17,265		)	1,716,038
U.S. agency bonds – other	18,082		20		—			18,102
Non-U.S. government and supranational bonds	35,158		73		(5,297		)	29,934
Asset-backed securities	217,232		3,713		(69		)	220,876
Corporate bonds	1,947,347		30,951		(62,093		)	1,916,205
Municipal bonds	62,201		2,897		—			65,098
Total AFS fixed maturities	4,005,642		50,759		(84,735		)	3,971,666
HTM fixed maturities:
Corporate bonds	752,212		16,370		(2,447		)	766,135
Total HTM fixed maturities	752,212		16,370		(2,447		)	766,135
Other investments	10,057		3,003		—			13,060
Total investments	$	4,767,911	$	70,132	$	(87,182	)	$	4,750,861

4. Investments (continued)

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



	AFS fixed maturities				HTM fixed maturities
March 31, 2017	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	57,366	$	49,562	$	20,755	$	20,714
Due after one year through five years	647,554		634,020		285,460		292,104
Due after five years through ten years	1,332,950		1,332,615		439,252		449,764
Due after ten years	32,152		32,072		5,087		5,075
	2,070,022		2,048,269		750,554		767,657
U.S. agency bonds – mortgage-backed	1,679,527		1,671,475		—		—
Asset-backed securities	244,392		248,163		—		—
Total fixed maturities	$	3,993,941	$	3,967,907	$	750,554	$	767,657

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



	Less than 12 Months					12 Months or More					Total
March 31, 2017	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	590	$	(10	)	$	—	$	—		$	590	$	(10	)
U.S. agency bonds – mortgage-backed	958,846		(16,318		)	45,684		(2,813		)	1,004,530		(19,131		)
Non–U.S. government and supranational bonds	189		(5		)	23,891		(4,164		)	24,080		(4,169		)
Asset-backed securities	27,138		(79		)	—		—			27,138		(79		)
Corporate bonds	578,150		(12,520		)	319,342		(42,492		)	897,492		(55,012		)
Total temporarily impaired fixed maturities	$	1,564,913	$	(28,932	)	$	388,917	$	(49,469	)	$	1,953,830	$	(78,401	)

At March 31, 2017, there were approximately 235 securities in an unrealized loss position with a fair value of $1,953,830 and unrealized losses of $78,401. Of these securities, there were 86 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $388,917 and unrealized losses of $49,469.

4. Investments (continued)



	Less than 12 Months					12 Months or More					Total
December 31, 2016	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	589	$	(11	)	$	—	$	—		$	589	$	(11	)
U.S. agency bonds – mortgage-backed	997,943		(14,440		)	47,969		(2,825		)	1,045,912		(17,265		)
Non-U.S. government and supranational bonds	3,169		(160		)	25,236		(5,137		)	28,405		(5,297		)
Asset-backed securities	30,589		(69		)	—		—			30,589		(69		)
Corporate bonds	642,599		(15,058		)	357,954		(49,482		)	1,000,553		(64,540		)
Total temporarily impaired fixed maturities	$	1,674,889	$	(29,738	)	$	431,159	$	(57,444	)	$	2,106,048	$	(87,182	)

At December 31, 2016, there were approximately 251 securities in an unrealized loss position with a fair value of $2,106,048 and unrealized losses of $87,182. Of these securities, there were 91 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $431,159 and unrealized losses of $57,444.

OTTI

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At March 31, 2017, we have determined that the unrealized losses on fixed maturities were primarily due to widening of credit and interest rate spreads as well as the impact of foreign exchange rate changes on certain foreign currency denominated AFS fixed maturities 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 ("OTTI") at March 31, 2017. The Company has therefore recognized no OTTI through earnings for the three months ended March 31, 2017 (2016 - $0).

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at March 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,188	$	5,389	0.1	%
U.S. agency bonds	1,697,609		1,689,575		35.7	%
AAA	165,525		167,178		3.5	%
AA+, AA, AA-	238,927		239,078		5.0	%
A+, A, A-	1,333,851		1,329,187		28.1	%
BBB+, BBB, BBB-	1,144,868		1,144,082		24.2	%
BB+ or lower	158,527		161,075		3.4	%
Total fixed maturities	$	4,744,495	$	4,735,564	100.0	%

4. Investments (continued)



Ratings⁽¹⁾ at December 31, 2016	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,186	$	5,413	0.1	%
U.S. agency bonds	1,738,518		1,734,140		36.6	%
AAA	170,515		171,090		3.6	%
AA+, AA, AA-	238,315		237,169		5.0	%
A+, A, A-	1,386,023		1,374,860		29.0	%
BBB+, BBB, BBB-	1,053,529		1,047,376		22.2	%
BB+ or lower	165,768		167,753		3.5	%
Total fixed maturities	$	4,757,854	$	4,737,801	100.0	%


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


b)	Other Investments

The table below shows our portfolio of other investments:



	March 31, 2017				December 31, 2016
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,692	42.0	%	$	5,474	41.9	%
Investment in quoted equity	6,842		50.6	%	6,586		50.4	%
Other	1,000		7.4	%	1,000		7.7	%
Total other investments	$	13,534	100.0	%	$	13,060	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $452 at March 31, 2017 (2016 - $463).


c)	Net Investment Income

Net investment income was derived from the following sources:



For the Three Months Ended March 31,	2017			2016
Fixed maturities	$	42,870		$	36,743
Cash and cash equivalents	367			612
Loan to related party	712			562
Other	31			30
	43,980			37,947
Investment expenses	(1,823		)	(1,645		)
Net investment income	$	42,157		$	36,302

4. Investments (continued)


d)	Realized Gains (Losses) on Investment

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



For the Three Months Ended March 31, 2017	Gross gains		Gross losses		Net
AFS fixed maturities	$	722	$	—	$	722
Other investments	163		—		163
Net realized gains on investment	$	885	$	—	$	885



For the Three Months Ended March 31, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,093	$	(879	)	$	2,214
Other investments	63		—			63
Net realized gains on investment	$	3,156	$	(879	)	$	2,277

Proceeds from sales of fixed maturities classified as AFS were $30,784 and $67,837 for the three months ended March 31, 2017 and 2016, respectively.

Net unrealized (losses) gains were as follows:



	March 31, 2017			December 31, 2016
Fixed maturities	$	(17,336	)	$	(23,635	)
Other investments	3,460			3,003
Total net unrealized losses	(13,876		)	(20,632		)
Deferred income tax	(43		)	(84		)
Net unrealized losses, net of deferred income tax	$	(13,919	)	$	(20,716	)
Change, net of deferred income tax	$	6,797


e)	Restricted Cash and Cash Equivalents and Investments

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

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



	March 31, 2017		December 31, 2016
Restricted cash – third party agreements	$	76,718	$	56,891
Restricted cash – related party agreements	32,868		46,777
Restricted cash – U.S. state regulatory authorities	111		120
Total restricted cash	109,697		103,788
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2017 – $1,274,642; 2016 – $1,307,926)	1,270,138		1,299,569
Restricted investments AFS– in trust for related party agreements at fair value (Amortized cost: 2017 – $2,305,257; 2016 – $2,242,565)	2,295,156		2,225,066
Restricted investments HTM– in trust for related party agreements at fair value (Amortized cost: 2017 – $750,554; 2016 – $752,212)	767,657		766,135
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2017 – $4,063; 2016 – $4,059)	4,224		4,238
Total restricted investments	4,337,175		4,295,008
Total restricted cash and investments	$	4,446,872	$	4,398,796

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

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

•

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


•	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: investments in limited partnerships and an investment in preference shares of a start-up insurance producer.

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

ASC 825, “Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at March 31, 2017.

U.S. government and U.S. agency — 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. 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. agency bonds are included in the Level 2 fair value hierarchy.

5. Fair Value of Financial Instruments (continued)

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.

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.

Cash and cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, and certain other assets and liabilities — The carrying values reported in the condensed consolidated balance sheets for these financial instruments approximate their fair value due to their short term nature and are classified as Level 2.

Loan to related party — The carrying value reported in the condensed consolidated balance sheets for this financial instrument approximates its fair value and it is included in the Level 2 hierarchy.

Senior notes — The amount reported in the condensed consolidated balance sheets for these financial instruments represents the carrying value of the notes. The fair values are based on indicative market pricing obtained from a third-party service provider 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.

5. Fair Value of Financial Instruments (continued)

At March 31, 2017 and December 31, 2016, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2017	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	$	5,389		$	—		$	—		$	5,389
U.S. agency bonds – mortgage-backed	—			1,671,475			—			1,671,475
U.S. agency bonds – other	—			18,100			—			18,100
Non-U.S. government and supranational bonds	—			26,356			—			26,356
Asset-backed securities	—			248,163			—			248,163
Corporate bonds	—			1,933,138			—			1,933,138
Municipal bonds	—			65,286			—			65,286
Other investments	6,842			—			6,692			13,534
Total	$	12,231		$	3,962,518		$	6,692		$	3,981,441
As a percentage of total assets	0.2		%	60.4		%	0.1		%	60.7		%



December 31, 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	$	5,413		$	—		$	—		$	5,413
U.S. agency bonds – mortgage-backed	—			1,716,038			—			1,716,038
U.S. agency bonds – other	—			18,102			—			18,102
Non-U.S. government and supranational bonds	—			29,934			—			29,934
Asset-backed securities	—			220,876			—			220,876
Corporate bonds	—			1,916,205			—			1,916,205
Municipal bonds	—			65,098			—			65,098
Other investments	6,586			—			6,474			13,060
Total	$	11,999		$	3,966,253		$	6,474		$	3,984,726
As a percentage of total assets	0.2		%	63.4		%	0.1		%	63.7		%

The Company utilized a Pricing Service to estimate fair value measurements for approximately 99.9% and 98.8% of its fixed maturities at March 31, 2017 and December 31, 2016, 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 actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2.

At March 31, 2017 and December 31, 2016, 0.1% and 1.2%, respectively, of the fixed maturities are valued using the market approach. At each of those dates, a total of two and three securities, or approximately $5,188 and $56,674, respectively, of Level 2 fixed maturities, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At March 31, 2017 and December 31, 2016, we have not adjusted any pricing provided to us based on the review performed by our investment managers.

5. Fair Value of Financial Instruments (continued)

The Company utilized a Pricing Service to estimate fair value measurement for the quoted equity investment reflecting the closing price quoted for the final trading day of the period and is included in Level 1. For the unquoted other investments, the Company has $5,692 or 0.1% of its investment portfolio in limited partnerships where the fair value estimate is determined by the fund manager based on recent filings, operating results, balance sheet stability, growth, other business and market sector fundamentals and an investment of $1,000 in convertible preference shares of a start-up insurance producer, the fair value of which was determined using recent private market transactions. Due to the significant unobservable inputs in these valuations, the Company includes the estimate of the fair value of the unquoted investments as Level 3.

There have not been any transfers between Level 1 and Level 2 and there has not been any transfers to or from Level 3 during the periods represented by these 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:	March 31, 2017			March 31, 2016
Balance at beginning of period	$	6,474		$	6,907
Total realized gains – included in net realized gains on investment	163			63
Change in total unrealized gains – included in other comprehensive income (loss)	201			56
Purchases	120			46
Sales and redemptions	(266		)	(307		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	6,692		$	6,765
Level 3 gains included in net income attributable to the change in unrealized gains relating to assets held at the reporting date	$	—		$	—

(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:



	March 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	750,554	$	767,657	$	752,212	$	766,135
Total financial assets	$	750,554	$	767,657	$	752,212	$	766,135

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	113,520	$	110,000	$	111,452
Senior Notes - MHNC – 7.75%	152,500		163,907		152,500		164,700
Senior Notes - MHNB – 8.00%	100,000		102,000		100,000		101,600
Total financial liabilities	$	362,500	$	379,427	$	362,500	$	377,752

- 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

3 Months Ended

Mar. 31, 2017

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"), have three outstanding public debt offerings of senior notes which were issued in 2012, 2013 and 2016, respectively (the "Senior Notes"). Each of the issuances made by Maiden NA, namely the 2012 and 2013 Senior Notes, is fully and unconditionally guaranteed by the Company. The Senior Notes are unsecured and unsubordinated obligation of the Company.

The following table details the Company's Senior Notes issuances as of March 31, 2017 and December 31, 2016:



March 31, 2017	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	100,000		$	362,500
Less: unamortized issuance costs	3,684			4,491			2,837			11,012
Carrying value	$	106,316		$	148,009		$	97,163		$	351,488

December 31, 2016	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	100,000		$	362,500
Less: unamortized issuance costs	3,694			4,532			2,865			11,091
Carrying value	$	106,306		$	147,968		$	97,135		$	351,409


Other details:
Original debt issuance costs	$	3,715		$	5,054		$	3,406
Maturity date	June 14, 2046			Dec 1, 2043			Mar 27, 2042
Earliest redeemable date (for cash)	June 14, 2021			Dec 1, 2018			Mar 27, 2017
Coupon rate	6.625		%	7.75		%	8.00		%
Effective interest rate	7.07		%	8.04		%	8.31		%

The interest expense incurred on the Senior Notes for the three months ended March 31, 2017 was $6,777 (2016 - $7,172) of which $1,453 was accrued at March 31, 2017 and December 31, 2016, respectively. The debt issuance costs related to the Senior Notes were capitalized and are being amortized over the life of the notes. The amount of amortization expense was $79 for the three months ended March 31, 2017 (2016 - $93).

Reserve for Loss and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2017

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

Our reserve for loss and LAE comprises:



	March 31, 2017		December 31, 2016
Reserve for reported loss and LAE	$	1,705,573	$	1,617,956
Reserve for losses incurred but not reported ("IBNR")	1,286,031		1,278,540
Reserve for loss and LAE	$	2,991,604	$	2,896,496

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



For the Three Months Ended March 31,	2017			2016
Gross loss and LAE reserves, January 1	$	2,896,496		$	2,510,101
Less: reinsurance recoverable on unpaid losses, January 1	99,936			71,248
Net loss and LAE reserves, January 1	2,796,560			2,438,853
Net incurred losses related to:
Current year	463,729			387,997
Prior years	16,840			15,624
	480,569			403,621
Net paid losses related to:
Current year	(70,899		)	(61,121		)
Prior years	(329,298		)	(309,134		)
	(400,197		)	(370,255		)
Effect of foreign exchange movements	5,895			16,671
Net loss and LAE reserves, March 31	2,882,827			2,488,890
Reinsurance recoverable on unpaid losses, March 31	108,777			83,515
Gross loss and LAE reserves, March 31	$	2,991,604		$	2,572,405

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

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

During the first three months ended March 31, 2017, the Company recognized approximately $16,840 (2016 - $15,624) of adverse development in both the Diversified Reinsurance and AmTrust Reinsurance segments.

For the Diversified Reinsurance segment, adverse development was $6,232 (2016 - $13,302) which was largely due a combination of commercial auto liability and international personal auto for the three months ended March 31, 2017 and to commercial auto liability business for the three months ended March 31, 2016. For the AmTrust Reinsurance segment, net adverse development was $10,319 (2016 - favorable development of $449) largely related to general liability and worker's compensation for the period ended March 31, 2017.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2017
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. Based on each individual's most recent public filing, as of March 31, 2017, Leah Karfunkel (wife of Michael Karfunkel) owns or controls approximately 7.9% of the outstanding shares of the Company, Barry Zyskind (the Company's non-executive chairman) owns or controls approximately 7.5% of the outstanding shares of the Company and George Karfunkel owns or controls 2.0% 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. Leah Karfunkel, George Karfunkel and Barry Zyskind own or control approximately 49.1% 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) owns 43.0% of the outstanding common shares 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 they caused Maiden Bermuda, a wholly owned subsidiary of the Company, and AmTrust's Bermuda reinsurance subsidiary, AmTrust International Insurance, Ltd. ("AII"), to enter into a quota share reinsurance agreement (the "Reinsurance Agreement") by which 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 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. On July 1, 2016 the agreement was renewed through June 30, 2019. 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. 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. Additionally, for the Specialty Program portion of Covered Business only, AII will be responsible for ultimate net loss otherwise recoverable from Maiden Bermuda to the extent that the loss ratio to Maiden Bermuda, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the defined corridor, Maiden Bermuda will continue to reinsure losses at its proportional 40% share per the Reinsurance Agreement. AmTrust European Hospital Liability Quota Share Agreement ("European Hospital Liability Quota Share") Effective April 1, 2011, Maiden Bermuda, entered into a quota share reinsurance contract with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters Limited ("AIUL"), both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Bermuda assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. The contract also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 (€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, 2018 and can be terminated at any April 1 by either party on four months notice. Effective July 1, 2016, the contract was amended such that Maiden Bermuda assumes from AEL 32.5% of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20% of all policies written or renewed on or after July 1, 2017. For the three months ended March 31, 2017, the Company recorded approximately $160,770 (2016 - $141,051) of commission expense as a result of both of these quota share arrangements with AmTrust. 8. Related Party Transactions (continued) 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 $2 of ceded premiums for the three months ended March 31, 2017 (2016 - $7). Effective April 1, 2012, the Company, through a subsidiary, entered into a reinsurance agreement with AmTrust's wholly owned subsidiary, AmTrust North America, Inc. ("AmTrust NA"). We indemnify AmTrust NA, on an excess of loss basis, as a result of losses occurring on AmTrust NA's new and renewal policies relating to the lines of business classified as Automobile Liability by AmTrust NA in its annual statement utilizing the specific underwriting guidelines defined in the reinsurance agreement. AmTrust NA shall retain the first $1,000 of loss, per any one policy or per any one loss occurrence. This agreement has a term of one year and automatically renews annually unless terminated pursuant to the terms of the agreement. Under this agreement, we recorded approximately $429 of net premiums earned and $110 of commission expense for the three months ended March 31, 2017 (2016 - $192 and $51, 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 March 31, 2017 and December 31, 2016 pursuant to a loan agreement entered into between those parties. Advances under the loan, which were made in three separate tranches of $113,542 (December 18, 2007), $20,193 (April 11, 2008) and $34,240 (June 23, 2008), are secured by promissory notes. The maturity date with respect to each advance is ten years from the date the advance was made. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Interest is payable at a rate equivalent to the one-month LIBOR plus 90 basis points per annum; and •effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, at March 31, 2017 was approximately $2,941,919 (December 31, 2016 - $2,766,032) and the accrued interest was $20,897 (December 31, 2016 - $20,420). Please refer to "Note 4. (e) Investments" for additional information. b) European Hospital Liability Quota Share AEL requested that Maiden Bermuda provide collateral to secure its proportional share under the European Hospital Liability Quota Share agreement. Please refer to "Note 4. (e) Investments" for additional information. 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 $6,489 and $5,788 of reinsurance brokerage expense for the three months ended March 31, 2017 and 2016, respectively, and deferred reinsurance brokerage of $15,305 and $14,395 at March 31, 2017 and December 31, 2016, respectively, as a result of this agreement. 8. Related Party Transactions (continued) 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 $1,823 and $1,645 of investment management fees for the three months ended March 31, 2017 and 2016, 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 months ended March 31, 2017, the Company recorded an expense of $13 (2016 - $22) 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 received notice from NGHC of the termination of the NGHC Quota Share effective on that date. The Company and NGHC mutually agreed that the termination is on a run-off basis. Other Effective April 1, 2015, Maiden US renewed the Medical Excess of Loss reinsurance agreement with wholly owned subsidiaries of NGHC, Distributors Insurance Company PCC, AIBD Insurance Company IC and Professional Services Captive Corporation IC. Pursuant to this agreement, Maiden US indemnifies on an excess of loss basis, for the amounts of net loss, paid from April 1, 2015 through March 31, 2016. Maiden US 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 no premiums earned for the three months ended March 31, 2017 (2016 - $149). 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, 2018 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 $121 of premiums earned for the three months ended March 31, 2017 (2016 - $43).

Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


a)	Concentrations of Credit Risk

At March 31, 2017 and December 31, 2016, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable and reinsurance recoverable on unpaid losses.

The reinsurers with the three largest balances accounted for 50.9%, 36.6% and 2.7%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at March 31, 2017 (December 31, 2016 – 54.8%, 31.6% and 2.9%, respectively). At March 31, 2017, 98.4% (December 31, 2016 - 97.2%) of the reinsurance recoverable on unpaid losses was due from reinsurers with credit ratings from A.M Best of A or better, and 1.6% (December 31, 2016 - 2.8%) of the reinsurance recoverable on unpaid losses was due from reinsurers with ratings of B++ or lower. At March 31, 2017 and December 31, 2016, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

At March 31, 2017, 97.4% (December 31, 2016 - 98.6%) of reinsurance recoverable on unpaid losses, due from reinsurers with ratings of B++ or lower, were collateralized.

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


b)	Concentrations of Revenue

During the three months ended March 31, 2017, our gross premiums written from AmTrust accounted for $591,382 or 64.0% of our total gross premiums written (2016 – $548,310 or 63.5%).


c)	Dividends Declared

On February 21, 2017, the Company's Board of Directors authorized the following quarterly dividend:


d)	Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle blowing in violation of the whistle blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He 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. 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. Eleven hearing days have taken place, and we expect the hearings to conclude in late 2017 or early 2018. The Company believes that it had good and sufficient reasons for terminating Mr. Turin's employment and, that the claim is without merit. The Company will continue to vigorously defend itself against this claim.

Earnings per Common Share

3 Months Ended

Mar. 31, 2017

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 March 31,	2017			2016
Numerator:
Net income attributable to Maiden	$	26,523		$	36,893
Dividends on preference shares – Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares – Series B	—			(2,990		)
Dividends on preferences shares – Series C	(2,939		)	(3,593		)
Amount allocated to participating common shareholders⁽¹⁾	(7		)	(16		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	20,483			27,200
Potentially dilutive securities:
Dividends on convertible preference shares – Series B⁽²⁾	—			2,990
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	20,483		$	30,190
Denominator:
Weighted average number of common shares – basic	86,350,850			73,871,277
Potentially dilutive securities:
Share options and restricted share units	1,085,754			1,051,458
Convertible preference shares⁽²⁾	—			10,876,642
Adjusted weighted average number of common shares and assumed conversions – diluted	87,436,604			85,799,377
Basic earnings per share attributable to Maiden common shareholders:	$	0.24		$	0.37
Diluted earnings per share attributable to Maiden common shareholders:	$	0.23		$	0.35


(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 "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, for the terms and conditions of each of these anti-dilutive instruments.

At March 31, 2017 and 2016, no share options were excluded from diluted earnings per common share calculation as all outstanding options are potentially dilutive.

Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

At March 31, 2017, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,641,349 common shares, of which 86,553,324 common shares are outstanding, and issued 12,600,000 preference shares. The remaining 49,758,651 are undesignated at March 31, 2017. 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, 2016.

Treasury Shares

On February 15, 2017, February 17, 2017, February 23, 2017 and March 15, 2017, the Company repurchased 1,878 shares at a price per share of $17.00, 1,163 shares at a price per share of $16.75, 1,161 shares at a price per share of $16.50 and 33,920 shares at a price of $14.85, 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:



For the Three Months Ended March 31, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(20,716	)	$	35,604		$	14,888
Other comprehensive income (loss) before reclassifications	6,160			(6,198		)	(38		)
Amounts reclassified from AOCI to net income, net of tax	637			—			637
Net current period other comprehensive income	6,797			(6,198		)	599
Ending balance	(13,919		)	29,406			15,487
Less: AOCI attributable to noncontrolling interest	—			(104		)	(104		)
Ending balance, Maiden shareholders	$	(13,919	)	$	29,510		$	15,591



For the Three Months Ended March 31, 2016	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(54,112	)	$	30,231		$	(23,881	)
Other comprehensive income (loss) before reclassifications	103,368			(10,734		)	92,634
Amounts reclassified from AOCI to net income, net of tax	632			—			632
Net current period other comprehensive income	104,000			(10,734		)	93,266
Ending balance	49,888			19,497			69,385
Less: AOCI attributable to noncontrolling interest	—			(85		)	(85		)
Ending balance, Maiden shareholders	$	49,888		$	19,582		$	69,470

- 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
-Publisher FASB
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-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
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-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))
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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
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-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
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

On May 2, 2017, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.15	July 17, 2017	July 3, 2017
Preference shares - Series A	$	0.515625	June 15, 2017	June 1, 2017
Preference shares - Series C	$	0.445313	June 15, 2017	June 1, 2017

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2017
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, 2016. Certain reclassifications have been made for 2016 to conform to the 2017 presentation and have no impact on consolidated net income and total equity previously reported.
Recently Adopted Accounting Standards Updates and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Updates Improvements to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. Based on the Company's history, forfeitures have never been material. The Company will account for forfeitures as they occur. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. There were no forfeitures for the three months ended March 31, 2017. Recently Issued Accounting Standards Not Yet Adopted Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The amendments in ASU 2017-08 affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date. The amendments shorten the amortization period for certain callable debt securities held at a premium and require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company holds a number of securities with callable features on the Condensed Consolidated Balance Sheet and this includes certain securities that have been purchased at a premium that is being amortized to the associated security's maturity date. The Company is currently evaluating the impact of this guidance on the Company's results of operations, financial position or liquidity at the date of adoption.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Underwriting results of operating segments

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



For the Three Months Ended March 31, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	332,045		$	591,382		$	—		$	923,427
Net premiums written	$	327,496		$	573,052		$	—		$	900,548
Net premiums earned	$	201,842		$	507,642		$	—		$	709,484
Other insurance revenue	3,781			—			—			3,781
Net loss and loss adjustment expense ("loss and LAE")	(138,649		)	(341,631		)	(289		)	(480,569		)
Commission and other acquisition expenses	(57,945		)	(164,084		)	—			(222,029		)
General and administrative expenses	(8,730		)	(805		)	—			(9,535		)
Underwriting income (loss)	$	299		$	1,122		$	(289	)	1,132
Reconciliation to net income
Net investment income and realized gains on investment										43,042
Interest and amortization expenses										(6,856		)
Amortization of intangible assets										(533		)
Foreign exchange losses										(1,921		)
Other general and administrative expenses										(7,879		)
Income tax expense										(484		)
Net income										$	26,501

Net loss and LAE ratio⁽¹⁾	67.5		%	67.3		%				67.4		%
Commission and other acquisition expense ratio⁽²⁾	28.2		%	32.3		%				31.1		%
General and administrative expense ratio⁽³⁾	4.2		%	0.2		%				2.4		%
Expense ratio⁽⁴⁾	32.4		%	32.5		%				33.5		%
Combined ratio⁽⁵⁾	99.9		%	99.8		%				100.9		%

3. Segment Information (continued)



For the Three Months Ended March 31, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	315,804		$	548,310		$	—		$	864,114
Net premiums written	$	286,136		$	506,695		$	—		$	792,831
Net premiums earned	$	172,256		$	443,753		$	—		$	616,009
Other insurance revenue	4,826			—			—			4,826
Net loss and LAE	(119,076		)	(281,774		)	(2,771		)	(403,621		)
Commission and other acquisition expenses	(54,531		)	(140,538		)	1			(195,068		)
General and administrative expenses	(8,600		)	(586		)	—			(9,186		)
Underwriting (loss) income	$	(5,125	)	$	20,855		$	(2,770	)	12,960
Reconciliation to net income
Net investment income and realized gains on investment										38,579
Interest and amortization expenses										(7,265		)
Amortization of intangible assets										(615		)
Foreign exchange gains										267
Other general and administrative expenses										(6,310		)
Income tax expense										(787		)
Net income										$	36,829

Net loss and LAE ratio⁽¹⁾	67.2		%	63.5		%				65.0		%
Commission and other acquisition expense ratio⁽²⁾	30.8		%	31.7		%				31.4		%
General and administrative expense ratio⁽³⁾	4.9		%	0.1		%				2.5		%
Expense ratio⁽⁴⁾	35.7		%	31.8		%				33.9		%
Combined ratio⁽⁵⁾	102.9		%	95.3		%				98.9		%


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


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


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


(4)	Calculated by adding together the commission and other acquisition expense ratio and general and administrative expense ratio.


(5)	Calculated by adding together net loss and LAE ratio and the expense ratio.

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at March 31, 2017 and December 31, 2016:



March 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,903,557	$	4,095,845	$	5,999,402
Corporate assets	—		—		557,557
Total Assets	$	1,903,557	$	4,095,845	$	6,556,959

December 31, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,787,320	$	3,900,067	$	5,687,387
Corporate assets	—		—		564,912
Total Assets	$	1,787,320	$	3,900,067	$	6,252,299

Net premiums by major line of business

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2017 and 2016:



For the Three Months Ended March 31,	2017				2016
	Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	73,377	8.2	%	$	61,869	7.8	%
Casualty	177,558		19.7	%	155,280		19.6	%
Accident and Health	48,649		5.4	%	39,572		5.0	%
International	27,912		3.1	%	29,415		3.7	%
Total Diversified Reinsurance	327,496		36.4	%	286,136		36.1	%
AmTrust Reinsurance
Small Commercial Business	392,566		43.6	%	362,499		45.7	%
Specialty Program	91,869		10.2	%	76,791		9.7	%
Specialty Risk and Extended Warranty	88,617		9.8	%	67,405		8.5	%
Total AmTrust Reinsurance	573,052		63.6	%	506,695		63.9	%
Total Net Premiums Written	$	900,548	100.0	%	$	792,831	100.0	%

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2017 and 2016:



For the Three Months Ended March 31,	2017				2016
	Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	39,894	5.6	%	$	32,710	5.3	%
Casualty	123,150		17.4	%	100,166		16.3	%
Accident and Health	20,689		2.9	%	17,804		2.9	%
International	18,109		2.6	%	21,576		3.5	%
Total Diversified Reinsurance	201,842		28.5	%	172,256		28.0	%
AmTrust Reinsurance
Small Commercial Business	316,909		44.7	%	264,491		42.9	%
Specialty Program	99,748		14.0	%	84,199		13.7	%
Specialty Risk and Extended Warranty	90,985		12.8	%	95,063		15.4	%
Total AmTrust Reinsurance	507,642		71.5	%	443,753		72.0	%
Total Net Premiums Earned	$	709,484	100.0	%	$	616,009	100.0	%

Investments (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Investments [Abstract]

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

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities and other investments at March 31, 2017 and December 31, 2016, are as follows:



March 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale fixed maturities ("AFS"):
U.S. treasury bonds	$	5,188	$	211	$	(10	)	$	5,389
U.S. agency bonds – mortgage-backed	1,679,527		11,079		(19,131		)	1,671,475
U.S. agency bonds – other	18,082		18		—			18,100
Non-U.S. government and supranational bonds	30,420		105		(4,169		)	26,356
Asset-backed securities	244,392		3,850		(79		)	248,163
Corporate bonds	1,954,125		32,340		(53,327		)	1,933,138
Municipal bonds	62,207		3,079		—			65,286
Total AFS fixed maturities	3,993,941		50,682		(76,716		)	3,967,907
HTM fixed maturities:
Corporate bonds	750,554		18,788		(1,685		)	767,657
Total HTM fixed maturities	750,554		18,788		(1,685		)	767,657
Other investments	10,074		3,460		—			13,534
Total investments	$	4,754,569	$	72,930	$	(78,401	)	$	4,749,098



December 31, 2016	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	5,186	$	238	$	(11	)	$	5,413
U.S. agency bonds – mortgage-backed	1,720,436		12,867		(17,265		)	1,716,038
U.S. agency bonds – other	18,082		20		—			18,102
Non-U.S. government and supranational bonds	35,158		73		(5,297		)	29,934
Asset-backed securities	217,232		3,713		(69		)	220,876
Corporate bonds	1,947,347		30,951		(62,093		)	1,916,205
Municipal bonds	62,201		2,897		—			65,098
Total AFS fixed maturities	4,005,642		50,759		(84,735		)	3,971,666
HTM fixed maturities:
Corporate bonds	752,212		16,370		(2,447		)	766,135
Total HTM fixed maturities	752,212		16,370		(2,447		)	766,135
Other investments	10,057		3,003		—			13,060
Total investments	$	4,767,911	$	70,132	$	(87,182	)	$	4,750,861

Contractual maturities of fixed maturities, available-for-sale



	AFS fixed maturities				HTM fixed maturities
March 31, 2017	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	57,366	$	49,562	$	20,755	$	20,714
Due after one year through five years	647,554		634,020		285,460		292,104
Due after five years through ten years	1,332,950		1,332,615		439,252		449,764
Due after ten years	32,152		32,072		5,087		5,075
	2,070,022		2,048,269		750,554		767,657
U.S. agency bonds – mortgage-backed	1,679,527		1,671,475		—		—
Asset-backed securities	244,392		248,163		—		—
Total fixed maturities	$	3,993,941	$	3,967,907	$	750,554	$	767,657

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



	Less than 12 Months					12 Months or More					Total
December 31, 2016	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	589	$	(11	)	$	—	$	—		$	589	$	(11	)
U.S. agency bonds – mortgage-backed	997,943		(14,440		)	47,969		(2,825		)	1,045,912		(17,265		)
Non-U.S. government and supranational bonds	3,169		(160		)	25,236		(5,137		)	28,405		(5,297		)
Asset-backed securities	30,589		(69		)	—		—			30,589		(69		)
Corporate bonds	642,599		(15,058		)	357,954		(49,482		)	1,000,553		(64,540		)
Total temporarily impaired fixed maturities	$	1,674,889	$	(29,738	)	$	431,159	$	(57,444	)	$	2,106,048	$	(87,182	)



	Less than 12 Months					12 Months or More					Total
March 31, 2017	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	590	$	(10	)	$	—	$	—		$	590	$	(10	)
U.S. agency bonds – mortgage-backed	958,846		(16,318		)	45,684		(2,813		)	1,004,530		(19,131		)
Non–U.S. government and supranational bonds	189		(5		)	23,891		(4,164		)	24,080		(4,169		)
Asset-backed securities	27,138		(79		)	—		—			27,138		(79		)
Corporate bonds	578,150		(12,520		)	319,342		(42,492		)	897,492		(55,012		)
Total temporarily impaired fixed maturities	$	1,564,913	$	(28,932	)	$	388,917	$	(49,469	)	$	1,953,830	$	(78,401	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at March 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,188	$	5,389	0.1	%
U.S. agency bonds	1,697,609		1,689,575		35.7	%
AAA	165,525		167,178		3.5	%
AA+, AA, AA-	238,927		239,078		5.0	%
A+, A, A-	1,333,851		1,329,187		28.1	%
BBB+, BBB, BBB-	1,144,868		1,144,082		24.2	%
BB+ or lower	158,527		161,075		3.4	%
Total fixed maturities	$	4,744,495	$	4,735,564	100.0	%

4. Investments (continued)



Ratings⁽¹⁾ at December 31, 2016	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	5,186	$	5,413	0.1	%
U.S. agency bonds	1,738,518		1,734,140		36.6	%
AAA	170,515		171,090		3.6	%
AA+, AA, AA-	238,315		237,169		5.0	%
A+, A, A-	1,386,023		1,374,860		29.0	%
BBB+, BBB, BBB-	1,053,529		1,047,376		22.2	%
BB+ or lower	165,768		167,753		3.5	%
Total fixed maturities	$	4,757,854	$	4,737,801	100.0	%


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

Portfolio of other investments

The table below shows our portfolio of other investments:



	March 31, 2017				December 31, 2016
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,692	42.0	%	$	5,474	41.9	%
Investment in quoted equity	6,842		50.6	%	6,586		50.4	%
Other	1,000		7.4	%	1,000		7.7	%
Total other investments	$	13,534	100.0	%	$	13,060	100.0	%

Net investment income

Net investment income was derived from the following sources:



For the Three Months Ended March 31,	2017			2016
Fixed maturities	$	42,870		$	36,743
Cash and cash equivalents	367			612
Loan to related party	712			562
Other	31			30
	43,980			37,947
Investment expenses	(1,823		)	(1,645		)
Net investment income	$	42,157		$	36,302

Analysis of realized and unrealized gains (losses) on investment



For the Three Months Ended March 31, 2017	Gross gains		Gross losses		Net
AFS fixed maturities	$	722	$	—	$	722
Other investments	163		—		163
Net realized gains on investment	$	885	$	—	$	885



For the Three Months Ended March 31, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,093	$	(879	)	$	2,214
Other investments	63		—			63
Net realized gains on investment	$	3,156	$	(879	)	$	2,277

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

Net unrealized (losses) gains were as follows:



	March 31, 2017			December 31, 2016
Fixed maturities	$	(17,336	)	$	(23,635	)
Other investments	3,460			3,003
Total net unrealized losses	(13,876		)	(20,632		)
Deferred income tax	(43		)	(84		)
Net unrealized losses, net of deferred income tax	$	(13,919	)	$	(20,716	)
Change, net of deferred income tax	$	6,797

Fair value of restricted assets

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



	March 31, 2017		December 31, 2016
Restricted cash – third party agreements	$	76,718	$	56,891
Restricted cash – related party agreements	32,868		46,777
Restricted cash – U.S. state regulatory authorities	111		120
Total restricted cash	109,697		103,788
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2017 – $1,274,642; 2016 – $1,307,926)	1,270,138		1,299,569
Restricted investments AFS– in trust for related party agreements at fair value (Amortized cost: 2017 – $2,305,257; 2016 – $2,242,565)	2,295,156		2,225,066
Restricted investments HTM– in trust for related party agreements at fair value (Amortized cost: 2017 – $750,554; 2016 – $752,212)	767,657		766,135
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2017 – $4,063; 2016 – $4,059)	4,224		4,238
Total restricted investments	4,337,175		4,295,008
Total restricted cash and investments	$	4,446,872	$	4,398,796

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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

At March 31, 2017 and December 31, 2016, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2017	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	$	5,389		$	—		$	—		$	5,389
U.S. agency bonds – mortgage-backed	—			1,671,475			—			1,671,475
U.S. agency bonds – other	—			18,100			—			18,100
Non-U.S. government and supranational bonds	—			26,356			—			26,356
Asset-backed securities	—			248,163			—			248,163
Corporate bonds	—			1,933,138			—			1,933,138
Municipal bonds	—			65,286			—			65,286
Other investments	6,842			—			6,692			13,534
Total	$	12,231		$	3,962,518		$	6,692		$	3,981,441
As a percentage of total assets	0.2		%	60.4		%	0.1		%	60.7		%



December 31, 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	$	5,413		$	—		$	—		$	5,413
U.S. agency bonds – mortgage-backed	—			1,716,038			—			1,716,038
U.S. agency bonds – other	—			18,102			—			18,102
Non-U.S. government and supranational bonds	—			29,934			—			29,934
Asset-backed securities	—			220,876			—			220,876
Corporate bonds	—			1,916,205			—			1,916,205
Municipal bonds	—			65,098			—			65,098
Other investments	6,586			—			6,474			13,060
Total	$	11,999		$	3,966,253		$	6,474		$	3,984,726
As a percentage of total assets	0.2		%	63.4		%	0.1		%	63.7		%

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:	March 31, 2017			March 31, 2016
Balance at beginning of period	$	6,474		$	6,907
Total realized gains – included in net realized gains on investment	163			63
Change in total unrealized gains – included in other comprehensive income (loss)	201			56
Purchases	120			46
Sales and redemptions	(266		)	(307		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	6,692		$	6,765
Level 3 gains included in net income attributable to the change in unrealized gains relating to assets held at the reporting date	$	—		$	—

Carrying values and fair values of financial instruments not measured at fair value

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



	March 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	750,554	$	767,657	$	752,212	$	766,135
Total financial assets	$	750,554	$	767,657	$	752,212	$	766,135

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	113,520	$	110,000	$	111,452
Senior Notes - MHNC – 7.75%	152,500		163,907		152,500		164,700
Senior Notes - MHNB – 8.00%	100,000		102,000		100,000		101,600
Total financial liabilities	$	362,500	$	379,427	$	362,500	$	377,752

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Outstanding Senior Notes Issuances

The following table details the Company's Senior Notes issuances as of March 31, 2017 and December 31, 2016:



March 31, 2017	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	100,000		$	362,500
Less: unamortized issuance costs	3,684			4,491			2,837			11,012
Carrying value	$	106,316		$	148,009		$	97,163		$	351,488

December 31, 2016	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	100,000		$	362,500
Less: unamortized issuance costs	3,694			4,532			2,865			11,091
Carrying value	$	106,306		$	147,968		$	97,135		$	351,409


Other details:
Original debt issuance costs	$	3,715		$	5,054		$	3,406
Maturity date	June 14, 2046			Dec 1, 2043			Mar 27, 2042
Earliest redeemable date (for cash)	June 14, 2021			Dec 1, 2018			Mar 27, 2017
Coupon rate	6.625		%	7.75		%	8.00		%
Effective interest rate	7.07		%	8.04		%	8.31		%

- 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

Reserve for Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:



	March 31, 2017		December 31, 2016
Reserve for reported loss and LAE	$	1,705,573	$	1,617,956
Reserve for losses incurred but not reported ("IBNR")	1,286,031		1,278,540
Reserve for loss and LAE	$	2,991,604	$	2,896,496

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



For the Three Months Ended March 31,	2017			2016
Gross loss and LAE reserves, January 1	$	2,896,496		$	2,510,101
Less: reinsurance recoverable on unpaid losses, January 1	99,936			71,248
Net loss and LAE reserves, January 1	2,796,560			2,438,853
Net incurred losses related to:
Current year	463,729			387,997
Prior years	16,840			15,624
	480,569			403,621
Net paid losses related to:
Current year	(70,899		)	(61,121		)
Prior years	(329,298		)	(309,134		)
	(400,197		)	(370,255		)
Effect of foreign exchange movements	5,895			16,671
Net loss and LAE reserves, March 31	2,882,827			2,488,890
Reinsurance recoverable on unpaid losses, March 31	108,777			83,515
Gross loss and LAE reserves, March 31	$	2,991,604		$	2,572,405

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31,	2017			2016
Numerator:
Net income attributable to Maiden	$	26,523		$	36,893
Dividends on preference shares – Series A	(3,094		)	(3,094		)
Dividends on convertible preference shares – Series B	—			(2,990		)
Dividends on preferences shares – Series C	(2,939		)	(3,593		)
Amount allocated to participating common shareholders⁽¹⁾	(7		)	(16		)
Numerator for basic EPS - net income allocated to Maiden common shareholders	20,483			27,200
Potentially dilutive securities:
Dividends on convertible preference shares – Series B⁽²⁾	—			2,990
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$	20,483		$	30,190
Denominator:
Weighted average number of common shares – basic	86,350,850			73,871,277
Potentially dilutive securities:
Share options and restricted share units	1,085,754			1,051,458
Convertible preference shares⁽²⁾	—			10,876,642
Adjusted weighted average number of common shares and assumed conversions – diluted	87,436,604			85,799,377
Basic earnings per share attributable to Maiden common shareholders:	$	0.24		$	0.37
Diluted earnings per share attributable to Maiden common shareholders:	$	0.23		$	0.35


(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 "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, for the terms and conditions of each of these anti-dilutive instruments.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income

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



For the Three Months Ended March 31, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(20,716	)	$	35,604		$	14,888
Other comprehensive income (loss) before reclassifications	6,160			(6,198		)	(38		)
Amounts reclassified from AOCI to net income, net of tax	637			—			637
Net current period other comprehensive income	6,797			(6,198		)	599
Ending balance	(13,919		)	29,406			15,487
Less: AOCI attributable to noncontrolling interest	—			(104		)	(104		)
Ending balance, Maiden shareholders	$	(13,919	)	$	29,510		$	15,591



For the Three Months Ended March 31, 2016	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(54,112	)	$	30,231		$	(23,881	)
Other comprehensive income (loss) before reclassifications	103,368			(10,734		)	92,634
Amounts reclassified from AOCI to net income, net of tax	632			—			632
Net current period other comprehensive income	104,000			(10,734		)	93,266
Ending balance	49,888			19,497			69,385
Less: AOCI attributable to noncontrolling interest	—			(85		)	(85		)
Ending balance, Maiden shareholders	$	49,888		$	19,582		$	69,470

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Schedule of quarterly dividends

On May 2, 2017, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.15	July 17, 2017	July 3, 2017
Preference shares - Series A	$	0.515625	June 15, 2017	June 1, 2017
Preference shares - Series C	$	0.445313	June 15, 2017	June 1, 2017

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) Segment	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment	2
Net Income (Loss) [Abstract]
Gross premiums written	$ 923,427	$ 864,114
Net premiums written	900,548	792,831
Net premiums earned	709,484	616,009
Other insurance revenue	3,781	4,826
Net loss and loss adjustment expense (loss and LAE)	(480,569)	(403,621)
Commission and other acquisition expenses	(222,029)	(195,068)
General and administrative expenses	(9,535)	(9,186)
Underwriting income (loss)	1,132	12,960
Reconciliation to net income
Net investment income and realized gains on investment	43,042	38,579
Interest and amortization expenses	(6,856)	(7,265)
Amortization of intangible assets	(533)	(615)
Foreign exchange (losses) gains	(1,921)	267
Other general and administrative expenses	(7,879)	(6,310)
Income tax expense	(484)	(787)
Net income	$ 26,501	$ 36,829
Net loss and loss adjustment expense ratio	67.40%	65.00%
Commission and other acquisition expense ratio	31.10%	31.40%
General and administrative expense ratio	2.40%	2.50%
Expense ratio	33.50%	33.90%
Combined ratio	100.90%	98.90%
Assets [Abstract]
Total assets	$ 6,556,959		$ 6,252,299
AmTrust Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	591,382	$ 548,310
Operating segments [Member]
Assets [Abstract]
Total assets - reportable segments	5,999,402		5,687,387
Corporate assets	557,557		564,912
Total assets	6,556,959		6,252,299
Operating segments [Member] \| Diversified Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	332,045	315,804
Net premiums written	327,496	286,136
Net premiums earned	201,842	172,256
Other insurance revenue	3,781	4,826
Net loss and loss adjustment expense (loss and LAE)	(138,649)	(119,076)
Commission and other acquisition expenses	(57,945)	(54,531)
General and administrative expenses	(8,730)	(8,600)
Underwriting income (loss)	$ 299	$ (5,125)
Reconciliation to net income
Net loss and loss adjustment expense ratio	67.50%	67.20%
Commission and other acquisition expense ratio	28.20%	30.80%
General and administrative expense ratio	4.20%	4.90%
Expense ratio	32.40%	35.70%
Combined ratio	99.90%	102.90%
Assets [Abstract]
Total assets - reportable segments	$ 1,903,557		1,787,320
Corporate assets	0		0
Total assets	1,903,557		1,787,320
Operating segments [Member] \| AmTrust Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	591,382	$ 548,310
Net premiums written	573,052	506,695
Net premiums earned	507,642	443,753
Other insurance revenue	0	0
Net loss and loss adjustment expense (loss and LAE)	(341,631)	(281,774)
Commission and other acquisition expenses	(164,084)	(140,538)
General and administrative expenses	(805)	(586)
Underwriting income (loss)	$ 1,122	$ 20,855
Reconciliation to net income
Net loss and loss adjustment expense ratio	67.30%	63.50%
Commission and other acquisition expense ratio	32.30%	31.70%
General and administrative expense ratio	0.20%	0.10%
Expense ratio	32.50%	31.80%
Combined ratio	99.80%	95.30%
Assets [Abstract]
Total assets - reportable segments	$ 4,095,845		3,900,067
Corporate assets	0		0
Total assets	4,095,845		$ 3,900,067
Other [Member]
Net Income (Loss) [Abstract]
Gross premiums written	0	$ 0
Net premiums written	0	0
Net premiums earned	0	0
Other insurance revenue	0	0
Net loss and loss adjustment expense (loss and LAE)	(289)	(2,771)
Commission and other acquisition expenses	0	1
General and administrative expenses	0	0
Underwriting income (loss)	$ (289)	$ (2,770)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 900,548	$ 792,831
% of Total Net premiums written	100.00%	100.00%
Net premiums earned	$ 709,484	$ 616,009
% of Total Net premiums earned	100.00%	100.00%
Operating segments [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 327,496	$ 286,136
% of Total Net premiums written	36.40%	36.10%
Net premiums earned	$ 201,842	$ 172,256
% of Total Net premiums earned	28.50%	28.00%
Operating segments [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 573,052	$ 506,695
% of Total Net premiums written	63.60%	63.90%
Net premiums earned	$ 507,642	$ 443,753
% of Total Net premiums earned	71.50%	72.00%
Operating segments [Member] \| Property [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 73,377	$ 61,869
% of Total Net premiums written	8.20%	7.80%
Net premiums earned	$ 39,894	$ 32,710
% of Total Net premiums earned	5.60%	5.30%
Operating segments [Member] \| Casualty [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 177,558	$ 155,280
% of Total Net premiums written	19.70%	19.60%
Net premiums earned	$ 123,150	$ 100,166
% of Total Net premiums earned	17.40%	16.30%
Operating segments [Member] \| Accident and Health [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 48,649	$ 39,572
% of Total Net premiums written	5.40%	5.00%
Net premiums earned	$ 20,689	$ 17,804
% of Total Net premiums earned	2.90%	2.90%
Operating segments [Member] \| International [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 27,912	$ 29,415
% of Total Net premiums written	3.10%	3.70%
Net premiums earned	$ 18,109	$ 21,576
% of Total Net premiums earned	2.60%	3.50%
Operating segments [Member] \| Small Commercial Business [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 392,566	$ 362,499
% of Total Net premiums written	43.60%	45.70%
Net premiums earned	$ 316,909	$ 264,491
% of Total Net premiums earned	44.70%	42.90%
Operating segments [Member] \| Specialty Program [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 91,869	$ 76,791
% of Total Net premiums written	10.20%	9.70%
Net premiums earned	$ 99,748	$ 84,199
% of Total Net premiums earned	14.00%	13.70%
Operating segments [Member] \| Specialty Risk and Extended Warranty [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 88,617	$ 67,405
% of Total Net premiums written	9.80%	8.50%
Net premiums earned	$ 90,985	$ 95,063
% of Total Net premiums earned	12.80%	15.40%

Investments - Schedule of Investments Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017
Schedule of Investments [Abstract]
Fair value of securities transferred from AFS to HTM	$ 155,538,000	$ 608,722,000	$ 0
AFS transferred to HTM securities, unrealized gain	15,770,000	$ 244,000
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	4,005,642,000		3,993,941,000
Fixed Maturities, available-for-sale, Gross unrealized gains	50,759,000		50,682,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(84,735,000)		(76,716,000)
Fixed Maturities, available-for-sale, Fair value	3,971,666,000		3,967,907,000
Fixed Maturities, held-to-maturity, Original or amortized cost	752,212,000		750,554,000
Fixed Maturities, held-to-maturity, Gross unrealized gains	16,370,000		18,788,000
Fixed Maturities, held-to-maturity, Gross unrealized losses	(2,447,000)		(1,685,000)
Fixed Maturities, held-to-maturity, Fair value	766,135,000		767,657,000
Other Investments, Original or amortized cost	10,057,000		10,074,000
Other Investments, Gross unrealized gains	3,003,000		3,460,000
Other Investments, Gross unrealized losses	0		0
Other investments	13,060,000		13,534,000
Total investments, Original or amortized cost	4,767,911,000		4,754,569,000
Investments, Gross unrealized gains	70,132,000		72,930,000
Investments, Gross unrealized losses	(87,182,000)		(78,401,000)
Total investments	4,750,861,000		4,749,098,000
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	5,186,000		5,188,000
Fixed Maturities, available-for-sale, Gross unrealized gains	238,000		211,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(11,000)		(10,000)
Fixed Maturities, available-for-sale, Fair value	5,413,000		5,389,000
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	1,720,436,000		1,679,527,000
Fixed Maturities, available-for-sale, Gross unrealized gains	12,867,000		11,079,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(17,265,000)		(19,131,000)
Fixed Maturities, available-for-sale, Fair value	1,716,038,000		1,671,475,000
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	18,082,000		18,082,000
Fixed Maturities, available-for-sale, Gross unrealized gains	20,000		18,000
Fixed Maturities, available-for-sale, Gross unrealized losses	0		0
Fixed Maturities, available-for-sale, Fair value	18,102,000		18,100,000
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	35,158,000		30,420,000
Fixed Maturities, available-for-sale, Gross unrealized gains	73,000		105,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(5,297,000)		(4,169,000)
Fixed Maturities, available-for-sale, Fair value	29,934,000		26,356,000
Asset-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	217,232,000		244,392,000
Fixed Maturities, available-for-sale, Gross unrealized gains	3,713,000		3,850,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(69,000)		(79,000)
Fixed Maturities, available-for-sale, Fair value	220,876,000		248,163,000
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	1,947,347,000		1,954,125,000
Fixed Maturities, available-for-sale, Gross unrealized gains	30,951,000		32,340,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(62,093,000)		(53,327,000)
Fixed Maturities, available-for-sale, Fair value	1,916,205,000		1,933,138,000
Fixed Maturities, held-to-maturity, Original or amortized cost	752,212,000		750,554,000
Fixed Maturities, held-to-maturity, Gross unrealized gains	16,370,000		18,788,000
Fixed Maturities, held-to-maturity, Gross unrealized losses	(2,447,000)		(1,685,000)
Fixed Maturities, held-to-maturity, Fair value	766,135,000		767,657,000
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost	62,201,000		62,207,000
Fixed Maturities, available-for-sale, Gross unrealized gains	2,897,000		3,079,000
Fixed Maturities, available-for-sale, Gross unrealized losses	0		0
Fixed Maturities, available-for-sale, Fair value	$ 65,098,000		$ 65,286,000

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
HTM fixed maturities, Amortized cost
Due in one year or less	$ 20,755
Due after one year through five years	285,460
Due after five years through ten years	439,252
Due after ten years	5,087
Total before securities without single maturities, Amortized cost	750,554
Fixed Maturities, held-to-maturity, Amortized cost	750,554
HTM fixed maturities, Fair value
Due in one year or less	20,714
Due after one year through five years	292,104
Due after five years through ten years	449,764
Due after ten years	5,075
Total before securities without single maturities, Fair value	767,657
Fixed maturities, held-to-maturity securities, fair value	767,657	$ 766,135
AFS fixed maturities, Amortized cost
Due in one year or less	57,366
Due after one year through five years	647,554
Due after five years through ten years	1,332,950
Due after five years through ten years	32,152
Total before securities without single maturities, Amortized cost	2,070,022
Fixed Maturities, available-for-sale, Original or amortized cost	3,993,941	4,005,642
AFS fixed maturities, Fair value
Due in one year or less	49,562
Due after one year through five years	634,020
Due after five years through ten years	1,332,615
Due after ten years	32,072
Total before securities without single maturities, Fair value	2,048,269
Fixed Maturities, available-for-sale, Fair value	3,967,907	3,971,666
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	1,679,527
Fixed Maturities, available-for-sale, Original or amortized cost	1,679,527	1,720,436
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,671,475
Fixed Maturities, available-for-sale, Fair value	1,671,475	1,716,038
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	244,392
Fixed Maturities, available-for-sale, Original or amortized cost	244,392	217,232
AFS fixed maturities, Fair value
Fair value of securities without single maturities	248,163
Fixed Maturities, available-for-sale, Fair value	$ 248,163	$ 220,876

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Mar. 31, 2017 USD ($) security	Dec. 31, 2016 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 1,564,913	$ 1,674,889
12 Months or More, Fair value	388,917	431,159
Total, Fair value	1,953,830	2,106,048
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(28,932)	(29,738)
12 months or more, Unrealized losses	(49,469)	(57,444)
Total, Unrealized losses	$ (78,401)	$ (87,182)
Number of securities in an unrealized loss position \| security	235	251
Investments fair value	$ 1,953,830	$ 2,106,048
Investments, unrealized losses	$ 78,401	$ 87,182
Number of securities in an unrealized loss position for 12 months or greater \| security	86	91
Investments fair value, unrealized loss position for 12 months or greater	$ 388,917	$ 431,159
Investments in unrealized loss position for 12 months or greater, unrealized losses	49,469	57,444
U.S. treasury bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	590	589
12 Months or More, Fair value	0	0
Total, Fair value	590	589
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(10)	(11)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(10)	(11)
U.S. agency bonds – mortgage-backed [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	958,846	997,943
12 Months or More, Fair value	45,684	47,969
Total, Fair value	1,004,530	1,045,912
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(16,318)	(14,440)
12 months or more, Unrealized losses	(2,813)	(2,825)
Total, Unrealized losses	(19,131)	(17,265)
Non-U.S. government and supranational bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	189	3,169
12 Months or More, Fair value	23,891	25,236
Total, Fair value	24,080	28,405
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(5)	(160)
12 months or more, Unrealized losses	(4,164)	(5,137)
Total, Unrealized losses	(4,169)	(5,297)
Asset-backed securities [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	27,138	30,589
12 Months or More, Fair value	0	0
Total, Fair value	27,138	30,589
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(79)	(69)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(79)	(69)
Corporate bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	578,150	642,599
12 Months or More, Fair value	319,342	357,954
Total, Fair value	897,492	1,000,553
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(12,520)	(15,058)
12 months or more, Unrealized losses	(42,492)	(49,482)
Total, Unrealized losses	$ (55,012)	$ (64,540)

Investments - Credit Ratings (Details) - USD ($)	3 Months Ended
Investments - Credit Ratings (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Fixed Maturities Table [Line Items]
OTTI	$ 0	$ 0
Fixed Maturities, Amortized cost	4,744,495,000		$ 4,757,854,000
Fixed Maturities, Fair value	$ 4,735,564,000		$ 4,737,801,000
Fixed maturities, % of Total fair value	100.00%		100.00%
AAA [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 165,525,000		$ 170,515,000
Fixed Maturities, Fair value	$ 167,178,000		$ 171,090,000
Fixed maturities, % of Total fair value	3.50%		3.60%
AA Plus, AA, AA Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 238,927,000		$ 238,315,000
Fixed Maturities, Fair value	$ 239,078,000		$ 237,169,000
Fixed maturities, % of Total fair value	5.00%		5.00%
A Plus, A, A Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,333,851,000		$ 1,386,023,000
Fixed Maturities, Fair value	$ 1,329,187,000		$ 1,374,860,000
Fixed maturities, % of Total fair value	28.10%		29.00%
BBB Plus, BBB, BBB Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,144,868,000		$ 1,053,529,000
Fixed Maturities, Fair value	$ 1,144,082,000		$ 1,047,376,000
Fixed maturities, % of Total fair value	24.20%		22.20%
BB Plus or Lower [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 158,527,000		$ 165,768,000
Fixed Maturities, Fair value	$ 161,075,000		$ 167,753,000
Fixed maturities, % of Total fair value	3.40%		3.50%
U.S. treasury bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 5,188,000		$ 5,186,000
Fixed Maturities, Fair value	$ 5,389,000		$ 5,413,000
Fixed maturities, % of Total fair value	0.10%		0.10%
U.S. agency bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,697,609,000		$ 1,738,518,000
Fixed Maturities, Fair value	$ 1,689,575,000		$ 1,734,140,000
Fixed maturities, % of Total fair value	35.70%		36.60%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Other investments	$ 13,534	$ 13,060
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	$ 5,692	$ 5,474
% of Total fair value	42.00%	41.90%
Unfunded commitment on investments in limited partnerships	$ 452	$ 463
Investment in quoted equity [Member]
Schedule of Investments [Line Items]
Other investments	$ 6,842	$ 6,586
% of Total fair value	50.60%	50.40%
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,000	$ 1,000
% of Total fair value	7.40%	7.70%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Investments [Line Items]
Investment income	$ 43,980	$ 37,947
Investment expenses	(1,823)	(1,645)
Net investment income	42,157	36,302
Fixed maturities [Member]
Schedule of Investments [Line Items]
Investment income	42,870	36,743
Cash and cash equivalents [Member]
Schedule of Investments [Line Items]
Investment income	367	612
Loans to related party [Member]
Schedule of Investments [Line Items]
Investment income	712	562
Other [Member]
Schedule of Investments [Line Items]
Investment income	$ 31	$ 30

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Gain (Loss) on Investments [Line Items]
Gross gains	$ 885	$ 3,156
Gross losses	0	(879)
Realized gains, Net	885	2,277
Proceeds from sales of fixed maturities classified as available-for-sale	30,784	67,837
Net unrealized (losses) gains	(13,876)		$ (20,632)
Deferred income tax	(43)		(84)
Net unrealized losses, net of deferred income tax	(13,919)		(20,716)
Change, net of deferred income tax	6,797
Available-for-sale securities [Member] \| Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	722	3,093
Gross losses	0	(879)
Realized gains, Net	722	2,214
Net unrealized (losses) gains	(17,336)		(23,635)
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	163	63
Gross losses	0	0
Realized gains, Net	163	$ 63
Net unrealized (losses) gains	$ 3,460		$ 3,003

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 109,697	$ 103,788
Restricted investments	4,337,175	4,295,008
Restricted cash and investments	4,446,872	4,398,796
Amortized cost	4,754,569	4,767,911
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	76,718	56,891
Restricted investments	1,270,138	1,299,569
Amortized cost	1,274,642	1,307,926
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	32,868	46,777
Restricted investments	2,295,156	2,225,066
Amortized cost	2,305,257	2,242,565
HTM related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted investments	767,657	766,135
Amortized cost	750,554	752,212
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	111	120
Restricted investments	4,224	4,238
Amortized cost	$ 4,063	$ 4,059

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
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,474	$ 6,907
Total realized gains – included in net realized gains on investment	163	63
Change in total unrealized gains – included in other comprehensive income (loss)	201	56
Purchases	120	46
Sales and redemptions	(266)	(307)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	6,692	6,765
Level 3 gains included in net income attributable to the change in unrealized gains relating to assets held at the reporting date	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 4,749,098	$ 4,750,861
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	750,554	752,212
Financial Liabilities	362,500	362,500
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	767,657	766,135
Financial Liabilities	379,427	377,752
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	$ 110,000
Stated interest rate	6.625%	6.625%
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%	7.75%
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%	8.00%
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	$ 113,520	$ 111,452
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	163,907	164,700
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	102,000	101,600
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	750,554	752,212
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	$ 767,657	$ 766,135

Long-Term Debt - Narrative (Details) $ in Thousands	3 Months Ended
Long-Term Debt - Narrative (Details) $ in Thousands	Mar. 31, 2017 USD ($) public_debt_offering	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 6,856	$ 7,265
Senior Notes [Member]
Debt Instrument [Line Items]
Number of outstanding public debt offerings \| public_debt_offering	3
Interest expense	$ 6,777	7,172
Accrued interest	1,453		$ 1,453
Amortization expense, debt issuance costs	$ 79	$ 93

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 11,012,000	$ 11,091,000
Senior notes, net	351,488,000	351,409,000
Senior Notes [Member]
Debt Instrument [Line Items]
Principal	362,500,000	362,500,000
Unamortized debt issuance costs	11,012,000	11,091,000
Senior notes, net	351,488,000	351,409,000
Senior Notes [Member] \| 2016 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	110,000,000	110,000,000
Unamortized debt issuance costs	3,684,000	3,694,000
Senior notes, net	106,316,000	106,306,000
Original debt issuance costs	$ 3,715,000
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes [Member] \| 2013 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 152,500,000	152,500,000
Unamortized debt issuance costs	4,491,000	4,532,000
Senior notes, net	148,009,000	147,968,000
Original debt issuance costs	$ 5,054,000
Coupon rate	7.75%
Effective interest rate	8.04%
Senior Notes [Member] \| 2012 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 100,000,000	100,000,000
Unamortized debt issuance costs	2,837,000	2,865,000
Senior notes, net	97,163,000	$ 97,135,000
Original debt issuance costs	$ 3,406,000
Coupon rate	8.00%
Effective interest rate	8.31%

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Insurance [Abstract]
Reserve for reported loss and LAE			$ 1,705,573	$ 1,617,956
Reserve for losses incurred but not reported (IBNR)			1,286,031	1,278,540
Reserve for loss and LAE	$ 2,896,496	$ 2,510,101	$ 2,991,604	$ 2,896,496
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	2,896,496	2,510,101
Less: reinsurance recoverable on unpaid losses, January 1	99,936	71,248
Net loss and LAE reserves, January 1	2,796,560	2,438,853
Net incurred losses related to Current year	463,729	387,997
Net incurred losses related to Prior years	16,840	15,624
Net incurred losses	480,569	403,621
Net paid losses related to Current year	(70,899)	(61,121)
Net paid losses related to Prior years	(329,298)	(309,134)
Net paid losses	(400,197)	(370,255)
Effect of foreign exchange movements	5,895	16,671
Net loss and LAE reserves, March 31	2,882,827	2,488,890
Reinsurance recoverable on unpaid losses, March 31	108,777	83,515
Gross loss and LAE reserves, March 31	2,991,604	2,572,405
Diversified Reinsurance segment [Member]
Segment Reporting Information [Line Items]
Adverse (favorable) development, net of commission changes on adjustable contracts	6,232	13,302
AmTrust Reinsurance segment [Member]
Segment Reporting Information [Line Items]
Adverse (favorable) development, net of commission changes on adjustable contracts	$ 10,319	$ (449)

Related Party Transactions - AmTrust (Details)										3 Months Ended
Related Party Transactions - AmTrust (Details)	Jul. 01, 2016	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2011	Sep. 01, 2010	Jun. 01, 2008	Jul. 01, 2007 USD ($)	Apr. 01, 2007	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Jun. 23, 2008 USD ($)	Apr. 11, 2008 USD ($)	Dec. 18, 2007 USD ($)
Related Party Transaction [Line Items]
Net premiums earned										$ 709,484,000	$ 616,009,000
Loan to related party										$ 167,975,000		$ 167,975,000
Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage										7.90%
Leah Karfunkel \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage										43.00%
Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage										7.50%
George Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage										2.00%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage										49.10%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party										$ 167,975,000		$ 167,975,000	$ 34,240,000	$ 20,193,000	$ 113,542,000
AmTrust Financial Services, Inc. \| London Interbank Offered Rate (LIBOR) [Member]
Related Party Transaction [Line Items]
Basis spread on variable rate										0.90%		0.90%
AmTrust Financial Services, Inc. \| Quota Share Reinsurance Agreements \| Commission expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions										$ 160,770,000	141,051,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party								40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party								40.00%
Commission rate, percent of ceded written premiums							34.375%	31.00%
Contract extension (in years)	3 years
Cancellation notice period	9 months
Cancellation notice period upon the occurrence of certain early termination events (in days)	30 days
Early termination events, reduction threshold of stockholders' equity	50.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor								81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling								95.00%
AmTrust Financial Services, Inc. \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums				5.00%
Premiums and losses related to policies	32.50%			40.00%
Maximum limit of liability attaching \| €			€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching				100.00%
Future premiums and losses related to policies	20.00%
AmTrust Financial Services, Inc. \| AmTrust Technology Reinsurance Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums						5.00%
Percent of credit insurance business to cede						90.00%
Percent of general liability business to cede						100.00%
AmTrust Financial Services, Inc. \| AmTrust Technology Reinsurance Agreement \| Premiums Earned
Related Party Transaction [Line Items]
Revenue from related parties										2,000	7,000
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement
Related Party Transaction [Line Items]
Agreement period (in years)		1 year
Reinsurance coverage threshold		$ 1,000,000
Net premiums earned										429,000	192,000
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement \| Commission expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions										110,000	51,000
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party										2,941,919,000		$ 2,766,032,000
Accrued interest on collateral held by related party										20,897,000		20,420,000
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Cancellation notice period									30 days
Brokerage fee, percent of premium assumed									1.25%
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements \| Brokerage expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions										6,489,000	5,788,000
Balances due to related party										15,305,000		$ 14,395,000
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Cancellation notice period								30 days
Quarterly brokerage fee, above portfolio threshold, percent of average holdings								0.0375%
Quarterly brokerage fee, portfolio threshold								$ 1,000,000,000
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses recorded from related party transactions										1,823,000	1,645,000
AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement
Related Party Transaction [Line Items]
Contract extension (in years)					1 year
AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement \| Aircraft expenses
Related Party Transaction [Line Items]
Expenses recorded from related party transactions										$ 13,000	$ 22,000
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage										11.60%

Related Party Transactions - NGHC (Details) - USD ($)				3 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	May 01, 2015	Apr. 01, 2015	Mar. 01, 2010	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Premiums earned				$ 709,484,000	$ 616,009,000
National General Holdings Corp. \| 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. \| NGHC Subsidiaries Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage limit				8,825,000
Premiums earned				121,000	43,000
Cancellation notice period	60 days
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Liability percentage		100.00%
Reinsurance coverage threshold	$ 1,000,000			1,175,000
Reinsurance coverage limit	4,000,000
Maximum limit of liability	2,000,000			2,000,000
Premiums earned				$ 0	$ 149,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 1 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	1,000,000
Reinsurance coverage limit	1,000,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 2 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	2,000,000
Reinsurance coverage limit	3,000,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 3 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 21, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Loss Contingencies [Line Items]
Gross premiums written		$ 923,427	$ 864,114
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.14
AmTrust Reinsurance segment [Member]
Loss Contingencies [Line Items]
Gross premiums written		$ 591,382	$ 548,310
Segment concentration risk [Member] \| Gross premiums written [Member] \| AmTrust Reinsurance segment [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		64.00%	63.50%
Major customer one [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		50.90%		54.80%
Major customer two [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		36.60%		31.60%
Major customer three [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		2.70%		2.90%
Rating A or better [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		98.40%		97.20%
Rating B Plus Plus or lower [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		1.60%		2.80%
Concentration risk, collateralized, percentage		97.40%		98.60%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income attributable to Maiden shareholders	$ 26,523	$ 36,893
Dividends on preference shares	(6,033)	(9,677)
Amount allocated to participating common shareholders	(7)	(16)
Numerator for basic EPS - net income allocated to Maiden common shareholders	20,483	27,200
Potentially dilutive securities:
Dividends on convertible preference shares - Series B	0	2,990
Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion	$ 20,483	$ 30,190
Denominator:
Weighted average number of common shares - basic (in shares)	86,350,850	73,871,277
Potentially dilutive securities:
Share options and restricted share units (in shares)	1,085,754	1,051,458
Convertible preference shares (in shares)	0	10,876,642
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	87,436,604	85,799,377
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.24	$ 0.37
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.23	$ 0.35
Share options [Member]
Potentially dilutive securities:
Anti-dilutive share options excluded from the calculation of diluted earnings per common share (in shares)	0	0
Preference shares - Series A [Member]
Numerator:
Dividends on preference shares	$ (3,094)	$ (3,094)
Convertible preference shares - Series B [Member]
Numerator:
Dividends on preference shares	0	(2,990)
Preference shares - Series C [Member]
Numerator:
Dividends on preference shares	$ (2,939)	$ (3,593)

Shareholders' Equity - Narrative (Details) - $ / shares	Mar. 15, 2017	Feb. 23, 2017	Feb. 17, 2017	Feb. 15, 2017	Mar. 31, 2017	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)					150,000,000
Common stock, shares issued (in shares)					87,641,349	87,321,012
Common stock, shares outstanding (in shares)					86,553,324	86,271,109
Preference shares issued (in shares)					12,600,000
Undesignated shares (in shares)					49,758,651
Shares repurchased (in shares)	33,920	1,161	1,163	1,878
Shares repurchased, price per share (in dollars per share)	$ 14.85	$ 16.50	$ 16.75	$ 17.00

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,361,152
Other comprehensive income (loss) before reclassifications	(38)	$ 92,634
Amounts reclassified from AOCI to net income, net of tax	637	632
Other comprehensive income, after tax	599	93,266
Ending balance	1,370,097	1,460,275
Change in net unrealized gains on investments, including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(20,716)	(54,112)
Other comprehensive income (loss) before reclassifications	6,160	103,368
Amounts reclassified from AOCI to net income, net of tax	637	632
Other comprehensive income, after tax	6,797	104,000
Ending balance	(13,919)	49,888
Foreign currency translation adjustments, including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	35,604	30,231
Other comprehensive income (loss) before reclassifications	(6,198)	(10,734)
Amounts reclassified from AOCI to net income, net of tax	0	0
Other comprehensive income, after tax	(6,198)	(10,734)
Ending balance	29,406	19,497
AOCI including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	14,888	(23,881)
Ending balance	15,487	69,385
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
Foreign currency translation adjustments attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(104)	(85)
AOCI attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(104)	(85)
Change in net unrealized gains on investments, attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(13,919)	49,888
Foreign currency translation adjustments, attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	29,510	19,582
AOCI attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	14,997	(23,767)
Ending balance	$ 15,591	$ 69,470

Subsequent Events (Details) - $ / shares			3 Months Ended
Subsequent Events (Details) - $ / shares	May 02, 2017	Feb. 21, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.15	$ 0.15	$ 0.14
Subsequent event [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.15
Subsequent event [Member] \| Preference shares - Series A [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent event [Member] \| Preference shares - Series C [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.445313

Significant Accounting Policies (Details)	3 Months Ended
Significant Accounting Policies (Details)	Mar. 31, 2017 shares
Accounting Policies [Abstract]
Forfeitures in period (in shares)	0

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Mar. 31, 2017 USD ($) security	Dec. 31, 2016 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	2	3
Other investments	$ 13,534	$ 13,060
Partnership Interest [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 5,692	5,474
Other investments, percent of assets	0.10%
Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 1,000	1,000
Significant Other Observable Inputs (Level 2) [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	5,188	56,674
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	13,534	13,060
Total	$ 3,981,441	$ 3,984,726
Percentage of total assets	60.70%	63.70%
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	99.90%	98.80%
Assets, valued using market approach, percentage	0.10%	1.20%
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	$ 5,389	$ 5,413
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	1,671,475	1,716,038
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	18,100	18,102
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	26,356	29,934
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	248,163	220,876
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	1,933,138	1,916,205
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	65,286	65,098
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	6,842	6,586
Total	$ 12,231	$ 11,999
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	$ 5,389	$ 5,413
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	$ 3,962,518	$ 3,966,253
Percentage of total assets	60.40%	63.40%
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	1,671,475	1,716,038
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	18,100	18,102
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	26,356	29,934
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	248,163	220,876
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	1,933,138	1,916,205
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	65,286	65,098
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	6,692	6,474
Total	$ 6,692	$ 6,474
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

Dividend per Share

Payable on:

Record date:

Common shares

April 17, 2017

April 3, 2017