Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 03, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	MHLD
Entity Registrant Name	Maiden Holdings, Ltd.
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,143,237

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2018: $4,064,595; 2017: $4,027,993)	$ 3,966,910	$ 4,044,370
Fixed maturities, held-to-maturity, at amortized cost (fair value 2018: $1,026,672; 2017: $1,125,626)	1,039,144	1,097,801
Other investments, at fair value	5,898	6,600
Total investments	5,011,952	5,148,771
Cash and cash equivalents	72,102	67,919
Restricted cash and cash equivalents	154,677	123,584
Accrued investment income	34,228	34,993
Reinsurance balances receivable, net (includes $129,584 and $50,415 from related parties in 2018 and 2017, respectively)	467,646	345,043
Reinsurance recoverable on unpaid losses (includes $2,006 and $2,204 from related parties in 2018 and 2017, respectively)	109,805	117,611
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $408,013 and $359,964 from related parties in 2018 and 2017, respectively)	472,202	439,597
Goodwill and intangible assets, net	74,659	75,583
Other assets	152,942	123,113
Total assets	6,718,188	6,644,189
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,450,846 and $2,298,822 from related parties in 2018 and 2017, respectively)	3,653,303	3,547,248
Unearned premiums (includes $1,262,735 and $1,179,285 from related parties in 2018 and 2017, respectively)	1,603,883	1,477,038
Accrued expenses and other liabilities	100,121	132,795
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,913	8,018
Senior notes, net	254,587	254,482
Total liabilities	5,611,894	5,411,563
Commitments and Contingencies
EQUITY
Preference shares	465,000	465,000
Common shares ($0.01 par value; 87,927,787 and 87,730,054 shares issued in 2018 and 2017, respectively; 83,143,237 and 82,974,895 shares outstanding in 2018 and 2017, respectively)	879	877
Additional paid-in capital	749,319	748,113
Accumulated other comprehensive (loss) income	(96,959)	13,354
Retained earnings	18,338	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	1,105,742	1,232,174
Noncontrolling interests in subsidiaries	552	452
Total equity	1,106,294	1,232,626
Total liabilities and equity	$ 6,718,188	$ 6,644,189

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fixed maturities, available-for-sale, amortized cost	$ 4,064,595	$ 4,027,993
Fixed Maturities, held-to-maturity, fair value	1,026,672	1,125,626
Reinsurance balances receivable, net	467,646	345,043
Reinsurance recoverable on unpaid losses	109,805	117,611
Deferred commission and other acquisition expenses	472,202	439,597
Reserve for loss and loss adjustment expenses	3,653,303	3,547,248
Unearned premiums	$ 1,603,883	$ 1,477,038
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,927,787	87,730,054
Common shares, shares outstanding (in shares)	83,143,237	82,974,895
Treasury shares (in shares)	4,784,550	4,755,159
Related party transactions
Reinsurance balances receivable, net	$ 129,584	$ 50,415
Reinsurance recoverable on unpaid losses	2,006	2,204
Deferred commission and other acquisition expenses	408,013	359,964
Reserve for loss and loss adjustment expenses	2,450,846	2,298,822
Unearned premiums	$ 1,262,735	$ 1,179,285

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Gross premiums written	$ 654,236	$ 705,198	$ 1,506,876	$ 1,628,625
Net premiums written	645,589	684,072	1,494,922	1,584,620
Change in unearned premiums	21,757	27,053	(142,144)	(164,011)
Net premiums earned	667,346	711,125	1,352,778	1,420,609
Other insurance revenue	2,033	1,547	5,759	5,328
Net investment income	44,313	40,512	87,183	82,669
Net realized (losses) gains on investment	(414)	1,572	(57)	2,457
Total revenues	713,278	754,756	1,445,663	1,511,063
Expenses
Net loss and loss adjustment expenses	491,554	528,620	964,878	1,009,189
Commission and other acquisition expenses	198,745	210,039	407,359	432,068
General and administrative expenses	19,574	15,346	39,524	32,760
Interest and amortization expenses	4,829	6,745	9,658	13,601
Accelerated amortization of senior note issuance cost	0	2,809	0	2,809
Amortization of intangible assets	462	533	924	1,066
Foreign exchange (gains) losses	(4,821)	6,722	(2,414)	8,643
Total expenses	710,343	770,814	1,419,929	1,500,136
Income (loss) before income taxes	2,935	(16,058)	25,734	10,927
Less: income tax expense	255	277	711	761
Net income (loss)	2,680	(16,335)	25,023	10,166
Add: net (income) loss attributable to noncontrolling interests	(47)	9	(118)	31
Net income (loss) attributable to Maiden	2,633	(16,326)	24,905	10,197
Dividends on preference shares	(8,546)	(6,033)	(17,091)	(12,066)
Net (loss) income attributable to Maiden common shareholders	$ (5,913)	$ (22,359)	$ 7,814	$ (1,869)
Basic (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)	$ (0.07)	$ (0.26)	$ 0.09	$ (0.02)
Diluted (loss) earnings per share attributable to Maiden common shareholders (in dollars per share)	(0.07)	(0.26)	0.09	(0.02)
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.3
Weighted average number of common shares - basic (in shares)	83,126,204	86,564,794	83,083,545	86,458,413
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	83,126,204	86,564,794	83,373,285	86,458,413

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Comprehensive income:
Net income (loss)	$ 2,680	$ (16,335)	$ 25,023	$ 10,166
Other comprehensive (loss) income
Net unrealized holdings (losses) gains on available-for-sale fixed maturities arising during the period	(50,425)	41,995	(117,268)	47,656
Adjustment for reclassification of net realized losses (gains) recognized in net income	745	(199)	(745)	896
Foreign currency translation adjustment	15,605	(21,777)	7,665	(27,975)
Other comprehensive (loss) income, before tax	(34,075)	20,019	(110,348)	20,577
Income tax benefit (expense) related to components of other comprehensive income	2	(11)	17	30
Other comprehensive (loss) income, after tax	(34,073)	20,008	(110,331)	20,607
Comprehensive (loss) income	(31,393)	3,673	(85,308)	30,773
Net (income) loss attributable to noncontrolling interests	(47)	9	(118)	31
Other comprehensive loss (income) attributable to noncontrolling interests	29	(24)	18	(29)
Comprehensive (income) loss attributable to noncontrolling interests	(18)	(15)	(100)	2
Comprehensive (loss) income attributable to Maiden	$ (31,411)	$ 3,658	$ (85,408)	$ 30,775

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares	Common shares	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings	Treasury shares	Noncontrolling interests in subsidiaries	Preference shares - Series D Preference shares	Preference shares - Series D Additional paid-in capital
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]
Issuance of Preference Shares – Series D									$ 150,000
Exercise of options and issuance of shares			4	1,006
Share-based compensation expense				1,470
Issuance costs of Preference Shares - Series D										$ (5,025)
Change in net unrealized (losses) gains on investment					48,582
Foreign currency translation adjustment					(28,004)			29
Net income attributable to Maiden	$ 10,197					10,197
Dividends on preference shares						(12,066)
Dividends on common shares						(25,987)
Shares repurchased							(575)
Net income (loss) attributable to noncontrolling interests	31							(31)
Ending balance at Jun. 30, 2017	1,500,752	465,000	877	746,707	35,575	257,806	(5,566)	353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Maiden	(16,326)
Net income (loss) attributable to noncontrolling interests	9
Ending balance at Jun. 30, 2017	1,500,752	465,000	877	746,707	35,575	257,806	(5,566)	353
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]
Issuance of Preference Shares – Series D									$ 0
Exercise of options and issuance of shares			2	(2)
Share-based compensation expense				1,208
Issuance costs of Preference Shares - Series D										$ 0
Change in net unrealized (losses) gains on investment					(117,996)
Foreign currency translation adjustment					7,683			(18)
Net income attributable to Maiden	24,905					24,905
Dividends on preference shares						(17,091)
Dividends on common shares						(24,948)
Shares repurchased							(193)
Net income (loss) attributable to noncontrolling interests	(118)							118
Ending balance at Jun. 30, 2018	1,106,294	465,000	879	749,319	(96,959)	18,338	(30,835)	552
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Maiden	2,633
Net income (loss) attributable to noncontrolling interests	(47)
Ending balance at Jun. 30, 2018	$ 1,106,294	$ 465,000	$ 879	$ 749,319	$ (96,959)	$ 18,338	$ (30,835)	$ 552

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 25,023	$ 10,166
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and share-based compensation	5,611	7,480
Net realized losses (gains) on investment	57	(2,457)
Foreign exchange (gains) losses	(2,414)	8,643
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(126,242)	(84,743)
Reinsurance recoverable on unpaid losses	7,765	12,441
Accrued investment income	653	1,132
Deferred commission and other acquisition expenses	(33,340)	(49,773)
Other assets	(38,507)	(14,669)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	118,404	180,462
Unearned premiums	129,892	163,689
Accrued expenses and other liabilities	(30,798)	(8,824)
Net cash provided by operating activities	56,104	223,547
Cash flows from investing activities:
Purchases of fixed-maturities – available-for-sale	(529,247)	(260,963)
Purchases of other investments	0	(147)
Proceeds from sales of fixed-maturities – available-for-sale	301,690	102,394
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale	194,045	205,606
Proceeds from maturities and calls of fixed maturities – held to maturity	56,788	7,856
Proceeds from sale and redemption of other investments	1,022	388
Other, net	(2,098)	(864)
Net cash provided by investing activities	22,200	54,270
Cash flows from financing activities:
Repurchase of common shares	(193)	(575)
Dividends paid – Maiden common shareholders	(24,924)	(25,936)
Dividends paid – preference shares	(17,091)	(12,066)
Preference shares, net of issuance costs	0	145,120
Redemption of 2012 senior notes	0	(100,000)
Issuance of common shares	0	1,010
Net cash (used in) provided by financing activities	(42,208)	7,553
Effect of exchange rate changes on foreign currency cash and cash equivalents and restricted cash and cash equivalents	(820)	2,391
Net increase in cash and cash equivalents and restricted cash and cash equivalents	35,276	287,761
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	226,779	437,296
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	6 Months Ended
Basis of Presentation	Jun. 30, 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 (loss).

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 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 and six months ended June 30, 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. 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 share based payment awards. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01 that will change how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. Under the new guidance, entities will have to measure many equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. This includes investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify today as 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 $67 of net unrealized losses and $823 of net unrealized gains on our investments in limited partnerships within net income during the three and six months ended June 30, 2018, respectively. 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. 2. Significant Accounting Policies (continued) Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15 guidance to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance amends 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. Recently Adopted Accounting Standards Not Yet Adopted Improvements to Non-employee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07 guidance that simplifies the accounting for share-based payments granted to non-employees for goods and services. Under the guidance, most of the guidance on such payments to non-employees would be aligned with the requirements for share-based payments granted to employees as the board viewed the awards to both employees and non-employees to be economically similar and that two different accounting models are not justified. Under the new guidance, i) non-employee share-based payment awards should be measured at the grant date fair value rather than the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured, ii) the measurement date for equity classified non-employee share-based payment awards is at the grant date and not the earlier of the date at which a commitment for performance by the counterparty is reached and the date at which the counterparty's performance is complete, and iii) entities should consider the probability of satisfying the performance conditions when awards contain such conditions. The amendments in this guidance are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but not earlier than an entity's adoption date of Topic 606. The Company is currently evaluating the impact of this guidance on the Company's results of operations and financial position; however, it is not expected to have a material impact on the Company’s Consolidated Financial Statements. Codification Improvements In July 2018, the FASB issued ASU 2018-09 which includes clarifications to existing codifications or corrections of unintended application of guidance that is not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this update include items raised for board consideration through the codification's feedback system that met the scope of this project, making due process necessary. The amendments affect a wide variety of topics in the codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. None of the topics deemed applicable have a material impact in the Company's interim consolidated financial statements. However, the Company is currently evaluating the impact of applicable sections on its results of operations and financial position once those sections are adopted beginning after December 15, 2018. Codification Improvements to Topic 842, Leases In July 2018, the FASB issued ASU 2018-10 for improvements related to Update 2016-02 to increase stakeholders' awareness of the amendments and to expedite the improvements. The amendments in this Update affect narrow aspects of the guidance issued in the amendments in Update 2016-02. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. The Company is currently evaluating the impact of this guidance on the Company's results of operations and financial position.

Segment Information

6 Months Ended

Jun. 30, 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 June 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other		Total
Gross premiums written	$	162,751		$	491,485		$	—	$	654,236
Net premiums written	$	154,278		$	491,311		$	—	$	645,589
Net premiums earned	$	191,497		$	475,849		$	—	$	667,346
Other insurance revenue	2,033			—			—		2,033
Net loss and loss adjustment expenses ("loss and LAE")	(138,561		)	(353,836		)	843		(491,554		)
Commission and other acquisition expenses	(46,112		)	(152,792		)	159		(198,745		)
General and administrative expenses	(10,907		)	(1,082		)	—		(11,989		)
Underwriting (loss) income	$	(2,050	)	$	(31,861	)	$	1,002	(32,909		)
Reconciliation to net income
Net investment income and realized losses on investment									43,899
Interest and amortization expenses									(4,829		)
Amortization of intangible assets									(462		)
Foreign exchange gains									4,821
Other general and administrative expenses									(7,585		)
Income tax expense									(255		)
Net income									$	2,680

Net loss and LAE ratio⁽¹⁾	71.7		%	74.4		%			73.4		%
Commission and other acquisition expense ratio⁽²⁾	23.8		%	32.1		%			29.7		%
General and administrative expense ratio⁽³⁾	5.6		%	0.2		%			2.9		%
Expense ratio⁽⁴⁾	29.4		%	32.3		%			32.6		%
Combined ratio⁽⁵⁾	101.1		%	106.7		%			106.0		%

3. Segment Information (continued)



For the Three Months Ended June 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	140,841		$	564,276		$	81		$	705,198
Net premiums written	$	137,247		$	546,735		$	90		$	684,072
Net premiums earned	$	204,219		$	506,816		$	90		$	711,125
Other insurance revenue	1,547			—			—			1,547
Net loss and LAE	(176,837		)	(350,561		)	(1,222		)	(528,620		)
Commission and other acquisition expenses	(46,989		)	(163,055		)	5			(210,039		)
General and administrative expenses	(8,494		)	(664		)	—			(9,158		)
Underwriting loss	$	(26,554	)	$	(7,464	)	$	(1,127	)	(35,145		)
Reconciliation to net loss
Net investment income and realized gains on investment										42,084
Interest and amortization expenses										(6,745		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(533		)
Foreign exchange losses										(6,722		)
Other general and administrative expenses										(6,188		)
Income tax expense										(277		)
Net loss										$	(16,335	)

Net loss and LAE ratio⁽¹⁾	86.0		%	69.2		%				74.1		%
Commission and other acquisition expense ratio⁽²⁾	22.8		%	32.2		%				29.5		%
General and administrative expense ratio⁽³⁾	4.1		%	0.1		%				2.2		%
Expense ratio⁽⁴⁾	26.9		%	32.3		%				31.7		%
Combined ratio⁽⁵⁾	112.9		%	101.5		%				105.8		%

3. Segment Information (continued)



For the Six Months Ended June 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other		Total
Gross premiums written	$	441,463		$	1,065,413		$	—	$	1,506,876
Net premiums written	$	429,231		$	1,065,691		$	—	$	1,494,922
Net premiums earned	$	385,631		$	967,147		$	—	$	1,352,778
Other insurance revenue	5,759			—			—		5,759
Net loss and LAE	(274,173		)	(691,143		)	438		(964,878		)
Commission and other acquisition expenses	(97,410		)	(310,108		)	159		(407,359		)
General and administrative expenses	(21,026		)	(2,002		)	—		(23,028		)
Underwriting (loss) income	$	(1,219	)	$	(36,106	)	$	597	(36,728		)
Reconciliation to net income
Net investment income and realized losses on investment									87,126
Interest and amortization expenses									(9,658		)
Amortization of intangible assets									(924		)
Foreign exchange gains									2,414
Other general and administrative expenses									(16,496		)
Income tax expense									(711		)
Net income									$	25,023

Net loss and LAE ratio⁽¹⁾	70.0		%	71.4		%			71.0		%
Commission and other acquisition expense ratio⁽²⁾	24.9		%	32.1		%			30.0		%
General and administrative expense ratio⁽³⁾	5.4		%	0.2		%			2.9		%
Expense ratio⁽⁴⁾	30.3		%	32.3		%			32.9		%
Combined ratio⁽⁵⁾	100.3		%	103.7		%			103.9		%

3. Segment Information (continued)



For the Six Months Ended June 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	472,886		$	1,155,658		$	81		$	1,628,625
Net premiums written	$	464,743		$	1,119,787		$	90		$	1,584,620
Net premiums earned	$	406,061		$	1,014,458		$	90		$	1,420,609
Other insurance revenue	5,328			—			—			5,328
Net loss and LAE	(315,486		)	(692,192		)	(1,511		)	(1,009,189		)
Commission and other acquisition expenses	(104,934		)	(327,139		)	5			(432,068		)
General and administrative expenses	(17,224		)	(1,469		)	—			(18,693		)
Underwriting loss	$	(26,255	)	$	(6,342	)	$	(1,416	)	(34,013		)
Reconciliation to net income
Net investment income and realized gains on investment										85,126
Interest and amortization expenses										(13,601		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(1,066		)
Foreign exchange losses										(8,643		)
Other general and administrative expenses										(14,067		)
Income tax expense										(761		)
Net income										$	10,166

Net loss and LAE ratio⁽¹⁾	76.7		%	68.3		%				70.8		%
Commission and other acquisition expense ratio⁽²⁾	25.5		%	32.2		%				30.3		%
General and administrative expense ratio⁽³⁾	4.2		%	0.1		%				2.3		%
Expense ratio⁽⁴⁾	29.7		%	32.3		%				32.6		%
Combined ratio⁽⁵⁾	106.4		%	100.6		%				103.4		%


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


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


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


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


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

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at June 30, 2018 and December 31, 2017:



June 30, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,732,587	$	4,431,698	$	6,164,285
Corporate assets	—		—		553,903
Total Assets	$	1,732,587	$	4,431,698	$	6,718,188

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 tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2018 and 2017:



For the Three Months Ended June 30,	2018				2017
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	20,464	3.2	%	$	21,059	3.1	%
Casualty	90,418		14.0	%	84,219		12.3	%
Accident and Health	13,678		2.1	%	8,909		1.3	%
International	29,718		4.6	%	23,060		3.4	%
Total Diversified Reinsurance	154,278		23.9	%	137,247		20.1	%
AmTrust Reinsurance
Small Commercial Business	279,486		43.3	%	340,840		49.8	%
Specialty Program	103,196		16.0	%	100,082		14.6	%
Specialty Risk and Extended Warranty	108,629		16.8	%	105,813		15.5	%
Total AmTrust Reinsurance	491,311		76.1	%	546,735		79.9	%
Other	—		—	%	90		—	%
Total Net Premiums Written	$	645,589	100.0	%	$	684,072	100.0	%



For the Six Months Ended June 30,	2018				2017
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	81,445	5.4	%	$	94,436	6.0	%
Casualty	213,358		14.3	%	261,777		16.5	%
Accident and Health	56,480		3.8	%	57,558		3.6	%
International	77,948		5.2	%	50,972		3.2	%
Total Diversified Reinsurance	429,231		28.7	%	464,743		29.3	%
AmTrust Reinsurance
Small Commercial Business	647,240		43.3	%	733,406		46.3	%
Specialty Program	192,327		12.9	%	191,951		12.1	%
Specialty Risk and Extended Warranty	226,124		15.1	%	194,430		12.3	%
Total AmTrust Reinsurance	1,065,691		71.3	%	1,119,787		70.7	%
Other	—		—	%	90		—	%
Total Net Premiums Written	$	1,494,922	100.0	%	$	1,584,620	100.0	%

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2018 and 2017:



For the Three Months Ended June 30,	2018				2017
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	34,028	5.1	%	$	39,632	5.5	%
Casualty	107,588		16.1	%	121,563		17.1	%
Accident and Health	21,342		3.2	%	20,409		2.9	%
International	28,539		4.3	%	22,615		3.2	%
Total Diversified Reinsurance	191,497		28.7	%	204,219		28.7	%
AmTrust Reinsurance
Small Commercial Business	293,514		44.0	%	315,100		44.3	%
Specialty Program	96,739		14.5	%	92,262		13.0	%
Specialty Risk and Extended Warranty	85,596		12.8	%	99,454		14.0	%
Total AmTrust Reinsurance	475,849		71.3	%	506,816		71.3	%
Other	—		—	%	90		—	%
Total Net Premiums Earned	$	667,346	100.0	%	$	711,125	100.0	%



For the Six Months Ended June 30,	2018				2017
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	72,410	5.4	%	$	79,526	5.6	%
Casualty	216,234		15.9	%	244,713		17.2	%
Accident and Health	42,974		3.2	%	41,098		2.9	%
International	54,013		4.0	%	40,724		2.9	%
Total Diversified Reinsurance	385,631		28.5	%	406,061		28.6	%
AmTrust Reinsurance
Small Commercial Business	609,223		45.0	%	632,009		44.5	%
Specialty Program	185,233		13.7	%	192,010		13.5	%
Specialty Risk and Extended Warranty	172,691		12.8	%	190,439		13.4	%
Total AmTrust Reinsurance	967,147		71.5	%	1,014,458		71.4	%
Other	—		—	%	90		—	%
Total Net Premiums Earned	$	1,352,778	100.0	%	$	1,420,609	100.0	%

Investments

6 Months Ended

Jun. 30, 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 June 30, 2018 and December 31, 2017 are as follows:



June 30, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,610	$	41	$	(50	)	$	8,601
U.S. agency bonds – mortgage-backed	2,026,165		2,658		(61,750		)	1,967,073
U.S. agency bonds – other	39,920		24		(622		)	39,322
Non-U.S. government and supranational bonds	25,038		151		(1,702		)	23,487
Asset-backed securities	332,188		1,029		(2,443		)	330,774
Corporate bonds	1,630,174		11,393		(46,462		)	1,595,105
Municipal bonds	2,500		48		—			2,548
Total AFS fixed maturities	4,064,595		15,344		(113,029		)	3,966,910
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	979,018		6,131		(17,938		)	967,211
Municipal bonds	60,126		—		(665		)	59,461
Total HTM fixed maturities	1,039,144		6,131		(18,603		)	1,026,672
Total fixed maturity investments	$	5,103,739	$	21,475	$	(131,632	)	$	4,993,582



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 six months ended June 30, 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
June 30, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	11,443	$	10,697	$	9,422	$	9,414
Due after one year through five years	658,875		646,888		357,489		357,601
Due after five years through ten years	1,034,775		1,010,399		671,172		658,641
Due after ten years	1,149		1,079		1,061		1,016
	1,706,242		1,669,063		1,039,144		1,026,672
U.S. agency bonds – mortgage-backed	2,026,165		1,967,073		—		—
Asset-backed securities	332,188		330,774		—		—
Total fixed maturities	$	4,064,595	$	3,966,910	$	1,039,144	$	1,026,672

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
June 30, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	3,495	$	(30	)	$	580	$	(20	)	$	4,075	$	(50	)
U.S. agency bonds – mortgage-backed	1,220,091		(34,089		)	575,919		(27,661		)	1,796,010		(61,750		)
U.S. agency bonds – other	34,323		(622		)	—		—			34,323		(622		)
Non–U.S. government and supranational bonds	5,682		(213		)	14,053		(1,489		)	19,735		(1,702		)
Asset-backed securities	184,683		(2,353		)	3,918		(90		)	188,601		(2,443		)
Corporate bonds	1,678,876		(42,732		)	291,011		(21,668		)	1,969,887		(64,400		)
Municipal bonds	59,461		(665		)	—		—			59,461		(665		)
Total temporarily impaired fixed maturities	$	3,186,611	$	(80,704	)	$	885,481	$	(50,928	)	$	4,072,092	$	(131,632	)

At June 30, 2018, there were approximately 559 securities in an unrealized loss position with a fair value of $4,072,092 and unrealized losses of $131,632. Of these securities, there were 92 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $885,481 and unrealized losses of $50,928.



	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 June 30, 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 June 30, 2018. The Company has therefore recognized no OTTI through earnings for the three and six months ended June 30, 2018 and 2017.

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at June 30, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,610	$	8,601	0.2	%
U.S. agency bonds	2,066,085		2,006,395		40.2	%
AAA	260,051		257,306		5.2	%
AA+, AA, AA-	205,551		201,866		4.0	%
A+, A, A-	1,410,823		1,383,403		27.7	%
BBB+, BBB, BBB-	1,088,713		1,070,609		21.4	%
BB+ or lower	63,906		65,402		1.3	%
Total fixed maturities	$	5,103,739	$	4,993,582	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:



	June 30, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	4,398	74.6	%	$	5,100	77.3	%
Other	1,500		25.4	%	1,500		22.7	%
Total other investments	$	5,898	100.0	%	$	6,600	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $423 at June 30, 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 June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Fixed maturities	$	42,967		$	40,610		$	85,096		$	83,480
Cash and cash equivalents	383			262			691			429
Loan to related party	1,565			816			2,993			1,528
Other	471			660			590			891
	45,386			42,348			89,370			86,328
Investment expenses	(1,073		)	(1,836		)	(2,187		)	(3,659		)
Net investment income	$	44,313		$	40,512		$	87,183		$	82,669


d)	Realized Gains (Losses) on Investment

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



For the Three Months Ended June 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,287	$	(2,921	)	$	(634	)
Other investments	220		—			220
Net realized gains (losses) on investment	$	2,507	$	(2,921	)	$	(414	)

For the Three Months Ended June 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,766	$	(256	)	$	1,510
Other investments	62		—			62
Net realized gains (losses) on investment	$	1,828	$	(256	)	$	1,572

For the Six Months Ended June 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,939	$	(4,698	)	$	(1,759	)
Other investments	1,702		—			1,702
Net realized gains (losses) on investment	$	4,641	$	(4,698	)	$	(57	)

For the Six Months Ended June 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,488	$	(256	)	$	2,232
Other investments	225		—			225
Net realized gains (losses) on investment	$	2,713	$	(256	)	$	2,457

Proceeds from sales of AFS fixed maturities were $152,908 and $301,690 for the three and six months ended June 30, 2018, respectively (2017 - $71,610 and $102,394, respectively). Net unrealized (losses) gains were as follows:



	June 30, 2018			December 31, 2017
Fixed maturities	$	(96,046	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(96,046		)	21,967
Deferred income tax	(61		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(96,107	)	$	21,889
Change, net of deferred income tax	$	(117,996	)	$	42,605

4. Investments (continued)

The portion of unrealized gains recognized in net income for the three and six months ended June 30, 2018 and 2017 that are related to other investments still held at the end of the reporting period were as follows:



For the Three Months Ended June 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	220		$	62
Net realized gains recognized on other investments divested during the period	(287		)	(62		)
Net unrealized losses recognized on other investments still held at end of period	$	(67	)	$	—

For the Six Months Ended June 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	1,702		$	225
Net realized gains recognized on other investments divested during the period	(879		)	(225		)
Net unrealized gains recognized on other investments still held at end of period	$	823		$	—


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:



	June 30, 2018		December 31, 2017
Restricted cash – third party agreements	$	48,938	$	50,411
Restricted cash – related party agreements	105,519		73,017
Restricted cash – U.S. state regulatory authorities	220		156
Total restricted cash	154,677		123,584
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $1,190,433; 2017 – $1,316,305)	1,157,796		1,320,800
Restricted investments AFS – in trust for related party agreements at fair value (amortized cost: 2018 – $2,497,940; 2017 – $2,281,672)	2,447,159		2,294,367
Restricted investments HTM – in trust for related party agreements at fair value (amortized cost: 2018 – $1,039,144; 2017 – $1,097,801)	1,026,672		1,125,626
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2018 – $4,085; 2017 – $4,076)	4,103		4,147
Total restricted investments	4,635,730		4,744,940
Total restricted cash and investments	$	4,790,407	$	4,868,524

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 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

5. Fair Value of Financial Instruments (continued)


•	Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: 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 quotations for recent activity in positions with the same or similar characteristics to that being valued or through consensus pricing of a pricing service. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at June 30, 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, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. 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.

5. Fair Value of Financial Instruments (continued)

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.

At June 30, 2018 and December 31, 2017, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



June 30, 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	$	8,601		$	—		$	—		$	—		$	8,601
U.S. agency bonds – mortgage-backed	—			1,967,073			—			—			1,967,073
U.S. agency bonds – other	—			39,322			—			—			39,322
Non-U.S. government and supranational bonds	—			23,487			—			—			23,487
Asset-backed securities	—			330,774			—			—			330,774
Corporate bonds	—			1,595,105			—			—			1,595,105
Municipal bonds	—			2,548			—			—			2,548
Other investments	—			—			1,500			4,398			5,898
Total	$	8,601		$	3,958,309		$	1,500		$	4,398		$	3,972,808
As a percentage of total assets	0.1		%	58.9		%	—		%	0.1		%	59.1		%



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		%

5. Fair Value of Financial Instruments (continued)

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 June 30, 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 June 30, 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.

At June 30, 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 and six months ended June 30, 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:



	June 30, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	979,018	$	967,211	$	1,037,464	$	1,065,245
HTM – municipal bonds	60,126		59,461		60,337		60,381
Total financial assets	$	1,039,144	$	1,026,672	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	92,356	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		137,921		152,500		149,029
Total financial liabilities	$	262,500	$	230,277	$	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

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At June 30, 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 issued by the subsidiary 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 June 30, 2018 and December 31, 2017:

6. Long-Term Debt (continued)



June 30, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,633			4,280			7,913
Carrying value	$	106,367		$	148,220		$	254,587

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 and six months ended June 30, 2018 was $4,776 and $9,553, respectively (2017 - $6,665 and $13,442, respectively) of which $1,342 was accrued at June 30, 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 and six months ended June 30, 2018 was $53 and $105, respectively (2017 - $80 and $159, respectively).

On June 27, 2017, we fully redeemed all of the 2012 Senior Notes using a portion of the proceeds from the Preference Shares - Series D issuance as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2017. The 2012 Senior Notes were redeemed at a redemption price equal to 100% of the principal amount of $100,000 plus accrued and unpaid interest on the principal amount being redeemed up to, but not including, the redemption date. As a result, the Company accelerated the amortization of the remaining 2012 Senior Note issuance cost of $2,809 for the three and six months ended June 30, 2017.

Reserve for Loss and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 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:



	June 30, 2018		December 31, 2017
Reserve for reported loss and LAE	$	2,064,019	$	1,925,151
Reserve for losses incurred but not reported ("IBNR")	1,589,284		1,622,097
Reserve for loss and LAE	$	3,653,303	$	3,547,248

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



For the Six Months Ended June 30,	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	919,317			936,325
Prior years	45,561			72,864
	964,878			1,009,189
Net paid losses related to:
Current year	(181,810		)	(211,639		)
Prior years	(656,899		)	(604,648		)
	(838,709		)	(816,287		)
Effect of foreign exchange movements	(12,308		)	33,065
Net loss and LAE reserves, June 30	3,543,498			3,022,527
Reinsurance recoverable on unpaid losses, June 30	109,805			87,681
Gross loss and LAE reserves, June 30	$	3,653,303		$	3,110,208

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 and six months ended June 30, 2018, the Company recognized approximately $35,484 and $45,561, respectively (2017 - $56,024 and $72,864, respectively) of net adverse development in both the Diversified Reinsurance and AmTrust Reinsurance segments, and in 2017, as well as in its run-off business.

In the Diversified Reinsurance segment, the adverse prior year loss development was $7,953 and $9,106, respectively for the three and six months ended June 30, 2018 (2017 - $25,376 and $31,608, respectively) which was largely due to a higher than expected loss emergence emanating largely from General Liability and Commercial Auto Liability treaty contracts. The adverse development for the three and six months ended June 30, 2017 was largely due to higher than expected loss emergence emanating largely from facultative commercial auto as well as a handful of specific contracts across several lines of business, with over half of the development during the second quarter coming from three accounts. The development for the six months ended June 30, 2017 was also impacted by a non-recurring change in the actuarial assumptions for a large German personal auto account within international personal auto.

In the AmTrust Reinsurance segment, the adverse prior year development was $28,374 and $36,893 for the three and six months ended June 30, 2018 (2017 - $29,426 and $39,745, respectively). The adverse development for the three months ended June 30, 2018 largely came from Worker's Compensation and General Liability while the adverse development for the six months

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

ended June 30, 2018 was a combination of the second quarter development and adverse development from the first quarter of 2018 which was largely from General Liability, with a smaller contribution from Commercial Auto Liability, primarily driven by accident years 2015 and 2016. The net adverse development for the three and six months ended June 30, 2017 was largely related to non-program casualty, where elevated loss activity had been observed as well as European hospital liability where the Company had adjusted estimated loss ratios for the most recent years in view of developing trends and economic factors that could influence future loss settlement values.

Our Other category, on the other hand, had favorable prior year development of $843 and $438 for the three and six months ended June 30, 2018 (2017 - adverse prior year development of $1,222 and $1,511, respectively) due to a favorable court ruling that reduced the incurred loss on one of the few remaining U.S. E&S property claims.

Related Party Transactions

6 Months Ended

Jun. 30, 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 owns or controls less than 5.0% of the outstanding shares of the Company, as at June 30, 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 44.0% 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 41.7% of the outstanding common shares 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 and six months ended June 30, 2018 and 2017:

8. Related Party Transactions (continued)



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Gross and net premiums written	$	491,485		$	564,276		$	1,065,413		$	1,155,658
Net premiums earned	477,202			522,449			981,001			1,041,576
Net loss and LAE	(351,954		)	(362,042		)	(696,483		)	(715,906		)
Commission expenses	(148,500		)	(161,726		)	(304,350		)	(322,496		)

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 and six months ended June 30, 2018, under the terms of this agreement, we have recorded net premiums earned of approximately $254 and $551, respectively (2017 - $402 and $831, respectively) and commission expense of $67 and $149, respectively (2017 - $93 and $203, respectively).

Collateral provided to AmTrust

a) AmTrust Quota Share Reinsurance Agreement

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

•by lending funds in the amount of $167,975 at June 30, 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 June 30, 2018 was approximately $3,321,519 (December 31, 2017 - $3,328,757) and the accrued interest was $21,201 (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 $5,966 and $12,263 of reinsurance brokerage expense for the three and six months ended June 30, 2018, respectively (2017 - $6,531 and $13,020, respectively) and deferred reinsurance brokerage of $15,784 at June 30, 2018 (December 31, 2017 - $14,741) as a result of this agreement.

8. Related Party Transactions (continued)

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM has agreed to provide investment management services to the Company. 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 $1,033 and $2,082 of investment management fees for the three and six months ended June 30, 2018, respectively (2017 - $1,836 and $3,659, respectively) as a result of this agreement.

Other

The Company entered into time sharing agreements for the lease of aircraft owned by AmTrust Underwriters, Inc. ("AUI"), a wholly owned subsidiary of AmTrust, and by AmTrust on March 1, 2011 and November 5, 2014, respectively. The agreements automatically renew for successive one-year terms unless terminated in accordance with the provisions of the agreements. Pursuant to the agreements, the Company will reimburse AUI and AmTrust for actual expenses incurred as allowed by Federal Aviation Regulations. For the three and six months ended June 30, 2018, the Company recorded an expense of $17 and $33, respectively (2017 - $26 and $39, respectively) 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 $33 and $131 of premiums earned for the three and six months ended June 30, 2018, respectively (2017 - $119 and $240, respectively).

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


a)	Concentrations of Credit Risk

At June 30, 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 June 30, 2018 was $109,805 (December 31, 2017 - $117,611). The three largest balances accounted for 67.9% of the Company's reinsurance recoverable on unpaid losses balance at June 30, 2018 (December 31, 2017 – 70.6%). At June 30, 2018, 95.0% (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 June 30, 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 June 30, 2018 will be fully collectible.

9. Commitments and Contingencies (continued)


b)	Concentrations of Revenue

During the three and six months ended June 30, 2018, our gross premiums written from AmTrust accounted for $491,485 or 75.1% and $1,065,413 or 70.7%, respectively, of our total gross premiums written (2017 –$564,276 or 80.0% and $1,155,658 or 71.0%, respectively).


c)	Dividends Declared

On May 8, 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.

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

6 Months Ended

Jun. 30, 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 June 30,	2018			2017
Numerator:
Net income (loss) attributable to Maiden	$	2,633		$	(16,326	)
Dividends on preference shares – Series A, C and D	(8,546		)	(6,033		)
Amount allocated to participating common shareholders⁽¹⁾	(4		)	9
Numerator for basic and diluted EPS - net loss allocated to Maiden common shareholders	$	(5,917	)	$	(22,350	)
Denominator:
Weighted average number of common shares – basic	83,126,204			86,564,794
Potentially dilutive securities:
Share options and restricted share units ⁽²⁾	—			—
Adjusted weighted average number of common shares – diluted	83,126,204			86,564,794
Basic loss per share attributable to Maiden common shareholders:	$	(0.07	)	$	(0.26	)
Diluted loss per share attributable to Maiden common shareholders:	$	(0.07	)	$	(0.26	)

For the Six Months Ended June 30,	2018			2017
Numerator:
Net income attributable to Maiden	$	24,905		$	10,197
Dividends on preference shares – Series A, C and D	(17,091		)	(12,066		)
Amount allocated to participating common shareholders⁽¹⁾	(9		)	(1		)
Numerator for basic and diluted EPS - net income (loss) allocated to Maiden common shareholders	7,805			(1,870		)
Denominator:
Weighted average number of common shares – basic	83,083,545			86,458,413
Potentially dilutive securities:
Share options and restricted share units⁽²⁾	289,740			—
Adjusted weighted average number of common shares – diluted	83,373,285			86,458,413
Basic earnings (loss) per share attributable to Maiden common shareholders:	$	0.09		$	(0.02	)
Diluted earnings (loss) per share attributable to Maiden common shareholders:	$	0.09		$	(0.02	)


(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 June 30, 2018, 571,143 share options (June 30, 2017 - 24,000) were excluded from diluted earnings per common share as they were anti-dilutive.

Shareholders' Equity

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity


a)	Common Shares

At June 30, 2018, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,927,787 common shares, of which 83,143,237 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,472,213 are undesignated at June 30, 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 six months ended June 30, 2018, the Company repurchased a total of 29,391 (2017 - 38,122) shares at an average price per share of $6.57 (2017 - $15.06) from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares. During the six months ended June 30, 2018 and 2017, no shares were repurchased under the Company's share repurchase plan which has a remaining authorization of $74,924 at June 30, 2018 (December 31, 2017 - $74,924).

11. Shareholders' Equity (continued)


c)	Accumulated Other Comprehensive (Loss) Income

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



For the Three Months Ended June 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(46,429	)	$	(16,523	)	$	(62,952	)
Other comprehensive (loss) income before reclassifications	(50,423		)	15,605			(34,818		)
Amounts reclassified from AOCI to net income, net of tax	745			—			745
Net current period other comprehensive (loss) income	(49,678		)	15,605			(34,073		)
Ending balance	(96,107		)	(918		)	(97,025		)
Less: AOCI attributable to noncontrolling interest	—			(66		)	(66		)
Ending balance, Maiden shareholders	$	(96,107	)	$	(852	)	$	(96,959	)

For the Three Months Ended June 30, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(13,919	)	$	29,406		$	15,487
Other comprehensive income (loss) before reclassifications	41,984			(21,777		)	20,207
Amounts reclassified from AOCI to net income, net of tax	(199		)	—			(199		)
Net current period other comprehensive income (loss)	41,785			(21,777		)	20,008
Ending balance	27,866			7,629			35,495
Less: AOCI attributable to noncontrolling interest	—			(80		)	(80		)
Ending balance, Maiden shareholders	$	27,866		$	7,709		$	35,575

For the Six Months Ended June 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive (loss) income before reclassifications	(117,251		)	7,665			(109,586		)
Amounts reclassified from AOCI to net income, net of tax	(745		)	—			(745		)
Net current period other comprehensive (loss) income	(117,996		)	7,665			(110,331		)
Ending balance	(96,107		)	(918		)	(97,025		)
Less: AOCI attributable to noncontrolling interest	—			(66		)	(66		)
Ending balance, Maiden shareholders	$	(96,107	)	$	(852	)	$	(96,959	)

For the Six Months Ended June 30, 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	47,686			(27,975		)	19,711
Amounts reclassified from AOCI to net income, net of tax	896			—			896
Net current period other comprehensive income (loss)	48,582			(27,975		)	20,607
Ending balance	27,866			7,629			35,495
Less: AOCI attributable to noncontrolling interest	—			(80		)	(80		)
Ending balance, Maiden shareholders	$	27,866		$	7,709		$	35,575

Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

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



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.05	October 15, 2018	October 1, 2018
Preference shares - Series A	$	0.515625	September 17, 2018	September 1, 2018
Preference shares - Series C	$	0.445313	September 17, 2018	September 1, 2018
Preference shares - Series D	$	0.418750	September 17, 2018	September 1, 2018

Also, on August 8, 2018, the Company’s and AmTrust’s Board of Directors agreed to extend the renewal provision for the Quota Share Reinsurance Agreement between Maiden Bermuda and AII. The new written notice date for renewal of the agreement has been extended from September 30, 2018 to January 31, 2019.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 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 (loss).
Recently Adopted Accounting Standards Updates and Recently Adopted 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 and six months ended June 30, 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. 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 share based payment awards. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01 that will change how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. Under the new guidance, entities will have to measure many equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. This includes investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify today as 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 $67 of net unrealized losses and $823 of net unrealized gains on our investments in limited partnerships within net income during the three and six months ended June 30, 2018, respectively. 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. 2. Significant Accounting Policies (continued) Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU 2016-15 guidance to clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance amends 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. Recently Adopted Accounting Standards Not Yet Adopted Improvements to Non-employee Share-Based Payment Accounting In June 2018, the FASB issued ASU 2018-07 guidance that simplifies the accounting for share-based payments granted to non-employees for goods and services. Under the guidance, most of the guidance on such payments to non-employees would be aligned with the requirements for share-based payments granted to employees as the board viewed the awards to both employees and non-employees to be economically similar and that two different accounting models are not justified. Under the new guidance, i) non-employee share-based payment awards should be measured at the grant date fair value rather than the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured, ii) the measurement date for equity classified non-employee share-based payment awards is at the grant date and not the earlier of the date at which a commitment for performance by the counterparty is reached and the date at which the counterparty's performance is complete, and iii) entities should consider the probability of satisfying the performance conditions when awards contain such conditions. The amendments in this guidance are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but not earlier than an entity's adoption date of Topic 606. The Company is currently evaluating the impact of this guidance on the Company's results of operations and financial position; however, it is not expected to have a material impact on the Company’s Consolidated Financial Statements. Codification Improvements In July 2018, the FASB issued ASU 2018-09 which includes clarifications to existing codifications or corrections of unintended application of guidance that is not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this update include items raised for board consideration through the codification's feedback system that met the scope of this project, making due process necessary. The amendments affect a wide variety of topics in the codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. None of the topics deemed applicable have a material impact in the Company's interim consolidated financial statements. However, the Company is currently evaluating the impact of applicable sections on its results of operations and financial position once those sections are adopted beginning after December 15, 2018. Codification Improvements to Topic 842, Leases In July 2018, the FASB issued ASU 2018-10 for improvements related to Update 2016-02 to increase stakeholders' awareness of the amendments and to expedite the improvements. The amendments in this Update affect narrow aspects of the guidance issued in the amendments in Update 2016-02. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. The Company is currently evaluating the impact of this guidance on the Company's results of operations and financial position.

Segment Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other		Total
Gross premiums written	$	162,751		$	491,485		$	—	$	654,236
Net premiums written	$	154,278		$	491,311		$	—	$	645,589
Net premiums earned	$	191,497		$	475,849		$	—	$	667,346
Other insurance revenue	2,033			—			—		2,033
Net loss and loss adjustment expenses ("loss and LAE")	(138,561		)	(353,836		)	843		(491,554		)
Commission and other acquisition expenses	(46,112		)	(152,792		)	159		(198,745		)
General and administrative expenses	(10,907		)	(1,082		)	—		(11,989		)
Underwriting (loss) income	$	(2,050	)	$	(31,861	)	$	1,002	(32,909		)
Reconciliation to net income
Net investment income and realized losses on investment									43,899
Interest and amortization expenses									(4,829		)
Amortization of intangible assets									(462		)
Foreign exchange gains									4,821
Other general and administrative expenses									(7,585		)
Income tax expense									(255		)
Net income									$	2,680

Net loss and LAE ratio⁽¹⁾	71.7		%	74.4		%			73.4		%
Commission and other acquisition expense ratio⁽²⁾	23.8		%	32.1		%			29.7		%
General and administrative expense ratio⁽³⁾	5.6		%	0.2		%			2.9		%
Expense ratio⁽⁴⁾	29.4		%	32.3		%			32.6		%
Combined ratio⁽⁵⁾	101.1		%	106.7		%			106.0		%

3. Segment Information (continued)



For the Three Months Ended June 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	140,841		$	564,276		$	81		$	705,198
Net premiums written	$	137,247		$	546,735		$	90		$	684,072
Net premiums earned	$	204,219		$	506,816		$	90		$	711,125
Other insurance revenue	1,547			—			—			1,547
Net loss and LAE	(176,837		)	(350,561		)	(1,222		)	(528,620		)
Commission and other acquisition expenses	(46,989		)	(163,055		)	5			(210,039		)
General and administrative expenses	(8,494		)	(664		)	—			(9,158		)
Underwriting loss	$	(26,554	)	$	(7,464	)	$	(1,127	)	(35,145		)
Reconciliation to net loss
Net investment income and realized gains on investment										42,084
Interest and amortization expenses										(6,745		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(533		)
Foreign exchange losses										(6,722		)
Other general and administrative expenses										(6,188		)
Income tax expense										(277		)
Net loss										$	(16,335	)

Net loss and LAE ratio⁽¹⁾	86.0		%	69.2		%				74.1		%
Commission and other acquisition expense ratio⁽²⁾	22.8		%	32.2		%				29.5		%
General and administrative expense ratio⁽³⁾	4.1		%	0.1		%				2.2		%
Expense ratio⁽⁴⁾	26.9		%	32.3		%				31.7		%
Combined ratio⁽⁵⁾	112.9		%	101.5		%				105.8		%

3. Segment Information (continued)



For the Six Months Ended June 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other		Total
Gross premiums written	$	441,463		$	1,065,413		$	—	$	1,506,876
Net premiums written	$	429,231		$	1,065,691		$	—	$	1,494,922
Net premiums earned	$	385,631		$	967,147		$	—	$	1,352,778
Other insurance revenue	5,759			—			—		5,759
Net loss and LAE	(274,173		)	(691,143		)	438		(964,878		)
Commission and other acquisition expenses	(97,410		)	(310,108		)	159		(407,359		)
General and administrative expenses	(21,026		)	(2,002		)	—		(23,028		)
Underwriting (loss) income	$	(1,219	)	$	(36,106	)	$	597	(36,728		)
Reconciliation to net income
Net investment income and realized losses on investment									87,126
Interest and amortization expenses									(9,658		)
Amortization of intangible assets									(924		)
Foreign exchange gains									2,414
Other general and administrative expenses									(16,496		)
Income tax expense									(711		)
Net income									$	25,023

Net loss and LAE ratio⁽¹⁾	70.0		%	71.4		%			71.0		%
Commission and other acquisition expense ratio⁽²⁾	24.9		%	32.1		%			30.0		%
General and administrative expense ratio⁽³⁾	5.4		%	0.2		%			2.9		%
Expense ratio⁽⁴⁾	30.3		%	32.3		%			32.9		%
Combined ratio⁽⁵⁾	100.3		%	103.7		%			103.9		%

3. Segment Information (continued)



For the Six Months Ended June 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	472,886		$	1,155,658		$	81		$	1,628,625
Net premiums written	$	464,743		$	1,119,787		$	90		$	1,584,620
Net premiums earned	$	406,061		$	1,014,458		$	90		$	1,420,609
Other insurance revenue	5,328			—			—			5,328
Net loss and LAE	(315,486		)	(692,192		)	(1,511		)	(1,009,189		)
Commission and other acquisition expenses	(104,934		)	(327,139		)	5			(432,068		)
General and administrative expenses	(17,224		)	(1,469		)	—			(18,693		)
Underwriting loss	$	(26,255	)	$	(6,342	)	$	(1,416	)	(34,013		)
Reconciliation to net income
Net investment income and realized gains on investment										85,126
Interest and amortization expenses										(13,601		)
Accelerated amortization of senior note issuance cost										(2,809		)
Amortization of intangible assets										(1,066		)
Foreign exchange losses										(8,643		)
Other general and administrative expenses										(14,067		)
Income tax expense										(761		)
Net income										$	10,166

Net loss and LAE ratio⁽¹⁾	76.7		%	68.3		%				70.8		%
Commission and other acquisition expense ratio⁽²⁾	25.5		%	32.2		%				30.3		%
General and administrative expense ratio⁽³⁾	4.2		%	0.1		%				2.3		%
Expense ratio⁽⁴⁾	29.7		%	32.3		%				32.6		%
Combined ratio⁽⁵⁾	106.4		%	100.6		%				103.4		%


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


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


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


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


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

The following tables summarize the financial position of our reportable segments including the reconciliation to our consolidated assets at June 30, 2018 and December 31, 2017:



June 30, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	1,732,587	$	4,431,698	$	6,164,285
Corporate assets	—		—		553,903
Total Assets	$	1,732,587	$	4,431,698	$	6,718,188

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 tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2018 and 2017:



For the Three Months Ended June 30,	2018				2017
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	20,464	3.2	%	$	21,059	3.1	%
Casualty	90,418		14.0	%	84,219		12.3	%
Accident and Health	13,678		2.1	%	8,909		1.3	%
International	29,718		4.6	%	23,060		3.4	%
Total Diversified Reinsurance	154,278		23.9	%	137,247		20.1	%
AmTrust Reinsurance
Small Commercial Business	279,486		43.3	%	340,840		49.8	%
Specialty Program	103,196		16.0	%	100,082		14.6	%
Specialty Risk and Extended Warranty	108,629		16.8	%	105,813		15.5	%
Total AmTrust Reinsurance	491,311		76.1	%	546,735		79.9	%
Other	—		—	%	90		—	%
Total Net Premiums Written	$	645,589	100.0	%	$	684,072	100.0	%



For the Six Months Ended June 30,	2018				2017
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	81,445	5.4	%	$	94,436	6.0	%
Casualty	213,358		14.3	%	261,777		16.5	%
Accident and Health	56,480		3.8	%	57,558		3.6	%
International	77,948		5.2	%	50,972		3.2	%
Total Diversified Reinsurance	429,231		28.7	%	464,743		29.3	%
AmTrust Reinsurance
Small Commercial Business	647,240		43.3	%	733,406		46.3	%
Specialty Program	192,327		12.9	%	191,951		12.1	%
Specialty Risk and Extended Warranty	226,124		15.1	%	194,430		12.3	%
Total AmTrust Reinsurance	1,065,691		71.3	%	1,119,787		70.7	%
Other	—		—	%	90		—	%
Total Net Premiums Written	$	1,494,922	100.0	%	$	1,584,620	100.0	%

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2018 and 2017:



For the Three Months Ended June 30,	2018				2017
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	34,028	5.1	%	$	39,632	5.5	%
Casualty	107,588		16.1	%	121,563		17.1	%
Accident and Health	21,342		3.2	%	20,409		2.9	%
International	28,539		4.3	%	22,615		3.2	%
Total Diversified Reinsurance	191,497		28.7	%	204,219		28.7	%
AmTrust Reinsurance
Small Commercial Business	293,514		44.0	%	315,100		44.3	%
Specialty Program	96,739		14.5	%	92,262		13.0	%
Specialty Risk and Extended Warranty	85,596		12.8	%	99,454		14.0	%
Total AmTrust Reinsurance	475,849		71.3	%	506,816		71.3	%
Other	—		—	%	90		—	%
Total Net Premiums Earned	$	667,346	100.0	%	$	711,125	100.0	%



For the Six Months Ended June 30,	2018				2017
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
Property	$	72,410	5.4	%	$	79,526	5.6	%
Casualty	216,234		15.9	%	244,713		17.2	%
Accident and Health	42,974		3.2	%	41,098		2.9	%
International	54,013		4.0	%	40,724		2.9	%
Total Diversified Reinsurance	385,631		28.5	%	406,061		28.6	%
AmTrust Reinsurance
Small Commercial Business	609,223		45.0	%	632,009		44.5	%
Specialty Program	185,233		13.7	%	192,010		13.5	%
Specialty Risk and Extended Warranty	172,691		12.8	%	190,439		13.4	%
Total AmTrust Reinsurance	967,147		71.5	%	1,014,458		71.4	%
Other	—		—	%	90		—	%
Total Net Premiums Earned	$	1,352,778	100.0	%	$	1,420,609	100.0	%

Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018 and December 31, 2017 are as follows:



June 30, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	8,610	$	41	$	(50	)	$	8,601
U.S. agency bonds – mortgage-backed	2,026,165		2,658		(61,750		)	1,967,073
U.S. agency bonds – other	39,920		24		(622		)	39,322
Non-U.S. government and supranational bonds	25,038		151		(1,702		)	23,487
Asset-backed securities	332,188		1,029		(2,443		)	330,774
Corporate bonds	1,630,174		11,393		(46,462		)	1,595,105
Municipal bonds	2,500		48		—			2,548
Total AFS fixed maturities	4,064,595		15,344		(113,029		)	3,966,910
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	979,018		6,131		(17,938		)	967,211
Municipal bonds	60,126		—		(665		)	59,461
Total HTM fixed maturities	1,039,144		6,131		(18,603		)	1,026,672
Total fixed maturity investments	$	5,103,739	$	21,475	$	(131,632	)	$	4,993,582



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
June 30, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	11,443	$	10,697	$	9,422	$	9,414
Due after one year through five years	658,875		646,888		357,489		357,601
Due after five years through ten years	1,034,775		1,010,399		671,172		658,641
Due after ten years	1,149		1,079		1,061		1,016
	1,706,242		1,669,063		1,039,144		1,026,672
U.S. agency bonds – mortgage-backed	2,026,165		1,967,073		—		—
Asset-backed securities	332,188		330,774		—		—
Total fixed maturities	$	4,064,595	$	3,966,910	$	1,039,144	$	1,026,672

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



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



	Less than 12 Months					12 Months or More					Total
June 30, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	3,495	$	(30	)	$	580	$	(20	)	$	4,075	$	(50	)
U.S. agency bonds – mortgage-backed	1,220,091		(34,089		)	575,919		(27,661		)	1,796,010		(61,750		)
U.S. agency bonds – other	34,323		(622		)	—		—			34,323		(622		)
Non–U.S. government and supranational bonds	5,682		(213		)	14,053		(1,489		)	19,735		(1,702		)
Asset-backed securities	184,683		(2,353		)	3,918		(90		)	188,601		(2,443		)
Corporate bonds	1,678,876		(42,732		)	291,011		(21,668		)	1,969,887		(64,400		)
Municipal bonds	59,461		(665		)	—		—			59,461		(665		)
Total temporarily impaired fixed maturities	$	3,186,611	$	(80,704	)	$	885,481	$	(50,928	)	$	4,072,092	$	(131,632	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at June 30, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	8,610	$	8,601	0.2	%
U.S. agency bonds	2,066,085		2,006,395		40.2	%
AAA	260,051		257,306		5.2	%
AA+, AA, AA-	205,551		201,866		4.0	%
A+, A, A-	1,410,823		1,383,403		27.7	%
BBB+, BBB, BBB-	1,088,713		1,070,609		21.4	%
BB+ or lower	63,906		65,402		1.3	%
Total fixed maturities	$	5,103,739	$	4,993,582	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:



	June 30, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	4,398	74.6	%	$	5,100	77.3	%
Other	1,500		25.4	%	1,500		22.7	%
Total other investments	$	5,898	100.0	%	$	6,600	100.0	%

Net investment income

Net investment income was derived from the following sources:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Fixed maturities	$	42,967		$	40,610		$	85,096		$	83,480
Cash and cash equivalents	383			262			691			429
Loan to related party	1,565			816			2,993			1,528
Other	471			660			590			891
	45,386			42,348			89,370			86,328
Investment expenses	(1,073		)	(1,836		)	(2,187		)	(3,659		)
Net investment income	$	44,313		$	40,512		$	87,183		$	82,669

Analysis of realized and unrealized gains (losses) on investment



For the Three Months Ended June 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,287	$	(2,921	)	$	(634	)
Other investments	220		—			220
Net realized gains (losses) on investment	$	2,507	$	(2,921	)	$	(414	)

For the Three Months Ended June 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,766	$	(256	)	$	1,510
Other investments	62		—			62
Net realized gains (losses) on investment	$	1,828	$	(256	)	$	1,572

For the Six Months Ended June 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,939	$	(4,698	)	$	(1,759	)
Other investments	1,702		—			1,702
Net realized gains (losses) on investment	$	4,641	$	(4,698	)	$	(57	)

For the Six Months Ended June 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,488	$	(256	)	$	2,232
Other investments	225		—			225
Net realized gains (losses) on investment	$	2,713	$	(256	)	$	2,457



For the Three Months Ended June 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	220		$	62
Net realized gains recognized on other investments divested during the period	(287		)	(62		)
Net unrealized losses recognized on other investments still held at end of period	$	(67	)	$	—

For the Six Months Ended June 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	1,702		$	225
Net realized gains recognized on other investments divested during the period	(879		)	(225		)
Net unrealized gains recognized on other investments still held at end of period	$	823		$	—

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

Net unrealized (losses) gains were as follows:



	June 30, 2018			December 31, 2017
Fixed maturities	$	(96,046	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(96,046		)	21,967
Deferred income tax	(61		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(96,107	)	$	21,889
Change, net of deferred income tax	$	(117,996	)	$	42,605

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	June 30, 2018		December 31, 2017
Restricted cash – third party agreements	$	48,938	$	50,411
Restricted cash – related party agreements	105,519		73,017
Restricted cash – U.S. state regulatory authorities	220		156
Total restricted cash	154,677		123,584
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $1,190,433; 2017 – $1,316,305)	1,157,796		1,320,800
Restricted investments AFS – in trust for related party agreements at fair value (amortized cost: 2018 – $2,497,940; 2017 – $2,281,672)	2,447,159		2,294,367
Restricted investments HTM – in trust for related party agreements at fair value (amortized cost: 2018 – $1,039,144; 2017 – $1,097,801)	1,026,672		1,125,626
Restricted investments – in trust for U.S. state regulatory authorities (amortized cost: 2018 – $4,085; 2017 – $4,076)	4,103		4,147
Total restricted investments	4,635,730		4,744,940
Total restricted cash and investments	$	4,790,407	$	4,868,524

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

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

At June 30, 2018 and December 31, 2017, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



June 30, 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	$	8,601		$	—		$	—		$	—		$	8,601
U.S. agency bonds – mortgage-backed	—			1,967,073			—			—			1,967,073
U.S. agency bonds – other	—			39,322			—			—			39,322
Non-U.S. government and supranational bonds	—			23,487			—			—			23,487
Asset-backed securities	—			330,774			—			—			330,774
Corporate bonds	—			1,595,105			—			—			1,595,105
Municipal bonds	—			2,548			—			—			2,548
Other investments	—			—			1,500			4,398			5,898
Total	$	8,601		$	3,958,309		$	1,500		$	4,398		$	3,972,808
As a percentage of total assets	0.1		%	58.9		%	—		%	0.1		%	59.1		%



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:



	June 30, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	979,018	$	967,211	$	1,037,464	$	1,065,245
HTM – municipal bonds	60,126		59,461		60,337		60,381
Total financial assets	$	1,039,144	$	1,026,672	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	92,356	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		137,921		152,500		149,029
Total financial liabilities	$	262,500	$	230,277	$	262,500	$	250,229

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Outstanding Senior Notes Issuances

The following table details the Company's Senior Notes issuances as of June 30, 2018 and December 31, 2017:

6. Long-Term Debt (continued)



June 30, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,633			4,280			7,913
Carrying value	$	106,367		$	148,220		$	254,587

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)

6 Months Ended

Jun. 30, 2018

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:



	June 30, 2018		December 31, 2017
Reserve for reported loss and LAE	$	2,064,019	$	1,925,151
Reserve for losses incurred but not reported ("IBNR")	1,589,284		1,622,097
Reserve for loss and LAE	$	3,653,303	$	3,547,248

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



For the Six Months Ended June 30,	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	919,317			936,325
Prior years	45,561			72,864
	964,878			1,009,189
Net paid losses related to:
Current year	(181,810		)	(211,639		)
Prior years	(656,899		)	(604,648		)
	(838,709		)	(816,287		)
Effect of foreign exchange movements	(12,308		)	33,065
Net loss and LAE reserves, June 30	3,543,498			3,022,527
Reinsurance recoverable on unpaid losses, June 30	109,805			87,681
Gross loss and LAE reserves, June 30	$	3,653,303		$	3,110,208

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2018 and 2017:

8. Related Party Transactions (continued)



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Gross and net premiums written	$	491,485		$	564,276		$	1,065,413		$	1,155,658
Net premiums earned	477,202			522,449			981,001			1,041,576
Net loss and LAE	(351,954		)	(362,042		)	(696,483		)	(715,906		)
Commission expenses	(148,500		)	(161,726		)	(304,350		)	(322,496		)

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,	2018			2017
Numerator:
Net income (loss) attributable to Maiden	$	2,633		$	(16,326	)
Dividends on preference shares – Series A, C and D	(8,546		)	(6,033		)
Amount allocated to participating common shareholders⁽¹⁾	(4		)	9
Numerator for basic and diluted EPS - net loss allocated to Maiden common shareholders	$	(5,917	)	$	(22,350	)
Denominator:
Weighted average number of common shares – basic	83,126,204			86,564,794
Potentially dilutive securities:
Share options and restricted share units ⁽²⁾	—			—
Adjusted weighted average number of common shares – diluted	83,126,204			86,564,794
Basic loss per share attributable to Maiden common shareholders:	$	(0.07	)	$	(0.26	)
Diluted loss per share attributable to Maiden common shareholders:	$	(0.07	)	$	(0.26	)

For the Six Months Ended June 30,	2018			2017
Numerator:
Net income attributable to Maiden	$	24,905		$	10,197
Dividends on preference shares – Series A, C and D	(17,091		)	(12,066		)
Amount allocated to participating common shareholders⁽¹⁾	(9		)	(1		)
Numerator for basic and diluted EPS - net income (loss) allocated to Maiden common shareholders	7,805			(1,870		)
Denominator:
Weighted average number of common shares – basic	83,083,545			86,458,413
Potentially dilutive securities:
Share options and restricted share units⁽²⁾	289,740			—
Adjusted weighted average number of common shares – diluted	83,373,285			86,458,413
Basic earnings (loss) per share attributable to Maiden common shareholders:	$	0.09		$	(0.02	)
Diluted earnings (loss) per share attributable to Maiden common shareholders:	$	0.09		$	(0.02	)


(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)

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive (loss) income

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



For the Three Months Ended June 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(46,429	)	$	(16,523	)	$	(62,952	)
Other comprehensive (loss) income before reclassifications	(50,423		)	15,605			(34,818		)
Amounts reclassified from AOCI to net income, net of tax	745			—			745
Net current period other comprehensive (loss) income	(49,678		)	15,605			(34,073		)
Ending balance	(96,107		)	(918		)	(97,025		)
Less: AOCI attributable to noncontrolling interest	—			(66		)	(66		)
Ending balance, Maiden shareholders	$	(96,107	)	$	(852	)	$	(96,959	)

For the Three Months Ended June 30, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(13,919	)	$	29,406		$	15,487
Other comprehensive income (loss) before reclassifications	41,984			(21,777		)	20,207
Amounts reclassified from AOCI to net income, net of tax	(199		)	—			(199		)
Net current period other comprehensive income (loss)	41,785			(21,777		)	20,008
Ending balance	27,866			7,629			35,495
Less: AOCI attributable to noncontrolling interest	—			(80		)	(80		)
Ending balance, Maiden shareholders	$	27,866		$	7,709		$	35,575

For the Six Months Ended June 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive (loss) income before reclassifications	(117,251		)	7,665			(109,586		)
Amounts reclassified from AOCI to net income, net of tax	(745		)	—			(745		)
Net current period other comprehensive (loss) income	(117,996		)	7,665			(110,331		)
Ending balance	(96,107		)	(918		)	(97,025		)
Less: AOCI attributable to noncontrolling interest	—			(66		)	(66		)
Ending balance, Maiden shareholders	$	(96,107	)	$	(852	)	$	(96,959	)

For the Six Months Ended June 30, 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	47,686			(27,975		)	19,711
Amounts reclassified from AOCI to net income, net of tax	896			—			896
Net current period other comprehensive income (loss)	48,582			(27,975		)	20,607
Ending balance	27,866			7,629			35,495
Less: AOCI attributable to noncontrolling interest	—			(80		)	(80		)
Ending balance, Maiden shareholders	$	27,866		$	7,709		$	35,575

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Schedule of quarterly dividends

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



	Dividend per Share		Payable on:	Record date:
Common shares	$	0.05	October 15, 2018	October 1, 2018
Preference shares - Series A	$	0.515625	September 17, 2018	September 1, 2018
Preference shares - Series C	$	0.445313	September 17, 2018	September 1, 2018
Preference shares - Series D	$	0.418750	September 17, 2018	September 1, 2018

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounting Policies [Abstract]
Revenue in scope of guidance in ASU (less than)			1.00%
Net unrealized (loss) gain on investments recognized in net income	$ (67)	$ 0	$ 823	$ 0

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) Segment	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 654,236	$ 705,198	$ 1,506,876	$ 1,628,625
Net premiums written	645,589	684,072	1,494,922	1,584,620
Net premiums earned	667,346	711,125	1,352,778	1,420,609
Other insurance revenue	2,033	1,547	5,759	5,328
Net loss and loss adjustment expenses (loss and LAE)	(491,554)	(528,620)	(964,878)	(1,009,189)
Commission and other acquisition expenses	(198,745)	(210,039)	(407,359)	(432,068)
General and administrative expenses	(11,989)	(9,158)	(23,028)	(18,693)
Underwriting (loss) income	(32,909)	(35,145)	(36,728)	(34,013)
Reconciliation to net income
Net investment income and realized gains on investment	43,899	42,084	87,126	85,126
Interest and amortization expenses	(4,829)	(6,745)	(9,658)	(13,601)
Accelerated amortization of senior note issuance cost	0	(2,809)	0	(2,809)
Amortization of intangible assets	(462)	(533)	(924)	(1,066)
Foreign exchange gains	4,821	(6,722)	2,414	(8,643)
Other general and administrative expenses	(7,585)	(6,188)	(16,496)	(14,067)
Income tax expense	(255)	(277)	(711)	(761)
Net income (loss)	$ 2,680	$ (16,335)	$ 25,023	$ 10,166
Net loss and LAE ratio	73.40%	74.10%	71.00%	70.80%
Commission and other acquisition expense ratio	29.70%	29.50%	30.00%	30.30%
General and administrative expense ratio	2.90%	2.20%	2.90%	2.30%
Expense ratio	32.60%	31.70%	32.90%	32.60%
Combined ratio	106.00%	105.80%	103.90%	103.40%
Assets [Abstract]
Total assets	$ 6,718,188		$ 6,718,188		$ 6,644,189
AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	491,485	$ 564,276	1,065,413	$ 1,155,658
Operating segments
Assets [Abstract]
Total assets - reportable segments	6,164,285		6,164,285		6,031,516
Corporate assets	553,903		553,903		612,673
Total assets	6,718,188		6,718,188		6,644,189
Operating segments \| Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	162,751	140,841	441,463	472,886
Net premiums written	154,278	137,247	429,231	464,743
Net premiums earned	191,497	204,219	385,631	406,061
Other insurance revenue	2,033	1,547	5,759	5,328
Net loss and loss adjustment expenses (loss and LAE)	(138,561)	(176,837)	(274,173)	(315,486)
Commission and other acquisition expenses	(46,112)	(46,989)	(97,410)	(104,934)
General and administrative expenses	(10,907)	(8,494)	(21,026)	(17,224)
Underwriting (loss) income	$ (2,050)	$ (26,554)	$ (1,219)	$ (26,255)
Reconciliation to net income
Net loss and LAE ratio	71.70%	86.00%	70.00%	76.70%
Commission and other acquisition expense ratio	23.80%	22.80%	24.90%	25.50%
General and administrative expense ratio	5.60%	4.10%	5.40%	4.20%
Expense ratio	29.40%	26.90%	30.30%	29.70%
Combined ratio	101.10%	112.90%	100.30%	106.40%
Assets [Abstract]
Total assets - reportable segments	$ 1,732,587		$ 1,732,587		1,772,909
Corporate assets	0		0		0
Total assets	1,732,587		1,732,587		1,772,909
Operating segments \| AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	491,485	$ 564,276	1,065,413	$ 1,155,658
Net premiums written	491,311	546,735	1,065,691	1,119,787
Net premiums earned	475,849	506,816	967,147	1,014,458
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses (loss and LAE)	(353,836)	(350,561)	(691,143)	(692,192)
Commission and other acquisition expenses	(152,792)	(163,055)	(310,108)	(327,139)
General and administrative expenses	(1,082)	(664)	(2,002)	(1,469)
Underwriting (loss) income	$ (31,861)	$ (7,464)	$ (36,106)	$ (6,342)
Reconciliation to net income
Net loss and LAE ratio	74.40%	69.20%	71.40%	68.30%
Commission and other acquisition expense ratio	32.10%	32.20%	32.10%	32.20%
General and administrative expense ratio	0.20%	0.10%	0.20%	0.10%
Expense ratio	32.30%	32.30%	32.30%	32.30%
Combined ratio	106.70%	101.50%	103.70%	100.60%
Assets [Abstract]
Total assets - reportable segments	$ 4,431,698		$ 4,431,698		4,258,607
Corporate assets	0		0		0
Total assets	4,431,698		4,431,698		$ 4,258,607
Other
Net Income (Loss) [Abstract]
Gross premiums written	0	$ 81	0	$ 81
Net premiums written	0	90	0	90
Net premiums earned	0	90	0	90
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses (loss and LAE)	843	(1,222)	438	(1,511)
Commission and other acquisition expenses	159	5	159	5
General and administrative expenses	0	0	0	0
Underwriting (loss) income	$ 1,002	$ (1,127)	$ 597	$ (1,416)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 645,589	$ 684,072	$ 1,494,922	$ 1,584,620
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	$ 667,346	$ 711,125	$ 1,352,778	$ 1,420,609
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Operating segments \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 154,278	$ 137,247	$ 429,231	$ 464,743
% of Total Net premiums written	23.90%	20.10%	28.70%	29.30%
Net premiums earned	$ 191,497	$ 204,219	$ 385,631	$ 406,061
% of Total Net premiums earned	28.70%	28.70%	28.50%	28.60%
Operating segments \| Diversified Reinsurance \| Property
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 20,464	$ 21,059	$ 81,445	$ 94,436
% of Total Net premiums written	3.20%	3.10%	5.40%	6.00%
Net premiums earned	$ 34,028	$ 39,632	$ 72,410	$ 79,526
% of Total Net premiums earned	5.10%	5.50%	5.40%	5.60%
Operating segments \| Diversified Reinsurance \| Casualty
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 90,418	$ 84,219	$ 213,358	$ 261,777
% of Total Net premiums written	14.00%	12.30%	14.30%	16.50%
Net premiums earned	$ 107,588	$ 121,563	$ 216,234	$ 244,713
% of Total Net premiums earned	16.10%	17.10%	15.90%	17.20%
Operating segments \| Diversified Reinsurance \| Accident and Health
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 13,678	$ 8,909	$ 56,480	$ 57,558
% of Total Net premiums written	2.10%	1.30%	3.80%	3.60%
Net premiums earned	$ 21,342	$ 20,409	$ 42,974	$ 41,098
% of Total Net premiums earned	3.20%	2.90%	3.20%	2.90%
Operating segments \| Diversified Reinsurance \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 29,718	$ 23,060	$ 77,948	$ 50,972
% of Total Net premiums written	4.60%	3.40%	5.20%	3.20%
Net premiums earned	$ 28,539	$ 22,615	$ 54,013	$ 40,724
% of Total Net premiums earned	4.30%	3.20%	4.00%	2.90%
Operating segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 491,311	$ 546,735	$ 1,065,691	$ 1,119,787
% of Total Net premiums written	76.10%	79.90%	71.30%	70.70%
Net premiums earned	$ 475,849	$ 506,816	$ 967,147	$ 1,014,458
% of Total Net premiums earned	71.30%	71.30%	71.50%	71.40%
Operating segments \| AmTrust Reinsurance \| Small Commercial Business
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 279,486	$ 340,840	$ 647,240	$ 733,406
% of Total Net premiums written	43.30%	49.80%	43.30%	46.30%
Net premiums earned	$ 293,514	$ 315,100	$ 609,223	$ 632,009
% of Total Net premiums earned	44.00%	44.30%	45.00%	44.50%
Operating segments \| AmTrust Reinsurance \| Specialty Program
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 103,196	$ 100,082	$ 192,327	$ 191,951
% of Total Net premiums written	16.00%	14.60%	12.90%	12.10%
Net premiums earned	$ 96,739	$ 92,262	$ 185,233	$ 192,010
% of Total Net premiums earned	14.50%	13.00%	13.70%	13.50%
Operating segments \| AmTrust Reinsurance \| Specialty Risk and Extended Warranty
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 108,629	$ 105,813	$ 226,124	$ 194,430
% of Total Net premiums written	16.80%	15.50%	15.10%	12.30%
Net premiums earned	$ 85,596	$ 99,454	$ 172,691	$ 190,439
% of Total Net premiums earned	12.80%	14.00%	12.80%	13.40%
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ 90	$ 0	$ 90
% of Total Net premiums written	0.00%	0.00%	0.00%	0.00%
Net premiums earned	$ 0	$ 90	$ 0	$ 90
% of Total Net premiums earned	0.00%	0.00%	0.00%	0.00%

Investments - Schedule of Investments Reconciliation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		$ 4,064,595,000	$ 4,027,993,000
Fixed Maturities, available-for-sale, Gross unrealized gains		15,344,000	55,824,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(113,029,000)	(39,447,000)
Fixed Maturities, available-for-sale, Fair value		3,966,910,000	4,044,370,000
Fixed Maturities, held-to-maturity, Original or amortized cost		1,039,144,000	1,097,801,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		6,131,000	28,822,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		(18,603,000)	(997,000)
Fixed Maturities, held-to-maturity, Fair value		1,026,672,000	1,125,626,000
Investments, Original or Amortized Cost Basis		5,103,739,000	5,125,794,000
Investments, Gross Unrealized Gains		21,475,000	84,646,000
Investments, Gross Unrealized Losses		(131,632,000)	(40,444,000)
Investments, Fair Value Disclosure		4,993,582,000	5,169,996,000
Fair value of securities transferred from AFS to HTM		0	391,934,000
AFS transferred to HTM securities, unrealized gain	$ 4,313,000
U.S. treasury bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		8,610,000	60,711,000
Fixed Maturities, available-for-sale, Gross unrealized gains		41,000	103,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(50,000)	(13,000)
Fixed Maturities, available-for-sale, Fair value		8,601,000	60,801,000
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		2,026,165,000	2,026,305,000
Fixed Maturities, available-for-sale, Gross unrealized gains		2,658,000	8,074,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(61,750,000)	(19,765,000)
Fixed Maturities, available-for-sale, Fair value		1,967,073,000	2,014,614,000
U.S. agency bonds – other
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		39,920,000	29,941,000
Fixed Maturities, available-for-sale, Gross unrealized gains		24,000	4,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(622,000)	(163,000)
Fixed Maturities, available-for-sale, Fair value		39,322,000	29,782,000
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		25,038,000	33,381,000
Fixed Maturities, available-for-sale, Gross unrealized gains		151,000	231,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(1,702,000)	(1,736,000)
Fixed Maturities, available-for-sale, Fair value		23,487,000	31,876,000
Asset-backed securities
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		332,188,000	317,544,000
Fixed Maturities, available-for-sale, Gross unrealized gains		1,029,000	4,065,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(2,443,000)	(199,000)
Fixed Maturities, available-for-sale, Fair value		330,774,000	321,410,000
Corporate bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		1,630,174,000	1,557,611,000
Fixed Maturities, available-for-sale, Gross unrealized gains		11,393,000	43,271,000
Fixed Maturities, available-for-sale, Gross unrealized losses		(46,462,000)	(17,571,000)
Fixed Maturities, available-for-sale, Fair value		1,595,105,000	1,583,311,000
Fixed Maturities, held-to-maturity, Original or amortized cost		979,018,000	1,037,464,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		6,131,000	28,694,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		(17,938,000)	(913,000)
Fixed Maturities, held-to-maturity, Fair value		967,211,000	1,065,245,000
Municipal bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Amortized cost		2,500,000	2,500,000
Fixed Maturities, available-for-sale, Gross unrealized gains		48,000	76,000
Fixed Maturities, available-for-sale, Gross unrealized losses		0	0
Fixed Maturities, available-for-sale, Fair value		2,548,000	2,576,000
Fixed Maturities, held-to-maturity, Original or amortized cost		60,126,000	60,337,000
Fixed Maturities, held-to-maturity, Gross unrealized gains		0	128,000
Fixed Maturities, held-to-maturity, Gross unrealized losses		(665,000)	(84,000)
Fixed Maturities, held-to-maturity, Fair value		$ 59,461,000	$ 60,381,000

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
HTM fixed maturities, Amortized cost
Due in one year or less	$ 9,422
Due after one year through five years	357,489
Due after five years through ten years	671,172
Due after ten years	1,061
Total before securities without single maturities, Amortized cost	1,039,144
Total HTM fixed maturities, Amortized cost	1,039,144
HTM fixed maturities, Fair value
Due in one year or less	9,414
Due after one year through five years	357,601
Due after five years through ten years	658,641
Due after ten years	1,016
Total before securities without single maturities, Fair value	1,026,672
Total HTM fixed maturities, Fair value	1,026,672	$ 1,125,626
AFS fixed maturities, Amortized cost
Due in one year or less	11,443
Due after one year through five years	658,875
Due after five years through ten years	1,034,775
Due after five years through ten years	1,149
Total before securities without single maturities, Amortized cost	1,706,242
Total AFS fixed maturities, Amortized cost	4,064,595	4,027,993
AFS fixed maturities, Fair value
Due in one year or less	10,697
Due after one year through five years	646,888
Due after five years through ten years	1,010,399
Due after ten years	1,079
Total before securities without single maturities, Fair value	1,669,063
Total AFS fixed maturities, Fair value	3,966,910	4,044,370
U.S. agency bonds – mortgage-backed
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	2,026,165
Total AFS fixed maturities, Amortized cost	2,026,165	2,026,305
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,967,073
Total AFS fixed maturities, Fair value	1,967,073	2,014,614
Asset-backed securities
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	332,188
Total AFS fixed maturities, Amortized cost	332,188	317,544
AFS fixed maturities, Fair value
Fair value of securities without single maturities	330,774
Total AFS fixed maturities, Fair value	$ 330,774	$ 321,410

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Jun. 30, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 3,186,611	$ 1,230,177
12 Months or More, Fair value	885,481	907,155
Total, Fair value	4,072,092	2,137,332
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(80,704)	(12,193)
12 months or more, Unrealized losses	(50,928)	(28,251)
Total, Unrealized losses	$ (131,632)	$ (40,444)
Number of securities in an unrealized loss position \| security	559	244
Investments fair value	$ 4,072,092	$ 2,137,332
Investments, unrealized losses	$ 131,632	$ 40,444
Number of securities in an unrealized loss position for 12 months or greater \| security	92	100
Investments fair value, unrealized loss position for 12 months or greater	$ 885,481	$ 907,155
Investments in unrealized loss position for 12 months or greater, unrealized losses	50,928	28,251
U.S. treasury bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	3,495	0
12 Months or More, Fair value	580	587
Total, Fair value	4,075	587
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(30)	0
12 months or more, Unrealized losses	(20)	(13)
Total, Unrealized losses	(50)	(13)
U.S. agency bonds – mortgage-backed
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,220,091	842,000
12 Months or More, Fair value	575,919	539,704
Total, Fair value	1,796,010	1,381,704
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(34,089)	(6,920)
12 months or more, Unrealized losses	(27,661)	(12,845)
Total, Unrealized losses	(61,750)	(19,765)
U.S. agency bonds – other
Fixed maturities, Fair value
Less than 12 Months, Fair value	34,323	19,816
12 Months or More, Fair value	0	0
Total, Fair value	34,323	19,816
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(622)	(163)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(622)	(163)
Non-U.S. government and supranational bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	5,682	12,825
12 Months or More, Fair value	14,053	15,253
Total, Fair value	19,735	28,078
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(213)	(971)
12 months or more, Unrealized losses	(1,489)	(765)
Total, Unrealized losses	(1,702)	(1,736)
Asset-backed securities
Fixed maturities, Fair value
Less than 12 Months, Fair value	184,683	68,703
12 Months or More, Fair value	3,918	3,017
Total, Fair value	188,601	71,720
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(2,353)	(150)
12 months or more, Unrealized losses	(90)	(49)
Total, Unrealized losses	(2,443)	(199)
Corporate bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,678,876	247,341
12 Months or More, Fair value	291,011	348,594
Total, Fair value	1,969,887	595,935
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(42,732)	(3,905)
12 months or more, Unrealized losses	(21,668)	(14,579)
Total, Unrealized losses	(64,400)	(18,484)
Municipal bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	59,461	39,492
12 Months or More, Fair value	0	0
Total, Fair value	59,461	39,492
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(665)	(84)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	$ (665)	$ (84)

Investments - Credit Ratings (Details) - USD ($)	3 Months Ended		6 Months Ended
Investments - Credit Ratings (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Fixed Maturities Table [Line Items]
OTTI	$ 0	$ 0	$ 0	$ 0
Fixed Maturities, Amortized cost	5,103,739,000		5,103,739,000		$ 5,125,794,000
Fixed Maturities, Fair value	$ 4,993,582,000		$ 4,993,582,000		$ 5,169,996,000
Fixed maturities, % of Total fair value	100.00%		100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 260,051,000		$ 260,051,000		$ 245,562,000
Fixed Maturities, Fair value	$ 257,306,000		$ 257,306,000		$ 249,073,000
Fixed maturities, % of Total fair value	5.20%		5.20%		4.80%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 205,551,000		$ 205,551,000		$ 204,792,000
Fixed Maturities, Fair value	$ 201,866,000		$ 201,866,000		$ 207,898,000
Fixed maturities, % of Total fair value	4.00%		4.00%		4.00%
A Plus, A, A Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,410,823,000		$ 1,410,823,000		$ 1,381,031,000
Fixed Maturities, Fair value	$ 1,383,403,000		$ 1,383,403,000		$ 1,404,451,000
Fixed maturities, % of Total fair value	27.70%		27.70%		27.20%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,088,713,000		$ 1,088,713,000		$ 1,125,471,000
Fixed Maturities, Fair value	$ 1,070,609,000		$ 1,070,609,000		$ 1,149,511,000
Fixed maturities, % of Total fair value	21.40%		21.40%		22.20%
BB Plus or Lower
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 63,906,000		$ 63,906,000		$ 51,981,000
Fixed Maturities, Fair value	$ 65,402,000		$ 65,402,000		$ 53,866,000
Fixed maturities, % of Total fair value	1.30%		1.30%		1.00%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 8,610,000		$ 8,610,000		$ 60,711,000
Fixed Maturities, Fair value	$ 8,601,000		$ 8,601,000		$ 60,801,000
Fixed maturities, % of Total fair value	0.20%		0.20%		1.20%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 2,066,085,000		$ 2,066,085,000		$ 2,056,246,000
Fixed Maturities, Fair value	$ 2,006,395,000		$ 2,006,395,000		$ 2,044,396,000
Fixed maturities, % of Total fair value	40.20%		40.20%		39.60%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Other investments	$ 5,898	$ 6,600
% of Total fair value	100.00%	100.00%
Investment in limited partnerships
Schedule of Investments [Line Items]
Other investments	$ 4,398	$ 5,100
% of Total fair value	74.60%	77.30%
Unfunded commitment on investments in limited partnerships	$ 423	$ 306
Other
Schedule of Investments [Line Items]
Other investments	$ 1,500	$ 1,500
% of Total fair value	25.40%	22.70%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Investments [Line Items]
Investment income	$ 45,386	$ 42,348	$ 89,370	$ 86,328
Investment expenses	(1,073)	(1,836)	(2,187)	(3,659)
Net investment income	44,313	40,512	87,183	82,669
Fixed maturities
Schedule of Investments [Line Items]
Investment income	42,967	40,610	85,096	83,480
Cash and cash equivalents
Schedule of Investments [Line Items]
Investment income	383	262	691	429
Loan to related party
Schedule of Investments [Line Items]
Investment income	1,565	816	2,993	1,528
Other
Schedule of Investments [Line Items]
Investment income	$ 471	$ 660	$ 590	$ 891

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Gain (Loss) on Investments [Line Items]
Gross gains	$ 2,507	$ 1,828	$ 4,641	$ 2,713
Gross losses	(2,921)	(256)	(4,698)	(256)
Realized gains (losses), Net	(414)	1,572	(57)	2,457
Proceeds from sales of fixed maturities classified as available-for-sale	152,908	71,610	301,690	102,394
Net unrealized gains (losses)	(96,046)		(96,046)		$ 21,967
Deferred income tax	(61)		(61)		(78)
Net unrealized (losses) gains, net of deferred income tax	(96,107)		(96,107)		21,889
Change, net of deferred income tax			(117,996)		42,605
Available-for-sale securities \| Fixed maturities
Gain (Loss) on Investments [Line Items]
Gross gains	2,287	1,766	2,939	2,488
Gross losses	(2,921)	(256)	(4,698)	(256)
Realized gains (losses), Net	(634)	1,510	(1,759)	2,232
Net unrealized gains (losses)	(96,046)		(96,046)		20,586
Other investments
Gain (Loss) on Investments [Line Items]
Gross gains	220	62	1,702	225
Gross losses	0	0	0	0
Realized gains (losses), Net	220	$ 62	1,702	$ 225
Net unrealized gains (losses)	$ 0		$ 0		$ 1,381

Investments - Net Gains Recognized on Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Investments [Abstract]
Net gains recognized in net income on other investments during the period	$ 220	$ 62	$ 1,702	$ 225
Net realized gains recognized on other investments divested during the period	(287)	(62)	(879)	(225)
Net unrealized (losses) gains recognized on other investments still held at end of period	$ (67)	$ 0	$ 823	$ 0

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 154,677	$ 123,584	$ 190,470
Restricted investments	4,635,730	4,744,940
Restricted cash and investments	4,790,407	4,868,524
Amortized cost	5,103,739	5,125,794
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	48,938	50,411
Restricted investments	1,157,796	1,320,800
Amortized cost	1,190,433	1,316,305
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	105,519	73,017
Restricted investments	2,447,159	2,294,367
Amortized cost	2,497,940	2,281,672
HTM related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted investments	1,026,672	1,125,626
Amortized cost	1,039,144	1,097,801
US state regulatory authorities
Restricted Cash and Investments Items [Line Items]
Restricted cash	220	156
Restricted investments	4,103	4,147
Amortized cost	$ 4,085	$ 4,076

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Transfers into Level 3	$ 0	$ 0	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	$ 5,898	$ 6,600
Financial Assets	4,993,582	5,169,996
Significant Other Observable Inputs (Level 2) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,039,144	1,097,801
Financial Liabilities	262,500	262,500
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 110,000	$ 110,000
Stated interest rate	6.625%	6.625%
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 152,500	$ 152,500
Stated interest rate	7.75%	7.75%
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Held-to-maturity securities \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 979,018	$ 1,037,464
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Held-to-maturity securities \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	60,126	60,337
Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,026,672	1,125,626
Financial Liabilities	230,277	250,229
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	92,356	101,200
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	137,921	149,029
Significant Other Observable Inputs (Level 2) \| Fair Value \| Held-to-maturity securities \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	967,211	1,065,245
Significant Other Observable Inputs (Level 2) \| Fair Value \| Held-to-maturity securities \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 59,461	$ 60,381

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 7,913,000	$ 8,018,000
Senior notes, net	254,587,000	254,482,000
Senior Notes
Debt Instrument [Line Items]
Principal	262,500,000	262,500,000
Unamortized debt issuance costs	7,913,000	8,018,000
Senior notes, net	254,587,000	254,482,000
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal	110,000,000	110,000,000
Unamortized debt issuance costs	3,633,000	3,654,000
Senior notes, net	106,367,000	106,346,000
Original debt issuance costs	$ 3,715,000
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal	$ 152,500,000	152,500,000
Unamortized debt issuance costs	4,280,000	4,364,000
Senior notes, net	148,220,000	$ 148,136,000
Original debt issuance costs	$ 5,054,000
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 27, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Interest expense		$ 4,829,000	$ 6,745,000	$ 9,658,000	$ 13,601,000
Accelerated amortization of senior note issuance cost		0	2,809,000	0	2,809,000
Senior Notes
Debt Instrument [Line Items]
Interest expense		4,776,000	6,665,000	9,553,000	13,442,000
Accrued interest		1,342,000		1,342,000		$ 1,342,000
Amortization expense, debt issuance costs		53,000	80,000	105,000	159,000
Principal amount		$ 262,500,000		$ 262,500,000		$ 262,500,000
Senior Notes \| 2012 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Principal amount	$ 100,000,000
Accelerated amortization of senior note issuance cost			$ 2,809,000		$ 2,809,000

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Insurance [Abstract]
Reserve for reported loss and LAE					$ 2,064,019	$ 1,925,151
Reserve for losses incurred but not reported (IBNR)					1,589,284	1,622,097
Reserve for loss and LAE	$ 3,653,303	$ 3,110,208	$ 3,547,248	$ 2,896,496	$ 3,653,303	$ 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			919,317	936,325
Net incurred losses related to Prior years			45,561	72,864
Net loss and loss adjustment expenses	491,554	528,620	964,878	1,009,189
Net paid losses related to Current year			(181,810)	(211,639)
Net paid losses related to Prior years			(656,899)	(604,648)
Net paid losses			(838,709)	(816,287)
Effect of foreign exchange movements			(12,308)	33,065
Net loss and LAE reserves, June 30	3,543,498	3,022,527	3,543,498	3,022,527
Reinsurance recoverable on unpaid losses, June 30	109,805	87,681	109,805	87,681
Gross loss and LAE reserves, June 30	3,653,303	3,110,208	3,653,303	3,110,208
Segment Reporting Information [Line Items]
Adverse development, net	35,484	56,024	45,561	72,864
Other
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net loss and loss adjustment expenses	(843)	1,222	(438)	1,511
Segment Reporting Information [Line Items]
Adverse development, net	(843)	1,222	(438)	1,511
Diversified Reinsurance
Segment Reporting Information [Line Items]
Adverse development, net	7,953	25,376	9,106	31,608
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Adverse development, net	$ 28,374	$ 29,426	$ 36,893	$ 39,745

Related Party Transactions - AmTrust (Details)								3 Months Ended		6 Months Ended		44 Months Ended
Related Party Transactions - AmTrust (Details)	Jan. 01, 2018	Jul. 01, 2016	Apr. 01, 2012 USD ($)	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Nov. 05, 2014	Dec. 31, 2017 USD ($)	Dec. 18, 2017	Dec. 17, 2017
Related Party Transaction [Line Items]
Net premiums earned								$ 667,346,000	$ 711,125,000	$ 1,352,778,000	$ 1,420,609,000
Loan to related party								$ 167,975,000		$ 167,975,000			$ 167,975,000
Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage								8.20%		8.20%
Leah Karfunkel \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage								41.70%		41.70%
Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage								7.70%		7.70%
George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage								5.00%		5.00%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage								44.00%		44.00%
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%
Cancellation notice period					4 months
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]
Reinsurance coverage threshold			$ 1,000,000
Agreement period (in years)			1 year
Net premiums earned								$ 254,000	402,000	$ 551,000	831,000
AmTrust Financial Services, Inc. \| AmTrust NA Reinsurance Agreement \| Commission expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions								67,000	93,000	149,000	203,000
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party								3,321,519,000		3,321,519,000			3,328,757,000
Accrued interest on collateral held by related party								21,201,000		21,201,000			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								5,966,000	6,531,000	12,263,000	13,020,000
Balances due to related party								15,784,000		15,784,000			$ 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								1,033,000	1,836,000	2,082,000	3,659,000
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								$ 17,000	$ 26,000	$ 33,000	$ 39,000
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage								1.60%		1.60%
London Interbank Offered Rate (LIBOR) \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Basis spread on variable rate														2.00%	0.90%

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Gross premiums written	$ 654,236	$ 705,198	$ 1,506,876	$ 1,628,625
Net premiums earned	667,346	711,125	1,352,778	1,420,609
Net loss and loss adjustment expenses (loss and LAE)	(491,554)	(528,620)	(964,878)	(1,009,189)
Commission expenses	(198,745)	(210,039)	(407,359)	(432,068)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	491,485	564,276	1,065,413	1,155,658
Net premiums earned	477,202	522,449	981,001	1,041,576
Net loss and loss adjustment expenses (loss and LAE)	(351,954)	(362,042)	(696,483)	(715,906)
Commission expenses	$ (148,500)	$ (161,726)	$ (304,350)	$ (322,496)

Related Party Transactions - NGHC (Details) - USD ($)			3 Months Ended		6 Months Ended
Related Party Transactions - NGHC (Details) - USD ($)	May 01, 2015	Mar. 01, 2010	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Premiums earned			$ 667,346,000	$ 711,125,000	$ 1,352,778,000	$ 1,420,609,000
National General Holdings Corp. \| NGHC Quota Share
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
Related Party Transaction [Line Items]
Premiums earned			$ 33,000	$ 119,000	$ 131,000	$ 240,000
National General Holdings Corp. \| NGHC Subsidiaries Reinsurance Agreement \| Medical Excess of Loss Reinsurance Agreement
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 \| Layer 1 \| Medical Excess of Loss Reinsurance Agreement
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 \| Layer 2 \| Medical Excess of Loss Reinsurance Agreement
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 \| Layer 3 \| Medical Excess of Loss Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsurance coverage threshold	5,000,000
Reinsurance coverage limit	$ 5,000,000

Commitments and Contingencies (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	May 08, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Reinsurance recoverable on unpaid losses		$ 109,805,000	$ 87,681,000	$ 109,805,000	$ 87,681,000	$ 117,611,000	$ 99,936,000
Valuation allowance against reinsurance recoverable on unpaid losses		0		0		$ 0
Gross premiums written		$ 654,236,000	$ 705,198,000	$ 1,506,876,000	$ 1,628,625,000
Dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.30	$ 0.3
AmTrust Reinsurance
Loss Contingencies [Line Items]
Gross premiums written		$ 491,485,000	$ 564,276,000	$ 1,065,413,000	$ 1,155,658,000
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		75.10%	80.00%	70.70%	71.00%
Three largest balances \| Customer concentration risk \| Reinsurance recoverable including reinsurance premium paid
Loss Contingencies [Line Items]
Concentration risk, percentage				67.90%		70.60%
Rating A or better \| Customer concentration risk \| Reinsurance recoverable including reinsurance premium paid
Loss Contingencies [Line Items]
Concentration risk, percentage				95.00%		98.60%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income (loss) attributable to Maiden	$ 2,633	$ (16,326)	$ 24,905	$ 10,197
Dividends on preference shares	(8,546)	(6,033)	(17,091)	(12,066)
Amount allocated to participating common shareholders	(4)	9	(9)	(1)
Numerator for basic EPS - net income allocated to Maiden common shareholders	(5,917)	(22,350)	7,805	(1,870)
Numerator for diluted EPS - net income allocated to Maiden common shareholders	$ (5,917)	$ (22,350)	$ 7,805	$ (1,870)
Denominator:
Weighted average number of common shares - basic (in shares)	83,126,204	86,564,794	83,083,545	86,458,413
Potentially dilutive securities:
Share options and restricted share units (in shares)	0	0	289,740	0
Adjusted weighted average number of common shares and assumed conversions – diluted (in shares)	83,126,204	86,564,794	83,373,285	86,458,413
Basic earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ (0.07)	$ (0.26)	$ 0.09	$ (0.02)
Diluted earnings (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ (0.07)	$ (0.26)	$ 0.09	$ (0.02)
Preference shares - Series A, C and D
Numerator:
Dividends on preference shares	$ (8,546)	$ (6,033)	$ (17,091)	$ (12,066)
Share options
Potentially dilutive securities:
Anti-dilutive share options excluded from diluted earnings per share (in shares)			571,143	24,000

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	150,000,000
Common stock, shares issued (in shares)	87,927,787		87,730,054
Common stock, shares outstanding (in shares)	83,143,237		82,974,895
Preference shares issued (in shares)	18,600,000
Undesignated shares (in shares)	43,472,213
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		$ 74,924

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 1,232,626
Other comprehensive income (loss) before reclassifications	$ (34,818)	$ 20,207	(109,586)	$ 19,711
Amounts reclassified from AOCI to net income, net of tax	745	(199)	(745)	896
Other comprehensive (loss) income, after tax	(34,073)	20,008	(110,331)	20,607
Ending balance	1,106,294	1,500,752	1,106,294	1,500,752
Change in net unrealized gains on investments, including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(46,429)	(13,919)	21,889	(20,716)
Other comprehensive income (loss) before reclassifications	(50,423)	41,984	(117,251)	47,686
Amounts reclassified from AOCI to net income, net of tax	745	(199)	(745)	896
Other comprehensive (loss) income, after tax	(49,678)	41,785	(117,996)	48,582
Ending balance	(96,107)	27,866	(96,107)	27,866
Foreign currency translation adjustments, including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(16,523)	29,406	(8,583)	35,604
Other comprehensive income (loss) before reclassifications	15,605	(21,777)	7,665	(27,975)
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive (loss) income, after tax	15,605	(21,777)	7,665	(27,975)
Ending balance	(918)	7,629	(918)	7,629
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(62,952)	15,487	13,306	14,888
Ending balance	(97,025)	35,495	(97,025)	35,495
Change in net unrealized gains on investment attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	0	0	0	0
Foreign currency translation adjustments attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(66)	(80)	(66)	(80)
AOCI attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(66)	(80)	(66)	(80)
Change in net unrealized gains on investments, attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(96,107)	27,866	(96,107)	27,866
Foreign currency translation adjustments, attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(852)	7,709	(852)	7,709
AOCI attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			13,354	14,997
Ending balance	$ (96,959)	$ 35,575	$ (96,959)	$ 35,575

Subsequent Events (Details) - $ / shares			3 Months Ended		6 Months Ended
Subsequent Events (Details) - $ / shares	Aug. 08, 2018	May 08, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.15	$ 0.15	$ 0.15	$ 0.30	$ 0.3
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.05
Subsequent event \| Preference shares - Series A
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.515625
Subsequent event \| Preference shares - Series C
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	0.445313
Subsequent event \| Preference shares - Series D
Subsequent Event [Line Items]
Dividends declared per Preference share (in dollars per share)	$ 0.41875

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Jun. 30, 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	$ 5,898	$ 6,600
Other investments
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) \| Fixed maturities
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	4,398	5,100
Fair Value, Measurements, Recurring \| Total Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	5,898	6,600
Total	$ 3,972,808	$ 4,050,970
Percentage of total assets	59.10%	61.00%
Fair Value, Measurements, Recurring \| Total Fair Value \| Fixed maturities
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 \| Total Fair Value \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 8,601	$ 60,801
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,967,073	2,014,614
Fair Value, Measurements, Recurring \| Total Fair Value \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	39,322	29,782
Fair Value, Measurements, Recurring \| Total Fair Value \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	23,487	31,876
Fair Value, Measurements, Recurring \| Total Fair Value \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	330,774	321,410
Fair Value, Measurements, Recurring \| Total Fair Value \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,595,105	1,583,311
Fair Value, Measurements, Recurring \| Total Fair Value \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,548	2,576
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 8,601	$ 60,801
Percentage of total assets	0.10%	0.90%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 8,601	$ 60,801
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	0	0
Total	$ 3,958,309	$ 3,983,569
Percentage of total assets	58.90%	60.00%
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,967,073	2,014,614
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	39,322	29,782
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	23,487	31,876
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	330,774	321,410
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	1,595,105	1,583,311
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	2,548	2,576
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, fair value	1,500	1,500
Total	$ 1,500	$ 1,500
Percentage of total assets	0.00%	0.00%
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, Measurements, Recurring \| Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Based on NAV Practical Expedient	$ 4,398	$ 5,100
Percentage of total assets	0.10%	0.10%

Dividend per Share

Payable on:

Record date:

Common shares

July 12, 2018

July 2, 2018