Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
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 (in shares)		82,942,737

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2018: $2,867,251; 2017: $2,699,297)	$ 2,781,553	$ 2,707,516
Fixed maturities, held-to-maturity, at amortized cost (fair value 2018: $1,019,741; 2017: $1,125,626)	1,032,885	1,097,801
Other investments, at fair value	22,586	6,600
Total investments	3,837,024	3,811,917
Cash and cash equivalents	94,578	54,470
Restricted cash and cash equivalents	169,996	94,905
Accrued investment income	29,658	28,798
Reinsurance balances receivable, net (includes $125,046 and $94,597 from related parties in 2018 and 2017, respectively)	161,436	72,494
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $396,799 and $379,395 from related parties in 2018 and 2017, respectively)	419,265	380,204
Other assets	41,083	131,608
Assets held for sale	1,615,486	1,901,818
Total assets	6,536,501	6,644,189
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,749,601 and $2,337,096 from related parties in 2018 and 2017, respectively)	2,851,685	2,386,722
Unearned premiums (includes $1,223,736 and $1,170,397 from related parties in 2018 and 2017, respectively)	1,298,933	1,230,882
Accrued expenses and other liabilities	18,460	90,069
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,860	8,018
Senior notes, net	254,640	254,482
Liabilities held for sale	1,339,618	1,449,408
Total liabilities	5,763,336	5,411,563
Commitments and Contingencies
EQUITY
Preference shares	465,000	465,000
Common shares ($0.01 par value; 87,932,287 and 87,730,054 shares issued in 2018 and 2017, respectively; 82,942,737 and 82,974,895 shares outstanding in 2018 and 2017, respectively)	879	877
Additional paid-in capital	749,214	748,113
Accumulated other comprehensive (loss) income	(116,369)	13,354
(Accumulated deficit) retained earnings	(294,656)	35,472
Treasury shares, at cost (4,989,550 and 4,755,159 shares in 2018 and 2017, respectively)	(31,514)	(30,642)
Total Maiden shareholders’ equity	772,554	1,232,174
Noncontrolling interests in subsidiaries	611	452
Total equity	773,165	1,232,626
Total liabilities and equity	$ 6,536,501	$ 6,644,189

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fixed maturities, available-for-sale, amortized cost	$ 2,867,251	$ 2,699,297
Fixed maturities, held-to-maturity, fair value	1,019,741	1,125,626
Reinsurance balances receivable, net	161,436	72,494
Deferred commission and other acquisition expenses	419,265	380,204
Loss and loss adjustment expenses	2,851,685	2,386,722
Unearned premiums	$ 1,298,933	$ 1,230,882
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	87,932,287	87,730,054
Common shares, shares outstanding (in shares)	82,942,737	82,974,895
Treasury shares (in shares)	4,989,550	4,755,159
Related party transactions
Reinsurance balances receivable, net	$ 125,046	$ 94,597
Deferred commission and other acquisition expenses	396,799	379,395
Loss and loss adjustment expenses	2,749,601	2,337,096
Unearned premiums	$ 1,223,736	$ 1,170,397

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Gross premiums written	$ 484,494	$ 443,001	$ 1,629,347	$ 1,650,762
Net premiums written	482,806	432,677	1,626,485	1,603,414
Change in unearned premiums	37,271	24,601	(85,207)	(90,977)
Net premiums earned	520,077	457,278	1,541,278	1,512,437
Other insurance revenue	1,870	2,488	7,629	7,816
Net investment income	34,419	30,950	101,548	91,597
Net realized (losses) gains on investment	(225)	5,859	(282)	8,316
Total other-than-temporary impairment losses	(479)	0	(479)	0
Total revenues	555,662	496,575	1,649,694	1,620,166
Expenses
Net loss and loss adjustment expenses	600,296	370,847	1,323,503	1,090,608
Commission and other acquisition expenses	167,618	145,352	497,026	487,771
General and administrative expenses	18,936	15,439	48,343	38,161
Interest and amortization expenses	4,829	4,829	14,487	18,430
Accelerated amortization of senior note issuance cost	0	0	0	2,809
Foreign exchange losses (gains)	552	3,550	(1,862)	12,193
Total expenses	792,231	540,017	1,881,497	1,649,972
Loss from continuing operations before income taxes	(236,569)	(43,442)	(231,803)	(29,806)
Less: income tax (benefit) expense	(7,437)	1,704	(930)	(1,978)
Net loss from continuing operations	(229,132)	(45,146)	(230,873)	(27,828)
Loss from discontinued operations, net of income tax expense	(71,100)	(9,908)	(44,336)	(17,060)
Net loss	(300,232)	(55,054)	(275,209)	(44,888)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(62)	3	(180)	34
Net loss attributable to Maiden	(300,294)	(55,051)	(275,389)	(44,854)
Dividends on preference shares	(8,545)	(8,545)	(25,636)	(20,611)
Net loss attributable to Maiden common shareholders	$ (308,839)	$ (63,596)	$ (301,025)	$ (65,465)
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders (in dollars per share)	$ (2.86)	$ (0.62)	$ (3.09)	$ (0.56)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)	(0.86)	(0.12)	(0.53)	(0.20)
Basic and diluted loss per share attributable to Maiden common shareholders (in dollars per share)	(3.72)	(0.74)	(3.62)	(0.76)
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.15	$ 0.35	$ 0.45
Weighted average number of common shares - basic and diluted (in shares)	83,089,172	85,859,201	83,085,441	86,256,481

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Comprehensive income:
Net loss	$ (300,232)	$ (55,054)	$ (275,209)	$ (44,888)
Other comprehensive (loss) income
Net unrealized holdings (losses) gains on available-for-sale fixed maturities arising during the period	(24,658)	25,019	(141,926)	68,798
Adjustment for reclassification of net realized losses (gains) recognized in net income	785	(3,650)	40	1,123
Foreign currency translation adjustment	4,458	(10,828)	12,123	(38,803)
Other comprehensive (loss) income, before tax	(19,415)	10,541	(129,763)	31,118
Income tax benefit (expense) related to components of other comprehensive income	2	(25)	19	5
Other comprehensive (loss) income, after tax	(19,413)	10,516	(129,744)	31,123
Comprehensive loss	(319,645)	(44,538)	(404,953)	(13,765)
Net (income) loss attributable to noncontrolling interests	(62)	3	(180)	34
Other comprehensive loss (income) attributable to noncontrolling interests	3	(12)	21	(41)
Comprehensive (income) loss attributable to noncontrolling interests	(59)	(9)	(159)	(7)
Comprehensive loss attributable to Maiden	$ (319,704)	$ (44,547)	$ (405,112)	$ (13,772)

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	(Accumulated deficit) 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	1,072
Share-based compensation expense				2,194
Issuance costs of Preference Shares - Series D										$ (5,058)
Change in net unrealized (losses) gains on investment					69,926
Foreign currency translation adjustment					(38,844)			41
Net loss attributable to Maiden	$ (44,854)					(44,854)
Dividends on preference shares						(20,611)
Dividends on common shares						(38,687)
Shares repurchased							(14,912)
Net income (loss) attributable to noncontrolling interests								(34)
Ending balance at Sep. 30, 2017	1,421,389	465,000	877	747,464	46,079	181,510	(19,903)	362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Maiden	(55,051)
Ending balance at Sep. 30, 2017	1,421,389	465,000	877	747,464	46,079	181,510	(19,903)	362
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	13
Share-based compensation expense				1,088
Issuance costs of Preference Shares - Series D										$ 0
Change in net unrealized (losses) gains on investment					(141,867)
Foreign currency translation adjustment					12,144			(21)
Net loss attributable to Maiden	(275,389)					(275,389)
Dividends on preference shares						(25,636)
Dividends on common shares						(29,103)
Shares repurchased							(872)
Net income (loss) attributable to noncontrolling interests								180
Ending balance at Sep. 30, 2018	773,165	465,000	879	749,214	(116,369)	(294,656)	(31,514)	611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Maiden	(300,294)
Ending balance at Sep. 30, 2018	$ 773,165	$ 465,000	$ 879	$ 749,214	$ (116,369)	$ (294,656)	$ (31,514)	$ 611

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (275,209)	$ (44,888)
Less: net loss from discontinued operations	44,336	17,060
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and share-based compensation	4,774	8,464
Net realized losses (gains) on investment	282	(8,316)
Total other-than-temporary impairment losses	479	0
Foreign exchange (gains) losses	(1,862)	12,193
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(92,904)	(22,098)
Accrued investment income	(1,000)	1,124
Deferred commission and other acquisition expenses	(40,097)	(38,773)
Other assets	91,422	(22,804)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	481,227	325,221
Unearned premiums	72,200	94,489
Accrued expenses and other liabilities	(66,401)	6,877
Net cash provided by continuing operations	217,247	328,549
Net cash (used in) provided by discontinued operations	(54,624)	46,265
Net cash provided by operating activities	162,623	374,814
Cash flows from investing activities:
Purchases of fixed-maturities – available-for-sale	(517,839)	(538,429)
Purchases of other investments	(17,532)	(986)
Proceeds from sales of fixed-maturities – available-for-sale	185,089	116,306
Proceeds from maturities, paydowns and calls of fixed maturities – available-for-sale	196,275	224,940
Proceeds from maturities and calls of fixed maturities – held to maturity	62,018	20,744
Proceeds from sale and redemption of other investments	2,160	11,119
Other, net	(2,985)	(1,997)
Net cash used in investing activities for continuing operations	(92,814)	(168,303)
Net cash provided by (used in) investing activities for discontinued operations	119,965	(16,710)
Net cash provided by (used in) investing activities	27,151	(185,013)
Cash flows from financing activities:
Repurchase of common shares, net of issuance	(857)	(13,836)
Dividends paid – Maiden common shareholders	(37,400)	(38,935)
Dividends paid – preference shares	(25,636)	(20,611)
Preference shares, net of issuance costs	0	144,942
Redemption of 2012 senior notes	0	(100,000)
Net cash used in financing activities	(63,893)	(28,440)
Effect of exchange rate changes on foreign currency cash and cash equivalents	(1,131)	3,379
Net increase in cash and cash equivalents and restricted cash and cash equivalents	124,750	164,740
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	316,253	314,275
Less: cash and cash equivalents and restricted cash and cash equivalents of discontinued operations, end of period	(51,679)	(88,606)
Cash and cash equivalents and restricted cash and cash equivalents of continuing operations, end of period	264,574	225,669
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents reported within Condensed Consolidated Balance Sheets that sum to the total shown above:
Cash and cash equivalents, end of period	94,578	154,152
Restricted cash and cash equivalents	$ 169,996	$ 71,517

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 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 including as discussed below. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income (loss). Discontinued Operations As part of the strategic review initiated by the Company's Board of Directors earlier in 2018, during the third quarter of 2018, the Company made the strategic decision to divest its U.S. reinsurance treaty operations. Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net loss, net loss attributable to Maiden and net loss attributable to Maiden common shareholders. Please see “Note 8. Discontinued Operations" for additional information related to discontinued operations. All prior years presented in the Condensed Consolidated Financial Statements have been reclassified to conform to this new presentation. Background On August 29, 2018, the Company announced that it had entered into a Renewal Rights Agreement ("Renewal Rights"), dated as of August 29, 2018, with Transatlantic Reinsurance Company ("TransRe"), pursuant to which the Company agreed to sell, and TransRe agreed to purchase, Maiden Reinsurance North America, Inc.'s ("Maiden US") rights to: (i) renew Maiden US’s treaty reinsurance agreements upon their expiration or cancellation, (ii) solicit renewals of and replacement coverages for the treaty reinsurance agreements and (iii) replicate and use the products and contract forms used in Maiden US’s business. The sale was consummated on August 29, 2018. The payment received for the sale of the Renewal Rights was $7,500 subject to potential additional amounts payable in the future in accordance with the agreement. On August 31, 2018, the Company announced that its subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA"), entered into a sale agreement ("Master Transaction Agreement") dated as of August 31, 2018, with Enstar Group Limited ("Enstar"), pursuant to which Maiden NA agreed to sell, and Enstar agreed to purchase Maiden NA’s subsidiary Maiden US. Pursuant to and subject to the terms of the Master Transaction Agreement: (i)Maiden NA will sell, and Enstar will purchase, all of the share capital of Maiden US (the “Maiden US Sale”) for a price of $321,500, which is subject to certain closing adjustments; (ii)Cavello Bay Reinsurance Limited ("Cavello"), Enstar’s Bermuda reinsurance affiliate, and Maiden Reinsurance Ltd. ("Maiden Bermuda"), the Company’s Bermuda reinsurance subsidiary, will enter into a novation agreement pursuant to which certain assets and liabilities associated with the Company’s U.S. treaty reinsurance business held by Maiden Bermuda will be novated for a ceding commission payable by Maiden Bermuda of $12,250; (iii)Cavello and Maiden Bermuda will enter into a retrocession agreement pursuant to which certain assets and liabilities associated with the Motors Insurance business held by Maiden Bermuda will be retroceded to Cavello in exchange for a $1,750 ceding commission; and (iv)Maiden Bermuda will provide Enstar with adverse loss reserve development cover up to a maximum of $25,000 when losses are more than $100,000 in excess of the net loss and loss adjustment expenses recorded as of June 30, 2018, for no additional consideration. The transactions contemplated by the Master Transaction Agreement are expected to close in the fourth quarter of 2018 subject to regulatory approvals and customary closing conditions. The Company’s current analysis indicates that the conditions to redeem the 2013 Senior Notes as stipulated by the securities may exist. Should final analysis support such a conclusion, the Company expects to redeem all of the $152,500 2013 Senior Notes at that time pursuant to the terms of the underlying securities. The assets and liabilities related to the sale of Maiden US were classified as held for sale in the Condensed Consolidated Balance Sheets as at September 30, 2018 and reclassified as held for sale as at December 31, 2017. The operations of the Company's U.S. reinsurance treaty business have been reported as discontinued operations in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017 since the Company has determined that the divestiture 1. Basis of Presentation (continued) represents a strategic shift that will have a major effect on its ongoing operations and financial results and all of the held for sale criteria have been met. Please refer to "Note 8. Discontinued Operations" for additional information regarding the effect of the reclassifications on the Company's Condensed Consolidated Financial Statements. Segments As a result of the strategic decision to divest all of the Company's U.S. treaty reinsurance operations noted above, the Company has revised the composition of its reportable segments. As described in more detail below under “Note 3. Segment Information”, the reportable segments include: (i) Diversified Reinsurance which consists of a portfolio of property and casualty reinsurance business focusing on regional and specialty property and casualty insurance companies located primarily in Europe; and (ii) AmTrust Reinsurance which includes all business ceded to the Company from subsidiaries of AmTrust Financial Services Inc. ("AmTrust"). In addition to these reportable segments, the results of operations of the former National General Holdings Corporation Quota Share ("NGHC Quota Share") segment is included in the "Other" category. All prior periods presented have been reclassified to conform to this new presentation. For the three and nine months ended September 30, 2018, the Company's AmTrust Reinsurance segment accounted for 93.5% and 93.2%, respectively (2017 - 94.8% and 95.5%, respectively), of the Company's total consolidated gross premiums written.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 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 nine months ended September 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 Condensed 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 condensed 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. 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"). 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 $465 of net unrealized losses and $358 of net unrealized gains on our investments in limited partnerships within net income during the three and nine months ended September 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. 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 2. Significant Accounting Policies (continued) 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 any 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 Issued 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 2018-11 for targeted improvements related to Update 2016-02 which provides entities with an additional transition method to apply the new standard. Under the new optional transition method, an entity initially applies ASC 842 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Updates related to Topic 842 become effective for the Company during the first quarter of 2019 and will be applied using a modified retrospective approach. The Company intends to elect the new transition method permitted by ASU No. 2018-11. The Company's future minimum lease payments, which represent minimum annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases, and which will be subject to this new guidance, will be recorded on the Company's consolidated balance sheets as a lease liability with a corresponding right-of-use asset. However, under this guidance, the Company shall continue to recognize the related leasing expense within net income. Therefore, adoption of this standard will impact the Company’s consolidated balance sheets but is not expected to have a material impact on the Company’s results of operations or cash flows. 2. Significant Accounting Policies (continued) Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13 for changes to the disclosure framework related to Topic 820 which amends the disclosure requirements for fair value measurement. The following disclosure requirements were removed from Topic 820: (i) amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policy for timing of transfers between levels, and (iii) valuation processes for Level 3 fair value measurements. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820: (i) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (ii) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. These amendments only impact disclosures made in "Note 5. Fair Value Measurements" therefore, the adoption of this standard will not impact the Company’s consolidated balance sheets, results of operations or cash flows.

Segment Information

9 Months Ended

Sep. 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 Europe. Our AmTrust Reinsurance segment includes all business ceded to our wholly owned subsidiary, Maiden Bermuda, from AmTrust, primarily the AmTrust Quota Share and the European Hospital Liability Quota Share. In addition to our reportable segments, the results of operations of the former NGHC Quota Share segment have been included in the "Other" category. Please refer to "Note 10. Related Party Transactions" for additional information.

As a result of the strategic decision to divest all of the Company's U.S. treaty reinsurance operations as discussed in "Note 1. Basis of Presentation" and "Note 8. Discontinued Operations", the Company has revised the composition of its reportable segments. Previously, the underwriting results associated with the discontinued operations of the Company's U.S. treaty reinsurance business were included within the Diversified Reinsurance segment and the operating results associated with the remnants of the U.S. excess and surplus business were included within the Other category. These are now excluded and all prior periods presented have been reclassified to conform to this new presentation.

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, deferred commission and other acquisition expenses, loans, restricted cash and cash equivalents and investments and reinsurance recoverable on paid and unpaid losses, unearned reinsurance premiums ceded and funds withheld receivable (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 loss from continuing operations:

3. Segment Information (continued)



For the Three Months Ended September 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	31,699		$	452,795		$	—		$	484,494
Net premiums written	$	31,291		$	451,515		$	—		$	482,806
Net premiums earned	$	28,784		$	491,293		$	—		$	520,077
Other insurance revenue	1,870			—			—			1,870
Net loss and loss adjustment expenses ("loss and LAE")	(19,764		)	(579,163		)	(1,369		)	(600,296		)
Commission and other acquisition expenses	(8,961		)	(158,657		)	—			(167,618		)
General and administrative expenses	(4,256		)	(952		)	—			(5,208		)
Underwriting loss	$	(2,327	)	$	(247,479	)	$	(1,369	)	(251,175		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										34,194
Total other-than-temporary impairment losses										(479		)
Interest and amortization expenses										(4,829		)
Foreign exchange losses										(552		)
Other general and administrative expenses										(13,728		)
Income tax benefit										7,437
Net loss from continuing operations										$	(229,132	)

Net loss and LAE ratio⁽¹⁾	64.5		%	117.9		%				115.0		%
Commission and other acquisition expense ratio⁽²⁾	29.2		%	32.3		%				32.1		%
General and administrative expense ratio⁽³⁾	13.9		%	0.2		%				3.6		%
Expense ratio⁽⁴⁾	43.1		%	32.5		%				35.7		%
Combined ratio⁽⁵⁾	107.6		%	150.4		%				150.7		%

3. Segment Information (continued)



For the Three Months Ended September 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	22,982		$	420,019		$	—		$	443,001
Net premiums written	$	22,484		$	410,193		$	—		$	432,677
Net premiums earned	$	20,925		$	436,353		$	—		$	457,278
Other insurance revenue	2,488			—			—			2,488
Net loss and LAE	(13,979		)	(355,030		)	(1,838		)	(370,847		)
Commission and other acquisition expenses	(6,702		)	(138,650		)	—			(145,352		)
General and administrative expenses	(4,158		)	(771		)	—			(4,929		)
Underwriting loss	$	(1,426	)	$	(58,098	)	$	(1,838	)	(61,362		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										36,809
Interest and amortization expenses										(4,829		)
Foreign exchange losses										(3,550		)
Other general and administrative expenses										(10,510		)
Income tax expense										(1,704		)
Net loss from continuing operations										$	(45,146	)

Net loss and LAE ratio⁽¹⁾	59.7		%	81.4		%				80.6		%
Commission and other acquisition expense ratio⁽²⁾	28.6		%	31.7		%				31.6		%
General and administrative expense ratio⁽³⁾	17.8		%	0.2		%				3.4		%
Expense ratio⁽⁴⁾	46.4		%	31.9		%				35.0		%
Combined ratio⁽⁵⁾	106.1		%	113.3		%				115.6		%

3. Segment Information (continued)



For the Nine Months Ended September 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	111,139		$	1,518,208		$	—		$	1,629,347
Net premiums written	$	109,279		$	1,517,206		$	—		$	1,626,485
Net premiums earned	$	82,838		$	1,458,440		$	—		$	1,541,278
Other insurance revenue	7,629			—			—			7,629
Net loss and LAE	(51,828		)	(1,270,306		)	(1,369		)	(1,323,503		)
Commission and other acquisition expenses	(28,261		)	(468,765		)	—			(497,026		)
General and administrative expenses	(13,330		)	(2,954		)	—			(16,284		)
Underwriting loss	$	(2,952	)	$	(283,585	)	$	(1,369	)	(287,906		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										101,266
Total other-than-temporary impairment losses										(479		)
Interest and amortization expenses										(14,487		)
Foreign exchange gains										1,862
Other general and administrative expenses										(32,059		)
Income tax benefit										930
Net loss from continuing operations										$	(230,873	)

Net loss and LAE ratio⁽¹⁾	57.3		%	87.1		%				85.5		%
Commission and other acquisition expense ratio⁽²⁾	31.3		%	32.1		%				32.1		%
General and administrative expense ratio⁽³⁾	14.7		%	0.2		%				3.1		%
Expense ratio⁽⁴⁾	46.0		%	32.3		%				35.2		%
Combined ratio⁽⁵⁾	103.3		%	119.4		%				120.7		%

3. Segment Information (continued)



For the Nine Months Ended September 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	75,085		$	1,575,677		$	—		$	1,650,762
Net premiums written	$	73,434		$	1,529,980		$	—		$	1,603,414
Net premiums earned	$	61,626		$	1,450,811		$	—		$	1,512,437
Other insurance revenue	7,816			—			—			7,816
Net loss and LAE	(41,548		)	(1,047,222		)	(1,838		)	(1,090,608		)
Commission and other acquisition expenses	(21,982		)	(465,789		)	—			(487,771		)
General and administrative expenses	(11,831		)	(2,240		)	—			(14,071		)
Underwriting loss	$	(5,919	)	$	(64,440	)	$	(1,838	)	(72,197		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										99,913
Interest and amortization expenses										(18,430		)
Accelerated amortization of senior note issuance cost										(2,809		)
Foreign exchange losses										(12,193		)
Other general and administrative expenses										(24,090		)
Income tax benefit										1,978
Net loss from continuing operations										$	(27,828	)

Net loss and LAE ratio⁽¹⁾	59.8		%	72.2		%				71.7		%
Commission and other acquisition expense ratio⁽²⁾	31.7		%	32.1		%				32.1		%
General and administrative expense ratio⁽³⁾	17.0		%	0.1		%				2.5		%
Expense ratio⁽⁴⁾	48.7		%	32.2		%				34.6		%
Combined ratio⁽⁵⁾	108.5		%	104.4		%				106.3		%


(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 September 30, 2018 and December 31, 2017:



September 30, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	180,676	$	4,297,992	$	4,478,668
Corporate assets	—		—		442,347
Assets held for sale	—		—		1,615,486
Total Assets	$	180,676	$	4,297,992	$	6,536,501

December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	167,638	$	4,258,607	$	4,426,245
Corporate assets	—		—		316,126
Assets held for sale	—		—		1,901,818
Total Assets	$	167,638	$	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 nine months ended September 30, 2018 and 2017:



For the Three Months Ended September 30,	2018				2017
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	31,291	6.5	%	$	22,503		5.2	%
Casualty	—		—	%	(19		)	—	%
Total Diversified Reinsurance	31,291		6.5	%	22,484			5.2	%
AmTrust Reinsurance
Small Commercial Business	232,163		48.1	%	295,499			68.3	%
Specialty Program	94,077		19.5	%	63,816			14.7	%
Specialty Risk and Extended Warranty	125,275		25.9	%	50,878			11.8	%
Total AmTrust Reinsurance	451,515		93.5	%	410,193			94.8	%
Total Net Premiums Written	$	482,806	100.0	%	$	432,677		100.0	%



For the Nine Months Ended September 30,	2018				2017
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	109,238	6.7	%	$	73,475		4.6	%
Casualty	41		—	%	(41		)	—	%
Total Diversified Reinsurance	109,279		6.7	%	73,434			4.6	%
AmTrust Reinsurance
Small Commercial Business	879,403		54.1	%	1,028,905			64.2	%
Specialty Program	286,404		17.6	%	255,767			15.9	%
Specialty Risk and Extended Warranty	351,399		21.6	%	245,308			15.3	%
Total AmTrust Reinsurance	1,517,206		93.3	%	1,529,980			95.4	%
Total Net Premiums Written	$	1,626,485	100.0	%	$	1,603,414		100.0	%

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



For the Three Months Ended September 30,	2018				2017
Net premiums earned	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	28,784	5.5	%	$	20,943		4.6	%
Casualty	—		—	%	(18		)	—	%
Total Diversified Reinsurance	28,784		5.5	%	20,925			4.6	%
AmTrust Reinsurance
Small Commercial Business	273,456		52.6	%	314,773			68.8	%
Specialty Program	98,359		18.9	%	59,143			12.9	%
Specialty Risk and Extended Warranty	119,478		23.0	%	62,437			13.7	%
Total AmTrust Reinsurance	491,293		94.5	%	436,353			95.4	%
Total Net Premiums Earned	$	520,077	100.0	%	$	457,278		100.0	%

3. Segment Information (continued)



For the Nine Months Ended September 30,	2018				2017
Net premiums earned	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	82,797	5.4	%	$	61,667		4.1	%
Casualty	41		—	%	(41		)	—	%
Total Diversified Reinsurance	82,838		5.4	%	61,626			4.1	%
AmTrust Reinsurance
Small Commercial Business	882,679		57.3	%	946,782			62.6	%
Specialty Program	283,592		18.4	%	251,153			16.6	%
Specialty Risk and Extended Warranty	292,169		18.9	%	252,876			16.7	%
Total AmTrust Reinsurance	1,458,440		94.6	%	1,450,811			95.9	%
Total Net Premiums Earned	$	1,541,278	100.0	%	$	1,512,437		100.0	%

Investments

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017 are as follows:



September 30, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	125	$	—	$	(1	)	$	124
U.S. agency bonds – mortgage-backed	1,484,434		830		(58,068		)	1,427,196
U.S. agency bonds – other	24,870		—		(1,180		)	23,690
Non-U.S. government and supranational bonds	22,550		122		(1,827		)	20,845
Asset-backed securities	226,652		552		(2,000		)	225,204
Corporate bonds	1,108,620		8,834		(32,960		)	1,084,494
Total AFS fixed maturities	2,867,251		10,338		(96,036		)	2,781,553
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	974,947		6,103		(18,190		)	962,860
Municipal bonds	57,938		—		(1,057		)	56,881
Total HTM fixed maturities	1,032,885		6,103		(19,247		)	1,019,741
Total fixed maturity investments	$	3,900,136	$	16,441	$	(115,283	)	$	3,801,294



December 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	35,093	$	4	$	—		$	35,097
U.S. agency bonds – mortgage-backed	1,475,682		6,181		(13,723		)	1,468,140
U.S. agency bonds – other	19,868		—		(149		)	19,719
Non-U.S. government and supranational bonds	32,380		231		(1,713		)	30,898
Asset-backed securities	225,015		3,457		(79		)	228,393
Corporate bonds	911,259		28,423		(14,413		)	925,269
Total AFS fixed maturities	2,699,297		38,296		(30,077		)	2,707,516
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	$	3,797,098	$	67,118	$	(31,074	)	$	3,833,142

During the nine months ended September 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
September 30, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	3,873	$	3,522	$	9,297	$	9,289
Due after one year through five years	596,895		583,069		371,750		372,294
Due after five years through ten years	555,397		542,562		651,838		638,158
	1,156,165		1,129,153		1,032,885		1,019,741
U.S. agency bonds – mortgage-backed	1,484,434		1,427,196		—		—
Asset-backed securities	226,652		225,204		—		—
Total fixed maturities	$	2,867,251	$	2,781,553	$	1,032,885	$	1,019,741

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
September 30, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	124	$	(1	)	$	—	$	—		$	124	$	(1	)
U.S. agency bonds – mortgage-backed	831,457		(25,160		)	595,740		(32,908		)	1,427,197		(58,068		)
U.S. agency bonds – other	23,689		(1,180		)	—		—			23,689		(1,180		)
Non–U.S. government and supranational bonds	6,637		(148		)	14,209		(1,679		)	20,846		(1,827		)
Asset-backed securities	221,300		(1,896		)	3,904		(104		)	225,204		(2,000		)
Corporate bonds	1,793,528		(31,031		)	253,825		(20,119		)	2,047,353		(51,150		)
Municipal bonds	56,882		(1,057		)	—		—			56,882		(1,057		)
Total temporarily impaired fixed maturities	$	2,933,617	$	(60,473	)	$	867,678	$	(54,810	)	$	3,801,295	$	(115,283	)

At September 30, 2018, there were approximately 406 securities in an unrealized loss position with a fair value of $3,801,295 and unrealized losses of $115,283. Of these securities, there were 99 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $867,678 and unrealized losses of $54,810.



	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. agency bonds – mortgage-backed	$	632,142	$	(5,299	)	$	327,339	$	(8,424	)	$	959,481	$	(13,723	)
U.S. agency bonds – other	19,718		(149		)	—		—			19,718		(149		)
Non-U.S. government and supranational bonds	1,909		(2		)	25,192		(1,711		)	27,101		(1,713		)
Asset-backed securities	12,408		(30		)	3,017		(49		)	15,425		(79		)
Corporate bonds	161,661		(1,557		)	290,592		(13,769		)	452,253		(15,326		)
Municipal bonds	39,492		(84		)	—		—			39,492		(84		)
Total temporarily impaired fixed maturities	$	867,330	$	(7,121	)	$	646,140	$	(23,953	)	$	1,513,470	$	(31,074	)

4. Investments (continued)

At December 31, 2017, there were approximately 156 securities in an unrealized loss position with a fair value of $1,513,470 and unrealized losses of $31,074. Of these securities, there were 89 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $646,140 and unrealized losses of $23,953.

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 September 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. All fixed maturity securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Any credit-related impairment related to fixed maturity securities that the Company does not plan to sell and for which the Company is not more likely than not to be required to sell is recognized in net earnings, with the non-credit related impairment recognized in comprehensive earnings. Based on our analysis, our fixed maturity portfolio is of high credit quality and we believe we will recover the amortized cost basis of our fixed maturity securities. We continually monitor the credit quality of our fixed maturity investments to assess if it is probable that we will receive our contractual or estimated cash flows in the form of principal and interest. For the three and nine months ended September 30, 2018, we recognized $479 in OTTI charges in earnings on one fixed maturity security. Comparatively, there were no OTTI losses recognized in earnings on the fixed maturity portfolio in the three and nine months ended September 30, 2017.

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at September 30, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	125	$	124	—	%
U.S. agency bonds	1,509,304		1,450,886		38.2	%
AAA	166,512		163,099		4.3	%
AA+, AA, AA-	174,111		169,207		4.4	%
A+, A, A-	1,136,634		1,113,761		29.3	%
BBB+, BBB, BBB-	851,348		839,940		22.1	%
BB+ or lower	62,102		64,277		1.7	%
Total fixed maturities	$	3,900,136	$	3,801,294	100.0	%



Ratings⁽¹⁾ at December 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	35,093	$	35,097	0.9	%
U.S. agency bonds	1,495,550		1,487,859		38.8	%
AAA	156,631		159,682		4.2	%
AA+, AA, AA-	146,264		147,054		3.8	%
A+, A, A-	1,089,230		1,106,430		28.9	%
BBB+, BBB, BBB-	824,351		845,244		22.1	%
BB+ or lower	49,979		51,776		1.3	%
Total fixed maturities	$	3,797,098	$	3,833,142	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:



	September 30, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	3,554	15.7	%	$	5,100	77.3	%
Other	19,032		84.3	%	1,500		22.7	%
Total other investments	$	22,586	100.0	%	$	6,600	100.0	%

The Company has a remaining unfunded commitment on its investment in limited partnerships of approximately $414 at September 30, 2018 (December 31, 2017 - $306).

4. Investments (continued)

The Company also has a remaining unfunded commitment on its other investments of approximately $7,468 at September 30, 2018. There were no such commitments outstanding at December 31, 2017.


c)	Net Investment Income

Net investment income was derived from the following sources:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Fixed maturities	$	32,443		$	30,496		$	97,485		$	91,954
Cash and cash equivalents	905			899			1,596			1,328
Loan to related party	1,658			913			4,651			2,441
Other	471			569			1,061			1,460
	35,477			32,877			104,793			97,183
Investment expenses	(1,058		)	(1,927		)	(3,245		)	(5,586		)
Net investment income	$	34,419		$	30,950		$	101,548		$	91,597


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 September 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	40	$	(558	)	$	(518	)
Other investments	293		—			293
Net realized gains (losses) on investment	$	333	$	(558	)	$	(225	)

For the Three Months Ended September 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,366	$	(997	)	$	369
Other investments	5,490		—			5,490
Net realized gains (losses) on investment	$	6,856	$	(997	)	$	5,859

For the Nine Months Ended September 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,979	$	(5,256	)	$	(2,277	)
Other investments	1,995		—			1,995
Net realized gains (losses) on investment	$	4,974	$	(5,256	)	$	(282	)

For the Nine Months Ended September 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,854	$	(1,253	)	$	2,601
Other investments	5,715		—			5,715
Net realized gains (losses) on investment	$	9,569	$	(1,253	)	$	8,316

Proceeds from sales of AFS fixed maturities were $20,198 and $185,089 for the three and nine months ended September 30, 2018, respectively (2017 - $30,440 and $116,306, respectively).

4. Investments (continued)

Net unrealized (losses) gains on investments, including those allocated to discontinued operations and classified as held for sale, were as follows:



	September 30, 2018			December 31, 2017
Fixed maturities	$	(119,919	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(119,919		)	21,967
Deferred income tax	(59		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(119,978	)	$	21,889
Change, net of deferred income tax	$	(141,867	)	$	42,605

The portion of unrealized gains recognized in net income for the three and nine months ended September 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 September 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	293		$	5,490
Net realized gains recognized on other investments divested during the period	(758		)	(5,490		)
Net unrealized losses recognized on other investments still held at end of period	$	(465	)	$	—

For the Nine Months Ended September 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	1,995		$	5,715
Net realized gains recognized on other investments divested during the period	(1,637		)	(5,715		)
Net unrealized gains recognized on other investments still held at end of period	$	358		$	—


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:



	September 30, 2018		December 31, 2017
Restricted cash – third party agreements	$	20,884	$	21,889
Restricted cash – related party agreements	149,112		73,016
Total restricted cash	169,996		94,905
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $75,279; 2017 – $212,507)	75,233		211,331
Restricted investments AFS – in trust for related party agreements at fair value (amortized cost: 2018 – $2,515,190; 2017 – $2,281,668)	2,447,970		2,294,367
Restricted investments HTM – in trust for related party agreements at fair value (amortized cost: 2018 – $1,032,885; 2017 – $1,097,801)	1,019,741		1,125,626
Total restricted investments	3,542,944		3,631,324
Total restricted cash and investments	$	3,712,940	$	3,726,229

Fair Value of Financial Instruments

9 Months Ended

Sep. 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

5. Fair Value of Financial Instruments (continued)

of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds;

•

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


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

The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. We use prices and inputs that are current at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between levels.

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these prices in the amounts disclosed in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized provider, the Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representation of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer 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 September 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.

5. Fair Value of Financial Instruments (continued)

Other investments — Includes unquoted investments comprised of investments in limited partnerships and other investments which includes investments in lending vehicles as well as 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 other investments, including those investments in lending vehicles and start-up insurance entities, was determined using recent private market transactions and as such, the fair value is included in the Level 3 fair value hierarchy.

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

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

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

(b) Fair Value Hierarchy

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

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



September 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	$	124		$	—		$	—		$	—		$	124
U.S. agency bonds – mortgage-backed	—			1,427,196			—			—			1,427,196
U.S. agency bonds – other	—			23,690			—			—			23,690
Non-U.S. government and supranational bonds	—			20,845			—			—			20,845
Asset-backed securities	—			225,204			—			—			225,204
Corporate bonds	—			1,084,494			—			—			1,084,494
Other investments	—			—			19,032			3,554			22,586
Total	$	124		$	2,781,429		$	19,032		$	3,554		$	2,804,139
As a percentage of total assets	—		%	42.6		%	0.3		%	0.1		%	43.0		%

5. Fair Value of Financial Instruments (continued)



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	$	35,097		$	—		$	—		$	—		$	35,097
U.S. agency bonds – mortgage-backed	—			1,468,140			—			—			1,468,140
U.S. agency bonds – other	—			19,719			—			—			19,719
Non-U.S. government and supranational bonds	—			30,898			—			—			30,898
Asset-backed securities	—			228,393			—			—			228,393
Corporate bonds	—			925,269			—			—			925,269
Other investments	—			—			1,500			5,100			6,600
Total	$	35,097		$	2,672,419		$	1,500		$	5,100		$	2,714,116
As a percentage of total assets	0.5		%	40.2		%	—		%	0.1		%	40.8		%

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 our fixed maturities at September 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 September 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 September 30, 2018, the Company has other investments of $19,032 (December 31, 2017 - $1,500) including investments in lending vehicles as well as investments 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. During the three and nine months ended September 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:



	September 30, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	974,947	$	962,860	$	1,037,464	$	1,065,245
HTM – municipal bonds	57,938		56,881		60,337		60,381
Total financial assets	$	1,032,885	$	1,019,741	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	75,812	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		124,135		152,500		149,029
Total financial liabilities	$	262,500	$	199,947	$	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

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The goodwill and intangible assets are assigned to our Diversified Reinsurance segment. The following table shows the change in the carrying value of goodwill and intangible assets held:



	Goodwill			Intangible Assets			Total
December 31, 2016	$	57,192		$	20,523		$	77,715
Amortization	—			(2,132		)	(2,132		)
December 31, 2017	$	57,192		$	18,391		$	75,583
Amortization	—			(1,387		)	(1,387		)
Impairment losses	(57,192		)	(17,004		)	(74,196		)
September 30, 2018	$	—		$	—		$	—

The goodwill and intangible assets are subject to annual impairment testing on October 1 or when “triggering events” occur or circumstances change that could potentially reduce the fair value of a reporting unit below its carrying amount. Goodwill is considered impaired if the carrying amount of the reporting unit exceeds the fair value.

The announced sale of our U.S. treaty reinsurance operations resulted in a triggering event and consequently during the three and nine months ended September 30, 2018, the Company has written off the remaining balance of goodwill and intangible assets. The goodwill and intangible assets were deemed to be permanently impaired due to the sale of the U.S. treaty reinsurance renewal rights and the anticipated sale of the U.S. Diversified Reinsurance business. Please refer to "Note 8. Discontinued Operations" for further details of this disposal. The Company recognized an impairment loss of $74,196 as a result of these dispositions, which is presented in the Condensed Consolidated Statements of Income as part of the loss from discontinued operations for the three and nine months ended September 30, 2018. No impairment was recorded during the same periods in 2017.

The following tables show the analysis of goodwill and intangible assets classified as held for sale at September 30, 2018 and December 31, 2017 (please refer to "Note 8. Discontinued Operations" for further details):



September 30, 2018	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(58,992	)	$	—	Indefinite
State licenses	4,527		—			(4,527		)	—		Indefinite
Customer relationships	51,400		(38,923		)	(12,477		)	—		15 years double declining
Net balance	$	114,919	$	(38,923	)	$	(75,996	)	$	—



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

- Definition

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

+ References + Details

Long-Term Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At September 30, 2018 and December 31, 2017, Maiden Holdings and its wholly owned subsidiary, Maiden NA, 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 obligations of the Company. As discussed in "Note 1. Basis of Presentation", the transactions contemplated by the Master Transaction Agreement are expected to close in the fourth quarter of 2018 subject to regulatory approvals and customary closing conditions. The Company’s current analysis indicates that the conditions to redeem the 2013 Senior Notes as stipulated by the securities may exist. Should final analysis support such a conclusion, the Company expects to redeem all of the $152,500 2013 Senior Notes at that time pursuant to the terms of the underlying securities.

7. Long-Term Debt (continued)

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



September 30, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,622			4,238			7,860
Carrying value	$	106,378		$	148,262		$	254,640

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 nine months ended September 30, 2018 was $4,776 and $14,329, respectively (2017 - $4,776 and $18,218, respectively) of which $1,342 was accrued at September 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 nine months ended September 30, 2018 was $53 and $158, respectively (2017 - $53 and $212, 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 nine months ended September 30, 2017.

Discontinued Operations

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Sale of U.S. Treaty Reinsurance operations

As described in "Note 1. Basis of Presentation", on August 29, 2018, the Company entered into a Renewal Rights transaction with TransRe. The Company continues to earn premiums and remain liable for losses occurring subsequent to August 29, 2018 for any policies in force prior to and as of August 29, 2018, until those policies expire. Subsequently, on August 31, 2018, the Company entered into a Master Transaction Agreement with Enstar.

The Company estimated the fair value of the net assets held for sale to be based on the estimated selling price less costs to sell and was classified as Level 2 within the fair value hierarchy as of September 30, 2018. The classes of assets and liabilities to be sold and classified as held for sale as of September 30, 2018 and December 31, 2017 consist of the following:

8. Discontinued Operations (continued)



	September 30, 2018		December 31, 2017
	(Unaudited)
ASSETS
Fixed maturities, available-for-sale, at fair value	$	1,153,793	$	1,336,854
Cash and cash equivalents	16,723		13,449
Restricted cash and cash equivalents	34,956		28,679
Accrued investment income	6,575		6,195
Reinsurance balances receivable, net	227,454		272,549
Reinsurance recoverable on unpaid losses	75,197		92,728
Deferred commission and other acquisition expenses	50,532		59,393
Goodwill and intangible assets, net	—		75,583
Other assets	50,256		16,388
Total assets held for sale	$	1,615,486	$	1,901,818
LIABILITIES
Reserve for loss and loss adjustment expenses	$	1,098,119	$	1,160,526
Unearned premiums	224,794		246,156
Accrued expenses and other liabilities	16,705		42,726
Total liabilities held for sale	$	1,339,618	$	1,449,408

The following table summarizes the major classes of line items constituting the total loss from discontinued operations for the three and nine months ended September 30, 2018 and 2017, respectively, in which the results of operations of the discontinued operations are presented in the Condensed Consolidated Statements of Income:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Gross premiums written	$	130,200		$	187,971		$	492,222		$	608,835
Net premiums written	$	128,398		$	184,653		$	479,640		$	598,536
Net premiums earned	170,579			196,588			502,156			562,038
Net investment income	9,675			9,873			29,729			31,895
Net loss and loss adjustment expenses	(129,414		)	(165,121		)	(371,085		)	(454,549		)
Commission and other acquisition expenses	(44,158		)	(48,110		)	(122,109		)	(137,759		)
General and administrative expenses	(10,929		)	(4,053		)	(21,046		)	(14,091		)
Amortization of intangible assets	(462		)	(533		)	(1,387		)	(1,599		)
(Loss) income from discontinued operations before income taxes	(4,709		)	(11,356		)	16,258			(14,065		)
Loss on disposal of discontinued operations	(66,697		)	—			(66,697		)	—
Income tax benefit (expense)	306			1,448			6,103			(2,995		)
Loss from discontinued operations, net of income tax	$	(71,100	)	$	(9,908	)	$	(44,336	)	$	(17,060	)

The loss on disposal from discontinued operations for the three and nine months ended September 30, 2018 includes the impairment of goodwill and intangible assets of $74,196 that was recognized due to the sale of Maiden US partly offset by the proceeds of the sale of the Renewal Rights of $7,500. Please refer to "Note 6. Goodwill and Intangible Assets" for additional information regarding the Company's impairment of goodwill and intangible assets that was recognized during the three and nine months ended September 30, 2018.

Reserve for Loss and Loss Adjustment Expenses

9 Months Ended

Sep. 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:



	September 30, 2018		December 31, 2017
Reserve for reported loss and LAE	$	1,577,494	$	1,393,560
Reserve for losses incurred but not reported ("IBNR")	1,274,191		993,162
Reserve for loss and LAE	$	2,851,685	$	2,386,722

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



For the Nine Months Ended September 30,	2018			2017
Gross loss and LAE reserves, January 1	$	2,386,722		$	1,845,407
Less: reinsurance recoverable on unpaid losses, January 1	24,883			35,948
Net loss and LAE reserves, January 1	2,361,839			1,809,459
Net incurred losses related to:
Current year	1,073,052			979,416
Prior years	250,451			111,192
	1,323,503			1,090,608
Net paid losses related to:
Current year	(283,477		)	(273,050		)
Prior years	(555,718		)	(501,799		)
	(839,195		)	(774,849		)
Commuted recoverables	19,929			—
Effect of foreign exchange movements	(16,202		)	48,622
Net loss and LAE reserves, September 30	2,849,874			2,173,840
Reinsurance recoverable on unpaid losses, September 30	1,811			45,643
Gross loss and LAE reserves, September 30	$	2,851,685		$	2,219,483

Effective July 1, 2018, Maiden Bermuda commuted its retrocessional quota share agreements with a highly rated global insurer which incepted on January 1, 2015.

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 nine months ended September 30, 2018, the Company recognized approximately $212,473 and $250,451, respectively (2017 - $64,044 and $111,192, respectively) of net adverse development in both the Diversified Reinsurance and AmTrust Reinsurance segments as well as in its run-off business.

In the Diversified Reinsurance segment, the adverse prior year loss development was $671 and $1,756, respectively for the three and nine months ended September 30, 2018 (2017 - $1,079 and $8,482, respectively) primarily due to adverse prior year loss development in facultative reinsurance run-off partially offset by favorable development in International Auto.

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

In the AmTrust Reinsurance segment, the adverse prior year loss development was $210,433 and $247,326 for the three and nine months ended September 30, 2018, respectively (2017 - $61,127 and $100,872, respectively). The 2018 development was largely from Workers Compensation which represented nearly half of the adverse development and was primarily driven by accident years 2014 to 2017, and to a lesser extent, development in European hospital liability and Commercial Auto and General Liability lines of business. The development in 2017 was primarily due to Worker's Compensation, General liability as well as Commercial Auto liability lines of business for both Specialty Programs and Small Commercial Business where elevated loss activity had been observed.

Our Other category also incurred adverse prior year loss development of $1,369 for both the three and nine months ended September 30, 2018 (2017 - $1,838 and $1,838, respectively) due to increased reserves in the run-off of the NGHC Quota Share Reinsurance Agreement.

Related Party Transactions

9 Months Ended

Sep. 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. Leah Karfunkel and George Karfunkel are directors of AmTrust, and Barry Zyskind is the president, chief executive officer 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 five months prior to July 1, 2019 or 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. 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.

Effective July 1, 2018, the amount AEL cedes to the Company was reduced to 20%.

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 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.

10. Related Party Transactions (continued)

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 nine months ended September 30, 2018 and 2017:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Gross and net premiums written	$	452,795		$	420,019		$	1,518,208		$	1,575,677
Net premiums earned	491,613			451,372			1,472,614			1,492,948
Net loss and LAE	(579,240		)	(364,574		)	(1,275,723		)	(1,080,480		)
Commission expenses	(152,511		)	(138,171		)	(456,861		)	(460,667		)

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 September 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 September 30, 2018 was approximately $3,351,365 (December 31, 2017 - $3,328,757) and the accrued interest was $22,391 (December 31, 2017 - $20,830). Please refer to "Note 4. (e) Investments" for additional information.

b) European Hospital Liability Quota Share

AEL requested that Maiden Bermuda provide collateral to secure its proportional share under the European Hospital Liability Quota Share agreement. Please refer to "Note 4. (e) Investments" for additional information.

Brokerage Agreement

Effective July 1, 2007, the Company entered into a reinsurance brokerage agreement with AII Reinsurance Broker Ltd. ("AIIB"), a wholly owned subsidiary of AmTrust. Pursuant to the brokerage agreement, AIIB provides brokerage services relating to the Reinsurance Agreement and the European Hospital Liability Quota Share agreement for a fee equal to 1.25% of the premium assumed. AIIB is not the Company's exclusive broker. The agreement may be terminated upon 30 days written notice by either party. Maiden Bermuda recorded approximately $6,145 and $18,408 of reinsurance brokerage expense for the three and nine months ended September 30, 2018, respectively (2017 - $5,642 and $18,662, respectively) and deferred reinsurance brokerage of $15,297 at September 30, 2018 (December 31, 2017 - $14,741) as a result of this agreement.

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM has agreed to provide investment management services to the Company. Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125% of the average value of the account. Prior to that date, the fee was payable at a rate of 0.0375%. The agreement may be terminated upon 30 days written notice by either party. The Company recorded approximately $1,055 and $3,137 of investment management fees for the three and nine months ended September 30, 2018, respectively (2017 - $1,927 and $5,586, respectively) as a result of this agreement.

10. Related Party Transactions (continued)

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 nine months ended September 30, 2018, the Company recorded an expense of $21 and $54, respectively (2017 - $0 and $39, respectively) for the use of the aircraft.

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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


a)	Concentrations of Credit Risk

At September 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 (presented as part of other assets in the Condensed Consolidated Balance Sheet).

The Company's reinsurance recoverable on unpaid losses balance at September 30, 2018 was $1,811 (December 31, 2017 - $24,883). At September 30, 2018, 94.6% (December 31, 2017 - 99.5%) 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 September 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 September 30, 2018 will be fully collectible.


b)	Concentrations of Revenue

During the three and nine months ended September 30, 2018, our gross premiums written from AmTrust accounted for $452,795 or 93.5% and $1,518,208 or 93.2%, respectively, of our total gross premiums written (2017 – $420,019 or 94.8% and $1,575,677 or 95.5%, respectively).


c)	Dividends Declared

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


d)	Redemption of 2013 Senior Notes

As discussed in "Note 1. Basis of Presentation", the transactions contemplated by the Master Transaction Agreement are expected to close in the fourth quarter of 2018 subject to regulatory approvals and customary closing conditions. The Company's current analysis indicates that the conditions to redeem the 2013 Senior Notes as stipulated by the securities may exist. Should final analysis support such a conclusion, the Company expects to redeem all of the $152,500 2013 Senior Notes at that time pursuant to the terms of the underlying securities.


e)	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,

11. Commitments and Contingencies (continued)

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

9 Months Ended

Sep. 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 September 30,	2018			2017
Numerator:
Net loss from continuing operations	$	(229,132	)	$	(45,146	)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(62		)	3
Net loss attributable to Maiden from continuing operations	(229,194		)	(45,143		)
Loss from discontinued operations, net of income tax expense	(71,100		)	(9,908		)
Net loss attributable to Maiden	(300,294		)	(55,051		)
Dividends on preference shares – Series A, C and D	(8,545		)	(8,545		)
Amount allocated to participating common shareholders⁽¹⁾	(8		)	(6		)
Net loss allocated to Maiden common shareholders	$	(308,847	)	$	(63,602	)
Denominator:
Weighted average number of common shares – basic and diluted	83,089,172			85,859,201
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders	$	(2.86	)	$	(0.62	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.86		)	(0.12		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(3.72	)	$	(0.74	)



For the Nine Months Ended September 30,	2018			2017
Numerator:
Net loss from continuing operations	$	(230,873	)	$	(27,828	)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(180		)	34
Net loss attributable to Maiden from continuing operations	(231,053		)	(27,794		)
Loss from discontinued operations, net of income tax expense	(44,336		)	(17,060		)
Net loss attributable to Maiden	(275,389		)	(44,854		)
Dividends on preference shares – Series A, C and D	(25,636		)	(20,611		)
Amount allocated to participating common shareholders⁽¹⁾	(17		)	(17		)
Net loss allocated to Maiden common shareholders	$	(301,042	)	$	(65,482	)
Denominator:
Weighted average number of common shares – basic and diluted	83,085,441			86,256,481
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders	$	(3.09	)	$	(0.56	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.53		)	(0.20		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(3.62	)	$	(0.76	)

(1)

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

Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity


a)	Common Shares

At September 30, 2018, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,932,287 common shares, of which 82,942,737 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,467,713 are undesignated at September 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 nine months ended September 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 three and nine months ended September 30, 2018, 205,000 shares (2017 - 2,015,700) were repurchased on the open market at an average price per share of $3.31 (2017- $7.11) under the Company's share repurchase plan which has a remaining authorization of $74,245 at September 30, 2018 (December 31, 2017 - $74,924).


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 September 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(96,107	)	$	(918	)	$	(97,025	)
Other comprehensive (loss) income before reclassifications	(24,656		)	4,458			(20,198		)
Amounts reclassified from AOCI to net income, net of tax	785			—			785
Net current period other comprehensive (loss) income	(23,871		)	4,458			(19,413		)
Ending balance	(119,978		)	3,540			(116,438		)
Less: AOCI attributable to noncontrolling interest	—			(69		)	(69		)
Ending balance, Maiden shareholders	$	(119,978	)	$	3,609		$	(116,369	)

For the Three Months Ended September 30, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	27,866		$	7,629		$	35,495
Other comprehensive income (loss) before reclassifications	24,994			(10,828		)	14,166
Amounts reclassified from AOCI to net income, net of tax	(3,650		)	—			(3,650		)
Net current period other comprehensive income (loss)	21,344			(10,828		)	10,516
Ending balance	49,210			(3,199		)	46,011
Less: AOCI attributable to noncontrolling interest	—			(68		)	(68		)
Ending balance, Maiden shareholders	$	49,210		$	(3,131	)	$	46,079

13. Shareholders' Equity (continued)



For the Nine Months Ended September 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	(141,907		)	12,123			(129,784		)
Amounts reclassified from AOCI to net income, net of tax	40			—			40
Net current period other comprehensive (loss) income	(141,867		)	12,123			(129,744		)
Ending balance	(119,978		)	3,540			(116,438		)
Less: AOCI attributable to noncontrolling interest	—			(69		)	(69		)
Ending balance, Maiden shareholders	$	(119,978	)	$	3,609		$	(116,369	)

For the Nine Months Ended September 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	68,803			(38,803		)	30,000
Amounts reclassified from AOCI to net income, net of tax	1,123			—			1,123
Net current period other comprehensive income (loss)	69,926			(38,803		)	31,123
Ending balance	49,210			(3,199		)	46,011
Less: AOCI attributable to noncontrolling interest	—			(68		)	(68		)
Ending balance, Maiden shareholders	$	49,210		$	(3,131	)	$	46,079

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 9, 2018, the Company signed an agreement ("Enstar Master Agreement") with Enstar, pursuant to which, an Enstar subsidiary would enter into a retrocession agreement to effect a loss portfolio transfer in which the Enstar subsidiary would assume all of the liabilities for loss reserves as of June 30, 2018 associated with the quota share reinsurance agreements that Maiden Bermuda has with AmTrust or its subsidiaries. Enstar will assume $2,675,000 of net loss and loss adjustment expense reserves upon closing, subject to adjustment for paid losses since June 30, 2018. The transaction is subject to regulatory approvals and other closing conditions. Both of the Company’s current quota share reinsurance contracts with AmTrust remain in-force. As previously disclosed in "Note 10. Related Party Transactions", the Company and AmTrust have mutually agreed to extend the notice period of non-renewal for the current Master Agreement until January 31, 2019.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2018
Accounting Policies [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 including as discussed below. 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 nine months ended September 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 Condensed 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 condensed 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. 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"). 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 $465 of net unrealized losses and $358 of net unrealized gains on our investments in limited partnerships within net income during the three and nine months ended September 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. 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 2. Significant Accounting Policies (continued) 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 any 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 Issued 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 2018-11 for targeted improvements related to Update 2016-02 which provides entities with an additional transition method to apply the new standard. Under the new optional transition method, an entity initially applies ASC 842 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Updates related to Topic 842 become effective for the Company during the first quarter of 2019 and will be applied using a modified retrospective approach. The Company intends to elect the new transition method permitted by ASU No. 2018-11. The Company's future minimum lease payments, which represent minimum annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases, and which will be subject to this new guidance, will be recorded on the Company's consolidated balance sheets as a lease liability with a corresponding right-of-use asset. However, under this guidance, the Company shall continue to recognize the related leasing expense within net income. Therefore, adoption of this standard will impact the Company’s consolidated balance sheets but is not expected to have a material impact on the Company’s results of operations or cash flows. 2. Significant Accounting Policies (continued) Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13 for changes to the disclosure framework related to Topic 820 which amends the disclosure requirements for fair value measurement. The following disclosure requirements were removed from Topic 820: (i) amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) policy for timing of transfers between levels, and (iii) valuation processes for Level 3 fair value measurements. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820: (i) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (ii) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. These amendments only impact disclosures made in "Note 5. Fair Value Measurements" therefore, the adoption of this standard will not impact the Company’s consolidated balance sheets, results of operations or cash flows.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Underwriting results of operating segments

3. Segment Information (continued)



For the Three Months Ended September 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	31,699		$	452,795		$	—		$	484,494
Net premiums written	$	31,291		$	451,515		$	—		$	482,806
Net premiums earned	$	28,784		$	491,293		$	—		$	520,077
Other insurance revenue	1,870			—			—			1,870
Net loss and loss adjustment expenses ("loss and LAE")	(19,764		)	(579,163		)	(1,369		)	(600,296		)
Commission and other acquisition expenses	(8,961		)	(158,657		)	—			(167,618		)
General and administrative expenses	(4,256		)	(952		)	—			(5,208		)
Underwriting loss	$	(2,327	)	$	(247,479	)	$	(1,369	)	(251,175		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										34,194
Total other-than-temporary impairment losses										(479		)
Interest and amortization expenses										(4,829		)
Foreign exchange losses										(552		)
Other general and administrative expenses										(13,728		)
Income tax benefit										7,437
Net loss from continuing operations										$	(229,132	)

Net loss and LAE ratio⁽¹⁾	64.5		%	117.9		%				115.0		%
Commission and other acquisition expense ratio⁽²⁾	29.2		%	32.3		%				32.1		%
General and administrative expense ratio⁽³⁾	13.9		%	0.2		%				3.6		%
Expense ratio⁽⁴⁾	43.1		%	32.5		%				35.7		%
Combined ratio⁽⁵⁾	107.6		%	150.4		%				150.7		%

3. Segment Information (continued)



For the Three Months Ended September 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	22,982		$	420,019		$	—		$	443,001
Net premiums written	$	22,484		$	410,193		$	—		$	432,677
Net premiums earned	$	20,925		$	436,353		$	—		$	457,278
Other insurance revenue	2,488			—			—			2,488
Net loss and LAE	(13,979		)	(355,030		)	(1,838		)	(370,847		)
Commission and other acquisition expenses	(6,702		)	(138,650		)	—			(145,352		)
General and administrative expenses	(4,158		)	(771		)	—			(4,929		)
Underwriting loss	$	(1,426	)	$	(58,098	)	$	(1,838	)	(61,362		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										36,809
Interest and amortization expenses										(4,829		)
Foreign exchange losses										(3,550		)
Other general and administrative expenses										(10,510		)
Income tax expense										(1,704		)
Net loss from continuing operations										$	(45,146	)

Net loss and LAE ratio⁽¹⁾	59.7		%	81.4		%				80.6		%
Commission and other acquisition expense ratio⁽²⁾	28.6		%	31.7		%				31.6		%
General and administrative expense ratio⁽³⁾	17.8		%	0.2		%				3.4		%
Expense ratio⁽⁴⁾	46.4		%	31.9		%				35.0		%
Combined ratio⁽⁵⁾	106.1		%	113.3		%				115.6		%

3. Segment Information (continued)



For the Nine Months Ended September 30, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	111,139		$	1,518,208		$	—		$	1,629,347
Net premiums written	$	109,279		$	1,517,206		$	—		$	1,626,485
Net premiums earned	$	82,838		$	1,458,440		$	—		$	1,541,278
Other insurance revenue	7,629			—			—			7,629
Net loss and LAE	(51,828		)	(1,270,306		)	(1,369		)	(1,323,503		)
Commission and other acquisition expenses	(28,261		)	(468,765		)	—			(497,026		)
General and administrative expenses	(13,330		)	(2,954		)	—			(16,284		)
Underwriting loss	$	(2,952	)	$	(283,585	)	$	(1,369	)	(287,906		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										101,266
Total other-than-temporary impairment losses										(479		)
Interest and amortization expenses										(14,487		)
Foreign exchange gains										1,862
Other general and administrative expenses										(32,059		)
Income tax benefit										930
Net loss from continuing operations										$	(230,873	)

Net loss and LAE ratio⁽¹⁾	57.3		%	87.1		%				85.5		%
Commission and other acquisition expense ratio⁽²⁾	31.3		%	32.1		%				32.1		%
General and administrative expense ratio⁽³⁾	14.7		%	0.2		%				3.1		%
Expense ratio⁽⁴⁾	46.0		%	32.3		%				35.2		%
Combined ratio⁽⁵⁾	103.3		%	119.4		%				120.7		%

3. Segment Information (continued)



For the Nine Months Ended September 30, 2017	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	75,085		$	1,575,677		$	—		$	1,650,762
Net premiums written	$	73,434		$	1,529,980		$	—		$	1,603,414
Net premiums earned	$	61,626		$	1,450,811		$	—		$	1,512,437
Other insurance revenue	7,816			—			—			7,816
Net loss and LAE	(41,548		)	(1,047,222		)	(1,838		)	(1,090,608		)
Commission and other acquisition expenses	(21,982		)	(465,789		)	—			(487,771		)
General and administrative expenses	(11,831		)	(2,240		)	—			(14,071		)
Underwriting loss	$	(5,919	)	$	(64,440	)	$	(1,838	)	(72,197		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										99,913
Interest and amortization expenses										(18,430		)
Accelerated amortization of senior note issuance cost										(2,809		)
Foreign exchange losses										(12,193		)
Other general and administrative expenses										(24,090		)
Income tax benefit										1,978
Net loss from continuing operations										$	(27,828	)

Net loss and LAE ratio⁽¹⁾	59.8		%	72.2		%				71.7		%
Commission and other acquisition expense ratio⁽²⁾	31.7		%	32.1		%				32.1		%
General and administrative expense ratio⁽³⁾	17.0		%	0.1		%				2.5		%
Expense ratio⁽⁴⁾	48.7		%	32.2		%				34.6		%
Combined ratio⁽⁵⁾	108.5		%	104.4		%				106.3		%


(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 September 30, 2018 and December 31, 2017:



September 30, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	180,676	$	4,297,992	$	4,478,668
Corporate assets	—		—		442,347
Assets held for sale	—		—		1,615,486
Total Assets	$	180,676	$	4,297,992	$	6,536,501

December 31, 2017	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	167,638	$	4,258,607	$	4,426,245
Corporate assets	—		—		316,126
Assets held for sale	—		—		1,901,818
Total Assets	$	167,638	$	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 nine months ended September 30, 2018 and 2017:



For the Three Months Ended September 30,	2018				2017
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	31,291	6.5	%	$	22,503		5.2	%
Casualty	—		—	%	(19		)	—	%
Total Diversified Reinsurance	31,291		6.5	%	22,484			5.2	%
AmTrust Reinsurance
Small Commercial Business	232,163		48.1	%	295,499			68.3	%
Specialty Program	94,077		19.5	%	63,816			14.7	%
Specialty Risk and Extended Warranty	125,275		25.9	%	50,878			11.8	%
Total AmTrust Reinsurance	451,515		93.5	%	410,193			94.8	%
Total Net Premiums Written	$	482,806	100.0	%	$	432,677		100.0	%



For the Nine Months Ended September 30,	2018				2017
Net premiums written	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	109,238	6.7	%	$	73,475		4.6	%
Casualty	41		—	%	(41		)	—	%
Total Diversified Reinsurance	109,279		6.7	%	73,434			4.6	%
AmTrust Reinsurance
Small Commercial Business	879,403		54.1	%	1,028,905			64.2	%
Specialty Program	286,404		17.6	%	255,767			15.9	%
Specialty Risk and Extended Warranty	351,399		21.6	%	245,308			15.3	%
Total AmTrust Reinsurance	1,517,206		93.3	%	1,529,980			95.4	%
Total Net Premiums Written	$	1,626,485	100.0	%	$	1,603,414		100.0	%

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



For the Three Months Ended September 30,	2018				2017
Net premiums earned	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	28,784	5.5	%	$	20,943		4.6	%
Casualty	—		—	%	(18		)	—	%
Total Diversified Reinsurance	28,784		5.5	%	20,925			4.6	%
AmTrust Reinsurance
Small Commercial Business	273,456		52.6	%	314,773			68.8	%
Specialty Program	98,359		18.9	%	59,143			12.9	%
Specialty Risk and Extended Warranty	119,478		23.0	%	62,437			13.7	%
Total AmTrust Reinsurance	491,293		94.5	%	436,353			95.4	%
Total Net Premiums Earned	$	520,077	100.0	%	$	457,278		100.0	%

3. Segment Information (continued)



For the Nine Months Ended September 30,	2018				2017
Net premiums earned	Total		% of Total		Total			% of Total
Diversified Reinsurance
International	$	82,797	5.4	%	$	61,667		4.1	%
Casualty	41		—	%	(41		)	—	%
Total Diversified Reinsurance	82,838		5.4	%	61,626			4.1	%
AmTrust Reinsurance
Small Commercial Business	882,679		57.3	%	946,782			62.6	%
Specialty Program	283,592		18.4	%	251,153			16.6	%
Specialty Risk and Extended Warranty	292,169		18.9	%	252,876			16.7	%
Total AmTrust Reinsurance	1,458,440		94.6	%	1,450,811			95.9	%
Total Net Premiums Earned	$	1,541,278	100.0	%	$	1,512,437		100.0	%

Investments (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Investments [Abstract]

Original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities at September 30, 2018 and December 31, 2017 are as follows:



September 30, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	125	$	—	$	(1	)	$	124
U.S. agency bonds – mortgage-backed	1,484,434		830		(58,068		)	1,427,196
U.S. agency bonds – other	24,870		—		(1,180		)	23,690
Non-U.S. government and supranational bonds	22,550		122		(1,827		)	20,845
Asset-backed securities	226,652		552		(2,000		)	225,204
Corporate bonds	1,108,620		8,834		(32,960		)	1,084,494
Total AFS fixed maturities	2,867,251		10,338		(96,036		)	2,781,553
Held-to-maturity ("HTM") fixed maturities:
Corporate bonds	974,947		6,103		(18,190		)	962,860
Municipal bonds	57,938		—		(1,057		)	56,881
Total HTM fixed maturities	1,032,885		6,103		(19,247		)	1,019,741
Total fixed maturity investments	$	3,900,136	$	16,441	$	(115,283	)	$	3,801,294



December 31, 2017	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	35,093	$	4	$	—		$	35,097
U.S. agency bonds – mortgage-backed	1,475,682		6,181		(13,723		)	1,468,140
U.S. agency bonds – other	19,868		—		(149		)	19,719
Non-U.S. government and supranational bonds	32,380		231		(1,713		)	30,898
Asset-backed securities	225,015		3,457		(79		)	228,393
Corporate bonds	911,259		28,423		(14,413		)	925,269
Total AFS fixed maturities	2,699,297		38,296		(30,077		)	2,707,516
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	$	3,797,098	$	67,118	$	(31,074	)	$	3,833,142

Contractual maturities of fixed maturities, available-for-sale



	AFS fixed maturities				HTM fixed maturities
September 30, 2018	Amortized cost		Fair value		Amortized cost		Fair value
Maturity
Due in one year or less	$	3,873	$	3,522	$	9,297	$	9,289
Due after one year through five years	596,895		583,069		371,750		372,294
Due after five years through ten years	555,397		542,562		651,838		638,158
	1,156,165		1,129,153		1,032,885		1,019,741
U.S. agency bonds – mortgage-backed	1,484,434		1,427,196		—		—
Asset-backed securities	226,652		225,204		—		—
Total fixed maturities	$	2,867,251	$	2,781,553	$	1,032,885	$	1,019,741

Summary of fixed maturities 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
September 30, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	124	$	(1	)	$	—	$	—		$	124	$	(1	)
U.S. agency bonds – mortgage-backed	831,457		(25,160		)	595,740		(32,908		)	1,427,197		(58,068		)
U.S. agency bonds – other	23,689		(1,180		)	—		—			23,689		(1,180		)
Non–U.S. government and supranational bonds	6,637		(148		)	14,209		(1,679		)	20,846		(1,827		)
Asset-backed securities	221,300		(1,896		)	3,904		(104		)	225,204		(2,000		)
Corporate bonds	1,793,528		(31,031		)	253,825		(20,119		)	2,047,353		(51,150		)
Municipal bonds	56,882		(1,057		)	—		—			56,882		(1,057		)
Total temporarily impaired fixed maturities	$	2,933,617	$	(60,473	)	$	867,678	$	(54,810	)	$	3,801,295	$	(115,283	)



	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. agency bonds – mortgage-backed	$	632,142	$	(5,299	)	$	327,339	$	(8,424	)	$	959,481	$	(13,723	)
U.S. agency bonds – other	19,718		(149		)	—		—			19,718		(149		)
Non-U.S. government and supranational bonds	1,909		(2		)	25,192		(1,711		)	27,101		(1,713		)
Asset-backed securities	12,408		(30		)	3,017		(49		)	15,425		(79		)
Corporate bonds	161,661		(1,557		)	290,592		(13,769		)	452,253		(15,326		)
Municipal bonds	39,492		(84		)	—		—			39,492		(84		)
Total temporarily impaired fixed maturities	$	867,330	$	(7,121	)	$	646,140	$	(23,953	)	$	1,513,470	$	(31,074	)

Summary of the credit ratings of fixed maturities

The following summarizes the credit ratings of our fixed maturities:



Ratings⁽¹⁾ at September 30, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	125	$	124	—	%
U.S. agency bonds	1,509,304		1,450,886		38.2	%
AAA	166,512		163,099		4.3	%
AA+, AA, AA-	174,111		169,207		4.4	%
A+, A, A-	1,136,634		1,113,761		29.3	%
BBB+, BBB, BBB-	851,348		839,940		22.1	%
BB+ or lower	62,102		64,277		1.7	%
Total fixed maturities	$	3,900,136	$	3,801,294	100.0	%



Ratings⁽¹⁾ at December 31, 2017	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	35,093	$	35,097	0.9	%
U.S. agency bonds	1,495,550		1,487,859		38.8	%
AAA	156,631		159,682		4.2	%
AA+, AA, AA-	146,264		147,054		3.8	%
A+, A, A-	1,089,230		1,106,430		28.9	%
BBB+, BBB, BBB-	824,351		845,244		22.1	%
BB+ or lower	49,979		51,776		1.3	%
Total fixed maturities	$	3,797,098	$	3,833,142	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:



	September 30, 2018				December 31, 2017
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	3,554	15.7	%	$	5,100	77.3	%
Other	19,032		84.3	%	1,500		22.7	%
Total other investments	$	22,586	100.0	%	$	6,600	100.0	%

Net investment income

Net investment income was derived from the following sources:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Fixed maturities	$	32,443		$	30,496		$	97,485		$	91,954
Cash and cash equivalents	905			899			1,596			1,328
Loan to related party	1,658			913			4,651			2,441
Other	471			569			1,061			1,460
	35,477			32,877			104,793			97,183
Investment expenses	(1,058		)	(1,927		)	(3,245		)	(5,586		)
Net investment income	$	34,419		$	30,950		$	101,548		$	91,597

Analysis of realized and unrealized gains (losses) on investment



For the Three Months Ended September 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	40	$	(558	)	$	(518	)
Other investments	293		—			293
Net realized gains (losses) on investment	$	333	$	(558	)	$	(225	)

For the Three Months Ended September 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	1,366	$	(997	)	$	369
Other investments	5,490		—			5,490
Net realized gains (losses) on investment	$	6,856	$	(997	)	$	5,859

For the Nine Months Ended September 30, 2018	Gross gains		Gross losses			Net
AFS fixed maturities	$	2,979	$	(5,256	)	$	(2,277	)
Other investments	1,995		—			1,995
Net realized gains (losses) on investment	$	4,974	$	(5,256	)	$	(282	)

For the Nine Months Ended September 30, 2017	Gross gains		Gross losses			Net
AFS fixed maturities	$	3,854	$	(1,253	)	$	2,601
Other investments	5,715		—			5,715
Net realized gains (losses) on investment	$	9,569	$	(1,253	)	$	8,316



For the Three Months Ended September 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	293		$	5,490
Net realized gains recognized on other investments divested during the period	(758		)	(5,490		)
Net unrealized losses recognized on other investments still held at end of period	$	(465	)	$	—

For the Nine Months Ended September 30,	2018			2017
Net gains recognized in net income on other investments during the period	$	1,995		$	5,715
Net realized gains recognized on other investments divested during the period	(1,637		)	(5,715		)
Net unrealized gains recognized on other investments still held at end of period	$	358		$	—

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

Net unrealized (losses) gains on investments, including those allocated to discontinued operations and classified as held for sale, were as follows:



	September 30, 2018			December 31, 2017
Fixed maturities	$	(119,919	)	$	20,586
Other investments	—			1,381
Total net unrealized (losses) gains	(119,919		)	21,967
Deferred income tax	(59		)	(78		)
Net unrealized (losses) gains, net of deferred income tax	$	(119,978	)	$	21,889
Change, net of deferred income tax	$	(141,867	)	$	42,605

Fair value of restricted assets

The fair value of our restricted assets was as follows:



	September 30, 2018		December 31, 2017
Restricted cash – third party agreements	$	20,884	$	21,889
Restricted cash – related party agreements	149,112		73,016
Total restricted cash	169,996		94,905
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2018 – $75,279; 2017 – $212,507)	75,233		211,331
Restricted investments AFS – in trust for related party agreements at fair value (amortized cost: 2018 – $2,515,190; 2017 – $2,281,668)	2,447,970		2,294,367
Restricted investments HTM – in trust for related party agreements at fair value (amortized cost: 2018 – $1,032,885; 2017 – $1,097,801)	1,019,741		1,125,626
Total restricted investments	3,542,944		3,631,324
Total restricted cash and investments	$	3,712,940	$	3,726,229

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

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

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



September 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	$	124		$	—		$	—		$	—		$	124
U.S. agency bonds – mortgage-backed	—			1,427,196			—			—			1,427,196
U.S. agency bonds – other	—			23,690			—			—			23,690
Non-U.S. government and supranational bonds	—			20,845			—			—			20,845
Asset-backed securities	—			225,204			—			—			225,204
Corporate bonds	—			1,084,494			—			—			1,084,494
Other investments	—			—			19,032			3,554			22,586
Total	$	124		$	2,781,429		$	19,032		$	3,554		$	2,804,139
As a percentage of total assets	—		%	42.6		%	0.3		%	0.1		%	43.0		%

5. Fair Value of Financial Instruments (continued)



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	$	35,097		$	—		$	—		$	—		$	35,097
U.S. agency bonds – mortgage-backed	—			1,468,140			—			—			1,468,140
U.S. agency bonds – other	—			19,719			—			—			19,719
Non-U.S. government and supranational bonds	—			30,898			—			—			30,898
Asset-backed securities	—			228,393			—			—			228,393
Corporate bonds	—			925,269			—			—			925,269
Other investments	—			—			1,500			5,100			6,600
Total	$	35,097		$	2,672,419		$	1,500		$	5,100		$	2,714,116
As a percentage of total assets	0.5		%	40.2		%	—		%	0.1		%	40.8		%

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:



	September 30, 2018				December 31, 2017
Financial Assets	Carrying Value		Fair Value		Carrying Value		Fair Value
HTM – corporate bonds	$	974,947	$	962,860	$	1,037,464	$	1,065,245
HTM – municipal bonds	57,938		56,881		60,337		60,381
Total financial assets	$	1,032,885	$	1,019,741	$	1,097,801	$	1,125,626

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	75,812	$	110,000	$	101,200
Senior Notes - MHNC – 7.75%	152,500		124,135		152,500		149,029
Total financial liabilities	$	262,500	$	199,947	$	262,500	$	250,229

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets held and held for sale



September 30, 2018	Gross		Accumulated Amortization			Accumulated Impairment			Net		Useful Life
Goodwill	$	58,992	$	—		$	(58,992	)	$	—	Indefinite
State licenses	4,527		—			(4,527		)	—		Indefinite
Customer relationships	51,400		(38,923		)	(12,477		)	—		15 years double declining
Net balance	$	114,919	$	(38,923	)	$	(75,996	)	$	—



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

The following table shows the change in the carrying value of goodwill and intangible assets held:



	Goodwill			Intangible Assets			Total
December 31, 2016	$	57,192		$	20,523		$	77,715
Amortization	—			(2,132		)	(2,132		)
December 31, 2017	$	57,192		$	18,391		$	75,583
Amortization	—			(1,387		)	(1,387		)
Impairment losses	(57,192		)	(17,004		)	(74,196		)
September 30, 2018	$	—		$	—		$	—

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of outstanding senior notes issuances

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



September 30, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,622			4,238			7,860
Carrying value	$	106,378		$	148,262		$	254,640

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

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of disposal groups, including discontinued operations, balance sheet, income statement disclosures

The classes of assets and liabilities to be sold and classified as held for sale as of September 30, 2018 and December 31, 2017 consist of the following:

8. Discontinued Operations (continued)



	September 30, 2018		December 31, 2017
	(Unaudited)
ASSETS
Fixed maturities, available-for-sale, at fair value	$	1,153,793	$	1,336,854
Cash and cash equivalents	16,723		13,449
Restricted cash and cash equivalents	34,956		28,679
Accrued investment income	6,575		6,195
Reinsurance balances receivable, net	227,454		272,549
Reinsurance recoverable on unpaid losses	75,197		92,728
Deferred commission and other acquisition expenses	50,532		59,393
Goodwill and intangible assets, net	—		75,583
Other assets	50,256		16,388
Total assets held for sale	$	1,615,486	$	1,901,818
LIABILITIES
Reserve for loss and loss adjustment expenses	$	1,098,119	$	1,160,526
Unearned premiums	224,794		246,156
Accrued expenses and other liabilities	16,705		42,726
Total liabilities held for sale	$	1,339,618	$	1,449,408



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Gross premiums written	$	130,200		$	187,971		$	492,222		$	608,835
Net premiums written	$	128,398		$	184,653		$	479,640		$	598,536
Net premiums earned	170,579			196,588			502,156			562,038
Net investment income	9,675			9,873			29,729			31,895
Net loss and loss adjustment expenses	(129,414		)	(165,121		)	(371,085		)	(454,549		)
Commission and other acquisition expenses	(44,158		)	(48,110		)	(122,109		)	(137,759		)
General and administrative expenses	(10,929		)	(4,053		)	(21,046		)	(14,091		)
Amortization of intangible assets	(462		)	(533		)	(1,387		)	(1,599		)
(Loss) income from discontinued operations before income taxes	(4,709		)	(11,356		)	16,258			(14,065		)
Loss on disposal of discontinued operations	(66,697		)	—			(66,697		)	—
Income tax benefit (expense)	306			1,448			6,103			(2,995		)
Loss from discontinued operations, net of income tax	$	(71,100	)	$	(9,908	)	$	(44,336	)	$	(17,060	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:



	September 30, 2018		December 31, 2017
Reserve for reported loss and LAE	$	1,577,494	$	1,393,560
Reserve for losses incurred but not reported ("IBNR")	1,274,191		993,162
Reserve for loss and LAE	$	2,851,685	$	2,386,722

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



For the Nine Months Ended September 30,	2018			2017
Gross loss and LAE reserves, January 1	$	2,386,722		$	1,845,407
Less: reinsurance recoverable on unpaid losses, January 1	24,883			35,948
Net loss and LAE reserves, January 1	2,361,839			1,809,459
Net incurred losses related to:
Current year	1,073,052			979,416
Prior years	250,451			111,192
	1,323,503			1,090,608
Net paid losses related to:
Current year	(283,477		)	(273,050		)
Prior years	(555,718		)	(501,799		)
	(839,195		)	(774,849		)
Commuted recoverables	19,929			—
Effect of foreign exchange movements	(16,202		)	48,622
Net loss and LAE reserves, September 30	2,849,874			2,173,840
Reinsurance recoverable on unpaid losses, September 30	1,811			45,643
Gross loss and LAE reserves, September 30	$	2,851,685		$	2,219,483

Related Party Transactions (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2018 and 2017:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Gross and net premiums written	$	452,795		$	420,019		$	1,518,208		$	1,575,677
Net premiums earned	491,613			451,372			1,472,614			1,492,948
Net loss and LAE	(579,240		)	(364,574		)	(1,275,723		)	(1,080,480		)
Commission expenses	(152,511		)	(138,171		)	(456,861		)	(460,667		)

Earnings per Common Share (Tables)

9 Months Ended

Sep. 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 September 30,	2018			2017
Numerator:
Net loss from continuing operations	$	(229,132	)	$	(45,146	)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(62		)	3
Net loss attributable to Maiden from continuing operations	(229,194		)	(45,143		)
Loss from discontinued operations, net of income tax expense	(71,100		)	(9,908		)
Net loss attributable to Maiden	(300,294		)	(55,051		)
Dividends on preference shares – Series A, C and D	(8,545		)	(8,545		)
Amount allocated to participating common shareholders⁽¹⁾	(8		)	(6		)
Net loss allocated to Maiden common shareholders	$	(308,847	)	$	(63,602	)
Denominator:
Weighted average number of common shares – basic and diluted	83,089,172			85,859,201
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders	$	(2.86	)	$	(0.62	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.86		)	(0.12		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(3.72	)	$	(0.74	)



For the Nine Months Ended September 30,	2018			2017
Numerator:
Net loss from continuing operations	$	(230,873	)	$	(27,828	)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(180		)	34
Net loss attributable to Maiden from continuing operations	(231,053		)	(27,794		)
Loss from discontinued operations, net of income tax expense	(44,336		)	(17,060		)
Net loss attributable to Maiden	(275,389		)	(44,854		)
Dividends on preference shares – Series A, C and D	(25,636		)	(20,611		)
Amount allocated to participating common shareholders⁽¹⁾	(17		)	(17		)
Net loss allocated to Maiden common shareholders	$	(301,042	)	$	(65,482	)
Denominator:
Weighted average number of common shares – basic and diluted	83,085,441			86,256,481
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders	$	(3.09	)	$	(0.56	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.53		)	(0.20		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(3.62	)	$	(0.76	)

(1)

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

Shareholders' Equity (Tables)

9 Months Ended

Sep. 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 September 30, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(96,107	)	$	(918	)	$	(97,025	)
Other comprehensive (loss) income before reclassifications	(24,656		)	4,458			(20,198		)
Amounts reclassified from AOCI to net income, net of tax	785			—			785
Net current period other comprehensive (loss) income	(23,871		)	4,458			(19,413		)
Ending balance	(119,978		)	3,540			(116,438		)
Less: AOCI attributable to noncontrolling interest	—			(69		)	(69		)
Ending balance, Maiden shareholders	$	(119,978	)	$	3,609		$	(116,369	)

For the Three Months Ended September 30, 2017	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	27,866		$	7,629		$	35,495
Other comprehensive income (loss) before reclassifications	24,994			(10,828		)	14,166
Amounts reclassified from AOCI to net income, net of tax	(3,650		)	—			(3,650		)
Net current period other comprehensive income (loss)	21,344			(10,828		)	10,516
Ending balance	49,210			(3,199		)	46,011
Less: AOCI attributable to noncontrolling interest	—			(68		)	(68		)
Ending balance, Maiden shareholders	$	49,210		$	(3,131	)	$	46,079

13. Shareholders' Equity (continued)



For the Nine Months Ended September 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	(141,907		)	12,123			(129,784		)
Amounts reclassified from AOCI to net income, net of tax	40			—			40
Net current period other comprehensive (loss) income	(141,867		)	12,123			(129,744		)
Ending balance	(119,978		)	3,540			(116,438		)
Less: AOCI attributable to noncontrolling interest	—			(69		)	(69		)
Ending balance, Maiden shareholders	$	(119,978	)	$	3,609		$	(116,369	)

For the Nine Months Ended September 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	68,803			(38,803		)	30,000
Amounts reclassified from AOCI to net income, net of tax	1,123			—			1,123
Net current period other comprehensive income (loss)	69,926			(38,803		)	31,123
Ending balance	49,210			(3,199		)	46,011
Less: AOCI attributable to noncontrolling interest	—			(68		)	(68		)
Ending balance, Maiden shareholders	$	49,210		$	(3,131	)	$	46,079

Basis of Presentation (Details) - USD ($)	3 Months Ended		9 Months Ended
Basis of Presentation (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Aug. 31, 2018	Aug. 29, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss and loss adjustment expenses	$ 2,851,685,000	$ 2,219,483,000	$ 2,851,685,000	$ 2,219,483,000			$ 2,386,722,000	$ 1,845,407,000
Renewal Rights Sale \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds of sale	$ 7,500,000		$ 7,500,000			$ 7,500,000
Maiden US Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds of sale					$ 321,500,000
Maximum \| Maiden Reinsurance North America, Inc. Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Adverse loss reserve development cover up, maximum					25,000,000
Maiden Reinsurance Ltd. \| Maiden Reinsurance North America, Inc. Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ceded commission payable					12,250,000
Loss and loss adjustment expenses					100,000,000
Cavello Bay Reinsurance Limited \| Maiden Reinsurance North America, Inc. Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ceded commission payable					$ 1,750,000
AmTrust Reinsurance \| Gross premiums written \| Segment concentration risk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Concentration risk, percentage	93.50%	94.80%	93.20%	95.50%
Senior Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount	$ 262,500,000		$ 262,500,000				$ 262,500,000
Senior Notes \| 2013 Senior Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount	$ 152,500,000		$ 152,500,000

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	$ (465)	$ 0	$ 358	$ 0

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) Segment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 484,494	$ 443,001	$ 1,629,347	$ 1,650,762
Net premiums written	482,806	432,677	1,626,485	1,603,414
Net premiums earned	520,077	457,278	1,541,278	1,512,437
Other insurance revenue	1,870	2,488	7,629	7,816
Net loss and loss adjustment expenses (loss and LAE)	(600,296)	(370,847)	(1,323,503)	(1,090,608)
Commission and other acquisition expenses	(167,618)	(145,352)	(497,026)	(487,771)
General and administrative expenses	(5,208)	(4,929)	(16,284)	(14,071)
Underwriting loss	(251,175)	(61,362)	(287,906)	(72,197)
Reconciliation to net income
Net investment income and realized gains on investment	34,194	36,809	101,266	99,913
Total other-than-temporary impairment losses	(479)	0	(479)	0
Interest and amortization expenses	(4,829)	(4,829)	(14,487)	(18,430)
Accelerated amortization of senior note issuance cost	0	0	0	(2,809)
Foreign exchange losses	(552)	(3,550)	1,862	(12,193)
Other general and administrative expenses	(13,728)	(10,510)	(32,059)	(24,090)
Income tax expense	7,437	(1,704)	930	1,978
Net loss from continuing operations	$ (229,132)	$ (45,146)	$ (230,873)	$ (27,828)
Net loss and LAE ratio	115.00%	80.60%	85.50%	71.70%
Commission and other acquisition expense ratio	32.10%	31.60%	32.10%	32.10%
General and administrative expense ratio	3.60%	3.40%	3.10%	2.50%
Expense ratio	35.70%	35.00%	35.20%	34.60%
Combined ratio	150.70%	115.60%	120.70%	106.30%
Assets [Abstract]
Assets held for sale	$ 1,615,486		$ 1,615,486		$ 1,901,818
Total assets	6,536,501		6,536,501		6,644,189
AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	452,795	$ 420,019	1,518,208	$ 1,575,677
Operating segments
Assets [Abstract]
Total assets - reportable segments	4,478,668		4,478,668		4,426,245
Corporate assets	442,347		442,347		316,126
Assets held for sale	1,615,486		1,615,486		1,901,818
Total assets	6,536,501		6,536,501		6,644,189
Operating segments \| Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	31,699	22,982	111,139	75,085
Net premiums written	31,291	22,484	109,279	73,434
Net premiums earned	28,784	20,925	82,838	61,626
Other insurance revenue	1,870	2,488	7,629	7,816
Net loss and loss adjustment expenses (loss and LAE)	(19,764)	(13,979)	(51,828)	(41,548)
Commission and other acquisition expenses	(8,961)	(6,702)	(28,261)	(21,982)
General and administrative expenses	(4,256)	(4,158)	(13,330)	(11,831)
Underwriting loss	$ (2,327)	$ (1,426)	$ (2,952)	$ (5,919)
Reconciliation to net income
Net loss and LAE ratio	64.50%	59.70%	57.30%	59.80%
Commission and other acquisition expense ratio	29.20%	28.60%	31.30%	31.70%
General and administrative expense ratio	13.90%	17.80%	14.70%	17.00%
Expense ratio	43.10%	46.40%	46.00%	48.70%
Combined ratio	107.60%	106.10%	103.30%	108.50%
Assets [Abstract]
Total assets - reportable segments	$ 180,676		$ 180,676		167,638
Corporate assets	0		0		0
Assets held for sale	0		0		0
Total assets	180,676		180,676		167,638
Operating segments \| AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	452,795	$ 420,019
Net premiums written	451,515	410,193	1,517,206	$ 1,529,980
Net premiums earned	491,293	436,353	1,458,440	1,450,811
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses (loss and LAE)	(579,163)	(355,030)	(1,270,306)	(1,047,222)
Commission and other acquisition expenses	(158,657)	(138,650)	(468,765)	(465,789)
General and administrative expenses	(952)	(771)	(2,954)	(2,240)
Underwriting loss	$ (247,479)	$ (58,098)	$ (283,585)	$ (64,440)
Reconciliation to net income
Net loss and LAE ratio	117.90%	81.40%	87.10%	72.20%
Commission and other acquisition expense ratio	32.30%	31.70%	32.10%	32.10%
General and administrative expense ratio	0.20%	0.20%	0.20%	0.10%
Expense ratio	32.50%	31.90%	32.30%	32.20%
Combined ratio	150.40%	113.30%	119.40%	104.40%
Assets [Abstract]
Total assets - reportable segments	$ 4,297,992		$ 4,297,992		4,258,607
Corporate assets	0		0		0
Assets held for sale	0		0		0
Total assets	4,297,992		4,297,992		$ 4,258,607
Other
Net Income (Loss) [Abstract]
Gross premiums written	0	$ 0	0	$ 0
Net premiums written	0	0	0	0
Net premiums earned	0	0	0	0
Other insurance revenue	0	0	0	0
Net loss and loss adjustment expenses (loss and LAE)	(1,369)	(1,838)	(1,369)	(1,838)
Commission and other acquisition expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Underwriting loss	$ (1,369)	$ (1,838)	$ (1,369)	$ (1,838)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 482,806	$ 432,677	$ 1,626,485	$ 1,603,414
% of Total Net premiums written	100.00%	100.00%	100.00%	100.00%
Net premiums earned	$ 520,077	$ 457,278	$ 1,541,278	$ 1,512,437
% 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	$ 31,291	$ 22,484	$ 109,279	$ 73,434
% of Total Net premiums written	6.50%	5.20%	6.70%	4.60%
Net premiums earned	$ 28,784	$ 20,925	$ 82,838	$ 61,626
% of Total Net premiums earned	5.50%	4.60%	5.40%	4.10%
Operating segments \| Diversified Reinsurance \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 31,291	$ 22,503	$ 109,238	$ 73,475
% of Total Net premiums written	6.50%	5.20%	6.70%	4.60%
Net premiums earned	$ 28,784	$ 20,943	$ 82,797	$ 61,667
% of Total Net premiums earned	5.50%	4.60%	5.40%	4.10%
Operating segments \| Diversified Reinsurance \| Casualty
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (19)	$ 41	$ (41)
% of Total Net premiums written	0.00%	0.00%	0.00%	0.00%
Net premiums earned	$ 0	$ (18)	$ 41	$ (41)
% of Total Net premiums earned	0.00%	0.00%	0.00%	0.00%
Operating segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 451,515	$ 410,193	$ 1,517,206	$ 1,529,980
% of Total Net premiums written	93.50%	94.80%	93.30%	95.40%
Net premiums earned	$ 491,293	$ 436,353	$ 1,458,440	$ 1,450,811
% of Total Net premiums earned	94.50%	95.40%	94.60%	95.90%
Operating segments \| AmTrust Reinsurance \| Small Commercial Business
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 232,163	$ 295,499	$ 879,403	$ 1,028,905
% of Total Net premiums written	48.10%	68.30%	54.10%	64.20%
Net premiums earned	$ 273,456	$ 314,773	$ 882,679	$ 946,782
% of Total Net premiums earned	52.60%	68.80%	57.30%	62.60%
Operating segments \| AmTrust Reinsurance \| Specialty Program
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 94,077	$ 63,816	$ 286,404	$ 255,767
% of Total Net premiums written	19.50%	14.70%	17.60%	15.90%
Net premiums earned	$ 98,359	$ 59,143	$ 283,592	$ 251,153
% of Total Net premiums earned	18.90%	12.90%	18.40%	16.60%
Operating segments \| AmTrust Reinsurance \| Specialty Risk and Extended Warranty
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 125,275	$ 50,878	$ 351,399	$ 245,308
% of Total Net premiums written	25.90%	11.80%	21.60%	15.30%
Net premiums earned	$ 119,478	$ 62,437	$ 292,169	$ 252,876
% of Total Net premiums earned	23.00%	13.70%	18.90%	16.70%

Investments - Schedule of Investments Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	$ 2,699,297,000	$ 2,867,251,000
Fixed Maturities, available-for-sale, Gross unrealized gains	38,296,000	10,338,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(30,077,000)	(96,036,000)
Fixed Maturities, available-for-sale, Fair value	2,707,516,000	2,781,553,000
Fixed Maturities, held-to-maturity, Original or amortized cost	1,097,801,000	1,032,885,000
Fixed Maturities, held-to-maturity, Gross unrealized gains	28,822,000	6,103,000
Fixed Maturities, held-to-maturity, Gross unrealized losses	(997,000)	(19,247,000)
Fixed maturities, held-to-maturity, fair value	1,125,626,000	1,019,741,000
Investments, Original or Amortized Cost Basis	3,797,098,000	3,900,136,000
Investments, Gross Unrealized Gains	67,118,000	16,441,000
Investments, Gross Unrealized Losses	(31,074,000)	(115,283,000)
Investments, Fair Value Disclosure	3,833,142,000	3,801,294,000
Fair value of securities transferred from AFS to HTM	391,934,000	0
AFS transferred to HTM securities, unrealized gain	4,313,000
U.S. treasury bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	35,093,000	125,000
Fixed Maturities, available-for-sale, Gross unrealized gains	4,000	0
Fixed Maturities, available-for-sale, Gross unrealized losses	0	(1,000)
Fixed Maturities, available-for-sale, Fair value	35,097,000	124,000
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	1,475,682,000	1,484,434,000
Fixed Maturities, available-for-sale, Gross unrealized gains	6,181,000	830,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(13,723,000)	(58,068,000)
Fixed Maturities, available-for-sale, Fair value	1,468,140,000	1,427,196,000
U.S. agency bonds – other
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	19,868,000	24,870,000
Fixed Maturities, available-for-sale, Gross unrealized gains	0	0
Fixed Maturities, available-for-sale, Gross unrealized losses	(149,000)	(1,180,000)
Fixed Maturities, available-for-sale, Fair value	19,719,000	23,690,000
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	32,380,000	22,550,000
Fixed Maturities, available-for-sale, Gross unrealized gains	231,000	122,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(1,713,000)	(1,827,000)
Fixed Maturities, available-for-sale, Fair value	30,898,000	20,845,000
Asset-backed securities
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	225,015,000	226,652,000
Fixed Maturities, available-for-sale, Gross unrealized gains	3,457,000	552,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(79,000)	(2,000,000)
Fixed Maturities, available-for-sale, Fair value	228,393,000	225,204,000
Corporate bonds
Schedule of Investments [Line Items]
Total AFS fixed maturities, Original or amortized cost	911,259,000	1,108,620,000
Fixed Maturities, available-for-sale, Gross unrealized gains	28,423,000	8,834,000
Fixed Maturities, available-for-sale, Gross unrealized losses	(14,413,000)	(32,960,000)
Fixed Maturities, available-for-sale, Fair value	925,269,000	1,084,494,000
Fixed Maturities, held-to-maturity, Original or amortized cost	1,037,464,000	974,947,000
Fixed Maturities, held-to-maturity, Gross unrealized gains	28,694,000	6,103,000
Fixed Maturities, held-to-maturity, Gross unrealized losses	(913,000)	(18,190,000)
Fixed maturities, held-to-maturity, fair value	1,065,245,000	962,860,000
Municipal bonds
Schedule of Investments [Line Items]
Fixed Maturities, held-to-maturity, Original or amortized cost	60,337,000	57,938,000
Fixed Maturities, held-to-maturity, Gross unrealized gains	128,000	0
Fixed Maturities, held-to-maturity, Gross unrealized losses	(84,000)	(1,057,000)
Fixed maturities, held-to-maturity, fair value	$ 60,381,000	$ 56,881,000

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
HTM fixed maturities, Amortized cost
Due in one year or less	$ 9,297
Due after one year through five years	371,750
Due after five years through ten years	651,838
Total before securities without single maturities, Amortized cost	1,032,885
Total HTM fixed maturities, Amortized cost	1,032,885
HTM fixed maturities, Fair value
Due in one year or less	9,289
Due after one year through five years	372,294
Due after five years through ten years	638,158
Total before securities without single maturities, Fair value	1,019,741
Total HTM fixed maturities, Fair value	1,019,741	$ 1,125,626
AFS fixed maturities, Amortized cost
Due in one year or less	3,873
Due after one year through five years	596,895
Due after five years through ten years	555,397
Total before securities without single maturities, Amortized cost	1,156,165
Total AFS fixed maturities, Amortized cost	2,867,251	2,699,297
AFS fixed maturities, Fair value
Due in one year or less	3,522
Due after one year through five years	583,069
Due after five years through ten years	542,562
Total before securities without single maturities, Fair value	1,129,153
Total AFS fixed maturities, Fair value	2,781,553	2,707,516
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	1,484,434
Total AFS fixed maturities, Amortized cost	1,484,434	1,475,682
AFS fixed maturities, Fair value
Fair value of securities without single maturities	1,427,196
Total AFS fixed maturities, Fair value	1,427,196	1,468,140
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	226,652
Total AFS fixed maturities, Amortized cost	226,652	225,015
AFS fixed maturities, Fair value
Fair value of securities without single maturities	225,204
Total AFS fixed maturities, Fair value	$ 225,204	$ 228,393

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Sep. 30, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 2,933,617	$ 867,330
12 Months or More, Fair value	867,678	646,140
Total, Fair value	3,801,295	1,513,470
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(60,473)	(7,121)
12 months or more, Unrealized losses	(54,810)	(23,953)
Total, Unrealized losses	$ (115,283)	$ (31,074)
Number of securities in an unrealized loss position \| security	406	156
Investments fair value	$ 3,801,295	$ 1,513,470
Investments, unrealized losses	$ 115,283	$ 31,074
Number of securities in an unrealized loss position for 12 months or greater \| security	99	89
Investments fair value, unrealized loss position for 12 months or greater	$ 867,678	$ 646,140
Investments in unrealized loss position for 12 months or greater, unrealized losses	54,810	23,953
U.S. treasury bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	124
12 Months or More, Fair value	0
Total, Fair value	124
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(1)
U.S. agency bonds – mortgage-backed
Fixed maturities, Fair value
Less than 12 Months, Fair value	831,457	632,142
12 Months or More, Fair value	595,740	327,339
Total, Fair value	1,427,197	959,481
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(25,160)	(5,299)
12 months or more, Unrealized losses	(32,908)	(8,424)
Total, Unrealized losses	(58,068)	(13,723)
U.S. agency bonds – other
Fixed maturities, Fair value
Less than 12 Months, Fair value	23,689	19,718
12 Months or More, Fair value	0	0
Total, Fair value	23,689	19,718
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1,180)	(149)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	(1,180)	(149)
Non-U.S. government and supranational bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	6,637	1,909
12 Months or More, Fair value	14,209	25,192
Total, Fair value	20,846	27,101
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(148)	(2)
12 months or more, Unrealized losses	(1,679)	(1,711)
Total, Unrealized losses	(1,827)	(1,713)
Asset-backed securities
Fixed maturities, Fair value
Less than 12 Months, Fair value	221,300	12,408
12 Months or More, Fair value	3,904	3,017
Total, Fair value	225,204	15,425
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1,896)	(30)
12 months or more, Unrealized losses	(104)	(49)
Total, Unrealized losses	(2,000)	(79)
Corporate bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	1,793,528	161,661
12 Months or More, Fair value	253,825	290,592
Total, Fair value	2,047,353	452,253
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(31,031)	(1,557)
12 months or more, Unrealized losses	(20,119)	(13,769)
Total, Unrealized losses	(51,150)	(15,326)
Municipal bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	56,882	39,492
12 Months or More, Fair value	0	0
Total, Fair value	56,882	39,492
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1,057)	(84)
12 months or more, Unrealized losses	0	0
Total, Unrealized losses	$ (1,057)	$ (84)

Investments - Credit Ratings (Details) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Credit Ratings (Details) $ in Thousands	Sep. 30, 2018 USD ($) security	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) security	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Schedule of Fixed Maturities Table [Line Items]
Total other-than-temporary impairment losses	$ 479	$ 0	$ 479	$ 0
Securities considered other-than-temporarily impaired \| security	1		1
Fixed Maturities, Amortized cost	$ 3,900,136		$ 3,900,136		$ 3,797,098
Fixed Maturities, Fair value	$ 3,801,294		$ 3,801,294		$ 3,833,142
Fixed maturities, % of Total fair value	100.00%		100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 166,512		$ 166,512		$ 156,631
Fixed Maturities, Fair value	$ 163,099		$ 163,099		$ 159,682
Fixed maturities, % of Total fair value	4.30%		4.30%		4.20%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 174,111		$ 174,111		$ 146,264
Fixed Maturities, Fair value	$ 169,207		$ 169,207		$ 147,054
Fixed maturities, % of Total fair value	4.40%		4.40%		3.80%
A Plus, A, A Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,136,634		$ 1,136,634		$ 1,089,230
Fixed Maturities, Fair value	$ 1,113,761		$ 1,113,761		$ 1,106,430
Fixed maturities, % of Total fair value	29.30%		29.30%		28.90%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 851,348		$ 851,348		$ 824,351
Fixed Maturities, Fair value	$ 839,940		$ 839,940		$ 845,244
Fixed maturities, % of Total fair value	22.10%		22.10%		22.10%
BB Plus or Lower
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 62,102		$ 62,102		$ 49,979
Fixed Maturities, Fair value	$ 64,277		$ 64,277		$ 51,776
Fixed maturities, % of Total fair value	1.70%		1.70%		1.30%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 125		$ 125		$ 35,093
Fixed Maturities, Fair value	$ 124		$ 124		$ 35,097
Fixed maturities, % of Total fair value	0.00%		0.00%		0.90%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 1,509,304		$ 1,509,304		$ 1,495,550
Fixed Maturities, Fair value	$ 1,450,886		$ 1,450,886		$ 1,487,859
Fixed maturities, % of Total fair value	38.20%		38.20%		38.80%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fair value	$ 22,586	$ 6,600
% of Total fair value	100.00%	100.00%
Investment in limited partnerships
Schedule of Investments [Line Items]
Fair value	$ 3,554	$ 5,100
% of Total fair value	15.70%	77.30%
Unfunded commitment on investments in limited partnerships	$ 414	$ 306
Other
Schedule of Investments [Line Items]
Fair value	$ 19,032	$ 1,500
% of Total fair value	84.30%	22.70%
Unfunded commitment on investments in limited partnerships	$ 7,468	$ 0

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Investments [Line Items]
Investment income	$ 35,477	$ 32,877	$ 104,793	$ 97,183
Investment expenses	(1,058)	(1,927)	(3,245)	(5,586)
Net investment income	34,419	30,950	101,548	91,597
Fixed maturities
Schedule of Investments [Line Items]
Investment income	32,443	30,496	97,485	91,954
Cash and cash equivalents
Schedule of Investments [Line Items]
Investment income	905	899	1,596	1,328
Loan to related party
Schedule of Investments [Line Items]
Investment income	1,658	913	4,651	2,441
Other
Schedule of Investments [Line Items]
Investment income	$ 471	$ 569	$ 1,061	$ 1,460

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Gain (Loss) on Investments [Line Items]
Gross gains	$ 333	$ 6,856	$ 4,974	$ 9,569
Gross losses	(558)	(997)	(5,256)	(1,253)
Realized gains (losses), Net	(225)	5,859	(282)	8,316
Proceeds from sales of fixed maturities classified as available-for-sale	20,198	30,440	185,089	116,306
Net unrealized gains (losses)	(119,919)		(119,919)		$ 21,967
Deferred income tax	(59)		(59)		(78)
Net unrealized (losses) gains, net of deferred income tax	(119,978)		(119,978)		21,889
Change, net of deferred income tax			(141,867)		42,605
Available-for-sale securities \| Fixed maturities
Gain (Loss) on Investments [Line Items]
Gross gains	40	1,366	2,979	3,854
Gross losses	(558)	(997)	(5,256)	(1,253)
Realized gains (losses), Net	(518)	369	(2,277)	2,601
Net unrealized gains (losses)	(119,919)		(119,919)		20,586
Other investments
Gain (Loss) on Investments [Line Items]
Gross gains	293	5,490	1,995	5,715
Gross losses	0	0	0	0
Realized gains (losses), Net	293	$ 5,490	1,995	$ 5,715
Net unrealized gains (losses)	$ 0		$ 0		$ 1,381

Investments - Net Gains Recognized on Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Investments [Abstract]
Net gains recognized in net income on other investments during the period	$ 293	$ 5,490	$ 1,995	$ 5,715
Net realized gains recognized on other investments divested during the period	(758)	(5,490)	(1,637)	(5,715)
Net unrealized (losses) gains recognized on other investments still held at end of period	$ (465)	$ 0	$ 358	$ 0

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 169,996	$ 94,905	$ 71,517
Restricted investments	3,542,944	3,631,324
Restricted cash and investments	3,712,940	3,726,229
Amortized Cost	3,900,136	3,797,098
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	20,884	21,889
Restricted investments	75,233	211,331
Amortized Cost	75,279	212,507
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	149,112	73,016
Restricted investments	2,447,970	2,294,367
Amortized Cost	2,515,190	2,281,668
HTM related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted investments	1,019,741	1,125,626
Amortized Cost	$ 1,032,885	$ 1,097,801

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	$ 22,586	$ 6,600
Financial Assets	3,801,294	3,833,142
Significant Other Observable Inputs (Level 2) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	1,032,885	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	$ 974,947	$ 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	57,938	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	1,019,741	1,125,626
Financial Liabilities	199,947	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	75,812	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	124,135	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	962,860	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	$ 56,881	$ 60,381

Goodwill and Intangible Assets - Change in Carrying Value of Goodwill and Intangible Assets Held (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 57,192	$ 57,192	$ 57,192
Impairment losses		(57,192)
Goodwill, ending balance		0		57,192
Intangible Assets [Roll Forward]
Intangible assets (excluding goodwill), net, beginning balance		18,391	20,523	20,523
Amortization		(1,387)		(2,132)
Impairment losses		(17,004)
Intangible assets (excluding goodwill), net, ending balance		0		18,391
Intangible Assets, Net (Including Goodwill) [Abstract]
Intangible assets (including goodwill), net, beginning balance		75,583	77,715	77,715
Impairment losses	$ 0	74,196	$ 0
Intangible assets (including goodwill), net, ending balance		$ 0		$ 75,583

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill and intangible asset impairment		$ 0	$ 74,196	$ 0
Maiden US Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill and intangible asset impairment	$ 74,196		$ 74,196

Goodwill and Intangible Assets - Goodwill and Intangible Assets Classified as Held for Sale (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Goodwill, gross	$ 58,992	$ 58,992
Goodwill, accumulated impairment	(58,992)	(1,800)
Goodwill, net	0	57,192	$ 57,192
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	(38,923)	(37,536)
Intangible Assets, Net (Including Goodwill) [Abstract]
Intangible assets (including goodwill), gross	114,919	114,919
Intangible assets (including goodwill), accumulated impairment	(75,996)	(1,800)
Intangible assets (including goodwill), net	0	75,583	$ 77,715
State licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill), gross	4,527	4,527
Indefinite-lived intangible assets (excluding goodwill), accumulated impairment	(4,527)	0
Indefinite-lived intangible assets (excluding goodwill), net	0	4,527
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	51,400	51,400
Finite-lived intangible assets, accumulated amortization	(38,923)	(37,536)
Finite-lived intangible assets, accumulated impairment	(12,477)	0
Finite-lived intangible assets, net	$ 0	$ 13,864
Useful life	15 years	15 years

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 7,860,000	$ 8,018,000
Senior notes, net	254,640,000	254,482,000
Senior Notes
Debt Instrument [Line Items]
Principal	262,500,000	262,500,000
Unamortized debt issuance costs	7,860,000	8,018,000
Senior notes, net	254,640,000	254,482,000
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal	110,000,000	110,000,000
Unamortized debt issuance costs	3,622,000	3,654,000
Senior notes, net	106,378,000	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
Unamortized debt issuance costs	4,238,000	4,364,000
Senior notes, net	148,262,000	$ 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 ($)		3 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 27, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Interest expense		$ 4,829,000	$ 4,829,000	$ 14,487,000	$ 18,430,000
Accelerated amortization of senior note issuance cost		0	0	0	2,809,000
Senior Notes
Debt Instrument [Line Items]
Interest expense		4,776,000	4,776,000	14,329,000	18,218,000
Accrued interest		1,342,000		1,342,000		$ 1,342,000
Amortization expense, debt issuance costs		53,000	53,000	158,000	$ 212,000
Principal amount		262,500,000		262,500,000		$ 262,500,000
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 152,500,000		$ 152,500,000
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

Discontinued Operations - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Total assets held for sale	$ 1,615,486	$ 1,901,818
LIABILITIES
Total liabilities held for sale	1,339,618	1,449,408
Maiden Reinsurance North America, Inc. Sale \| Discontinued Operations, Held-for-sale
ASSETS
Fixed maturities, available-for-sale, at fair value	1,153,793	1,336,854
Cash and cash equivalents	16,723	13,449
Restricted cash and cash equivalents	34,956	28,679
Accrued investment income	6,575	6,195
Reinsurance balances receivable, net	227,454	272,549
Reinsurance recoverable on unpaid losses	75,197	92,728
Deferred commission and other acquisition expenses	50,532	59,393
Goodwill and intangible assets, net	0	75,583
Other assets	50,256	16,388
Total assets held for sale	1,615,486	1,901,818
LIABILITIES
Reserve for loss and loss adjustment expenses	1,098,119	1,160,526
Unearned premiums	224,794	246,156
Accrued expenses and other liabilities	16,705	42,726
Total liabilities held for sale	$ 1,339,618	$ 1,449,408

Discontinued Operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Aug. 31, 2018	Aug. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of income tax expense	$ (71,100)	$ (9,908)	$ (44,336)	$ (17,060)
Maiden US Sale \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill and intangible asset impairment	74,196		74,196
Proceeds of sale					$ 321,500
Renewal Rights Sale \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross premiums written	130,200	187,971	492,222	608,835
Net premiums written	128,398	184,653	479,640	598,536
Net premiums earned	170,579	196,588	502,156	562,038
Net investment income	9,675	9,873	29,729	31,895
Net loss and loss adjustment expenses	(129,414)	(165,121)	(371,085)	(454,549)
Commission and other acquisition expenses	(44,158)	(48,110)	(122,109)	(137,759)
General and administrative expenses	(10,929)	(4,053)	(21,046)	(14,091)
Amortization of intangible assets	(462)	(533)	(1,387)	(1,599)
(Loss) income from discontinued operations before income taxes	(4,709)	(11,356)	16,258	(14,065)
Loss on disposal of discontinued operations	(66,697)	0	(66,697)	0
Income tax benefit (expense)	306	1,448	6,103	(2,995)
Loss from discontinued operations, net of income tax expense	(71,100)	$ (9,908)	(44,336)	$ (17,060)
Proceeds of sale	$ 7,500		$ 7,500			$ 7,500

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Dec. 31, 2017
Insurance [Abstract]
Reserve for reported loss and LAE					$ 1,577,494	$ 1,393,560
Reserve for losses incurred but not reported (IBNR)					1,274,191	993,162
Reserve for loss and LAE	$ 2,851,685	$ 2,219,483	$ 2,386,722	$ 1,845,407	$ 2,851,685	$ 2,386,722
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			2,386,722	1,845,407
Less: reinsurance recoverable on unpaid losses, January 1			24,883	35,948
Net loss and LAE reserves, January 1			2,361,839	1,809,459
Net incurred losses related to Current year			1,073,052	979,416
Net incurred losses related to Prior years			250,451	111,192
Net loss and loss adjustment expenses	600,296	370,847	1,323,503	1,090,608
Net paid losses related to Current year			(283,477)	(273,050)
Net paid losses related to Prior years			(555,718)	(501,799)
Net paid losses			(839,195)	(774,849)
Commuted recoverables			19,929	0
Effect of foreign exchange movements			(16,202)	48,622
Net loss and LAE reserves, September 30	2,849,874	2,173,840	2,849,874	2,173,840
Reinsurance recoverable on unpaid losses, September 30	1,811	45,643	1,811	45,643
Gross loss and LAE reserves, September 30	2,851,685	2,219,483	2,851,685	2,219,483
Segment Reporting Information [Line Items]
Adverse development, net	212,473	64,044	250,451	111,192
Other
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net loss and loss adjustment expenses	1,369	1,838	1,369	1,838
Segment Reporting Information [Line Items]
Adverse development, net	1,369	1,838	1,369	1,838
Diversified Reinsurance
Segment Reporting Information [Line Items]
Adverse development, net	671	1,079	1,756	8,482
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Adverse development, net	$ 210,433	$ 61,127	$ 247,326	$ 100,872

Related Party Transactions - AmTrust (Details) $ in Thousands							3 Months Ended		9 Months Ended		44 Months Ended
	Jan. 01, 2018	Jul. 01, 2016	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Nov. 05, 2014	Jul. 01, 2018	Dec. 31, 2017 USD ($)	Dec. 18, 2017	Dec. 17, 2017
Related Party Transaction [Line Items]
Loan to related party							$ 167,975		$ 167,975				$ 167,975
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						3 years
Cancellation notice period, component one, not less than						5 months
Cancellation notice period, component two, not less than						9 months
Cancellation notice period upon the occurrence of certain early termination events						30 days
Early termination events, reduction threshold of stockholders' equity, percentage						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, percentage		32.50%		40.00%
Maximum limit of liability attaching (in EUR) \| €			€ 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, percentage		20.00%
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party							$ 3,351,365		$ 3,351,365				3,328,757
Accrued interest on collateral held by related party							22,391		22,391				20,830
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Cancellation notice period						30 days
Brokerage fee, percent of premium assumed						1.25%
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements \| Brokerage expense
Related Party Transaction [Line Items]
Expenses recorded from related party transactions							6,145	$ 5,642	18,408	$ 18,662
Balances due to related party							15,297		15,297				$ 14,741
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							1,055	1,927	3,137	5,586
AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement
Related Party Transaction [Line Items]
Contract extension											1 year
AmTrust Financial Services, Inc. \| AmTrust Time Sharing Agreement \| Aircraft expenses
Related Party Transaction [Line Items]
Expenses recorded from related party transactions							$ 21	$ 0	$ 54	$ 39
AmTrust Financial Services, Inc. \| National General Holdings Corp.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage							1.60%		1.60%
AEL \| AmTrust Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percentage ceded												20.00%
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Gross premiums written	$ 484,494	$ 443,001	$ 1,629,347	$ 1,650,762
Net premiums earned	520,077	457,278	1,541,278	1,512,437
Net loss and loss adjustment expenses (loss and LAE)	(600,296)	(370,847)	(1,323,503)	(1,090,608)
Commission expenses	(167,618)	(145,352)	(497,026)	(487,771)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	452,795	420,019	1,518,208	1,575,677
Net premiums earned	491,613	451,372	1,472,614	1,492,948
Net loss and loss adjustment expenses (loss and LAE)	(579,240)	(364,574)	(1,275,723)	(1,080,480)
Commission expenses	$ (152,511)	$ (138,171)	$ (456,861)	$ (460,667)

Related Party Transactions - NGHC (Details) - National General Holdings Corp. - NGHC Quota Share	Mar. 01, 2010
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%

Commitments and Contingencies (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Aug. 08, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Reinsurance recoverable on unpaid losses		$ 1,811,000	$ 45,643,000	$ 1,811,000	$ 45,643,000	$ 24,883,000	$ 35,948,000
Valuation allowance against reinsurance recoverable on unpaid losses		0		0		$ 0
Gross premiums written		$ 484,494,000	$ 443,001,000	$ 1,629,347,000	$ 1,650,762,000
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.35	$ 0.45
AmTrust Reinsurance
Loss Contingencies [Line Items]
Gross premiums written		$ 452,795,000	$ 420,019,000	$ 1,518,208,000	$ 1,575,677,000
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage		93.50%	94.80%	93.20%	95.50%
Rating A or better \| Customer concentration risk \| Reinsurance recoverable including reinsurance premium paid
Loss Contingencies [Line Items]
Concentration risk, percentage				94.60%		99.50%
Senior Notes
Loss Contingencies [Line Items]
Principal amount		$ 262,500,000		$ 262,500,000		$ 262,500,000
2013 Senior Notes \| Senior Notes
Loss Contingencies [Line Items]
Principal amount		$ 152,500,000		$ 152,500,000

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net loss from continuing operations	$ (229,132)	$ (45,146)	$ (230,873)	$ (27,828)
Add: net (income) loss from continuing operations attributable to noncontrolling interests	(62)	3	(180)	34
Net loss attributable to Maiden from continuing operations	(229,194)	(45,143)	(231,053)	(27,794)
Loss from discontinued operations, net of income tax expense	(71,100)	(9,908)	(44,336)	(17,060)
Net loss attributable to Maiden	(300,294)	(55,051)	(275,389)	(44,854)
Dividends on preference shares – Series A, C and D	(8,545)	(8,545)	(25,636)	(20,611)
Amount allocated to participating common shareholders	(8)	(6)	(17)	(17)
Net loss allocated to Maiden common shareholders	$ (308,847)	$ (63,602)	$ (301,042)	$ (65,482)
Denominator:
Weighted average number of common shares - basic and diluted (in shares)	83,089,172	85,859,201	83,085,441	86,256,481
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders (in dollars per share)	$ (2.86)	$ (0.62)	$ (3.09)	$ (0.56)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)	(0.86)	(0.12)	(0.53)	(0.20)
Basic and diluted loss per share attributable to Maiden common shareholders (in dollars per share)	$ (3.72)	$ (0.74)	$ (3.62)	$ (0.76)
Preference shares - Series A, C and D
Numerator:
Dividends on preference shares – Series A, C and D	$ (8,545)	$ (8,545)	$ (25,636)	$ (20,611)

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	87,932,287	87,932,287	87,730,054
Common stock, shares outstanding (in shares)	82,942,737	82,942,737	82,974,895
Preference shares issued (in shares)	18,600,000	18,600,000
Undesignated shares (in shares)	43,467,713	43,467,713
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)	205,000	205,000	2,015,700
Average price per share of shares repurchased (in dollars per share)	$ 3.31	$ 3.31	$ 7.11
Remaining authorization for share repurchase	$ 74,245	$ 74,245	$ 74,924

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 1,232,626
Other comprehensive (loss) income before reclassifications	$ (20,198)	$ 14,166	(129,784)	$ 30,000
Amounts reclassified from AOCI to net income, net of tax	785	(3,650)	40	1,123
Other comprehensive (loss) income, after tax	(19,413)	10,516	(129,744)	31,123
Ending balance	773,165	1,421,389	773,165	1,421,389
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	(96,107)	27,866	21,889	(20,716)
Other comprehensive (loss) income before reclassifications	(24,656)	24,994	(141,907)	68,803
Amounts reclassified from AOCI to net income, net of tax	785	(3,650)	40	1,123
Other comprehensive (loss) income, after tax	(23,871)	21,344	(141,867)	69,926
Ending balance	(119,978)	49,210	(119,978)	49,210
Foreign currency translation adjustments, including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(918)	7,629	(8,583)	35,604
Other comprehensive (loss) income before reclassifications	4,458	(10,828)	12,123	(38,803)
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive (loss) income, after tax	4,458	(10,828)	12,123	(38,803)
Ending balance	3,540	(3,199)	3,540	(3,199)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(97,025)	35,495	13,306	14,888
Ending balance	(116,438)	46,011	(116,438)	46,011
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	(69)	(68)	(69)	(68)
AOCI attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(69)	(68)	(69)	(68)
Change in net unrealized gains on investments, attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	(119,978)	49,210	(119,978)	49,210
Foreign currency translation adjustments, attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance	3,609	(3,131)	3,609	(3,131)
AOCI attributable to Maiden shareholders
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			13,354	14,997
Ending balance	$ (116,369)	$ 46,079	$ (116,369)	$ 46,079

Subsequent Events (Details) $ in Thousands	Nov. 09, 2018 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Retrocession premium	$ 2,675,000

Dividend per Share

Payable on:

Record date:

Common shares

October 15, 2018

October 1, 2018