Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 20, 2018	Jun. 30, 2017
Document and Entity [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	MHLD
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,007,351
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 802.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2017: $4,027,993; 2016: $4,005,642)	$ 4,044,370	$ 3,971,666
Fixed maturities, held-to-maturity, at amortized cost (fair value 2017: $1,125,626; 2016: $766,135)	1,097,801	752,212
Other investments, at fair value (cost 2017: $5,219; 2016: $10,057)	6,600	13,060
Total investments	5,148,771	4,736,938
Cash and cash equivalents	67,919	45,747
Restricted cash and cash equivalents	123,584	103,788
Accrued investment income	34,993	36,517
Reinsurance balances receivable, net (includes $50,415 and $132,056 from related parties in 2017 and 2016, respectively)	345,043	410,166
Reinsurance recoverable on unpaid losses (includes $2,204 and $5,085 from related parties in 2017 and 2016, respectively)	117,611	99,936
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $359,964 and $339,172 from related parties in 2017 and 2016, respectively)	439,597	424,605
Goodwill and intangible assets, net	75,583	77,715
Other assets	123,113	148,912
Total assets	6,644,189	6,252,299
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,298,822 and $1,776,784 from related parties in 2017 and 2016, respectively)	3,547,248	2,896,496
Unearned premiums (includes $1,179,285 and $1,152,484 from related parties in 2017 and 2016, respectively)	1,477,038	1,475,506
Accrued expenses and other liabilities	132,795	167,736
Senior notes - principal amount	262,500	362,500
Less unamortized issuance costs	8,018	11,091
Senior notes, net	254,482	351,409
Total liabilities	5,411,563	4,891,147
Commitments and Contingencies
EQUITY
Preference shares	465,000	315,000
Common shares ($0.01 par value; 87,730,054 and 87,321,012 shares issued in 2017 and 2016, respectively; 82,974,895 and 86,271,109 shares outstanding in 2017 and 2016, respectively)	877	873
Additional paid-in capital	748,113	749,256
Accumulated other comprehensive income	13,354	14,997
Retained earnings	35,472	285,662
Treasury shares, at cost (4,755,159 and 1,049,903 shares in 2017 and 2016, respectively)	(30,642)	(4,991)
Total Maiden shareholders’ equity	1,232,174	1,360,797
Noncontrolling interests in subsidiaries	452	355
Total equity	1,232,626	1,361,152
Total liabilities and equity	$ 6,644,189	$ 6,252,299

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fixed Maturities, available-for-sale, Amortized cost	$ 4,027,993	$ 4,005,642
Fixed Maturities, held-to-maturity, Fair value	1,125,626	766,135
Other Investments, Cost	5,219	10,057
Reinsurance balances receivable, net	345,043	410,166
Reinsurance recoverable on unpaid losses	117,611	99,936
Deferred commission and other acquisition expenses	439,597	424,605
Reserve for loss and loss adjustment expenses	3,547,248	2,896,496
Unearned premiums	$ 1,477,038	$ 1,475,506
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,730,054	87,321,012
Common shares, shares outstanding (in shares)	82,974,895	86,271,109
Treasury shares, shares (in shares)	4,755,159	1,049,903
Related Party Transactions
Reinsurance balances receivable, net	$ 50,415	$ 132,056
Reinsurance recoverable on unpaid losses	2,204	5,085
Deferred commission and other acquisition expenses	359,964	339,172
Reserve for loss and loss adjustment expenses	2,298,822	1,776,784
Unearned premiums	$ 1,179,285	$ 1,152,484

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Gross premiums written	$ 2,816,051,000	$ 2,831,348,000	$ 2,662,825,000
Net premiums written	2,761,988,000	2,654,952,000	2,514,116,000
Change in unearned premiums	(29,209,000)	(86,802,000)	(85,047,000)
Net premiums earned	2,732,779,000	2,568,150,000	2,429,069,000
Other insurance revenue	9,802,000	10,817,000	11,512,000
Net investment income	166,345,000	145,892,000	131,092,000
Net realized gains on investment	12,222,000	6,774,000	2,498,000
Total other-than-temporary impairment losses	0	0	(1,060,000)
Total revenues	2,921,148,000	2,731,633,000	2,573,111,000
Expenses
Net loss and loss adjustment expenses	2,160,011,000	1,819,906,000	1,633,570,000
Commission and other acquisition expenses	820,758,000	773,664,000	724,197,000
General and administrative expenses	70,560,000	66,984,000	64,872,000
Interest and amortization expenses	23,260,000	28,173,000	29,063,000
Accelerated amortization of senior note issuance cost	2,809,000	2,345,000	0
Amortization of intangible assets	2,132,000	2,461,000	2,840,000
Foreign exchange and other losses (gains)	14,921,000	(11,612,000)	(7,753,000)
Total expenses	3,094,451,000	2,681,921,000	2,446,789,000
(Loss) income before income taxes	(173,303,000)	49,712,000	126,322,000
Less: income tax (benefit) expense	(3,558,000)	1,574,000	2,038,000
Net (loss) income	(169,745,000)	48,138,000	124,284,000
Add: net (income) loss attributable to noncontrolling interests	(151,000)	842,000	192,000
Net (loss) income attributable to Maiden	(169,896,000)	48,980,000	124,476,000
Dividends on preference shares	(29,156,000)	(33,756,000)	(24,337,000)
Net (loss) income attributable to Maiden common shareholders	$ (199,052,000)	$ 15,224,000	$ 100,139,000
Basic (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)	$ (2.32)	$ 0.20	$ 1.36
Diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)	(2.32)	0.19	1.31
Dividends declared per common share (in dollars per share)	$ 0.60	$ 0.57	$ 0.53
Weighted average number of common shares - basic (in shares)	85,678,232	77,534,860	73,478,544
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	85,678,232	78,686,943	85,638,235

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (169,745)	$ 48,138	$ 124,284
Other comprehensive (loss) income
Net unrealized holdings gains (losses) on available-for-sale fixed maturities arising during the period	44,414	32,788	(132,511)
Adjustment for reclassification of net realized (gains) losses recognized in net (loss) income	(1,816)	576	(263)
Foreign currency translation adjustment	(44,187)	5,373	13,566
Other comprehensive (loss) income, before tax	(1,589)	38,737	(119,208)
Income tax benefit related to components of other comprehensive income	7	32	83
Other comprehensive (loss) income, after tax	(1,582)	38,769	(119,125)
Comprehensive (loss) income	(171,327)	86,907	5,159
Net (income) loss attributable to noncontrolling interests	(151)	842	192
Other comprehensive (income) loss attributable to noncontrolling interests	(61)	(5)	65
Comprehensive (income) loss attributable to noncontrolling interests	(212)	837	257
Comprehensive (loss) income attributable to Maiden	$ (171,539)	$ 87,744	$ 5,416

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares – Series C	Preference shares – Series A, B, C and D	Preference shares – Series A, B, C and D Preference shares - Series D	Preference shares – Series A, B, C and D Preference shares – Series C	Preference shares – Series A, B, C and D Preference shares - Series B	Common shares	Common shares Preference shares - Series B	Additional paid-in capital	Additional paid-in capital Preference shares - Series B	Accumulated other comprehensive income (loss)	Retained earnings	Treasury shares	Noncontrolling interests in subsidiaries
Beginning balance at Dec. 31, 2014			$ 315,000				$ 739		$ 578,445		$ 95,293	$ 255,084	$ (3,867)	$ 472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Mandatory conversion of Preference Shares – Series B						$ 0		$ 0		$ 0
Issuance of Preference Shares				$ 0	$ 165,000
Exercise of options and issuance of common shares							8		3,310
Share-based compensation expense									2,938
Issuance costs of Preference Shares									(5,515)
Others									0
Change in net unrealized gains (losses) on investment											(132,691)
Foreign currency translation adjustment											13,631			(65)
Net (loss) income attributable to Maiden	$ 124,476											124,476
Dividends on preference shares		$ 0										(24,337)
Dividends on common shares												(39,039)
Shares repurchased													(654)
Acquisition of subsidiary														1,378
Acquisition of minority interest in subsidiaries														0
Dividend paid to noncontrolling interest														(315)
Net (income) loss attributable to noncontrolling interests	192													(192)
Ending balance at Dec. 31, 2015	1,349,099		480,000				747		579,178		(23,767)	316,184	(4,521)	1,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Mandatory conversion of Preference Shares – Series B						(165,000)		121		164,879
Issuance of Preference Shares				0	0
Exercise of options and issuance of common shares							5		1,926
Share-based compensation expense									3,414
Issuance costs of Preference Shares									0
Others									(141)
Change in net unrealized gains (losses) on investment											33,396
Foreign currency translation adjustment											5,368			5
Net (loss) income attributable to Maiden	48,980											48,980
Dividends on preference shares		(12,410)										(33,756)
Dividends on common shares												(45,746)
Shares repurchased													(470)
Acquisition of subsidiary														14
Acquisition of minority interest in subsidiaries														(69)
Dividend paid to noncontrolling interest														(31)
Net (income) loss attributable to noncontrolling interests	842													(842)
Ending 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]
Mandatory conversion of Preference Shares – Series B						$ 0		$ 0		$ 0
Issuance of Preference Shares				$ 150,000	$ 0
Exercise of options and issuance of common shares							4		1,077
Share-based compensation expense									2,938
Issuance costs of Preference Shares									(5,058)
Others									(100)
Change in net unrealized gains (losses) on investment											42,605
Foreign currency translation adjustment											(44,248)			61
Net (loss) income attributable to Maiden	(169,896)											(169,896)
Dividends on preference shares		$ (11,756)										(29,156)
Dividends on common shares												(51,138)
Shares repurchased													(25,651)
Acquisition of subsidiary														0
Acquisition of minority interest in subsidiaries														(115)
Dividend paid to noncontrolling interest														0
Net (income) loss attributable to noncontrolling interests	(151)													151
Ending balance at Dec. 31, 2017	$ 1,232,626		$ 465,000				$ 877		$ 748,113		$ 13,354	$ 35,472	$ (30,642)	$ 452

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net (loss) income	$ (169,745)	$ 48,138	$ 124,284
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and share-based compensation	11,825	20,303	9,716
Net realized gains on investment	(12,222)	(6,774)	(2,498)
Net impairment losses recognized in earnings	0	0	1,060
Foreign exchange losses (gains)	14,921	(11,612)	(7,753)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	71,458	(33,116)	127,506
Reinsurance recoverable on unpaid losses	(17,419)	(29,308)	(20,721)
Accrued investment income	2,171	(4,354)	(5,086)
Deferred commission and other acquisition expenses	(13,138)	(29,405)	(26,546)
Other assets	21,821	(37,182)	(76,599)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	595,063	407,267	304,254
Unearned premiums	(6,529)	125,775	154,642
Accrued expenses and other liabilities	(39,672)	20,400	52,039
Net cash provided by operating activities	458,534	470,132	634,298
Cash flows from investing activities:
Purchases of fixed-maturities – available-for-sale	(1,374,462)	(1,372,049)	(1,463,556)
Purchases of other investments	(986)	(172)	(217)
Proceeds from sales of fixed-maturities – available-for-sale	548,744	129,306	129,152
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale	420,428	657,819	541,081
Proceeds from maturities and calls of fixed maturities – held-to-maturity	39,653	6,172	0
Proceeds from sale and redemption of other investments	11,702	1,481	456
(Increase) decrease in restricted cash and cash equivalents	(19,038)	138,861	34,980
Other, net	(4,935)	(622)	7,426
Net cash used in investing activities	(378,894)	(439,204)	(750,678)
Cash flows from financing activities:
Preference shares, net of issuance costs	144,942	(143)	159,628
2016 Senior notes, net of issuance costs	0	106,285	0
Issuance of common shares	1,081	1,931	3,318
Repurchase of common shares	(25,651)	(470)	(654)
Dividends paid – Maiden common shareholders	(51,634)	(43,127)	(38,204)
Dividends paid – preference shares	(29,156)	(33,756)	(24,337)
Net cash (used in) provided by financing activities	(60,418)	(76,780)	99,751
Effect of exchange rate changes on foreign currency cash	2,950	1,958	(1,849)
Net increase (decrease) in cash and cash equivalents	22,172	(43,894)	(18,478)
Cash and cash equivalents, beginning of period	45,747	89,641	108,119
Cash and cash equivalents, end of period	67,919	45,747	89,641
Supplemental information on cash flows
Interest paid	23,106	27,897	28,687
Taxes paid	555	494	789
2012 Senior Notes
Cash flows from financing activities:
Redemption of Senior Notes	(100,000)	0	0
2011 Senior Notes
Cash flows from financing activities:
Redemption of Senior Notes	$ 0	$ (107,500)	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company formed in June 2007, primarily focused on serving the needs of regional and specialty insurers in the United States and Europe by providing innovative reinsurance solutions designed to support their capital needs. Together with its subsidiaries (collectively referred to as the "Company", "We" or "Maiden"), Maiden specializes in reinsurance solutions that optimize financing by providing coverage within the more predictable and actuarially credible lower layers of coverage and/or reinsure risks that are believed to be lower hazard, more predictable and generally not susceptible to catastrophe claims. Our tailored solutions include a variety of value added services focused on helping our clients grow and prosper. We provide reinsurance through our wholly owned subsidiaries, Maiden Reinsurance Ltd. ("Maiden Bermuda") and Maiden Reinsurance North America, Inc. ("Maiden US") and have operations in Bermuda and the United States, respectively. Maiden Bermuda does not underwrite any direct insurance business. Internationally, we provide reinsurance-related services through Maiden Global Holdings, Ltd. ("Maiden Global") and its subsidiaries. Maiden Global primarily focuses on providing branded auto and credit life insurance products through its insurer partners to retail clients in the European Union and other global markets, which also produce reinsurance programs which are underwritten by Maiden Bermuda. Certain international credit life business is also written on a primary basis by Maiden Life Försäkrings AB ("Maiden LF"), a wholly owned subsidiary of Maiden Holdings, as part of Maiden Global’s service offerings.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

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

Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"); recoverability of deferred commission and other acquisition expenses; determination of impairment of goodwill and other intangible assets; valuation of financial instruments; and determination of other-than-temporary impairment ("OTTI") of investments.

During the fourth quarter of 2017, the Company increased the reserve for loss and LAE primarily in both our Diversified Reinsurance and AmTrust Reinsurance segments. The Company recorded unfavorable reserve development which reduced both its consolidated net income and net income attributable to Maiden for the year ended December 31, 2017 by approximately $170,960 or $1.99 per basic and diluted common share.

Investments — The Company currently classifies its fixed maturity investments as either available-for-sale ("AFS") or held-to-maturity ("HTM"). The AFS portfolio is reported at fair value. The HTM portfolio includes securities for which we have the ability and intent to hold to maturity or redemption. The HTM portfolio is reported at amortized cost. When a security is transferred from AFS to HTM, the fair value at the time of transfer, adjusted for subsequent amortization, becomes the security's amortized cost. The fair value of fixed maturity investments is generally determined from quotations received from nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2017 and 2016.

The Company's other investments comprise both quoted and unquoted investments. The Company's quoted equity investment's fair value is based on a quoted market price from a Pricing Service, reflecting the closing price quoted for the final trading day of the period. The quoted equity investment was sold in the third quarter of 2017. The Company accounts for its unquoted other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944, "Financial Services - Insurance" ("ASC 944"). Unquoted other investments primarily comprise of investments in limited partnerships, which are reported at fair value based on the financial information received from the fund managers and other information available to management, and investments in start-up insurance entities, which are reported at fair value using recent private market transactions.

2. Significant Accounting Policies (continued)

Unrealized gains or losses on fixed maturities and other investments are reported as a component of accumulated other comprehensive income ("AOCI"). The net unrealized holding gains of securities transferred from AFS to HTM at the designation date continue 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.

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

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


•	Historic and implied volatility of the security;


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


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


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


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

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

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

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

•

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

•

Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and

2. Significant Accounting Policies (continued)


•	Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: investments in start-up insurance entities.

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.

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

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

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

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2017 and 2016.

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

2. Significant Accounting Policies (continued)

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

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

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

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

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

Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the life of the debt. The amortization of these costs is included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of these costs is presented as a deduction from the related liability in the Consolidated Balance Sheet.

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

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

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

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

2. Significant Accounting Policies (continued)

Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for its subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2017, 2016 and 2015.

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

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

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of options and restricted share units ("RSUs"). Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options, RSUs, PB-RSUs and the mandatory convertible preference shares using the if-converted method. On September 15, 2016, the Company's mandatory convertible preference shares - Series B were automatically converted into the Company's common shares.

The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain senior leaders is considered a participating security and the Company uses the two-class method to calculate its net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities.

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

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

Assets and liabilities of subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the translation adjustments for foreign entities are included in AOCI. The amount of cumulative translation adjustment at December 31, 2017 was $8,535 (2016 - $35,713).

2. Significant Accounting Policies (continued)

Recently Adopted Accounting Standards Updates

Improvements to Employee Share-Based Payment Accounting

In March 2016, the 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 years 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 have not been issued or made available for issuance, but all of the guidance must be adopted within the same period. Based on the Company's history, forfeitures have never been material and so the Company has elected to account for forfeitures as they occur. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements.

Simplified Accounting for Goodwill Impairment

In February 2017, the FASB issued ASU 2017-04 guidance that simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on Step 1 of the two-step impairment test under ASC 350 Intangibles - Goodwill and Other. Under the new guidance, if the carrying value of a reporting unit exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the requirement to calculate goodwill impairment under Step 2, which calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount. This ASU does not change the guidance on completing Step 1 of the goodwill impairment test. The standard has tiered effective dates, starting in 2020 for calendar public business entities that meet the definition of an SEC filer. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The adoption of this guidance did not have an impact on the Company's Consolidated Financial Statements.

Recently Issued Accounting Standards Not Yet Adopted

Revenue Recognition

In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09 guidance that supersedes most existing revenue recognition guidance. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our other insurance revenue activities. In August 2015, the FASB delayed the effective date by one year through the issuance of ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". This guidance is effective for reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Our analysis of revenues for the year ended December 31, 2017 indicates that substantially all of our revenues are from sources not within the scope of the standard. As substantially all of our revenue sources are not within the scope of the standard, the adoption of the standard will not have a material effect on our reported consolidated financial condition, results of operations or cash flows.

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 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; however, it is not expected to have a material impact on the Company’s Consolidated Financial Statements.

2. Significant Accounting Policies (continued)

Scope of Modification Accounting

In May 2017, the FASB issued ASU 2017-09 to amend the guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the following are met:

(1) The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification;

(2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and

(3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified.

The current disclosure requirements in Topic 718 apply regardless of whether an entity is required to apply modification accounting under the amendments in this Update. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1) public business entities for reporting periods for which financial statements have not yet been issued and (2) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date.

The Company currently has a number of share based payment awards as disclosed in Note 14. Share Compensation and Pension Plans of this Form 10-K, however, we do not anticipate any modifications to the terms or conditions at this time. The impact of this guidance on the Company's Consolidated Financial Statements will be evaluated once ASU-2017-09 is adopted and when the Company makes any modification to any of its current shared based payment awards.

Recognition and Measurement of Financial Assets and Financial Liabilities

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

Accounting for Leases

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

Accounting for Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13 guidance that changes the impairment model for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today's "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost and require entities to record allowances for AFS debt securities rather than reduce the carrying amount, as they do today under the OTTI model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard's provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods therein. The Company is currently unable to quantify the impact of adopting this guidance.

2. Significant Accounting Policies (continued)

Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU 2016-15 guidance to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance amends ASC 230 Statement of Cash Flows, a principles based requiring judgment to determine the appropriate classification of cash flow as operating, investing or financing activities which created diversity in how certain cash receipts and cash payments were classified. The new guidance clarifies that if a receipt or payment has aspects of more than one class of cash flows and cannot be separated, the classification will depend on the predominant source or use. While the new guidance attempts to clarify how the predominance principle should be applied, judgment will still be required. The guidance is effective for public business entities for annual periods beginning after December 15, 2017 and interim periods therein. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively. The impact on the Company's results of operations, financial position or liquidity at the date of adoption of the updated guidance will be determined by the financial instruments held by the Company and the economic conditions at that time.

Presentation of Restricted Cash in the Statement of Cash Flows

In November 2016, the FASB issued ASU 2016-18 guidance that require entities to show the changes in the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As result, entities will no longer present transfers between cash and cash equivalents and restricted cash and cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within fiscal year beginning after December 15, 2019. Early adoption is permitted, but an early adoption in an interim period must show adjustments as of the beginning of the fiscal year that includes that interim period. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial condition, results of operations and disclosures, other than the presentation of restricted cash and cash equivalents in the statement of cash flows. The financial impact in the consolidated cash flows will depend on the actual amount of restricted cash and cash equivalents at the time of adoption.

Segment Information

12 Months Ended

Dec. 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 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 10. 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, funds withheld receivable and reinsurance recoverable on paid losses (presented as part of other assets in the 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 Year Ended December 31, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	822,777		$	1,993,478		$	(204	)	$	2,816,051
Net premiums written	$	807,362		$	1,954,856		$	(230	)	$	2,761,988
Net premiums earned	$	823,365		$	1,909,644		$	(230	)	$	2,732,779
Other insurance revenue	9,802			—			—			9,802
Net loss and LAE	(650,916		)	(1,498,881		)	(10,214		)	(2,160,011		)
Commission and other acquisition expenses	(205,982		)	(614,777		)	1			(820,758		)
General and administrative expenses	(35,817		)	(3,052		)	—			(38,869		)
Underwriting loss	$	(59,548	)	$	(207,066	)	$	(10,443	)	(277,057		)
Reconciliation to net loss
Net investment income and realized gains on investment										178,567
Interest and amortization expenses										(23,260		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(2,132		)
Foreign exchange losses										(14,921		)
Other general and administrative expenses										(31,691		)
Income tax benefit										3,558
Net loss										$	(169,745	)

Net loss and LAE ratio⁽¹⁾	78.1		%	78.4		%				78.8		%
Commission and other acquisition expense ratio⁽²⁾	24.7		%	32.2		%				29.9		%
General and administrative expense ratio⁽³⁾	4.3		%	0.2		%				2.6		%
Expense ratio⁽⁴⁾	29.0		%	32.4		%				32.5		%
Combined ratio⁽⁵⁾	107.1		%	110.8		%				111.3		%

3. Segment Information (continued)



For the Year Ended December 31, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	824,341		$	2,006,646		$	361		$	2,831,348
Net premiums written	$	766,119		$	1,888,428		$	405		$	2,654,952
Net premiums earned	$	724,124		$	1,843,621		$	405		$	2,568,150
Other insurance revenue	10,817			—			—			10,817
Net loss and LAE	(579,520		)	(1,225,830		)	(14,556		)	(1,819,906		)
Commission and other acquisition expenses	(188,506		)	(584,820		)	(338		)	(773,664		)
General and administrative expenses	(35,681		)	(2,896		)	—			(38,577		)
Underwriting (loss) income	$	(68,766	)	$	30,075		$	(14,489	)	(53,180		)
Reconciliation to net income
Net investment income and realized gains on investment										152,666
Interest and amortization expenses										(28,173		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(2,461		)
Foreign exchange and other gains, net										11,612
Other general and administrative expenses										(28,407		)
Income tax expense										(1,574		)
Net income										$	48,138

Net loss and LAE ratio⁽¹⁾	78.9		%	66.5		%				70.6		%
Commission and other acquisition expense ratio⁽²⁾	25.6		%	31.7		%				30.0		%
General and administrative expense ratio⁽³⁾	4.9		%	0.2		%				2.6		%
Expense ratio⁽⁴⁾	30.5		%	31.9		%				32.6		%
Combined ratio⁽⁵⁾	109.4		%	98.4		%				103.2		%

3. Segment Information (continued)



For the Year Ended December 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	776,852		$	1,885,974		$	(1	)	$	2,662,825
Net premiums written	$	734,781		$	1,779,334		$	1		$	2,514,116
Net premiums earned	$	744,875		$	1,684,191		$	3		$	2,429,069
Other insurance revenue	11,512			—			—			11,512
Net loss and LAE	(547,296		)	(1,074,072		)	(12,202		)	(1,633,570		)
Commission and other acquisition expenses	(196,292		)	(527,863		)	(42		)	(724,197		)
General and administrative expenses	(35,312		)	(3,016		)	—			(38,328		)
Underwriting (loss) income	$	(22,513	)	$	79,240		$	(12,241	)	44,486
Reconciliation to net income
Net investment income and realized gains on investment										133,590
Net impairment losses recognized in earnings										(1,060		)
Interest and amortization expenses										(29,063		)
Amortization of intangible assets										(2,840		)
Foreign exchange gains										7,753
Other general and administrative expenses										(26,544		)
Income tax expense										(2,038		)
Net income										$	124,284

Net loss and LAE ratio ⁽¹⁾	72.3		%	63.8		%				66.9		%
Commission and other acquisition expense ratio ⁽²⁾	26.0		%	31.3		%				29.7		%
General and administrative expense ratio ⁽³⁾	4.7		%	0.2		%				2.7		%
Expense ratio⁽⁴⁾	30.7		%	31.5		%				32.4		%
Combined ratio⁽⁵⁾	103.0		%	95.3		%				99.3		%


(1)	Calculated by dividing the 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 the net loss and LAE ratio and the expense ratio.

3. Segment Information (continued)

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



December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	294,775	$	50,268	$	345,043
Reinsurance recoverable on unpaid losses	44,628		22,831		67,459
Deferred commission and other acquisition expenses	79,633		359,964		439,597
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	75,583		—		75,583
Restricted cash and cash equivalents and investments	1,250,736		3,576,184		4,826,920
Other assets	27,554		81,385		108,939
Total assets - reportable segments	1,772,909		4,258,607		6,031,516
Corporate assets	—		—		612,673
Total Assets	$	1,772,909	$	4,258,607	$	6,644,189

December 31, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	281,073	$	119,151	$	400,224
Reinsurance recoverable on unpaid losses	54,299		32,933		87,232
Deferred commission and other acquisition expenses	85,432		339,173		424,605
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	77,715		—		77,715
Restricted cash and cash equivalents and investments	1,247,793		3,137,810		4,385,603
Other assets	41,008		103,025		144,033
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

The following table shows an analysis of the Company’s gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2017, 2016 and 2015. In case of business assumed from AmTrust, it is the location of the relevant AmTrust subsidiaries.



For the Year Ended December 31,	2017		2016		2015
Gross premiums written – North America	$	2,488,105	$	2,442,483	$	2,165,309
Gross premiums written – Other (predominantly Europe)	327,946		388,865		497,516
Gross premiums written – Total	$	2,816,051	$	2,831,348	$	2,662,825
Net premiums written – North America	$	2,435,371	$	2,280,232	$	2,038,444
Net premiums written – Other (predominantly Europe)	326,617		374,720		475,672
Net premiums written – Total	$	2,761,988	$	2,654,952	$	2,514,116
Net premiums earned – North America	$	2,407,339	$	2,184,184	$	2,027,141
Net premiums earned – Other (predominantly Europe)	325,440		383,966		401,928
Net premiums earned – Total	$	2,732,779	$	2,568,150	$	2,429,069

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 31,	2017					2016				2015
	Total			% of Total		Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	155,925		5.6	%	$	141,353	5.3	%	$	160,939	6.4	%
Casualty	482,160			17.5	%	466,089		17.6	%	435,625		17.3	%
Accident and Health	86,743			3.1	%	80,004		3.0	%	64,102		2.6	%
International	82,534			3.0	%	78,673		3.0	%	74,115		2.9	%
Total Diversified Reinsurance	807,362			29.2	%	766,119		28.9	%	734,781		29.2	%
AmTrust Reinsurance
Small Commercial Business	1,278,974			46.3	%	1,181,496		44.5	%	1,057,968		42.1	%
Specialty Program	350,113			12.7	%	344,677		13.0	%	332,416		13.2	%
Specialty Risk and Extended Warranty	325,769			11.8	%	362,255		13.6	%	388,950		15.5	%
Total AmTrust Reinsurance	1,954,856			70.8	%	1,888,428		71.1	%	1,779,334		70.8	%
Other	(230		)	—	%	405		—	%	1		—	%
	$	2,761,988		100.0	%	$	2,654,952	100.0	%	$	2,514,116	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 31,	2017					2016				2015
	Total			% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	157,466		5.8	%	$	136,629	5.3	%	$	157,186	6.5	%
Casualty	496,301			18.1	%	432,509		16.8	%	449,000		18.5	%
Accident and Health	86,571			3.2	%	74,204		2.9	%	55,672		2.3	%
International	83,027			3.0	%	80,782		3.2	%	83,017		3.4	%
Total Diversified Reinsurance	823,365			30.1	%	724,124		28.2	%	744,875		30.7	%
AmTrust Reinsurance
Small Commercial Business	1,255,941			46.0	%	1,131,582		44.1	%	984,333		40.5	%
Specialty Program	344,336			12.6	%	337,396		13.1	%	290,209		11.9	%
Specialty Risk and Extended Warranty	309,367			11.3	%	374,643		14.6	%	409,649		16.9	%
Total AmTrust Reinsurance	1,909,644			69.9	%	1,843,621		71.8	%	1,684,191		69.3	%
Other	(230		)	—	%	405		—	%	3		—	%
	$	2,732,779		100.0	%	$	2,568,150	100.0	%	$	2,429,069	100.0	%

Investments

12 Months Ended

Dec. 31, 2017

Schedule of Investments [Abstract]

Investments

a) Fixed Maturities and Other Investments

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



December 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	60,711	$	103	$	(13	)	$	60,801
U.S. agency bonds – mortgage-backed	2,026,305		8,074		(19,765		)	2,014,614
U.S. agency bonds – other	29,941		4		(163		)	29,782
Non-U.S. government and supranational bonds	33,381		231		(1,736		)	31,876
Asset-backed securities	317,544		4,065		(199		)	321,410
Corporate bonds	1,557,611		43,271		(17,571		)	1,583,311
Municipal bonds	2,500		76		—			2,576
Total AFS fixed maturities	4,027,993		55,824		(39,447		)	4,044,370
HTM fixed maturities:
Corporate bonds	1,037,464		28,694		(913		)	1,065,245
Municipal bonds	60,337		128		(84		)	60,381
Total HTM fixed maturities	1,097,801		28,822		(997		)	1,125,626
Other investments	5,219		1,381		—			6,600
Total investments	$	5,131,013	$	86,027	$	(40,444	)	$	5,176,596



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

During 2017, we designated additional fixed maturities with a total fair value of $391,934 as HTM (2016 - $155,538, 2015 - $608,722) reflecting our intent to hold these securities to maturity. The net unrealized holding gain of $4,313 (2016 - $15,770, 2015 - $244) as 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.

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
December 31, 2017	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	92,657	$	91,054	$	40,533	$	40,503
Due after one year through five years	578,427		582,583		333,003		342,141
Due after five years through ten years	987,819		1,009,652		724,265		742,982
Due after ten years	25,241		25,057		—		—
	1,684,144		1,708,346		1,097,801		1,125,626
U.S. agency bonds – mortgage-backed	2,026,305		2,014,614		—		—
Asset-backed securities	317,544		321,410		—		—
Total fixed maturities	$	4,027,993	$	4,044,370	$	1,097,801	$	1,125,626

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



	Less than 12 Months					12 Months or More					Total
December 31, 2017	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	—	$	—		$	587	$	(13	)	$	587	$	(13	)
U.S. agency bonds – mortgage-backed	842,000		(6,920		)	539,704		(12,845		)	1,381,704		(19,765		)
U.S. agency bonds – other	19,816		(163		)	—		—			19,816		(163		)
Non–U.S. government and supranational bonds	12,825		(971		)	15,253		(765		)	28,078		(1,736		)
Asset-backed securities	68,703		(150		)	3,017		(49		)	71,720		(199		)
Corporate bonds	247,341		(3,905		)	348,594		(14,579		)	595,935		(18,484		)
Municipal bonds	39,492		(84		)	—		—			39,492		(84		)
Total temporarily impaired fixed maturities	$	1,230,177	$	(12,193	)	$	907,155	$	(28,251	)	$	2,137,332	$	(40,444	)

At December 31, 2017, there were approximately 244 securities in an unrealized loss position with a fair value of $2,137,332 and unrealized losses of $40,444. Of these securities, there were 100 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $907,155 and unrealized losses of $28,251.



	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	)

4. Investments (continued)

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 December 31, 2017, we have determined that the unrealized losses on fixed maturities were primarily due to interest rates rising 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 at December 31, 2017. The Company has therefore recognized no OTTI through earnings for the years ended December 31, 2017 and December 31, 2016. The Company recognized $1,060 of OTTI for the year ended December 31, 2015.

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at December 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	60,711	$	60,801	1.2	%
U.S. agency bonds	2,056,246		2,044,396		39.6	%
AAA	245,562		249,073		4.8	%
AA+, AA, AA-	204,792		207,898		4.0	%
A+, A, A-	1,381,031		1,404,451		27.2	%
BBB+, BBB, BBB-	1,125,471		1,149,511		22.2	%
BB+ or lower	51,981		53,866		1.0	%
Total fixed maturities	$	5,125,794	$	5,169,996	100.0	%



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:



December 31,	2017				2016
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,100	77.3	%	$	5,474	41.9	%
Investment in quoted equity	—		—	%	6,586		50.4	%
Other	1,500		22.7	%	1,000		7.7	%
Total other investments	$	6,600	100.0	%	$	13,060	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $306 at December 31, 2017 (2016 - $463).

4. Investments (continued)

c) Net Investment Income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2017			2016			2015
Fixed maturities	$	166,625		$	147,011		$	132,394
Cash and cash equivalents	1,973			1,628			1,025
Loan to related party	3,447			2,360			1,865
Other	1,833			1,818			1,865
	173,878			152,817			137,149
Investment expenses	(7,533		)	(6,925		)	(6,057		)
Net investment income	$	166,345		$	145,892		$	131,092

d) Realized Gains on Investment

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



For the Year Ended December 31, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	7,598	$	(1,254	)	$	6,344
Other investments	5,878		—			5,878
Net realized gains on investment	$	13,476	$	(1,254	)	$	12,222



For the Year Ended December 31, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	7,140	$	(916	)	$	6,224
Other investments	550		—			550
Net realized gains on investment	$	7,690	$	(916	)	$	6,774



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

Proceeds from sales of AFS fixed maturities were $548,744, $129,306 and $129,152 for the years ended December 31, 2017, 2016 and 2015, respectively.

Net unrealized gains (losses) were as follows:



December 31,	2017			2016			2015
Fixed maturities	$	20,586		$	(23,635	)	$	(55,024	)
Other investments	1,381			3,003			996
Total net unrealized gains (losses)	21,967			(20,632		)	(54,028		)
Deferred income tax	(78		)	(84		)	(84		)
Net unrealized gains (losses), net of deferred income tax	$	21,889		$	(20,716	)	$	(54,112	)
Change, net of deferred income tax	$	42,605		$	33,396		$	(132,691	)

4. Investments (continued)

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. We also utilize trust accounts to collateralize business with our reinsurance counterparties. These trust accounts generally take the place of letter of credit requirements. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair value of our restricted assets was as follows:



December 31,	2017		2016
Restricted cash – third party agreements	$	50,411	$	56,891
Restricted cash – related party agreements	73,017		46,777
Restricted cash – U.S. state regulatory authorities	156		120
Total restricted cash	123,584		103,788
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2017 – $1,311,538; 2016 – $1,307,926)	1,326,695		1,299,569
Restricted investments AFS– in trust for related party agreements at fair value (amortized cost: 2017 – $2,256,494; 2016 – $2,242,565)	2,288,472		2,225,066
Restricted investments HTM– in trust for related party agreements at fair value (amortized cost: 2017 – $1,097,801; 2016 – $752,212)	1,125,626		766,135
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2017 – $4,076; 2016 – $4,059)	4,147		4,238
Total restricted investments	4,744,940		4,295,008
Total restricted cash and investments	$	4,868,524	$	4,398,796

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at December 31, 2017 and 2016.

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.

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 securities are 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 included in the Level 2 fair value hierarchy.

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. The quoted equity investment was sold in the third quarter of 2017.

Unquoted other investments comprise investments in limited partnerships and two investments in start-up insurance entities. 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. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. If there is a reporting lag between the current period end and reporting date of the latest available fund valuation, we estimate fair values by starting with the most recently available valuation and adjusting for return estimates as well as any subscriptions and distributions that took place during the current period. The fair value of the investments in start-up insurance entities 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 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 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 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 Measurements (continued)

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



December 31, 2017	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
AFS fixed maturities
U.S. treasury bonds	$	60,801		$	—		$	—		$	—		$	60,801
U.S. agency bonds – mortgage-backed	—			2,014,614			—			—			2,014,614
U.S. agency bonds – other	—			29,782			—			—			29,782
Non-U.S. government and supranational bonds	—			31,876			—			—			31,876
Asset-backed securities	—			321,410			—			—			321,410
Corporate bonds	—			1,583,311			—			—			1,583,311
Municipal bonds	—			2,576			—			—			2,576
Other investments	—			—			1,500			5,100			6,600
Total	$	60,801		$	3,983,569		$	1,500		$	5,100		$	4,050,970
As a percentage of total assets	0.9		%	60.0		%	—		%	0.1		%	61.0		%



December 31, 2016	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			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			—			1,000			5,474			13,060
Total	$	11,999		$	3,966,253		$	1,000		$	5,474		$	3,984,726
As a percentage of total assets	0.2		%	63.4		%	—		%	0.1		%	63.7		%

The Company utilizes a Pricing Service to assist in determining the fair value of our investments; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities and pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices represent a reasonable estimate of the fair value.

The Pricing Service was utilized to estimate fair value measurements for approximately 99.8% and 98.8% of its fixed maturities at December 31, 2017 and 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.

5. Fair Value Measurements (continued)

At December 31, 2017 and 2016, 0.2% and 1.2%, respectively, of the fixed maturities are valued using the market approach. At each of those dates, a total of three securities, or approximately $9,489 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 December 31, 2017 and 2016, we have not adjusted any pricing provided to us based on the review performed by our investment managers.

The Company utilized a Pricing Service to estimate fair value measurement for the quoted equity investment reflecting the closing price quoted for the final trading day of the period and is included in Level 1. The quoted equity investment was sold in the third quarter of 2017.

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 Consolidated Financial Statements.

c) Level 3 Financial Instruments

At December 31, 2017, the Company also has investments of $1,500 (December 31, 2016 - $1,000) in start-up insurance entities, the fair value of each 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 these unquoted investments as Level 3.

The Company has determined that its investments in Level 3 securities are not material to its financial position or results of operations. During the years ended December 31, 2017 and 2016, there have been no transfers into or out of Level 3.

(d) Financial Instruments not measured at Fair Value

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



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	1,037,464	$	1,065,245	$	752,212	$	766,135
HTM - municipal bonds	60,337		60,381		—		—
Total financial assets	$	1,097,801	$	1,125,626	$	752,212	$	766,135

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	101,200	$	110,000	$	111,452
Senior Notes - MHNC – 7.75%	152,500		149,029		152,500		164,700
Senior Notes - MHNB – 8.00%⁽¹⁾	—		—		100,000		101,600
Total financial liabilities	$	262,500	$	250,229	$	362,500	$	377,752

⁽¹⁾ Please refer to "Note 7. Long-Term Debt", for disclosure regarding the redemption of the 2012 Senior Notes during the second quarter of 2017.

- Definition

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

+ References + Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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



	Goodwill			Intangible Assets			Total
December 31, 2015	$	58,936		$	22,984		$	81,920
Impairment losses	(1,800		)	—			(1,800		)
Cumulative translation adjustment	56			—			56
Amortization	—			(2,461		)	(2,461		)
December 31, 2016	$	57,192		$	20,523		$	77,715
Amortization	—			(2,132		)	(2,132		)
December 31, 2017	$	57,192		$	18,391		$	75,583

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

6. Goodwill and Intangible Assets (continued)

The goodwill and intangible assets are assigned to our Diversified Reinsurance segment and are subject to annual impairment testing. During 2016, the Company has written off the goodwill relating to the acquisition of a majority interest in IRC which was deemed to be permanently impaired. The Company recognized an impairment loss of $1,800 as a result, which is presented in the consolidated statement of income as part of foreign exchange and other losses (gains). No impairment was recorded during the years ended December 31, 2017 and December 31, 2015. The following tables show the analysis of goodwill and intangible assets:



December 31, 2017	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(1,800	)	$	57,192	Indefinite
State licenses	4,527		—			—			4,527		Indefinite
Customer relationships	51,400		(37,536		)	—			13,864		15 years double declining
Net balance	$	114,919	$	(37,536	)	$	(1,800	)	$	75,583



December 31, 2016	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(1,800	)	$	57,192	Indefinite
State licenses	4,527		—			—			4,527		Indefinite
Customer relationships	51,400		(35,404		)	—			15,996		15 years double declining
Net balance	$	114,919	$	(35,404	)	$	(1,800	)	$	77,715

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



2018	$	1,848
2019	1,602
2020	1,388
2021	1,203
2022	1,043

- Definition

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

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At December 31, 2017, Maiden Holdings and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA"), both have an outstanding public debt offering of senior notes which were issued in 2016 and 2013, respectively (the "Senior Notes"). The 2013 Senior Notes issuance made by Maiden NA is fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligation of the Company.

On June 27, 2017, we fully redeemed all of the 2012 Senior Notes using a portion of the proceeds from the Preference Shares - Series D issuance (see related discussion in "Note 13. Shareholders' Equity"). The 2012 Senior Notes were redeemed at a redemption price equal to 100% of the principal amount of $100,000 plus accrued and unpaid interest on the principal amount being redeemed up to, but not including, the redemption date. As a result, the Company accelerated the amortization of the remaining 2012 Senior Note issuance cost of $2,809.

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



December 31, 2017	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	—		$	262,500
Less: unamortized issuance costs	3,654			4,364			—			8,018
Carrying value	$	106,346		$	148,136		$	—		$	254,482

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 year ended December 31, 2017 was $22,996 (2016 - $27,827, 2015 - $28,687), of which $1,342 and $1,453 was accrued at December 31, 2017 and 2016, respectively. The issuance costs related to the Senior Notes were capitalized and are being amortized over the life of the Senior Notes. The amount of amortization expense was $264 for the year ended December 31, 2017 (2016 - $346, 2015 - $376).

Reinsurance

12 Months Ended

Dec. 31, 2017

Reinsurance Disclosures [Abstract]

Reinsurance

We use reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce our exposure to certain risks and to provide capital support. Additionally, effective January 1, 2015, Maiden Bermuda entered into a retrocessional quota share agreement with a highly rated global insurer to cede certain lines of business from both of our reportable segments.Each of these agreements provide for recovery from reinsurers or retrocessionaires of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of our reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for reinsurance and retrocession. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these reinsurance or retrocessional agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2017, 2016 and 2015 was as follows:



For the Year Ended December 31,	2017			2016			2015
Premiums written
Direct	$	5,765		$	8,045		$	9,160
Assumed	2,810,286			2,823,303			2,653,666
Ceded	(54,063		)	(176,396		)	(148,710		)
Net	$	2,761,988		$	2,654,952		$	2,514,116
Premiums earned
Direct	$	6,579		$	9,766		$	26,358
Assumed	2,815,953			2,698,879			2,481,515
Ceded	(89,753		)	(140,495		)	(78,804		)
Net	$	2,732,779		$	2,568,150		$	2,429,069
Loss and LAE
Gross loss and LAE	$	2,276,682		$	1,918,797		$	1,687,564
Loss and LAE ceded	(116,671		)	(98,891		)	(53,994		)
Net	$	2,160,011		$	1,819,906		$	1,633,570

The Company's reinsurance recoverable on unpaid losses balance at December 31, 2017 was $117,611 (2016 - $99,936). The reinsurers and retrocessionaires with the three largest balances accounted for 34.0%, 19.2% and 17.4%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at December 31, 2017 (2016 – 54.8%, 31.6% and 2.9%, respectively). At December 31, 2017, 98.6% (2016 - 97.2%) of the reinsurance recoverable on unpaid losses was due from reinsurers and retrocessionaires with credit ratings from A.M Best of A or better, and 1.4% (2016 - 2.8%) of the reinsurance recoverable on unpaid losses was due from reinsurers with ratings of B++ or lower. At December 31, 2017, 76.9% (December 31, 2016 - 98.6%) of reinsurance recoverable on unpaid losses of $1,656 (2016 - $2,843) due from reinsurers with ratings of B++ or lower, were collateralized. At December 31, 2017 and 2016, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2017

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

General

The Company believes the most significant accounting judgment made by management is its estimate of loss and LAE reserves. Loss and LAE reserves represent estimates, including actuarial projections of the ultimate settlement and costs for unpaid loss and LAE arising from the reinsurance contracts entered into by the Company. The Company establishes its loss and LAE reserves by taking losses reported to the Company by insureds and ceding companies, but which have not yet been paid ("case reserves"), adding estimates for the anticipated cost of claims incurred but not yet reported to the Company, or incurred but not enough reported to the Company (collectively referred to as "IBNR") and, if deemed necessary, adding costs for additional case reserves which represent the Company’s estimates for claims related to specific contracts previously reported to the Company which it believes may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR.

Our reserve for loss and LAE comprises:



December 31,	2017		2016
Reserve for reported loss and LAE	$	1,925,151	$	1,617,956
Reserve for losses IBNR	1,622,097		1,278,540
Reserve for loss and LAE	$	3,547,248	$	2,896,496

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



For the Year Ended December 31,	2017			2016			2015
Gross loss and LAE reserves, January 1	$	2,896,496		$	2,510,101		$	2,271,292
Less: reinsurance recoverable on unpaid losses, January 1	99,936			71,248			75,873
Net loss and LAE reserves, January 1	2,796,560			2,438,853			2,195,419
Net incurred losses related to:
Current year	1,802,118			1,600,454			1,558,704
Prior years	357,893			219,452			74,866
	2,160,011			1,819,906			1,633,570
Net paid losses related to:
Current year	(634,371		)	(430,707		)	(457,517		)
Prior years	(948,000		)	(1,006,884		)	(892,840		)
	(1,582,371		)	(1,437,591		)	(1,350,357		)
Effect of foreign exchange movements	55,437			(24,608		)	(39,779		)
Net loss and LAE reserves, December 31	3,429,637			2,796,560			2,438,853
Reinsurance recoverable on unpaid losses, December 31	117,611			99,936			71,248
Gross loss and LAE reserves, December 31	$	3,547,248		$	2,896,496		$	2,510,101

The Company uses both historical experience and industry-wide loss development factors to 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, which may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves.

The anticipated effect of inflation is implicitly considered when estimating liabilities for losses and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in the 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.

The reserving process begins with the collection and analysis of paid losses and incurred claims data for each of our contracts. While reserves are reviewed on a contract by contract basis, paid losses and incurred claims data is also aggregated into reserving segments. The segmental data is disaggregated by reserving class and further disaggregated by either accident year (i.e. the year in which the loss event occurred) or by underwriting year (i.e. the year in which the contract generating the premium and losses incepted). The Company uses underwriting year information to analyze our Diversified Reinsurance segment and subsequently allocate reserves to the respective accident years. The reserving lines of business are selected to ensure that the underlying business have homogeneous loss development characteristics, while remaining large enough to make the estimation of trends credible.

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

Actuarial Methods Used to Estimate Loss and Loss Adjustment Expense Reserves

The Company utilizes a variety of standard actuarial methods in its analysis of loss reserves. The selections from these various methods are based on the loss development characteristics of the specific line of business and significant actuarial judgment. The actuarial methods the Company utilizes include:

The Expected Loss Ratio ("ELR") method is a technique that multiplicatively applies an expected loss ratio to earned premium to yield estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. This technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses.

The Loss Development ("LD") method is a reserving method in which ultimate losses are estimated by applying a loss development factor to actual reported (or paid) loss experience. This method fully utilizes actual experience. Multiplication of underwriting year actual reported (or paid) losses by its respective development factor produces the estimated ultimate losses. The LD method is based upon the assumption that the relative change in a given underwriting year’s losses from one evaluation point to the next is similar to the relative change in prior underwriting years’ losses at similar evaluation points. In addition, this method is based on the assumption that the reserving and payment patterns as well as the claim handling procedures have not changed substantially over time. When a company has a sufficiently reliable loss development history, a development pattern based on the company’s historical indications may be used to develop losses to ultimate values.

The Bornhuetter-Ferguson ("BF") reserving technique is used for long-tailed or lower frequency, more volatile lines. It is also useful in situations where the reported loss experience is relatively immature and/or lacks sufficient credibility for the application of methods that are more heavily reliant on emerged experience. The BF method is an additive IBNR method that combines the ELR and LD techniques by splitting the expected loss into two pieces - expected reported (or paid) losses and expected unreported (or unpaid) losses. Expected unreported (unpaid) losses, estimated by the use of loss development factors, are added to the current actual reported (or paid) losses to produce an estimate of ultimate losses by underwriting year. The BF method introduces an element of stability that moderates the impact of inconsistent changes in paid and reported losses.

The average frequency and severity ("FS") technique is used for lines where claim count is available, and the estimate of loss development factors is more difficult due to volatility in historical data. The available data for such lines is usually more volatile in the estimation of future losses using the LD and BF reserving methods. The frequency and severity method uses historical data to estimate the average number of ultimate claims (frequency) and the average costs of closed claims (severity). The estimate of ultimate losses by underwriting year is the result of the multiplication of the ultimate number of claims and the average cost of a claim.

With the guidance of the methods above, actuarial judgment is applied in the determination of ultimate losses. In general, the Company’s segments have varying levels of seasoning with which the Company has direct experience and as a result, differing methods are utilized to estimate loss and LAE reserves in each segment.

In the Diversified Reinsurance segment, the Company’s executive and technical management, including Claims, Underwriting and Actuarial, have significant experience with this book of business, which also has more than 30 years of loss experience associated with it. In general for the Diversified Reinsurance segment, the Company utilizes the ELR approach at the onset of reserving an account, the BF method for business with less but maturing loss experience, and as the experience matures the LD method. For proportional or pro-rata business, the Company typically relies heavily on the actual historical contract experience to estimate reserving parameters such as loss development factors, whereas for excess of loss business there will be more usage of industry and/or Company benchmark assumptions.

The Company has underwritten the AmTrust Reinsurance segment since July 1, 2007. The majority of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, we have tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or BF method for exposure resulting from recent acquisitions, or a relative business with a more limited level of experience. The FS method is also considered for segments of the AmTrust book of business for which claim count information is available. The Company’s actuarial analysis of this book of business is more refined in that it utilizes a combination of quarterly and annual data instead of contract period data in totality. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis.

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

Prior Year Development

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. The following table summarizes adverse prior period development experienced in each of our reportable segments for the years ended December 31, 2017, 2016, and 2015:



For the Year Ended	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
December 31, 2017	$	(71,384	)	$	(239,896	)	$	(10,214	)	$	(321,494	)
December 31, 2016	(96,788		)	(54,000		)	(14,556		)	(165,344		)
December 31, 2015	(49,856		)	(9,100		)	(12,202		)	(71,158		)

During 2017, the Company increased incurred losses for 2016 and prior accident years by $357,893 or 12.8% of prior year net loss and LAE reserves compared to $219,452 or 9.0% in 2016 and $74,866 or 3.3% in 2015. The increase in prior year incurred losses was primarily due to the $321,494 of adverse development driven by $239,896 of adverse development in the AmTrust Reinsurance segment but also contributed to by $71,384 in the Diversified Reinsurance and $10,214 in the Company's run-off business within the Other category. In addition, some premium for prior accident years is reported to us in subsequent periods. This leads to increases in the provision for loss and LAE in prior years during current periods, which is not considered adverse development. During 2017, incurred losses in the AmTrust segment increased $37,212 associated with $57,026 of earned premium reported during 2017 attributable to 2016 and prior accident years.

Due to loss sensitive features of certain contracts, favorable (or unfavorable) loss reserve development does not necessarily result in a commensurate amount of additional (or reduced) underwriting income, as ceding commission may be adjusted proportionally to the amount of loss development, pursuant to the terms of the individual contracts.

In 2016, the Company recognized approximately $165,344 of adverse prior year development, net of commission changes on adjustable contracts largely due to significant fourth quarter adverse development in commercial auto liability in both the Diversified Reinsurance and AmTrust Reinsurance segments.

In the Diversified Reinsurance segment, the adverse prior year development was $71,384 for the year ended December 31, 2017 which was largely due to higher than expected loss emergence emanating primarily from Commercial Auto. Casualty Commercial Auto Liability development during 2017 was $58,776, with $37,485 coming from two accounts which are no longer in-force but which had significantly greater loss emergence during 2017 than expected. In 2016, the development was due to significant fourth quarter adverse development in commercial auto liability.

In the AmTrust Reinsurance segment, the adverse prior year development was $239,896 for the year ended December 31, 2017 largely related to the Workers' Compensation of $126,603 and General Liability of $90,784, and to a lesser extent Commercial Auto liability of $19,877. The loss development observed was in part attributable to staffing and other claims operation changes in the cedant's claims department which have distorted historical loss patterns. In 2016, the adverse development largely came from program commercial auto as well as program general liability.

Our Other category also incurred adverse prior year development of $10,214 for the year ended December 31, 2017 (2016 - $14,556, 2015 - $12,202) due to increased reserves in the remaining run-off litigated U.S. E&S property claims and increased reserves in the run-off of the NGHC Quota Share Reinsurance Agreement.


a)	Claims Development

The following is a summary of the Company's incurred losses and paid losses development by accident year, net of reinsurance, from the last seven calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for both of our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2017. Information prior to 2017 is included as unaudited supplementary information. Seven years of information has been presented only as it was impractical to obtain the sufficiently detailed additional information on those earlier years. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2017 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. Information regarding our Other category has not been presented in the development tables below but is included in the reconciliation, as these losses include amounts from our former NGHC Quota Share segment and the remnants of the U.S. excess and surplus business, which are in run-off and related IBNR amounts are not currently material. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so.

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

The Diversified Reinsurance segment incurred losses and paid losses are analyzed by the following lines of business: (1) Pro-rata Property; (2) Pro-rata Casualty (a) Personal Auto, (b) Commercial Auto, (c)Workers' Compensation and Other Liability; (3) Excess of Loss ("XOL") Property; (4) XOL Casualty, (a) Commercial Auto, (b) Workers' Compensation, (c) Other liability; (5) Accident and Health ("A&H"); and (6) International.

The AmTrust Reinsurance segment incurred losses and paid losses are analyzed by the following lines of business: (1) Workers’ Compensation; (2) Commercial Auto Liability; (3) General Liability; (4) European Hospital Liability; and (5) All Other Lines.

There are a number of factors to consider when evaluating the information in these tables:

•

In the Diversified Reinsurance segment, contracts are written on both an accident year and underwriting year basis, many are multi-line and the majority of the premium is associated with proportional contracts. Many proportional treaty reinsurance contracts are submitted using quarterly bordereau reporting by underwriting year. However, the remaining losses can generally only be allocated to accident years based on estimated premium earning and loss reporting patterns. Further estimates are required to allocate losses to line of business. Multi-line accounts are generally analyzed on an individual basis by line of business, but are booked in the Company’s records to a contract, rather than to each individual line of business within a contract. For the purpose of this disclosure allocations are made to the various lines of business. Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter;

•

The AmTrust Reinsurance segment consists primarily of two contracts, the European Hospital Liability quota share and a much larger quota share that includes all other covered business, the AmTrust Quota Share Reinsurance Agreement ("Reinsurance Agreement"). There is also a small amount of excess of loss business that has not been written since 2009 which is included as a reconciling item. Maiden receives several cession statements and uses these to report premiums in three categories - Small Business Commercial, Specialty Program and Specialty Risk and Extended Warranty in Note 3 Segment Information. The tables provided include allocations of IBNR reserves to line of business by accident year. Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter;


•	For both segments, the premium and exposure for prior accident years is often reported to us in subsequent periods, as reporting lags exist from an insurer to a reinsurer. This leads to increases in the provision for loss and LAE in prior years, but does not reduce expected income (and in many cases can result in additional income);


•	In the Diversified Reinsurance segment, our U.S. operations have adjustable commission features on a significant portion of its business which is not reflected in this loss disclosure, but mitigates the effect of changes in the estimates of ultimate loss on underwriting income; and


•	Some Excess of Loss business written in the Diversified Reinsurance segment contains Annual Aggregate Deductibles which apply on a contract, not line of business, basis. These deductible further complicate the allocation to line of business.

Diversified Reinsurance Segment

The following table represents information on the Company's incurred losses and LAE and cumulative paid losses and LAE, both net of reinsurance, since 2011 for our Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC RE business as at October 31, 2008 of $755,554 and reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of the disclosure, the reserves from each of the loss portfolio transfers were allocated to the original accident year.

Many pro-rata contracts are big enough that specific company development patterns are used. The ELR from the pricing of the account is typically used for the first year or more until the data suggests an alternative result is likely. Use of the ELR method transitions to the BF and then the LD method. For smaller contracts, benchmark development patterns may be used in both the pricing to establish the ELR and the reserving. The use of benchmark patterns is more prevalent in excess of loss business and the movement to experience based methods is slower.

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

Diversified Reinsurance: Property Pro-rata

The majority of our pro-rata Property business is the property component of multi-line quota shares. In the Diversified Reinsurance segment, most of this exposure comes from Private Passenger Auto quota shares that include coverage for both casualty and automobile physical damage. Private Passenger Auto quota shares typically have either a property occurrence limit or have reinsurance that protects the Company's exposure. This reinsurance can be either purchased by the cedant or by the Company. Property exposures other than auto are written with an occurrence limit.

Our initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are relatively short-tailed, allowing for rapid movement to loss development methods.



Diversified Reinsurance - Property - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	8,600	$	8,748	$	8,735	$	8,710	$	8,695	$	8,687	$	8,687	$	10
2009	62,906		63,421		63,078		63,223		63,345		63,256		63,092		81
2010	83,101		86,056		85,243		85,067		85,019		85,117		85,687		214
2011	93,969		101,907		100,241		100,635		99,902		100,154		100,174		177
2012			96,681		95,977		94,837		95,160		95,755		96,667		614
2013					55,222		50,476		47,220		47,833		46,258		413
2014							75,027		77,207		77,703		77,001		1,707
2015									55,642		57,320		56,454		3,039
2016											53,917		53,265		10,970
2017													89,120		29,514
Total													$	676,405	$	46,739

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	7,913	$	8,333	$	8,527	$	8,571	$	8,601	$	8,659	$	8,659
2009	53,847		58,920		61,053		61,955		62,463		62,667		62,832
2010	59,259		73,510		79,660		82,256		83,239		85,132		85,234
2011	44,437		72,600		88,796		96,306		98,084		98,970		99,504
2012			44,152		66,148		84,466		90,071		92,958		94,885
2013					18,952		28,607		43,035		45,232		45,406
2014							27,901		51,896		66,675		73,404
2015									19,603		42,930		51,707
2016											17,849		34,847
2017													40,573
Total													$	597,051
Total net reserves													$	79,354

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

Diversified Reinsurance: Casualty - Personal Auto Pro-rata

All of the pro-rata Personal Auto in this category is the liability portion of Personal Auto quota shares. The majority of this business is non-standard Personal Auto which has very low, typically minimum financial responsibility limits which vary by state. The balance is standard or preferred business with higher limits. Personal injury protection, medical payments and uninsured motorists are also covered.



Diversified Reinsurance - Casualty Personal Auto - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	34,433	$	34,271	$	33,762	$	33,684	$	33,672	$	33,621	$	33,573	$	38
2009	50,752		50,982		51,488		51,335		51,285		51,281		51,258		20
2010	52,068		52,307		53,983		53,652		53,526		53,392		53,255		30
2011	95,183		100,051		100,154		97,956		96,740		96,898		96,661		221
2012			97,561		94,870		93,430		91,612		91,800		92,233		66
2013					88,567		84,759		78,156		78,085		77,834		217
2014							116,887		119,267		121,538		121,068		12
2015									87,420		94,363		98,637		1,493
2016											113,617		113,609		29,308
2017													161,355		46,835
Total													$	899,483	$	78,240

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	32,151	$	32,908	$	33,192	$	33,251	$	33,309	$	33,581	$	33,534
2009	46,510		49,547		50,482		50,675		51,180		51,192		51,216
2010	32,427		44,877		48,814		52,933		52,990		53,212		53,212
2011	59,279		87,558		87,649		94,042		95,771		96,369		96,427
2012			53,807		66,419		78,000		90,438		90,657		91,850
2013					55,816		56,683		75,542		77,236		77,266
2014							78,169		91,181		118,728		119,924
2015									26,564		89,940		97,825
2016											78,465		74,988
2017													119,775
Total													$	816,017
Total net reserves													$	83,466

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

Diversified Reinsurance: Casualty Commercial Auto - Pro-rata

All of the pro-rata Commercial Auto in this category is the liability portion of Commercial Auto quota shares. This business is separated from our Personal Auto liability due to the higher limits typically written on Commercial Auto exposures. Coverage is primarily for the service and commercial vehicle classification and to a lesser extent long haul trucking, common carrier or large fleet exposures. Commercial Auto has been an area of focus due to overall industry concerns regarding increases in loss frequency and severity.

Our initial underwriting year loss projections are generally based on the ELR method, primarily derived from individual account pricing analyses. Payment and reporting patterns are can be variable depending on the cedant, class of business, and venue. Transition to BF method and ultimately to LD method can vary in timing depending on our assessment of the stability of such indications.



Diversified Reinsurance - Casualty Commercial Auto - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,291	$	27,299	$	26,480	$	26,157	$	25,893	$	25,892	$	25,904	$	31
2009	14,312		16,867		16,139		16,196		16,251		16,282		16,332		5
2010	21,950		28,798		27,040		27,288		28,609		28,570		28,246		58
2011	49,018		54,980		55,466		57,776		57,208		59,221		59,938		281
2012			39,912		43,776		45,616		47,465		53,443		57,393		1,916
2013					38,203		38,256		41,071		44,645		53,463		5,528
2014							47,198		48,635		49,719		58,335		10,605
2015									39,924		43,933		49,078		5,696
2016											27,256		27,313		5,652
2017													27,180		17,124
Total													$	403,182	$	46,896

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	16,359	$	19,468	$	25,695	$	25,754	$	25,790	$	25,802	$	25,803
2009	7,253		12,644		15,715		16,035		16,179		16,215		16,227
2010	9,721		16,941		25,396		26,807		27,981		28,127		28,137
2011	6,344		23,776		38,394		39,776		51,084		55,199		57,290
2012			6,807		15,715		24,721		42,384		42,690		47,493
2013					4,312		11,360		24,003		29,720		41,317
2014							5,264		23,095		24,311		39,826
2015									8,026		10,415		13,041
2016											978		646
2017													8,308
Total													$	278,088
Total net reserves													$	125,094

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

Diversified Reinsurance: Property - XOL

This category is composed of Property business that is either part of a multi-line or a Property only excess of loss treaty. Large limits with high attachment points are generally avoided. Excess of loss Property exposures are written on a per risk basis with an occurrence limit that applies to the aggregation of all Property losses associated with a particular event. This mitigates the Company’s exposure to losses from catastrophes.



Diversified Reinsurance - Property - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	7,451	$	7,263	$	7,198	$	7,275	$	7,227	$	7,245	$	7,597	$	48
2009	46,589		45,983		45,419		46,001		46,465		46,095		45,983		244
2010	39,922		38,690		35,536		35,483		35,785		36,147		36,319		271
2011	59,512		57,472		60,344		61,403		61,057		60,834		61,103		786
2012			51,286		68,537		67,303		67,487		66,219		68,224		1,261
2013					54,354		68,893		69,009		68,540		69,976		1,927
2014							49,067		65,025		65,853		65,552		3,487
2015									55,875		57,652		58,675		3,807
2016											38,563		33,067		1,847
2017													33,256		3,705
Total													$	479,752	$	17,383

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	6,467	$	6,722	$	6,914	$	6,992	$	7,027	$	7,082	$	7,470
2009	36,636		42,022		43,126		44,509		45,146		45,266		45,388
2010	25,373		30,650		33,135		34,266		34,968		35,553		35,888
2011	22,923		43,849		53,325		57,121		58,038		59,362		59,755
2012			25,811		48,818		57,227		59,611		62,845		65,007
2013					21,675		49,324		58,938		61,942		64,996
2014							20,105		44,629		56,169		58,251
2015									13,854		33,338		44,379
2016											3,919		18,054
2017													12,677
Total													$	411,865
Total net reserves													$	67,887

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

Diversified Reinsurance: Commercial Auto - XOL

The Commercial Auto class of business provides auto liability and physical damage coverages, but the vast majority of the losses emanate from liability exposures. Coverage includes service and commercial vehicle classification and also long haul trucking, common carrier or large fleet exposures. This category is composed of Commercial Auto business that is either part of a multi-line or a Commercial Auto only excess of loss treaty or a facultative certificate. Facultative certificates are policies written to cover individually underwritten and priced specific risks for a ceding company. The rest of the excess commercial auto business is written as part of a treaty where the Company underwrites the ceding company but not each individual risk.

Our initial underwriting year loss projections are generally based on the ELR method, derived either from account pricing analyses or historical performance metrics. Payment and reporting patterns are medium-tailed, and the movement away from the ELR to the BF or the LD methods may take several years. In some cases, due to changing development characteristics in the line of business, an average FS methodology may be employed.



Diversified Reinsurance - Commercial Auto - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	45,465	$	40,837	$	40,781	$	41,861	$	41,761	$	41,936	$	42,070	$	334
2009	39,452		35,925		41,326		44,478		43,496		44,081		44,042		776
2010	35,691		28,826		28,379		33,487		35,891		37,611		37,855		577
2011	45,054		44,651		48,073		53,108		57,620		59,931		60,957		1,263
2012			43,445		42,995		44,323		51,793		55,352		55,266		2,751
2013					54,131		52,533		69,732		94,178		100,326		7,849
2014							57,566		62,156		75,867		88,298		11,720
2015									47,445		48,355		59,457		7,060
2016											36,304		37,081		2,252
2017													25,333		4,186
Total													$	550,685	$	38,768

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,199	$	32,110	$	36,455	$	39,165	$	41,074	$	41,246	$	41,436
2009	8,956		18,865		27,059		27,096		29,956		33,122		41,760
2010	1,900		7,957		17,089		25,500		30,921		34,956		36,310
2011	1,012		5,462		16,955		31,556		49,640		52,774		58,139
2012			1,496		4,099		26,337		39,634		40,909		45,001
2013					1,181		10,359		40,021		51,333		72,202
2014							1,574		17,830		24,520		43,614
2015									5,261		8,435		9,718
2016											849		2,241
2017													1,643
Total													$	352,064
Total net reserves													$	198,621

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

Diversified Reinsurance: Workers' Compensation - XOL

The Workers' Compensation and employers liability treaty exposures focus primarily on regional or super-regional insurers with low to medium hazard exposures for small to medium sized employers. All Workers' Compensation excess coverages are written on an occurrence basis. This category is composed of Workers' Compensation business that is either part of a multi-line or a Workers' Compensation only excess of loss treaty or a facultative certificate. Facultative certificates are policies written to cover individually underwritten and priced specific risks for a ceding company. The rest of the excess workers' compensation business is written as part of a treaty where the Company underwrites the ceding company but not each individual risk. Reinsurance is used to limit the Company’s exposure when higher treaty limits are written.

Our initial underwriting year loss projections are generally based on the ELR method, derived either from account pricing analysis or historical performance metrics. Excess workers' compensation exposures typically have long claim payment and reporting patterns, even with the modest limits written. Claims can change due to many factors including, but not limited to, changes in medical inflation, judicial inflation and changing social trends. In addition, ceding company claim practices can influence the ultimate severity of excess claims. The ELR method is generally used for longer periods than for other lines.



Diversified Reinsurance - Workers' Compensation - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,823	$	27,963	$	26,736	$	25,534	$	24,731	$	23,955	$	22,873	$	3,129
2009	24,618		23,583		21,720		23,153		21,125		22,241		22,502		3,003
2010	24,132		19,270		16,921		12,674		13,140		15,598		17,104		1,441
2011	37,335		39,719		40,274		39,434		40,057		40,744		40,796		12,675
2012			30,759		31,353		26,093		23,801		23,300		21,013		6,700
2013					39,892		36,328		32,218		23,252		21,659		9,333
2014							47,333		42,982		37,544		39,542		13,145
2015									38,583		34,290		33,028		15,998
2016											47,869		40,459		25,573
2017													55,194		39,689
Total													$	314,170	$	130,686

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	5,659	$	7,316	$	10,530	$	11,105	$	14,094	$	15,236	$	15,543
2009	2,027		3,389		4,890		6,524		15,679		16,239		16,386
2010	661		1,244		1,999		3,301		3,870		11,804		13,394
2011	514		2,122		5,216		8,656		11,426		11,834		13,976
2012			546		1,318		2,364		4,220		8,327		8,960
2013					890		2,931		4,636		6,191		7,743
2014							2,003		3,030		10,526		14,670
2015									341		5,634		7,495
2016											4,561		4,614
2017													3,309
Total													$	106,090
			All outstanding liabilities prior to 2008, net of reinsurance										74,903
Total net reserves													$	282,983

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

Diversified Reinsurance: Excess of Loss - Other Liability including Umbrella

The coverages in this category are written on an occurrence basis. The umbrella class of business is primarily written for small to medium sized regional and some super regional companies on either a stand-alone basis or in support of a treaty covering other exposures. The other liabilities class of business also includes general liability. Most business is from regional companies which include coverage for artisan contractors, but higher severity exposures, such as heavy products liability or completed operations exposures are typically avoided. Professional, Directors and Officers and Errors and Omissions exposures are also typically avoided. This category is composed of excess of loss Other Liability including umbrella business that is either part of a multi-line or an excess of liability or umbrella only excess of loss treaty or, occasionally, a facultative certificate. Facultative certificates are policies written to cover individually underwritten and priced specific risks for a ceding company. The majority of this business is written as part of a treaty where the Company underwrites the ceding company but not each individual risk. Reinsurance is used to limit the Company’s exposure when higher treaty limits are written.

Excess other liability and umbrella exposures can have long claim payment and reporting patterns, even with the relatively modest limits written. Our initial underwriting year loss projections are generally based on the ELR method, derived either from account pricing analyses or historical performance metrics. Transitions to the BF method may take a few years, but are typically faster than for workers' compensation.



Diversified Reinsurance - Other Liability - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	29,961	$	29,052	$	29,362	$	30,086	$	29,659	$	30,336	$	30,374	$	1,163
2009	25,801		23,927		24,070		23,541		25,574		24,889		26,281		836
2010	25,939		23,157		20,348		19,736		20,399		20,896		21,204		1,429
2011	34,374		35,463		33,085		29,281		28,843		27,490		27,936		953
2012			35,609		36,096		30,291		31,509		30,073		30,884		2,473
2013					42,600		40,698		38,331		38,548		40,319		12,947
2014							43,305		46,021		48,809		52,737		12,655
2015									31,791		31,282		33,377		13,916
2016											32,657		30,190		15,994
2017													24,089		49,695
Total													$	317,391	$	112,061

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	18,230	$	21,186	$	23,528	$	25,002	$	27,076	$	27,694	$	28,383
2009	8,850		13,035		16,025		18,209		20,522		22,722		24,558
2010	6,430		9,751		11,995		15,513		17,221		18,281		19,543
2011	3,694		8,288		12,480		17,181		19,348		24,742		25,988
2012			3,385		9,841		12,140		15,469		23,662		25,976
2013					6,253		13,086		20,111		24,665		26,998
2014							5,321		24,146		33,013		39,339
2015									10,489		17,312		21,118
2016											10,552		15,441
2017													12,059
Total													$	239,403
Total net reserves													$	77,988

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

Diversified Reinsurance: Accident and Health

The A&H class of business specialize in reinsuring employer medical stop loss and other A&H lines. The majority of the portfolio is medical stop loss, however, there is expertise to selectively write accident, disability and other ancillary A&H products.

Our initial underwriting year loss projections are generally based on the ELR method, derived either from account pricing analyses or historical performance metrics. Payment and reporting patterns are very short-tailed, with most claims completely paid within 18 months of the underlying policy effective date. The movement away from the ELR to BF or LD methods typically happens very rapidly.



Diversified Reinsurance - A&H	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	11,153	$	11,147	$	11,133	$	11,111	$	11,106	$	11,106	$	11,106	$	—
2009	80,424		79,810		79,604		79,601		79,666		79,657		79,645		1
2010	43,582		43,271		43,048		43,281		43,366		43,366		43,364		—
2011	31,461		32,302		32,003		31,994		31,999		31,999		31,962		9
2012			29,270		31,725		31,860		31,816		31,815		31,811		10
2013					24,995		26,171		23,751		23,558		23,535		—
2014							27,851		28,839		25,750		26,223		493
2015									39,768		42,209		38,493		466
2016											53,164		52,983		17,376
2017													63,328		11,704
Total													$	402,450	$	30,059

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	11,145	$	11,142	$	11,128	$	11,106	$	11,106	$	11,106	$	11,106
2009	79,918		79,776		79,634		79,432		79,654		79,640		79,644
2010	33,498		42,809		42,995		43,095		43,365		43,365		43,364
2011	8,924		24,105		31,837		31,915		31,990		31,959		31,953
2012			7,407		23,362		31,733		31,824		31,821		31,800
2013					6,246		17,710		23,125		23,542		23,535
2014							8,001		16,909		25,009		25,713
2015									8,170		29,251		37,869
2016											12,974		32,699
2017													23,659
Total													$	341,342
Total net reserves													$	61,108

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

Diversified Reinsurance - International

The international business written by our IIS team is mainly proportional treaty business, a significant portion of which is Personal Auto quota share but also comprises credit life quota share. Life and personal accident business is also written on a direct basis by Maiden LF. Maiden works with insurance partners, automobile manufacturers and their related credit providers and other organizations to design and implement insurance programs in both auto distribution-related and other consumer insurance products.

For the auto quota share exposure, our initial underwriting year loss projections are generally based on the ELR method, derived from account pricing analyses. Payment and reporting patterns are short-tailed, and the movement away from the ELR to BF or LD methods typically happens very rapidly. Credit life reserves are primarily a function of reporting lag, typically only one or several months on average. The reserves are calculated using a FS methodology, where the frequency is a function of the average claims lag and the average per claims severity.



Diversified Reinsurance - International	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2010	$	84,588	$	84,206	$	84,115	$	83,760	$	81,873	$	84,095	$	86,237	$	(616	)
2011	53,773		52,314		52,316		52,537		52,488		52,305		52,714		(25		)
2012			53,888		52,141		52,487		52,629		52,705		52,976		90
2013					48,082		53,708		55,168		54,687		55,323		249
2014							45,402		51,681		51,614		51,529		855
2015									45,693		47,228		47,792		(1,102		)
2016											41,231		43,310		1,718
2017													39,459		12,339
Total													$	429,340	$	13,508

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2010	$	36,609	$	46,130	$	51,165	$	52,964	$	54,664	$	56,286	$	57,886
2011	26,316		48,729		50,506		51,869		52,320		52,564		52,714
2012			25,533		43,510		46,136		47,336		47,688		48,288
2013					26,056		46,827		49,544		50,998		51,491
2014							25,391		44,970		47,434		48,757
2015									23,259		42,044		44,258
2016											24,023		39,033
2017													20,522
Total													$	362,949
Total net reserves													$	66,391

The following tables represent information on the Company's incurred losses and LAE and cumulative paid losses and LAE, both net of reinsurance, by significant line of business since 2011 for our AmTrust Reinsurance segment. All data shown for the AmTrust in the tables that follow are from the Company’s quota share contracts with AmTrust, both the multi-year Reinsurance Agreement and the annually renewable European Hospital Liability Quota Share contract. AmTrust purchases significant reinsurance for losses above $10 million covered by the Reinsurance Agreement. The Company’s share of AmTrust’s loss net of reinsurance in the Reinsurance Agreement is 40%.

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

AmTrust Reinsurance: Workers’ Compensation

This reserve class consists of the Workers’ Compensation portion of the quota share Reinsurance Agreement. The business is written in the U.S. by AmTrust from their Small Commercial Business and their Specialty Program business units. AmTrust’s Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones.

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.



AmTrust Reinsurance Workers' Compensation	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	83
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		1,418
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		1,835
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		1,411
2012			136,960		168,016		173,946		171,040		172,692		181,616		5,141
2013					237,019		245,765		238,392		242,447		261,915		11,293
2014							379,589		365,515		382,260		419,748		24,366
2015									474,140		474,212		526,269		59,563
2016											528,906		568,006		88,243
2017													615,957		285,521
Total													$	3,023,645	$	478,874

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579
2012			45,030		88,382		119,059		138,706		150,543		158,807
2013					56,249		121,182		168,785		199,300		216,527
2014							69,512		189,954		268,467		321,258
2015									86,695		246,616		338,642
2016											110,051		284,501
2017													111,508
Total													$	1,850,098
			All outstanding liabilities prior to 2008, net of reinsurance										617
Total net reserves													$	1,174,164

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

AmTrust Reinsurance: General Liability

This reserve class consists of the General Liability portion of the Reinsurance Agreement. The business is written in the U.S. by AmTrust from their Small Commercial Business and Specialty Program segments. The Small Commercial Business unit focuses on writing smaller, niche business typically underserved by the broader insurance market, which typically have limits of $1,000. General Liability business written in the Small Commercial business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Specialty Program business may contain a mix of exposures from retail operations, contractors, manufacturer, and other premises.

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is relatively short tailed, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.



AmTrust Reinsurance General Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	274
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		271
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		1,003
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		2,291
2012			21,281		33,445		42,450		48,851		50,800		55,991		2,715
2013					42,021		43,116		66,869		68,641		79,731		5,476
2014							65,469		66,558		77,930		99,873		16,909
2015									118,111		95,766		122,942		30,023
2016											98,149		114,864		58,221
2017													116,158		86,190
Total													$	751,984	$	203,373

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257
2012			5,084		13,224		18,020		29,752		40,864		45,775
2013					4,996		10,226		32,249		44,698		58,377
2014							3,503		24,581		36,026		57,678
2015									20,849		33,963		52,350
2016											6,402		21,959
2017													6,967
Total													$	389,493
			All outstanding liabilities prior to 2008, net of reinsurance										251
Total net reserves													$	362,742

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

AmTrust Reinsurance: Commercial Auto Liability

Commercial Auto Liability is written in the U.S. and included in the Small Commercial Business and Specialty Program segments. The Small Commercial Business unit focuses on writing smaller, niche business typically underserved by the broader insurance market, and policies typically have limits of $1,000. Auto Liability business written in the Small Commercial business unit grew substantially following AmTrust’s renewal rights acquisition in 2014. Commercial Auto business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business.



AmTrust Reinsurance Commercial Auto Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	179
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		788
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		2,093
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		2,286
2012			20,863		32,691		40,076		44,812		48,116		46,150		110
2013					33,473		44,771		50,647		59,702		63,162		1,588
2014							47,525		55,023		73,966		82,427		3,346
2015									66,967		92,955		106,560		17,881
2016											121,828		118,210		30,881
2017													156,575		90,420
Total													$	717,819	$	149,572

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130
2012			6,693		14,979		26,508		35,460		43,745		44,165
2013					8,267		19,865		34,379		48,122		57,349
2014							8,450		22,858		42,960		64,459
2015									13,102		39,179		62,945
2016											19,071		48,595
2017													26,863
Total													$	441,901
			All outstanding liabilities prior to 2008, net of reinsurance										330
Total net reserves													$	276,248

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

AmTrust Reinsurance: European Hospital Liability

AmTrust entered this line of business in Italy in 2010 when it believed there were significant opportunities in what had traditionally been an under-performing market. European Hospital Liability policies are written on a claim made basis. Maiden wrote a separate annually renewable contract covering this exposure a year later. It is not part of the Reinsurance Agreement. Currently, most exposure remains in Italy with a modest amount of other European exposure. The European Hospital Liability Quota Share exposure results in many instances where claims are eventually closed with no liability. As a claims made exposure, there is also minimal to no "tail" that would result in IBNR. The net result is a significant amount of negative IBNR accounting for claims with case reserves established that are expected to be closed with no payment.

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Loss reporting for this line is unique, as a large proportion of claims are initially reserved but eventually closed with no payment, as the insurer is found to have no liability after investigation of the fundamentals of the claim. In addition, the underlying insurance policies we assume are both per claims and aggregate. For these reasons, the LD method is not typically employed in the estimate of loss. After the first several years, we utilize a FS methodology; frequency is estimated on a reported claim basis and adjusted for an estimate of the proportion of claims which will close with no payment, while severity is estimated on both a gross and net of deductible basis.



AmTrust Reinsurance European Hospital Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2011	$	52,759	$	24,644	$	38,147	$	52,706	$	50,134	$	69,034	$	66,939	$	4,607
2012			84,708		86,334		85,497		109,629		98,068		92,858		(17,642		)
2013					52,045		65,386		68,208		89,607		81,933		(16,629		)
2014							54,147		57,017		61,072		67,954		(9,999		)
2015									50,481		49,011		63,813		3,546
2016											47,264		54,411		5,336
2017													43,512		18,423
Total													$	471,420	$	(12,358	)

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2011	$	1,165	$	4,614	$	13,615	$	24,985	$	30,563	$	37,974	$	43,935
2012			5,106		16,324		37,152		48,389		62,213		73,357
2013					3,172		15,958		27,456		41,892		52,662
2014							4,465		12,578		26,145		37,212
2015									3,687		11,726		24,209
2016											3,805		11,303
2017													1,358
Total													$	244,036
Total net reserves													$	227,384

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

AmTrust Reinsurance: All Other Lines

This category includes all lines except Workers' Compensation, General Liability and Commercial Auto from the AmTrust Small Business Commercial and Specialty Program Divisions. The predominant exposures are property and auto physical damage.



AmTrust Reinsurance All Other Lines	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	75
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		663
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		1,110
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		769
2012			14,697		18,443		19,426		21,898		18,673		19,850		1,430
2013					17,806		17,630		28,058		22,918		21,313		961
2014							20,597		25,268		26,021		24,958		2,938
2015									52,706		54,857		49,631		8,098
2016											79,654		74,948		31
2017													104,637		35,063
Total													$	381,448	$	51,138

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892
2012			10,308		14,031		16,033		16,936		17,946		18,205
2013					11,877		15,997		17,509		20,258		20,456
2014							12,028		20,277		20,940		22,018
2015									28,929		45,208		42,631
2016											42,795		69,805
2017													48,903
Total													$	308,886
			All outstanding liabilities prior to 2008, net of reinsurance										2
Total net reserves													$	72,564

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

Reconciliation of Development Tables to Consolidated Balance Sheet

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2017:



	As at December 31, 2017
	Total Net Reserves		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
Property - Pro-rata	$	79,354	$	2,101	$	81,455
Casualty Personal Auto - Pro-rata	83,466		13,438		96,904
Casualty Commercial Auto - Pro-rata	125,094		1,592		126,686
Property - XOL	67,887		—		67,887
Commercial Auto - XOL	198,621		—		198,621
Workers' Compensation - XOL	282,983		—		282,983
Other Liability - XOL	77,988		25,446		103,434
A&H	61,108		—		61,108
International	66,391		2,051		68,442
Total	1,042,892		44,628		1,087,520
Other Diversified	99,851		—		99,851
Total Diversified Reinsurance - Segment	1,142,743		44,628		1,187,371

AmTrust Reinsurance
Workers' Compensation	1,174,164		—		1,174,164
General Liability	362,742		—		362,742
Commercial Auto Liability	276,248		16,991		293,239
European Hospital Liability	227,384		—		227,384
All Other Lines	72,564		—		72,564
Total	2,113,102		16,991		2,130,093
Other reconciling items	155,048		5,840		160,888
Total AmTrust Reinsurance - Segment	2,268,150		22,831		2,290,981

Other	18,744		50,152		68,896
Total reserves and LAE	$	3,429,637	$	117,611	$	3,547,248

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


b)	Claims duration disclosure

The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2017:



	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7
Diversified Reinsurance
Property - Pro-rata	41.1	%	28.0	%	19.8	%	6.4	%	2.0	%	1.2	%	0.8	%
Casualty Personal Auto - Pro-rata	62.0	%	15.8	%	16.3	%	4.3	%	0.4	%	0.8	%	0.1	%
Casualty Commercial Auto - Pro-rata	12.0	%	15.8	%	16.9	%	21.5	%	12.9	%	8.4	%	8.1	%
Property XOL	31.0	%	35.7	%	16.7	%	6.0	%	3.8	%	2.9	%	1.6	%
Commercial Auto XOL	3.1	%	9.0	%	20.2	%	22.2	%	20.7	%	9.0	%	11.3	%
Workers' Compensation XOL	4.8	%	5.2	%	9.4	%	8.0	%	5.5	%	0.7	%	0.6	%
Other Liability - XOL	21.6	%	19.3	%	12.5	%	10.3	%	7.0	%	15.6	%	6.8	%
Accident & Health	28.1	%	42.2	%	28.1	%	1.1	%	0.5	%	(0.1	)%	—	%
International	49.9	%	37.4	%	4.1	%	2.2	%	0.5	%	1.3	%	4.6	%

AmTrust Reinsurance
Workers' Compensation	20.2	%	27.5	%	17.5	%	11.1	%	6.1	%	3.3	%	3.4	%
General Liability	7.6	%	12.2	%	14.9	%	19.4	%	17.3	%	11.1	%	7.8	%
Commercial Auto Liability	14.2	%	20.3	%	21.5	%	19.7	%	14.0	%	6.6	%	5.0	%
European Hospital Liability	4.8	%	11.9	%	17.9	%	15.7	%	12.1	%	11.5	%	8.9	%
All other lines	53.9	%	25.2	%	3.2	%	7.1	%	6.8	%	3.6	%	5.1	%

The average annual payout of incurred claims by age, net of reinsurance, is calculated using the amount of claims paid in each development year and is compared with the estimated incurred claims as of the most recent period presented.

Related Party Transactions

12 Months Ended

Dec. 31, 2017

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, Leah Karfunkel (wife of Michael Karfunkel) owns or controls approximately 8.2% of the outstanding shares of the Company and Barry Zyskind (the Company's non-executive chairman) owns or controls approximately 7.7% of the outstanding shares of the Company. George Karfunkel now owns or controls less than 5.0% of the outstanding shares of the Company as at December 31, 2017 so there is no longer a public filing requirement. 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 42.7% of the outstanding shares of AmTrust. AmTrust owns 1.6% of the issued and outstanding shares of National General Holdings Corporation ("NGHC"), and Leah Karfunkel and the Michael Karfunkel 2005 Family Trust (which is controlled by Leah Karfunkel) owns 41.8% 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 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.

In 2015, Maiden Bermuda and AII entered into an agreement to commute certain liabilities as of December 31, 2015. The commuted reserve value of $107,000, represents full and final settlement of all liabilities related to this business and as a result of this agreement, this business is no longer being ceded to Maiden Bermuda.

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 is renewed through March 31, 2019 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.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's results of operations for the three years ended December 31, 2017, 2016 and 2015, respectively:



For the Year Ended December 31,	2017			2016			2015
Gross and net premiums written	$	1,993,478		$	2,006,646		$	1,885,974
Net premiums earned	1,969,907			1,931,656			1,717,989
Net loss and loss adjustment expenses	(1,549,064		)	(1,287,035		)	(1,094,880		)
Commission and other acquisition expenses	(630,376		)	(614,882		)	(539,671		)

10. 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 $4 of ceded premiums for the year ended December 31, 2017 (2016 - $19, 2015 - $68).

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. During the year ended December 31, 2017, under the terms of this agreement, we have recorded net premiums earned of approximately $1,520 (2016 - $1,139, 2015 - $673) and commission expense of $335 (2016 - $295, 2015 -$166).

Collateral provided to AmTrust

a) AmTrust Quota Share Reinsurance Agreement

In order to provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of the AmTrust's insurance subsidiaries, has established trust accounts ("Trust Accounts") for their benefit. Maiden Bermuda has agreed to provide appropriate collateral to secure its proportional share under the Reinsurance Agreement of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral. This collateral may be in the form of (a) assets loaned by Maiden Bermuda to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Bermuda for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Bermuda and delivered to an AmTrust subsidiary on AII's behalf, or (d) premiums withheld by an AmTrust subsidiary at Maiden Bermuda's request in lieu of remitting such premiums to AII. Maiden Bermuda may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Bermuda's proportionate share of its obligations under the Reinsurance Agreement with AII. Maiden Bermuda satisfied its collateral requirements under the Reinsurance Agreement with AII as follows:

•

by lending funds in the amount of $167,975 at December 31, 2017 and 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. Effective December 18, 2017, the maturity date with respect to each advance shall be the earliest of (i) June 30, 2019, (ii) such time as there are no remaining obligations due to AmTrust under the Reinsurance Agreement in respect of which such advance was originally made or (iii) such time as AII is no longer required to secure its proportionate share of such obligations. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Effective December 18, 2017, interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. Prior to that date, the interest was payable at a rate equivalent to one-month LIBOR plus 90 basis points per annum; and

•

effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, at December 31, 2017 was approximately $3,328,757 (2016 - $2,766,032) and the accrued interest was $20,830 (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 $24,624 (2016 - $24,146, 2015 - $21,475) of reinsurance brokerage expense for the year ended December 31, 2017, which is presented as part of the commission and other acquisition expenses in the consolidated statements of income, and deferred reinsurance brokerage of $14,741 (2016 - $14,395) at December 31, 2017 as a result of this agreement.

10. 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 $7,474 (2016 - $6,925, 2015 - $6,057) of investment management fees for the year ended December 31, 2017, as a result of this agreement.

Other

The Company entered into time sharing agreements for the lease of aircraft owned by AmTrust Underwriters, Inc. ("AUI"), a wholly owned subsidiary of AmTrust, and by AmTrust on March 1, 2011 and November 5, 2014, respectively. The agreements automatically renew for successive one-year terms unless terminated in accordance with the provisions of the agreements. Pursuant to the agreements, the Company will reimburse AUI and AmTrust for actual expenses incurred as allowed by Federal Aviation Regulations. For the year ended December 31, 2017, the Company recorded an expense of $39 (2016- $61, 2015 - $89) 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 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 expired on April 30, 2017. 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 any one insured person. In addition to these limits, the Company shall cover extra contractual obligations arising under this agreement with a maximum liability of $2,000. Under these agreements, Maiden US recorded approximately $542 of premiums earned for the year ended December 31, 2017 (2016 - $442, 2015 - $25).

Commitments, Contingencies and Concentrations

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Concentrations

a) Concentrations of Credit Risk

At December 31, 2017 and 2016, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party and reinsurance balances receivable. Please refer to "Note 8. Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties.

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 year ended December 31, 2017, our gross premiums written from AmTrust accounted for $1,993,478 or 70.8% of our total gross premiums written (2016 – $2,006,646 or 70.9%, 2015 – $1,885,974 or 70.8%).

c) Brokers

We market our Diversified Reinsurance segment through a combination of third-party intermediaries and directly through our own marketing efforts. For the year ended December 31, 2017, 50.7% (2016 - 53.9%, 2015 - 54.6%) of our Diversified Reinsurance segment's gross premiums written was sourced through brokers. Our top three brokers represented approximately 31.9% of gross premiums written by our Diversified Reinsurance segment for the year ended December 31, 2017 (2016 - 34.6%, 2015 - 36.9%) and is comprised of Aon Benfield Inc. - 13.9% (2016 - 13.8%, 2015 - 17.3%), Marsh & McLennan Companies (including Guy Carpenter) - 11.6% (2016 - 11.9%, 2015 - 12.2%), and Risk & Insurance Services Consulting - 6.4% (Beach & Associates 2016 - 8.9%, U.S. RE Corporation - 2015 - 7.4%).

d) Letters of Credit

At December 31, 2017, we had letters of credit outstanding of $83,903 (2016 - $76,656). The letters of credit are for collateral purposes and are secured by cash and fixed maturities with a fair value of $114,172 (2016 - $108,786).

e) Employment agreements

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

f) Operating Lease Commitments

The Company leases office space, an apartment, equipment and vehicles under operating leases expiring in various years through 2022. The Company's total rent expense for the year ended December 31, 2017 was $1,514 (2016 - $1,616, 2015 - $1,984). Future minimum lease payments at December 31, 2017 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2017
2018	$	1,490
2019	1,186
2020	1,025
2021	719
2022	719
	$	5,139

g) Other Commitments

The Company has an unfunded commitment on its investment in limited partnerships of approximately $306 at December 31, 2017 (2016 - $463).

The Company purchases retrocessional protection to limit certain exposures. The minimum deposit premiums are contractually due in advance on a quarterly basis. At December 31, 2017, the Company has an outstanding reinsurance purchase commitment of $1,305, all of which is due in 2018. There were no such commitments outstanding at December 31, 2016.

h) Other Collateral

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

11. Commitments and Contingencies (continued)

i) Deposit Insurance

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

j) Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Bermuda, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistleblowing in violation of the whistleblower 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, and we expect the hearings to conclude in 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.

k) Dividends declared

On November 7, 2017, the Company's Board of Directors authorized the following quarterly dividend:

Earnings per Common Share

12 Months Ended

Dec. 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 Year Ended December 31,	2017			2016			2015
Numerator:
Net (loss) income attributable to Maiden	$	(169,896	)	$	48,980		$	124,476
Dividends on preference shares – Series A, C and D	(29,156		)	(24,785		)	(12,375		)
Dividends on convertible preference shares – Series B	—			(8,971		)	(11,962		)
Amount allocated to participating common shareholders⁽¹⁾	(23		)	(7		)	(52		)
Numerator for basic EPS - net (loss) income allocated to Maiden common shareholders	(199,075		)	15,217			100,087
Potentially dilutive securities:
Dividends on convertible preference shares – Series B⁽²⁾	—			—			11,962
Numerator for diluted EPS - net (loss) income allocated to Maiden common shareholders after assumed conversion	$	(199,075	)	$	15,217		$	112,049
Denominator:
Weighted average number of common shares – basic	85,678,232			77,534,860			73,478,544
Potentially dilutive securities:
Share options and restricted share units	—			1,152,083			1,319,074
Convertible preference shares⁽²⁾	—			—			10,840,617
Adjusted weighted average number of common shares and assumed conversions – diluted	85,678,232			78,686,943			85,638,235
Basic (loss) earnings per share attributable to Maiden common shareholders:	$	(2.32	)	$	0.20		$	1.36
Diluted (loss) earnings per share attributable to Maiden common shareholders:	$	(2.32	)	$	0.19		$	1.31


(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. The 2017 amount allocated to the holders of non-vested restricted shares excluded undistributed losses during the year.

(2)

The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the year ended December 31, 2016 (for the period that the convertible shares were outstanding) as they were anti-dilutive. On September 15, 2016, the Company's $165,000 mandatory convertible preference shares - Series B were automatically converted into 12,069,090 of the Company's common shares at a conversion rate of 3.6573 per preference share. Please refer to "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements, for the terms and conditions of each of these anti-dilutive instruments.

At December 31, 2017, 1,688,010 share options and restricted share units (2016 – 24,000; 2015 – nil) were excluded from diluted earnings per common share because they were anti-dilutive.

Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

At December 31, 2017, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,730,054 common shares, of which 82,974,895 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,669,946 shares are undesignated at December 31, 2017.

a) Common Shares

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



For the Year Ended December 31,	2017		2016		2015
Outstanding shares – January 1	86,271,109		73,721,140		72,932,702
Mandatory conversion of preference shares – Series B	—		12,069,090		—
Issuance of vested restricted shares and restricted share units	246,382		251,027		378,120
Shares repurchased⁽¹⁾	(3,705,256	)	(35,258	)	(46,458	)
Exercise of options	162,660		265,110		456,776
Outstanding shares – December 31	82,974,895		86,271,109		73,721,140


(1)	The Company repurchased a total of 3,667,134 common shares under its share repurchase authorization. In addition, shares were repurchased from employees in respect of tax obligations arising from the vesting of restricted shares and performance based shares. See further details below in item (f).

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

b) Preference Shares – Series D

On June 15, 2017, the Company issued and authorized a total of 6,000,000, 6.7% Preference Shares – Series D (the "Preference Shares - Series D"), par value $0.01 per share, at a price of $25 per preference share. The Company's total net proceeds from the offering was $144,942, after deducting issuance costs of $5,058, which were recognized as a reduction in additional paid-in capital. The Preference Shares – Series D have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after June 15, 2022, subject to certain regulatory restrictions at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Additionally, at any time prior to June 15, 2022, the Company may redeem all but not less than all of the Series D Preference Shares at a redemption price of $26 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption subject to certain conditions and regulatory approval.

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

To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 6.7% of the $25 liquidation preference per annum. During any dividend period, so long as any Preference Shares – Series D remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Preference Shares – Series D have been declared and paid, no dividend shall be paid or declared on the common shares.

The holders of the Preference Shares – Series D have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2017, the Company declared and paid dividends on the Preference Shares – Series D of $5,025.

c) Preference Shares – Series C

On November 25, 2015, the Company issued and authorized a total of 6,600,000 7.125% Preference Shares – Series C (the "Preference Shares - Series C"), par value $0.01 per share, at a price of $25 per preference share. The Company's total net proceeds from the offering was $159,485, after deducting issuance costs of $5,515, which were recognized as a reduction in additional paid-in capital. The Preference Shares – Series C have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after December 15, 2020 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

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

13. Shareholders’ Equity (continued)

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

The holders of the Preference Shares – Series C have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2017, the Company declared and paid dividends on the Preference Shares – Series C of $11,756 (2016 -$12,410, 2015 - $0).

d) Mandatory Convertible Preference Shares – Series B

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

The Company paid cumulative dividends on each of the Preference Shares – Series B at a rate of 7.25% per annum on the initial liquidation preference of $50 per share (equivalent to $3.625 per annum per Preference Share – Series B or $0.90625 per quarter except on the initial payment date which was $0.745139). Dividends accrued and accumulated from the date of issuance and, to the extent that the Company had lawfully available funds to pay dividends and the Board of Directors declared a dividend payable, it paid dividends quarterly each year commencing on December 15, 2013, up to, and including, September 15, 2016 in cash.

On September 15, 2016, each of the outstanding Preference Share – Series B were automatically converted into 12,069,090 of the Company's common shares at a conversion rate of $3.6573 per preference share based on the volume weighted average price per share of the Company’s common shares over the forty consecutive trading day period beginning on, and including, the forty-second scheduled trading day immediately preceding September 15, 2016 (the "final averaging period"). The mandatory conversion date is the third business day immediately following the last trading day of the final averaging period. The Company declared and paid dividends on the Preference Shares – Series B of $8,971 for the year ended December 31, 2016 (2015 - $11,962).

e) Preference Shares - Series A

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

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

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

The holders of the Preference Shares – Series A have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2017, the Company declared and paid dividends on the Preference Shares - Series A of $12,375 (2016 and 2015 - $12,375).

f) Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. During the year ended December 31, 2017, the Company repurchased a total of 3,667,134 common shares at an average price of $6.84 per share under its share repurchase authorization. As at December 31, 2017, the Company has a remaining authorization of $74,924 for share repurchases.

In addition, during the year ended December 31, 2017, the Company repurchased a total of 38,122 (2016 - 35,258, 2015 - 46,458) shares at an average price per share of $15.06 (2016 - $13.33, 2015 - $14.09) from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares.

13. Shareholders’ Equity (continued)

g) Accumulated Other Comprehensive Income

The following table presents details about amounts reclassified from AOCI:



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
Unrealized (losses) gains on AFS securities		2017		2016			2015
	Net realized (losses) gains on investment	$	1,816	$	(576	)	$	263
	Net impairment losses recognized in earnings	—		—			—
	Total before tax	1,816		(576		)	263
	Income tax expense	—		—			—
	Total after tax	$	1,816	$	(576	)	$	263

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 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	44,421			(44,187		)	234
Amounts reclassified from AOCI to net income, net of tax	(1,816		)	—			(1,816		)
Net current period other comprehensive income (loss)	42,605			(44,187		)	(1,582		)
Ending balance	21,889			(8,583		)	13,306
Less: AOCI attributable to noncontrolling interest	—			(48		)	(48		)
Ending balance, Maiden shareholders	$	21,889		$	(8,535	)	$	13,354



For the Year Ended December 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 before reclassifications	32,820			5,373			38,193
Amounts reclassified from AOCI to net income, net of tax	576			—			576
Net current period other comprehensive income	33,396			5,373			38,769
Ending balance	(20,716		)	35,604			14,888
Less: AOCI attributable to noncontrolling interest	—			(109		)	(109		)
Ending balance, Maiden shareholders	$	(20,716	)	$	35,713		$	14,997



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

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2017

Share-based Compensation [Abstract]

Share Compensation and Pension Plans

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

Share Options

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

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

There were no options granted in 2017. The key assumptions used in determining the fair value of options granted in 2016 and 2015 and a summary of the methodology applied to develop each assumption were as follows:



	2016		2015
Assumptions:
Volatility	28.70	%	37.60	%
Risk-free interest rate	1.67	%	1.55	%
Weighted average expected lives in years	5.5 years		5.5 years
Forfeiture rate	1.66	%	2.16	%
Dividend yield rate	3.55	%	4.05	%

Expected Price Volatility — This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. Maiden began trading on May 6, 2008, thus, has a maximum of 8.6 years trading history for estimating historical volatility. Maiden's expected volatility for 2016 of 28.7% was based on the average of the implied volatility and its historical volatility, commensurate with the expected life of the options.

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

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

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

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

14. Share Compensation and Pension Plans (continued)

The following table shows all options granted, exercised, forfeited and expired under the Plan for the years ended December 31, 2017, 2016 and 2015:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2014	2,362,975		$	6.95			4.86 years	$	13,791	$3.28 - $12.42
Granted	24,000		$	13.98	$	3.31				$13.98
Exercised	(456,776	)	$	7.27				$	3,521
Expired	(3,442	)	$	8.61
Forfeited	(558	)	$	9.00
Outstanding, December 31, 2015	1,926,199		$	6.96			4.15 years	$	15,306	$3.28 - $13.98
Granted	24,000		$	13.12	$	2.45				$13.12
Exercised	(265,110	)	$	7.28				$	1,453
Expired	(1,000	)	$	7.67
Outstanding, December 31, 2016	1,684,089		$	7.00			3.36 years	$	17,598	$3.28 - $13.98
Exercised	(162,660	)	$	6.64				$	955
Expired	(4,660	)	$	9.92
Outstanding, December 31, 2017	1,516,769		$	7.03			2.45 years	$	1,100	$3.28 - $13.98
Total exercisable at December 31, 2017	1,514,675		$	7.02			2.44 years	$	1,100	$3.28 - $13.98

The weighted average grant date fair value was $2.13 (2016 - $2.10, 2015 - $2.13) for all options outstanding at December 31, 2017. There was $12 (2016 - $60) of total unrecognized compensation cost related to non-vested options at December 31, 2017 which will be recognized during the next 0.34 years. Cash in the amount of $1,081 was received from employees as a result of employee share option exercises during the year ended December 31, 2017 (2016 – $1,931, 2015 – $3,318). In connection with these exercises, there was no tax benefit realized by the Company.

Restricted Shares and Share Units

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

Performance-Based Restricted Share Units

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

Beginning in 2014, the Committee approved an annual award of PB-RSUs to certain senior leaders of the Company with each annual award vesting over three years.

Non-Performance-Based Restricted Share Units

Beginning in 2012, the Committee approved an annual award of NPB-RSUs with each annual award vesting over three years. The total fair value of share units vested during the year ended December 31, 2017 was $633 (2016 - $1,068, 2015 - $766).

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

Beginning in 2013, the Committee approved an annual award of NPB-RSs with each annual award vesting either over two or three years. The total fair value of restricted shares vested during the year ended December 31, 2017 was $357 (2016 - $428, 2015 - $698).

14. Share Compensation and Pension Plans (continued)

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



	Non-Performance-Based Restricted Share Units				Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units⁽¹⁾
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested December 31, 2014	146,666		$	10.45	86,317		$	10.63	807,770		$	10.51
Awards granted	64,795		$	13.89	38,180		$	13.94	291,730		$	13.89
Awards vested	(73,333	)	$	10.45	(67,061	)	$	10.41	(188,681	)	$	9.54
Awards forfeited	—		$	—	(4,284	)	$	11.38	(165,337	)	$	10.61
Non-vested at December 31, 2015	138,128		$	12.07	53,152		$	13.22	745,482		$	12.05
Awards granted	75,988		$	13.16	23,000		$	12.90	355,544		$	13.11
Awards vested	(94,931	)	$	11.24	(29,949	)	$	12.67	(85,847	)	$	12.29
Awards forfeited	—		$	—	—		$	—	(169,458	)	$	10.02
Non-vested at December 31, 2016	119,185		$	13.42	46,203		$	13.42	845,721		$	12.88
Awards granted	25,000		$	10.55	17,500		$	16.75	284,130		$	16.75
Awards vested	(46,927	)	$	13.50	(26,477	)	$	13.49	(110,976	)	$	12.20
Awards forfeited	—		$	—	—		$	—	(208,411	)	$	11.73
Non-vested at December 31, 2017	97,258		$	12.65	37,226		$	14.93	810,464		$	14.60


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

There was $525 and $200 of total unrecognized compensation cost related to RSUs and restricted shares at December 31, 2017, both of which will be recognized during the next 0.91 years and 0.98 years, respectively. Total share-based expense for the year ended December 31, 2017 was $2,938 (2016 - $3,414, 2015 - $2,938).

Pension Plans

The Company provides pension benefits to eligible employees principally through various defined contribution plans sponsored by the Company which vary by subsidiary. The Company’s expenses for its defined contribution plans for the year ended December 31, 2017 was $2,826 (2016 - $2,805, 2015 - $2,623).

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2017

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

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

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



	Maiden Bermuda			Maiden US			Maiden LF			Maiden GF
Statutory Capital and Surplus
December 31, 2017	$	1,205,991		$	301,661		$	8,510		$	6,417
December 31, 2016	1,470,206			296,550			8,101			—

Statutory Net Income (Loss)
For the Year Ended December 31, 2017	$	(167,307	)	$	16,866		$	(481	)	$	(168	)
For the Year Ended December 31, 2016	87,888			(3,926		)	756			—
For the Year Ended December 31, 2015	146,027			17,439			(199		)	—

At December 31, 2017, the Company's net assets were $1,232,626, of which $1,160,044 were restricted primarily as a result of solvency and liquidity requirements imposed on the Company's subsidiaries by local regulators as well as collateral requirements under various reinsurance agreements.

a) Bermuda

Maiden Bermuda is registered as a Class 3B reinsurer under The Insurance Act 1978 (Bermuda), amendments thereto and related regulations (the "Insurance Act"). Under the Insurance Act, Maiden Bermuda is subject to enhanced capital requirements in addition to minimum solvency and liquidity requirements. At December 31, 2017, Maiden Bermuda satisfied both the enhanced capital requirements and the minimum solvency and liquidity requirements.

Under the Insurance Act, Maiden Bermuda is prohibited from declaring or paying dividends of more than 25% of its total statutory capital and surplus, as shown in its previous financial year statutory balance sheet, unless at least seven days before payment of the dividends it files with the BMA an affidavit that it will continue to meet its minimum capital requirements as described above. Maiden Bermuda must obtain the BMA’s prior approval before reducing its total statutory capital, as shown in its previous financial year statutory balance sheet, by 15% or more. Maiden Bermuda is restricted in paying dividends that would result in Maiden Bermuda failing to comply with the ECR as calculated based on the BSCR or cause Maiden Bermuda to fail to meet its relevant margins. Based on these regulatory restrictions, the maximum amount available for payment of dividends to Maiden Holdings, Ltd. from Maiden Bermuda during 2017 without prior regulatory approval is $301,498. During the year ended December 31, 2017, dividends from Maiden Bermuda to Maiden Holdings, Ltd. were $105,000 (2016 - $445,000, 2015 -$0).

b) United States

Maiden US files financial statements in accordance with statutory accounting practices ("SAP") prescribed or permitted by state insurance regulatory authorities. The minimum statutory capital and surplus necessary to satisfy regulatory requirements for Maiden US for the year ended December 31, 2017 was $88,389 (2016 - $86,646). These requirements were met by Maiden US throughout the year ended December 31, 2017. Without prior approval of its domiciliary commissioner, dividends to shareholders are limited by the laws of the company's state of domicile, Missouri to the greater of 10% of statutory policyholders’ surplus at the preceding December 31, or net income, less net realized capital gain on investments, for the 12-month period ending December 31 of the preceding year. Additionally, Maiden US may only pay dividends if it has positive unassigned funds. Accordingly, the maximum dividend payments that can be made to shareholders in the next year without prior approval by the Missouri Department of Insurance is $0.

c) Sweden

The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA").Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,442 at December 31, 2017 (2016 - $3,891). This requirement was met by Maiden LF throughout the year. Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. At December 31, 2017, Maiden LF is allowed to pay dividends or distributions not exceeding $2,507 (2016 - $2,843). Maiden GF was granted a general insurance license effective September 14, 2016 with an approved level of initial statutory capital and surplus of $6,135. Maiden GF started writing business in 2017 and was required to maintain a minimum level of statutory capital and surplus of $4,442 at December 31, 2017. This requirement was met by Maiden GF throughout the year. Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. At December 31, 2017, Maiden GF is allowed to pay dividends or distributions not exceeding $0 (2016 - $0).

Taxation

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Taxation

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

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2012 through 2016 are not under examination but remain subject to examination in the U.S by the Internal Revenue Service. All prior tax years have been audited and closed without any impact on our operations.

The Company has subsidiary operations in various other locations around the world, including Australia, Austria, Germany, Ireland, Netherlands, Russia, Sweden and the U.K., that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2013 through 2017.

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

There were no unrecognized tax benefits at December 31, 2017, 2016 and 2015. (Loss) income before taxes and income tax (benefit) expense for the years ended December 31, 2017, 2016 and 2015 was as follows:



For the Year Ended December 31,	2017			2016			2015
(Loss) income before income taxes – Domestic (Bermuda)	$	(165,120	)	$	67,881		$	134,012
Loss before income taxes – Foreign (U.S. and others)	(8,183		)	(18,169		)	(7,690		)
Total (loss) income before income taxes	$	(173,303	)	$	49,712		$	126,322

Current tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Current tax expense – Foreign (U.S. and others)	669			490			780
Total current tax expense	669			490			780

Deferred tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Deferred tax (benefit) expense – Foreign (U.S. and others)	(4,227		)	1,084			1,258
Total deferred tax (benefit) expense	(4,227		)	1,084			1,258

Total income tax (benefit) expense	$	(3,558	)	$	1,574		$	2,038

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2017, 2016 and 2015 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to income before income taxes:



For the Year Ended December 31,	2017			2016			2015
(Loss) income before income taxes	$	(173,303	)	$	49,712		$	126,322
Less: income tax (benefit) expense	(3,558		)	1,574			2,038
Net (loss) income	$	(169,745	)	$	48,138		$	124,284
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	2.8		%	(10.8		)%	(2.2		)%
Rate change in the U.S.	2.9		%	—		%	—		%
Valuation allowance in respect of U.S. taxes	(3.4		)%	13.2		%	3.2		%
Other jurisdictions	(0.2		)%	0.8		%	0.6		%
Actual tax rate	2.1		%	3.2		%	1.6		%

16. Taxation (continued)

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows:



December 31,	2017		2016
Deferred tax assets:
Net operating losses	$	39,923	$	63,143
Unearned premiums	6,537		11,336
Discounting of net loss and LAE reserves	12,222		12,091
Accruals not currently deductible	65		160
Retro reinsurance adjustment	4,481		2,679
Amortization of intangible assets	1,180		2,439
OTTI	—		1,198
Others	797		610
Deferred tax assets before valuation allowance	65,205		93,656
Valuation allowance	51,073		78,300
Deferred tax assets, net	14,132		15,356
Deferred tax liabilities:
Deferred commission and other acquisition expenses	6,927		11,826
Intangible assets with indefinite lives	1,050		1,750
Amortization of goodwill	6,384		9,480
Reserve change in basis	5,076		—
Net unrealized gains on investment	1,141		2,713
Others	434		730
Deferred tax liabilities	21,012		26,499
Net deferred tax liability	$	6,880	$	11,143

Pursuant to the Tax Cuts and Jobs Act of 2017, the U.S. corporate tax rate is reduced from 35% to 21% effective January 1, 2018 and as a result the Company recorded a write-down of its U.S. deferred tax liability of $4,956 resulting in a lower income tax expense of the same amount during 2017. The net deferred tax liability at December 31, 2017 was $6,880 (2016 - $11,143). A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses, unearned premium and loss reserve discounting. At this time, we believe it is necessary to establish a valuation allowance against the net deferred tax assets due to insufficient positive evidence regarding the utilization of these losses. During 2017, the Company recorded a net decrease in the valuation allowance of $27,227 (2016 - decrease of $545) which includes the impact of the rate change of $34,049. At December 31, 2017, the Company has an available net operating loss carry-forward of approximately $189,891 (2016 - $180,408) for income tax purposes which expires beginning in 2029.

Condensed Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Condensed Quarterly Financial Data — Unaudited

The following tables summarize our quarterly financial data:



2017 Quarters Ended	March 31		June 30			September 30			December 31⁽¹⁾
Total revenues	$	756,307	$	754,756		$	703,036		$	707,049
Net income (loss)	26,501		(16,335		)	(55,054		)	(124,857		)
Net income (loss) attributable to Maiden common shareholders	20,490		(22,359		)	(63,596		)	(133,587		)
Comprehensive income (loss) – attributable to Maiden	27,117		3,658			(44,547		)	(157,767		)
Basic earnings (loss) per common share attributable to Maiden common shareholders	$	0.24	$	(0.26	)	$	(0.74	)	$	(1.59	)
Diluted earnings (loss) per common share attributable to Maiden common shareholders	$	0.23	$	(0.26	)	$	(0.74	)	$	(1.59	)



2016 Quarters Ended	March 31		June 30		September 30		December 31⁽²⁾
Total revenues	$	659,414	$	674,746	$	738,189	$	659,284
Net income (loss)	36,829		39,887		40,796		(69,374		)
Net income (loss) attributable to Maiden common shareholders	27,216		30,910		31,829		(74,731		)
Comprehensive income (loss) – attributable to Maiden	130,130		89,389		45,802		(177,577		)
Basic earnings (loss) per common share attributable to Maiden common shareholders⁽³⁾	$	0.37	$	0.42	$	0.42	$	(0.87	)
Diluted earnings (loss) per common share attributable to Maiden common shareholders⁽³⁾	$	0.35	$	0.39	$	0.40	$	(0.87	)

(1)

During the fourth quarter of 2017, the Company increased the prior year reserves mainly in both our Diversified Reinsurance and AmTrust Reinsurance segments. The Company recorded unfavorable reserve development which reduced its net income, net income attributable to Maiden common shareholders and comprehensive income during the three months ended December 31, 2017 by approximately $170,960 or $2.03 per basic and diluted common share.

(2)

During the fourth quarter of 2016, following the receipt of updated information during the Company's reserving process and in response to a very challenging commercial auto market, the Company increased the reserve for loss and LAE in both our Diversified Reinsurance and AmTrust Reinsurance segments as well as our NGHC run-off business. The Company recorded unfavorable reserve development which reduced its net income, net income attributable to Maiden common shareholders and comprehensive income during the three months ended December 31, 2016 by approximately $120,426 or $1.40 per basic common share and $1.39 per diluted common share.

(3)

Basic earnings (loss) per common share attributable to Maiden common shareholders and diluted earnings (loss) per common share attributable to Maiden common shareholders is calculated as a function of average shares issued, or dilutive, during the respective period. The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the year ended December 31, 2016 (for the period that the convertible shares were outstanding) as they were anti-dilutive however they were dilutive in each of the first three quarters of 2016 until their mandatory conversion to common shares on September 15, 2016. Please refer to "Note 12. Earnings per Common Share" for further details.

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

12 Months Ended

Dec. 31, 2017

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

Schedule I Summary of Investments Other than Investments in Related Parties

Schedule I

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



December 31, 2017	Amortized Cost⁽¹⁾		Fair Value		Amount at Which Shown in the Balance Sheet
AFS fixed maturities:
U.S. treasury bonds	$	60,711	$	60,801	$	60,801
U.S. agency bonds – mortgage-backed	2,026,305		2,014,614		2,014,614
U.S. agency bonds – other	29,941		29,782		29,782
Non-U.S. government and supranational bonds	33,381		31,876		31,876
Asset-backed securities	317,544		321,410		321,410
Corporate bonds	1,557,611		1,583,311		1,583,311
Municipal bonds	2,500		2,576		2,576
Total AFS fixed maturities	4,027,993		4,044,370		4,044,370
HTM fixed maturities:
Corporate bonds	1,037,464		1,065,245		1,037,464
Municipal bonds	60,337		60,381		60,337
Total HTM fixed maturities	1,097,801		1,125,626		1,097,801
Other investments	5,219		6,600		6,600
Total investments	$	5,131,013	$	5,176,596	$	5,148,771

⁽¹⁾ Original cost of other investments and, for fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or discounts

Schedule II Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II Condensed Financial Information of Parent Company

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED BALANCE SHEETS — PARENT COMPANY
As of December 31, 2017 and 2016

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



	2017			2016
ASSETS
Fixed maturities, available-for-sale, at fair value (Amortized cost 2017: $68,952; 2016: $16,220)	$	68,965		$	16,363
Other investments, at fair value (Cost 2017: $500; 2016: $4,752)	500			6,586
Cash and cash equivalents	9,886			16,677
Investment in subsidiaries	1,401,547			1,555,857
Balances due from subsidiaries	79,376			73,414
Goodwill	5,972			5,972
Other assets	4,260			1,248
Total assets	$	1,570,506		$	1,676,117
LIABILITIES
Accrued expenses and other liabilities	$	14,810		$	14,478
Balances due to subsidiaries	217,176			194,536
Senior notes - principal amount	110,000			110,000
Less: unamortized debt issuance costs	3,654			3,694
Senior notes, net	106,346			106,306
Total liabilities	338,332			315,320
EQUITY
Preference shares	465,000			315,000
Common shares ($0.01 par value; 87,730,054 and 87,321,012 shares issued in 2017 and 2016, respectively; 82,974,895 and 86,271,109 shares outstanding in 2017 and 2016, respectively)	877			873
Additional paid-in capital	748,113			749,256
Accumulated other comprehensive income	13,354			14,997
Retained earnings	35,472			285,662
Treasury shares, at cost (4,755,159 and 1,049,903 shares in 2017 and 2016, respectively)	(30,642		)	(4,991		)
Total equity	1,232,174			1,360,797
Total liabilities and equity	$	1,570,506		$	1,676,117

1) Maiden Holdings has fully and unconditionally guaranteed the $152.5 million 2013 Senior Notes - 7.75% issued by its wholly owned subsidiary, Maiden NA. The Senior Notes are an unsecured and unsubordinated obligation of Maiden Holdings.

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME — PARENT COMPANY
For the Years Ended December 31, 2017, 2016 and 2015
(In thousands of U.S. dollars)



For the Year Ended December 31,	2017			2016			2015
Revenues
Net investment income	$	885		$	1,693		$	2,034
Net realized gains on investment	5,466			1,990			20
Other fee revenue	—			—			1,321
	6,351			3,683			3,375
Expenses
General and administrative expenses	20,092			17,008			16,319
Interest and amortization expenses	7,328			3,988			—
Foreign exchange (gains) losses	(819		)	1,371			668
	26,601			22,367			16,987
Loss before equity in earnings of consolidated subsidiaries	(20,250		)	(18,684		)	(13,612		)
Equity in (loss) earnings of consolidated subsidiaries	(149,646		)	67,664			138,088
Net (loss) income	(169,896		)	48,980			124,476
Dividends on preference shares	(29,156		)	(33,756		)	(24,337		)
Net (loss) income attributable to Maiden common shareholders	$	(199,052	)	$	15,224		$	100,139

Comprehensive (loss) income attributable to Maiden	$	(171,539	)	$	87,744		$	5,416

Schedule II

MAIDEN HOLDINGS, LTD.
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY
For the Years Ended December 31, 2017, 2016 and 2015
(In thousands of U.S. dollars)



For the Year Ended December 31,	2017			2016			2015
Cash flows provided by operating activities
Net (loss) income	$	(169,896	)	$	48,980		$	124,476
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries	149,646			(67,664		)	(138,088		)
Depreciation and amortization of debt issuance cost and bond premium and discount	131			207			222
Net realized gains on investment	(5,466		)	(1,990		)	(20		)
Foreign exchange (gains) losses	(819		)	1,371			668
Share-based compensation expense	2,938			3,414			2,938
Changes in assets – (increase) decrease:
Balance due from subsidiaries	(5,159		)	(7,222		)	(20,930)
Other assets	305			(125		)	237
Changes in liabilities – increase (decrease)
Accounts payable and accrued liabilities	478			(216		)	12
Balances due to subsidiaries	22,640			84,504			49,162
Net cash (used in) provided by operating activities	(5,202		)	61,259			18,677
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale	(74,893		)	(16,203		)	—
Purchases of other investments	(500		)	—			—
Proceeds from sales of fixed-maturities – available-for-sale	22,806			44,475			1,041
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale	15			—			—
Proceeds from sales of other investments	9,894			350			—
Dividends from subsidiaries	105,652			—			—
Contributions to subsidiaries	(100,751		)	(107,546		)	(122,757		)
Purchase of fixed assets	(3,410		)	—			—
Net cash used in investing activities	(41,187		)	(78,924		)	(121,716		)
Cash flows provided by financing activities
2016 Senior notes, net of issuance costs	—			106,285			—
Preference shares issuance, net of issuance costs	144,942			(143		)	159,628
Dividends paid – preference shares	(29,156		)	(33,756		)	(24,337		)
Dividends paid – Maiden common shareholders	(51,634		)	(43,127		)	(38,204		)
Issuance of common shares	1,081			1,931			3,318
Repurchase of common shares	(25,651		)	(470		)	(654		)
Net cash provided by financing activities	39,582			30,720			99,751
Effect of exchange rate changes on foreign currency cash	16			16			—
Net (decrease) increase in cash and cash equivalents	(6,791		)	13,071			(3,288		)
Cash and cash equivalents, beginning of year	16,677			3,606			6,894
Cash and cash equivalents, end of year	$	9,886		$	16,677		$	3,606

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Schedule III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2017

Supplementary Insurance Information [Abstract]

Schedule III Supplementary Insurance Information

Schedule III

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



	December 31, 2017						For the Year Ended December 31, 2017
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned			Net investment income		Net loss and LAE		Amortization of deferred commission and other acquisition expenses			General and admin. expenses		Net premiums written
Diversified Reinsurance	$	79,633	$	1,187,371	$	297,754	$	823,365		$	—	$	650,916	$	205,982		$	35,817	$	807,362
AmTrust Reinsurance	359,964		2,290,981		1,179,284		1,909,644			—		1,498,881		614,777			3,052		1,954,856
Total - Reportable Segments	439,597		3,478,352		1,477,038		2,733,009			—		2,149,797		820,759			38,869		2,762,218
Other	—		68,896		—		(230		)	166,345		10,214		(1		)	31,691		(230		)
Total	$	439,597	$	3,547,248	$	1,477,038	$	2,732,779		$	166,345	$	2,160,011	$	820,758		$	70,560	$	2,761,988



	December 31, 2016						For the Year Ended December 31, 2016
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and LAE		Amortization of deferred commission and other acquisition expenses		General and admin. expenses		Net premiums written
Diversified Reinsurance	$	85,432	$	1,103,936	$	323,873	$	724,124	$	—	$	579,520	$	188,506	$	35,681	$	766,119
AmTrust Reinsurance	339,173		1,757,728		1,151,633		1,843,621		—		1,225,830		584,820		2,896		1,888,428
Total - Reportable Segments	424,605		2,861,664		1,475,506		2,567,745		—		1,805,350		773,326		38,577		2,654,547
Other	—		34,832		—		405		145,892		14,556		338		28,407		405
Total	$	424,605	$	2,896,496	$	1,475,506	$	2,568,150	$	145,892	$	1,819,906	$	773,664	$	66,984	$	2,654,952



	December 31, 2015						For the Year Ended December 31, 2015
	Deferred commission and other acquisition expenses		Reserve for loss and loss adjustment expenses		Unearned premiums		Net premiums earned		Net investment income		Net loss and LAE		Amortization of deferred commission and other acquisition expenses		General and admin. expenses		Net premiums written
Diversified Reinsurance	$	80,012	$	1,046,471	$	277,460	$	744,875	$	—	$	547,296	$	196,292	$	35,312	$	734,781
AmTrust Reinsurance	317,536		1,420,418		1,077,112		1,684,191		—		1,074,072		527,863		3,016		1,779,334
Total - Reportable Segments	397,548		2,466,889		1,354,572		2,429,066		—		1,621,368		724,155		38,328		2,514,115
Other	—		43,212		—		3		131,092		12,202		42		26,544		1
Total	$	397,548	$	2,510,101	$	1,354,572	$	2,429,069	$	131,092	$	1,633,570	$	724,197	$	64,872	$	2,514,116

Schedule IV Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2017

Supplementary Insurance Information [Abstract]

Schedule IV Supplementary Reinsurance Information

Schedule IV

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



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2017 Premiums – General Insurance	$	5,765	$	54,063	$	2,810,286	$	2,761,988	101.7	%
2016 Premiums – General Insurance	8,045		176,396		2,823,303		2,654,952		106.3	%
2015 Premiums – General Insurance	9,160		148,710		2,653,666		2,514,116		105.6	%

Schedule VI

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



	Net loss and LAE				Paid loss and LAE
For the Year Ended December 31,	Current Year		Prior Year		Paid loss and LAE
2017	$	1,802,118	$	357,893	$	1,582,371
2016	1,600,454		219,452		1,437,591
2015	1,558,704		74,866		1,350,357

Schedule VI Supplementary Reinsurance Information

12 Months Ended

Dec. 31, 2017

Supplementary Insurance Information [Abstract]

Schedule VI Supplementary Reinsurance Information

Schedule IV

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



For the Year Ended December 31,	(a) Gross		(b) Ceded to other companies		(c) Assumed from other companies		(d) Net amount (a) - (b) + (c)		Percentage of amount to net (c)/(d)
2017 Premiums – General Insurance	$	5,765	$	54,063	$	2,810,286	$	2,761,988	101.7	%
2016 Premiums – General Insurance	8,045		176,396		2,823,303		2,654,952		106.3	%
2015 Premiums – General Insurance	9,160		148,710		2,653,666		2,514,116		105.6	%

Schedule VI

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



	Net loss and LAE				Paid loss and LAE
For the Year Ended December 31,	Current Year		Prior Year		Paid loss and LAE
2017	$	1,802,118	$	357,893	$	1,582,371
2016	1,600,454		219,452		1,437,591
2015	1,558,704		74,866		1,350,357

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Reporting and Consolidation

Estimates

Investments

2. Significant Accounting Policies (continued)


•	Historic and implied volatility of the security;


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


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


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


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

Fair Value Measurements

•

2. Significant Accounting Policies (continued)


•	Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: investments in start-up insurance entities.

Cash and Cash Equivalents

Premiums and Related Expenses

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2017 and 2016.

2. Significant Accounting Policies (continued)

Loss and Loss Adjustment Expenses Incurred

Reinsurance

Debt Obligations and Deferred Debt Issuance Costs

Goodwill and Intangible Assets

Noncontrolling Interests

Income Taxes

Share-Based Compensation Expense

Earnings Per Share

Treasury Shares

Foreign Currency Transactions

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards Updates

Improvements to Employee Share-Based Payment Accounting

Simplified Accounting for Goodwill Impairment

Recently Issued Accounting Standards Not Yet Adopted

Revenue Recognition

Premium Amortization on Purchased Callable Debt Securities

2. Significant Accounting Policies (continued)

Scope of Modification Accounting

(2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and

Recognition and Measurement of Financial Assets and Financial Liabilities

Accounting for Leases

Accounting for Measurement of Credit Losses on Financial Instruments

2. Significant Accounting Policies (continued)

Classification of Certain Cash Receipts and Cash Payments

Presentation of Restricted Cash in the Statement of Cash Flows

Segment Information (Tables)

12 Months Ended

Dec. 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 Year Ended December 31, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	822,777		$	1,993,478		$	(204	)	$	2,816,051
Net premiums written	$	807,362		$	1,954,856		$	(230	)	$	2,761,988
Net premiums earned	$	823,365		$	1,909,644		$	(230	)	$	2,732,779
Other insurance revenue	9,802			—			—			9,802
Net loss and LAE	(650,916		)	(1,498,881		)	(10,214		)	(2,160,011		)
Commission and other acquisition expenses	(205,982		)	(614,777		)	1			(820,758		)
General and administrative expenses	(35,817		)	(3,052		)	—			(38,869		)
Underwriting loss	$	(59,548	)	$	(207,066	)	$	(10,443	)	(277,057		)
Reconciliation to net loss
Net investment income and realized gains on investment										178,567
Interest and amortization expenses										(23,260		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(2,132		)
Foreign exchange losses										(14,921		)
Other general and administrative expenses										(31,691		)
Income tax benefit										3,558
Net loss										$	(169,745	)

Net loss and LAE ratio⁽¹⁾	78.1		%	78.4		%				78.8		%
Commission and other acquisition expense ratio⁽²⁾	24.7		%	32.2		%				29.9		%
General and administrative expense ratio⁽³⁾	4.3		%	0.2		%				2.6		%
Expense ratio⁽⁴⁾	29.0		%	32.4		%				32.5		%
Combined ratio⁽⁵⁾	107.1		%	110.8		%				111.3		%

3. Segment Information (continued)



For the Year Ended December 31, 2016	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	824,341		$	2,006,646		$	361		$	2,831,348
Net premiums written	$	766,119		$	1,888,428		$	405		$	2,654,952
Net premiums earned	$	724,124		$	1,843,621		$	405		$	2,568,150
Other insurance revenue	10,817			—			—			10,817
Net loss and LAE	(579,520		)	(1,225,830		)	(14,556		)	(1,819,906		)
Commission and other acquisition expenses	(188,506		)	(584,820		)	(338		)	(773,664		)
General and administrative expenses	(35,681		)	(2,896		)	—			(38,577		)
Underwriting (loss) income	$	(68,766	)	$	30,075		$	(14,489	)	(53,180		)
Reconciliation to net income
Net investment income and realized gains on investment										152,666
Interest and amortization expenses										(28,173		)
Accelerated amortization of senior note issuance cost										(2,345		)
Amortization of intangible assets										(2,461		)
Foreign exchange and other gains, net										11,612
Other general and administrative expenses										(28,407		)
Income tax expense										(1,574		)
Net income										$	48,138

Net loss and LAE ratio⁽¹⁾	78.9		%	66.5		%				70.6		%
Commission and other acquisition expense ratio⁽²⁾	25.6		%	31.7		%				30.0		%
General and administrative expense ratio⁽³⁾	4.9		%	0.2		%				2.6		%
Expense ratio⁽⁴⁾	30.5		%	31.9		%				32.6		%
Combined ratio⁽⁵⁾	109.4		%	98.4		%				103.2		%

3. Segment Information (continued)



For the Year Ended December 31, 2015	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	776,852		$	1,885,974		$	(1	)	$	2,662,825
Net premiums written	$	734,781		$	1,779,334		$	1		$	2,514,116
Net premiums earned	$	744,875		$	1,684,191		$	3		$	2,429,069
Other insurance revenue	11,512			—			—			11,512
Net loss and LAE	(547,296		)	(1,074,072		)	(12,202		)	(1,633,570		)
Commission and other acquisition expenses	(196,292		)	(527,863		)	(42		)	(724,197		)
General and administrative expenses	(35,312		)	(3,016		)	—			(38,328		)
Underwriting (loss) income	$	(22,513	)	$	79,240		$	(12,241	)	44,486
Reconciliation to net income
Net investment income and realized gains on investment										133,590
Net impairment losses recognized in earnings										(1,060		)
Interest and amortization expenses										(29,063		)
Amortization of intangible assets										(2,840		)
Foreign exchange gains										7,753
Other general and administrative expenses										(26,544		)
Income tax expense										(2,038		)
Net income										$	124,284

Net loss and LAE ratio ⁽¹⁾	72.3		%	63.8		%				66.9		%
Commission and other acquisition expense ratio ⁽²⁾	26.0		%	31.3		%				29.7		%
General and administrative expense ratio ⁽³⁾	4.7		%	0.2		%				2.7		%
Expense ratio⁽⁴⁾	30.7		%	31.5		%				32.4		%
Combined ratio⁽⁵⁾	103.0		%	95.3		%				99.3		%


(1)	Calculated by dividing the 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 the net loss and LAE ratio and the expense ratio.

3. Segment Information (continued)

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



December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	294,775	$	50,268	$	345,043
Reinsurance recoverable on unpaid losses	44,628		22,831		67,459
Deferred commission and other acquisition expenses	79,633		359,964		439,597
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	75,583		—		75,583
Restricted cash and cash equivalents and investments	1,250,736		3,576,184		4,826,920
Other assets	27,554		81,385		108,939
Total assets - reportable segments	1,772,909		4,258,607		6,031,516
Corporate assets	—		—		612,673
Total Assets	$	1,772,909	$	4,258,607	$	6,644,189

December 31, 2016	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	281,073	$	119,151	$	400,224
Reinsurance recoverable on unpaid losses	54,299		32,933		87,232
Deferred commission and other acquisition expenses	85,432		339,173		424,605
Loan to related party	—		167,975		167,975
Goodwill and intangible assets, net	77,715		—		77,715
Restricted cash and cash equivalents and investments	1,247,793		3,137,810		4,385,603
Other assets	41,008		103,025		144,033
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

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



For the Year Ended December 31,	2017		2016		2015
Gross premiums written – North America	$	2,488,105	$	2,442,483	$	2,165,309
Gross premiums written – Other (predominantly Europe)	327,946		388,865		497,516
Gross premiums written – Total	$	2,816,051	$	2,831,348	$	2,662,825
Net premiums written – North America	$	2,435,371	$	2,280,232	$	2,038,444
Net premiums written – Other (predominantly Europe)	326,617		374,720		475,672
Net premiums written – Total	$	2,761,988	$	2,654,952	$	2,514,116
Net premiums earned – North America	$	2,407,339	$	2,184,184	$	2,027,141
Net premiums earned – Other (predominantly Europe)	325,440		383,966		401,928
Net premiums earned – Total	$	2,732,779	$	2,568,150	$	2,429,069

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 31,	2017					2016				2015
	Total			% of Total		Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	155,925		5.6	%	$	141,353	5.3	%	$	160,939	6.4	%
Casualty	482,160			17.5	%	466,089		17.6	%	435,625		17.3	%
Accident and Health	86,743			3.1	%	80,004		3.0	%	64,102		2.6	%
International	82,534			3.0	%	78,673		3.0	%	74,115		2.9	%
Total Diversified Reinsurance	807,362			29.2	%	766,119		28.9	%	734,781		29.2	%
AmTrust Reinsurance
Small Commercial Business	1,278,974			46.3	%	1,181,496		44.5	%	1,057,968		42.1	%
Specialty Program	350,113			12.7	%	344,677		13.0	%	332,416		13.2	%
Specialty Risk and Extended Warranty	325,769			11.8	%	362,255		13.6	%	388,950		15.5	%
Total AmTrust Reinsurance	1,954,856			70.8	%	1,888,428		71.1	%	1,779,334		70.8	%
Other	(230		)	—	%	405		—	%	1		—	%
	$	2,761,988		100.0	%	$	2,654,952	100.0	%	$	2,514,116	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 31,	2017					2016				2015
	Total			% of Total		Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	157,466		5.8	%	$	136,629	5.3	%	$	157,186	6.5	%
Casualty	496,301			18.1	%	432,509		16.8	%	449,000		18.5	%
Accident and Health	86,571			3.2	%	74,204		2.9	%	55,672		2.3	%
International	83,027			3.0	%	80,782		3.2	%	83,017		3.4	%
Total Diversified Reinsurance	823,365			30.1	%	724,124		28.2	%	744,875		30.7	%
AmTrust Reinsurance
Small Commercial Business	1,255,941			46.0	%	1,131,582		44.1	%	984,333		40.5	%
Specialty Program	344,336			12.6	%	337,396		13.1	%	290,209		11.9	%
Specialty Risk and Extended Warranty	309,367			11.3	%	374,643		14.6	%	409,649		16.9	%
Total AmTrust Reinsurance	1,909,644			69.9	%	1,843,621		71.8	%	1,684,191		69.3	%
Other	(230		)	—	%	405		—	%	3		—	%
	$	2,732,779		100.0	%	$	2,568,150	100.0	%	$	2,429,069	100.0	%

Investments (Tables)

12 Months Ended

Dec. 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 December 31, 2017 and 2016, are as follows:



December 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	60,711	$	103	$	(13	)	$	60,801
U.S. agency bonds – mortgage-backed	2,026,305		8,074		(19,765		)	2,014,614
U.S. agency bonds – other	29,941		4		(163		)	29,782
Non-U.S. government and supranational bonds	33,381		231		(1,736		)	31,876
Asset-backed securities	317,544		4,065		(199		)	321,410
Corporate bonds	1,557,611		43,271		(17,571		)	1,583,311
Municipal bonds	2,500		76		—			2,576
Total AFS fixed maturities	4,027,993		55,824		(39,447		)	4,044,370
HTM fixed maturities:
Corporate bonds	1,037,464		28,694		(913		)	1,065,245
Municipal bonds	60,337		128		(84		)	60,381
Total HTM fixed maturities	1,097,801		28,822		(997		)	1,125,626
Other investments	5,219		1,381		—			6,600
Total investments	$	5,131,013	$	86,027	$	(40,444	)	$	5,176,596



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
December 31, 2017	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	92,657	$	91,054	$	40,533	$	40,503
Due after one year through five years	578,427		582,583		333,003		342,141
Due after five years through ten years	987,819		1,009,652		724,265		742,982
Due after ten years	25,241		25,057		—		—
	1,684,144		1,708,346		1,097,801		1,125,626
U.S. agency bonds – mortgage-backed	2,026,305		2,014,614		—		—
Asset-backed securities	317,544		321,410		—		—
Total fixed maturities	$	4,027,993	$	4,044,370	$	1,097,801	$	1,125,626

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, 2017	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	—	$	—		$	587	$	(13	)	$	587	$	(13	)
U.S. agency bonds – mortgage-backed	842,000		(6,920		)	539,704		(12,845		)	1,381,704		(19,765		)
U.S. agency bonds – other	19,816		(163		)	—		—			19,816		(163		)
Non–U.S. government and supranational bonds	12,825		(971		)	15,253		(765		)	28,078		(1,736		)
Asset-backed securities	68,703		(150		)	3,017		(49		)	71,720		(199		)
Corporate bonds	247,341		(3,905		)	348,594		(14,579		)	595,935		(18,484		)
Municipal bonds	39,492		(84		)	—		—			39,492		(84		)
Total temporarily impaired fixed maturities	$	1,230,177	$	(12,193	)	$	907,155	$	(28,251	)	$	2,137,332	$	(40,444	)



	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	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at December 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	60,711	$	60,801	1.2	%
U.S. agency bonds	2,056,246		2,044,396		39.6	%
AAA	245,562		249,073		4.8	%
AA+, AA, AA-	204,792		207,898		4.0	%
A+, A, A-	1,381,031		1,404,451		27.2	%
BBB+, BBB, BBB-	1,125,471		1,149,511		22.2	%
BB+ or lower	51,981		53,866		1.0	%
Total fixed maturities	$	5,125,794	$	5,169,996	100.0	%



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:



December 31,	2017				2016
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	5,100	77.3	%	$	5,474	41.9	%
Investment in quoted equity	—		—	%	6,586		50.4	%
Other	1,500		22.7	%	1,000		7.7	%
Total other investments	$	6,600	100.0	%	$	13,060	100.0	%

Net investment income

Net investment income was derived from the following sources:



For the Year Ended December 31,	2017			2016			2015
Fixed maturities	$	166,625		$	147,011		$	132,394
Cash and cash equivalents	1,973			1,628			1,025
Loan to related party	3,447			2,360			1,865
Other	1,833			1,818			1,865
	173,878			152,817			137,149
Investment expenses	(7,533		)	(6,925		)	(6,057		)
Net investment income	$	166,345		$	145,892		$	131,092

Analysis of realized and unrealized gains on investment

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



For the Year Ended December 31, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	7,598	$	(1,254	)	$	6,344
Other investments	5,878		—			5,878
Net realized gains on investment	$	13,476	$	(1,254	)	$	12,222



For the Year Ended December 31, 2016	Gross gains		Gross losses			Net
AFS fixed maturities	$	7,140	$	(916	)	$	6,224
Other investments	550		—			550
Net realized gains on investment	$	7,690	$	(916	)	$	6,774



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

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

Net unrealized gains (losses) were as follows:



December 31,	2017			2016			2015
Fixed maturities	$	20,586		$	(23,635	)	$	(55,024	)
Other investments	1,381			3,003			996
Total net unrealized gains (losses)	21,967			(20,632		)	(54,028		)
Deferred income tax	(78		)	(84		)	(84		)
Net unrealized gains (losses), net of deferred income tax	$	21,889		$	(20,716	)	$	(54,112	)
Change, net of deferred income tax	$	42,605		$	33,396		$	(132,691	)

Fair value of restricted assets

The fair value of our restricted assets was as follows:



December 31,	2017		2016
Restricted cash – third party agreements	$	50,411	$	56,891
Restricted cash – related party agreements	73,017		46,777
Restricted cash – U.S. state regulatory authorities	156		120
Total restricted cash	123,584		103,788
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2017 – $1,311,538; 2016 – $1,307,926)	1,326,695		1,299,569
Restricted investments AFS– in trust for related party agreements at fair value (amortized cost: 2017 – $2,256,494; 2016 – $2,242,565)	2,288,472		2,225,066
Restricted investments HTM– in trust for related party agreements at fair value (amortized cost: 2017 – $1,097,801; 2016 – $752,212)	1,125,626		766,135
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2017 – $4,076; 2016 – $4,059)	4,147		4,238
Total restricted investments	4,744,940		4,295,008
Total restricted cash and investments	$	4,868,524	$	4,398,796

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

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

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



December 31, 2017	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
AFS fixed maturities
U.S. treasury bonds	$	60,801		$	—		$	—		$	—		$	60,801
U.S. agency bonds – mortgage-backed	—			2,014,614			—			—			2,014,614
U.S. agency bonds – other	—			29,782			—			—			29,782
Non-U.S. government and supranational bonds	—			31,876			—			—			31,876
Asset-backed securities	—			321,410			—			—			321,410
Corporate bonds	—			1,583,311			—			—			1,583,311
Municipal bonds	—			2,576			—			—			2,576
Other investments	—			—			1,500			5,100			6,600
Total	$	60,801		$	3,983,569		$	1,500		$	5,100		$	4,050,970
As a percentage of total assets	0.9		%	60.0		%	—		%	0.1		%	61.0		%



December 31, 2016	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			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			—			1,000			5,474			13,060
Total	$	11,999		$	3,966,253		$	1,000		$	5,474		$	3,984,726
As a percentage of total assets	0.2		%	63.4		%	—		%	0.1		%	63.7		%

Carrying values of financial instruments not measured at fair value

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



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	1,037,464	$	1,065,245	$	752,212	$	766,135
HTM - municipal bonds	60,337		60,381		—		—
Total financial assets	$	1,097,801	$	1,125,626	$	752,212	$	766,135

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	101,200	$	110,000	$	111,452
Senior Notes - MHNC – 7.75%	152,500		149,029		152,500		164,700
Senior Notes - MHNB – 8.00%⁽¹⁾	—		—		100,000		101,600
Total financial liabilities	$	262,500	$	250,229	$	362,500	$	377,752

⁽¹⁾ Please refer to "Note 7. Long-Term Debt", for disclosure regarding the redemption of the 2012 Senior Notes during the second quarter of 2017.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill and intangible assets

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



	Goodwill			Intangible Assets			Total
December 31, 2015	$	58,936		$	22,984		$	81,920
Impairment losses	(1,800		)	—			(1,800		)
Cumulative translation adjustment	56			—			56
Amortization	—			(2,461		)	(2,461		)
December 31, 2016	$	57,192		$	20,523		$	77,715
Amortization	—			(2,132		)	(2,132		)
December 31, 2017	$	57,192		$	18,391		$	75,583

Goodwill and intangible assets



December 31, 2017	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(1,800	)	$	57,192	Indefinite
State licenses	4,527		—			—			4,527		Indefinite
Customer relationships	51,400		(37,536		)	—			13,864		15 years double declining
Net balance	$	114,919	$	(37,536	)	$	(1,800	)	$	75,583



December 31, 2016	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(1,800	)	$	57,192	Indefinite
State licenses	4,527		—			—			4,527		Indefinite
Customer relationships	51,400		(35,404		)	—			15,996		15 years double declining
Net balance	$	114,919	$	(35,404	)	$	(1,800	)	$	77,715

Estimated amortization expenses for the next five years

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



2018	$	1,848
2019	1,602
2020	1,388
2021	1,203
2022	1,043

Long-Term Debt Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Senior Note Issuances

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



December 31, 2017	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	—		$	262,500
Less: unamortized issuance costs	3,654			4,364			—			8,018
Carrying value	$	106,346		$	148,136		$	—		$	254,482

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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&loc=d3e21521-112644

+ Details

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2017

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The following table summarizes adverse prior period development experienced in each of our reportable segments for the years ended December 31, 2017, 2016, and 2015:



For the Year Ended	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
December 31, 2017	$	(71,384	)	$	(239,896	)	$	(10,214	)	$	(321,494	)
December 31, 2016	(96,788		)	(54,000		)	(14,556		)	(165,344		)
December 31, 2015	(49,856		)	(9,100		)	(12,202		)	(71,158		)

Our reserve for loss and LAE comprises:



December 31,	2017		2016
Reserve for reported loss and LAE	$	1,925,151	$	1,617,956
Reserve for losses IBNR	1,622,097		1,278,540
Reserve for loss and LAE	$	3,547,248	$	2,896,496

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



For the Year Ended December 31,	2017			2016			2015
Gross loss and LAE reserves, January 1	$	2,896,496		$	2,510,101		$	2,271,292
Less: reinsurance recoverable on unpaid losses, January 1	99,936			71,248			75,873
Net loss and LAE reserves, January 1	2,796,560			2,438,853			2,195,419
Net incurred losses related to:
Current year	1,802,118			1,600,454			1,558,704
Prior years	357,893			219,452			74,866
	2,160,011			1,819,906			1,633,570
Net paid losses related to:
Current year	(634,371		)	(430,707		)	(457,517		)
Prior years	(948,000		)	(1,006,884		)	(892,840		)
	(1,582,371		)	(1,437,591		)	(1,350,357		)
Effect of foreign exchange movements	55,437			(24,608		)	(39,779		)
Net loss and LAE reserves, December 31	3,429,637			2,796,560			2,438,853
Reinsurance recoverable on unpaid losses, December 31	117,611			99,936			71,248
Gross loss and LAE reserves, December 31	$	3,547,248		$	2,896,496		$	2,510,101

Schedule of incurred losses and LAE and cumulative paid losses and LAE

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

Diversified Reinsurance: Property Pro-rata



Diversified Reinsurance - Property - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	8,600	$	8,748	$	8,735	$	8,710	$	8,695	$	8,687	$	8,687	$	10
2009	62,906		63,421		63,078		63,223		63,345		63,256		63,092		81
2010	83,101		86,056		85,243		85,067		85,019		85,117		85,687		214
2011	93,969		101,907		100,241		100,635		99,902		100,154		100,174		177
2012			96,681		95,977		94,837		95,160		95,755		96,667		614
2013					55,222		50,476		47,220		47,833		46,258		413
2014							75,027		77,207		77,703		77,001		1,707
2015									55,642		57,320		56,454		3,039
2016											53,917		53,265		10,970
2017													89,120		29,514
Total													$	676,405	$	46,739

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	7,913	$	8,333	$	8,527	$	8,571	$	8,601	$	8,659	$	8,659
2009	53,847		58,920		61,053		61,955		62,463		62,667		62,832
2010	59,259		73,510		79,660		82,256		83,239		85,132		85,234
2011	44,437		72,600		88,796		96,306		98,084		98,970		99,504
2012			44,152		66,148		84,466		90,071		92,958		94,885
2013					18,952		28,607		43,035		45,232		45,406
2014							27,901		51,896		66,675		73,404
2015									19,603		42,930		51,707
2016											17,849		34,847
2017													40,573
Total													$	597,051
Total net reserves													$	79,354

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

Diversified Reinsurance: Casualty - Personal Auto Pro-rata



Diversified Reinsurance - Casualty Personal Auto - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	34,433	$	34,271	$	33,762	$	33,684	$	33,672	$	33,621	$	33,573	$	38
2009	50,752		50,982		51,488		51,335		51,285		51,281		51,258		20
2010	52,068		52,307		53,983		53,652		53,526		53,392		53,255		30
2011	95,183		100,051		100,154		97,956		96,740		96,898		96,661		221
2012			97,561		94,870		93,430		91,612		91,800		92,233		66
2013					88,567		84,759		78,156		78,085		77,834		217
2014							116,887		119,267		121,538		121,068		12
2015									87,420		94,363		98,637		1,493
2016											113,617		113,609		29,308
2017													161,355		46,835
Total													$	899,483	$	78,240

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	32,151	$	32,908	$	33,192	$	33,251	$	33,309	$	33,581	$	33,534
2009	46,510		49,547		50,482		50,675		51,180		51,192		51,216
2010	32,427		44,877		48,814		52,933		52,990		53,212		53,212
2011	59,279		87,558		87,649		94,042		95,771		96,369		96,427
2012			53,807		66,419		78,000		90,438		90,657		91,850
2013					55,816		56,683		75,542		77,236		77,266
2014							78,169		91,181		118,728		119,924
2015									26,564		89,940		97,825
2016											78,465		74,988
2017													119,775
Total													$	816,017
Total net reserves													$	83,466

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

Diversified Reinsurance: Casualty Commercial Auto - Pro-rata



Diversified Reinsurance - Casualty Commercial Auto - Pro-rata	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,291	$	27,299	$	26,480	$	26,157	$	25,893	$	25,892	$	25,904	$	31
2009	14,312		16,867		16,139		16,196		16,251		16,282		16,332		5
2010	21,950		28,798		27,040		27,288		28,609		28,570		28,246		58
2011	49,018		54,980		55,466		57,776		57,208		59,221		59,938		281
2012			39,912		43,776		45,616		47,465		53,443		57,393		1,916
2013					38,203		38,256		41,071		44,645		53,463		5,528
2014							47,198		48,635		49,719		58,335		10,605
2015									39,924		43,933		49,078		5,696
2016											27,256		27,313		5,652
2017													27,180		17,124
Total													$	403,182	$	46,896

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	16,359	$	19,468	$	25,695	$	25,754	$	25,790	$	25,802	$	25,803
2009	7,253		12,644		15,715		16,035		16,179		16,215		16,227
2010	9,721		16,941		25,396		26,807		27,981		28,127		28,137
2011	6,344		23,776		38,394		39,776		51,084		55,199		57,290
2012			6,807		15,715		24,721		42,384		42,690		47,493
2013					4,312		11,360		24,003		29,720		41,317
2014							5,264		23,095		24,311		39,826
2015									8,026		10,415		13,041
2016											978		646
2017													8,308
Total													$	278,088
Total net reserves													$	125,094

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

Diversified Reinsurance: Property - XOL



Diversified Reinsurance - Property - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	7,451	$	7,263	$	7,198	$	7,275	$	7,227	$	7,245	$	7,597	$	48
2009	46,589		45,983		45,419		46,001		46,465		46,095		45,983		244
2010	39,922		38,690		35,536		35,483		35,785		36,147		36,319		271
2011	59,512		57,472		60,344		61,403		61,057		60,834		61,103		786
2012			51,286		68,537		67,303		67,487		66,219		68,224		1,261
2013					54,354		68,893		69,009		68,540		69,976		1,927
2014							49,067		65,025		65,853		65,552		3,487
2015									55,875		57,652		58,675		3,807
2016											38,563		33,067		1,847
2017													33,256		3,705
Total													$	479,752	$	17,383

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	6,467	$	6,722	$	6,914	$	6,992	$	7,027	$	7,082	$	7,470
2009	36,636		42,022		43,126		44,509		45,146		45,266		45,388
2010	25,373		30,650		33,135		34,266		34,968		35,553		35,888
2011	22,923		43,849		53,325		57,121		58,038		59,362		59,755
2012			25,811		48,818		57,227		59,611		62,845		65,007
2013					21,675		49,324		58,938		61,942		64,996
2014							20,105		44,629		56,169		58,251
2015									13,854		33,338		44,379
2016											3,919		18,054
2017													12,677
Total													$	411,865
Total net reserves													$	67,887

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

Diversified Reinsurance: Commercial Auto - XOL



Diversified Reinsurance - Commercial Auto - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	45,465	$	40,837	$	40,781	$	41,861	$	41,761	$	41,936	$	42,070	$	334
2009	39,452		35,925		41,326		44,478		43,496		44,081		44,042		776
2010	35,691		28,826		28,379		33,487		35,891		37,611		37,855		577
2011	45,054		44,651		48,073		53,108		57,620		59,931		60,957		1,263
2012			43,445		42,995		44,323		51,793		55,352		55,266		2,751
2013					54,131		52,533		69,732		94,178		100,326		7,849
2014							57,566		62,156		75,867		88,298		11,720
2015									47,445		48,355		59,457		7,060
2016											36,304		37,081		2,252
2017													25,333		4,186
Total													$	550,685	$	38,768

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,199	$	32,110	$	36,455	$	39,165	$	41,074	$	41,246	$	41,436
2009	8,956		18,865		27,059		27,096		29,956		33,122		41,760
2010	1,900		7,957		17,089		25,500		30,921		34,956		36,310
2011	1,012		5,462		16,955		31,556		49,640		52,774		58,139
2012			1,496		4,099		26,337		39,634		40,909		45,001
2013					1,181		10,359		40,021		51,333		72,202
2014							1,574		17,830		24,520		43,614
2015									5,261		8,435		9,718
2016											849		2,241
2017													1,643
Total													$	352,064
Total net reserves													$	198,621

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

Diversified Reinsurance: Workers' Compensation - XOL



Diversified Reinsurance - Workers' Compensation - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	26,823	$	27,963	$	26,736	$	25,534	$	24,731	$	23,955	$	22,873	$	3,129
2009	24,618		23,583		21,720		23,153		21,125		22,241		22,502		3,003
2010	24,132		19,270		16,921		12,674		13,140		15,598		17,104		1,441
2011	37,335		39,719		40,274		39,434		40,057		40,744		40,796		12,675
2012			30,759		31,353		26,093		23,801		23,300		21,013		6,700
2013					39,892		36,328		32,218		23,252		21,659		9,333
2014							47,333		42,982		37,544		39,542		13,145
2015									38,583		34,290		33,028		15,998
2016											47,869		40,459		25,573
2017													55,194		39,689
Total													$	314,170	$	130,686

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	5,659	$	7,316	$	10,530	$	11,105	$	14,094	$	15,236	$	15,543
2009	2,027		3,389		4,890		6,524		15,679		16,239		16,386
2010	661		1,244		1,999		3,301		3,870		11,804		13,394
2011	514		2,122		5,216		8,656		11,426		11,834		13,976
2012			546		1,318		2,364		4,220		8,327		8,960
2013					890		2,931		4,636		6,191		7,743
2014							2,003		3,030		10,526		14,670
2015									341		5,634		7,495
2016											4,561		4,614
2017													3,309
Total													$	106,090
			All outstanding liabilities prior to 2008, net of reinsurance										74,903
Total net reserves													$	282,983

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

Diversified Reinsurance: Excess of Loss - Other Liability including Umbrella



Diversified Reinsurance - Other Liability - XOL	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	29,961	$	29,052	$	29,362	$	30,086	$	29,659	$	30,336	$	30,374	$	1,163
2009	25,801		23,927		24,070		23,541		25,574		24,889		26,281		836
2010	25,939		23,157		20,348		19,736		20,399		20,896		21,204		1,429
2011	34,374		35,463		33,085		29,281		28,843		27,490		27,936		953
2012			35,609		36,096		30,291		31,509		30,073		30,884		2,473
2013					42,600		40,698		38,331		38,548		40,319		12,947
2014							43,305		46,021		48,809		52,737		12,655
2015									31,791		31,282		33,377		13,916
2016											32,657		30,190		15,994
2017													24,089		49,695
Total													$	317,391	$	112,061

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	18,230	$	21,186	$	23,528	$	25,002	$	27,076	$	27,694	$	28,383
2009	8,850		13,035		16,025		18,209		20,522		22,722		24,558
2010	6,430		9,751		11,995		15,513		17,221		18,281		19,543
2011	3,694		8,288		12,480		17,181		19,348		24,742		25,988
2012			3,385		9,841		12,140		15,469		23,662		25,976
2013					6,253		13,086		20,111		24,665		26,998
2014							5,321		24,146		33,013		39,339
2015									10,489		17,312		21,118
2016											10,552		15,441
2017													12,059
Total													$	239,403
Total net reserves													$	77,988

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

Diversified Reinsurance: Accident and Health

Our initial underwriting year loss projections are generally based on the ELR method, derived either from account pricing analyses or historical performance metrics. Payment and reporting patterns are very short-tailed, with most claims completely paid within 18 months of the underlying policy effective date. The movement away from the ELR to BF or LD methods typically happens very rapidly.



Diversified Reinsurance - A&H	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	11,153	$	11,147	$	11,133	$	11,111	$	11,106	$	11,106	$	11,106	$	—
2009	80,424		79,810		79,604		79,601		79,666		79,657		79,645		1
2010	43,582		43,271		43,048		43,281		43,366		43,366		43,364		—
2011	31,461		32,302		32,003		31,994		31,999		31,999		31,962		9
2012			29,270		31,725		31,860		31,816		31,815		31,811		10
2013					24,995		26,171		23,751		23,558		23,535		—
2014							27,851		28,839		25,750		26,223		493
2015									39,768		42,209		38,493		466
2016											53,164		52,983		17,376
2017													63,328		11,704
Total													$	402,450	$	30,059

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	11,145	$	11,142	$	11,128	$	11,106	$	11,106	$	11,106	$	11,106
2009	79,918		79,776		79,634		79,432		79,654		79,640		79,644
2010	33,498		42,809		42,995		43,095		43,365		43,365		43,364
2011	8,924		24,105		31,837		31,915		31,990		31,959		31,953
2012			7,407		23,362		31,733		31,824		31,821		31,800
2013					6,246		17,710		23,125		23,542		23,535
2014							8,001		16,909		25,009		25,713
2015									8,170		29,251		37,869
2016											12,974		32,699
2017													23,659
Total													$	341,342
Total net reserves													$	61,108

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

Diversified Reinsurance - International



Diversified Reinsurance - International	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2010	$	84,588	$	84,206	$	84,115	$	83,760	$	81,873	$	84,095	$	86,237	$	(616	)
2011	53,773		52,314		52,316		52,537		52,488		52,305		52,714		(25		)
2012			53,888		52,141		52,487		52,629		52,705		52,976		90
2013					48,082		53,708		55,168		54,687		55,323		249
2014							45,402		51,681		51,614		51,529		855
2015									45,693		47,228		47,792		(1,102		)
2016											41,231		43,310		1,718
2017													39,459		12,339
Total													$	429,340	$	13,508

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2010	$	36,609	$	46,130	$	51,165	$	52,964	$	54,664	$	56,286	$	57,886
2011	26,316		48,729		50,506		51,869		52,320		52,564		52,714
2012			25,533		43,510		46,136		47,336		47,688		48,288
2013					26,056		46,827		49,544		50,998		51,491
2014							25,391		44,970		47,434		48,757
2015									23,259		42,044		44,258
2016											24,023		39,033
2017													20,522
Total													$	362,949
Total net reserves													$	66,391



AmTrust Reinsurance Workers' Compensation	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	83
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		1,418
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		1,835
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		1,411
2012			136,960		168,016		173,946		171,040		172,692		181,616		5,141
2013					237,019		245,765		238,392		242,447		261,915		11,293
2014							379,589		365,515		382,260		419,748		24,366
2015									474,140		474,212		526,269		59,563
2016											528,906		568,006		88,243
2017													615,957		285,521
Total													$	3,023,645	$	478,874

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579
2012			45,030		88,382		119,059		138,706		150,543		158,807
2013					56,249		121,182		168,785		199,300		216,527
2014							69,512		189,954		268,467		321,258
2015									86,695		246,616		338,642
2016											110,051		284,501
2017													111,508
Total													$	1,850,098
			All outstanding liabilities prior to 2008, net of reinsurance										617
Total net reserves													$	1,174,164

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

AmTrust Reinsurance: General Liability



AmTrust Reinsurance General Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	274
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		271
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		1,003
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		2,291
2012			21,281		33,445		42,450		48,851		50,800		55,991		2,715
2013					42,021		43,116		66,869		68,641		79,731		5,476
2014							65,469		66,558		77,930		99,873		16,909
2015									118,111		95,766		122,942		30,023
2016											98,149		114,864		58,221
2017													116,158		86,190
Total													$	751,984	$	203,373

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257
2012			5,084		13,224		18,020		29,752		40,864		45,775
2013					4,996		10,226		32,249		44,698		58,377
2014							3,503		24,581		36,026		57,678
2015									20,849		33,963		52,350
2016											6,402		21,959
2017													6,967
Total													$	389,493
			All outstanding liabilities prior to 2008, net of reinsurance										251
Total net reserves													$	362,742

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

AmTrust Reinsurance: Commercial Auto Liability



AmTrust Reinsurance Commercial Auto Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	179
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		788
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		2,093
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		2,286
2012			20,863		32,691		40,076		44,812		48,116		46,150		110
2013					33,473		44,771		50,647		59,702		63,162		1,588
2014							47,525		55,023		73,966		82,427		3,346
2015									66,967		92,955		106,560		17,881
2016											121,828		118,210		30,881
2017													156,575		90,420
Total													$	717,819	$	149,572

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130
2012			6,693		14,979		26,508		35,460		43,745		44,165
2013					8,267		19,865		34,379		48,122		57,349
2014							8,450		22,858		42,960		64,459
2015									13,102		39,179		62,945
2016											19,071		48,595
2017													26,863
Total													$	441,901
			All outstanding liabilities prior to 2008, net of reinsurance										330
Total net reserves													$	276,248

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

AmTrust Reinsurance: European Hospital Liability



AmTrust Reinsurance European Hospital Liability	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2011	$	52,759	$	24,644	$	38,147	$	52,706	$	50,134	$	69,034	$	66,939	$	4,607
2012			84,708		86,334		85,497		109,629		98,068		92,858		(17,642		)
2013					52,045		65,386		68,208		89,607		81,933		(16,629		)
2014							54,147		57,017		61,072		67,954		(9,999		)
2015									50,481		49,011		63,813		3,546
2016											47,264		54,411		5,336
2017													43,512		18,423
Total													$	471,420	$	(12,358	)

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2011	$	1,165	$	4,614	$	13,615	$	24,985	$	30,563	$	37,974	$	43,935
2012			5,106		16,324		37,152		48,389		62,213		73,357
2013					3,172		15,958		27,456		41,892		52,662
2014							4,465		12,578		26,145		37,212
2015									3,687		11,726		24,209
2016											3,805		11,303
2017													1,358
Total													$	244,036
Total net reserves													$	227,384

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

AmTrust Reinsurance: All Other Lines



AmTrust Reinsurance All Other Lines	Incurred losses and loss adjustment expenses, net of reinsurance														At December 31, 2017
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		Total IBNR
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	75
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		663
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		1,110
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		769
2012			14,697		18,443		19,426		21,898		18,673		19,850		1,430
2013					17,806		17,630		28,058		22,918		21,313		961
2014							20,597		25,268		26,021		24,958		2,938
2015									52,706		54,857		49,631		8,098
2016											79,654		74,948		31
2017													104,637		35,063
Total													$	381,448	$	51,138

	Cumulative paid losses and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017
Accident Year:	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892
2012			10,308		14,031		16,033		16,936		17,946		18,205
2013					11,877		15,997		17,509		20,258		20,456
2014							12,028		20,277		20,940		22,018
2015									28,929		45,208		42,631
2016											42,795		69,805
2017													48,903
Total													$	308,886
			All outstanding liabilities prior to 2008, net of reinsurance										2
Total net reserves													$	72,564

Reconciliation of claims development to liability

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2017:



	As at December 31, 2017
	Total Net Reserves		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
Property - Pro-rata	$	79,354	$	2,101	$	81,455
Casualty Personal Auto - Pro-rata	83,466		13,438		96,904
Casualty Commercial Auto - Pro-rata	125,094		1,592		126,686
Property - XOL	67,887		—		67,887
Commercial Auto - XOL	198,621		—		198,621
Workers' Compensation - XOL	282,983		—		282,983
Other Liability - XOL	77,988		25,446		103,434
A&H	61,108		—		61,108
International	66,391		2,051		68,442
Total	1,042,892		44,628		1,087,520
Other Diversified	99,851		—		99,851
Total Diversified Reinsurance - Segment	1,142,743		44,628		1,187,371

AmTrust Reinsurance
Workers' Compensation	1,174,164		—		1,174,164
General Liability	362,742		—		362,742
Commercial Auto Liability	276,248		16,991		293,239
European Hospital Liability	227,384		—		227,384
All Other Lines	72,564		—		72,564
Total	2,113,102		16,991		2,130,093
Other reconciling items	155,048		5,840		160,888
Total AmTrust Reinsurance - Segment	2,268,150		22,831		2,290,981

Other	18,744		50,152		68,896
Total reserves and LAE	$	3,429,637	$	117,611	$	3,547,248

Schedule of average annual payout of net loss and LAE



	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7
Diversified Reinsurance
Property - Pro-rata	41.1	%	28.0	%	19.8	%	6.4	%	2.0	%	1.2	%	0.8	%
Casualty Personal Auto - Pro-rata	62.0	%	15.8	%	16.3	%	4.3	%	0.4	%	0.8	%	0.1	%
Casualty Commercial Auto - Pro-rata	12.0	%	15.8	%	16.9	%	21.5	%	12.9	%	8.4	%	8.1	%
Property XOL	31.0	%	35.7	%	16.7	%	6.0	%	3.8	%	2.9	%	1.6	%
Commercial Auto XOL	3.1	%	9.0	%	20.2	%	22.2	%	20.7	%	9.0	%	11.3	%
Workers' Compensation XOL	4.8	%	5.2	%	9.4	%	8.0	%	5.5	%	0.7	%	0.6	%
Other Liability - XOL	21.6	%	19.3	%	12.5	%	10.3	%	7.0	%	15.6	%	6.8	%
Accident & Health	28.1	%	42.2	%	28.1	%	1.1	%	0.5	%	(0.1	)%	—	%
International	49.9	%	37.4	%	4.1	%	2.2	%	0.5	%	1.3	%	4.6	%

AmTrust Reinsurance
Workers' Compensation	20.2	%	27.5	%	17.5	%	11.1	%	6.1	%	3.3	%	3.4	%
General Liability	7.6	%	12.2	%	14.9	%	19.4	%	17.3	%	11.1	%	7.8	%
Commercial Auto Liability	14.2	%	20.3	%	21.5	%	19.7	%	14.0	%	6.6	%	5.0	%
European Hospital Liability	4.8	%	11.9	%	17.9	%	15.7	%	12.1	%	11.5	%	8.9	%
All other lines	53.9	%	25.2	%	3.2	%	7.1	%	6.8	%	3.6	%	5.1	%

Commitments, Contingencies and Concentrations (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

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

Future minimum lease payments at December 31, 2017 under non-cancellable operating leases for the next five years are approximately as follows:



	December 31, 2017
2018	$	1,490
2019	1,186
2020	1,025
2021	719
2022	719
	$	5,139

Schedule of dividends payable

On November 7, 2017, the Company's Board of Directors authorized the following quarterly dividend:

Earnings per Common Share (Tables)

12 Months Ended

Dec. 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 Year Ended December 31,	2017			2016			2015
Numerator:
Net (loss) income attributable to Maiden	$	(169,896	)	$	48,980		$	124,476
Dividends on preference shares – Series A, C and D	(29,156		)	(24,785		)	(12,375		)
Dividends on convertible preference shares – Series B	—			(8,971		)	(11,962		)
Amount allocated to participating common shareholders⁽¹⁾	(23		)	(7		)	(52		)
Numerator for basic EPS - net (loss) income allocated to Maiden common shareholders	(199,075		)	15,217			100,087
Potentially dilutive securities:
Dividends on convertible preference shares – Series B⁽²⁾	—			—			11,962
Numerator for diluted EPS - net (loss) income allocated to Maiden common shareholders after assumed conversion	$	(199,075	)	$	15,217		$	112,049
Denominator:
Weighted average number of common shares – basic	85,678,232			77,534,860			73,478,544
Potentially dilutive securities:
Share options and restricted share units	—			1,152,083			1,319,074
Convertible preference shares⁽²⁾	—			—			10,840,617
Adjusted weighted average number of common shares and assumed conversions – diluted	85,678,232			78,686,943			85,638,235
Basic (loss) earnings per share attributable to Maiden common shareholders:	$	(2.32	)	$	0.20		$	1.36
Diluted (loss) earnings per share attributable to Maiden common shareholders:	$	(2.32	)	$	0.19		$	1.31


(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. The 2017 amount allocated to the holders of non-vested restricted shares excluded undistributed losses during the year.

(2)

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Summary of changes in common shares issued and outstanding

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



For the Year Ended December 31,	2017		2016		2015
Outstanding shares – January 1	86,271,109		73,721,140		72,932,702
Mandatory conversion of preference shares – Series B	—		12,069,090		—
Issuance of vested restricted shares and restricted share units	246,382		251,027		378,120
Shares repurchased⁽¹⁾	(3,705,256	)	(35,258	)	(46,458	)
Exercise of options	162,660		265,110		456,776
Outstanding shares – December 31	82,974,895		86,271,109		73,721,140


(1)	The Company repurchased a total of 3,667,134 common shares under its share repurchase authorization. In addition, shares were repurchased from employees in respect of tax obligations arising from the vesting of restricted shares and performance based shares. See further details below in item (f).

Amounts reclassified from accumulated other comprehensive income

The following table presents details about amounts reclassified from AOCI:



Details about AOCI Components	Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
Unrealized (losses) gains on AFS securities		2017		2016			2015
	Net realized (losses) gains on investment	$	1,816	$	(576	)	$	263
	Net impairment losses recognized in earnings	—		—			—
	Total before tax	1,816		(576		)	263
	Income tax expense	—		—			—
	Total after tax	$	1,816	$	(576	)	$	263

Schedule of accumulated other comprehensive income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2017, 2016 and 2015:



For the Year Ended December 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	44,421			(44,187		)	234
Amounts reclassified from AOCI to net income, net of tax	(1,816		)	—			(1,816		)
Net current period other comprehensive income (loss)	42,605			(44,187		)	(1,582		)
Ending balance	21,889			(8,583		)	13,306
Less: AOCI attributable to noncontrolling interest	—			(48		)	(48		)
Ending balance, Maiden shareholders	$	21,889		$	(8,535	)	$	13,354



For the Year Ended December 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 before reclassifications	32,820			5,373			38,193
Amounts reclassified from AOCI to net income, net of tax	576			—			576
Net current period other comprehensive income	33,396			5,373			38,769
Ending balance	(20,716		)	35,604			14,888
Less: AOCI attributable to noncontrolling interest	—			(109		)	(109		)
Ending balance, Maiden shareholders	$	(20,716	)	$	35,713		$	14,997



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

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2017

Share-based Compensation [Abstract]

Key assumptions used in determining the fair value of options granted

The key assumptions used in determining the fair value of options granted in 2016 and 2015 and a summary of the methodology applied to develop each assumption were as follows:



	2016		2015
Assumptions:
Volatility	28.70	%	37.60	%
Risk-free interest rate	1.67	%	1.55	%
Weighted average expected lives in years	5.5 years		5.5 years
Forfeiture rate	1.66	%	2.16	%
Dividend yield rate	3.55	%	4.05	%

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

The following table shows all options granted, exercised, forfeited and expired under the Plan for the years ended December 31, 2017, 2016 and 2015:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2014	2,362,975		$	6.95			4.86 years	$	13,791	$3.28 - $12.42
Granted	24,000		$	13.98	$	3.31				$13.98
Exercised	(456,776	)	$	7.27				$	3,521
Expired	(3,442	)	$	8.61
Forfeited	(558	)	$	9.00
Outstanding, December 31, 2015	1,926,199		$	6.96			4.15 years	$	15,306	$3.28 - $13.98
Granted	24,000		$	13.12	$	2.45				$13.12
Exercised	(265,110	)	$	7.28				$	1,453
Expired	(1,000	)	$	7.67
Outstanding, December 31, 2016	1,684,089		$	7.00			3.36 years	$	17,598	$3.28 - $13.98
Exercised	(162,660	)	$	6.64				$	955
Expired	(4,660	)	$	9.92
Outstanding, December 31, 2017	1,516,769		$	7.03			2.45 years	$	1,100	$3.28 - $13.98
Total exercisable at December 31, 2017	1,514,675		$	7.02			2.44 years	$	1,100	$3.28 - $13.98

Schedule of based compensation instrument granted, other than share options

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



	Non-Performance-Based Restricted Share Units				Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units⁽¹⁾
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested December 31, 2014	146,666		$	10.45	86,317		$	10.63	807,770		$	10.51
Awards granted	64,795		$	13.89	38,180		$	13.94	291,730		$	13.89
Awards vested	(73,333	)	$	10.45	(67,061	)	$	10.41	(188,681	)	$	9.54
Awards forfeited	—		$	—	(4,284	)	$	11.38	(165,337	)	$	10.61
Non-vested at December 31, 2015	138,128		$	12.07	53,152		$	13.22	745,482		$	12.05
Awards granted	75,988		$	13.16	23,000		$	12.90	355,544		$	13.11
Awards vested	(94,931	)	$	11.24	(29,949	)	$	12.67	(85,847	)	$	12.29
Awards forfeited	—		$	—	—		$	—	(169,458	)	$	10.02
Non-vested at December 31, 2016	119,185		$	13.42	46,203		$	13.42	845,721		$	12.88
Awards granted	25,000		$	10.55	17,500		$	16.75	284,130		$	16.75
Awards vested	(46,927	)	$	13.50	(26,477	)	$	13.49	(110,976	)	$	12.20
Awards forfeited	—		$	—	—		$	—	(208,411	)	$	11.73
Non-vested at December 31, 2017	97,258		$	12.65	37,226		$	14.93	810,464		$	14.60


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

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2017

Statutory Financial Information [Abstract]

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

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



	Maiden Bermuda			Maiden US			Maiden LF			Maiden GF
Statutory Capital and Surplus
December 31, 2017	$	1,205,991		$	301,661		$	8,510		$	6,417
December 31, 2016	1,470,206			296,550			8,101			—

Statutory Net Income (Loss)
For the Year Ended December 31, 2017	$	(167,307	)	$	16,866		$	(481	)	$	(168	)
For the Year Ended December 31, 2016	87,888			(3,926		)	756			—
For the Year Ended December 31, 2015	146,027			17,439			(199		)	—

- Definition

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

+ References + Details

Taxation (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of (loss) income before taxes and income tax expense

(Loss) income before taxes and income tax (benefit) expense for the years ended December 31, 2017, 2016 and 2015 was as follows:



For the Year Ended December 31,	2017			2016			2015
(Loss) income before income taxes – Domestic (Bermuda)	$	(165,120	)	$	67,881		$	134,012
Loss before income taxes – Foreign (U.S. and others)	(8,183		)	(18,169		)	(7,690		)
Total (loss) income before income taxes	$	(173,303	)	$	49,712		$	126,322

Current tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Current tax expense – Foreign (U.S. and others)	669			490			780
Total current tax expense	669			490			780

Deferred tax expense – Domestic (Bermuda)	$	—		$	—		$	—
Deferred tax (benefit) expense – Foreign (U.S. and others)	(4,227		)	1,084			1,258
Total deferred tax (benefit) expense	(4,227		)	1,084			1,258

Total income tax (benefit) expense	$	(3,558	)	$	1,574		$	2,038

Schedule of effective income tax rate reconciliation



For the Year Ended December 31,	2017			2016			2015
(Loss) income before income taxes	$	(173,303	)	$	49,712		$	126,322
Less: income tax (benefit) expense	(3,558		)	1,574			2,038
Net (loss) income	$	(169,745	)	$	48,138		$	124,284
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%	—		%
U.S. taxes at statutory rates	2.8		%	(10.8		)%	(2.2		)%
Rate change in the U.S.	2.9		%	—		%	—		%
Valuation allowance in respect of U.S. taxes	(3.4		)%	13.2		%	3.2		%
Other jurisdictions	(0.2		)%	0.8		%	0.6		%
Actual tax rate	2.1		%	3.2		%	1.6		%

Schedule of deferred tax assets and liabilities

The significant components of our deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows:



December 31,	2017		2016
Deferred tax assets:
Net operating losses	$	39,923	$	63,143
Unearned premiums	6,537		11,336
Discounting of net loss and LAE reserves	12,222		12,091
Accruals not currently deductible	65		160
Retro reinsurance adjustment	4,481		2,679
Amortization of intangible assets	1,180		2,439
OTTI	—		1,198
Others	797		610
Deferred tax assets before valuation allowance	65,205		93,656
Valuation allowance	51,073		78,300
Deferred tax assets, net	14,132		15,356
Deferred tax liabilities:
Deferred commission and other acquisition expenses	6,927		11,826
Intangible assets with indefinite lives	1,050		1,750
Amortization of goodwill	6,384		9,480
Reserve change in basis	5,076		—
Net unrealized gains on investment	1,141		2,713
Others	434		730
Deferred tax liabilities	21,012		26,499
Net deferred tax liability	$	6,880	$	11,143

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Schedule of subsequent events

In February 2018, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.15	April 16, 2018	April 2, 2018
Preference shares – Series A	$	0.515625	March 15, 2018	March 1, 2018
Preference shares – Series C	$	0.445313	March 15, 2018	March 1, 2018
Preference shares - Series D	$	0.418750	March 15, 2018	March 1, 2018

Condensed Quarterly Financial Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial data

The following tables summarize our quarterly financial data:



2017 Quarters Ended	March 31		June 30			September 30			December 31⁽¹⁾
Total revenues	$	756,307	$	754,756		$	703,036		$	707,049
Net income (loss)	26,501		(16,335		)	(55,054		)	(124,857		)
Net income (loss) attributable to Maiden common shareholders	20,490		(22,359		)	(63,596		)	(133,587		)
Comprehensive income (loss) – attributable to Maiden	27,117		3,658			(44,547		)	(157,767		)
Basic earnings (loss) per common share attributable to Maiden common shareholders	$	0.24	$	(0.26	)	$	(0.74	)	$	(1.59	)
Diluted earnings (loss) per common share attributable to Maiden common shareholders	$	0.23	$	(0.26	)	$	(0.74	)	$	(1.59	)



2016 Quarters Ended	March 31		June 30		September 30		December 31⁽²⁾
Total revenues	$	659,414	$	674,746	$	738,189	$	659,284
Net income (loss)	36,829		39,887		40,796		(69,374		)
Net income (loss) attributable to Maiden common shareholders	27,216		30,910		31,829		(74,731		)
Comprehensive income (loss) – attributable to Maiden	130,130		89,389		45,802		(177,577		)
Basic earnings (loss) per common share attributable to Maiden common shareholders⁽³⁾	$	0.37	$	0.42	$	0.42	$	(0.87	)
Diluted earnings (loss) per common share attributable to Maiden common shareholders⁽³⁾	$	0.35	$	0.39	$	0.40	$	(0.87	)

(1)

(2)

(3)

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Accounting Policies [Abstract]
Unfavorable reserve development	$ (170,960,000)	$ 120,426,000
Earnings per common share, basic, reduction from unfavorable reserve development (in dollar per share)	$ 2.03	$ 1.40	$ 1.99
Earnings per common share, diluted, reduction from unfavorable reserve development (in dollar per share)	$ 2.03	$ 1.39	$ 1.99
Short-term investments	$ 0	$ 0	$ 0
Deposit contracts	0	0	0
Accumulated foreign currency translation adjustment	$ 8,535,000	$ 35,713,000	$ 8,535,000

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment									2
Income Statement [Abstract]
Gross premiums written									$ 2,816,051	$ 2,831,348	$ 2,662,825
Net premiums written									2,761,988	2,654,952	2,514,116
Net premiums earned									2,732,779	2,568,150	2,429,069
Other insurance revenue									9,802	10,817	11,512
Net loss and LAE									(2,160,011)	(1,819,906)	(1,633,570)
Commission and other acquisition expenses									(820,758)	(773,664)	(724,197)
General and administrative expenses									(38,869)	(38,577)	(38,328)
Underwriting loss									(277,057)	(53,180)	44,486
Reconciliation to net loss
Net investment income and realized gains on investment									178,567	152,666	133,590
Net impairment losses recognized in earnings									0	0	(1,060)
Interest and amortization expenses									(23,260)	(28,173)	(29,063)
Accelerated amortization of senior note issuance cost									(2,809)	(2,345)	0
Amortization of intangible assets									(2,132)	(2,461)	(2,840)
Foreign exchange gains (losses)									(14,921)	11,612	7,753
Other general and administrative expenses									(31,691)	(28,407)	(26,544)
Income tax benefit (expense)									3,558	(1,574)	(2,038)
Net (loss) income	$ (124,857)	$ (55,054)	$ (16,335)	$ 26,501	$ (69,374)	$ 40,796	$ 39,887	$ 36,829	$ (169,745)	$ 48,138	$ 124,284
Net loss and LAE ratio									78.80%	70.60%	66.90%
Commission and other acquisition expense ratio									29.90%	30.00%	29.70%
General and administrative expense ratio									2.60%	2.60%	2.70%
Expense ratio									32.50%	32.60%	32.40%
Combined ratio									111.30%	103.20%	99.30%
Assets [Abstract]
Reinsurance balances receivable, net	345,043				410,166				$ 345,043	$ 410,166
Reinsurance recoverable on unpaid losses	117,611				99,936				117,611	99,936	$ 71,248	$ 75,873
Deferred commission and other acquisition expenses	439,597				424,605				439,597	424,605
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	75,583				77,715				75,583	77,715	81,920
Restricted cash and cash equivalents and investments	4,868,524				4,398,796				4,868,524	4,398,796
Other assets	123,113				148,912				123,113	148,912
Total assets	6,644,189				6,252,299				6,644,189	6,252,299
AmTrust Reinsurance segment
Income Statement [Abstract]
Gross premiums written									1,993,478	2,006,646	1,885,974
Operating Segments
Assets [Abstract]
Reinsurance balances receivable, net	345,043				400,224				345,043	400,224
Reinsurance recoverable on unpaid losses	67,459				87,232				67,459	87,232
Deferred commission and other acquisition expenses	439,597				424,605				439,597	424,605
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	75,583				77,715				75,583	77,715
Restricted cash and cash equivalents and investments	4,826,920				4,385,603				4,826,920	4,385,603
Other assets	108,939				144,033				108,939	144,033
Total assets - reportable segments	6,031,516				5,687,387				6,031,516	5,687,387
Corporate assets	612,673				564,912				612,673	564,912
Total assets	6,644,189				6,252,299				6,644,189	6,252,299
Operating Segments \| Diversified Reinsurance segment
Income Statement [Abstract]
Gross premiums written									822,777	824,341	776,852
Net premiums written									807,362	766,119	734,781
Net premiums earned									823,365	724,124	744,875
Other insurance revenue									9,802	10,817	11,512
Net loss and LAE									(650,916)	(579,520)	(547,296)
Commission and other acquisition expenses									(205,982)	(188,506)	(196,292)
General and administrative expenses									(35,817)	(35,681)	(35,312)
Underwriting loss									$ (59,548)	$ (68,766)	$ (22,513)
Reconciliation to net loss
Net loss and LAE ratio									78.10%	78.90%	72.30%
Commission and other acquisition expense ratio									24.70%	25.60%	26.00%
General and administrative expense ratio									4.30%	4.90%	4.70%
Expense ratio									29.00%	30.50%	30.70%
Combined ratio									107.10%	109.40%	103.00%
Assets [Abstract]
Reinsurance balances receivable, net	294,775				281,073				$ 294,775	$ 281,073
Reinsurance recoverable on unpaid losses	44,628				54,299				44,628	54,299
Deferred commission and other acquisition expenses	79,633				85,432				79,633	85,432
Loan to related party	0				0				0	0
Goodwill and intangible assets, net	75,583				77,715				75,583	77,715
Restricted cash and cash equivalents and investments	1,250,736				1,247,793				1,250,736	1,247,793
Other assets	27,554				41,008				27,554	41,008
Total assets - reportable segments	1,772,909				1,787,320				1,772,909	1,787,320
Corporate assets	0				0				0	0
Total assets	1,772,909				1,787,320				1,772,909	1,787,320
Operating Segments \| AmTrust Reinsurance segment
Income Statement [Abstract]
Gross premiums written									1,993,478	2,006,646	$ 1,885,974
Net premiums written									1,954,856	1,888,428	1,779,334
Net premiums earned									1,909,644	1,843,621	1,684,191
Other insurance revenue									0	0	0
Net loss and LAE									(1,498,881)	(1,225,830)	(1,074,072)
Commission and other acquisition expenses									(614,777)	(584,820)	(527,863)
General and administrative expenses									(3,052)	(2,896)	(3,016)
Underwriting loss									$ (207,066)	$ 30,075	$ 79,240
Reconciliation to net loss
Net loss and LAE ratio									78.40%	66.50%	63.80%
Commission and other acquisition expense ratio									32.20%	31.70%	31.30%
General and administrative expense ratio									0.20%	0.20%	0.20%
Expense ratio									32.40%	31.90%	31.50%
Combined ratio									110.80%	98.40%	95.30%
Assets [Abstract]
Reinsurance balances receivable, net	50,268				119,151				$ 50,268	$ 119,151
Reinsurance recoverable on unpaid losses	22,831				32,933				22,831	32,933
Deferred commission and other acquisition expenses	359,964				339,173				359,964	339,173
Loan to related party	167,975				167,975				167,975	167,975
Goodwill and intangible assets, net	0				0				0	0
Restricted cash and cash equivalents and investments	3,576,184				3,137,810				3,576,184	3,137,810
Other assets	81,385				103,025				81,385	103,025
Total assets - reportable segments	4,258,607				3,900,067				4,258,607	3,900,067
Corporate assets	0				0				0	0
Total assets	$ 4,258,607				$ 3,900,067				4,258,607	3,900,067
Other
Income Statement [Abstract]
Gross premiums written									(204)	361	$ (1)
Net premiums written									(230)	405	1
Net premiums earned									(230)	405	3
Other insurance revenue									0	0	0
Net loss and LAE									(10,214)	(14,556)	(12,202)
Commission and other acquisition expenses									1	(338)	(42)
General and administrative expenses									0	0	0
Underwriting loss									$ (10,443)	$ (14,489)	$ (12,241)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 2,816,051	$ 2,831,348	$ 2,662,825
Net premiums written	2,761,988	2,654,952	2,514,116
Net premiums earned	$ 2,732,779	$ 2,568,150	$ 2,429,069
% of Total Net premiums written	100.00%	100.00%	100.00%
% of Total Net premiums earned	100.00%	100.00%	100.00%
AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 1,993,478	$ 2,006,646	$ 1,885,974
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	2,488,105	2,442,483	2,165,309
Net premiums written	2,435,371	2,280,232	2,038,444
Net premiums earned	2,407,339	2,184,184	2,027,141
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	327,946	388,865	497,516
Net premiums written	326,617	374,720	475,672
Net premiums earned	325,440	383,966	401,928
Operating Segments \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	822,777	824,341	776,852
Net premiums written	807,362	766,119	734,781
Net premiums earned	$ 823,365	$ 724,124	$ 744,875
% of Total Net premiums written	29.20%	28.90%	29.20%
% of Total Net premiums earned	30.10%	28.20%	30.70%
Operating Segments \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 1,993,478	$ 2,006,646	$ 1,885,974
Net premiums written	1,954,856	1,888,428	1,779,334
Net premiums earned	$ 1,909,644	$ 1,843,621	$ 1,684,191
% of Total Net premiums written	70.80%	71.10%	70.80%
% of Total Net premiums earned	69.90%	71.80%	69.30%
Operating Segments \| Property \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 155,925	$ 141,353	$ 160,939
Net premiums earned	$ 157,466	$ 136,629	$ 157,186
% of Total Net premiums written	5.60%	5.30%	6.40%
% of Total Net premiums earned	5.80%	5.30%	6.50%
Operating Segments \| Casualty \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 482,160	$ 466,089	$ 435,625
Net premiums earned	$ 496,301	$ 432,509	$ 449,000
% of Total Net premiums written	17.50%	17.60%	17.30%
% of Total Net premiums earned	18.10%	16.80%	18.50%
Operating Segments \| Accident and Health \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 86,743	$ 80,004	$ 64,102
Net premiums earned	$ 86,571	$ 74,204	$ 55,672
% of Total Net premiums written	3.10%	3.00%	2.60%
% of Total Net premiums earned	3.20%	2.90%	2.30%
Operating Segments \| International \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 82,534	$ 78,673	$ 74,115
Net premiums earned	$ 83,027	$ 80,782	$ 83,017
% of Total Net premiums written	3.00%	3.00%	2.90%
% of Total Net premiums earned	3.00%	3.20%	3.40%
Operating Segments \| Small Commercial Business \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 1,278,974	$ 1,181,496	$ 1,057,968
Net premiums earned	$ 1,255,941	$ 1,131,582	$ 984,333
% of Total Net premiums written	46.30%	44.50%	42.10%
% of Total Net premiums earned	46.00%	44.10%	40.50%
Operating Segments \| Specialty Program \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 350,113	$ 344,677	$ 332,416
Net premiums earned	$ 344,336	$ 337,396	$ 290,209
% of Total Net premiums written	12.70%	13.00%	13.20%
% of Total Net premiums earned	12.60%	13.10%	11.90%
Operating Segments \| Specialty Risk and Extended Warranty \| AmTrust Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 325,769	$ 362,255	$ 388,950
Net premiums earned	$ 309,367	$ 374,643	$ 409,649
% of Total Net premiums written	11.80%	13.60%	15.50%
% of Total Net premiums earned	11.30%	14.60%	16.90%
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (204)	$ 361	$ (1)
Net premiums written	(230)	405	1
Net premiums earned	$ (230)	$ 405	$ 3
% of Total Net premiums written	0.00%	0.00%	0.00%
% of Total Net premiums earned	0.00%	0.00%	0.00%

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Abstract]
Fair value of securities transferred from AFS to HTM	$ 391,934	$ 155,538	$ 608,722
AFS Transferred to HTM securities, unrealized gain	4,313	15,770	$ 244
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	4,027,993	4,005,642
Available-for-sale fixed maturities, Gross unrealized gains	55,824	50,759
Available-for-sale fixed maturities, Gross unrealized losses	(39,447)	(84,735)
Available-for-sale fixed maturities, Fair value	4,044,370	3,971,666
HTM Fixed maturities, Original or amortized cost	1,097,801	752,212
HTM securities, Gross unrealized gains	28,822	16,370
HTM securities, Gross unrealized losses	(997)	(2,447)
HTM securities, Fair value	1,125,626	766,135
Other Investments, Original or amortized cost	5,219	10,057
Other investments, Gross unrealized gains	1,381	3,003
Other investments, Gross unrealized losses	0	0
Other investments, Fair value	6,600	13,060
Total investments, Original or amortized cost	5,131,013	4,767,911
Total investments, Gross unrealized gains	86,027	70,132
Total investments, Gross unrealized losses	(40,444)	(87,182)
Total investments, Fair value	5,176,596	4,750,861
U.S. treasury bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	60,711	5,186
Available-for-sale fixed maturities, Gross unrealized gains	103	238
Available-for-sale fixed maturities, Gross unrealized losses	(13)	(11)
Available-for-sale fixed maturities, Fair value	60,801	5,413
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	2,026,305	1,720,436
Available-for-sale fixed maturities, Gross unrealized gains	8,074	12,867
Available-for-sale fixed maturities, Gross unrealized losses	(19,765)	(17,265)
Available-for-sale fixed maturities, Fair value	2,014,614	1,716,038
U.S. agency bonds – other
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	29,941	18,082
Available-for-sale fixed maturities, Gross unrealized gains	4	20
Available-for-sale fixed maturities, Gross unrealized losses	(163)	0
Available-for-sale fixed maturities, Fair value	29,782	18,102
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	33,381	35,158
Available-for-sale fixed maturities, Gross unrealized gains	231	73
Available-for-sale fixed maturities, Gross unrealized losses	(1,736)	(5,297)
Available-for-sale fixed maturities, Fair value	31,876	29,934
Asset-backed securities
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	317,544	217,232
Available-for-sale fixed maturities, Gross unrealized gains	4,065	3,713
Available-for-sale fixed maturities, Gross unrealized losses	(199)	(69)
Available-for-sale fixed maturities, Fair value	321,410	220,876
Corporate bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	1,557,611	1,947,347
Available-for-sale fixed maturities, Gross unrealized gains	43,271	30,951
Available-for-sale fixed maturities, Gross unrealized losses	(17,571)	(62,093)
Available-for-sale fixed maturities, Fair value	1,583,311	1,916,205
HTM Fixed maturities, Original or amortized cost	1,037,464	752,212
HTM securities, Gross unrealized gains	28,694	16,370
HTM securities, Gross unrealized losses	(913)	(2,447)
HTM securities, Fair value	1,065,245	766,135
Municipal bonds
Schedule of Investments [Line Items]
Available-for-sale fixed maturities, Original or amortized cost	2,500	62,201
Available-for-sale fixed maturities, Gross unrealized gains	76	2,897
Available-for-sale fixed maturities, Gross unrealized losses	0	0
Available-for-sale fixed maturities, Fair value	2,576	$ 65,098
HTM Fixed maturities, Original or amortized cost	60,337
HTM securities, Gross unrealized gains	128
HTM securities, Gross unrealized losses	(84)
HTM securities, Fair value	$ 60,381

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 92,657
Due after one year through five years	578,427
Due after five years through ten years	987,819
Due after ten years	25,241
Total before securities with single maturities, Amortized cost	1,684,144
Available-for-sale fixed maturities, Original or amortized cost	4,027,993	$ 4,005,642
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	91,054
Due after one year through five years	582,583
Due after five years through ten years	1,009,652
Due after ten years	25,057
Total before securities with single maturities, Fair value	1,708,346
Available-for-sale fixed maturities, Fair value	4,044,370	3,971,666
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Due in one year or less	40,533
Due after one year through five years	333,003
Due after five years through ten years	724,265
Due after ten years	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis	1,097,801
HTM securities, Amortized Cost	1,097,801
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Due in one year or less	40,503
Due after one year through five years	342,141
Due after five years through ten years	742,982
Due after ten years	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value	1,125,626
HTM securities, Fair value	1,125,626	766,135
U.S. agency bonds – mortgage-backed
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	2,026,305
Available-for-sale fixed maturities, Original or amortized cost	2,026,305	1,720,436
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	2,014,614
Available-for-sale fixed maturities, Fair value	2,014,614	1,716,038
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	0
Asset-backed securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	317,544
Available-for-sale fixed maturities, Original or amortized cost	317,544	217,232
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	321,410
Available-for-sale fixed maturities, Fair value	321,410	$ 220,876
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	0
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	$ 0

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Dec. 31, 2017 USD ($) security	Dec. 31, 2016 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 1,230,177	$ 1,674,889
12 Months or More, Fair value	907,155	431,159
Total, Fair value	2,137,332	2,106,048
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(12,193)	(29,738)
12 Months or More, Unrealized losses	(28,251)	(57,444)
Total, Unrealized losses	$ (40,444)	$ (87,182)
Number of securities in an unrealized loss position \| security	244	251
Fair value of securities in an unrealized loss position	$ 2,137,332	$ 2,106,048
Unrealized losses	$ (40,444)	$ (87,182)
Number of securities in an unrealized loss position greater than 12 months \| security	100	91
Fair value of securities with 12 months or more in loss position	$ 907,155	$ 431,159
Unrealized losses in 12 months or more	(28,251)	(57,444)
U.S. treasury bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	0	589
12 Months or More, Fair value	587	0
Total, Fair value	587	589
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	0	(11)
12 Months or More, Unrealized losses	(13)	0
Total, Unrealized losses	(13)	(11)
U.S. agency bonds – mortgage-backed
Fixed maturities, Fair value
Less than 12 Months, Fair value	842,000	997,943
12 Months or More, Fair value	539,704	47,969
Total, Fair value	1,381,704	1,045,912
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(6,920)	(14,440)
12 Months or More, Unrealized losses	(12,845)	(2,825)
Total, Unrealized losses	(19,765)	(17,265)
U.S. agency bonds – other
Fixed maturities, Fair value
Less than 12 Months, Fair value	19,816
12 Months or More, Fair value	0
Total, Fair value	19,816
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(163)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	(163)
Non-U.S. government and supranational bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	12,825	3,169
12 Months or More, Fair value	15,253	25,236
Total, Fair value	28,078	28,405
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(971)	(160)
12 Months or More, Unrealized losses	(765)	(5,137)
Total, Unrealized losses	(1,736)	(5,297)
Asset-backed securities
Fixed maturities, Fair value
Less than 12 Months, Fair value	68,703	30,589
12 Months or More, Fair value	3,017	0
Total, Fair value	71,720	30,589
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(150)	(69)
12 Months or More, Unrealized losses	(49)	0
Total, Unrealized losses	(199)	(69)
Corporate bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	247,341	642,599
12 Months or More, Fair value	348,594	357,954
Total, Fair value	595,935	1,000,553
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(3,905)	(15,058)
12 Months or More, Unrealized losses	(14,579)	(49,482)
Total, Unrealized losses	(18,484)	$ (64,540)
Municipal bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	39,492
12 Months or More, Fair value	0
Total, Fair value	39,492
Fixed maturities, Unrealized losses
Less than 12 Months, Unrealized losses	(84)
12 Months or More, Unrealized losses	0
Total, Unrealized losses	$ (84)

Investments - Credit Ratings (Details) - USD ($)	12 Months Ended
Investments - Credit Ratings (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Fixed Maturities [Line Items]
OTTI recognized through earnings	$ 0	$ 0	$ 1,060,000
Amortized cost	5,125,794,000	4,757,854,000
Fair value	$ 5,169,996,000	$ 4,737,801,000
% of Total fair value	100.00%	100.00%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 60,711,000	$ 5,186,000
Fair value	$ 60,801,000	$ 5,413,000
% of Total fair value	1.20%	0.10%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 2,056,246,000	$ 1,738,518,000
Fair value	$ 2,044,396,000	$ 1,734,140,000
% of Total fair value	39.60%	36.60%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 245,562,000	$ 170,515,000
Fair value	$ 249,073,000	$ 171,090,000
% of Total fair value	4.80%	3.60%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 204,792,000	$ 238,315,000
Fair value	$ 207,898,000	$ 237,169,000
% of Total fair value	4.00%	5.00%
A Plus, A, A Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 1,381,031,000	$ 1,386,023,000
Fair value	$ 1,404,451,000	$ 1,374,860,000
% of Total fair value	27.20%	29.00%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 1,125,471,000	$ 1,053,529,000
Fair value	$ 1,149,511,000	$ 1,047,376,000
% of Total fair value	22.20%	22.20%
BB Plus or Lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 51,981,000	$ 165,768,000
Fair value	$ 53,866,000	$ 167,753,000
% of Total fair value	1.00%	3.50%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Other investments, Fair value	$ 6,600	$ 13,060
% of Total fair value	100.00%	100.00%
Investment in limited partnerships
Schedule of Investments [Line Items]
Other investments, Fair value	$ 5,100	$ 5,474
% of Total fair value	77.30%	41.90%
Unfunded commitment on investments in limited partnerships	$ 306	$ 463
Investment in quoted equity
Schedule of Investments [Line Items]
Other investments, Fair value	$ 0	$ 6,586
% of Total fair value	0.00%	50.40%
Other
Schedule of Investments [Line Items]
Other investments, Fair value	$ 1,500	$ 1,000
% of Total fair value	22.70%	7.70%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 173,878	$ 152,817	$ 137,149
Investment expenses	(7,533)	(6,925)	(6,057)
Net investment income	166,345	145,892	131,092
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	166,625	147,011	132,394
Cash and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	1,973	1,628	1,025
Loan to related party
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	3,447	2,360	1,865
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income	$ 1,833	$ 1,818	$ 1,865

Investments - Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain (Loss) on Investments [Line Items]
Gross gains	$ 13,476	$ 7,690	$ 3,041
Gross losses	(1,254)	(916)	(543)
Net	12,222	6,774	2,498
Proceeds from sales of fixed maturities classified as available-for-sale	548,744	129,306	129,152
Total net unrealized gains (losses)	21,967	(20,632)	(54,028)
Deferred income tax	(78)	(84)	(84)
Net unrealized gains (losses), net of deferred income tax	21,889	(20,716)	(54,112)
Change, net of deferred income tax	42,605	33,396	(132,691)
Other investments
Gain (Loss) on Investments [Line Items]
Gross gains	5,878	550	192
Gross losses	0	0	0
Net	5,878	550	192
Total net unrealized gains (losses)	1,381	3,003	996
Fixed maturities \| Available-for-sale securities
Gain (Loss) on Investments [Line Items]
Gross gains	7,598	7,140	2,849
Gross losses	(1,254)	(916)	(543)
Net	6,344	6,224	2,306
Total net unrealized gains (losses)	$ 20,586	$ (23,635)	$ (55,024)

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 123,584	$ 103,788
Restricted investments	4,744,940	4,295,008
Total restricted cash and investments	4,868,524	4,398,796
Amortized cost	5,131,013	4,767,911
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	50,411	56,891
Restricted investments	1,326,695	1,299,569
Amortized cost	1,311,538	1,307,926
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	73,017	46,777
Restricted investments	2,288,472	2,225,066
Amortized cost	2,256,494	2,242,565
HTM, related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted investments	1,125,626	766,135
Amortized cost	1,097,801	752,212
US state regulatory authorities
Restricted Cash and Investments Items [Line Items]
Restricted cash	156	120
Restricted investments	4,147	4,238
Amortized cost	$ 4,076	$ 4,059

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 5,176,596	$ 4,750,861
Carrying Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,097,801	752,212
Financial Liabilities	262,500	362,500
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHLA – 6.625%
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%
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	$ 152,500
Stated interest rate	7.75%	7.75%
Carrying Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHNB – 8.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 0	$ 100,000
Stated interest rate	8.00%	8.00%
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 1,125,626	$ 766,135
Financial Liabilities	250,229	377,752
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	101,200	111,452
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	149,029	164,700
Fair Value \| Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes - MHNB – 8.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	0	101,600
Held-to-maturity Securities \| Corporate bonds \| Carrying Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,037,464	752,212
Held-to-maturity Securities \| Corporate bonds \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,065,245	766,135
Held-to-maturity Securities \| Municipal bonds \| Carrying Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	60,337	0
Held-to-maturity Securities \| Municipal bonds \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 60,381	$ 0

Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets, Net (Including Goodwill) [Roll Forward]
Goodwill, beginning balance	$ 57,192	$ 58,936
Goodwill, impairment loss		(1,800)
Goodwill, cumulative translation adjustment		56
Goodwill, ending balance	57,192	57,192	$ 58,936
Intangible assets, beginning balance	20,523	22,984
Intangible assets, amortization	(2,132)	(2,461)	(2,840)
Intangible assets, ending balance	18,391	20,523	22,984
Goodwill and Intangible assets, beginning balance	77,715	81,920
Goodwill and Intangible assets, ending balance	$ 75,583	$ 77,715	$ 81,920

Goodwill and Intangible Assets - Narrative (Details) - USD ($)		12 Months Ended
	Nov. 04, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill and intangible assets		$ 0	$ 1,800,000	$ 0
Maiden Specialty
Finite-Lived Intangible Assets [Line Items]
Goodwill, disposed during the year	$ (1,120,000)
Intangible assets, disposed during the year	$ (3,200,000)
IRC
Finite-Lived Intangible Assets [Line Items]
Goodwill, acquired during the year				$ 1,800,000

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets [Line Items]
Goodwill, Gross	$ 58,992	$ 58,992
Balance, Gross	114,919	114,919
Accumulated Amortization	(37,536)	(35,404)
Accumulated Impairment	(1,800)	(1,800)
Goodwill	57,192	57,192	$ 58,936
Balance, Net	75,583	77,715	$ 81,920
Customer relationships
Goodwill and Intangible Assets [Line Items]
Finite-lived assets	51,400	51,400
Accumulated Amortization	(37,536)	(35,404)
Finite-lived assets, Net	$ 13,864	$ 15,996
Useful Life	15 years	15 years
State licenses
Goodwill and Intangible Assets [Line Items]
Indefinite-lived assets	$ 4,527	$ 4,527

Goodwill and Intangible Assets - Estimated Amortization (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Estimated amortization expenses for the next five years [Abstract]
2018	$ 1,848
2019	1,602
2020	1,388
2021	1,203
2022	$ 1,043

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 27, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Accelerated amortization of debt issuance cost		$ 2,809	$ 2,345	$ 0
Interest expense		23,260	28,173	29,063
Senior Notes
Debt Instrument [Line Items]
Principal amount, debt		262,500	362,500
Interest expense		22,996	27,827	28,687
Accrued interest		1,342	1,453
Amortization expense, debt issuance costs		264	346	$ 376
2012 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Principal amount, debt	$ 100,000	$ 0	$ 100,000
Accelerated amortization of debt issuance cost	$ 2,809

Long-Term Debt - Senior Notes Issuances (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 27, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Less unamortized issuance costs	$ 8,018		$ 11,091
Senior notes, net	254,482		351,409
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500		362,500
Less unamortized issuance costs	8,018		11,091
Senior notes, net	254,482		351,409
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000		110,000
Less unamortized issuance costs	3,654		3,694
Senior notes, net	106,346		106,306
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500		152,500
Less unamortized issuance costs	4,364		4,532
Senior notes, net	148,136		147,968
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%
Senior Notes \| 2012 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 0	$ 100,000	100,000
Less unamortized issuance costs	0		2,865
Senior notes, net	0		$ 97,135
Original debt issuance costs	$ 3,406
Coupon rate	8.00%
Effective interest rate	8.31%

Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Premiums written, Direct	$ 5,765	$ 8,045	$ 9,160
Premiums written, Assumed	2,810,286	2,823,303	2,653,666
Premiums written, Ceded	(54,063)	(176,396)	(148,710)
Premiums written, Net	2,761,988	2,654,952	2,514,116
Premium earned, Direct	6,579	9,766	26,358
Premium earned, Assumed	2,815,953	2,698,879	2,481,515
Premium earned, Ceded	(89,753)	(140,495)	(78,804)
Net premiums earned	2,732,779	2,568,150	2,429,069
Gross loss and LAE	2,276,682	1,918,797	1,687,564
Loss and LAE ceded	(116,671)	(98,891)	(53,994)
Net loss and loss adjustment expenses	$ 2,160,011	$ 1,819,906	$ 1,633,570

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses	$ 117,611	$ 99,936	$ 71,248	$ 75,873
Reinsurance recoverable \| Customer concentration risk \| Rating A or better
Concentration Risk [Line Items]
Concentration risk, percentage	98.60%	97.20%
Reinsurance recoverable \| Customer concentration risk \| Rating B Plus Plus or lower
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses	$ 1,656	$ 2,843
Concentration risk, percentage	1.40%	2.80%
Concentration risk, collateralized, percentage	76.90%	98.60%
Reinsurance recoverable \| Customer concentration risk \| Major customer one
Concentration Risk [Line Items]
Concentration risk, percentage	34.00%	54.80%
Reinsurance recoverable \| Customer concentration risk \| Major customer two
Concentration Risk [Line Items]
Concentration risk, percentage	19.20%	31.60%
Reinsurance recoverable \| Customer concentration risk \| Major customer three
Concentration Risk [Line Items]
Concentration risk, percentage	17.40%	2.90%

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Nov. 30, 2010	Oct. 31, 2008
Insurance [Abstract]
Reserve for reported loss and LAE				$ 1,925,151	$ 1,617,956
Reserve for losses IBNR				1,622,097	1,278,540
Reserve for loss and LAE	$ 2,896,496	$ 2,510,101	$ 2,271,292	3,547,248	$ 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	2,271,292
Less: reinsurance recoverable on unpaid losses, January 1	99,936	71,248	75,873
Net loss and LAE reserves, January 1	2,796,560	2,438,853	2,195,419
Net incurred losses related to Current year	1,802,118	1,600,454	1,558,704
Net incurred losses related to Prior years	357,893	219,452	74,866
Net incurred losses	2,160,011	1,819,906	1,633,570
Net paid losses related to Current year	(634,371)	(430,707)	(457,517)
Net paid losses related to Prior years	(948,000)	(1,006,884)	(892,840)
Net paid losses	(1,582,371)	(1,437,591)	(1,350,357)
Effect of foreign exchange movements	55,437	(24,608)	(39,779)
Net loss and LAE reserves, December 31	3,429,637	2,796,560	2,438,853
Reinsurance recoverable on unpaid losses, December 31	117,611	99,936	71,248
Gross loss and LAE reserves, December 31	$ 3,547,248	$ 2,896,496	$ 2,510,101
Percentage of prior year net loss and loss adjustment expense reserves	12.80%	9.00%	3.30%
Segment Reporting Information [Line Items]
Reserves acquired from loss portfolio transfer agreements				3,429,637
Net loss and loss adjustment expenses	$ 2,160,011	$ 1,819,906	$ 1,633,570
Diversified Reinsurance segment
Segment Reporting Information [Line Items]
Reserves acquired from loss portfolio transfer agreements						$ 98,827	$ 755,554
Other
Insurance [Abstract]
Reserve for loss and LAE	68,896			68,896
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, December 31	68,896
Segment Reporting Information [Line Items]
Reserves acquired from loss portfolio transfer agreements				$ 18,744
Net loss and loss adjustment expenses	$ 10,214	$ 14,556	$ 12,202

Reserve for Loss and Loss Adjustment Expenses - Prior year development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net incurred losses related to Prior years	$ 357,893	$ 219,452	$ 74,866
Percentage of prior year net loss and loss adjustment expense reserves	12.80%	9.00%	3.30%
Adverse development, net	$ 321,494	$ 165,344	$ 71,158
Diversified Reinsurance segment
Segment Reporting Information [Line Items]
Adverse development, net	71,384	96,788	49,856
Diversified Reinsurance segment \| Commercial Auto Liability
Segment Reporting Information [Line Items]
Adverse development, net	(58,776)
Diversified Reinsurance segment \| Two Accounts \| Commercial Auto Liability
Segment Reporting Information [Line Items]
Adverse development, net	(37,485)
AmTrust Reinsurance segment
Segment Reporting Information [Line Items]
Adverse development, net	239,896	54,000	9,100
Increase in incurred losses associated with prior year earned premium	37,212
Premium earned attributable to to prior accident years	57,026
AmTrust Reinsurance segment \| Commercial Auto Liability
Segment Reporting Information [Line Items]
Adverse development, net	(19,877)
AmTrust Reinsurance segment \| Workers' Compensation
Segment Reporting Information [Line Items]
Adverse development, net	(126,603)
AmTrust Reinsurance segment \| General Liability
Segment Reporting Information [Line Items]
Adverse development, net	(90,784)
Other
Segment Reporting Information [Line Items]
Adverse development, net	$ 10,214	$ 14,556	$ 12,202

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of claim development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 30, 2010	Oct. 31, 2008
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	$ 3,429,637
Reinsurance Recoverables on unpaid claims	117,611
Reserve for loss and loss adjustment expenses	3,547,248	$ 2,896,496	$ 2,510,101	$ 2,271,292
Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves					$ 98,827	$ 755,554
Operating Segments \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	1,142,743
Reinsurance Recoverables on unpaid claims	44,628
Reserve for loss and loss adjustment expenses	1,187,371
Operating Segments \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	2,268,150
Reinsurance Recoverables on unpaid claims	22,831
Reserve for loss and loss adjustment expenses	2,290,981
Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	18,744
Reinsurance Recoverables on unpaid claims	50,152
Reserve for loss and loss adjustment expenses	68,896
Property \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	79,354
Reinsurance Recoverables on unpaid claims	2,101
Reserve for loss and loss adjustment expenses	81,455
Casualty Personal Auto - Pro-rata \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	83,466
Reinsurance Recoverables on unpaid claims	13,438
Reserve for loss and loss adjustment expenses	96,904
Casualty Commercial Auto - Pro-rata \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	125,094
Reinsurance Recoverables on unpaid claims	1,592
Reserve for loss and loss adjustment expenses	126,686
Property XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	67,887
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	67,887
Commercial Auto XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	198,621
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	198,621
Workers' Compensation XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	282,983
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	282,983
Other Liability - XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	77,988
Reinsurance Recoverables on unpaid claims	25,446
Reserve for loss and loss adjustment expenses	103,434
Accident and Health \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	61,108
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	61,108
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	66,391
Reinsurance Recoverables on unpaid claims	2,051
Reserve for loss and loss adjustment expenses	68,442
Workers' Compensation \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	1,174,164
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	1,174,164
General Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	362,742
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	362,742
Commercial Auto Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	276,248
Reinsurance Recoverables on unpaid claims	16,991
Reserve for loss and loss adjustment expenses	293,239
European Hospital Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	227,384
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	227,384
All other lines \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	72,564
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	72,564
Total \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	1,042,892
Reinsurance Recoverables on unpaid claims	44,628
Reserve for loss and loss adjustment expenses	1,087,520
Total \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	2,113,102
Reinsurance Recoverables on unpaid claims	16,991
Reserve for loss and loss adjustment expenses	2,130,093
Other \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	99,851
Reinsurance Recoverables on unpaid claims	0
Reserve for loss and loss adjustment expenses	99,851
Other \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total Net Reserves	155,048
Reinsurance Recoverables on unpaid claims	5,840
Reserve for loss and loss adjustment expenses	$ 160,888

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2017
Property \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	41.10%
Year 2	28.00%
Year 3	19.80%
Year 4	6.40%
Year 5	2.00%
Year 6	1.20%
Year 7	0.80%
Casualty Personal Auto - Pro-rata \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	62.00%
Year 2	15.80%
Year 3	16.30%
Year 4	4.30%
Year 5	0.40%
Year 6	0.80%
Year 7	0.10%
Casualty Commercial Auto - Pro-rata \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12.00%
Year 2	15.80%
Year 3	16.90%
Year 4	21.50%
Year 5	12.90%
Year 6	8.40%
Year 7	8.10%
Property XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	31.00%
Year 2	35.70%
Year 3	16.70%
Year 4	6.00%
Year 5	3.80%
Year 6	2.90%
Year 7	1.60%
Commercial Auto XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.10%
Year 2	9.00%
Year 3	20.20%
Year 4	22.20%
Year 5	20.70%
Year 6	9.00%
Year 7	11.30%
Workers' Compensation XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.80%
Year 2	5.20%
Year 3	9.40%
Year 4	8.00%
Year 5	5.50%
Year 6	0.70%
Year 7	0.60%
Other Liability - XOL \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	21.60%
Year 2	19.30%
Year 3	12.50%
Year 4	10.30%
Year 5	7.00%
Year 6	15.60%
Year 7	6.80%
Accident and Health \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	28.10%
Year 2	42.20%
Year 3	28.10%
Year 4	1.10%
Year 5	0.50%
Year 6	(0.10%)
Year 7	0.00%
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	49.90%
Year 2	37.40%
Year 3	4.10%
Year 4	2.20%
Year 5	0.50%
Year 6	1.30%
Year 7	4.60%
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	20.20%
Year 2	27.50%
Year 3	17.50%
Year 4	11.10%
Year 5	6.10%
Year 6	3.30%
Year 7	3.40%
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.60%
Year 2	12.20%
Year 3	14.90%
Year 4	19.40%
Year 5	17.30%
Year 6	11.10%
Year 7	7.80%
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.20%
Year 2	20.30%
Year 3	21.50%
Year 4	19.70%
Year 5	14.00%
Year 6	6.60%
Year 7	5.00%
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.80%
Year 2	11.90%
Year 3	17.90%
Year 4	15.70%
Year 5	12.10%
Year 6	11.50%
Year 7	8.90%
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	53.90%
Year 2	25.20%
Year 3	3.20%
Year 4	7.10%
Year 5	6.80%
Year 6	3.60%
Year 7	5.10%

Related Party Transactions - AmTrust (Details)									12 Months Ended
Related Party Transactions - AmTrust (Details)	Jul. 01, 2016	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2011	Sep. 01, 2010	Jun. 11, 2008	Jul. 01, 2007 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 17, 2017	Jun. 23, 2008 USD ($)	Apr. 11, 2008 USD ($)	Dec. 18, 2007 USD ($)
Related Party Transaction [Line Items]
Net premiums earned									$ 2,732,779,000	$ 2,568,150,000	$ 2,429,069,000
Loan to related party									$ 167,975,000	167,975,000
Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									8.20%
Leah Karfunkel \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									41.80%
Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									7.70%
George Karfunkel, less than
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									5.00%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage									42.70%
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. \| Federal funds rate
Related Party Transaction [Line Items]
Loan to related party, Basis spread on LIBOR									2.00%
AmTrust Financial Services, Inc. \| LIBOR
Related Party Transaction [Line Items]
Loan to related party, Basis spread on LIBOR										0.90%		0.90%
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%
Consideration paid for agreement to commute certain liabilities including unearned premiums and loss reserves									$ 107,000,000
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									4,000	$ 19,000	68,000
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									1,520,000	1,139,000	673,000
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement \| Commission expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									335,000	295,000	166,000
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party									3,328,757,000	2,766,032,000
Accrued interest on collateral held by related party									20,830,000	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									24,624,000	24,146,000	21,475,000
Balances due to related party									14,741,000	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									7,474,000	6,925,000	6,057,000
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									$ 39,000	$ 61,000	$ 89,000
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									1.60%

Related Party Transactions - AmTrust Quota Share Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Gross premiums written	$ 2,816,051	$ 2,831,348	$ 2,662,825
Net premiums earned	2,732,779	2,568,150	2,429,069
Net loss and LAE	(2,160,011)	(1,819,906)	(1,633,570)
Commission and other acquisition expenses	(820,758)	(773,664)	(724,197)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	1,993,478	2,006,646	1,885,974
Net premiums earned	1,969,907	1,931,656	1,717,989
Net loss and LAE	(1,549,064)	(1,287,035)	(1,094,880)
Commission and other acquisition expenses	$ (630,376)	$ (614,882)	$ (539,671)

Related Party Transactions - NGHC (Details) - USD ($)			12 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	May 01, 2015	Mar. 01, 2010	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Premiums earned			$ 2,732,779,000	$ 2,568,150,000	$ 2,429,069,000
National General Holdings Corp. \| NGHC Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percent participation in quota share by subsidiary		50.00%
Percent of net premiums of personal lines business received by subsidiary		25.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers		25.00%
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Premiums earned			$ 542,000	$ 442,000	$ 25,000
Medical Excess of Loss Reinsurance Agreement \| National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage threshold	$ 1,000,000
Reinsurance coverage limit	4,000,000
Maximum limit of liability attaching	2,000,000
Layer 1 \| Medical Excess of Loss Reinsurance Agreement \| National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage threshold	1,000,000
Reinsurance coverage limit	1,000,000
Layer 2 \| Medical Excess of Loss Reinsurance Agreement \| National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage threshold	2,000,000
Reinsurance coverage limit	3,000,000
Layer 3 \| Medical Excess of Loss Reinsurance Agreement \| National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Commitments, Contingencies and Concentrations (Details)		12 Months Ended
Commitments, Contingencies and Concentrations (Details)	Nov. 07, 2017 $ / shares	Dec. 31, 2017 USD ($) broker $ / shares	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($) $ / shares
Loss Contingencies [Line Items]
Gross premiums written		$ 2,816,051,000	$ 2,831,348,000	$ 2,662,825,000
Letters of credit outstanding		83,903,000	76,656,000
Rent expense		1,514,000	1,616,000	$ 1,984,000
2018		1,490,000
2019		1,186,000
2020		1,025,000
2021		719,000
2022		719,000
Total		5,139,000
Reinsurance purchase commitment		$ 1,305,000	$ 0
Dividends declared per common share (in dollars per share) \| $ / shares	$ 0.15	$ 0.60	$ 0.57	$ 0.53
Letter of credit
Loss Contingencies [Line Items]
Collateral		$ 114,172,000	$ 108,786,000
AmTrust Reinsurance
Loss Contingencies [Line Items]
Gross premiums written		1,993,478,000	2,006,646,000	$ 1,885,974,000
Investment in limited partnerships
Loss Contingencies [Line Items]
Unfunded commitment on investments in limited partnerships		$ 306,000	$ 463,000
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		70.80%	70.90%	70.80%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		50.70%	53.90%	54.60%
Number of major brokers \| broker		3
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Top 3 Brokers
Loss Contingencies [Line Items]
Concentration risk, percentage		31.90%	34.60%	36.90%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Aon Benfield Group, Ltd.
Loss Contingencies [Line Items]
Concentration risk, percentage		13.90%	13.80%	17.30%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Marsh & McLennan Inc.
Loss Contingencies [Line Items]
Concentration risk, percentage		11.60%	11.90%	12.20%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Risk & Insurance Services Consulting
Loss Contingencies [Line Items]
Concentration risk, percentage		6.40%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| Beach & Associates, Ltd.
Loss Contingencies [Line Items]
Concentration risk, percentage			8.90%
Broker concentration risk \| Gross premiums written \| Diversified Reinsurance \| U.S. RE Corporation
Loss Contingencies [Line Items]
Concentration risk, percentage				7.40%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Sep. 15, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income attributable to Maiden		$ (133,587)	$ (63,596)	$ (22,359)	$ 20,490	$ (74,731)	$ 31,829	$ 30,910	$ 27,216	$ (169,896)	$ 48,980	$ 124,476
Dividends on preference shares										(29,156)	(33,756)	(24,337)
Amount allocated to participating common shareholders										(23)	(7)	(52)
Numerator for basic EPS - net (loss) income allocated to Maiden common shareholders										(199,075)	15,217	100,087
Dividends on convertible preference shares - Series B										0	0	11,962
Numerator for diluted EPS - net (loss) income allocated to Maiden common shareholders after assumed conversion										$ (199,075)	$ 15,217	$ 112,049
Weighted average number of common shares – basic (in shares)										85,678,232	77,534,860	73,478,544
Potentially dilutive securities:
Share options and restricted share units (in shares)										0	1,152,083	1,319,074
Convertible preference shares (in shares)										0	0	10,840,617
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)										85,678,232	78,686,943	85,638,235
Basic (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)		$ (1.59)	$ (0.74)	$ (0.26)	$ 0.24	$ (0.87)	$ 0.42	$ 0.42	$ 0.37	$ (2.32)	$ 0.20	$ 1.36
Diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)		$ (1.59)	$ (0.74)	$ (0.26)	$ 0.23	$ (0.87)	$ 0.40	$ 0.39	$ 0.35	$ (2.32)	$ 0.19	$ 1.31
Series A, C and D preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares										$ (29,156)	$ (24,785)	$ (12,375)
Series B Convertible Preference Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares										$ 0	$ (8,971)	$ (11,962)
Potentially dilutive securities:
Mandatory conversion of Preference Shares - Series B	$ 165,000
Number of shares converted (in shares)	12,069,090									0	12,069,090	0
Common shares issued per convertible preference share (in shares)	3.6573

Earnings per Common Share - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Stock Option And Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share options excluded from the calculation of diluted earnings per common share (in shares)	1,688,010	24,000	0

Shareholders' Equity - Narrative (Details)					1 Months Ended	12 Months Ended
Shareholders' Equity - Narrative (Details)	Jun. 15, 2017 USD ($) director $ / shares shares	Sep. 15, 2016 shares	Nov. 25, 2015 USD ($) director $ / shares shares	Aug. 22, 2012 USD ($) director $ / shares shares	Oct. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Feb. 21, 2017 USD ($)	Dec. 31, 2014 shares
Class of Stock [Line Items]
Shares authorized (in shares) \| shares						150,000,000
Common shares, shares issued (in shares) \| shares						87,730,054	87,321,012
Common shares, shares outstanding (in shares) \| shares						82,974,895	86,271,109	73,721,140		72,932,702
Preference shares issued (in shares) \| shares						18,600,000
Shares undesignated (in shares) \| shares						43,669,946
Common shares, par value (in dollars per share)						$ 0.01	$ 0.01
Number of shares issued (in shares) \| shares						246,382	251,027	378,120
Proceeds from issuance of Preference Shares \| $						$ 144,942,000	$ (143,000)	$ 159,628,000
Preferred Stock, number of Directors contingently electable \| director				2
Preferred Stock, dividend default period				six or more dividend periods
Authorized amount of share repurchase program \| $									$ 100,000,000
Shares repurchased (in shares) \| shares						3,667,134
Shares repurchased, price per share (in dollars per share)						$ 6.84
Remaining shares authorized \| $						$ 74,924,000
Shares repurchased for tax withholding (in shares) \| shares						38,122	35,258	46,458
Shares repurchased for tax withholding for tax withholding (in dollars per share)						$ 15.06	$ 13.33	$ 14.09
Preference shares - Series D
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares	6,000,000
Dividend rate of Preference Shares	6.70%
Par value of Preference Shares (in dollars per share)	$ 0.01
Fair value of share (in dollars per share)	$ 25
Proceeds from issuance of Preference Shares \| $	$ 144,942,000
Expenses and underwriting discounts \| $	$ 5,058,000
Redemption price for all Preference Shares if purchased prior to June 15, 2022	$ 26
Sale price of Preference Shares (in dollars per share)	$ 25
Preferred Stock, number of Directors contingently electable \| director	2
Dividends on preference shares \| $	$ 5,025,000
Redemption price for Preference Shares (in dollars per share)	$ 25
Preference Shares - Series C
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares			6,600,000
Dividend rate of Preference Shares			7.125%
Par value of Preference Shares (in dollars per share)			$ 0.01
Fair value of share (in dollars per share)			$ 25
Proceeds from issuance of Preference Shares \| $			$ 159,485,000
Expenses and underwriting discounts \| $			$ 5,515,000
Sale price of Preference Shares (in dollars per share)			$ 25
Preferred Stock, number of Directors contingently electable \| director			2
Dividends on preference shares \| $						$ 11,756,000	$ 12,410,000	$ 0
Redemption price for Preference Shares (in dollars per share)			$ 25
Mandatory Convertible Preference Shares - Series B
Class of Stock [Line Items]
Dividend rate of Preference Shares					7.25%
Par value of Preference Shares (in dollars per share)					$ 0.01
Fair value of share (in dollars per share)					$ 50
Proceeds from issuance of Preference Shares \| $					$ 159,675,000
Expenses and underwriting discounts \| $					$ 5,325,000
Sale price of Preference Shares (in dollars per share)					$ 50
Dividends on preference shares \| $							$ 8,971,000	$ 11,962,000
Preference shares offered (in shares) \| shares					3,300,000
Liquidation preference per share per annum (in dollars per share)					$ 3.625
Liquidation preference per share per quarter (in dollars per share)					0.90625
Liquidation preference per share in initial quarter (in dollars per share)					$ 0.745139
Convertible Preferred Stock, conversion rate measurement period					40 days
Series B Convertible Preference Shares
Class of Stock [Line Items]
Number of shares converted (in shares) \| shares		12,069,090				0	12,069,090	0
Common shares issued per convertible preference share (in shares) \| shares		3.6573
Preference shares – Series A
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares				6,000,000
Dividend rate of Preference Shares				8.25%
Par value of Preference Shares (in dollars per share)				$ 0.01
Fair value of share (in dollars per share)				$ 25
Proceeds from issuance of Preference Shares \| $				$ 145,041,000
Expenses and underwriting discounts \| $				$ 4,959,000
Sale price of Preference Shares (in dollars per share)				$ 25
Dividends on preference shares \| $						$ 12,375,000	$ 12,375,000	$ 12,375,000
Redemption price for Preference Shares (in dollars per share)				$ 25

Shareholders' Equity - Schedule of Common Shares (Details) - shares		12 Months Ended
	Sep. 15, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued and outstanding shares – January 1 (in shares)		86,271,109	73,721,140	72,932,702
Issuance of vested restricted shares and restricted share units (in shares)		246,382	251,027	378,120
Shares repurchased (in shares)		(3,705,256)	(35,258)	(46,458)
Exercise of options (in shares)		162,660	265,110	456,776
Issued and outstanding shares – December 31 (in shares)		82,974,895	86,271,109	73,721,140
Series B Convertible Preference Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Mandatory conversion of preference shares - Series B (in shares)	12,069,090	0	12,069,090	0

Shareholders' Equity - Reclassified out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (losses) gains on investment									$ 12,222	$ 6,774	$ 2,498
Net impairment losses recognized in earnings									0	0	(1,060)
(Loss) income before income taxes									(173,303)	49,712	126,322
Income tax benefit									3,558	(1,574)	(2,038)
Net (loss) income	$ (124,857)	$ (55,054)	$ (16,335)	$ 26,501	$ (69,374)	$ 40,796	$ 39,887	$ 36,829	(169,745)	48,138	124,284
Unrealized (losses) gains on AFS securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (losses) gains on investment									1,816	(576)	263
Net impairment losses recognized in earnings									0	0	0
(Loss) income before income taxes									1,816	(576)	263
Income tax benefit									0	0	0
Net (loss) income									$ 1,816	$ (576)	$ 263

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,361,152	$ 1,349,099
Other comprehensive income (loss) before reclassifications	234	38,193	$ (118,862)
Amounts reclassified from AOCI to net income, net of tax	(1,816)	576	(263)
Other comprehensive (loss) income, after tax	(1,582)	38,769	(119,125)
Ending balance	1,232,626	1,361,152	1,349,099
Change in net unrealized gains on investment, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(20,716)	(54,112)	78,579
Other comprehensive income (loss) before reclassifications	44,421	32,820	(132,428)
Amounts reclassified from AOCI to net income, net of tax	(1,816)	576	(263)
Other comprehensive (loss) income, after tax	42,605	33,396	(132,691)
Ending balance	21,889	(20,716)	(54,112)
Foreign currency translation adjustments, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	35,604	30,231	16,665
Other comprehensive income (loss) before reclassifications	(44,187)	5,373	13,566
Amounts reclassified from AOCI to net income, net of tax	0	0	0
Other comprehensive (loss) income, after tax	(44,187)	5,373	13,566
Ending balance	(8,583)	35,604	30,231
AOCI including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	14,888	(23,881)	95,244
Ending balance	13,306	14,888	(23,881)
Change in net unrealized gains on investment, attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0
Ending balance	0	0	0
Foreign currency translation adjustments, attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(109)	(114)
Ending balance	(48)	(109)	(114)
AOCI attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(109)	(114)
Ending balance	(48)	(109)	(114)
Change in net unrealized gains on investment, attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(20,716)	(54,112)
Ending balance	21,889	(20,716)	(54,112)
Foreign currency translation adjustments, attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	35,713	30,345
Ending balance	(8,535)	35,713	30,345
AOCI attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	14,997	(23,767)	95,293
Ending balance	$ 13,354	$ 14,997	$ (23,767)

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)	10,000,000
Options granted (in shares)	0	24,000	24,000
Volatility, maximum term	8 years 7 months 22 days
Volatility, maximum		28.70%
Weighted average grant date fair value (in dollars per share)	$ 2.13	$ 2.10	$ 2.13
Proceeds from stock options exercised	$ 1,081	$ 1,931	$ 3,318
Share-based expense	2,938	3,414	2,938
Defined contribution plans expense	$ 2,826	2,805	2,623
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period	4 years
Expiration period	10 years
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 12	60
Period of recognition (in years)	4 months 2 days
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage based on formula	50.00%
Payout percentage based on CEO and Committee's discretion	50.00%
Vesting period (in years)	3 years
Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Fair value of units vested	$ 633	1,068	766
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested	357	$ 428	$ 698
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 525
Period of recognition (in years)	10 months 27 days
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 200
Period of recognition (in years)	11 months 23 days
Minimum \| Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Maximum \| Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Vesting on first anniversary of grant date \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting on each quarter following first anniversary \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	6.25%
Performance cycle \| Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years

Share Compensation and Pension Plans - Assumptions Used in Determining Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assumptions:
Volatility	28.70%	37.60%
Risk-free interest rate	1.67%	1.55%
Weighted average expected lives in years	5 years 6 months	5 years 6 months
Forfeiture rate	1.66%	2.16%
Dividend yield rate	3.55%	4.05%

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of Share Options, Outstanding [Roll Forward]
Outstanding, start of period (in shares)	1,684,089	1,926,199	2,362,975
Granted (in shares)	0	24,000	24,000
Exercised (in shares)	(162,660)	(265,110)	(456,776)
Expired (in shares)	(4,660)	(1,000)		(3,442)
Forfeited (in shares)			(558)
Outstanding, end of period (in shares)	1,516,769	1,684,089	1,926,199	2,362,975
Total options exercisable outstanding, Number of Share Options (in shares)	1,514,675
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 7.00	$ 6.96	$ 6.95
Granted (in dollars per share)		13.12	13.98	$ 13.98
Exercised (in dollars per share)	6.64	7.28	7.27
Expired (in dollars per share)	9.92	7.67		8.61
Forfeited (in dollars per share)			9.00
Outstanding, end of period (in dollars per share)	7.03	7.00	6.96	$ 6.95
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.02
Weighted Average Grant-Date Fair Value (in dollars per share)		$ 2.45	$ 3.31
Outstanding, Weighted Average Remaining Contractual Term	2 years 5 months 12 days	3 years 4 months 9 days	4 years 1 month 24 days		4 years 10 months 10 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	2 years 5 months 8 days
Options Outstanding, Aggregate Intrinsic Value	$ 1,100	$ 17,598	$ 15,306	$ 13,791
Options Exercised, Aggregate Intrinsic Value	955	$ 1,453	$ 3,521
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 1,100
Minimum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 3.28	$ 3.28	$ 3.28
Outstanding, end of period (in dollars per share)	3.28	3.28	3.28	$ 3.28
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.28
Maximum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	13.98	13.98	12.42
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98	$ 12.42
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	119,185	138,128	146,666
Awards granted (in shares)	25,000	75,988	64,795
Awards vested (in shares)	(46,927)	(94,931)	(73,333)
Awards forfeited (in shares)	0	0	0
Ending Balance, Non-vested (in shares)	97,258	119,185	138,128
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 13.42	$ 12.07	$ 10.45
Awards granted (in dollars per share)	10.55	13.16	13.89
Awards vested (in dollars per share)	13.50	11.24	10.45
Awards forfeited (in dollars per share)	0.00	0.00	0.00
Weighted average grant date fair value, ending balance (in dollars per share)	$ 12.65	$ 13.42	$ 12.07
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	46,203	53,152	86,317
Awards granted (in shares)	17,500	23,000	38,180
Awards vested (in shares)	(26,477)	(29,949)	(67,061)
Awards forfeited (in shares)	0	0	(4,284)
Ending Balance, Non-vested (in shares)	37,226	46,203	53,152
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 13.42	$ 13.22	$ 10.63
Awards granted (in dollars per share)	16.75	12.90	13.94
Awards vested (in dollars per share)	13.49	12.67	10.41
Awards forfeited (in dollars per share)	0.00	0.00	11.38
Weighted average grant date fair value, ending balance (in dollars per share)	$ 14.93	$ 13.42	$ 13.22
Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	845,721	745,482	807,770
Awards granted (in shares)	284,130	355,544	291,730
Awards vested (in shares)	(110,976)	(85,847)	(188,681)
Awards forfeited (in shares)	(208,411)	(169,458)	(165,337)
Ending Balance, Non-vested (in shares)	810,464	845,721	745,482
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 12.88	$ 12.05	$ 10.51
Awards granted (in dollars per share)	16.75	13.11	13.89
Awards vested (in dollars per share)	12.20	12.29	9.54
Awards forfeited (in dollars per share)	11.73	10.02	10.61
Weighted average grant date fair value, ending balance (in dollars per share)	$ 14.60	$ 12.88	$ 12.05

Statutory Requirements and Dividend Restrictions (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) subsidiary	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Statutory Accounting Practices [Line Items]
Net assets	$ 1,232,626,000	$ 1,361,152,000	$ 1,349,099,000
Assets restricted due to statutory and collateral requirements	$ 1,160,044,000
Maximum dividend rate, percent of statutory capital and surplus	25.00%
Reduction to total statutory capital, percent threshold requiring approval	15.00%
MISSOURI
Statutory Accounting Practices [Line Items]
Statutory amount available for dividend payments without regulatory approval	$ 0
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance \| subsidiary	2
Maiden Bermuda
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 1,205,991,000	1,470,206,000
Statutory Net Income (Loss)	(167,307,000)	87,888,000	146,027,000
Maiden Bermuda \| BERMUDA
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	301,498,000
Dividends	105,000,000	445,000,000	0
Maiden US
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	301,661,000	296,550,000
Statutory Net Income (Loss)	16,866,000	(3,926,000)	17,439,000
Maiden US \| UNITED STATES
Statutory Accounting Practices [Line Items]
Minimum solvency margin	88,389,000	$ 86,646,000
Dividends permitted as a percentage of surplus		10.00%
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	8,510,000	$ 8,101,000
Statutory Net Income (Loss)	(481,000)	756,000	(199,000)
Maiden LF \| SWEDEN
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	2,507,000	2,843,000
Minimum solvency margin	4,442,000	3,891,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	6,417,000	0
Statutory Net Income (Loss)	(168,000)	0	$ 0
Maiden GF \| SWEDEN
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	0	0
Minimum solvency margin	$ 4,442,000	$ 6,135,000

Taxation - Income before taxes and income tax expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
(Loss) income before income taxes – Domestic (Bermuda)	(165,120,000)	67,881,000	134,012,000
Loss before income taxes – Foreign (U.S. and others)	(8,183,000)	(18,169,000)	(7,690,000)
Total (loss) income before income taxes	(173,303,000)	49,712,000	126,322,000
Current tax expense – Domestic (Bermuda)	0	0	0
Current tax expense – Foreign (U.S. and others)	669,000	490,000	780,000
Total current tax expense	669,000	490,000	780,000
Deferred tax expense – Domestic (Bermuda)	0	0	0
Deferred tax (benefit) expense – Foreign (U.S. and others)	(4,227,000)	1,084,000	1,258,000
Total deferred tax (benefit) expense	(4,227,000)	1,084,000	1,258,000
Total income tax (benefit) expense	$ (3,558,000)	$ 1,574,000	$ 2,038,000

Taxation - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
(Loss) income before income taxes									$ (173,303)	$ 49,712	$ 126,322
Less: income tax (benefit) expense									(3,558)	1,574	2,038
Net (loss) income	$ (124,857)	$ (55,054)	$ (16,335)	$ 26,501	$ (69,374)	$ 40,796	$ 39,887	$ 36,829	$ (169,745)	$ 48,138	$ 124,284
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate									0.00%	0.00%	0.00%
U.S. taxes at statutory rates									2.80%	(10.80%)	(2.20%)
Rate change in the U.S.									2.90%	0.00%	0.00%
Valuation allowance in respect of U.S. taxes									(3.40%)	13.20%	3.20%
Other jurisdictions									(0.20%)	0.80%	0.60%
Actual tax rate									2.10%	3.20%	1.60%

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Net operating losses	$ 39,923	$ 63,143
Unearned premiums	6,537	11,336
Discounting of net loss and LAE reserves	12,222	12,091
Accruals not currently deductible	65	160
Retro reinsurance adjustment	4,481	2,679
Amortization of intangible assets	1,180	2,439
OTTI	0	1,198
Others	797	610
Deferred tax assets before valuation allowance	65,205	93,656
Valuation allowance	51,073	78,300
Deferred tax assets, net	14,132	15,356
Deferred tax liabilities:
Deferred commission and other acquisition expenses	6,927	11,826
Intangible assets with indefinite lives	1,050	1,750
Amortization of goodwill	6,384	9,480
Reserve change in basis	5,076	0
Net unrealized gains on investment	1,141	2,713
Others	434	730
Deferred tax liabilities	21,012	26,499
Net deferred tax liability	6,880	11,143
Write-down of U.S. deferred tax liability	4,956
(Decrease) increase in valuation allowance	(27,227)	(545)
Change in tax rate expense	34,049
U.S.
Deferred tax liabilities:
Net operating loss carry-forward	$ 189,891	$ 180,408

Subsequent Events (Details) - $ / shares		1 Months Ended	12 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 07, 2017	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.15		$ 0.60	$ 0.57	$ 0.53
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.15
Subsequent event \| Preference shares – Series A
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)		0.515625
Subsequent event \| Preference shares – Series C
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)		0.445313
Subsequent event \| Preference shares - Series D
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)		$ 0.41875

Condensed Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 707,049	$ 703,036	$ 754,756	$ 756,307	$ 659,284	$ 738,189	$ 674,746	$ 659,414	$ 2,921,148	$ 2,731,633	$ 2,573,111
Net (loss) income	(124,857)	(55,054)	(16,335)	26,501	(69,374)	40,796	39,887	36,829	(169,745)	48,138	124,284
Net income (loss) attributable to Maiden common shareholders	(133,587)	(63,596)	(22,359)	20,490	(74,731)	31,829	30,910	27,216	(169,896)	48,980	124,476
Comprehensive income (loss) – attributable to Maiden	$ (157,767)	$ (44,547)	$ 3,658	$ 27,117	$ (177,577)	$ 45,802	$ 89,389	$ 130,130	$ (171,539)	$ 87,744	$ 5,416
Basic earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ (1.59)	$ (0.74)	$ (0.26)	$ 0.24	$ (0.87)	$ 0.42	$ 0.42	$ 0.37	$ (2.32)	$ 0.20	$ 1.36
Diluted earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ (1.59)	$ (0.74)	$ (0.26)	$ 0.23	$ (0.87)	$ 0.40	$ 0.39	$ 0.35	(2.32)	$ 0.19	$ 1.31
Unfavorable reserve development	$ (170,960)				$ 120,426
Earnings per common share, basic, reduction from unfavorable reserve development (in dollar per share)	$ 2.03				$ 1.40				1.99
Earnings per common share, diluted, reduction from unfavorable reserve development (in dollar per share)	$ 2.03				$ 1.39				$ 1.99

Schedule I Summary of Investments, Other than Investments in Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	$ 4,027,993	$ 4,005,642
HTM securities, Amortized Cost	1,097,801	752,212
Other Investments, Amortized Cost	5,219	10,057
Total investments, Original or amortized cost	5,131,013	4,767,911
Available-for-sale fixed maturities, Fair value	4,044,370	3,971,666
HTM securities, Fair value	1,125,626	766,135
Other investments, Fair value	6,600	13,060
Total investments, Fair value	5,176,596	4,750,861
Amount at Which Shown in the Balance Sheet	5,148,771
U.S. treasury bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	60,711	5,186
Available-for-sale fixed maturities, Fair value	60,801	5,413
Amount at Which Shown in the Balance Sheet	60,801
U.S. agency bonds – mortgage-backed
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	2,026,305	1,720,436
Available-for-sale fixed maturities, Fair value	2,014,614	1,716,038
Amount at Which Shown in the Balance Sheet	2,014,614
U.S. agency bonds – other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	29,941	18,082
Available-for-sale fixed maturities, Fair value	29,782	18,102
Amount at Which Shown in the Balance Sheet	29,782
Non-U.S. government and supranational bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	33,381	35,158
Available-for-sale fixed maturities, Fair value	31,876	29,934
Amount at Which Shown in the Balance Sheet	31,876
Asset-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	317,544
Available-for-sale fixed maturities, Fair value	321,410
Amount at Which Shown in the Balance Sheet	321,410
Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	1,557,611	1,947,347
HTM securities, Amortized Cost	1,037,464	752,212
Available-for-sale fixed maturities, Fair value	1,583,311	1,916,205
HTM securities, Fair value	1,065,245	$ 766,135
Amount at Which Shown in the Balance Sheet	1,583,311
Municipal bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	2,500
Available-for-sale fixed maturities, Fair value	2,576
Amount at Which Shown in the Balance Sheet	2,576
Total AFS fixed maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Fixed Maturities, available-for-sale, Amortized cost	4,027,993
Available-for-sale fixed maturities, Fair value	4,044,370
Amount at Which Shown in the Balance Sheet	4,044,370
HTM Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
HTM securities, Amortized Cost	1,037,464
HTM securities, Fair value	1,065,245
Amount at Which Shown in the Balance Sheet	1,037,464
HTM Municipal bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
HTM securities, Amortized Cost	60,337
HTM securities, Fair value	60,381
Amount at Which Shown in the Balance Sheet	60,337
HTM fixed maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
HTM securities, Amortized Cost	1,097,801
HTM securities, Fair value	1,125,626
Amount at Which Shown in the Balance Sheet	1,097,801
Other investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Other Investments, Amortized Cost	5,219
Other investments, Fair value	6,600
Amount at Which Shown in the Balance Sheet	$ 6,600

Schedule II Condensed Financial Information of Parent Company - Balance Sheet (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value (Amortized cost 2017: $68,952; 2016: $16,220)	$ 4,044,370,000	$ 3,971,666,000
Other investments, at fair value (Cost 2017: $500; 2016: $4,752)	6,600,000	13,060,000
Cash and cash equivalents	67,919,000	45,747,000	$ 89,641,000	$ 108,119,000
Goodwill	57,192,000	57,192,000	$ 58,936,000
Other assets	123,113,000	148,912,000
Total assets	6,644,189,000	6,252,299,000
Accrued expenses and other liabilities	132,795,000	167,736,000
Senior notes - principal amount	262,500,000	362,500,000
Less unamortized issuance costs	8,018,000	11,091,000
Senior notes, net	254,482,000	351,409,000
Total liabilities	5,411,563,000	4,891,147,000
Preference shares	465,000,000	315,000,000
Common shares ($0.01 par value; 87,730,054 and 87,321,012 shares issued in 2017 and 2016, respectively; 82,974,895 and 86,271,109 shares outstanding in 2017 and 2016, respectively)	877,000	873,000
Additional paid-in capital	748,113,000	749,256,000
Accumulated other comprehensive income	13,354,000	14,997,000
Retained earnings	35,472,000	285,662,000
Treasury shares, at cost (4,755,159 and 1,049,903 shares in 2017 and 2016, respectively)	(30,642,000)	(4,991,000)
Total Maiden shareholders’ equity	1,232,174,000	1,360,797,000
Total liabilities and equity	6,644,189,000	6,252,299,000
Balance Sheet Related Disclosures [Abstract]
Amortized Cost	$ 4,027,993,000	$ 4,005,642,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,730,054	87,321,012
Common shares, shares outstanding (in shares)	82,974,895	86,271,109	73,721,140	72,932,702
Treasury shares, shares (in shares)	4,755,159	1,049,903
Parent Company
Condensed Financial Statements, Captions [Line Items]
Fixed maturities, available-for-sale, at fair value (Amortized cost 2017: $68,952; 2016: $16,220)	$ 68,965,000	$ 16,363,000
Other investments, at fair value (Cost 2017: $500; 2016: $4,752)	500,000	6,586,000
Cash and cash equivalents	9,886,000	16,677,000	$ 3,606,000	$ 6,894,000
Investment in subsidiaries	1,401,547,000	1,555,857,000
Balances due from subsidiaries	79,376,000	73,414,000
Goodwill	5,972,000	5,972,000
Other assets	4,260,000	1,248,000
Total assets	1,570,506,000	1,676,117,000
Accrued expenses and other liabilities	14,810,000	14,478,000
Balances due to subsidiaries	217,176,000	194,536,000
Senior notes - principal amount	110,000,000	110,000,000
Less unamortized issuance costs	3,654,000	3,694,000
Senior notes, net	106,346,000	106,306,000
Total liabilities	338,332,000	315,320,000
Preference shares	465,000,000	315,000,000
Common shares ($0.01 par value; 87,730,054 and 87,321,012 shares issued in 2017 and 2016, respectively; 82,974,895 and 86,271,109 shares outstanding in 2017 and 2016, respectively)	877,000	873,000
Additional paid-in capital	748,113,000	749,256,000
Accumulated other comprehensive income	13,354,000	14,997,000
Retained earnings	35,472,000	285,662,000
Treasury shares, at cost (4,755,159 and 1,049,903 shares in 2017 and 2016, respectively)	(30,642,000)	(4,991,000)
Total Maiden shareholders’ equity	1,232,174,000	1,360,797,000
Total liabilities and equity	1,570,506,000	1,676,117,000
Balance Sheet Related Disclosures [Abstract]
Amortized Cost	68,952,000	16,220,000
Other Investments, Cost	$ 500,000	$ 4,752,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,730,054	87,321,012
Common shares, shares outstanding (in shares)	82,974,895	86,271,109
Treasury shares, shares (in shares)	4,755,159	1,049,903
Senior Notes
Condensed Financial Statements, Captions [Line Items]
Less unamortized issuance costs	$ 8,018,000	$ 11,091,000
Senior notes, net	254,482,000	351,409,000
Balance Sheet Related Disclosures [Abstract]
Principal amount	262,500,000	362,500,000
2013 Senior Notes \| Senior Notes
Condensed Financial Statements, Captions [Line Items]
Less unamortized issuance costs	4,364,000	4,532,000
Senior notes, net	148,136,000	147,968,000
Balance Sheet Related Disclosures [Abstract]
Principal amount	$ 152,500,000	$ 152,500,000
Stated interest rate	7.75%
2013 Senior Notes \| Senior Notes \| Parent Company
Balance Sheet Related Disclosures [Abstract]
Principal amount	$ 152,500,000
Stated interest rate	7.75%

Schedule II Condensed Financial Information of Parent Company - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Net investment income									$ 166,345	$ 145,892	$ 131,092
Net realized gains on investment									12,222	6,774	2,498
Total revenues	$ 707,049	$ 703,036	$ 754,756	$ 756,307	$ 659,284	$ 738,189	$ 674,746	$ 659,414	2,921,148	2,731,633	2,573,111
Expenses
General and administrative expenses									70,560	66,984	64,872
Interest and amortization expenses									23,260	28,173	29,063
Foreign exchange (gains) losses									14,921	(11,612)	(7,753)
Total expenses									3,094,451	2,681,921	2,446,789
Net (loss) income attributable to Maiden	(133,587)	(63,596)	(22,359)	20,490	(74,731)	31,829	30,910	27,216	(169,896)	48,980	124,476
Dividends on preference shares									(29,156)	(33,756)	(24,337)
Net (loss) income attributable to Maiden common shareholders									(199,052)	15,224	100,139
Comprehensive income (loss) – attributable to Maiden	$ (157,767)	$ (44,547)	$ 3,658	$ 27,117	$ (177,577)	$ 45,802	$ 89,389	$ 130,130	(171,539)	87,744	5,416
Parent Company
Revenues
Net investment income									885	1,693	2,034
Net realized gains on investment									5,466	1,990	20
Other fee revenue									0	0	1,321
Total revenues									6,351	3,683	3,375
Expenses
General and administrative expenses									20,092	17,008	16,319
Interest and amortization expenses									7,328	3,988	0
Foreign exchange (gains) losses									(819)	1,371	668
Total expenses									26,601	22,367	16,987
Loss before equity in earnings of consolidated subsidiaries									(20,250)	(18,684)	(13,612)
Equity in (loss) earnings of consolidated subsidiaries									(149,646)	67,664	138,088
Net (loss) income attributable to Maiden									(169,896)	48,980	124,476
Dividends on preference shares									(29,156)	(33,756)	(24,337)
Net (loss) income attributable to Maiden common shareholders									(199,052)	15,224	100,139
Comprehensive income (loss) – attributable to Maiden									$ (171,539)	$ 87,744	$ 5,416

Schedule II Condensed Financial Information of Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows provided by operating activities
Net (loss) income	$ (133,587)	$ (63,596)	$ (22,359)	$ 20,490	$ (74,731)	$ 31,829	$ 30,910	$ 27,216	$ (169,896)	$ 48,980	$ 124,476
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net realized gains on investment									(12,222)	(6,774)	(2,498)
Foreign exchange (gains) losses									14,921	(11,612)	(7,753)
Changes in assets – (increase) decrease:
Other assets									21,821	(37,182)	(76,599)
Changes in liabilities – increase (decrease):
Net cash provided by operating activities									458,534	470,132	634,298
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale									(1,374,462)	(1,372,049)	(1,463,556)
Purchases of other investments									(986)	(172)	(217)
Proceeds from sales of fixed-maturities – available-for-sale									548,744	129,306	129,152
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale									420,428	657,819	541,081
Proceeds from sales of other investments									11,702	1,481	456
Net cash used in investing activities									(378,894)	(439,204)	(750,678)
Cash flows provided by financing activities
2016 Senior notes, net of issuance costs									0	106,285	0
Preference shares, net of issuance costs									144,942	(143)	159,628
Dividends paid – preference shares									(29,156)	(33,756)	(24,337)
Dividends paid – Maiden common shareholders									(51,634)	(43,127)	(38,204)
Issuance of common shares									1,081	1,931	3,318
Repurchase of common shares									(25,651)	(470)	(654)
Net cash (used in) provided by financing activities									(60,418)	(76,780)	99,751
Effect of exchange rate changes on foreign currency cash									2,950	1,958	(1,849)
Net increase (decrease) in cash and cash equivalents									22,172	(43,894)	(18,478)
Cash and cash equivalents, beginning of period				45,747				89,641	45,747	89,641	108,119
Cash and cash equivalents, end of period	67,919				45,747				67,919	45,747	89,641
Parent Company
Cash flows provided by operating activities
Net (loss) income									(169,896)	48,980	124,476
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries									149,646	(67,664)	(138,088)
Depreciation and amortization of debt issuance cost and bond premium and discount									131	207	222
Net realized gains on investment									(5,466)	(1,990)	(20)
Foreign exchange (gains) losses									(819)	1,371	668
Share-based compensation expense									2,938	3,414	2,938
Changes in assets – (increase) decrease:
Balance due from subsidiaries									(5,159)	(7,222)	(20,930)
Other assets									305	(125)	237
Changes in liabilities – increase (decrease):
Accounts payable and accrued liabilities									478	(216)	12
Balances due to subsidiaries									22,640	84,504	49,162
Net cash provided by operating activities									(5,202)	61,259	18,677
Cash flows used in investing activities
Purchases of fixed-maturities – available-for-sale									(74,893)	(16,203)	0
Purchases of other investments									(500)	0	0
Proceeds from sales of fixed-maturities – available-for-sale									22,806	44,475	1,041
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale									15	0	0
Proceeds from sales of other investments									9,894	350	0
Dividends from subsidiaries									105,652	0	0
Contributions to subsidiaries									(100,751)	(107,546)	(122,757)
Purchase of fixed assets									(3,410)	0	0
Net cash used in investing activities									(41,187)	(78,924)	(121,716)
Cash flows provided by financing activities
2016 Senior notes, net of issuance costs									0	106,285	0
Preference shares, net of issuance costs									144,942	(143)	159,628
Dividends paid – preference shares									(29,156)	(33,756)	(24,337)
Dividends paid – Maiden common shareholders									(51,634)	(43,127)	(38,204)
Issuance of common shares									1,081	1,931	3,318
Repurchase of common shares									(25,651)	(470)	(654)
Net cash (used in) provided by financing activities									39,582	30,720	99,751
Effect of exchange rate changes on foreign currency cash									16	16	0
Net increase (decrease) in cash and cash equivalents									(6,791)	13,071	(3,288)
Cash and cash equivalents, beginning of period				$ 16,677				$ 3,606	16,677	3,606	6,894
Cash and cash equivalents, end of period	$ 9,886				$ 16,677				$ 9,886	$ 16,677	$ 3,606

Schedule III Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	$ 439,597	$ 424,605	$ 397,548
Reserve for loss and loss adjustment expenses	3,547,248	2,896,496	2,510,101
Unearned premiums	1,477,038	1,475,506	1,354,572
Net premiums earned	2,732,779	2,568,150	2,429,069
Net investment income	166,345	145,892	131,092
Net loss and LAE	2,160,011	1,819,906	1,633,570
Amortization of deferred commission and other acquisition expenses	820,758	773,664	724,197
General and admin. expenses	70,560	66,984	64,872
Net premiums written	2,761,988	2,654,952	2,514,116
Operating Segments \| Diversified Reinsurance segment
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	79,633	85,432	80,012
Reserve for loss and loss adjustment expenses	1,187,371	1,103,936	1,046,471
Unearned premiums	297,754	323,873	277,460
Net premiums earned	823,365	724,124	744,875
Net investment income	0	0	0
Net loss and LAE	650,916	579,520	547,296
Amortization of deferred commission and other acquisition expenses	205,982	188,506	196,292
General and admin. expenses	35,817	35,681	35,312
Net premiums written	807,362	766,119	734,781
Operating Segments \| AmTrust Reinsurance segment
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	359,964	339,173	317,536
Reserve for loss and loss adjustment expenses	2,290,981	1,757,728	1,420,418
Unearned premiums	1,179,284	1,151,633	1,077,112
Net premiums earned	1,909,644	1,843,621	1,684,191
Net investment income	0	0	0
Net loss and LAE	1,498,881	1,225,830	1,074,072
Amortization of deferred commission and other acquisition expenses	614,777	584,820	527,863
General and admin. expenses	3,052	2,896	3,016
Net premiums written	1,954,856	1,888,428	1,779,334
Operating Segments \| Total reportable segments
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	439,597	424,605	397,548
Reserve for loss and loss adjustment expenses	3,478,352	2,861,664	2,466,889
Unearned premiums	1,477,038	1,475,506	1,354,572
Net premiums earned	2,733,009	2,567,745	2,429,066
Net investment income	0	0	0
Net loss and LAE	2,149,797	1,805,350	1,621,368
Amortization of deferred commission and other acquisition expenses	820,759	773,326	724,155
General and admin. expenses	38,869	38,577	38,328
Net premiums written	2,762,218	2,654,547	2,514,115
Other
Supplementary Insurance Information, by Segment [Line Items]
Deferred commission and other acquisition expenses	0	0	0
Reserve for loss and loss adjustment expenses	68,896	34,832	43,212
Unearned premiums	0	0	0
Net premiums earned	(230)	405	3
Net investment income	166,345	145,892	131,092
Net loss and LAE	10,214	14,556	12,202
Amortization of deferred commission and other acquisition expenses	(1)	338	42
General and admin. expenses	31,691	28,407	26,544
Net premiums written	$ (230)	$ 405	$ 1

Schedule IV Supplementary Reinsurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Gross	$ 5,765	$ 8,045	$ 9,160
Ceded to other companies	54,063	176,396	148,710
Assumed from other companies	2,810,286	2,823,303	2,653,666
Premiums written, Net	$ 2,761,988	$ 2,654,952	$ 2,514,116
Percentage of amount to net	101.70%	106.30%	105.60%

Schedule VI Supplementary Reinsurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Net loss and LAE, Current Year	$ 1,802,118	$ 1,600,454	$ 1,558,704
Net incurred losses related to Prior years	357,893	219,452	74,866
Paid loss and LAE	$ 1,582,371	$ 1,437,591	$ 1,350,357

Fair Value Measurements - Fair Value Hierarchy (Details) $ in Thousands	Dec. 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 \| security	3	3
Other investments, Fair value	$ 6,600	$ 13,060
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, Fair value	1,500	1,000
Significant Other Observable Inputs (Level 2) \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities measured using the market approach	9,489	56,674
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	5,100	5,474
Fair Value, Measurements, Recurring \| Total Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	6,600	13,060
Total assets fair value	$ 4,050,970	$ 3,984,726
Percentage of total assets	61.00%	63.70%
Fair Value, Measurements, Recurring \| Total Fair Value \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	99.80%	98.80%
Assets valued using market approach, percentage (in securities)	0.20%	1.20%
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 60,801	$ 5,413
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,014,614	1,716,038
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,782	18,102
Fair Value, Measurements, Recurring \| Total Fair Value \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	31,876	29,934
Fair Value, Measurements, Recurring \| Total Fair Value \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	321,410	220,876
Fair Value, Measurements, Recurring \| Total Fair Value \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,583,311	1,916,205
Fair Value, Measurements, Recurring \| Total Fair Value \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,576	65,098
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	6,586
Total assets fair value	$ 60,801	$ 11,999
Percentage of total assets	0.90%	0.20%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 60,801	$ 5,413
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total assets fair value	$ 3,983,569	$ 3,966,253
Percentage of total assets	60.00%	63.40%
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,014,614	1,716,038
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	29,782	18,102
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	31,876	29,934
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	321,410	220,876
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,583,311	1,916,205
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,576	65,098
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	1,500	1,000
Total assets fair value	$ 1,500	$ 1,000
Percentage of total assets	0.00%	0.00%
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Other \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	$ 5,100	$ 5,474
Percentage of total assets	0.10%	0.10%

Dividend per Share

Payable on:

Record date:

Common shares

January 16, 2018

January 2, 2018