Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 04, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	MHLD
Entity Registrant Name	Maiden Holdings, Ltd.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,118,237

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2018: $4,034,021; 2017: $4,027,993)	$ 3,984,733	$ 4,044,370
Fixed maturities, held-to-maturity, at amortized cost (fair value 2018: $1,069,980; 2017: $1,125,626)	1,071,361	1,097,801
Other investments, at fair value	6,426	6,600
Total investments	5,062,520	5,148,771
Cash and cash equivalents	73,276	67,919
Restricted cash and cash equivalents	87,761	123,584
Accrued investment income	36,010	34,993
Reinsurance balances receivable, net (includes $175,291 and $50,415 from related parties in 2018 and 2017, respectively)	548,218	345,043
Reinsurance recoverable on unpaid losses (includes $2,089 and $2,204 from related parties in 2018 and 2017, respectively)	114,499	117,611
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $402,907 and $359,964 from related parties in 2018 and 2017, respectively)	475,496	439,597
Goodwill and intangible assets, net	75,121	75,583
Other assets	116,433	123,113
Total assets	6,757,309	6,644,189
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,398,760 and $2,298,822 from related parties in 2018 and 2017, respectively)	3,616,610	3,547,248
Unearned premiums (includes $1,250,034 and $1,179,285 from related parties in 2018 and 2017, respectively)	1,629,870	1,477,038
Accrued expenses and other liabilities	97,851	132,795
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,966	8,018
Senior notes, net	254,534	254,482
Total liabilities	5,598,865	5,411,563
Commitments and Contingencies
EQUITY
Preference shares	465,000	465,000
Common shares ($0.01 par value; 87,902,787 and 87,730,054 shares issued in 2018 and 2017, respectively; 83,118,237 and 82,974,895 shares outstanding in 2018 and 2017, respectively)	879	877
Additional paid-in capital	749,054	748,113
Accumulated other comprehensive (loss) income	(62,915)	13,354
Retained earnings	36,727	35,472
Treasury shares, at cost (4,784,550 and 4,755,159 shares in 2018 and 2017, respectively)	(30,835)	(30,642)
Total Maiden shareholders’ equity	1,157,910	1,232,174
Noncontrolling interests in subsidiaries	534	452
Total equity	1,158,444	1,232,626
Total liabilities and equity	$ 6,757,309	$ 6,644,189

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fixed maturities, available-for-sale, amortized cost	$ 4,034,021	$ 4,027,993
Fixed Maturities, held-to-maturity, fair value	1,069,980	1,125,626
Reinsurance balances receivable, net	548,218	345,043
Reinsurance recoverable on unpaid losses	114,499	117,611
Deferred commission and other acquisition expenses	475,496	439,597
Reserve for loss and loss adjustment expenses	3,616,610	3,547,248
Unearned premiums	$ 1,629,870	$ 1,477,038
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,902,787	87,730,054
Common shares, shares outstanding (in shares)	83,118,237	82,974,895
Treasury shares (in shares)	4,784,550	4,755,159
Related party transactions
Reinsurance balances receivable, net	$ 175,291	$ 50,415
Reinsurance recoverable on unpaid losses	2,089	2,204
Deferred commission and other acquisition expenses	402,907	359,964
Reserve for loss and loss adjustment expenses	2,398,760	2,298,822
Unearned premiums	$ 1,250,034	$ 1,179,285

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Gross premiums written	$ 852,640	$ 923,427
Net premiums written	849,333	900,548
Change in unearned premiums	(163,901)	(191,064)
Net premiums earned	685,432	709,484
Other insurance revenue	3,726	3,781
Net investment income	42,870	42,157
Net realized gains on investment	357	885
Total revenues	732,385	756,307
Expenses
Net loss and loss adjustment expenses	473,324	480,569
Commission and other acquisition expenses	208,614	222,029
General and administrative expenses	19,950	17,414
Interest and amortization expenses	4,829	6,856
Amortization of intangible assets	462	533
Foreign exchange losses	2,407	1,921
Total expenses	709,586	729,322
Income before income taxes	22,799	26,985
Less: income tax expense	456	484
Net income	22,343	26,501
Add: net (income) loss attributable to noncontrolling interests	(71)	22
Net income attributable to Maiden	22,272	26,523
Dividends on preference shares	(8,545)	(6,033)
Net income attributable to Maiden common shareholders	$ 13,727	$ 20,490
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.17	$ 0.24
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	0.16	0.23
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15
Weighted average number of common shares - basic (in shares)	83,040,413	86,350,850
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	83,318,542	87,436,604

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Comprehensive income:
Net income	$ 22,343	$ 26,501
Other comprehensive income
Net unrealized holdings (losses) gains on available-for-sale fixed maturities arising during the period	(66,843)	6,119
Adjustment for reclassification of net realized (gains) losses recognized in net income	(1,490)	637
Foreign currency translation adjustment	(7,940)	(6,198)
Other comprehensive (loss) income, before tax	(76,273)	558
Income tax benefit related to components of other comprehensive income	15	41
Other comprehensive (loss) income, after tax	(76,258)	599
Comprehensive (loss) income	(53,915)	27,100
Net (income) loss attributable to noncontrolling interests	(71)	22
Other comprehensive income attributable to noncontrolling interests	(11)	(5)
Comprehensive (income) loss attributable to noncontrolling interests	(82)	17
Comprehensive (loss) income attributable to Maiden	$ (53,997)	$ 27,117

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares [Member]	Common shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Retained earnings [Member]	Treasury shares [Member]	Noncontrolling interest in subsidiaries [Member]
Beginning balance at Dec. 31, 2016		$ 315,000	$ 873	$ 749,256	$ 14,997	$ 285,662	$ (4,991)	$ 355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			3	515
Share-based compensation expense				923
Change in net unrealized (losses) gains on investment					6,797
Foreign currency translation adjustment					(6,203)			5
Net income attributable to Maiden	$ 26,523					26,523
Dividends on preference shares						(6,033)
Dividends on common shares						(12,988)
Shares repurchased							(575)
Net income (loss) attributable to noncontrolling interests	22							(22)
Ending balance at Mar. 31, 2017	1,370,097	315,000	876	750,694	15,591	293,164	(5,566)	338
Beginning balance at Dec. 31, 2017	1,232,626	465,000	877	748,113	13,354	35,472	(30,642)	452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			2	(2)
Share-based compensation expense				943
Change in net unrealized (losses) gains on investment					(68,318)
Foreign currency translation adjustment					(7,951)			11
Net income attributable to Maiden	22,272					22,272
Dividends on preference shares						(8,545)
Dividends on common shares						(12,472)
Shares repurchased							(193)
Net income (loss) attributable to noncontrolling interests	(71)							71
Ending balance at Mar. 31, 2018	$ 1,158,444	$ 465,000	$ 879	$ 749,054	$ (62,915)	$ 36,727	$ (30,835)	$ 534

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 22,343	$ 26,501
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, amortization and share-based compensation	3,527	1,640
Net realized gains on investment	(357)	(885)
Foreign exchange losses	2,407	1,921
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(201,674)	(204,287)
Reinsurance recoverable on unpaid losses	3,187	(8,792)
Accrued investment income	(880)	386
Deferred commission and other acquisition expenses	(35,908)	(47,280)
Other assets	5,809	(6,461)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	55,463	89,175
Unearned premiums	152,214	193,550
Accrued expenses and other liabilities	(38,272)	9
Net cash (used in) provided by operating activities	(32,141)	45,477
Cash flows from investing activities:
Purchases of fixed-maturities – available-for-sale	(263,873)	(118,935)
Purchases of other investments	0	(120)
Proceeds from sales of fixed-maturities – available-for-sale	148,782	30,784
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale	113,235	105,181
Proceeds from maturities and calls of fixed maturities – held to maturity	25,188	0
Proceeds from sale and redemption of other investments	275	266
Other, net	(1,579)	(367)
Net cash provided by investing activities	22,028	16,809
Cash flows from financing activities:
Issuance of common shares	0	518
Repurchase of common shares	(193)	(575)
Dividends paid – Maiden common shareholders	(12,452)	(12,948)
Dividends paid – preference shares	(8,545)	(6,033)
Net cash used in financing activities	(21,190)	(19,038)
Effect of exchange rate changes on foreign currency cash and cash equivalents and restricted cash and cash equivalents	837	451
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(30,466)	43,699
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	191,503	149,535
Cash and cash equivalents and restricted cash and cash equivalents, end of period	161,037	193,234
Total cash and cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows, end of period	$ 191,503	$ 149,535

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. Certain prior year comparatives have been reclassified for 2017 to conform to the 2018 presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2017 except for the following: Recently Adopted Accounting Standards Updates Revenue Recognition In May 2014, the Financial Accounting Standards Board ("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. This guidance is effective for reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company has adopted the guidance in ASU 2014-09 on January 1, 2018. Our analysis of revenues for the three months ended March 31, 2018 indicates that substantially all of our revenues are from sources not within the scope of the standard. The Company generates an insignificant amount of fee income which is reported under other insurance revenue in the Consolidated Statements of Income and is within the scope of ASU 2014-09. The Company’s current accounting policy for this revenue is to recognize fee income as earned when the related services are performed which is consistent with the guidance in this ASU. Other insurance revenue is currently less than 1% of total revenues so the expanded disclosure requirements mandated by this ASU are not required or deemed relevant due to materiality. As substantially all of our revenue sources are not within the scope of the standard, the adoption of the standard did not have a material effect on our reported consolidated financial condition, results of operations or cash flows. 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 ASU 2017-09 are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 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 the Annual Report on Form 10-K for the year ended December 31, 2017. The adoption of this guidance on January 1, 2018 did not have an impact on the Company's Condensed Consolidated Financial Statements as no modifications were made in any of its current shared based payment awards. 2. Significant Accounting Policies (continued) Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01 that will change how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. Under the new guidance, entities will have to measure many equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. This includes investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify today as Available-for-sale ("AFS") in Accumulated Other Comprehensive Income ("AOCI"). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2018 resulted in the recognition of $890 of net unrealized gains on our investments in limited partnerships within net income during the three months ended March 31, 2018. Our investments in limited partnerships do not have a readily determinable fair value and therefore, the new guidance was adopted prospectively. Please refer to "Note 4. Investments (d) - Realized Gains on Investment" for additional information. 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 Accounting Standards Codification ("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. 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 adoption of this guidance did not have an impact on the Company's results of operations, financial position or liquidity. 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 a 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, 2017 and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018. The adoption of this guidance did not 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 statements of cash flows has eliminated the presentation of changes in restricted cash and cash equivalents from cash flows from investing activities. Therefore, changes that result from transfers between cash, cash equivalents, and restricted cash and cash equivalents are no longer presented as cash flow activities in the statement of cash flows. Additionally, a reconciliation between the statement of financial position and the statement of cash flows has been disclosed to show the movement in cash and cash equivalents and restricted cash and cash equivalents from the prior period.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

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

The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied. The Company does not allocate general corporate expenses to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loans, goodwill and intangible assets, restricted cash and cash equivalents and investments and unearned reinsurance premiums ceded, funds withheld receivable and reinsurance recoverable on paid losses (presented as part of other assets in the Condensed Consolidated Balance Sheet). All remaining assets are allocated to Corporate.

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



For the Three Months Ended March 31, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	278,712		$	573,928		$	—		$	852,640
Net premiums written	$	274,953		$	574,380		$	—		$	849,333
Net premiums earned	$	194,134		$	491,298		$	—		$	685,432
Other insurance revenue	3,726			—			—			3,726
Net loss and loss adjustment expense ("loss and LAE")	(135,612		)	(337,307		)	(405		)	(473,324		)
Commission and other acquisition expenses	(51,298		)	(157,316		)	—			(208,614		)
General and administrative expenses	(10,119		)	(920		)	—			(11,039		)
Underwriting income (loss)	$	831		$	(4,245	)	$	(405	)	(3,819		)
Reconciliation to net income
Net investment income and realized gains on investment										43,227
Interest and amortization expenses										(4,829		)
Amortization of intangible assets										(462		)
Foreign exchange losses										(2,407		)
Other general and administrative expenses										(8,911		)
Income tax expense										(456		)
Net income										$	22,343

Net loss and LAE ratio⁽¹⁾	68.6		%	68.7		%				68.6		%
Commission and other acquisition expense ratio⁽²⁾	25.9		%	32.0		%				30.3		%
General and administrative expense ratio⁽³⁾	5.1		%	0.2		%				2.9		%
Expense ratio⁽⁴⁾	31.0		%	32.2		%				33.2		%
Combined ratio⁽⁵⁾	99.6		%	100.9		%				101.8		%

3. Segment Information (continued)



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

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


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


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


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


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

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



For the Three Months Ended March 31, 2018	Diversified Reinsurance	AmTrust Reinsurance	Other	Total



For the Three Months Ended March 31, 2017	Diversified Reinsurance	AmTrust Reinsurance	Other	Total

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at March 31, 2018 and December 31, 2017:



March 31, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,793,860	$	4,397,742	$	6,191,602
Corporate assets	—		—		565,707
Total Assets	$	1,793,860	$	4,397,742	$	6,757,309

December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
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

3. Segment Information (continued)

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018				2017
	Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	60,981	7.2	%	$	73,377	8.2	%
Casualty	122,940		14.5	%	177,558		19.7	%
Accident and Health	42,802		5.0	%	48,649		5.4	%
International	48,230		5.7	%	27,912		3.1	%
Total Diversified Reinsurance	274,953		32.4	%	327,496		36.4	%
AmTrust Reinsurance
Small Commercial Business	367,754		43.3	%	392,566		43.6	%
Specialty Program	89,131		10.5	%	91,869		10.2	%
Specialty Risk and Extended Warranty	117,495		13.8	%	88,617		9.8	%
Total AmTrust Reinsurance	574,380		67.6	%	573,052		63.6	%
Total Net Premiums Written	$	849,333	100.0	%	$	900,548	100.0	%



For the Three Months Ended March 31,	2018	2017

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018				2017
	Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	38,382	5.6	%	$	39,894	5.6	%
Casualty	108,646		15.8	%	123,150		17.4	%
Accident and Health	21,632		3.2	%	20,689		2.9	%
International	25,474		3.7	%	18,109		2.6	%
Total Diversified Reinsurance	194,134		28.3	%	201,842		28.5	%
AmTrust Reinsurance
Small Commercial Business	315,709		46.1	%	316,909		44.7	%
Specialty Program	88,494		12.9	%	99,748		14.0	%
Specialty Risk and Extended Warranty	87,095		12.7	%	90,985		12.8	%
Total AmTrust Reinsurance	491,298		71.7	%	507,642		71.5	%
Total Net Premiums Earned	$	685,432	100.0	%	$	709,484	100.0	%



For the Three Months Ended March 31,	2018	2017

Investments

3 Months Ended

Mar. 31, 2018

Schedule of Investments [Abstract]

Investments


a)	Fixed Maturities

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities at March 31, 2018 and December 31, 2017 are as follows:



March 31, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	9,323	$	63	$	(28	)	$	9,358
U.S. agency bonds – mortgage-backed	2,038,229		2,552		(52,270		)	1,988,511
U.S. agency bonds – other	34,943		—		(170		)	34,773
Non-U.S. government and supranational bonds	37,525		415		(1,595		)	36,345
Asset-backed securities	353,049		1,931		(1,207		)	353,773
Corporate bonds	1,558,452		26,760		(25,814		)	1,559,398
Municipal bonds	2,500		75		—			2,575
Total AFS fixed maturities	4,034,021		31,796		(81,084		)	3,984,733
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	1,011,129		9,080		(10,078		)	1,010,131
Municipal bonds	60,232		—		(383		)	59,849
Total HTM fixed maturities	1,071,361		9,080		(10,461		)	1,069,980
Total fixed maturity investments	$	5,105,382	$	40,876	$	(91,545	)	$	5,054,713



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
Total fixed maturity investments	$	5,125,794	$	84,646	$	(40,444	)	$	5,169,996

During the three months ended March 31, 2018, we did not designate any additional fixed maturities as HTM. During 2017, we designated additional fixed maturities with a fair value of $391,934 as HTM reflecting our intent to hold these securities to maturity. The net unrealized holding gain of $4,313 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
March 31, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	28,583	$	27,252	$	18,285	$	18,274
Due after one year through five years	579,806		582,722		361,164		364,559
Due after five years through ten years	1,008,243		1,006,621		691,912		687,147
Due after ten years	26,111		25,854		—		—
	1,642,743		1,642,449		1,071,361		1,069,980
U.S. agency bonds – mortgage-backed	2,038,229		1,988,511		—		—
Asset-backed securities	353,049		353,773		—		—
Total fixed maturities	$	4,034,021	$	3,984,733	$	1,071,361	$	1,069,980

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



	Less than 12 Months					12 Months or More					Total
March 31, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	4,233	$	(9	)	$	582	$	(19	)	$	4,815	$	(28	)
U.S. agency bonds – mortgage-backed	1,358,831		(30,870		)	499,399		(21,400		)	1,858,230		(52,270		)
U.S. agency bonds – other	34,773		(170		)	—		—			34,773		(170		)
Non–U.S. government and supranational bonds	3,136		(64		)	24,084		(1,531		)	27,220		(1,595		)
Asset-backed securities	131,222		(1,142		)	5,005		(65		)	136,227		(1,207		)
Corporate bonds	1,236,397		(23,138		)	276,453		(12,754		)	1,512,850		(35,892		)
Municipal bonds	59,850		(383		)	—		—			59,850		(383		)
Total temporarily impaired fixed maturities	$	2,828,442	$	(55,776	)	$	805,523	$	(35,769	)	$	3,633,965	$	(91,545	)

At March 31, 2018, there were approximately 466 securities in an unrealized loss position with a fair value of $3,633,965 and unrealized losses of $91,545. Of these securities, there were 93 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $805,523 and unrealized losses of $35,769.



	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	)

4. Investments (continued)

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.

Other-than-temporarily impaired ("OTTI")

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At March 31, 2018, 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 OTTI at March 31, 2018. The Company has therefore recognized no OTTI through earnings for the three months ended March 31, 2018 and 2017.

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at March 31, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	9,323	$	9,358	0.2	%
U.S. agency bonds	2,073,172		2,023,284		40.0	%
AAA	267,149		268,360		5.3	%
AA+, AA, AA-	218,377		217,958		4.3	%
A+, A, A-	1,396,364		1,390,488		27.5	%
BBB+, BBB, BBB-	1,077,307		1,080,043		21.4	%
BB+ or lower	63,690		65,222		1.3	%
Total fixed maturities	$	5,105,382	$	5,054,713	100.0	%



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	%


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


b)	Other Investments

The table below shows our portfolio of other investments:



	March 31, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	4,926	76.7	%	$	5,100	77.3	%
Other	1,500		23.3	%	1,500		22.7	%
Total other investments	$	6,426	100.0	%	$	6,600	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $304 at March 31, 2018 (December 31, 2017 - $306).

4. Investments (continued)


c)	Net Investment Income

Net investment income was derived from the following sources:



For the Three Months Ended March 31,	2018			2017
Fixed maturities	$	42,129		$	42,870
Cash and cash equivalents	308			167
Loan to related party	1,428			712
Other	119			231
	43,984			43,980
Investment expenses	(1,114		)	(1,823		)
Net investment income	$	42,870		$	42,157


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 Condensed Consolidated Statements of Income:



For the Three Months Ended March 31, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	652	$	(1,777	)	$	(1,125	)
Other investments	1,482		—			1,482
Net realized gains on investment	$	2,134	$	(1,777	)	$	357

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

Proceeds from sales of AFS fixed maturities were $148,782 for the three months ended March 31, 2018 (2017 - $30,784). Net unrealized (losses) gains were as follows:



	March 31, 2018			December 31, 2017
Fixed maturities	$	(46,365	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(46,365		)	21,967
Deferred income tax	(64		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(46,429	)	$	21,889
Change, net of deferred income tax	$	(68,318	)	$	42,605

The portion of unrealized gains recognized in net income for the three months ended March 31, 2018 and 2017 that are related to other investments still held at the end of the reporting period were as follows:



	March 31, 2018			March 31, 2017
Net realized and unrealized gains recognized in net income on other investments during the period	$	1,482		$	163
Less: net realized gains recognized on other investments during the period	(592		)	(163		)
Net unrealized gains recognized on other investments still held at end of period	$	890		$	—

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:



	March 31, 2018		December 31, 2017
Restricted cash – third party agreements	$	51,116	$	50,411
Restricted cash – related party agreements	36,458		73,017
Restricted cash – U.S. state regulatory authorities	187		156
Total restricted cash	87,761		123,584
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $1,231,954; 2017 – $1,316,305)	1,209,230		1,320,800
Restricted investments AFS– in trust for related party agreements at fair value (amortized cost: 2018 – $2,419,659; 2017 – $2,281,672)	2,397,262		2,294,367
Restricted investments HTM– in trust for related party agreements at fair value (amortized cost: 2018 – $1,071,361; 2017 – $1,097,801)	1,069,980		1,125,626
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2018 – $4,080; 2017 – $4,076)	4,118		4,147
Total restricted investments	4,680,590		4,744,940
Total restricted cash and investments	$	4,768,351	$	4,868,524

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

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 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. 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: U.S. Treasury bonds;

•

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


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

The availability of observable inputs can vary 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

5. Fair Value of Financial Instruments (continued)

quotations for recent activity in positions with the same or similar characteristics to that being valued or through consensus pricing of a pricing service. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at March 31, 2018 and December 31, 2017.

U.S. government and U.S. agency — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association and the Federal National Mortgage Association. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy.

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 unquoted investments comprised of 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 Condensed Consolidated Balance Sheets for these financial instruments approximate their fair value due to their short term nature and are classified as Level 2.

Loan to related party — The carrying value reported in the Condensed Consolidated Balance Sheets for this financial instrument approximates its fair value and it is included in the Level 2 hierarchy.

Senior notes — The amount reported in the Condensed Consolidated Balance Sheets for these financial instruments represents the carrying value of the notes. The fair values are based on indicative market pricing obtained from a third-party service provider and as such, are included in the Level 2 hierarchy.

(b) Fair Value Hierarchy

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

5. Fair Value of Financial Instruments (continued)

At March 31, 2018 and December 31, 2017, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2018	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	$	9,358		$	—		$	—		$	—		$	9,358
U.S. agency bonds – mortgage-backed	—			1,988,511			—			—			1,988,511
U.S. agency bonds – other	—			34,773			—			—			34,773
Non-U.S. government and supranational bonds	—			36,345			—			—			36,345
Asset-backed securities	—			353,773			—			—			353,773
Corporate bonds	—			1,559,398			—			—			1,559,398
Municipal bonds	—			2,575			—			—			2,575
Other investments	—			—			1,500			4,926			6,426
Total	$	9,358		$	3,975,375		$	1,500		$	4,926		$	3,991,159
As a percentage of total assets	0.1		%	58.8		%	—		%	0.1		%	59.0		%



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		%

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 100.0% and 99.8% of its fixed maturities at March 31, 2018 and December 31, 2017, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2.

At December 31, 2017, 0.2% of the fixed maturities are valued using the market approach. Three securities or approximately $9,489 of Level 2 fixed maturities, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At March 31, 2018 and December 31, 2017, we have not adjusted any pricing provided to us based on the review performed by our investment managers. There were no transfers between Level 1 and Level 2 and there were no transfers to or from Level 3 during the periods represented by these Condensed Consolidated Financial Statements.

5. Fair Value of Financial Instruments (continued)

At March 31, 2018, the Company also has investments of $1,500 (December 31, 2017 - $1,500) 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 investment in Level 3 securities are not material to its financial position or results of operations. During the three months ended March 31, 2018 and 2017, 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 or principal amount of the financial instruments not measured at fair value:



	March 31, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	1,011,129	$	1,010,131	$	1,037,464	$	1,065,245
HTM – municipal bonds	60,232		59,849		60,337		60,381
Total financial assets	$	1,071,361	$	1,069,980	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	76,252	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		118,950		152,500		149,029
Total financial liabilities	$	262,500	$	195,202	$	262,500	$	250,229

- Definition

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

+ References + Details

Long-Term Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At March 31, 2018 and December 31, 2017, Maiden Holdings and its wholly owned subsidiary, Maiden Holdings North America, Ltd., both have an outstanding public debt offering of senior notes, (the "Senior Notes"). The 2013 Senior Notes are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligation of the Company. The following table details the Company's Senior Notes issuances as of March 31, 2018 and December 31, 2017:



March 31, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,644			4,322			7,966
Carrying value	$	106,356		$	148,178		$	254,534

December 31, 2017	2016 Senior Notes			2013 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

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

The interest expense incurred on the Senior Notes for the three months ended March 31, 2018 was $4,777 (2017 - $6,777) of which $1,342 was accrued at March 31, 2018 and December 31, 2017, 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 for the three months ended March 31, 2018 was $52 (2017 - $79).

Reserve for Loss and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

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 loss and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, policy provisions, and general economic trends. Those anticipated trends are monitored based on actual development and are modified if necessary.

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. Our reserve for loss and LAE comprises:



	March 31, 2018		December 31, 2017
Reserve for reported loss and LAE	$	1,976,620	$	1,925,151
Reserve for losses incurred but not reported ("IBNR")	1,639,990		1,622,097
Reserve for loss and LAE	$	3,616,610	$	3,547,248

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



For the Three Months Ended March 31,	2018			2017
Gross loss and LAE reserves, January 1	$	3,547,248		$	2,896,496
Less: reinsurance recoverable on unpaid losses, January 1	117,611			99,936
Net loss and LAE reserves, January 1	3,429,637			2,796,560
Net incurred losses related to:
Current year	463,247			463,729
Prior years	10,077			16,840
	473,324			480,569
Net paid losses related to:
Current year	(59,430		)	(70,899		)
Prior years	(355,380		)	(329,298		)
	(414,810		)	(400,197		)
Effect of foreign exchange movements	13,960			5,895
Net loss and LAE reserves, March 31	3,502,111			2,882,827
Reinsurance recoverable on unpaid losses, March 31	114,499			108,777
Gross loss and LAE reserves, March 31	$	3,616,610		$	2,991,604

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves in previous calendar years. The development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after review of changes in actuarial assessments. During the three months ended March 31, 2018, the Company recognized approximately $10,077 (2017 - $16,840) of adverse development in both the Diversified Reinsurance and AmTrust Reinsurance segments as well as in its run-off business.

In the Diversified Reinsurance segment, the adverse prior year loss development was $1,153 for the three months ended March 31, 2018 (2017 - $6,232) which was largely due to a higher than expected loss emergence emanating largely from run-off treaty contracts. The adverse development for the three months ended March 31, 2017 was largely due to a combination of commercial auto liability and international personal auto.

In the AmTrust Reinsurance segment, the adverse prior year development was $8,519 for the three months ended March 31, 2018 (2017 - $10,319) largely from General Liability, with a smaller contribution from Commercial Auto Liability, primarily driven by accident years 2015 and 2016 while the net adverse development for the three months ended March 31, 2017 largely related to general liability and worker's compensation.

Our Other category also incurred adverse prior year development of $405 for the three months ended March 31, 2018 (2017 - $289) due to higher than reserved settlement in one of the few remaining U.S. E&S property claims.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 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 a quota share reinsurance agreement (the "Reinsurance Agreement") by which AII retrocedes to Maiden Bermuda an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses. The Master Agreement further provided that AII receives a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Bermuda and AII amended the Reinsurance Agreement to add Retail Commercial Package Business to the Covered Business. AII receives a ceding commission of 34.375% on Retail Commercial Package Business.

On July 1, 2016, the agreement was renewed through June 30, 2019. The agreement automatically renews for successive three-year periods thereafter unless AII or Maiden Bermuda elects to so terminate the Reinsurance Agreement by giving written notice to the other party not less than nine months prior to the expiration of any successive three-year period. Either party is entitled to terminate on thirty days' notice or less upon the occurrence of certain early termination events, which include a default in payment, insolvency, change in control of AII or Maiden Bermuda, run-off, or a reduction of 50% or more of the shareholders' equity of Maiden Bermuda or the combined shareholders' equity of AII and the AmTrust subsidiaries.

Additionally, for the Specialty Program portion of Covered Business only, AII will be responsible for ultimate net loss otherwise recoverable from Maiden Bermuda to the extent that the loss ratio to Maiden Bermuda, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the defined corridor, Maiden Bermuda will continue to reinsure losses at its proportional 40% share per the Reinsurance Agreement.

AmTrust European Hospital Liability Quota Share Agreement ("European Hospital Liability Quota Share")

Effective April 1, 2011, Maiden Bermuda, entered into a quota share reinsurance contract with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters Limited ("AIUL"), both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Bermuda assumed 40% of the premiums and losses related to policies classified as European Hospital Liability, including associated liability coverages and policies covering physician defense costs, written or renewed on or after April 1, 2011. The contract also covers policies written or renewed on or before March 31, 2011, but only with respect to losses that occur, accrue or arise on or after April 1, 2011. The maximum limit of liability attaching shall be €5,000 (€10,000 effective January 1, 2012) or currency equivalent (on a 100% basis) per original claim for any one original policy. Maiden Bermuda will pay a ceding commission of 5%. The agreement 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 months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018			2017
Gross and net premiums written	$	573,928		$	591,382
Net premiums earned	503,799			519,127
Net loss and loss adjustment expenses	(344,529		)	(353,864		)
Commission expenses	(155,850		)	(160,770		)

8. Related Party Transactions (continued)

Other Reinsurance Agreement

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 three months ended March 31, 2018, under the terms of this agreement, we have recorded net premiums earned of approximately $297 (2017 - $429) and commission expense of $82 (2017 - $110).

Collateral provided to AmTrust

a) AmTrust Quota Share Reinsurance Agreement

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

•by lending funds in the amount of $167,975 at March 31, 2018 and December 31, 2017 pursuant to a loan agreement entered into between those parties. Advances under the loan, 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 the one-month LIBOR plus 90 basis points per annum; and

•effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral, at March 31, 2018 was approximately $3,231,239 (December 31, 2017 - $3,328,757) and the accrued interest was $21,749 (December 31, 2017 - $20,830). 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. AIIB is not the Company's exclusive broker. The agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $6,297 of reinsurance brokerage expense for the three months ended March 31, 2018 (2017 - $6,489) and deferred reinsurance brokerage of $15,625 at March 31, 2018 (December 31, 2017 - $14,741) as a result of this agreement.

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM has agreed to provide investment management services to the Company. Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125% of the average value of the account. Prior to that date, the fee was payable at a rate of 0.0375%. The agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $1,049 of investment management fees for the three months ended March 31, 2018 (2017 - $1,823) 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

8. Related Party Transactions (continued)

Regulations. For the three months ended March 31, 2018, the Company recorded an expense of $16 (2017 - $13) for the use of the aircraft.

NGHC

The following describes transactions between the Company and NGHC and its subsidiaries:

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 $98 of premiums earned for the three months ended March 31, 2018 (2017 - $121).

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


a)	Concentrations of Credit Risk

At March 31, 2018 and December 31, 2017, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable and reinsurance recoverable on unpaid losses.

The Company's reinsurance recoverable on unpaid losses balance at March 31, 2018 was $114,499 (December 31, 2017 - $117,611). The three largest balances accounted for 32.3%, 20.1% and 17.8%, respectively, of the Company's reinsurance recoverable on unpaid losses balance at March 31, 2018 (December 31, 2017 – 34.0%, 19.2% and 17.4%, respectively). At March 31, 2018, 98.7% (December 31, 2017 - 98.6%) of the reinsurance recoverable on unpaid losses was due from reinsurers and retrocessionaires with credit ratings from A.M Best of A or better. At March 31, 2018 and December 31, 2017, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

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. 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 as at March 31, 2018 will be fully collectible.


b)	Concentrations of Revenue

During the three months ended March 31, 2018, our gross premiums written from AmTrust accounted for $573,928 or 67.3% of our total gross premiums written (2017 – $591,382 or 64.0%).


c)	Dividends Declared

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


d)	Legal Proceedings

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

9. Commitments and Contingencies (continued)

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.

Earnings per Common Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings per Common Share

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



For the Three Months Ended March 31,	2018			2017
Numerator:
Net income attributable to Maiden	$	22,272		$	26,523
Dividends on preference shares – Series A, C and D	(8,545		)	(6,033		)
Amount allocated to participating common shareholders⁽¹⁾	(5		)	(7		)
Numerator for basic and diluted EPS - net income allocated to Maiden common shareholders	$	13,722		$	20,483
Denominator:
Weighted average number of common shares – basic	83,040,413			86,350,850
Potentially dilutive securities:
Share options and restricted share units ⁽²⁾	278,129			1,085,754
Adjusted weighted average number of common shares – diluted	83,318,542			87,436,604
Basic earnings per share attributable to Maiden common shareholders:	$	0.17		$	0.24
Diluted earnings per share attributable to Maiden common shareholders:	$	0.16		$	0.23


(1)	This represents earnings allocated to the holders of non-vested restricted shares issued to the Company's employees under the 2007 Share Incentive Plan.


(2)	Please refer to "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, for the terms and conditions of each of these anti-dilutive instruments.

At March 31, 2018, 3,774,222 share options (2017 - nil) were excluded from diluted earnings per common share as they were anti-dilutive.

Shareholders' Equity

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity


a)	Common Shares

At March 31, 2018, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,902,787 common shares, of which 83,118,237 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,497,213 are undesignated at March 31, 2018. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017.


b)	Treasury Shares

During the three months ended March 31, 2018, the Company repurchased a total of 29,391 shares at an average price per share of $6.57 from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares. The Company repurchased 38,122 shares at an average price of $15.06 from employees during the three months ended March 31, 2017. During the three months ended March 31, 2018 and 2017, no shares were repurchased under the Company's share repurchase plan which has a remaining authorization of $74,924 at March 31, 2018 (2017 - $100,000).


c)	Accumulated Other Comprehensive Income

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



For the Three Months Ended March 31, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive loss before reclassifications	(66,828		)	(7,940		)	(74,768		)
Amounts reclassified from AOCI to net income, net of tax	(1,490		)	—			(1,490		)
Net current period other comprehensive loss	(68,318		)	(7,940		)	(76,258		)
Ending balance	(46,429		)	(16,523		)	(62,952		)
Less: AOCI attributable to noncontrolling interest	—			(37		)	(37		)
Ending balance, Maiden shareholders	$	(46,429	)	$	(16,486	)	$	(62,915	)

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

Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

On May 8, 2018, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.15	July 12, 2018	July 2, 2018
Preference shares - Series A	$	0.515625	June 15, 2018	June 1, 2018
Preference shares - Series C	$	0.445313	June 15, 2018	June 1, 2018
Preference shares - Series D	$	0.418750	June 15, 2018	June 1, 2018

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. Certain prior year comparatives have been reclassified for 2017 to conform to the 2018 presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Recently Adopted Accounting Standards Updates and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Updates Revenue Recognition In May 2014, the Financial Accounting Standards Board ("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. This guidance is effective for reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company has adopted the guidance in ASU 2014-09 on January 1, 2018. Our analysis of revenues for the three months ended March 31, 2018 indicates that substantially all of our revenues are from sources not within the scope of the standard. The Company generates an insignificant amount of fee income which is reported under other insurance revenue in the Consolidated Statements of Income and is within the scope of ASU 2014-09. The Company’s current accounting policy for this revenue is to recognize fee income as earned when the related services are performed which is consistent with the guidance in this ASU. Other insurance revenue is currently less than 1% of total revenues so the expanded disclosure requirements mandated by this ASU are not required or deemed relevant due to materiality. As substantially all of our revenue sources are not within the scope of the standard, the adoption of the standard did not have a material effect on our reported consolidated financial condition, results of operations or cash flows. 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 ASU 2017-09 are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 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 the Annual Report on Form 10-K for the year ended December 31, 2017. The adoption of this guidance on January 1, 2018 did not have an impact on the Company's Condensed Consolidated Financial Statements as no modifications were made in any of its current shared based payment awards. 2. Significant Accounting Policies (continued) Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01 that will change how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. Under the new guidance, entities will have to measure many equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. This includes investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify today as Available-for-sale ("AFS") in Accumulated Other Comprehensive Income ("AOCI"). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2018 resulted in the recognition of $890 of net unrealized gains on our investments in limited partnerships within net income during the three months ended March 31, 2018. Our investments in limited partnerships do not have a readily determinable fair value and therefore, the new guidance was adopted prospectively. Please refer to "Note 4. Investments (d) - Realized Gains on Investment" for additional information. 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 Accounting Standards Codification ("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. 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 adoption of this guidance did not have an impact on the Company's results of operations, financial position or liquidity. 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 a 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, 2017 and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018. The adoption of this guidance did not 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 statements of cash flows has eliminated the presentation of changes in restricted cash and cash equivalents from cash flows from investing activities. Therefore, changes that result from transfers between cash, cash equivalents, and restricted cash and cash equivalents are no longer presented as cash flow activities in the statement of cash flows. Additionally, a reconciliation between the statement of financial position and the statement of cash flows has been disclosed to show the movement in cash and cash equivalents and restricted cash and cash equivalents from the prior period.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Underwriting results of operating segments

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



For the Three Months Ended March 31, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	278,712		$	573,928		$	—		$	852,640
Net premiums written	$	274,953		$	574,380		$	—		$	849,333
Net premiums earned	$	194,134		$	491,298		$	—		$	685,432
Other insurance revenue	3,726			—			—			3,726
Net loss and loss adjustment expense ("loss and LAE")	(135,612		)	(337,307		)	(405		)	(473,324		)
Commission and other acquisition expenses	(51,298		)	(157,316		)	—			(208,614		)
General and administrative expenses	(10,119		)	(920		)	—			(11,039		)
Underwriting income (loss)	$	831		$	(4,245	)	$	(405	)	(3,819		)
Reconciliation to net income
Net investment income and realized gains on investment										43,227
Interest and amortization expenses										(4,829		)
Amortization of intangible assets										(462		)
Foreign exchange losses										(2,407		)
Other general and administrative expenses										(8,911		)
Income tax expense										(456		)
Net income										$	22,343

Net loss and LAE ratio⁽¹⁾	68.6		%	68.7		%				68.6		%
Commission and other acquisition expense ratio⁽²⁾	25.9		%	32.0		%				30.3		%
General and administrative expense ratio⁽³⁾	5.1		%	0.2		%				2.9		%
Expense ratio⁽⁴⁾	31.0		%	32.2		%				33.2		%
Combined ratio⁽⁵⁾	99.6		%	100.9		%				101.8		%

3. Segment Information (continued)



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

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


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


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


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


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

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



For the Three Months Ended March 31, 2018	Diversified Reinsurance	AmTrust Reinsurance	Other	Total



For the Three Months Ended March 31, 2017	Diversified Reinsurance	AmTrust Reinsurance	Other	Total

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at March 31, 2018 and December 31, 2017:



March 31, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,793,860	$	4,397,742	$	6,191,602
Corporate assets	—		—		565,707
Total Assets	$	1,793,860	$	4,397,742	$	6,757,309

December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
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

Net premiums by major line of business

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018				2017
	Total		% of Total		Total		% of Total
Net premiums written
Diversified Reinsurance
Property	$	60,981	7.2	%	$	73,377	8.2	%
Casualty	122,940		14.5	%	177,558		19.7	%
Accident and Health	42,802		5.0	%	48,649		5.4	%
International	48,230		5.7	%	27,912		3.1	%
Total Diversified Reinsurance	274,953		32.4	%	327,496		36.4	%
AmTrust Reinsurance
Small Commercial Business	367,754		43.3	%	392,566		43.6	%
Specialty Program	89,131		10.5	%	91,869		10.2	%
Specialty Risk and Extended Warranty	117,495		13.8	%	88,617		9.8	%
Total AmTrust Reinsurance	574,380		67.6	%	573,052		63.6	%
Total Net Premiums Written	$	849,333	100.0	%	$	900,548	100.0	%



For the Three Months Ended March 31,	2018	2017

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018				2017
	Total		% of Total		Total		% of Total
Net premiums earned
Diversified Reinsurance
Property	$	38,382	5.6	%	$	39,894	5.6	%
Casualty	108,646		15.8	%	123,150		17.4	%
Accident and Health	21,632		3.2	%	20,689		2.9	%
International	25,474		3.7	%	18,109		2.6	%
Total Diversified Reinsurance	194,134		28.3	%	201,842		28.5	%
AmTrust Reinsurance
Small Commercial Business	315,709		46.1	%	316,909		44.7	%
Specialty Program	88,494		12.9	%	99,748		14.0	%
Specialty Risk and Extended Warranty	87,095		12.7	%	90,985		12.8	%
Total AmTrust Reinsurance	491,298		71.7	%	507,642		71.5	%
Total Net Premiums Earned	$	685,432	100.0	%	$	709,484	100.0	%



For the Three Months Ended March 31,	2018	2017

Investments (Tables)

3 Months Ended

Mar. 31, 2018

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 at March 31, 2018 and December 31, 2017 are as follows:



March 31, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	9,323	$	63	$	(28	)	$	9,358
U.S. agency bonds – mortgage-backed	2,038,229		2,552		(52,270		)	1,988,511
U.S. agency bonds – other	34,943		—		(170		)	34,773
Non-U.S. government and supranational bonds	37,525		415		(1,595		)	36,345
Asset-backed securities	353,049		1,931		(1,207		)	353,773
Corporate bonds	1,558,452		26,760		(25,814		)	1,559,398
Municipal bonds	2,500		75		—			2,575
Total AFS fixed maturities	4,034,021		31,796		(81,084		)	3,984,733
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	1,011,129		9,080		(10,078		)	1,010,131
Municipal bonds	60,232		—		(383		)	59,849
Total HTM fixed maturities	1,071,361		9,080		(10,461		)	1,069,980
Total fixed maturity investments	$	5,105,382	$	40,876	$	(91,545	)	$	5,054,713



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
Total fixed maturity investments	$	5,125,794	$	84,646	$	(40,444	)	$	5,169,996

Contractual maturities of fixed maturities, available-for-sale



	AFS fixed maturities				HTM fixed maturities
March 31, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	28,583	$	27,252	$	18,285	$	18,274
Due after one year through five years	579,806		582,722		361,164		364,559
Due after five years through ten years	1,008,243		1,006,621		691,912		687,147
Due after ten years	26,111		25,854		—		—
	1,642,743		1,642,449		1,071,361		1,069,980
U.S. agency bonds – mortgage-backed	2,038,229		1,988,511		—		—
Asset-backed securities	353,049		353,773		—		—
Total fixed maturities	$	4,034,021	$	3,984,733	$	1,071,361	$	1,069,980

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



	Less than 12 Months					12 Months or More					Total
March 31, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	4,233	$	(9	)	$	582	$	(19	)	$	4,815	$	(28	)
U.S. agency bonds – mortgage-backed	1,358,831		(30,870		)	499,399		(21,400		)	1,858,230		(52,270		)
U.S. agency bonds – other	34,773		(170		)	—		—			34,773		(170		)
Non–U.S. government and supranational bonds	3,136		(64		)	24,084		(1,531		)	27,220		(1,595		)
Asset-backed securities	131,222		(1,142		)	5,005		(65		)	136,227		(1,207		)
Corporate bonds	1,236,397		(23,138		)	276,453		(12,754		)	1,512,850		(35,892		)
Municipal bonds	59,850		(383		)	—		—			59,850		(383		)
Total temporarily impaired fixed maturities	$	2,828,442	$	(55,776	)	$	805,523	$	(35,769	)	$	3,633,965	$	(91,545	)



	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	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at March 31, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	9,323	$	9,358	0.2	%
U.S. agency bonds	2,073,172		2,023,284		40.0	%
AAA	267,149		268,360		5.3	%
AA+, AA, AA-	218,377		217,958		4.3	%
A+, A, A-	1,396,364		1,390,488		27.5	%
BBB+, BBB, BBB-	1,077,307		1,080,043		21.4	%
BB+ or lower	63,690		65,222		1.3	%
Total fixed maturities	$	5,105,382	$	5,054,713	100.0	%



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	%


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

Portfolio of other investments

The table below shows our portfolio of other investments:



	March 31, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	4,926	76.7	%	$	5,100	77.3	%
Other	1,500		23.3	%	1,500		22.7	%
Total other investments	$	6,426	100.0	%	$	6,600	100.0	%

Net investment income

Net investment income was derived from the following sources:



For the Three Months Ended March 31,	2018			2017
Fixed maturities	$	42,129		$	42,870
Cash and cash equivalents	308			167
Loan to related party	1,428			712
Other	119			231
	43,984			43,980
Investment expenses	(1,114		)	(1,823		)
Net investment income	$	42,870		$	42,157

Analysis of realized and unrealized gains (losses) on investment



	March 31, 2018			March 31, 2017
Net realized and unrealized gains recognized in net income on other investments during the period	$	1,482		$	163
Less: net realized gains recognized on other investments during the period	(592		)	(163		)
Net unrealized gains recognized on other investments still held at end of period	$	890		$	—



For the Three Months Ended March 31, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	652	$	(1,777	)	$	(1,125	)
Other investments	1,482		—			1,482
Net realized gains on investment	$	2,134	$	(1,777	)	$	357

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

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

Net unrealized (losses) gains were as follows:



	March 31, 2018			December 31, 2017
Fixed maturities	$	(46,365	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(46,365		)	21,967
Deferred income tax	(64		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(46,429	)	$	21,889
Change, net of deferred income tax	$	(68,318	)	$	42,605

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	March 31, 2018		December 31, 2017
Restricted cash – third party agreements	$	51,116	$	50,411
Restricted cash – related party agreements	36,458		73,017
Restricted cash – U.S. state regulatory authorities	187		156
Total restricted cash	87,761		123,584
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $1,231,954; 2017 – $1,316,305)	1,209,230		1,320,800
Restricted investments AFS– in trust for related party agreements at fair value (amortized cost: 2018 – $2,419,659; 2017 – $2,281,672)	2,397,262		2,294,367
Restricted investments HTM– in trust for related party agreements at fair value (amortized cost: 2018 – $1,071,361; 2017 – $1,097,801)	1,069,980		1,125,626
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2018 – $4,080; 2017 – $4,076)	4,118		4,147
Total restricted investments	4,680,590		4,744,940
Total restricted cash and investments	$	4,768,351	$	4,868,524

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

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

At March 31, 2018 and December 31, 2017, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2018	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	$	9,358		$	—		$	—		$	—		$	9,358
U.S. agency bonds – mortgage-backed	—			1,988,511			—			—			1,988,511
U.S. agency bonds – other	—			34,773			—			—			34,773
Non-U.S. government and supranational bonds	—			36,345			—			—			36,345
Asset-backed securities	—			353,773			—			—			353,773
Corporate bonds	—			1,559,398			—			—			1,559,398
Municipal bonds	—			2,575			—			—			2,575
Other investments	—			—			1,500			4,926			6,426
Total	$	9,358		$	3,975,375		$	1,500		$	4,926		$	3,991,159
As a percentage of total assets	0.1		%	58.8		%	—		%	0.1		%	59.0		%



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		%

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

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



	March 31, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	1,011,129	$	1,010,131	$	1,037,464	$	1,065,245
HTM – municipal bonds	60,232		59,849		60,337		60,381
Total financial assets	$	1,071,361	$	1,069,980	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	76,252	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		118,950		152,500		149,029
Total financial liabilities	$	262,500	$	195,202	$	262,500	$	250,229

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Outstanding Senior Notes Issuances

The following table details the Company's Senior Notes issuances as of March 31, 2018 and December 31, 2017:



March 31, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,644			4,322			7,966
Carrying value	$	106,356		$	148,178		$	254,534

December 31, 2017	2016 Senior Notes			2013 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

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

- Definition

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

+ References

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

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

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:



	March 31, 2018		December 31, 2017
Reserve for reported loss and LAE	$	1,976,620	$	1,925,151
Reserve for losses incurred but not reported ("IBNR")	1,639,990		1,622,097
Reserve for loss and LAE	$	3,616,610	$	3,547,248

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



For the Three Months Ended March 31,	2018			2017
Gross loss and LAE reserves, January 1	$	3,547,248		$	2,896,496
Less: reinsurance recoverable on unpaid losses, January 1	117,611			99,936
Net loss and LAE reserves, January 1	3,429,637			2,796,560
Net incurred losses related to:
Current year	463,247			463,729
Prior years	10,077			16,840
	473,324			480,569
Net paid losses related to:
Current year	(59,430		)	(70,899		)
Prior years	(355,380		)	(329,298		)
	(414,810		)	(400,197		)
Effect of foreign exchange movements	13,960			5,895
Net loss and LAE reserves, March 31	3,502,111			2,882,827
Reinsurance recoverable on unpaid losses, March 31	114,499			108,777
Gross loss and LAE reserves, March 31	$	3,616,610		$	2,991,604

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of quota share arrangements with AmTrust

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 months ended March 31, 2018 and 2017:



For the Three Months Ended March 31,	2018			2017
Gross and net premiums written	$	573,928		$	591,382
Net premiums earned	503,799			519,127
Net loss and loss adjustment expenses	(344,529		)	(353,864		)
Commission expenses	(155,850		)	(160,770		)

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

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

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



For the Three Months Ended March 31,	2018			2017
Numerator:
Net income attributable to Maiden	$	22,272		$	26,523
Dividends on preference shares – Series A, C and D	(8,545		)	(6,033		)
Amount allocated to participating common shareholders⁽¹⁾	(5		)	(7		)
Numerator for basic and diluted EPS - net income allocated to Maiden common shareholders	$	13,722		$	20,483
Denominator:
Weighted average number of common shares – basic	83,040,413			86,350,850
Potentially dilutive securities:
Share options and restricted share units ⁽²⁾	278,129			1,085,754
Adjusted weighted average number of common shares – diluted	83,318,542			87,436,604
Basic earnings per share attributable to Maiden common shareholders:	$	0.17		$	0.24
Diluted earnings per share attributable to Maiden common shareholders:	$	0.16		$	0.23


(1)	This represents earnings allocated to the holders of non-vested restricted shares issued to the Company's employees under the 2007 Share Incentive Plan.


(2)	Please refer to "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, for the terms and conditions of each of these anti-dilutive instruments.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income

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



For the Three Months Ended March 31, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive loss before reclassifications	(66,828		)	(7,940		)	(74,768		)
Amounts reclassified from AOCI to net income, net of tax	(1,490		)	—			(1,490		)
Net current period other comprehensive loss	(68,318		)	(7,940		)	(76,258		)
Ending balance	(46,429		)	(16,523		)	(62,952		)
Less: AOCI attributable to noncontrolling interest	—			(37		)	(37		)
Ending balance, Maiden shareholders	$	(46,429	)	$	(16,486	)	$	(62,915	)

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

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Schedule of quarterly dividends

On May 8, 2018, the Company's Board of Directors authorized the following quarterly dividends:



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.15	July 12, 2018	July 2, 2018
Preference shares - Series A	$	0.515625	June 15, 2018	June 1, 2018
Preference shares - Series C	$	0.445313	June 15, 2018	June 1, 2018
Preference shares - Series D	$	0.418750	June 15, 2018	June 1, 2018

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Revenue in scope of guidance in ASU (less than)	1.00%
Net unrealized gain on investments recognized in net income	$ 890	$ 0

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) Segment	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment	2
Net Income (Loss) [Abstract]
Gross premiums written	$ 852,640	$ 923,427
Net premiums written	849,333	900,548
Net premiums earned	685,432	709,484
Other insurance revenue	3,726	3,781
Net loss and loss adjustment expense (loss and LAE)	(473,324)	(480,569)
Commission and other acquisition expenses	(208,614)	(222,029)
General and administrative expenses	(11,039)	(9,535)
Underwriting income (loss)	(3,819)	1,132
Reconciliation to net income
Net investment income and realized gains on investment	43,227	43,042
Interest and amortization expenses	(4,829)	(6,856)
Amortization of intangible assets	(462)	(533)
Foreign exchange losses	(2,407)	(1,921)
Other general and administrative expenses	(8,911)	(7,879)
Income tax expense	(456)	(484)
Net income	$ 22,343	$ 26,501
Net loss and LAE ratio	68.60%	67.40%
Commission and other acquisition expense ratio	30.30%	31.10%
General and administrative expense ratio	2.90%	2.40%
Expense ratio	33.20%	33.50%
Combined ratio	101.80%	100.90%
Assets [Abstract]
Total assets	$ 6,757,309		$ 6,644,189
AmTrust Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	573,928	$ 591,382
Operating segments [Member]
Assets [Abstract]
Total assets - reportable segments	6,191,602		6,031,516
Corporate assets	565,707		612,673
Total assets	6,757,309		6,644,189
Operating segments [Member] \| Diversified Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	278,712	332,045
Net premiums written	274,953	327,496
Net premiums earned	194,134	201,842
Other insurance revenue	3,726	3,781
Net loss and loss adjustment expense (loss and LAE)	(135,612)	(138,649)
Commission and other acquisition expenses	(51,298)	(57,945)
General and administrative expenses	(10,119)	(8,730)
Underwriting income (loss)	$ 831	$ 299
Reconciliation to net income
Net loss and LAE ratio	68.60%	67.50%
Commission and other acquisition expense ratio	25.90%	28.20%
General and administrative expense ratio	5.10%	4.20%
Expense ratio	31.00%	32.40%
Combined ratio	99.60%	99.90%
Assets [Abstract]
Total assets - reportable segments	$ 1,793,860		1,772,909
Corporate assets	0		0
Total assets	1,793,860		1,772,909
Operating segments [Member] \| AmTrust Reinsurance segment [Member]
Net Income (Loss) [Abstract]
Gross premiums written	573,928	$ 591,382
Net premiums written	574,380	573,052
Net premiums earned	491,298	507,642
Other insurance revenue	0	0
Net loss and loss adjustment expense (loss and LAE)	(337,307)	(341,631)
Commission and other acquisition expenses	(157,316)	(164,084)
General and administrative expenses	(920)	(805)
Underwriting income (loss)	$ (4,245)	$ 1,122
Reconciliation to net income
Net loss and LAE ratio	68.70%	67.30%
Commission and other acquisition expense ratio	32.00%	32.30%
General and administrative expense ratio	0.20%	0.20%
Expense ratio	32.20%	32.50%
Combined ratio	100.90%	99.80%
Assets [Abstract]
Total assets - reportable segments	$ 4,397,742		4,258,607
Corporate assets	0		0
Total assets	4,397,742		$ 4,258,607
Other [Member]
Net Income (Loss) [Abstract]
Gross premiums written	0	$ 0
Net premiums written	0	0
Net premiums earned	0	0
Other insurance revenue	0	0
Net loss and loss adjustment expense (loss and LAE)	(405)	(289)
Commission and other acquisition expenses	0	0
General and administrative expenses	0	0
Underwriting income (loss)	$ (405)	$ (289)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 849,333	$ 900,548
% of Total Net premiums written	100.00%	100.00%
Net premiums earned	$ 685,432	$ 709,484
% of Total Net premiums earned	100.00%	100.00%
Operating segments [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 274,953	$ 327,496
% of Total Net premiums written	32.40%	36.40%
Net premiums earned	$ 194,134	$ 201,842
% of Total Net premiums earned	28.30%	28.50%
Operating segments [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 574,380	$ 573,052
% of Total Net premiums written	67.60%	63.60%
Net premiums earned	$ 491,298	$ 507,642
% of Total Net premiums earned	71.70%	71.50%
Operating segments [Member] \| Property [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 60,981	$ 73,377
% of Total Net premiums written	7.20%	8.20%
Net premiums earned	$ 38,382	$ 39,894
% of Total Net premiums earned	5.60%	5.60%
Operating segments [Member] \| Casualty [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 122,940	$ 177,558
% of Total Net premiums written	14.50%	19.70%
Net premiums earned	$ 108,646	$ 123,150
% of Total Net premiums earned	15.80%	17.40%
Operating segments [Member] \| Accident and Health [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 42,802	$ 48,649
% of Total Net premiums written	5.00%	5.40%
Net premiums earned	$ 21,632	$ 20,689
% of Total Net premiums earned	3.20%	2.90%
Operating segments [Member] \| International [Member] \| Diversified Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 48,230	$ 27,912
% of Total Net premiums written	5.70%	3.10%
Net premiums earned	$ 25,474	$ 18,109
% of Total Net premiums earned	3.70%	2.60%
Operating segments [Member] \| Small Commercial Business [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 367,754	$ 392,566
% of Total Net premiums written	43.30%	43.60%
Net premiums earned	$ 315,709	$ 316,909
% of Total Net premiums earned	46.10%	44.70%
Operating segments [Member] \| Specialty Program [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 89,131	$ 91,869
% of Total Net premiums written	10.50%	10.20%
Net premiums earned	$ 88,494	$ 99,748
% of Total Net premiums earned	12.90%	14.00%
Operating segments [Member] \| Specialty Risk and Extended Warranty [Member] \| AmTrust Reinsurance segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 117,495	$ 88,617
% of Total Net premiums written	13.80%	9.80%
Net premiums earned	$ 87,095	$ 90,985
% of Total Net premiums earned	12.70%	12.80%
Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ 0
Net premiums earned	$ 0	$ 0

Investments - Schedule of Investments Reconciliation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		$ 4,034,021,000	$ 4,027,993,000
Fixed Maturities, available-for-sale, Gross unrealized gains		31,796,000	55,824,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(81,084,000)	(39,447,000)
Fixed Maturities, available-for-sale, Fair value		3,984,733,000	4,044,370,000
Fixed Maturities, held-to-maturity, Original or amortized cost		1,071,361,000	1,097,801,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		9,080,000	28,822,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		10,461,000	997,000
Fixed Maturities, held-to-maturity, Fair value		1,069,980,000	1,125,626,000
Investments, Original or Amortized Cost Basis		5,105,382,000	5,125,794,000
Investments, Gross Unrealized Gains		40,876,000	84,646,000
Investments, Gross Unrealized Losses		91,545,000	40,444,000
Investments, Fair Value Disclosure		5,054,713,000	5,169,996,000
Fair value of securities transferred from AFS to HTM	$ 391,934,000	0
AFS transferred to HTM securities, unrealized gain	$ 4,313,000
U.S. treasury bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		9,323,000	60,711,000
Fixed Maturities, available-for-sale, Gross unrealized gains		63,000	103,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(28,000)	(13,000)
Fixed Maturities, available-for-sale, Fair value		9,358,000	60,801,000
U.S. agency bonds – mortgage-backed [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		2,038,229,000	2,026,305,000
Fixed Maturities, available-for-sale, Gross unrealized gains		2,552,000	8,074,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(52,270,000)	(19,765,000)
Fixed Maturities, available-for-sale, Fair value		1,988,511,000	2,014,614,000
U.S. agency bonds – other [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		34,943,000	29,941,000
Fixed Maturities, available-for-sale, Gross unrealized gains		0	4,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(170,000)	(163,000)
Fixed Maturities, available-for-sale, Fair value		34,773,000	29,782,000
Non-U.S. government and supranational bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		37,525,000	33,381,000
Fixed Maturities, available-for-sale, Gross unrealized gains		415,000	231,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(1,595,000)	(1,736,000)
Fixed Maturities, available-for-sale, Fair value		36,345,000	31,876,000
Asset-backed securities [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		353,049,000	317,544,000
Fixed Maturities, available-for-sale, Gross unrealized gains		1,931,000	4,065,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(1,207,000)	(199,000)
Fixed Maturities, available-for-sale, Fair value		353,773,000	321,410,000
Corporate bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		1,558,452,000	1,557,611,000
Fixed Maturities, available-for-sale, Gross unrealized gains		26,760,000	43,271,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(25,814,000)	(17,571,000)
Fixed Maturities, available-for-sale, Fair value		1,559,398,000	1,583,311,000
Fixed Maturities, held-to-maturity, Original or amortized cost		1,011,129,000	1,037,464,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		9,080,000	28,694,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		10,078,000	913,000
Fixed Maturities, held-to-maturity, Fair value		1,010,131,000	1,065,245,000
Municipal bonds [Member]
Schedule of Investments [Line Items]
Fixed Maturities, available-for-sale, Original or amortized cost		2,500,000	2,500,000
Fixed Maturities, available-for-sale, Gross unrealized gains		75,000	76,000
Fixed Maturities, available-for-sale, Gross unrealized losses		0	0
Fixed Maturities, available-for-sale, Fair value		2,575,000	2,576,000
Fixed Maturities, held-to-maturity, Original or amortized cost		60,232,000	60,337,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		0	128,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		383,000	84,000
Fixed Maturities, held-to-maturity, Fair value		$ 59,849,000	$ 60,381,000

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
HTM fixed maturities, Amortized cost
Due in one year or less	$ 18,285
Due after one year through five years	361,164
Due after five years through ten years	691,912
Due after ten years	0
Total before securities without single maturities, Amortized cost	1,071,361
Fixed Maturities, held-to-maturity, Amortized cost	1,071,361
HTM fixed maturities, Fair value
Due in one year or less	18,274
Due after one year through five years	364,559
Due after five years through ten years	687,147
Due after ten years	0
Total before securities without single maturities, Fair value	1,069,980
Fixed maturities, held-to-maturity securities, fair value	1,069,980	$ 1,125,626
AFS fixed maturities, Amortized cost
Due in one year or less	28,583
Due after one year through five years	579,806
Due after five years through ten years	1,008,243
Due after five years through ten years	26,111
Total before securities without single maturities, Amortized cost	1,642,743
Fixed Maturities, available-for-sale, Original or amortized cost	4,034,021	4,027,993
AFS fixed maturities, Fair value
Due in one year or less	27,252
Due after one year through five years	582,722
Due after five years through ten years	1,006,621
Due after ten years	25,854
Total before securities without single maturities, Fair value	1,642,449
Fixed Maturities, available-for-sale, Fair value	3,984,733	4,044,370
U.S. agency bonds – mortgage-backed [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	2,038,229
Fixed Maturities, available-for-sale, Original or amortized cost	2,038,229	2,026,305
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,988,511
Fixed Maturities, available-for-sale, Fair value	1,988,511	2,014,614
Asset-backed securities [Member]
HTM fixed maturities, Amortized cost
Amortized cost of securities without single maturities	0
HTM fixed maturities, Fair value
Fair value of securities without single maturities	0
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	353,049
Fixed Maturities, available-for-sale, Original or amortized cost	353,049	317,544
AFS fixed maturities, Fair value
Fair value of securities without single maturities	353,773
Fixed Maturities, available-for-sale, Fair value	$ 353,773	$ 321,410

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Mar. 31, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 2,828,442	$ 1,230,177
12 Months or More, Fair value	805,523	907,155
Total, Fair value	3,633,965	2,137,332
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(55,776)	(12,193)
12 months or more, Unrealized losses	(35,769)	(28,251)
Total, Unrealized losses	$ (91,545)	$ (40,444)
Number of securities in an unrealized loss position \| security	466	244
Investments fair value	$ 3,633,965	$ 2,137,332
Investments, unrealized losses	$ 91,545	$ 40,444
Number of securities in an unrealized loss position for 12 months or greater \| security	93	100
Investments fair value, unrealized loss position for 12 months or greater	$ 805,523	$ 907,155
Investments in unrealized loss position for 12 months or greater, unrealized losses	35,769	28,251
U.S. treasury bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	4,233	0
12 Months or More, Fair value	582	587
Total, Fair value	4,815	587
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(9)	0
12 months or more, Unrealized losses	(19)	(13)
Total, Unrealized losses	(28)	(13)
U.S. agency bonds – mortgage-backed [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,358,831	842,000
12 Months or More, Fair value	499,399	539,704
Total, Fair value	1,858,230	1,381,704
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(30,870)	(6,920)
12 months or more, Unrealized losses	(21,400)	(12,845)
Total, Unrealized losses	(52,270)	(19,765)
U.S. agency bonds – other [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	34,773	19,816
12 Months or More, Fair value	0	0
Total, Fair value	34,773	19,816
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(170)	(163)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(170)	(163)
Non-U.S. government and supranational bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	3,136	12,825
12 Months or More, Fair value	24,084	15,253
Total, Fair value	27,220	28,078
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(64)	(971)
12 months or more, Unrealized losses	(1,531)	(765)
Total, Unrealized losses	(1,595)	(1,736)
Asset-backed securities [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	131,222	68,703
12 Months or More, Fair value	5,005	3,017
Total, Fair value	136,227	71,720
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1,142)	(150)
12 months or more, Unrealized losses	(65)	(49)
Total, Unrealized losses	(1,207)	(199)
Corporate bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,236,397	247,341
12 Months or More, Fair value	276,453	348,594
Total, Fair value	1,512,850	595,935
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(23,138)	(3,905)
12 months or more, Unrealized losses	(12,754)	(14,579)
Total, Unrealized losses	(35,892)	(18,484)
Municipal bonds [Member]
Fixed maturities, Fair value
Less than 12 Months, Fair value	59,850	39,492
12 Months or More, Fair value	0	0
Total, Fair value	59,850	39,492
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(383)	(84)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	$ (383)	$ (84)

Investments - Credit Ratings (Details) - USD ($)	3 Months Ended
Investments - Credit Ratings (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Fixed Maturities Table [Line Items]
OTTI	$ 0	$ 0
Fixed Maturities, Amortized cost	5,105,382,000		$ 5,125,794,000
Fixed Maturities, Fair value	$ 5,054,713,000		$ 5,169,996,000
Fixed maturities, % of Total fair value	100.00%		100.00%
AAA [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 267,149,000		$ 245,562,000
Fixed Maturities, Fair value	$ 268,360,000		$ 249,073,000
Fixed maturities, % of Total fair value	5.30%		4.80%
AA Plus, AA, AA Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 218,377,000		$ 204,792,000
Fixed Maturities, Fair value	$ 217,958,000		$ 207,898,000
Fixed maturities, % of Total fair value	4.30%		4.00%
A Plus, A, A Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,396,364,000		$ 1,381,031,000
Fixed Maturities, Fair value	$ 1,390,488,000		$ 1,404,451,000
Fixed maturities, % of Total fair value	27.50%		27.20%
BBB Plus, BBB, BBB Minus [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,077,307,000		$ 1,125,471,000
Fixed Maturities, Fair value	$ 1,080,043,000		$ 1,149,511,000
Fixed maturities, % of Total fair value	21.40%		22.20%
BB Plus or Lower [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 63,690,000		$ 51,981,000
Fixed Maturities, Fair value	$ 65,222,000		$ 53,866,000
Fixed maturities, % of Total fair value	1.30%		1.00%
U.S. treasury bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 9,323,000		$ 60,711,000
Fixed Maturities, Fair value	$ 9,358,000		$ 60,801,000
Fixed maturities, % of Total fair value	0.20%		1.20%
U.S. agency bonds [Member]
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 2,073,172,000		$ 2,056,246,000
Fixed Maturities, Fair value	$ 2,023,284,000		$ 2,044,396,000
Fixed maturities, % of Total fair value	40.00%		39.60%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Other investments	$ 6,426	$ 6,600
% of Total fair value	100.00%	100.00%
Investments in limited partnerships [Member]
Schedule of Investments [Line Items]
Other investments	$ 4,926	$ 5,100
% of Total fair value	76.70%	77.30%
Unfunded commitment on investments in limited partnerships	$ 304	$ 306
Other [Member]
Schedule of Investments [Line Items]
Other investments	$ 1,500	$ 1,500
% of Total fair value	23.30%	22.70%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Investments [Line Items]
Investment income	$ 43,984	$ 43,980
Investment expenses	(1,114)	(1,823)
Net investment income	42,870	42,157
Fixed maturities [Member]
Schedule of Investments [Line Items]
Investment income	42,129	42,870
Cash and cash equivalents [Member]
Schedule of Investments [Line Items]
Investment income	308	167
Loans to related party [Member]
Schedule of Investments [Line Items]
Investment income	1,428	712
Other [Member]
Schedule of Investments [Line Items]
Investment income	$ 119	$ 231

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Gain (Loss) on Investments [Line Items]
Gross gains	$ 2,134	$ 885
Gross losses	(1,777)	0
Realized gains, Net	357	885
Proceeds from sales of fixed maturities classified as available-for-sale	148,782	30,784
Net unrealized gains (losses)	(46,365)		$ 21,967
Deferred income tax	(64)		(78)
Net unrealized (losses) gains, net of deferred income tax	(46,429)		21,889
Change, net of deferred income tax	(68,318)		42,605
Available-for-sale securities [Member] \| Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	652	722
Gross losses	(1,777)	0
Realized gains, Net	(1,125)	722
Net unrealized gains (losses)	(46,365)		20,586
Other investments [Member]
Gain (Loss) on Investments [Line Items]
Gross gains	1,482	163
Gross losses	0	0
Realized gains, Net	1,482	$ 163
Net unrealized gains (losses)	$ 0		$ 1,381

Investments - Net Gains Recognized on Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Investments [Abstract]
Net realized and unrealized gains recognized in net income on other investments during the period	$ 1,482	$ 163
Less: net realized gains recognized on other investments during the period	(592)	(163)
Net unrealized gains recognized on other investments still held at end of period	$ 890	$ 0

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 87,761	$ 123,584	$ 109,697
Restricted investments	4,680,590	4,744,940
Restricted cash and investments	4,768,351	4,868,524
Amortized cost	5,105,382	5,125,794
Third party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	51,116	50,411
Restricted investments	1,209,230	1,320,800
Amortized cost	1,231,954	1,316,305
Related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	36,458	73,017
Restricted investments	2,397,262	2,294,367
Amortized cost	2,419,659	2,281,672
HTM related party agreements [Member]
Restricted Cash and Investments Items [Line Items]
Restricted investments	1,069,980	1,125,626
Amortized cost	1,071,361	1,097,801
US state regulatory authorities [Member]
Restricted Cash and Investments Items [Line Items]
Restricted cash	187	156
Restricted investments	4,118	4,147
Amortized cost	$ 4,080	$ 4,076

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Transfers into Level 3	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	$ 6,426	$ 6,600
Financial Assets	5,054,713	5,169,996
Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,071,361	1,097,801
Financial Liabilities	262,500	262,500
Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,069,980	1,125,626
Financial Liabilities	195,202	250,229
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHLA - 6.625% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 110,000	$ 110,000
Stated interest rate	6.625%	6.625%
Senior Notes [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	$ 152,500
Stated interest rate	7.75%	7.75%
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHLA - 6.625% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 76,252	$ 101,200
Senior Notes [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| MHNC - 7.75% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	118,950	149,029
Corporate bonds [Member] \| Held-to-maturity securities [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,011,129	1,037,464
Corporate bonds [Member] \| Held-to-maturity securities [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,010,131	1,065,245
Municipal bonds [Member] \| Held-to-maturity securities [Member] \| Carrying Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	60,232	60,337
Municipal bonds [Member] \| Held-to-maturity securities [Member] \| Fair Value [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 59,849	$ 60,381

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 7,966	$ 8,018
Senior notes, net	254,534	254,482
Senior Notes [Member]
Debt Instrument [Line Items]
Principal	262,500	262,500
Unamortized debt issuance costs	7,966	8,018
Senior notes, net	254,534	254,482
Senior Notes [Member] \| 2016 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	110,000	110,000
Unamortized debt issuance costs	3,644	3,654
Senior notes, net	106,356	106,346
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes [Member] \| 2013 Senior Notes [Member]
Debt Instrument [Line Items]
Principal	$ 152,500	152,500
Unamortized debt issuance costs	4,322	4,364
Senior notes, net	148,178	$ 148,136
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Interest expense	$ 4,829	$ 6,856
Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	4,777	6,777
Accrued interest	1,342		$ 1,342
Amortization expense, debt issuance costs	$ 52	$ 79

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Insurance [Abstract]
Reserve for reported loss and LAE			$ 1,976,620	$ 1,925,151
Reserve for losses incurred but not reported (IBNR)			1,639,990	1,622,097
Reserve for loss and LAE	$ 3,547,248	$ 2,896,496	$ 3,616,610	$ 3,547,248
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	3,547,248	2,896,496
Less: reinsurance recoverable on unpaid losses, January 1	117,611	99,936
Net loss and LAE reserves, January 1	3,429,637	2,796,560
Net incurred losses related to Current year	463,247	463,729
Net incurred losses related to Prior years	10,077	16,840
Net loss and loss adjustment expenses	473,324	480,569
Net paid losses related to Current year	(59,430)	(70,899)
Net paid losses related to Prior years	(355,380)	(329,298)
Net paid losses	(414,810)	(400,197)
Effect of foreign exchange movements	13,960	5,895
Net loss and LAE reserves, March 31	3,502,111	2,882,827
Reinsurance recoverable on unpaid losses, March 31	114,499	108,777
Gross loss and LAE reserves, March 31	3,616,610	2,991,604
Segment Reporting Information [Line Items]
Adverse development, net	10,077	16,840
Other [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net loss and loss adjustment expenses	405	289
Segment Reporting Information [Line Items]
Adverse development, net	405	289
Diversified Reinsurance segment [Member]
Segment Reporting Information [Line Items]
Adverse development, net	1,153	6,232
AmTrust Reinsurance segment [Member]
Segment Reporting Information [Line Items]
Adverse development, net	$ 8,519	$ 10,319

Related Party Transactions - AmTrust (Details)									3 Months Ended
Related Party Transactions - AmTrust (Details)	Jan. 01, 2018	Jul. 01, 2016	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2011	Jun. 11, 2008	Jul. 01, 2007	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 17, 2017
Related Party Transaction [Line Items]
Net premiums earned									$ 685,432,000	$ 709,484,000
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 5% ownership
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. \| AmTrust Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party								40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party								40.00%
Commission rate, percent of ceded written premiums							34.375%	31.00%
Contract extension (in years)		3 years
Cancellation notice period		9 months
Cancellation notice period upon the occurrence of certain early termination events (in days)		30 days
Early termination events, reduction threshold of stockholders' equity		50.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor								81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling								95.00%
AmTrust Financial Services, Inc. \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums					5.00%
Premiums and losses related to policies		32.50%			40.00%
Maximum limit of liability attaching \| €				€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching					100.00%
Future premiums and losses related to policies		20.00%
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement
Related Party Transaction [Line Items]
Agreement period (in years)			1 year
Reinsurance coverage threshold			$ 1,000,000
Net premiums earned									$ 297,000	429,000
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement \| Commission expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									82,000	110,000
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party									3,231,239,000		3,328,757,000
Accrued interest on collateral held by related party									21,749,000		20,830,000
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Cancellation notice period								30 days
Brokerage fee, percent of premium assumed								1.25%
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements \| Brokerage expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									6,297,000	6,489,000
Balances due to related party									15,625,000		$ 14,741,000
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	0.02125%							0.0375%
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses recorded from related party transactions									1,049,000	1,823,000
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									$ 16,000	$ 13,000
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage									1.60%
London Interbank Offered Rate (LIBOR) [Member] \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Basis spread on variable rate									2.00%		2.00%	0.90%

Related Party Transactions - AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Gross premiums written	$ 852,640	$ 923,427
Net premiums earned	685,432	709,484
Net loss and loss adjustment expense (loss and LAE)	(473,324)	(480,569)
Commission expenses	(208,614)	(222,029)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	573,928	591,382
Net premiums earned	503,799	519,127
Net loss and loss adjustment expense (loss and LAE)	(344,529)	(353,864)
Commission expenses	$ (155,850)	$ (160,770)

Related Party Transactions - NGHC (Details) - USD ($)			3 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	May 01, 2015	Mar. 01, 2010	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Premiums earned			$ 685,432,000	$ 709,484,000
National General Holdings Corp. \| NGHC Quota Share [Member]
Related Party Transaction [Line Items]
Percent participation in quota share by subsidiary		50.00%
Percentage of net premiums received on personal lines automobile business		25.00%
Percent of net losses related to premiums of personal lines business assumed by reinsurers		25.00%
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Premiums earned			$ 98,000	$ 121,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	$ 1,000,000
Reinsurance coverage limit	4,000,000
Maximum limit of liability	2,000,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 1 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	1,000,000
Reinsurance coverage limit	1,000,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 2 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	2,000,000
Reinsurance coverage limit	3,000,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement [Member] \| Layer 3 [Member] \| Medical Excess of Loss Reinsurance Agreement [Member]
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Reinsurance recoverable on unpaid losses		$ 114,499,000	$ 108,777,000	$ 117,611,000	$ 99,936,000
Valuation allowance against reinsurance recoverable on unpaid losses		0		$ 0
Gross premiums written		$ 852,640,000	$ 923,427,000
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15
AmTrust Reinsurance segment [Member]
Loss Contingencies [Line Items]
Gross premiums written		$ 573,928,000	$ 591,382,000
Segment concentration risk [Member] \| Gross premiums written [Member] \| AmTrust Reinsurance segment [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		67.30%	64.00%
Major customer one [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		32.30%		34.00%
Major customer two [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		20.10%		19.20%
Major customer three [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		17.80%		17.40%
Rating A or better [Member] \| Customer concentration risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Loss Contingencies [Line Items]
Concentration risk, percentage		98.70%		98.60%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income attributable to Maiden shareholders	$ 22,272	$ 26,523
Dividends on preference shares	(8,545)	(6,033)
Amount allocated to participating common shareholders	(5)	(7)
Numerator for basic EPS - net income allocated to Maiden common shareholders	13,722	20,483
Numerator for diluted EPS - net income allocated to Maiden common shareholders	$ 13,722	$ 20,483
Denominator:
Weighted average number of common shares - basic (in shares)	83,040,413	86,350,850
Potentially dilutive securities:
Share options and restricted share units (in shares)	278,129	1,085,754
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	83,318,542	87,436,604
Basic earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.17	$ 0.24
Diluted earnings per share attributable to Maiden common shareholders (in dollars per share)	$ 0.16	$ 0.23
Preference shares - Series A, C and D [Member]
Numerator:
Dividends on preference shares	$ (8,545)	$ (6,033)
Employee Stock Option [Member]
Potentially dilutive securities:
Anti-dilutive share options excluded from diluted earnings per share (in shares)	3,774,222	0

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	150,000,000
Common stock, shares issued (in shares)	87,902,787		87,730,054
Common stock, shares outstanding (in shares)	83,118,237		82,974,895
Preference shares issued (in shares)	18,600,000
Preference shares outstanding (in shares)	18,600,000
Undesignated shares (in shares)	43,497,213
Shares repurchased for tax withholding (in shares)	29,391	38,122
Shares repurchased for tax withholding, price per share (in dollars per share)	$ 6.57	$ 15.06
Shares repurchased (in shares)	0	0
Remaining authorization for share repurchase	$ 74,924	$ 100,000

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,232,626
Other comprehensive income (loss) before reclassifications	(74,768)	$ (38)
Amounts reclassified from AOCI to net income, net of tax	(1,490)	637
Other comprehensive (loss) income, after tax	(76,258)	599
Ending balance	1,158,444	1,370,097
Change in net unrealized gains on investments, including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	21,889	(20,716)
Other comprehensive income (loss) before reclassifications	(66,828)	6,160
Amounts reclassified from AOCI to net income, net of tax	(1,490)	637
Other comprehensive (loss) income, after tax	(68,318)	6,797
Ending balance	(46,429)	(13,919)
Foreign currency translation adjustments, including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(8,583)	35,604
Other comprehensive income (loss) before reclassifications	(7,940)	(6,198)
Amounts reclassified from AOCI to net income, net of tax	0	0
Other comprehensive (loss) income, after tax	(7,940)	(6,198)
Ending balance	(16,523)	29,406
AOCI including portion attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	13,306	14,888
Ending balance	(62,952)	15,487
Change in net unrealized gains on investment attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	0	0
Foreign currency translation adjustments attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(37)	(104)
AOCI attributable to noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(37)	(104)
Change in net unrealized gains on investments, attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(46,429)	(13,919)
Foreign currency translation adjustments, attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(16,486)	29,510
AOCI attributable to Maiden shareholders [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	13,354	14,997
Ending balance	$ (62,915)	$ 15,591

Subsequent Events (Details) - $ / shares		1 Months Ended	3 Months Ended
Subsequent Events (Details) - $ / shares	May 08, 2018	Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.15	$ 0.15	$ 0.15
Subsequent event [Member]
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.15
Subsequent event [Member] \| Preference shares - Series A [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent event [Member] \| Preference shares - Series C [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.445313
Subsequent event [Member] \| Preference shares - Series D [Member]
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.41875

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security		3
Other investments	$ 6,426	$ 6,600
Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,500	1,500
Significant Other Observable Inputs (Level 2) [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach		9,489
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	4,926	5,100
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	6,426	6,600
Total	$ 3,991,159	$ 4,050,970
Percentage of total assets	59.00%	61.00%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Fixed Maturities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	100.00%	99.80%
Assets, valued using market approach, percentage		0.20%
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 9,358	$ 60,801
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,988,511	2,014,614
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	34,773	29,782
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	36,345	31,876
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	353,773	321,410
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,559,398	1,583,311
Fair Value, Measurements, Recurring [Member] \| Total Fair Value [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,575	2,576
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 9,358	$ 60,801
Percentage of total assets	0.10%	0.90%
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 9,358	$ 60,801
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 3,975,375	$ 3,983,569
Percentage of total assets	58.80%	60.00%
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,988,511	2,014,614
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	34,773	29,782
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	36,345	31,876
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	353,773	321,410
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,559,398	1,583,311
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,575	2,576
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	1,500	1,500
Total	$ 1,500	$ 1,500
Percentage of total assets	0.00%	0.00%
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. treasury bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – mortgage-backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. agency bonds – other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Non-U.S. government and supranational bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Other investments [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	$ 4,926	$ 5,100
Percentage of total assets	0.10%	0.10%

Dividend per Share

Payable on:

Record date:

Common shares

April 16, 2018

April 2, 2018