View Filing Data

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2019	Mar. 10, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	94 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 44.7
Entity Common Stock, Shares Outstanding		83,163,540
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A with respect to the registrant’s 2020 annual general meeting of the shareholders to be filed within 120 days after the end of the period covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31
Common Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Series A Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series A Preference Shares, par value $0.01 per share
Trading Symbol	MH.PA
Security Exchange Name	NYSE
Series C Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series C Preference Shares, par value $0.01 per share
Trading Symbol	MH.PC
Security Exchange Name	NYSE
Series D Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series D Preference Shares, par value $0.01 per share
Trading Symbol	MH.PD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2019 - $1,813,426; 2018 - $3,109,980)	$ 1,835,518	$ 3,051,568
Fixed maturities, held-to-maturity, at amortized cost (fair value 2018 - $998,012)	0	1,015,681
Other investments	31,748	23,716
Total investments	1,867,266	4,090,965
Cash and cash equivalents	48,197	200,841
Restricted cash and cash equivalents	59,081	130,148
Accrued investment income	18,331	27,824
Reinsurance balances receivable, net (includes $38,278 from related parties in 2018)	12,181	67,997
Reinsurance recoverable on unpaid losses	623,422	71,901
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $68,433 and $370,037 from related parties in 2019 and 2018, respectively)	77,356	388,442
Funds withheld receivable (includes $632,305 from related parties in 2019)	684,441	27,039
Other assets	9,946	10,700
Assets held for sale	0	103,628
Total assets	3,568,196	5,287,460
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,272,418 and $2,950,388 from related parties in 2019 and 2018, respectively)	2,439,907	3,126,134
Unearned premiums (includes $189,797 and $1,135,913 from related parties in 2019 and 2018, respectively)	220,269	1,200,419
Deferred gain on retroactive reinsurance	112,950	0
Accrued expenses and other liabilities (includes $20,049 and $50,975 from related parties in 2019 and 2018, respectively)	32,444	66,183
Senior notes - principal amount	262,500	262,500
Less unamortized issuance costs	7,592	7,806
Senior notes, net	254,908	254,694
Liabilities held for sale	0	85,114
Total liabilities	3,060,478	4,732,544
Commitments and Contingencies
EQUITY
Preference shares	465,000	465,000
Common shares ($0.01 par value; 88,161,638 and 87,938,537 shares issued in 2019 and 2018, respectively; 83,148,458 and 82,948,577 shares outstanding in 2019 and 2018, respectively)	882	879
Additional paid-in capital	751,327	749,418
Accumulated other comprehensive income (loss)	17,836	(65,616)
Accumulated deficit	(695,794)	(563,891)
Treasury shares, at cost (5,013,180 and 4,989,960 shares in 2019 and 2018, respectively)	(31,533)	(31,515)
Total Maiden shareholders’ equity	507,718	554,275
Noncontrolling interests in subsidiaries	0	641
Total equity	507,718	554,916
Total liabilities and equity	$ 3,568,196	$ 5,287,460

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed maturities, available-for-sale, amortized cost	$ 1,813,426	$ 3,109,980
Fixed Maturities, held-to-maturity, Fair value		998,012
Reinsurance balances receivable, net	12,181	67,997
Deferred commission and other acquisition expenses	77,356	388,442
Funds withheld receivable (includes $632,305 from related parties in 2019)	684,441	27,039
Total Gross Reserves	2,439,907	3,126,134
Unearned premiums	220,269	1,200,419
Accrued expenses and other liabilities, related parties	$ 20,049	$ 50,975
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	88,161,638	87,938,537
Common shares, shares outstanding (in shares)	83,148,458	82,948,577
Treasury shares, shares (in shares)	5,013,180	4,989,960
Related Party Transactions
Reinsurance balances receivable, net		$ 38,278
Deferred commission and other acquisition expenses	$ 68,433	370,037
Funds withheld receivable (includes $632,305 from related parties in 2019)	632,305
Total Gross Reserves	2,272,418	2,950,388
Unearned premiums	$ 189,797	$ 1,135,913

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Revenues
Gross premiums written	$ (528,593)	$ 2,017,798
Net premiums written	(531,850)	2,014,597
Change in unearned premiums	979,612	11,605
Net premiums earned	447,762	2,026,202
Other insurance revenue	2,841	9,681
Net investment income	97,837	136,285
Net realized gains (losses) on investment	27,860	(1,529)
Total other-than-temporary impairment losses	(165)	(5,832)
Total revenues	576,135	2,164,807
Expenses
Net loss and loss adjustment expenses	452,829	1,880,121
Commission and other acquisition expenses	169,760	654,740
General and administrative expenses	47,218	64,940
Interest and amortization expenses	19,320	19,318
Foreign exchange and other gains, net	(2,719)	(4,461)
Total expenses	686,408	2,614,658
Loss from continuing operations before income taxes	(110,273)	(449,851)
Less: income tax (benefit) expense	(911)	441
Net loss from continuing operations	(109,362)	(450,292)
Loss from discontinued operations, net of income tax	(22,541)	(94,113)
Net loss	(131,903)	(544,405)
Add: net income attributable to noncontrolling interests	0	(219)
Net loss attributable to Maiden	(131,903)	(544,624)
Dividends on preference shares	0	(25,636)
Net loss attributable to Maiden common shareholders	$ (131,903)	$ (570,260)
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders (in Dollar Per Shares)	$ (1.32)	$ (5.74)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in Dollar Per Shares)	(0.27)	(1.13)
Basic and diluted loss per share attributable to Maiden common shareholders (in Dollar Per Shares)	$ (1.59)	$ (6.87)
Weighted average number of common shares - basic and diluted (in Shares)	83,061,259	83,050,362

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (131,903)	$ (544,405)
Other comprehensive income (loss)
Net unrealized holdings gains (losses) on available-for-sale fixed maturities arising during the year	97,135	(108,771)
Adjustment for reclassification of net realized (gains) losses recognized in net loss	(15,440)	27,075
Foreign currency translation adjustment	1,772	2,651
Other comprehensive income (loss), before tax	83,467	(79,045)
Income tax benefit related to components of other comprehensive income	63	45
Other comprehensive income (loss), after tax	83,530	(79,000)
Comprehensive loss	(48,373)	(623,405)
Net income attributable to noncontrolling interests	0	(219)
Other comprehensive (income) loss attributable to noncontrolling interests	(78)	30
Comprehensive income attributable to noncontrolling interests	(78)	(189)
Comprehensive loss attributable to Maiden	$ (48,451)	$ (623,594)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares – Series A, C and D	Common shares	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Treasury shares	Noncontrolling interests in subsidiaries
Beginning balance at Dec. 31, 2017		$ 465,000	$ 877	$ 748,113	$ 13,354	$ 35,472	$ (30,642)	$ 452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			2	29
Share-based compensation expense				1,276
Change in net unrealized gains (losses) on investment					(81,651)
Foreign currency translation adjustment					2,681			(30)
Net loss attributable to Maiden	$ (544,624)					(544,624)
Dividends on preference shares						(25,636)
Dividends on common shares						(29,103)
Shares repurchased							(873)
Net income attributable to noncontrolling interests	(219)							219
Ending balance at Dec. 31, 2018	554,916	465,000	879	749,418	(65,616)	(563,891)	(31,515)	641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares			3	(2)
Share-based compensation expense				1,911
Change in net unrealized gains (losses) on investment					81,758
Foreign currency translation adjustment					1,694			78
Net loss attributable to Maiden	(131,903)					(131,903)
Shares repurchased							(18)
Acquisition of minority interest in subsidiaries								$ (719)
Net income attributable to noncontrolling interests	0
Ending balance at Dec. 31, 2019	$ 507,718	$ 465,000	$ 882	$ 751,327	$ 17,836	$ (695,794)	$ (31,533)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (131,903)	$ (544,405)
Less: Net loss from discontinued operations	22,541	94,113
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	7,820	6,179
Net realized (gains) losses on investment	(27,860)	1,529
Total other-than-temporary impairment losses	165	5,832
Foreign exchange and other gains, net	(2,719)	(4,461)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	53,440	(824)
Reinsurance recoverable on unpaid losses	(438,489)	(47,127)
Accrued investment income	9,476	752
Deferred commission and other acquisition expenses	172,871	(9,574)
Funds withheld receivable	(85,062)	(12,887)
Other assets	(5,181)	68,400
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(121,102)	685,654
Unearned premiums	(560,609)	(25,106)
Accrued expenses and other liabilities	(33,597)	(14,190)
Net cash (used in) provided by continuing operations	(1,140,209)	203,885
Net cash used in discontinued operations	(2,392)	(21,596)
Net cash (used in) provided by operating activities	(1,142,601)	182,289
Cash flows from investing activities:
Purchases of fixed maturities	(2,015,407)	(997,137)
Purchases of other investments	(8,788)	(18,383)
Net proceeds from sale of discontinued operations	0	255,917
Proceeds from sales of fixed maturities - available-for-sale	1,032,438	367,346
Proceeds from maturities, paydowns and calls of fixed maturities	1,906,947	320,203
Proceeds from sale and redemption of other investments	858	2,161
Other, net	3,242	(2,063)
Net cash provided by (used in) investing activities for continuing operations	919,290	(71,956)
Net cash (used in) provided by investing activities for discontinued operations	(6,113)	104,855
Net cash provided by investing activities	913,177	32,899
Cash flows from financing activities:
Issuance of common shares	0	31
Repurchase of common shares	(18)	(873)
Dividends paid – Maiden common shares	0	(41,555)
Dividends paid – preference shares	0	(25,636)
Net cash used in financing activities	(18)	(68,033)
Effect of exchange rate changes on foreign currency cash	(382)	(1,556)
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(229,824)	145,599
Cash and cash equivalents and restricted cash and cash equivalents, beginning of year	337,102	191,503
Cash and cash equivalents and restricted cash and cash equivalents, end of year	107,278	337,102
Less: cash and restricted cash and equivalent of discontinued operations, end of year	0	(6,113)
Cash and restricted cash and equivalents of continuing operations, end of year	107,278	330,989
Cash and cash equivalents, end of year	48,197	200,841
Restricted cash and cash equivalents, end of year	59,081	130,148
Supplemental information on cash flows
Interest paid	32,702	19,106
Taxes paid	192	524
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Non-cash investing activities
Investments transferred out	599,613	176,865
Funds withheld arrangement
Non-cash investing activities
Investments transferred out	812,068	0
Discontinued Operations
Non-cash investing activities
Investments transferred out	$ 68,262	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "We" or "Maiden"), Maiden previously focused on serving the needs of regional and specialty insurers in the United States of America ("U.S."), Europe and select other global markets. The Company operates internationally through Maiden Global Holdings, Ltd. ("Maiden Global") providing branded auto and credit life insurance products through insurer partners to retail clients in the EU and other global markets. These products also produce reinsurance programs which are underwritten by Maiden Reinsurance Ltd. ("Maiden Reinsurance"). Maiden Reinsurance does not underwrite any direct insurance business. Certain international credit life business is written on a primary basis by Maiden Life Försäkrings AB ("Maiden LF") and general insurance business is written on a primary basis by Maiden General Försäkrings AB ("Maiden GF"). We are not presently actively underwriting reinsurance business. We are also running off the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") contracts we terminated in early 2019 as discussed below. Strategic Review Since 2018, we have engaged in a series of strategic measures that have dramatically reduced the required regulatory capital needed to operate our business, materially strengthened our solvency ratios, re-domiciled Maiden Reinsurance to Vermont in the U.S. and ceased active reinsurance underwriting. During that time, we significantly increased our estimate of ultimate losses and loss reserves while purchasing reinsurance protection against further loss reserve volatility and as a result, have improved the ultimate economic value of the Company. We believe these measures have given the Company the ability to more flexibly allocate capital to those activities most likely to produce the greatest returns for shareholders. The measures we ultimately have taken were initiated in early 2018, when our Board of Directors initiated a review of strategic alternatives (the "Strategic Review") to evaluate ways to increase shareholder value after a period of continuing higher than targeted combined ratios and lower returns on equity than planned. In addition, as of December 31, 2018, both the Company and its subsidiary Maiden Reinsurance failed to meet their requirements to hold sufficient capital to cover their respective enhanced capital requirements (“ECR”). The Company had communicated such conditions to the Bermuda Monetary Authority ("BMA") and is following the guidelines of a reportable “event” as stipulated by Bermuda insurance law. As part of both the Strategic Review and the remediation measures implemented to cure the breach of the ECR, a series of transactions were entered into including: (1) completed the sale of Maiden Reinsurance North America, Inc. ("Maiden US") on December 27, 2018; (2) Maiden Reinsurance's shareholders, Maiden Holdings and Maiden Holdings North America, Ltd. ("Maiden NA"), made capital injections of $125,000 on December 31, 2018 and $70,000 on January 18, 2019 to Maiden Reinsurance from the sale proceeds of Maiden US; (3) entered into a partial termination amendment ("Partial Termination Amendment") with AmTrust effective January 1, 2019 which amended the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary AmTrust International Insurance, Ltd. (“AII”) (as more fully described in "Note 8 - Reinsurance"); (4) entered into amendments which terminated the AmTrust Quota Share and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC") effective January 1, 2019 (these transactions are broadly referred to herein as the "Final AmTrust QS Terminations"); (5) entered into the Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") with Enstar Group Limited ("Enstar') pursuant to the revised Master Transaction Agreement entered into on March 1, 2019; and (6) entered into a Commutation and Release Agreement with AmTrust to commute certain workers' compensation business with AII as of January 1, 2019. As a result of the completion of these steps, both the Company and Maiden Reinsurance have sufficient capital in excess of the respective ECR requirements. Please see below for additional details regarding the LPT/ADC Agreement and the Commutation and Release Agreement. Discontinued Operations The Company made the strategic decision to divest its U.S. treaty reinsurance operations through the sale of Maiden US which was completed on December 27, 2018. 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. Sale of U.S. treaty reinsurance operations The sale of the U.S. treaty reinsurance business occurred in two parts: (a) On August 29, 2018, the Company entered into a Renewal Rights Agreement ("Renewal Rights") with Transatlantic Reinsurance Company ("TransRe"), pursuant to which the Company sold, and TransRe purchased, Maiden US's 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 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. 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, however no additional fees have been recognized to date. 1. Organization (continued) (b) On December 27, 2018, the Company completed its sale agreement ("U.S. Sale Agreement") with Enstar Holdings (US) LLC ("Enstar U.S."), pursuant to which Maiden NA sold Maiden US to Enstar U.S. Pursuant to and subject to the terms of the U.S. Sale Agreement: (i) Maiden NA sold, and Enstar U.S. purchased, all of the outstanding common shares of Maiden US (“Maiden US Sale”) for gross consideration of $286,375; (ii) Cavello Bay Reinsurance Limited ("Cavello"), Enstar’s Bermuda reinsurance affiliate, and Maiden Reinsurance entered into an agreement pursuant to which certain quota share reinsurance contracts between Maiden US and Maiden Reinsurance were novated to Cavello for a ceding commission Maiden Reinsurance of $12,250; (iii) Cavello and Maiden Reinsurance also entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the Company’s U.S. treaty reinsurance business held by Maiden Reinsurance were retroceded to Cavello in exchange for a $1,750 ceding commission; and (iv) Maiden Reinsurance provided Enstar with a reinsurance cover for loss reserve development, 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. As discussed above, Maiden NA completed the sale of Maiden US to Enstar U.S. for gross consideration of $286,375, which was subject to certain post-closing adjustments. In conjunction with the completion of the LPT/ADC Agreement discussed below, on July 31, 2019, Maiden NA and Enstar U.S. waived the post-closing adjustments set forth in the U.S. Sale Agreement and agreed to terminate the $25,000 excess of loss reinsurance agreement that Maiden Reinsurance provided to Enstar in relation to the Maiden US loss reserves acquired by Enstar. As a result of these agreements, Maiden recorded a net additional loss from discontinued operations of $16,714 for the year ended December 31, 2019. The Company determined that the sale of the U.S. treaty reinsurance operations represented a strategic shift that has a major effect on its ongoing operations and financial results and that all of the held for sale criteria were met. Accordingly, all transactions related to the U.S. treaty reinsurance operations have been reported and presented as part of discontinued operations. Please refer to "Note 2. Significant Accounting Policies" and "Note 6. Discontinued Operations" for additional information regarding the effect of the reclassifications on the Company's Consolidated Financial Statements. LPT/ADC Agreement with Enstar Pursuant to the LPT/ADC Agreement dated as of July 31, 2019 and effective as of January 1, 2019 entered into between Maiden Reinsurance and Cavello, Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and therefore has been accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 result in a deferred gain which will be recognized over the settlement period in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. At December 31, 2019, the deferred gain liability recorded for retroactive reinsurance under the LPT/ADC Agreement was $112,950. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2024. Under the terms of the LPT/ADC Agreement, the covered losses associated with the commutation with AmTrust, as discussed below in Commutation and Release Agreement - AmTrust Quota Share, are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $312,786. Settlement of funding for the LPT/ADC Agreement occurred on August 12, 2019 and Maiden Reinsurance paid Enstar approximately $7,261 in interest related to the LPT/ADC Agreement premium, calculated at the rate of 2.64% per annum from January 1, 2019 through August 12, 2019. Commutation and Release Agreement - AmTrust Quota Share Effective July 31, 2019, Maiden Reinsurance and AII entered into the Commutation and Release Agreement which provided for AII to re-assume all reserves ceded by AII to Maiden Reinsurance with respect to: (a) all losses incurred in Accident Year 2017 and Accident Year 2018 under California workers' compensation policies and as defined in the AmTrust Quota Share ("Commuted California Business"); and (b) all losses incurred in Accident Year 2018 under New York workers' compensation policies ("Commuted New York Business" and together with the Commuted California Business "Commuted Business") in exchange for the release and full discharge of Maiden Reinsurance from all of its obligations to AII with respect to the Commuted Business. The Commuted Business excludes any business classified by AII as Specialty Program or Specialty Risk business. Maiden Reinsurance transferred cash and invested assets in the amount of $312,786 ("Commutation Payment") which is the sum of the net ceded reserves in the amount of $330,682 with respect to the Commuted Business as of December 31, 2018 less payments in the amount of $17,896 made by Maiden Reinsurance with respect to the Commuted Business from January 1, 2019 through July 31, 2019. Settlement of the Commutation Payment occurred on August 12, 2019 and Maiden Reinsurance paid AII approximately $6,335 in interest related to the Commutation Payment premium, calculated at the rate of 3.30% per annum from January 1, 2019 through August 12, 2019. Maiden Reinsurance received a no objection letter from the BMA regarding the Commutation and Release Agreement. 1. Organization (continued) Re-domestication of Maiden Reinsurance During the fourth quarter of 2019, our principal operating subsidiary, Maiden Reinsurance, submitted the necessary filings to discontinue its operations from Bermuda and to apply to be licensed and re-domesticate to the State of Vermont in the U.S. Filings were made with the Vermont Department of Financial Regulation ("Vermont DFR"), the Vermont Secretary of State as well as with the BMA to provide notice of the Company's intent to discontinue from Bermuda and re-domesticate to Vermont. Maiden Reinsurance completed the re-domestication to the State of Vermont on March 16, 2020. We have determined that re-domiciling Maiden Reinsurance to Vermont will enable us to better align our operations, capital and resources with our liabilities, which originate mostly in the U.S., resulting in a more efficient structure.The re-domestication, in combination with the Strategic Review previously taken and undertaken in close consultation with the BMA to de-risk the Company’s balance sheet, is expected to continue to strengthen the Company’s capital position and solvency ratios. While the Vermont DFR will become the group supervisor for the Company, the re-domestication does not apply to the parent holding company which remains a Bermuda-based holding company. Securities issued by Maiden Holdings are not affected by the re-domestication of Maiden Reinsurance to Vermont. Segments As a result of the strategic decision to divest all of the Company's U.S. treaty reinsurance operations noted above, the Company revised the composition of its reportable segments. As described in more detail 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 Maiden Reinsurance from subsidiaries of AmTrust. In addition to these reportable segments, the results of operations of the former National General Holdings Corporation Quota Share ("NGHC Quota Share") segment, which was commuted in November 2019, is included in the "Other" category. Certain prior year comparatives have been reclassified to conform to this new presentation.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

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

As part of the Strategic Review initiated by the Company's Board of Directors in 2018, the Company made the strategic decision to divest its U.S. treaty reinsurance operations through the sale of Maiden US, completed on December 27, 2018, which had a major effect on its ongoing operations and financial results. Accordingly, all of the remaining assets and liabilities related to the true up of sale consideration are classified as held for sale in the Consolidated Balance Sheet as at December 31, 2018. The operating results of the Company's U.S. treaty reinsurance business for the years ended December 31, 2019 and 2018 have been reclassified and presented as part of discontinued operations in the Consolidated Statements of Income.

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 6 — Discontinued Operations" for additional information related to discontinued operations.

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

Investments — The Company has historically classified its fixed maturity investments as either available-for-sale ("AFS") or held-to-maturity ("HTM"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI"). The HTM portfolio at December 31, 2018 included securities for which the Company had the ability and intent to hold to maturity or redemption and was reported at amortized cost. When a security was transferred from AFS to HTM, the fair value at the time of transfer, adjusted for subsequent amortization, became the security's amortized cost. The net unrealized holdings gains of securities transferred from AFS to HTM at the designation date continue to be reported in the carrying value of the HTM securities and is amortized through other comprehensive income over the remaining life of the securities using the effective yield method in a manner consistent with the amortization of any premium or discount. When a security transferred from HTM to AFS, the security’s amortized cost basis carried over to the AFS category for subsequent amortization of the historical premium or discount, comparisons of fair value and amortized cost for determining unrealized holding gains and losses, and required disclosures of amortized cost. The difference between the security’s amortized cost and fair value at the date of transfer into the AFS portfolio is recognized as an unrealized gain or loss and recorded in AOCI.

Due to the termination of both AmTrust quota share contracts effective January 1, 2019, the Company no longer believed that it had the positive ability to hold the securities in the HTM portfolio to maturity because this portfolio served as part of the collateral for the AmTrust Reinsurance segment loss reserves. Therefore, the Company reclassified and transferred all HTM securities to the AFS portfolio in the first quarter of 2019. Please see "Note 4 — Investments" for further details.

The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments comprise securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2019 and 2018.

The Company's other investments comprise of unquoted investments. The Company accounts for its unquoted other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Unquoted other investments are comprised of investments in limited partnerships, which are reported at fair value based on the financial information received from the fund managers and other information available to management with changes in fair value recognized in net income, as well as investments in start-up insurance entities which are reported at fair value using recent private market transactions.

Investments made by special purpose vehicles focused on lending activities are carried at cost less impairment, if any. Any indication of impairment is recognized in income when determined.

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

2. Significant Accounting Policies (continued)

A security is potentially impaired when its fair value falls below its amortized cost. On a quarterly basis, all potentially impaired securities are reviewed to determine whether the impairment is temporary or OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value over a short period. The Company's review process begins with a quantitative analysis to identify securities to be further evaluated for potential classification as OTTI. For all identified securities, further fundamental analysis is performed that considers, but is not limited to, the following quantitative and qualitative factors: historic and implied volatility of the security; length of time and extent to which the fair value has been less than amortized cost; adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; failure, if any, of the issuer of the security to make scheduled payments; and recoveries or additional declines in fair value subsequent to the balance sheet date.

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

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

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

•

Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: 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 the Level 3 hierarchy. The Company uses prices and inputs that are current as 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 a financial 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 fair value hierarchy. The Company receives the quoted market prices from the Pricing Service which is a third-party nationally recognized provider. 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 fair value hierarchy. The Company challenges any prices for its investments which are considered not to be representative of fair value. If quoted market prices and estimates 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 investment 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 fair value. The Company bases its estimates of fair values for assets on the bid price as it represents the price a third-party market participant would be willing to pay in an orderly transaction.

2. Significant Accounting Policies (continued)

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

Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period.

Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined.

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2019 and 2018.

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

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

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

Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income.

Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers.

Accounting for Retroactive Reinsurance Agreements - Retroactive reinsurance agreements are reinsurance agreements under which a reinsurer agrees to reimburse the Company as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately.

On July 31, 2019, Maiden Reinsurance entered into the LPT/ADC Agreement as discussed in "Note 1 — Organization". This transaction was accounted for as retroactive reinsurance pursuant to U.S. GAAP and a deferred gain liability is recognized for the amount which represents the cumulative adverse development of losses subject to the LPT/ADC Agreement. Amortization of the deferred gain will not begin until paid losses have exceeded the minimum retention under this agreement, which is estimated to be in 2024.

2. Significant Accounting Policies (continued)

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

Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Company's Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the lease term in the Company's Consolidated Statements of Income.

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

Goodwill and other indefinite life intangible assets were historically tested for impairment on an annual basis or more frequently if events or changes in circumstances indicated that the carrying amount may not be recoverable. Finite life intangible assets were reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicated that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill was assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. The Company had established October 1 as the date for performing the annual impairment tests or when “triggering events” occur or circumstances changed that could have potentially reduced the fair value of a reporting unit below its carrying amount. Goodwill was considered impaired if the carrying amount of the reporting unit exceeded its fair value. If goodwill or other intangible assets were impaired, they were written down to their estimated fair values with a corresponding loss reflected in the Consolidated Statements of Income.

The announced sale of the Company's U.S. treaty reinsurance operations resulted in a triggering event and consequently during the year ended December 31, 2018, the remaining balance of goodwill and intangible assets was written off as they were deemed to be permanently impaired due to the sale of the U.S. treaty reinsurance renewal rights and the sale of the U.S. Diversified Reinsurance business. Please refer to "Note 6 — Discontinued Operations" for further details of this disposal.

Noncontrolling Interests — The Company accounts for noncontrolling interests in subsidiaries in accordance with ASC Topic 810 "Consolidations", and presents any noncontrolling shareholders' interest in the equity section of the Consolidated Balance Sheets. Net income attributable to noncontrolling interests is presented separately in the Consolidated Statements of Income. There are no remaining noncontrolling interests in subsidiaries as at December 31, 2019.

Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made.

U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2019 and 2018.

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

The estimated fair value of the PB-RSUs is recognized as a charge to compensation expense and an increase to additional paid-in capital in Consolidated Shareholders’ Equity following the satisfaction of certain criteria during the specified performance period. Forfeitures are accounted for if and when they occur.

Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of options, restricted share units ("RSUs") and PB-RSUs. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options, RSUs and PB-RSUs.

2. Significant Accounting Policies (continued)

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

Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares. These shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets.

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

Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI. The amount of the cumulative translation adjustment at December 31, 2019 was $(4,160) (2018 - $(5,854)).

Recently Adopted Accounting Standards Updates

Improvements to Non-employee Share-Based Payment Accounting

In June 2018, the FASB issued Accounting Standards Update ("ASU") 2018-07 that simplifies the accounting for share-based payments granted to non-employees for goods and services. Under the guidance, payments to non-employees would be aligned with the requirements for share-based payments granted to employees as FASB viewed the awards to both employees and non-employees to be economically similar and thus two different accounting models were not justified. The Company currently measures directors’ share-based payment awards at fair value as at their grant date; therefore the adoption of this standard on January 1, 2019 did not have any 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 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 the due diligence process necessary. The amendments affect a wide variety of topics in the codification and apply to all reporting entities within the scope of the affected accounting guidance. None of the topics deemed applicable upon adoption of this standard on January 1, 2019 had a material impact on the financial statements.

Topic 842, Leases

In July 2018, the FASB issued ASU 2018-11 for targeted improvements related to ASU 2016-02 which provide entities with an additional transition method to apply the new leasing 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. Topic 842 became effective for the Company during the first quarter of 2019 and was applied using a modified retrospective approach by electing the additional transition method permitted by ASU 2018-11. Under the additional transition method, the Company's reporting for the comparative periods presented in its financial statements will be in accordance with the pre-effective date lease accounting requirements under Topic 840.

The Company adopted Topic 842 effective on January 1, 2019, by electing as a package the practical expedients permitted under the transition guidance of Topic 842, and applied consistently to all leases that had commenced before the effective date of adoption. The package of practical expedients allowed the Company to not reassess the following: whether any expired or existing contracts are or contain leases; the lease classification for any expired or existing leases; and initial direct costs for any existing leases. In addition to electing the package of practical expedients, the Company made an accounting policy election to account for non-lease components separately from lease components. Furthermore, the Company made an accounting policy election not to recognize leases with an initial term of twelve months or less in the Company's Consolidated Balance Sheets.

The adoption of this standard on January 1, 2019 impacted the Company’s Consolidated Balance Sheets by recognizing a lease liability within accrued expenses and other liabilities of $2,342 with an equivalent amount for the right-of-use asset presented as part of other assets, but the adoption did not have any impact on its results of operations or cash flows.

Please refer to "Note 11. Commitments and Contingencies f) Operating Lease Commitments" for further disclosures regarding the impact of the adoption of Topic 842 in 2019.

2. Significant Accounting Policies (continued)

Premium Amortization on Purchased Callable Debt Securities

In March 2017, the FASB issued ASU 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. U.S. GAAP historically excluded certain callable debt securities from consideration of early repayment of principal even if the holder was certain that the call option would be exercised. As a result, upon the exercise of a call option on a callable debt security held at a premium, the unamortized premium was then recorded as a loss in earnings. The amendments in ASU 2017-08 affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date. The amendments shorten the amortization period for certain callable debt securities held at a premium and require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity.

The Company holds a number of fixed maturities with callable features on its Consolidated Balance Sheets which includes certain securities purchased at a premium that are being amortized over their contractual maturity period. The Company has always handled the amortization of any premiums by amortizing to the earliest effective maturity date (including call dates); therefore, the adoption of this guidance on January 1, 2019 did not have any impact on its Consolidated Financial Statements.

Recently Issued Accounting Standards Not Yet Adopted

Accounting for Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current OTTI methodology.

In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance balances receivable and reinsurance recoverable on unpaid losses are its most significant financial assets within the scope of ASU 2016-13.

The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein. The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As of December 31, 2019, the Company qualified for SRC status, as determined on the last business day of its most recent second quarter, and is thus eligible to follow the reporting deadlines and effective dates applicable to SRCs. Therefore Topic 326 will not be effective until the 2023 fiscal year. The Company continues to evaluate the impact of this guidance on its results of operations, financial condition and liquidity.

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

12 Months Ended

Dec. 31, 2019

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 by AmTrust, primarily the AmTrust Quota Share and the European Hospital Liability Quota Share, which are in run-off effective January 1, 2019. In addition to our reportable segments, the results of operations of the former NGHC Quota Share segment, which was commuted in November 2019, 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. Organization" and "Note 6. Discontinued Operations", the Company 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 reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, loan to related party, restricted cash and investments, and funds withheld receivable. All remaining assets are allocated to Corporate.

As discussed in "Note 1. Organization" and "Note 10. Related Party Transactions", the Partial Termination Amendment and the termination of the remaining business with AmTrust effective January 1, 2019 resulted in a significant reduction in gross premiums written. This was due to the return of unearned premium on certain lines covered by the Partial Termination Amendment, with no new business written in 2019 as a result of the termination of the AmTrust Quota Share and the European Hospital Liability Quota Share. 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:



For the Year Ended December 31, 2019	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	52,408		$	(581,001	)	$	—		$	(528,593	)
Net premiums written	$	49,151		$	(581,001	)	$	—		$	(531,850	)
Net premiums earned	$	83,691		$	364,071		$	—		$	447,762
Other insurance revenue	2,841			—			—			2,841
Net loss and LAE	(49,905		)	(402,612		)	(312		)	(452,829		)
Commission and other acquisition expenses	(29,898		)	(139,862		)	—			(169,760		)
General and administrative expenses	(8,872		)	(2,895		)	—			(11,767		)
Underwriting loss	$	(2,143	)	$	(181,298	)	$	(312	)	(183,753		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										125,697
Total other-than-temporary impairment losses										(165		)
Interest and amortization expenses										(19,320		)
Foreign exchange and other gains, net										2,719
Other general and administrative expenses										(35,451		)
Income tax benefit										911
Net loss from continuing operations										$	(109,362	)

Net loss and LAE ratio⁽¹⁾	57.7		%	110.6		%				100.5		%
Commission and other acquisition expense ratio⁽²⁾	34.5		%	38.4		%				37.6		%
General and administrative expense ratio⁽³⁾	10.3		%	0.8		%				10.5		%
Expense ratio⁽⁴⁾	44.8		%	39.2		%				48.1		%
Combined ratio⁽⁵⁾	102.5		%	149.8		%				148.6		%

3. Segment Information (continued)



For the Year Ended December 31, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	131,518		$	1,886,280		$	—		$	2,017,798
Net premiums written	$	129,319		$	1,885,278		$	—		$	2,014,597
Net premiums earned	$	112,487		$	1,913,715		$	—		$	2,026,202
Other insurance revenue	9,681			—			—			9,681
Net loss and LAE	(71,441		)	(1,806,995		)	(1,685		)	(1,880,121		)
Commission and other acquisition expenses	(38,749		)	(615,991		)	—			(654,740		)
General and administrative expenses	(17,396		)	(3,845		)	—			(21,241		)
Underwriting loss	$	(5,418	)	$	(513,116	)	$	(1,685	)	(520,219		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										134,756
Total other-than-temporary impairment losses										(5,832		)
Interest and amortization expenses										(19,318		)
Foreign exchange and other gains, net										4,461
Other general and administrative expenses										(43,699		)
Income tax expense										(441		)
Net loss from continuing operations										$	(450,292	)

Net loss and LAE ratio⁽¹⁾	58.5		%	94.4		%				92.3		%
Commission and other acquisition expense ratio⁽²⁾	31.7		%	32.2		%				32.2		%
General and administrative expense ratio⁽³⁾	14.2		%	0.2		%				3.2		%
Expense ratio⁽⁴⁾	45.9		%	32.4		%				35.4		%
Combined ratio⁽⁵⁾	104.4		%	126.8		%				127.7		%


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


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


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


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


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

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2019 and 2018:



December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	11,729	$	—	$	11,729
Reinsurance recoverable on unpaid losses	2,773		557,950		560,723
Deferred commission and other acquisition expenses	8,923		68,433		77,356
Loan to related party	—		167,975		167,975
Restricted cash and cash equivalents and investments	90,614		1,417,139		1,507,753
Funds withheld receivable	52,136		632,305		684,441
Other assets	1,670		—		1,670
Total assets - reportable segments	167,845		2,843,802		3,011,647
Corporate assets	—		—		556,549
Total Assets	$	167,845	$	2,843,802	$	3,568,196

December 31, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	29,030	$	38,278	$	67,308
Reinsurance recoverable on unpaid losses	1,743		—		1,743
Deferred commission and other acquisition expenses	18,405		370,037		388,442
Loan to related party	—		167,975		167,975
Restricted cash and cash equivalents and investments	114,220		3,918,810		4,033,030
Funds withheld receivable	27,039		—		27,039
Other assets	—		640		640
Total assets - reportable segments	190,437		4,495,740		4,686,177
Corporate assets	—		—		497,655
Assets held for sale	—		—		103,628
Total Assets	$	190,437	$	4,495,740	$	5,287,460

The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2019 and 2018. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries.



For the Year Ended December 31,	2019			2018
Gross premiums written – North America	$	(567,380	)	$	1,591,745
Gross premiums written – Other (predominantly Europe)	38,787			426,053
Gross premiums written – Total	$	(528,593	)	$	2,017,798
Net premiums written – North America	$	(567,380	)	$	1,590,466
Net premiums written – Other (predominantly Europe)	35,530			424,131
Net premiums written – Total	$	(531,850	)	$	2,014,597
Net premiums earned – North America	$	363,498		$	1,635,855
Net premiums earned – Other (predominantly Europe)	84,264			390,347
Net premiums earned – Total	$	447,762		$	2,026,202

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019					2018
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
International	$	49,193		(9.3	)%	$	129,305	6.4	%
Other	(42		)	—	%	14		—	%
Total Diversified Reinsurance	49,151			(9.3	)%	129,319		6.4	%
AmTrust Reinsurance
Small Commercial Business	(324,311		)	61.0	%	1,092,615		54.2	%
Specialty Program	(25,869		)	4.9	%	336,847		16.7	%
Specialty Risk and Extended Warranty	(230,821		)	43.4	%	455,816		22.7	%
Total AmTrust Reinsurance	(581,001		)	109.3	%	1,885,278		93.6	%
Total Net Premiums Written	$	(531,850	)	100.0	%	$	2,014,597	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019					2018
Net premiums earned	Total			% of Total		Total		% of Total
Diversified Reinsurance
International	$	83,733		18.7	%	$	112,473	5.5	%
Other	(42		)	—	%	14		—	%
Total Diversified Reinsurance	83,691			18.7	%	112,487		5.5	%
AmTrust Reinsurance
Small Commercial Business	91,723			20.5	%	1,167,581		57.6	%
Specialty Program	138,380			30.9	%	345,805		17.1	%
Specialty Risk and Extended Warranty	133,968			29.9	%	400,329		19.8	%
Total AmTrust Reinsurance	364,071			81.3	%	1,913,715		94.5	%
Total Net Premiums Earned	$	447,762		100.0	%	$	2,026,202	100.0	%

Investments

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and 2018 are as follows:



December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Fixed maturities:
U.S. treasury bonds	$	94,921	$	704	$	—		$	95,625
U.S. agency bonds – mortgage-backed	533,296		6,717		(1,291		)	538,722
Non-U.S. government and supranational bonds	11,796		294		(91		)	11,999
Asset-backed securities	187,881		821		(532		)	188,170
Corporate bonds	981,441		31,140		(15,725		)	996,856
Municipal bonds	4,091		55		—			4,146
Total fixed maturity investments	$	1,813,426	$	39,731	$	(17,639	)	$	1,835,518

4. Investments (continued)



December 31, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	138,625	$	448	$	(1	)	$	139,072
U.S. agency bonds – mortgage-backed	1,485,716		3,491		(36,073		)	1,453,134
U.S. agency bonds – other	129,741		40		(548		)	129,233
Non-U.S. government and supranational bonds	11,212		66		(1,206		)	10,072
Asset-backed securities	216,072		425		(1,415		)	215,082
Corporate bonds	1,128,614		6,525		(30,164		)	1,104,975
Total AFS fixed maturities	3,109,980		10,995		(69,407		)	3,051,568
HTM fixed maturities:
Corporate bonds	957,845		3,872		(20,990		)	940,727
Municipal bonds	57,836		—		(551		)	57,285
Total HTM fixed maturities	1,015,681		3,872		(21,541		)	998,012
Total fixed maturity investments	$	4,125,661	$	14,867	$	(90,948	)	$	4,049,580

The Company has historically classified its fixed maturity investments as either AFS or HTM. The HTM portfolio at December 31, 2018 included securities for which we had the ability and intent to hold to maturity or redemption and was reported at amortized cost. However, due to the termination of both AmTrust quota share contracts effective January 1, 2019, the Company no longer believed that it had the positive ability to hold the securities in the HTM portfolio to maturity because the HTM portfolio was part of the collateral for the AmTrust Reinsurance segment loss reserves. Therefore, the Company reclassified and transferred all HTM securities to the AFS portfolio at their fair market value as at March 31, 2019. The carrying value of the HTM securities at the time of transfer was $1,011,878 and the related unrealized gains of $14,230 were added to AOCI.

The contractual maturities of our fixed maturities are shown in the table 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.



	Fixed maturities
December 31, 2019	Amortized cost		Fair value
Maturity
Due in one year or less	$	167,277	$	165,908
Due after one year through five years	608,912		612,986
Due after five years through ten years	316,060		329,732
	1,092,249		1,108,626
U.S. agency bonds – mortgage-backed	533,296		538,722
Asset-backed securities	187,881		188,170
Total fixed maturities	$	1,813,426	$	1,835,518

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



	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. agency bonds – mortgage-backed	$	31,401	$	(257	)	$	85,008	$	(1,034	)	$	116,409	$	(1,291	)
Non-U.S. government and supranational bonds	1,824		(22		)	701		(69		)	2,525		(91		)
Asset-backed securities	60,863		(240		)	17,594		(292		)	78,457		(532		)
Corporate bonds	29,692		(305		)	159,216		(15,420		)	188,908		(15,725		)
Total temporarily impaired fixed maturities	$	123,780	$	(824	)	$	262,519	$	(16,815	)	$	386,299	$	(17,639	)

4. Investments (continued)

At December 31, 2019, there were approximately 104 securities in an unrealized loss position with a fair value of $386,299 and unrealized losses of $17,639. Of these securities, there were 67 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $262,519 and unrealized losses of $16,815.



	Less than 12 Months					12 Months or More					Total
December 31, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	125	$	(1	)	$	—	$	—		$	125	$	(1	)
U.S. agency bonds – mortgage-backed	416,147		(6,624		)	838,091		(29,449		)	1,254,238		(36,073		)
U.S. agency bonds – other	26,838		(27		)	17,462		(521		)	44,300		(548		)
Non-U.S. government and supranational bonds	4,024		(252		)	3,770		(954		)	7,794		(1,206		)
Asset-backed securities	74,801		(1,196		)	5,793		(219		)	80,594		(1,415		)
Corporate bonds	1,052,765		(30,334		)	286,542		(20,820		)	1,339,307		(51,154		)
Municipal bonds	20,379		(261		)	36,906		(290		)	57,285		(551		)
Total temporarily impaired fixed maturities	$	1,595,079	$	(38,695	)	$	1,188,564	$	(52,253	)	$	2,783,643	$	(90,948	)

At December 31, 2018, there were approximately 348 securities in an unrealized loss position with a fair value of $2,783,643 and unrealized losses of $90,948. Of these securities, there were 103 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $1,188,564 and unrealized losses of $52,253.

OTTI

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis should be considered other-than-temporary in accordance with applicable guidance. At December 31, 2019, we determined that 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 fixed maturities since their date of purchase. All fixed maturity securities 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 believe the amortized cost basis of the securities will be ultimately recovered. The Company continually monitors the credit quality of the 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 year ended December 31, 2019, the Company recognized $165 in OTTI charges in earnings on one fixed maturity security (2018 - $5,832 on seventy-two fixed maturity securities).

The following tables summarize the credit ratings of our fixed maturities as at December 31, 2019 and 2018:



December 31, 2019	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	94,921	$	95,625	5.2	%
U.S. agency bonds	533,296		538,722		29.4	%
AAA	99,212		99,542		5.4	%
AA+, AA, AA-	101,491		101,467		5.5	%
A+, A, A-	540,002		549,479		29.9	%
BBB+, BBB, BBB-	438,731		445,202		24.3	%
BB+ or lower	5,773		5,481		0.3	%
Total fixed maturities⁽¹⁾	$	1,813,426	$	1,835,518	100.0	%

4. Investments (continued)



December 31, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	138,625	$	139,072	3.4	%
U.S. agency bonds	1,615,457		1,582,367		39.1	%
AAA	137,172		135,119		3.3	%
AA+, AA, AA-	183,142		178,674		4.4	%
A+, A, A-	1,132,993		1,113,710		27.5	%
BBB+, BBB, BBB-	866,043		848,348		21.0	%
BB+ or lower	52,229		52,290		1.3	%
Total fixed maturities⁽¹⁾	$	4,125,661	$	4,049,580	100.0	%


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

b) Other Investments

The table below shows the fair value of the Company's other investments as at December 31, 2019 and 2018:



December 31,	2019				2018
	Fair Value		% of Total		Fair Value		% of Total
Investment in limited partnerships	$	3,077	63.1	%	$	3,833	71.9	%
Other	1,800		36.9	%	1,500		28.1	%
Total other investments	$	4,877	100.0	%	$	5,333	100.0	%

The Company also holds other investments made by special purpose vehicles related to lending activities of $26,871 at December 31, 2019 (2018 - $18,383). These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. As these investments are carried at cost, they are not included in the table above. Please see "Note 5 - Fair Value Measurements" for additional information.

The Company has remaining unfunded commitments on its investment in limited partnerships of $340 at December 31, 2019 (2018 - $414) and in special purpose vehicles focused on lending activities of $767 at December 31, 2019 (2018 - $7,359).

c) Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019			2018
Fixed maturities	$	83,839		$	130,333
Funds withheld	20,307			686
Loan to related party	6,983			6,442
Cash and cash equivalents and other	2,931			3,173
	114,060			140,634
Interest expense paid on LPT/ADC Agreement and Commutation Payment⁽¹⁾	(13,596		)	—
Investment expenses	(2,627		)	(4,349		)
Net investment income	$	97,837		$	136,285

⁽¹⁾Interest expense paid on LPT/ADC Agreement and Commutation Payment includes: a) Maiden Reinsurance paid Enstar approximately $7,261 in interest related to the LPT/ADC Agreement premium, calculated at the rate of 2.64% per annum from January 1, 2019 through August 12, 2019; and b) Maiden Reinsurance paid AII approximately $6,335 in interest related to the Commutation Payment premium, calculated at the rate of 3.30% per annum from January 1, 2019 through August 12, 2019. Settlement of funding for the LPT/ADC Agreement and Commutation Payment occurred on August 12, 2019 by Maiden Reinsurance's transfer of cash and invested assets as described in "Note 1. Organization".

4. Investments (continued)

d) Net 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 tables provide an analysis of net realized gains (losses) on investment included in the Consolidated Statements of Income:



For the Year Ended December 31, 2019	Gross gains		Gross losses			Net
Fixed maturities	$	43,657	$	(15,899	)	$	27,758
Other investments	102		—			102
Net realized gains (losses) on investment	$	43,759	$	(15,899	)	$	27,860



For the Year Ended December 31, 2018	Gross gains		Gross losses			Net
Fixed maturities	$	9,314	$	(13,118	)	$	(3,804	)
Other investments	2,275		—			2,275
Net realized gains (losses) on investment	$	11,589	$	(13,118	)	$	(1,529	)

Proceeds from sales of fixed maturities were $1,032,438 and $367,346 for the years ended December 31, 2019, and 2018, respectively. Net unrealized gains (losses) on investments, including those allocated to discontinued operations and classified as held for sale, were as follows at December 31, 2019 and 2018, respectively:



December 31,	2019			2018
Fixed maturities	$	22,092		$	(59,729	)
Deferred income tax	(96		)	(33		)
Net unrealized gains (losses), net of deferred income tax	$	21,996		$	(59,762	)
Change, net of deferred income tax	$	81,758		$	(81,651	)

The portion of net unrealized losses recognized within net loss for the years ended December 31, 2019 and 2018, respectively, that are related to other investments still held at the end of the respective reporting period were as follows:



For the Year Ended December 31,	2019			2018
Net gains recognized on other investments within net loss for the period	$	102		$	2,275
Net realized gains recognized on other investments divested during period	(591		)	(2,777		)
Net unrealized losses recognized on other investments still held at end of period	$	(489	)	$	(502	)

e) Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements. The Company utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of these restricted assets were as follows at December 31, 2019 and 2018:



December 31,	2019		2018
Restricted cash – third party agreements	$	21,447	$	21,420
Restricted cash – related party agreements	37,634		108,728
Total restricted cash	59,081		130,148
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2019 – $65,539; 2018 – $88,841)	65,678		89,596
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2019 – $1,366,873; 2018 – $3,870,731)	1,382,994		3,804,215
Total restricted investments	1,448,672		3,893,811
Total restricted cash and investments	$	1,507,753	$	4,023,959

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at December 31, 2019 and 2018.

U.S. government and U.S. agency — Bonds issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association and the Federal National Mortgage Association. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. The Company believes 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 credit spread above the risk-free yield curve. As the yields for the risk-free yield curve and the credit 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 attributes. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate credit 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 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. 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 values are included in the Level 2 fair value hierarchy.

Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies. that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and the new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As the significant inputs used to price corporate and municipal bonds are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.

Other investments — Includes unquoted investments comprised of investments in limited partnerships and other investments which includes investments in special purpose vehicles focused on lending activities as well as investments in start-up insurance entities. The fair values of the investments in 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 the reporting date of the latest available fund valuation, fair values are estimated 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 investments made by special purpose vehicles focused on lending activities are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. As these investments are carried at cost, they are not included in the fair value hierarchy below.

The fair value of the start-up insurance entities are determined using recent private market transactions and as such, the fair value of these investments are included in the Level 3 fair value hierarchy.

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

Loan to related party, reinsurance recoverable on unpaid losses and funds withheld receivable — The carrying values reported in the Consolidated Balance Sheets for these financial instruments approximate their fair value and are included in the Level 2 fair value hierarchy.

Senior notes — The carrying value for these financial instruments includes the principal amounts of the notes less any unamortized issuance costs. The fair values of the senior notes are based on indicative market pricing obtained from a third-party service provider and, as such, are included in the Level 2 fair value hierarchy.

b) Fair Value Hierarchy

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

5. Fair Value Measurements (continued)

At December 31, 2019 and 2018, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 31, 2019	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
Fixed maturities
U.S. treasury bonds	$	95,625		$	—		$	—		$	—		$	95,625
U.S. agency bonds – mortgage-backed	—			538,722			—			—			538,722
Non-U.S. government and supranational bonds	—			11,999			—			—			11,999
Asset-backed securities	—			188,170			—			—			188,170
Corporate bonds	—			996,856			—			—			996,856
Municipal bonds	—			4,146			—			—			4,146
Other investments	—			—			1,800			3,077			4,877
Total	$	95,625		$	1,739,893		$	1,800		$	3,077		$	1,840,395
As a percentage of total assets	2.7		%	48.8		%	0.1		%	0.1		%	51.7		%



December 31, 2018	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	139,072		$	—		$	—		$	—		$	139,072
U.S. agency bonds – mortgage-backed	—			1,453,134			—			—			1,453,134
U.S. agency bonds – other	—			129,233			—			—			129,233
Non-U.S. government and supranational bonds	—			10,072			—			—			10,072
Asset-backed securities	—			215,082			—			—			215,082
Corporate bonds	—			1,104,975			—			—			1,104,975
Other investments	—			—			19,883			3,833			23,716
Total	$	139,072		$	2,912,496		$	19,883		$	3,833		$	3,075,284
As a percentage of total assets	2.6		%	55.1		%	0.4		%	0.1		%	58.2		%

The Company utilizes the Pricing Service to assist in determining the fair value of its 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 use of pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value.

The Pricing Service was utilized to estimate fair value measurements for approximately 99.7% and 99.9% of our fixed maturities at December 31, 2019 and 2018, 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 within the fair value hierarchy.

At December 31, 2019 and 2018, approximately 0.3% and 0.1%, respectively, of the Level 2 fixed maturities are valued using the market approach. At December 31, 2019 and 2018, one security or $5,481 and one security or $5,676, respectively, of fixed maturities classified as Level 2, were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At December 31, 2019 and 2018, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

There were no transfers between Level 1 and Level 2 within the fair value hierarchy. During the year ended December 31, 2019, the Company transferred its investment in special purpose vehicles focused on lending activities out of Level 3 within the fair value hierarchy due to a change in accounting policy to report these investments at cost less any impairment instead of fair market value. No other transfers to or from Level 3 occurred during the respective periods.

5. Fair Value Measurements (continued)

c) Level 3 Financial Instruments

At December 31, 2019, the Company has other investments of $1,800 (December 31, 2018 - $19,883) which includes investments in start-up insurance entities. The fair value of investments in start-up insurance entities was determined using recent private market transactions. Due to significant unobservable inputs in these valuations, the Company classifies the fair value estimate of these other investments as Level 3 within the fair value hierarchy.

d) Financial Instruments not measured at Fair Value

The following table presents the respective carrying value and fair value for the financial instruments not measured at fair value on the Consolidated Balance Sheets:



	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	—	$	—	$	957,845	$	940,727
HTM - municipal bonds	—		—		57,836		57,285
Total financial assets	$	—	$	—	$	1,015,681	$	998,012

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	86,460	$	110,000	$	75,240
Senior Notes - MHNC – 7.75%	152,500		137,067		152,500		143,960
Total financial liabilities	$	262,500	$	223,527	$	262,500	$	219,200

- 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

Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Sale of U.S. Treaty Reinsurance operations

As described in "Note 1. Organization", the Company entered into a Renewal Rights transaction with TransRe on August 29, 2018 and subsequently sold Maiden US on December 27, 2018 pursuant to the U.S. Sale Agreement with Enstar U.S. Maiden US was a substantial portion of the Diversified Reinsurance segment, therefore the Company concluded that the sale represented a strategic shift that had a major effect on its ongoing operations and financial results and that all of the held for sale criteria were met. Accordingly, all transactions related to the U.S. treaty reinsurance operations are reported and presented as part of the results from discontinued operations in the Consolidated Statements of Income and any remaining assets and liabilities related to true up of sale consideration are classified as held for sale in the Consolidated Balance Sheet as at December 31, 2018.

As described in "Note 1 — Organization", Cavello and Maiden Reinsurance entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the U.S. treaty reinsurance business held by Maiden Reinsurance were retroceded to Cavello on December 27, 2018. Previously, the assets and liabilities related to this business including the retrocession agreement were classified as held for sale, however, a decision has been made to reclassify them as held and used in the current period as it is now considered unlikely that these reserves will be novated in the foreseeable future; therefore, there are no remaining assets and liabilities classified as held for sale as at December 31, 2019. Furthermore, the assets and liabilities related to this business as at December 31, 2018 have been reclassified from held for sale to conform to the current presentation.

The assets and liabilities classified as held for sale in the Consolidated Balance Sheet as at December 31, 2018 comprise:



	2018
ASSETS
Fixed maturities, available-for-sale, at fair value	$	63,560
Restricted cash and cash equivalents	6,113
Other assets	33,955
Total assets held for sale	$	103,628
LIABILITIES
Reserve for loss and loss adjustment expenses	$	6,363
Accrued expenses and other liabilities	78,751
Total liabilities held for sale	$	85,114

The following table summarizes the major classes of items constituting the net loss from discontinued operations presented on the Consolidated Statements of Income for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019			2018
Gross premiums written	$	—		$	493,862
Net premiums written	$	—		$	479,577
Net premiums earned	$	—		$	618,265
Other insurance revenue	—			—
Net investment income	—			39,265
Net loss and loss adjustment expenses	6,363			(474,711		)
Commission and other acquisition expenses	—			(142,946		)
General and administrative expenses	(2,392		)	(26,739		)
Amortization of intangible assets	—			(1,387		)
Income from discontinued operations	3,971			11,747
Loss on disposal of discontinued operations	(25,474		)	(113,294		)
Income tax (expense) benefit	(1,038		)	7,434
Loss from discontinued operations, net of income tax	$	(22,541	)	$	(94,113	)

As described in "Note 1. Organization", as a result of the Settlement and Commutation Agreement entered into between the Company and Enstar U.S. on July 31, 2019, the Company recorded an additional loss from discontinued operations of $16,714 for the year ended December 31, 2019, which is included in the net loss from discontinued operations of $22,541. The loss on disposal of discontinued operations for the year ended December 31, 2018 primarily includes the impairment of goodwill and intangible assets of $74,196 that was recognized due to the sale of Maiden US, net of the payment received for the sale of the Renewal Rights of $7,500.

6. Discontinued Operations (continued)

The goodwill and intangible assets historically were subject to annual impairment testing on October 1 or when “triggering events” occurred or circumstances changed that could have potentially reduced the fair value of a reporting unit below its carrying amount. The sale of the Company's U.S. treaty reinsurance operations resulted in a triggering event and consequently during the year ended December 31, 2018, the remaining balance of goodwill and intangible assets were written off as they were deemed permanently impaired.

Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At December 31, 2019 and 2018, both Maiden Holdings and its wholly owned subsidiary, Maiden NA, have outstanding publicly-traded senior notes which were issued in 2016 and 2013, respectively (the "Senior Notes"). The 2013 Senior Notes issued by Maiden NA are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligations of the Company.

The following tables detail the issuances outstanding at December 31, 2019 and 2018:



December 31, 2019	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,565			4,027			7,592
Carrying value	$	106,435		$	148,473		$	254,908

December 31, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,610			4,196			7,806
Carrying value	$	106,390		$	148,304		$	254,694

Other details:
Original debt issuance costs	$	3,715		$	5,054
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 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 year ended December 31, 2019 was $19,106 (2018 - $19,106), of which $1,342 was accrued at both December 31, 2019 and 2018, respectively. The issuance costs related to the Senior Notes were capitalized and are being amortized over the effective life of the Senior Notes. The amortization expense was $214 for the year ended December 31, 2019 (2018 - $212).

Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part after December 1, 2018 at Maiden NA's option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden NA is required to give at least thirty and not more than sixty days notice prior to the redemption date. However, as part of the Company's remediation measures, the Company had previously voluntarily undertaken with the BMA to not voluntarily redeem the 2013 Senior Notes without its prior written approval.

Reinsurance

12 Months Ended

Dec. 31, 2019

Reinsurance Disclosures [Abstract]

Reinsurance

The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support. Additionally, Maiden Reinsurance entered into a number of retrocessional quota share agreements with a highly rated global insurer to cede certain lines of business from both of the Company's reportable segments. Effective July 1, 2018, Maiden Reinsurance commuted all of these retrocessional quota share agreements.

Ceded reinsurance provides for the recovery of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of its reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for ceded reinsurance. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances. The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2019 and 2018 was as follows:



For the Year Ended December 31,	2019			2018
Premiums written
Direct	$	16,637		$	11,024
Assumed	(545,243		)	2,006,774
Ceded	(3,244		)	(3,201		)
Net	$	(531,850	)	$	2,014,597
Premiums earned
Direct	$	16,118		$	10,733
Assumed	434,559			2,032,161
Ceded	(2,915		)	(16,692		)
Net	$	447,762		$	2,026,202
Loss and LAE
Gross loss and LAE	$	453,478		$	1,885,232
Loss and LAE ceded	(649		)	(5,111		)
Net	$	452,829		$	1,880,121

As discussed in "Note 1 — Organization", on December 27, 2018, Cavello and Maiden Reinsurance entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the U.S. treaty reinsurance business held by Maiden Reinsurance were retroceded to Cavello in exchange for a ceding commission. The balance of reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $62,699 at December 31, 2019 (2018 - $70,158).

On July 31, 2019, Maiden Reinsurance and Cavello entered into the LPT/ADC Agreement, pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. Please see "Note 1 — Organization" for further details.

The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each period based on loss payments and updated estimates. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. Reinsurance recoverable on unpaid losses under the retroactive reinsurance agreement was $557,950 while the deferred gain liability was $112,950 as of December 31, 2019. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2024.

Cavello has provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement and is subject to additional collateral funding requirements as explained in "Note 10 — Related Party Transactions". Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts do not exceed $312,786. Cavello's parent company, Enstar, has credit ratings of BBB from both Standard &Poor's and Fitch Ratings at December 31, 2019.

The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2019 was $623,422 (2018 - $71,901) presented in the Consolidated Balance Sheets. At December 31, 2019 and 2018, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2019

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

General

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 rates of 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 the average severity of claims are caused by a number of factors that vary with the individual type of policy written. Ultimate losses are projected based on historical trends adjusted for implemented changes in underwriting standards, claims handling, 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 the Company's contracts. While reserves are mostly reviewed on a contract by contract basis, paid loss 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 in some cases uses underwriting year information to analyze our Diversified Reinsurance segment and subsequently allocate reserves to the respective accident years. The reserve for loss and LAE comprises:



December 31,	2019		2018
Reserve for reported loss and LAE	$	1,271,358	$	1,619,776
Reserve for losses incurred but not reported ("IBNR")	1,168,549		1,506,358
Reserve for loss and LAE	$	2,439,907	$	3,126,134

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



For the Year Ended December 31,	2019			2018
Gross loss and LAE reserves, January 1	$	3,126,134		$	2,464,442
Less: reinsurance recoverable on unpaid losses, January 1	71,901			24,883
Net loss and LAE reserves, January 1	3,054,233			2,439,559
Net incurred losses related to:
Current year	328,194			1,431,484
Prior years	124,635			448,637
	452,829			1,880,121
Net paid losses related to:
Current year	(101,654		)	(440,315		)
Prior years	(1,025,381		)	(723,451		)
	(1,127,035		)	(1,163,766		)
Retroactive reinsurance adjustment	(557,950		)	—
Effect of foreign exchange rate movements	(5,592		)	(23,961		)
Other adjustments	—			(77,720		)
Net loss and LAE reserves, December 31	1,816,485			3,054,233
Reinsurance recoverable on unpaid losses, December 31	623,422			71,901
Gross loss and LAE reserves, December 31	$	2,439,907		$	3,126,134

Commencing in 2015, Maiden Reinsurance entered into a number of retrocessional quota share agreements with a highly rated global insurer to cede certain lines of business from both of our reportable segments. Effective July 1, 2018, Maiden Reinsurance commuted all of these retrocessional quota share agreements.

Actuarial Methods Used to Estimate Loss and LAE Reserves

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

The Expected Loss Ratio ("ELR") method is a technique that multiplicatively applies an expected loss ratio to premium earned to yield estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience

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

of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. This technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses.

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

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

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

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

In the Diversified Reinsurance segment, the Company utilizes the ELR approach at the onset of reserving an account, the BF method for business with less but maturing loss experience, and as the experience matures the LD method. For proportional or pro-rata business, the Company typically relies heavily on the actual historical contract experience to estimate reserving parameters such as loss development factors, whereas for excess of loss business there will be more usage of industry and/or Company benchmark assumptions.

The Company underwrote the AmTrust Reinsurance segment from July 1, 2007 until the Final AmTrust QS Terminations effective January 1, 2019. A large proportion of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, the Company has tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or BF method for exposure resulting from recent acquisitions, or a relative business with a more limited level of experience. The FS method is also considered for segments of the AmTrust book of business for which claim count information is available. The Company’s actuarial analysis of this book of business is more refined in that it utilizes a combination of quarterly and annual data instead of contract period data in totality. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis.

Prior Year Development

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments.

The following table summarizes the favorable (adverse) prior period development experienced in each of our reportable segments for the years ended December 31, 2019 and 2018:



For the Year Ended	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
December 31, 2019	$	1,488		$	(113,722	)	$	(312	)	$	(112,546	)
December 31, 2018	(2,326		)	(399,200		)	(1,685		)	(403,211		)

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

During 2019, the Company increased incurred losses for 2018 and prior accident years by $124,635 or 4.1% of prior year net loss and LAE reserves compared to $448,637 or 18.4% in 2018. The $112,546 of net adverse development was primarily driven by $113,722 of adverse development in the AmTrust Reinsurance segment combined with net favorable development of $1,488 in the Diversified Reinsurance segment and net adverse development of $312 within the Other category.

In addition, some premium for prior accident years is reported to us in subsequent periods. This leads to increases in the provision for loss and LAE in prior years during current periods, which is not considered adverse development. During 2019, incurred losses in the AmTrust segment increased $21,710 (2018 - $45,426) associated with $36,739 (2018 - $75,359) of premiums earned reported during 2019 attributable to 2018 and prior accident years.

In the Diversified Reinsurance segment, net favorable prior year loss development was $1,488 for the year ended December 31, 2019 (2018 - $2,326) primarily due to favorable reserve development in German Auto Programs as well as facultative reinsurance run-off lines. The adverse prior year loss development in 2018 was primarily due to adverse development in the European Capital Solutions business as well as in the facultative reinsurance run-off partially offset by favorable development in International Auto.

In the AmTrust Reinsurance segment, net adverse prior year development was $113,722 for the year ended December 31, 2019 (2018 - $399,200) primarily driven by Commercial Auto Liability of $118,462 and General Liability of $116,746 primarily from accident years 2014 to 2018, partly offset by favorable development in Workers Compensation of $113,003, gross of the increase in loss from prior year premium recognized during the current period, primarily from accident years 2016 to 2018. The adverse development for the year ended December 31, 2019 includes $9,286 recognized from application of the $40,500 loss corridor cap on AmTrust program business. Please see "Note 10. Related Party Transactions" for further details of the loss corridor.

The development in 2018 for the AmTrust Reinsurance segment was largely from Workers' Compensation of $151,269 which represented nearly half of the adverse development, primarily driven by accident years 2014 to 2016, due to a higher expectation of loss development at later maturities as well as adverse development in European Hospital Liability of $95,794, driven by underwriting years 2011 to 2013, General Liability of $78,317, driven by accident years 2013 to 2017, and Commercial Auto liability of $76,207, primarily from accident years 2015 to 2017. The adverse loss development in European Hospital Liability was partly caused by the failure of the Italian government to implement a law passed in April 2017 which was expected to reduce medical malpractice costs, and also by a reduced expectation with regards to the ultimate amount of no-payment claims.

Reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $557,950, which included a deferred gain on retroactive reinsurance of $112,950, was recognized in the year ended December 31, 2019 in the reconciliation of our beginning and ending gross and net loss and LAE reserves presented above. The deferred gain represents the cumulative adverse development under the AmTrust Quota Share covered under the LPT/ADC Agreement at December 31, 2019. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2024.

Under the Commutation and Release Agreement with AmTrust on July 1, 2019, Maiden Reinsurance transferred cash and invested assets of $312,786 which is the sum of the net ceded reserves of $330,682 with respect to the Commuted Business as of December 31, 2018 less payments of $17,896 made by Maiden Reinsurance with respect to the Commuted Business from January 1, 2019 through July 31, 2019. Settlement of the commutation occurred on August 12, 2019 and is reflected in the reconciliation of our beginning and ending gross and net loss and LAE reserves presented above under net paid losses related to prior years.

Our Other category incurred net adverse prior year development of $312 for the year ended December 31, 2019 (2018 - $1,685) due to increased reserves in the run-off of the NGHC Quota Share which was commuted in November 2019.


a)	Claims Development

The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last nine calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for both of our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2019. Information prior to 2019 is included as unaudited supplementary information. Only nine years of information has been presented as it was impractical to obtain the sufficiently detailed additional information on earlier years. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2019 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. Information regarding our Other category has not been presented in the development tables below but is included in the reconciliation, as these losses include amounts from our former NGHC Quota Share segment which was commuted in November 2019. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so.

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

The Diversified Reinsurance segment incurred and paid losses are analyzed by the following lines of business: (1) International; and (2) European Capital Solutions. The AmTrust Reinsurance segment incurred and paid losses are analyzed by the following lines of business: (1) Workers’ Compensation; (2) Commercial Auto Liability; (3) General Liability; (4) European Hospital Liability; and (5) All Other Lines. There are a number of factors to consider when evaluating the information in these tables:

•

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

•

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


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

Diversified Reinsurance Segment

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

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

Diversified Reinsurance - International

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

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

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



Diversified Reinsurance - International	Incurred loss and LAE, net of reinsurance																		At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	79,487	$	78,840	$	78,727	$	78,476	$	76,857	$	78,931	$	80,932	$	80,625	$	81,665	$	986
2011	49,772		48,321		48,342		48,525		48,483		48,313		48,692		48,937		48,896		4
2012			50,292		48,576		48,850		48,955		49,037		49,298		49,017		48,969		52
2013					44,973		50,106		51,424		50,926		51,527		51,747		52,136		(135		)
2014							42,760		48,529		48,397		48,291		48,065		48,141		187
2015									42,980		44,394		44,885		44,323		44,339		(224		)
2016											38,763		40,767		40,105		40,064		(146		)
2017													36,855		36,308		35,234		956
2018															45,000		42,954		3,388
2019																	36,408		9,317
Total																	$	478,806	$	14,385
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	34,452	$	43,364	$	48,163	$	49,897	$	51,487	$	53,002	$	54,482	$	56,164	$	57,601
2011	24,326		45,078		46,695		47,932		48,350		48,582		48,723		48,837		48,902
2012			23,614		40,318		42,698		43,785		44,112		44,695		44,808		44,822
2013					24,294		43,591		46,072		47,416		47,884		48,099		48,177
2014							23,859		42,138		44,409		45,632		45,889		45,995
2015									21,864		39,449		41,502		42,533		42,947
2016											22,590		36,708		38,537		39,284
2017													19,185		33,592		35,333
2018															20,818		37,349
2019																	17,003
Total																	417,413
Total net reserves																	$	61,393

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

Diversified Reinsurance - European Capital Solutions

The European Capital Solutions business is mainly a portfolio of assumed reinsurance in Europe which is now in run-off. Maiden Reinsurance began writing treaty reinsurance contracts under this initiative in 2016 therefore only four calendar years of the Company's incurred and paid loss development by accident year have been provided in the tables below.



Diversified Reinsurance - European Capital Solutions	Incurred loss and LAE, net of reinsurance								At December 31, 2019
For the Year Ended December 31,	2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited
2016	$	4,839	$	4,911	$	5,318	$	5,563	$	1,052
2017			8,699		10,085		8,997		2,333
2018					22,617		24,490		11,380
2019							15,381		5,487
Total							$	54,431	$	20,252
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited
2016	$	780	$	2,311	$	3,271	$	4,635
2017			1,926		4,070		5,744
2018					3,188		8,321
2019							3,195
Total							21,895
Total net reserves							$	32,536

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

Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, 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 Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019.

Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement. Recoverables from the LPT/ADC Agreement are displayed in the column "Impact of ADC" in the tables below. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 1 — Organization" for additional information.

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

AmTrust Reinsurance: Workers’ Compensation

This reserve class consists of the Workers’ Compensation portion of the AmTrust Quota Share. The business is written in the U.S. by AmTrust from both their Small Commercial Business and Specialty Program business units. The Small Commercial Business unit focuses on writing smaller, niche workers' compensation exposures in generally low-hazard occupations. Workers’ Compensation business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business. The business is produced by managing general agents with AmTrust regularly adding new programs and terminating or renegotiating unprofitable ones. Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. Since it is proportional exposure, and due to the size and the classes of business insured by AmTrust, this reserving class is much shorter tailed than a traditional workers compensation book, and the transition to the BF and the LD methods happens relatively quickly, within the first several years.

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



Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952		$	28	$	2,962
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		110,175		109,664			2,287		4,612
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		127,215		127,381			4,933		6,591
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		138,600		139,685			7,253		7,943
2012			136,960		168,016		173,946		171,040		172,692		181,616		192,087		188,879			9,945		12,885
2013					237,019		245,765		238,392		242,447		261,915		276,249		273,571			21,269		20,974
2014							379,589		365,515		382,260		419,748		457,363		455,521			47,774		41,920
2015									474,140		474,212		526,269		551,145		545,271			58,111		59,535
2016											528,906		568,006		627,728		603,529			89,376		72,793
2017													615,957		654,362		613,577			72,161		93,752
2018															592,566		580,528			70,919		105,435
2019																	12,751			2,227		—
Total																	$	3,734,309		$	386,283	$	429,402
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103		101,823		102,877
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014		115,959		116,332
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579		124,315		125,843
2012			45,030		88,382		119,059		138,706		150,543		158,807		164,512		168,154
2013					56,249		121,182		168,785		199,300		216,527		227,502		234,342
2014							69,512		189,954		268,467		321,258		355,414		370,176
2015									86,695		246,616		338,642		388,640		417,736
2016											110,051		284,501		380,602		428,651
2017													111,508		274,596		448,551
2018															110,954		409,986
2019																	3,907
Total																	2,909,264
			All outstanding liabilities prior to 2008, net of reinsurance														687
Total net reserves excluding impact of ADC																	$	825,732
Impact of ADC																	(429,402		)
Total net reserves including impact of ADC																	$	396,330

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

AmTrust Reinsurance: General Liability

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

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. This proportional exposure is medium tailed, and the IBNR is typically derived from the use of the initial ELR for the first several years following the earning of the exposure, followed by a transition to the BF and the LD methods.

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



General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996		$	138	$	336
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		35,138		35,410			846		545
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		42,884		43,062			674		972
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		52,746		53,499			553		1,522
2012			21,281		33,445		42,450		48,851		50,800		55,991		59,948		63,429			2,499		1,990
2013					42,021		43,116		66,869		68,641		79,731		89,204		92,032			4,705		3,182
2014							65,469		66,558		77,930		99,873		111,970		116,085			8,374		6,009
2015									118,111		95,766		122,942		139,518		154,071			26,113		9,213
2016											98,149		114,864		120,911		148,371			36,850		13,932
2017													116,158		133,533		165,268			63,568		18,961
2018															121,991		153,822			86,599		24,871
2019																	5,427			5,611		—
Total																	$	1,067,472		$	236,530	$	81,533
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878		33,473		32,487
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317		39,214		39,888
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257		47,141		49,178
2012			5,084		13,224		18,020		29,752		40,864		45,775		53,526		56,538
2013					4,996		10,226		32,249		44,698		58,377		70,074		76,996
2014							3,503		24,581		36,026		57,678		77,259		86,101
2015									20,849		33,963		52,350		79,291		98,278
2016											6,402		21,959		45,855		67,064
2017													6,967		27,001		51,545
2018															7,907		24,618
2019																	27
Total																	617,613
			All outstanding liabilities prior to 2008, net of reinsurance														207
Total net reserves excluding impact of ADC																	$	450,066
Impact of ADC																	(81,533		)
Total net reserves including impact of ADC																	$	368,533

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

AmTrust Reinsurance: Commercial Auto Liability

Commercial Auto Liability is written in the U.S. and included in the Small Commercial Business and Specialty Program business units within the AmTrust Quota Share. The Small Commercial Business unit focuses on writing smaller niche business, typically under-served by the broader insurance market, and policies typically have limits of $1,000. Auto Liability business written in the Small Commercial Business unit grew substantially following a large renewal rights acquisition completed by AmTrust in 2014. Commercial Auto Liability business written in the Specialty Program unit is typically part of programs consisting of multiple lines of business.

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

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



Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542		$	103	$	9
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		31,033		31,064			498		61
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		41,996		42,070			1,616		(22		)
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		36,065		34,643			343		305
2012			20,863		32,691		40,076		44,812		48,116		46,150		45,753		45,917			17		40
2013					33,473		44,771		50,647		59,702		63,162		62,163		63,620			325		339
2014							47,525		55,023		73,966		82,427		89,299		92,572			408		2,395
2015									66,967		92,955		106,560		119,141		127,560			4,427		3,851
2016											121,828		118,210		144,077		171,504			14,692		6,001
2017													156,575		189,257		220,457			47,729		7,647
2018															177,150		224,780			93,666		11,108
2019																	79,172			54,012		—
Total																	$	1,168,901		$	217,836	$	31,734
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842		30,204		31,194
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750		40,282		40,395
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130		33,155		33,451
2012			6,693		14,979		26,508		35,460		43,745		44,165		45,555		45,751
2013					8,267		19,865		34,379		48,122		57,349		59,600		62,331
2014							8,450		22,858		42,960		64,459		79,766		87,458
2015									13,102		39,179		62,945		86,433		107,707
2016											19,071		48,595		76,635		113,174
2017													26,863		69,657		115,623
2018															30,018		67,080
2019																	9,456
Total																	750,588
			All outstanding liabilities prior to 2008, net of reinsurance														26
Total net reserves excluding impact of ADC																	$	418,339
Impact of ADC																	(31,734		)
Total net reserves including impact of ADC																	$	386,605

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

AmTrust Reinsurance: European Hospital Liability

AmTrust entered this line of business in Italy in 2010 when it believed there were significant opportunities in what had traditionally been an under-performing market. European Hospital Liability policies are written on a claim made basis. Maiden wrote a separate annually renewable contract covering this exposure in 2011 which is not part of the AmTrust Quota Share. Currently, most exposure remains in Italy with a modest amount of exposure to other European nations. The European Hospital Liability Quota Share is a claims made exposure, and in many instances claims are eventually closed with no liability. This phenomena is estimated during the reserving process, and can result in a provision for pure IBNR (reserves for claims which have not yet been reported) which is minimal or negative. This estimate will vary as the exposure matures which could result in changes to the level of reserves. Also, severity for known claims and expenses can increase over time, which requires a provision for IBNR. The net result is a relatively small amount of IBNR.

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



European Hospital Liability	Incurred loss and LAE, net of reinsurance																		At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	49,278	$	23,018	$	35,631	$	49,228	$	46,827	$	64,479	$	62,523	$	59,950	$	62,206	$	(820	)
2012			79,120		80,638		79,856		102,396		91,598		86,732		112,088		116,921		6,642
2013					48,611		61,072		63,708		83,695		76,528		98,090		103,900		7,854
2014							50,574		53,255		57,043		63,471		80,033		85,260		9,101
2015									47,151		45,778		59,603		65,533		68,661		7,260
2016											44,146		50,821		66,517		69,033		9,530
2017													40,641		51,781		53,894		12,564
2018															44,242		31,379		6,313
2019																	15,763		6,457
Total																	$	607,017	$	64,901
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	1,088	$	4,310	$	12,717	$	23,336	$	28,547	$	35,469	$	41,037	$	45,196	$	48,949
2012			4,769		15,247		34,701		45,197		58,108		68,517		76,481		82,557
2013					2,963		14,905		25,644		39,128		49,188		55,123		62,317
2014							4,171		11,748		24,420		34,757		39,001		46,004
2015									3,444		10,952		22,612		28,858		34,656
2016											3,554		10,557		17,492		23,268
2017													1,268		4,380		7,507
2018															913		2,248
2019																	11,371
Total																	318,877
Total net reserves																	$	288,140

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

AmTrust Reinsurance: All Other Lines

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



All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519		$	252	$	—
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		15,653		14,617			259		—
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		17,059		15,438			159		—
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		23,506		21,469			29		—
2012			14,697		18,443		19,426		21,898		18,673		19,850		20,260		19,578			2,023		82
2013					17,806		17,630		28,058		22,918		21,313		21,669		21,735			2,429		131
2014							20,597		25,268		26,021		24,958		26,278		24,929			3,350		62
2015									52,706		54,857		49,631		49,463		47,882			2,849		167
2016											79,654		74,948		72,384		73,602			9,276		166
2017													104,637		96,812		92,904			9,381		151
2018															96,910		103,489			2,048		65
2019																	37,945			2,550		—
Total																	$	503,107		$	34,605	$	824
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224		15,051		14,009
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919		16,786		15,285
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892		23,661		21,481
2012			10,308		14,031		16,033		16,936		17,946		18,205		18,685		17,559
2013					11,877		15,997		17,509		20,258		20,456		20,447		19,343
2014							12,028		20,277		20,940		22,018		26,194		21,405
2015									28,929		45,208		42,631		41,962		44,179
2016											42,795		69,805		65,452		63,234
2017													48,903		80,726		80,735
2018															56,539		86,455
2019																	22,095
Total																	435,014
	All outstanding liabilities prior to 2008, net of reinsurance																(2		)
Total net reserves excluding impact of ADC																	$	68,091
Impact of ADC																	(824		)
Total net reserves including impact of ADC																	$	67,267

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

Reconciliation of Development Tables to Consolidated Balance Sheet

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2019:



	December 31, 2019
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
International	$	61,393	$	2,773	$	64,166
European Capital Solutions	32,536		—		32,536
Other reconciling items	8,088		62,699		70,787
Total Diversified Reinsurance - Segment	102,017		65,472		167,489

AmTrust Reinsurance
Workers' Compensation	396,330		429,402		825,732
General Liability	368,533		81,533		450,066
Commercial Auto Liability	386,605		31,734		418,339
European Hospital Liability	288,140		—		288,140
All Other Lines	67,267		824		68,091
Total	1,506,875		543,493		2,050,368
Other reconciling items	207,593		14,457		222,050
Total AmTrust Reinsurance - Segment	1,714,468		557,950		2,272,418
Total reserves and LAE	$	1,816,485	$	623,422	$	2,439,907


b)	Claims duration disclosure

The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2019:



	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Diversified Reinsurance
International	50.0	%	38.0	%	5.0	%	1.0	%	—	%	—	%	—	%	1.0	%	4.0	%
European Capital Solutions	17.3	%	24.1	%	17.9	%	24.5	%	—	%	—	%	—	%	—	%	—	%
AmTrust Reinsurance
Workers' Compensation	18.3	%	31.2	%	19.1	%	9.8	%	6.2	%	3.5	%	3.2	%	1.4	%	1.0	%
General Liability	6.2	%	10.9	%	14.0	%	16.8	%	15.2	%	10.3	%	8.3	%	6.3	%	3.5	%
Commercial Auto Liability	12.0	%	18.0	%	19.7	%	20.2	%	15.4	%	6.2	%	4.3	%	1.1	%	1.2	%
European Hospital Liability	11.2	%	8.2	%	12.6	%	11.4	%	8.5	%	8.5	%	7.6	%	5.9	%	—	%
All other lines	55.5	%	30.5	%	(0.5	)%	2.7	%	7.9	%	(0.6	)%	3.4	%	(1.5	)%	(1.4	)%

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

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

The Founding Shareholders of the Company were Michael Karfunkel, George Karfunkel and Barry Zyskind. Based on each individual's most recent public filing, Leah Karfunkel (wife of the late Michael Karfunkel) owns or controls approximately 8.1% of the outstanding shares of the Company and Barry Zyskind (the Company's non-executive chairman) owns or controls approximately 7.6% 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 53.5% of the ownership interests of Evergreen Parent LP, the ultimate parent of AmTrust.

AmTrust

The following describes transactions between the Company and AmTrust:

AmTrust Quota Share

Effective July 1, 2007, the Company and AmTrust entered into a master agreement, as amended ("Master Agreement"), by which they caused Maiden Reinsurance and AmTrust's Bermuda reinsurance subsidiary, AII, to enter into the AmTrust Quota Share by which AII retrocedes to Maiden Reinsurance 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 receive a ceding commission of 31% of ceded premiums written. On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share 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. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%.

Effective July, 1 2013, for the Specialty Program portion of Covered Business only, AII was responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, 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% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement. Please refer to Note 1. "Organization" for additional information.

Effective January 1, 2019, Maiden Reinsurance and AII entered into the Partial Termination Amendment which amended the AmTrust Quota Share. The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business, comprising workers’ compensation, general liability, umbrella liability, professional liability (including cyber liability) insurance coverages, and U.S. Specialty Risk and Extended Warranty ("Terminated Business") as of December 31, 2018. Under the Partial Termination Amendment, the ceding commission payable by Maiden Reinsurance for its remaining in-force business immediately prior to January 1, 2019 increased by five percentage points with respect to in-force remaining business (excluding Terminated Business) and related unearned premium as of January 1, 2019. The Partial Termination Amendment resulted in Maiden Reinsurance returning approximately $647,980 in unearned premium to AII, or approximately $436,760 net of applicable ceding commission and brokerage as calculated during the second quarter of 2019.

Subsequently, on January 30, 2019, Maiden Reinsurance and AII agreed to terminate the remaining business subject to the AmTrust Quota Share on a run-off basis effective as of January 1, 2019.

Effective July 31, 2019, Maiden Reinsurance and AII entered into a Commutation and Release Agreement which provided for AII to assume all reserves ceded by AII to Maiden Reinsurance with respect to its proportional 40% share of the ultimate net loss under the AmTrust Quota Share related to the Commuted Business. Please refer to Note 1. "Organization" for additional information.

AII and Maiden Reinsurance also agreed that, as of July 31, 2019, the AmTrust Quota Share shall be deemed amended as applicable so that the Commuted Business is no longer included as part of the Covered Business under the AmTrust Quota Share.

On January 30, 2019, in connection with the termination of the reinsurance agreement described above, the Company and AmTrust entered into a second amendment to the Master Agreement between the parties, originally entered into on July 3, 2007, to remove the provisions requiring AmTrust to reinsure business with the Company.

European Hospital Liability Quota Share

Effective April 1, 2011, Maiden Reinsurance entered into a quota share reinsurance contract with AEL and AIU DAC, both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the contract, Maiden Reinsurance 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 Reinsurance paid a ceding commission of 5% on contracts assumed under the European Hospital Liability Quota Share.

10. Related Party Transactions (continued)

Effective July 1, 2016, the contract was amended such that Maiden Reinsurance 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. Subsequently, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Results of Operations for the years ended December 31, 2019 and 2018, respectively:



For the Year Ended December 31,	2019			2018
Gross and net premiums written	$	(581,001	)	$	1,886,280
Net premiums earned	364,711			1,928,208
Net loss and loss adjustment expenses	(402,679		)	(1,810,667		)
Commission and other acquisition expenses	(139,862		)	(622,495		)

Collateral provided to AmTrust

a) AmTrust Quota Share

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 Reinsurance has agreed to provide appropriate collateral to secure its proportional share under the AmTrust Quota Share 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 Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf, or (d) premiums withheld by an AmTrust subsidiary at Maiden Reinsurance's request in lieu of remitting such premiums to AII. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. Maiden Reinsurance satisfied its collateral requirements under the AmTrust Quota Share with AII as follows:

by lending funds of $167,975 at December 31, 2019 and 2018 pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes. 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. Please see "Note 4. (c) Investments" for the total amount of interest earned from this loan. The interest income on the loan was approximately $6,983 for the year ended December 31, 2019 (2018 - $6,442) and the effective yield was 4.2% (2018 - 3.8%). On January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust entered into an amendment to the Loan Agreement between Maiden Reinsurance, AmTrust and AII, originally entered into on November 16, 2007, extending the maturity date to January 1, 2025 and acknowledges that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement;

ii.

effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral at December 31, 2019 was approximately $1,155,955 (2018 - $3,650,418) and the accrued interest was $7,366 (2018 - $23,283). Please refer to "Note 4. (e) Investments" for additional information.

iii.

on January 11, 2019, a portion of the existing trust accounts used for collateral on the AmTrust Quota Share were converted to a funds withheld arrangement. The Company transferred cash and investments of $575,000 to AmTrust as a funds withheld receivable which bears an annual interest rate of 3.5%, subject to annual adjustment. At December 31, 2019, the balance of funds withheld was $575,000 and the accrued interest was $5,073. The interest income on the funds withheld receivable was approximately $19,572 for the year ended December 31, 2019.

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit to AmTrust on behalf of Maiden Reinsurance in an amount representing its obligations under the LPT/ADC Agreement. As these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA. As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required. Effective July 31, 2019, the PTEs: i) enable the operation of both the LPT/ADC Agreement and MCA by making provision for certain forms of collateral, including letters of credit provided by Cavello on Maiden Reinsurance’s behalf, and further defines the permitted use and return of collateral; and ii) increase the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 105% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Under certain defined conditions, Maiden Reinsurance may be required to increase this funding percentage to 110%.

10. Related Party Transactions (continued)

b) European Hospital Liability Quota Share

Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share agreement: for AEL, the amount of collateral in reinsurance trust accounts at December 31, 2019 was approximately $253,631 (2018 - $249,948) and the accrued interest was $1,821 (2018 - $1,976); and for AIUL, in January 2019, Maiden Reinsurance transferred cash of €45,113 ($51,244) to AIU DAC as a funds withheld receivable. AIU DAC pays Maiden a fixed annual interest rate of 0.5% on the average daily funds withheld balance commencing on January 24, 2019, subject to annual adjustment. At December 31, 2019, the funds withheld balance was $57,305 and the accrued interest was $269. The interest income on the funds withheld receivable was approximately $268 for the year ended December 31, 2019. 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 provided brokerage services relating to the AmTrust Quota Share and the European Hospital Liability Quota Share for a fee equal to 1.25% of the premium assumed. AIIB was not the Company's exclusive broker. The brokerage agreement was terminated as of March 15, 2019.

Maiden Reinsurance recorded approximately $4,559 of reinsurance brokerage expense for the year ended December 31, 2019 (2018 - $24,103), and deferred reinsurance brokerage of $2,372 at December 31, 2019 (2018 - $14,199) 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 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 $2,512 of investment management fees for the year ended December 31, 2019 (2018 - $4,189) under this agreement.

NGHC Quota Share

AmTrust owns 1.5% of the issued and outstanding shares of National General Holdings Corporation ("NGHC"), and Leah Karfunkel, individually, through a grantor retained annuity trust and through the Michael Karfunkel 2005 Family Trust (which is controlled by Leah Karfunkel) owns 39.3% of the outstanding common shares of NGHC. Barry Zyskind is a director of NGHC.

Maiden Reinsurance, 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 and NGHC mutually agreed to the termination of the NGHC Quota Share effective on that date on a run-off basis. In November 2019, Maiden Reinsurance and NGHC mutually agreed to fully and finally settle and commute all rights, obligations and liabilities, known and unknown, of each other under the NGHC Quota Share. Maiden Reinsurance paid NGHC $2,248 constituting the loss reserve balance as at September 30, 2019.

Insurance Management Services Agreement

Effective August 31, 2019, the Company entered into an agreement with Risk Services - Vermont, Inc. ("Risk Services"), an affiliate of AmTrust. Pursuant to the agreement, Risk Services agreed to provide insurance management services to the Company including regulatory compliance services in connection with the re-domestication, licensing and operation of Maiden Reinsurance in the State of Vermont. The initial term of the agreement is three years and will automatically renew for an additional three years until either party gives written notice of its intention to terminate this agreement at least three months prior to the commencement of the next applicable period. The fee for this agreement is an initial $100 retainer for re-domestication services and $100 annually and reimbursement for reasonable out-of-pocket expenses incurred by Risk Services pursuant to the terms of the agreement. The Company recorded approximately $101 of fees for the year ended December 31, 2019.

Commitments, Contingencies and Concentrations

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Concentrations

a) Concentrations of Credit Risk

At December 31, 2019 and 2018, 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, funds withheld receivable and reinsurance recoverable on unpaid losses.

Please refer to "Note 8. Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength. The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed further in "Note 8 — Reinsurance".

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, funds withheld receivable and its reinsurance balances receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- from A.M. Best at December 31, 2019. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at December 31, 2019 will be fully collectible.

b) Concentrations of Revenue

During the year ended December 31, 2019, net premiums earned from AmTrust accounted for $364,711 or 81.5% of total net premiums earned (2018 – $1,928,208 or 95.2%).

c) Brokers

The Company formerly marketed its Diversified Reinsurance segment through third-party intermediaries as well as directly through its own marketing efforts. The majority of business within the Diversified Reinsurance segment was marketed directly through the Company's own efforts therefore reliance on brokers is not of significance for the years ended December 31, 2019 and 2018.

d) Letters of Credit

At December 31, 2019, the Company had letters of credit outstanding of $66,652 (2018 - $88,327) for collateral purposes which are secured by cash and fixed maturities with a fair value of $86,032 at December 31, 2019 (2018 - $111,134).

e) Employment Agreements

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

f) Operating Lease Commitments

The Company leases office spaces, housing, office equipment and company vehicles under various operating leases expiring in various years through 2022. The Company did not enter into any new lease arrangements during the year ended December 31, 2019. The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability and a right-of-use asset in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 10%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability. The exercise of lease renewal options is at the sole discretion of the Company and none of the current lease renewal options are deemed to be reasonably certain to be exercised. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the effective term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's weighted-average remaining lease term is approximately 2.6 years.

At December 31, 2019, the Company's future lease obligations of approximately $2,342 was calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate. This amount has been recognized on the Company's Consolidated Balance Sheets as a lease liability of $2,342 within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets. Under the guidance, the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income. The Company's total lease expense for the year ended December 31, 2019 was $1,776 (2018 - $2,318) which was recognized within net income consistent with the accounting treatment applicable in prior periods under Topic 840. The operating cash outflows from operating leases included in the measurement of the lease liability during the year ended December 31, 2019 was $1,363.

11. Commitments, Contingencies and Concentrations (continued)

At December 31, 2019, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	December 31, 2019
2020	$	1,172
2021	741
2022	741
Discount for present value	(312		)
Total discounted operating lease liabilities	$	2,342

g) Other Commitments

The Company has remaining unfunded commitments on its investment in limited partnerships of approximately $340 at December 31, 2019 (2018 - $414). The Company also has remaining unfunded commitments on its investments in special purpose vehicles focused on lending activities of approximately $767 at December 31, 2019 (2018 - $7,359).

h) Other Collateral

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

i) Deposit Insurance

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

j) Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle-blowing in violation of the whistle-blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 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.

A putative class action complaint was filed against Maiden Holdings, Arturo M. Raschbaum, Karen L. Schmitt, and John M. Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019, alleging that Defendants violated Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) by making misrepresentations about the Company and its business, including the Company’s risk management and underwriting policies and practices. Plaintiffs further claim that these misrepresentations inflated the price of Maiden Holdings' common shares, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses. The Company has not yet been served with an amended complaint, but believes the claims are without merit and intends to vigorously defend itself. There exist and the Company expects additional lawsuits to be filed against the Company, its subsidiaries and its respective officers due to the diminution in value of our securities as a result of our operating results and financial condition. It is currently uncertain as to the effect of such litigation on our business, operating results and financial conditions.

Earnings per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings per Common Share

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



For the Year Ended December 31,	2019			2018
Numerator:
Net loss from continuing operations	$	(109,362	)	$	(450,292	)
Net income from continuing operations attributable to noncontrolling interests	—			(219		)
Net loss attributable to Maiden from continuing operations	(109,362		)	(450,511		)
Dividends on preference shares – Series A, C and D	—			(25,636		)
Amount allocated to participating common shareholders⁽¹⁾	—			(17		)
Loss attributable to Maiden common shareholders, before discontinued operations	(109,362		)	(476,164		)
Loss from discontinued operations, net of income tax expense	(22,541		)	(94,113		)
Net loss allocated to Maiden common shareholders	$	(131,903	)	$	(570,277	)
Denominator:
Weighted average number of common shares – basic and diluted⁽²⁾	83,061,259			83,050,362
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders:	$	(1.32	)	$	(5.74	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.27		)	(1.13		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(1.59	)	$	(6.87	)


(1)	This represents dividends paid to the holders of non-vested restricted shares issued to the Company's employees under the Amended and Restated 2007 Share Incentive Plan. The 2018 amount excluded the share in undistributed losses during the year.

(2)

Please refer to "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future.

Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

At December 31, 2019, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 88,161,638 common shares, of which 83,148,458 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,238,362 shares are undesignated at December 31, 2019.

a) Common Shares

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



For the Year Ended December 31,	2019		2018
Outstanding shares – January 1	82,948,577		82,974,895
Issuance of vested restricted shares and restricted share units	223,101		198,983
Shares repurchased⁽¹⁾	(23,220	)	(234,801	)
Exercise of options	—		9,500
Outstanding shares – December 31	83,148,458		82,948,577


(1)	In 2018, the Company repurchased 205,000 common shares under its share repurchase authorization. In addition, shares were repurchased from employees in respect of tax obligations arising from the vesting of restricted shares and performance based shares. See further details below in item (f).

The Company's common shares have a par value of $0.01 per share. The holders of our common shares are entitled to receive dividends and are allocated one vote per common share, subject to downward adjustment under certain circumstances. For the year ended December 31, 2019, the Company's Board of Directors declared no dividends to common shareholders (2018 - $0.35).

b) Preference Shares – Series D

On June 15, 2017, the Company issued and authorized a total of 6,000,000, 6.7% Preference Shares – Series D (the "Series D"), par value $0.01 per share, at a price of $25 per preference share. The Series D have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after June 15, 2022, subject to certain regulatory restrictions at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Additionally, at any time prior to June 15, 2022, the Company may redeem all but not less than all of the Series D at a redemption price of $25 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption subject to certain conditions and regulatory approval.

13. Shareholders’ Equity (continued)

Dividends on the Series D are non-cumulative. Consequently, in the event a dividend is not declared on the Series D for any dividend period, holders of Series D will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. The holders of Series D will be entitled to receive dividend payments only when, as and if declared by the Company's Board of Directors or a duly authorized committee of the Board of Directors. During any dividend period, so long as any Series D remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Series D have been declared and paid, no dividend shall be paid or declared on the common shares.

The holders of the Series D, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2019, the Company did not declare or pay dividends on the Series D shares (2018 - $7,538 or $1.2563 per share). No dividends have been declared by the Company's Board of Directors on the Series D shares since the fourth quarter of 2018. At March 15, 2020, because preference share dividends have not been declared and paid for six quarterly dividend periods, the holders of the Preference Share Series A, Series C and Series D are collectively entitled to vote for the election of a total of two additional members of the Company's Board of Directors.

c) Preference Shares – Series C

On November 25, 2015, the Company issued and authorized a total of 6,600,000 7.125% Preference Shares – Series C (the "Series C"), par value $0.01 per share, at a price of $25 per preference share. The Series C have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after December 15, 2020 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

Dividends on the Series C are non-cumulative. Consequently, in the event a dividend is not declared on the Series C for any dividend period, holders of Series C will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. During any dividend period, so long as any Series C remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Series C have been declared and paid, no dividend shall be paid or declared on the common shares.

The holders of the Series C, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2019, the Company did not declare or pay dividends on the Series C shares (2018 - $8,816 or $1.3359 per share). No dividends have been declared by the Company's Board of Directors on the Series C shares since the fourth quarter of 2018. At March 15, 2020, because preference share dividends have not been declared and paid for six quarterly dividend periods, the holders of the Preference Share Series A, Series C and Series D are collectively entitled to vote for the election of a total of two additional members of the Company's Board of Directors.

d) Preference Shares - Series A

On August 22, 2012, the Company issued and authorized a total of 6,000,000 8.25% Preference Shares – Series A (the "Series A"), par value $0.01 per share, at a price of $25 per preference share. The Series A have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after August 29, 2017 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

Dividends on the Series A are non-cumulative. Consequently, in the event a dividend is not declared on the Series A for any dividend period, holders of Series A will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. During any dividend period, so long as any Series A remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Series A have been declared and paid, no dividend shall be paid or declared on the common shares.

The holders of the Series A, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the year ended December 31, 2019, the Company did not declare or pay dividends on the Series A shares (2018 - $9,282 or $1.5469 per share). No dividends have been declared by the Company's Board of Directors on the Series A shares since the fourth quarter of 2018. At March 15, 2020, because preference share dividends have not been declared and paid for six quarterly dividend periods, the holders of the Preference Share Series A, Series C and Series D are collectively entitled to vote for the election of a total of two additional members of the Company's Board of Directors.

f) Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. During the year ended December 31, 2018, the Company repurchased 205,000 common shares at an average price per share of $3.31 under the Company's share repurchase plan. At December 31, 2019 and 2018, the Company has a remaining authorization of $74,245 for share repurchases. No repurchases were made during the year ended December 31, 2019 under the share repurchase plan.

In addition, during the year ended December 31, 2019, the Company repurchased a total of 23,220 shares (2018 - 29,801) at an average price per share of $0.78 (2018 - $6.52) from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares.

13. Shareholders’ Equity (continued)

g) Accumulated Other Comprehensive Income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2019 and 2018:



For the Year Ended December 31, 2019	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(59,762	)	$	(5,932	)	$	(65,694	)
Other comprehensive income before reclassifications	97,198			1,772			98,970
Amounts reclassified from AOCI to net income, net of tax	(15,440		)	—			(15,440		)
Net current period other comprehensive income	81,758			1,772			83,530
Ending balance, Maiden shareholders	$	21,996		$	(4,160	)	$	17,836



For the Year Ended December 31, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive (loss) income before reclassifications	(108,726		)	2,651			(106,075		)
Amounts reclassified from AOCI to net income, net of tax	27,075			—			27,075
Net current period other comprehensive (loss) income	(81,651		)	2,651			(79,000		)
Ending balance	(59,762		)	(5,932		)	(65,694		)
Less: AOCI attributable to noncontrolling interest	—			(78		)	(78		)
Ending balance, Maiden shareholders	$	(59,762	)	$	(5,854	)	$	(65,616	)

The following table presents details about amounts reclassified from AOCI:



Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
	2019			2018
Net realized gains (losses) on investment	$	15,605		$	(21,243	)
Net impairment losses recognized in earnings	(165		)	(5,832		)
Total before tax	15,440			(27,075		)
Income tax expense	—			—
Total after tax	$	15,440		$	(27,075	)

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share Compensation and Pension Plans

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

Share Options

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

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

The following table shows all options granted, exercised, forfeited and expired under the Plan for the years ended December 31, 2019 and 2018:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2017	1,516,769		$	7.03			2.45 years	$	1,100	$3.28 - $13.98
Granted	275,000		$	7.07	$	1.36				$3.24 - $7.20
Exercised	(9,500	)	$	3.28				$	5,715
Expired	(1,038,510	)	$	6.50
Forfeited	(85,935	)	$	7.23
Outstanding, December 31, 2018	657,824		$	7.92			4.40 years	$	—	$3.24 - $13.98
Granted	7,500		$	1.31	$	0.25
Expired	(119,320	)	$	5.78
Forfeited	(61,875	)	$	7.15
Outstanding, December 31, 2019	484,129		$	8.44			3.63 years	$	—	$1.31 - $13.98
Total exercisable at December 31, 2019	390,379		$	8.90			2.53 years	$	—	$3.24 - $13.98

The weighted average grant date fair value was $2.29 (2018 - $2.08) for all options outstanding at December 31, 2019. There was $65 (2018 - $178) of total unrecognized compensation cost related to non-vested options at December 31, 2019 which will be recognized during the next 1.25 years. There were no options exercised during the year ended December 31, 2019. During the year ended December 31, 2018, cash in the amount of $31 was received from employees as a result of employee share option exercises. In connection with these exercises, there was no tax benefit realized by the Company.

Restricted Shares and Restricted Share Units

The fair value of each restricted share or restricted share unit is determined based on the market value of the Company's common shares on the date of grant. The total estimated fair value is amortized as an expense on a straight-line basis over the requisite service period as determined by the Committee, which varies between 2 to 3 years for employees and 1 year for directors.

Performance-Based Restricted Share Units ("PB-RSU")

The Committee approved the formation of a long-term incentive program under the Plan on March 1, 2011. On that date, the Committee determined to award PB-RSU to certain senior leaders of the Company. The formula for determining the amount of PB-RSU awarded uses a combination of a percentage of the employee's base salary (based on a benchmarking analysis from our compensation consultant) divided by the closing price on NASDAQ of our common shares on that date. The grants were performance based which required that certain criteria such as non-GAAP operating return on common equity, underwriting performance, revenue growth and operating expense be met during the performance period to attain a payout. Each metric had a corresponding weighted percentage with a target and maximum level of performance goal set to achieve a payout. All prior PB-RSU were paid 50% based on certain criteria stated above, while the other 50% of the payout was based upon the recommendation of the Company's CEO and the Committee's ultimate discretion of individual contribution to business results and strategic success for the performance period. Settlement of the grants were made in common shares upon the decision of the Committee and the performance cycles were for three years. Beginning in 2014 and ending in 2018 with final payouts in 2019, the Committee approved an annual award of PB-RSU to certain senior leaders of the Company with each annual award vesting over three years.

14. Share Compensation and Pension Plans (continued)

Non-Performance-Based Restricted Share Units ("NPB-RSU")

Beginning in 2012, the Committee approved an annual award of NPB-RSU with each annual award vesting over three years. The total fair value of share units vested during the year ended December 31, 2019 was $219 (2018 - $897).

Starting in fiscal year 2019, the Company has changed its practice of awarding a fixed number of restricted share units to the non-employee directors and instead intends to grant such directors $65 worth of compensation in the form of either restricted share units, stock options or cash. For 2019, the compensation was granted in the form of cash to each director. It is the Company's intention that annually, on or around June 1, each non-employee director will receive a grant of $65 worth of compensation which, if non-cash compensation, will vest on the first anniversary of the grant.

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

Beginning in 2013, the Committee approved an annual award of NPB-RS with each annual award vesting either over two or three years. The total fair value of restricted shares vested during the year ended December 31, 2019 was $582 (2018 - $400). The following table shows a summary of activity under the Company's restricted share awards:



	Non-Performance-Based Restricted Share Units				Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units⁽¹⁾
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2017	97,258		$	12.65	37,226		$	14.93	810,464		$	14.60
Awards granted	25,000		$	8.75	268,971		$	5.79	734,668		$	7.20
Awards vested	(71,928	)	$	12.47	(27,726	)	$	14.43	(99,931	)	$	13.88
Awards forfeited	(25,330	)	$	13.16	(17,500	)	$	9.36	(597,556	)	$	11.15
Non-vested at December 31, 2018	25,000		$	8.75	260,971		$	5.94	847,645		$	10.71
Awards granted	—		$	—	1,669,490		$	0.79	—		$	—
Awards vested	(25,000	)	$	8.75	(91,823	)	$	6.34	(83,751	)	$	13.16
Awards forfeited	—		$	—	(19,841	)	$	1.26	(763,894	)	$	10.44
Non-vested at December 31, 2019	—		$	—	1,818,797		$	1.24	—		$	—


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

There was $1,827 of total unrecognized compensation cost related to restricted shares at December 31, 2019, which will be recognized during the next 1.70 years. Total share-based expense for the year ended December 31, 2019 was $1,911 (2018 - $1,276).

Pension Plans

The Company provides pension benefits to eligible employees principally through various defined contribution plans sponsored by the Company which vary by subsidiary. The Company’s expenses for its defined contribution plans for the year ended December 31, 2019 was $774 (2018 - $1,543).

2019 Omnibus Incentive Plan

During the 2019 Annual General Meeting of Shareholders of the Company held on December 10, 2019, the 2007 Plan was terminated and replaced with the 2019 Omnibus Incentive Plan ("2019 Plan"). The Company filed with the Securities and Exchange Commission ("SEC") the Form S-8 "Securities offered to employees pursuant to employee benefit plans" on January 20, 2020, which covers the offer and resale of up to 11,289,956 of the Company's common shares, par value $0.01 per share. Such shares may be offered and sold from time to time by certain officers and directors of the Company who have acquired or will acquire such shares pursuant to the 2019 Plan. See the SEC filing for further details regarding the 2019 Plan.

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2019

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

Our insurance and reinsurance operations are subject to insurance and/or reinsurance laws and regulations in the jurisdictions in which they operate. These regulations include certain liquidity and solvency requirements whereby restrictions are imposed on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The statutory capital and surplus and statutory net (loss) income of our principal operating subsidiaries in their respective jurisdictions were as follows:



	Maiden Reinsurance⁽¹⁾			Maiden LF			Maiden GF
Statutory Capital and Surplus
December 31, 2019	$	921,984		$	10,234		$	8,902
December 31, 2018	869,883			7,588			6,182

Statutory Net (Loss) Income
For the Year Ended December 31, 2019	$	(103,521	)	$	(785	)	$	408
For the Year Ended December 31, 2018	(389,373		)	(482		)	88

(1) Statutory Capital and Surplus and Statutory Net Loss is prior to Maiden Reinsurance's re-domestication to Vermont.

a) Bermuda

Maiden Reinsurance was registered as a Class 3B reinsurer under The Insurance Act 1978 (Bermuda), amendments thereto and related regulations (the "Insurance Act"). Under the Insurance Act, Maiden Reinsurance was subject to enhanced capital requirements in addition to minimum solvency and liquidity requirements. Maiden Reinsurance was also required to maintain statutory economic capital and surplus at a level at least equal to its Enhanced Capital Requirement ("ECR") which is the greater of its minimum solvency margin ("MSM") and the required capital calculated by reference to the Bermuda Solvency Capital Requirement ("BSCR").

Prior to its re-domestication of Maiden Reinsurance to Vermont, pursuant to Bermuda law, the Company was required to ensure that the value of the group's assets exceeded the amount of the group's liabilities by the aggregate minimum margin of solvency of each qualifying member of the group ("Group MSM"). Since December 31, 2013, the Company has been required to maintain available group capital and surplus at a level equal to or in excess of the Group Enhanced Capital Requirement ("Group ECR") which is established by reference to either the Group Bermuda Solvency Capital Requirement ("Group BSCR") model or an approved group internal capital model. Both the Company and Maiden Reinsurance met and exceeded their respective MSM and ECR ratios as required by Bermuda insurance legislation at December 31, 2019.

Under the Insurance Act, prior to its re-domestication to Vermont, Maiden Reinsurance was prohibited from declaring or paying dividends of more than 25% of its total statutory capital and surplus, as shown in its previous financial year statutory balance sheet, unless at least seven days before payment of the dividend, it files with the BMA an affidavit that it will continue to meet its minimum capital requirements as described above. Maiden Reinsurance was also required to obtain the BMA’s prior approval before reducing its total statutory capital, as shown in its previous financial year statutory balance sheet, by 15% or more. Maiden Reinsurance was also restricted in paying dividends that would result in Maiden Reinsurance failing to comply with the ECR as calculated based on the BSCR or cause it to fail to meet its relevant margins. Finally, prior to its re-domestication to Vermont, Maiden Reinsurance had voluntarily undertaken with the BMA not to make any capital distributions of any kind, including the payment of any common or preference share dividends, without the express consent of the BMA.

At December 31, 2019, the maximum dividend Maiden Reinsurance could pay, without a signed affidavit, having met minimum levels of statutory capital and surplus was $0 (2018 - $0). No dividends were paid during the years ended December 31, 2019 and 2018.

b) United States of America

During the fourth quarter of 2019, our principal operating subsidiary, Maiden Reinsurance, submitted the necessary filings to discontinue its operations from Bermuda and to apply to be licensed and re-domesticate to the State of Vermont in the U.S. Filings were made with the Vermont DFR, Vermont Secretary of State as well as with the BMA to provide notice of the Company's intent to discontinue from Bermuda and re-domesticate to Vermont. Maiden Reinsurance completed the re-domestication on March 16, 2020. We have determined that re-domiciling Maiden Reinsurance to Vermont enables us to better align our operations, capital and resources with our liabilities, which originate mostly in the U.S., resulting in a more efficient structure.The re-domestication, in combination with the Strategic Review previously taken and undertaken in close consultation with the BMA to de-risk the Company’s balance sheet, is expected to continue to strengthen the Company’s capital position and solvency ratios.

Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance may make such distributions as are in conformity with its purposes and approved by the Commissioner.

15. Statutory Requirements and Dividend Restrictions (continued)

c) Sweden

The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA").

Maiden LF was required to maintain a minimum level of statutory capital and surplus of $5,296 at December 31, 2019 (2018 - $4,372). This requirement was met by Maiden LF throughout the year. The statutory assets were approximately $16,501 at December 31, 2019 (2018 - $13,206) and statutory capital and surplus was approximately $10,234 at December 31, 2019 (2018 - $7,588). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. As of December 31, 2019, Maiden LF is allowed to pay dividends or distributions not exceeding $975 (2018 - $1,801). No dividends were paid during the years ended December 31, 2019 and 2018.

Maiden GF was required to maintain a minimum level of statutory capital and surplus of $2,951 at December 31, 2019 (2018 - $2,867). This requirement was met by Maiden GF throughout the year. The statutory assets were approximately $10,940 at December 31, 2019 (2018 - $7,257) and statutory capital and surplus was approximately $8,902 at December 31, 2019 (2018 - $6,182). Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. As of December 31, 2019, Maiden GF is allowed to pay dividends or distributions not exceeding $252 (2018 - $0). No dividends were paid during the years ended December 31, 2019 and 2018.

Taxation

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Taxation

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

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2017 and 2018 are subject to examination in the U.S by the Internal Revenue Service. The Company was examined in prior years and those exams were closed without any impact on our operations.

The Company has subsidiary operations in various other locations around the world, including Australia, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2016 through 2019.

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

There were no unrecognized tax benefits at December 31, 2019 and 2018. Loss before taxes and income tax (benefit) expense for the years ended December 31, 2019 and 2018 are as follows:



For the Year Ended December 31,	2019			2018
Loss from continuing operations before income taxes – Domestic (Bermuda)	$	(60,583	)	$	(424,667	)
Loss from continuing operations before income taxes – Foreign (U.S. and others)	(49,690		)	(25,184		)
Total loss from continuing operations before income taxes	$	(110,273	)	$	(449,851	)

Current tax expense – Domestic (Bermuda)	$	—		$	—
Current tax expense – Foreign (U.S. and others)	112			501
Total current tax expense	$	112		$	501

Deferred tax expense – Domestic (Bermuda)	$	—		$	—
Deferred tax benefit – Foreign (U.S. and others)	(1,023		)	(60		)
Total deferred tax benefit	$	(1,023	)	$	(60	)

Total income tax (benefit) expense	$	(911	)	$	441

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2019 and 2018 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss from continuing operations before income taxes:



For the Year Ended December 31,	2019			2018
Loss from continuing operations before income taxes	$	(110,273	)	$	(449,851	)
Less: income tax expense	(911		)	441
Net loss from continuing operations	$	(109,362	)	$	(450,292	)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	0.2		%	1.1		%
Valuation allowance in respect of U.S. taxes	0.7		%	(1.1		)%
Other jurisdictions	(0.1		)%	(0.1		)%
Actual tax rate	0.8		%	(0.1		)%

16. Taxation (continued)

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows:



December 31,	2019		2018
Deferred tax assets:
Net operating losses	$	46,735	$	44,119
Capital loss carry-forward	6,338		12,345
Interest limitation	2,338		—
Others	513		548
Deferred tax assets before valuation allowance	55,924		57,012
Valuation allowance	55,569		56,326
Deferred tax assets, net	355		686
Deferred tax liabilities:
Net unrealized gains on investment	96		33
Deferred tax liabilities	96		33
Net deferred tax asset	$	259	$	653

The net deferred tax asset at December 31, 2019 was $259 (2018 - $653). A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses and capital losses. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. net deferred tax assets, other than the Alternative Minimum Tax credit, due to insufficient positive evidence regarding the utilization of these losses. During 2019, the Company recorded a decrease in the valuation allowance of $757 (2018 - increase of $16,392).

At December 31, 2019, the Company has available net operating loss carry-forwards of approximately $222,547 (2018 - $208,853) for income tax purposes which expire beginning in 2029. At December 31, 2019, the Company also has a capital loss carry-forward of $30,183 (2018 - $58,785) which will expire in 2023.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective March 16, 2020, Maiden Reinsurance discontinued as a Bermuda company and completed its re-domestication to the State of Vermont. Bermuda is a Solvency II equivalent jurisdiction and the State of Vermont is not such a jurisdiction; therefore, to strengthen the collateral provided under the respective agreements to reflect the impact of the re-domestication, concurrent with the date of Maiden Reinsurance’s re-domestication to Vermont, Maiden Reinsurance and AmTrust agreed to: 1) amend the AmTrust Quota Share pursuant to Post Termination Endorsement No. 2 effective March 16, 2020; and 2) amend the European Hospital Liability Quota Share pursuant to Post Termination Endorsement No. 1 effective March 16, 2020. Pursuant to the terms of Post Termination Endorsement No. 2 to the AmTrust Quota Share, Maiden Reinsurance will strengthen the collateral protection provided by Maiden Reinsurance to AII by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 110% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Post Termination Endorsement No. 2 also sets forth conditions by which the funding percentage will be reduced and the sequence of how collateral will be utilized as obligations as defined under the AmTrust Quota Share are satisfied. Pursuant to the terms of Post Termination Endorsement No. 1 to the European Hospital Liability Quota Share, Maiden Reinsurance will strengthen the collateral protection provided by Maiden Reinsurance to AEL and AIU DAC by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to the greater of 120% of the Exposure (as defined therein) and the amount of security required to offset the increase in the Solvency Capital Requirement (“SCR”) that results from the changes in the SCR which arise out of Maiden Reinsurance's re-domestication as compared to the SCR calculation if Maiden Reinsurance had remained domesticated in a Solvency II equivalent jurisdiction with a solvency ratio above 100% and provided collateral equivalent to 100% of the Exposure.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Reporting and Consolidation

Estimates

Investments

Investments made by special purpose vehicles focused on lending activities are carried at cost less impairment, if any. Any indication of impairment is recognized in income when determined.

2. Significant Accounting Policies (continued)

Fair Value Measurements

•


•	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.

Cash and Cash Equivalents

Premiums and Related Expenses

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2019 and 2018.

Loss and Loss Adjustment Expenses Incurred

Reinsurance and Accounting for Retroactive Reinsurance Agreements

Debt Obligations and Deferred Debt Issuance Costs

Leases

Goodwill and Intangible Assets

Noncontrolling Interests

Income Taxes

Share-Based Compensation Expense

Earnings Per Share

2. Significant Accounting Policies (continued)

Treasury Shares

Foreign Currency Transactions

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards Updates

Improvements to Non-employee Share-Based Payment Accounting

Codification Improvements

Topic 842, Leases

Please refer to "Note 11. Commitments and Contingencies f) Operating Lease Commitments" for further disclosures regarding the impact of the adoption of Topic 842 in 2019.

2. Significant Accounting Policies (continued)

Premium Amortization on Purchased Callable Debt Securities

Recently Issued Accounting Standards Not Yet Adopted

Accounting for Measurement of Credit Losses on Financial Instruments

Changes to the Disclosure Requirements for Fair Value Measurement

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of underwriting results of operating segments

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



For the Year Ended December 31, 2019	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	52,408		$	(581,001	)	$	—		$	(528,593	)
Net premiums written	$	49,151		$	(581,001	)	$	—		$	(531,850	)
Net premiums earned	$	83,691		$	364,071		$	—		$	447,762
Other insurance revenue	2,841			—			—			2,841
Net loss and LAE	(49,905		)	(402,612		)	(312		)	(452,829		)
Commission and other acquisition expenses	(29,898		)	(139,862		)	—			(169,760		)
General and administrative expenses	(8,872		)	(2,895		)	—			(11,767		)
Underwriting loss	$	(2,143	)	$	(181,298	)	$	(312	)	(183,753		)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment										125,697
Total other-than-temporary impairment losses										(165		)
Interest and amortization expenses										(19,320		)
Foreign exchange and other gains, net										2,719
Other general and administrative expenses										(35,451		)
Income tax benefit										911
Net loss from continuing operations										$	(109,362	)

Net loss and LAE ratio⁽¹⁾	57.7		%	110.6		%				100.5		%
Commission and other acquisition expense ratio⁽²⁾	34.5		%	38.4		%				37.6		%
General and administrative expense ratio⁽³⁾	10.3		%	0.8		%				10.5		%
Expense ratio⁽⁴⁾	44.8		%	39.2		%				48.1		%
Combined ratio⁽⁵⁾	102.5		%	149.8		%				148.6		%

3. Segment Information (continued)



For the Year Ended December 31, 2018	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	131,518		$	1,886,280		$	—		$	2,017,798
Net premiums written	$	129,319		$	1,885,278		$	—		$	2,014,597
Net premiums earned	$	112,487		$	1,913,715		$	—		$	2,026,202
Other insurance revenue	9,681			—			—			9,681
Net loss and LAE	(71,441		)	(1,806,995		)	(1,685		)	(1,880,121		)
Commission and other acquisition expenses	(38,749		)	(615,991		)	—			(654,740		)
General and administrative expenses	(17,396		)	(3,845		)	—			(21,241		)
Underwriting loss	$	(5,418	)	$	(513,116	)	$	(1,685	)	(520,219		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										134,756
Total other-than-temporary impairment losses										(5,832		)
Interest and amortization expenses										(19,318		)
Foreign exchange and other gains, net										4,461
Other general and administrative expenses										(43,699		)
Income tax expense										(441		)
Net loss from continuing operations										$	(450,292	)

Net loss and LAE ratio⁽¹⁾	58.5		%	94.4		%				92.3		%
Commission and other acquisition expense ratio⁽²⁾	31.7		%	32.2		%				32.2		%
General and administrative expense ratio⁽³⁾	14.2		%	0.2		%				3.2		%
Expense ratio⁽⁴⁾	45.9		%	32.4		%				35.4		%
Combined ratio⁽⁵⁾	104.4		%	126.8		%				127.7		%


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


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


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


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


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

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2019 and 2018:



December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	11,729	$	—	$	11,729
Reinsurance recoverable on unpaid losses	2,773		557,950		560,723
Deferred commission and other acquisition expenses	8,923		68,433		77,356
Loan to related party	—		167,975		167,975
Restricted cash and cash equivalents and investments	90,614		1,417,139		1,507,753
Funds withheld receivable	52,136		632,305		684,441
Other assets	1,670		—		1,670
Total assets - reportable segments	167,845		2,843,802		3,011,647
Corporate assets	—		—		556,549
Total Assets	$	167,845	$	2,843,802	$	3,568,196

December 31, 2018	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	29,030	$	38,278	$	67,308
Reinsurance recoverable on unpaid losses	1,743		—		1,743
Deferred commission and other acquisition expenses	18,405		370,037		388,442
Loan to related party	—		167,975		167,975
Restricted cash and cash equivalents and investments	114,220		3,918,810		4,033,030
Funds withheld receivable	27,039		—		27,039
Other assets	—		640		640
Total assets - reportable segments	190,437		4,495,740		4,686,177
Corporate assets	—		—		497,655
Assets held for sale	—		—		103,628
Total Assets	$	190,437	$	4,495,740	$	5,287,460

Schedule of gross and net premiums written and net premiums earned by geographic location



For the Year Ended December 31,	2019			2018
Gross premiums written – North America	$	(567,380	)	$	1,591,745
Gross premiums written – Other (predominantly Europe)	38,787			426,053
Gross premiums written – Total	$	(528,593	)	$	2,017,798
Net premiums written – North America	$	(567,380	)	$	1,590,466
Net premiums written – Other (predominantly Europe)	35,530			424,131
Net premiums written – Total	$	(531,850	)	$	2,014,597
Net premiums earned – North America	$	363,498		$	1,635,855
Net premiums earned – Other (predominantly Europe)	84,264			390,347
Net premiums earned – Total	$	447,762		$	2,026,202

Schedule of net premiums by major line of business

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019					2018
Net premiums written	Total			% of Total		Total		% of Total
Diversified Reinsurance
International	$	49,193		(9.3	)%	$	129,305	6.4	%
Other	(42		)	—	%	14		—	%
Total Diversified Reinsurance	49,151			(9.3	)%	129,319		6.4	%
AmTrust Reinsurance
Small Commercial Business	(324,311		)	61.0	%	1,092,615		54.2	%
Specialty Program	(25,869		)	4.9	%	336,847		16.7	%
Specialty Risk and Extended Warranty	(230,821		)	43.4	%	455,816		22.7	%
Total AmTrust Reinsurance	(581,001		)	109.3	%	1,885,278		93.6	%
Total Net Premiums Written	$	(531,850	)	100.0	%	$	2,014,597	100.0	%

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019					2018
Net premiums earned	Total			% of Total		Total		% of Total
Diversified Reinsurance
International	$	83,733		18.7	%	$	112,473	5.5	%
Other	(42		)	—	%	14		—	%
Total Diversified Reinsurance	83,691			18.7	%	112,487		5.5	%
AmTrust Reinsurance
Small Commercial Business	91,723			20.5	%	1,167,581		57.6	%
Specialty Program	138,380			30.9	%	345,805		17.1	%
Specialty Risk and Extended Warranty	133,968			29.9	%	400,329		19.8	%
Total AmTrust Reinsurance	364,071			81.3	%	1,913,715		94.5	%
Total Net Premiums Earned	$	447,762		100.0	%	$	2,026,202	100.0	%

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Investments [Abstract]

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

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities at December 31, 2019 and 2018 are as follows:



December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Fixed maturities:
U.S. treasury bonds	$	94,921	$	704	$	—		$	95,625
U.S. agency bonds – mortgage-backed	533,296		6,717		(1,291		)	538,722
Non-U.S. government and supranational bonds	11,796		294		(91		)	11,999
Asset-backed securities	187,881		821		(532		)	188,170
Corporate bonds	981,441		31,140		(15,725		)	996,856
Municipal bonds	4,091		55		—			4,146
Total fixed maturity investments	$	1,813,426	$	39,731	$	(17,639	)	$	1,835,518

4. Investments (continued)



December 31, 2018	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
AFS fixed maturities:
U.S. treasury bonds	$	138,625	$	448	$	(1	)	$	139,072
U.S. agency bonds – mortgage-backed	1,485,716		3,491		(36,073		)	1,453,134
U.S. agency bonds – other	129,741		40		(548		)	129,233
Non-U.S. government and supranational bonds	11,212		66		(1,206		)	10,072
Asset-backed securities	216,072		425		(1,415		)	215,082
Corporate bonds	1,128,614		6,525		(30,164		)	1,104,975
Total AFS fixed maturities	3,109,980		10,995		(69,407		)	3,051,568
HTM fixed maturities:
Corporate bonds	957,845		3,872		(20,990		)	940,727
Municipal bonds	57,836		—		(551		)	57,285
Total HTM fixed maturities	1,015,681		3,872		(21,541		)	998,012
Total fixed maturity investments	$	4,125,661	$	14,867	$	(90,948	)	$	4,049,580

Schedule of contractual maturities of fixed maturities, available-for-sale



	Fixed maturities
December 31, 2019	Amortized cost		Fair value
Maturity
Due in one year or less	$	167,277	$	165,908
Due after one year through five years	608,912		612,986
Due after five years through ten years	316,060		329,732
	1,092,249		1,108,626
U.S. agency bonds – mortgage-backed	533,296		538,722
Asset-backed securities	187,881		188,170
Total fixed maturities	$	1,813,426	$	1,835,518

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



	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. agency bonds – mortgage-backed	$	31,401	$	(257	)	$	85,008	$	(1,034	)	$	116,409	$	(1,291	)
Non-U.S. government and supranational bonds	1,824		(22		)	701		(69		)	2,525		(91		)
Asset-backed securities	60,863		(240		)	17,594		(292		)	78,457		(532		)
Corporate bonds	29,692		(305		)	159,216		(15,420		)	188,908		(15,725		)
Total temporarily impaired fixed maturities	$	123,780	$	(824	)	$	262,519	$	(16,815	)	$	386,299	$	(17,639	)

4. Investments (continued)



	Less than 12 Months					12 Months or More					Total
December 31, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Fixed maturities
U.S. treasury bonds	$	125	$	(1	)	$	—	$	—		$	125	$	(1	)
U.S. agency bonds – mortgage-backed	416,147		(6,624		)	838,091		(29,449		)	1,254,238		(36,073		)
U.S. agency bonds – other	26,838		(27		)	17,462		(521		)	44,300		(548		)
Non-U.S. government and supranational bonds	4,024		(252		)	3,770		(954		)	7,794		(1,206		)
Asset-backed securities	74,801		(1,196		)	5,793		(219		)	80,594		(1,415		)
Corporate bonds	1,052,765		(30,334		)	286,542		(20,820		)	1,339,307		(51,154		)
Municipal bonds	20,379		(261		)	36,906		(290		)	57,285		(551		)
Total temporarily impaired fixed maturities	$	1,595,079	$	(38,695	)	$	1,188,564	$	(52,253	)	$	2,783,643	$	(90,948	)

Schedule of summary of the credit ratings of fixed maturities

The following tables summarize the credit ratings of our fixed maturities as at December 31, 2019 and 2018:



December 31, 2019	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	94,921	$	95,625	5.2	%
U.S. agency bonds	533,296		538,722		29.4	%
AAA	99,212		99,542		5.4	%
AA+, AA, AA-	101,491		101,467		5.5	%
A+, A, A-	540,002		549,479		29.9	%
BBB+, BBB, BBB-	438,731		445,202		24.3	%
BB+ or lower	5,773		5,481		0.3	%
Total fixed maturities⁽¹⁾	$	1,813,426	$	1,835,518	100.0	%

4. Investments (continued)



December 31, 2018	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	138,625	$	139,072	3.4	%
U.S. agency bonds	1,615,457		1,582,367		39.1	%
AAA	137,172		135,119		3.3	%
AA+, AA, AA-	183,142		178,674		4.4	%
A+, A, A-	1,132,993		1,113,710		27.5	%
BBB+, BBB, BBB-	866,043		848,348		21.0	%
BB+ or lower	52,229		52,290		1.3	%
Total fixed maturities⁽¹⁾	$	4,125,661	$	4,049,580	100.0	%

⁽¹⁾

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

Schedule of portfolio of other investments

The table below shows the fair value of the Company's other investments as at December 31, 2019 and 2018:



December 31,	2019				2018
	Fair Value		% of Total		Fair Value		% of Total
Investment in limited partnerships	$	3,077	63.1	%	$	3,833	71.9	%
Other	1,800		36.9	%	1,500		28.1	%
Total other investments	$	4,877	100.0	%	$	5,333	100.0	%

Schedule of net investment income

Net investment income was derived from the following sources for the years ended December 31, 2019 and 2018:



For the Year Ended December 31,	2019			2018
Fixed maturities	$	83,839		$	130,333
Funds withheld	20,307			686
Loan to related party	6,983			6,442
Cash and cash equivalents and other	2,931			3,173
	114,060			140,634
Interest expense paid on LPT/ADC Agreement and Commutation Payment⁽¹⁾	(13,596		)	—
Investment expenses	(2,627		)	(4,349		)
Net investment income	$	97,837		$	136,285

Schedule of analysis of realized and unrealized gains on investment

The following tables provide an analysis of net realized gains (losses) on investment included in the Consolidated Statements of Income:



For the Year Ended December 31, 2019	Gross gains		Gross losses			Net
Fixed maturities	$	43,657	$	(15,899	)	$	27,758
Other investments	102		—			102
Net realized gains (losses) on investment	$	43,759	$	(15,899	)	$	27,860



For the Year Ended December 31, 2018	Gross gains		Gross losses			Net
Fixed maturities	$	9,314	$	(13,118	)	$	(3,804	)
Other investments	2,275		—			2,275
Net realized gains (losses) on investment	$	11,589	$	(13,118	)	$	(1,529	)

Schedule of net unrealized gains on available-for-sale securities and other investments

Net unrealized gains (losses) on investments, including those allocated to discontinued operations and classified as held for sale, were as follows at December 31, 2019 and 2018, respectively:



December 31,	2019			2018
Fixed maturities	$	22,092		$	(59,729	)
Deferred income tax	(96		)	(33		)
Net unrealized gains (losses), net of deferred income tax	$	21,996		$	(59,762	)
Change, net of deferred income tax	$	81,758		$	(81,651	)



For the Year Ended December 31,	2019			2018
Net gains recognized on other investments within net loss for the period	$	102		$	2,275
Net realized gains recognized on other investments divested during period	(591		)	(2,777		)
Net unrealized losses recognized on other investments still held at end of period	$	(489	)	$	(502	)

Schedule of fair value of restricted assets

The fair values of these restricted assets were as follows at December 31, 2019 and 2018:



December 31,	2019		2018
Restricted cash – third party agreements	$	21,447	$	21,420
Restricted cash – related party agreements	37,634		108,728
Total restricted cash	59,081		130,148
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2019 – $65,539; 2018 – $88,841)	65,678		89,596
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2019 – $1,366,873; 2018 – $3,870,731)	1,382,994		3,804,215
Total restricted investments	1,448,672		3,893,811
Total restricted cash and investments	$	1,507,753	$	4,023,959

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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

At December 31, 2019 and 2018, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



December 31, 2019	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
Fixed maturities
U.S. treasury bonds	$	95,625		$	—		$	—		$	—		$	95,625
U.S. agency bonds – mortgage-backed	—			538,722			—			—			538,722
Non-U.S. government and supranational bonds	—			11,999			—			—			11,999
Asset-backed securities	—			188,170			—			—			188,170
Corporate bonds	—			996,856			—			—			996,856
Municipal bonds	—			4,146			—			—			4,146
Other investments	—			—			1,800			3,077			4,877
Total	$	95,625		$	1,739,893		$	1,800		$	3,077		$	1,840,395
As a percentage of total assets	2.7		%	48.8		%	0.1		%	0.1		%	51.7		%



December 31, 2018	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	139,072		$	—		$	—		$	—		$	139,072
U.S. agency bonds – mortgage-backed	—			1,453,134			—			—			1,453,134
U.S. agency bonds – other	—			129,233			—			—			129,233
Non-U.S. government and supranational bonds	—			10,072			—			—			10,072
Asset-backed securities	—			215,082			—			—			215,082
Corporate bonds	—			1,104,975			—			—			1,104,975
Other investments	—			—			19,883			3,833			23,716
Total	$	139,072		$	2,912,496		$	19,883		$	3,833		$	3,075,284
As a percentage of total assets	2.6		%	55.1		%	0.4		%	0.1		%	58.2		%

Schedule of carrying values of financial instruments not measured at fair value

The following table presents the respective carrying value and fair value for the financial instruments not measured at fair value on the Consolidated Balance Sheets:



	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
HTM – corporate bonds	$	—	$	—	$	957,845	$	940,727
HTM - municipal bonds	—		—		57,836		57,285
Total financial assets	$	—	$	—	$	1,015,681	$	998,012

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	86,460	$	110,000	$	75,240
Senior Notes - MHNC – 7.75%	152,500		137,067		152,500		143,960
Total financial liabilities	$	262,500	$	223,527	$	262,500	$	219,200

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

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

The assets and liabilities classified as held for sale in the Consolidated Balance Sheet as at December 31, 2018 comprise:



	2018
ASSETS
Fixed maturities, available-for-sale, at fair value	$	63,560
Restricted cash and cash equivalents	6,113
Other assets	33,955
Total assets held for sale	$	103,628
LIABILITIES
Reserve for loss and loss adjustment expenses	$	6,363
Accrued expenses and other liabilities	78,751
Total liabilities held for sale	$	85,114



For the Year Ended December 31,	2019			2018
Gross premiums written	$	—		$	493,862
Net premiums written	$	—		$	479,577
Net premiums earned	$	—		$	618,265
Other insurance revenue	—			—
Net investment income	—			39,265
Net loss and loss adjustment expenses	6,363			(474,711		)
Commission and other acquisition expenses	—			(142,946		)
General and administrative expenses	(2,392		)	(26,739		)
Amortization of intangible assets	—			(1,387		)
Income from discontinued operations	3,971			11,747
Loss on disposal of discontinued operations	(25,474		)	(113,294		)
Income tax (expense) benefit	(1,038		)	7,434
Loss from discontinued operations, net of income tax	$	(22,541	)	$	(94,113	)

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Long-Term Debt Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of senior note issuances

The following tables detail the issuances outstanding at December 31, 2019 and 2018:



December 31, 2019	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,565			4,027			7,592
Carrying value	$	106,435		$	148,473		$	254,908

December 31, 2018	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,610			4,196			7,806
Carrying value	$	106,390		$	148,304		$	254,694

Other details:
Original debt issuance costs	$	3,715		$	5,054
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2019

Reinsurance Disclosures [Abstract]

Schedule of effects of reinsurance on premiums written and earned and liability for claims and claims adjustment expense

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2019 and 2018 was as follows:



For the Year Ended December 31,	2019			2018
Premiums written
Direct	$	16,637		$	11,024
Assumed	(545,243		)	2,006,774
Ceded	(3,244		)	(3,201		)
Net	$	(531,850	)	$	2,014,597
Premiums earned
Direct	$	16,118		$	10,733
Assumed	434,559			2,032,161
Ceded	(2,915		)	(16,692		)
Net	$	447,762		$	2,026,202
Loss and LAE
Gross loss and LAE	$	453,478		$	1,885,232
Loss and LAE ceded	(649		)	(5,111		)
Net	$	452,829		$	1,880,121

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The following table summarizes the favorable (adverse) prior period development experienced in each of our reportable segments for the years ended December 31, 2019 and 2018:



For the Year Ended	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
December 31, 2019	$	1,488		$	(113,722	)	$	(312	)	$	(112,546	)
December 31, 2018	(2,326		)	(399,200		)	(1,685		)	(403,211		)

The reserve for loss and LAE comprises:



December 31,	2019		2018
Reserve for reported loss and LAE	$	1,271,358	$	1,619,776
Reserve for losses incurred but not reported ("IBNR")	1,168,549		1,506,358
Reserve for loss and LAE	$	2,439,907	$	3,126,134

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



For the Year Ended December 31,	2019			2018
Gross loss and LAE reserves, January 1	$	3,126,134		$	2,464,442
Less: reinsurance recoverable on unpaid losses, January 1	71,901			24,883
Net loss and LAE reserves, January 1	3,054,233			2,439,559
Net incurred losses related to:
Current year	328,194			1,431,484
Prior years	124,635			448,637
	452,829			1,880,121
Net paid losses related to:
Current year	(101,654		)	(440,315		)
Prior years	(1,025,381		)	(723,451		)
	(1,127,035		)	(1,163,766		)
Retroactive reinsurance adjustment	(557,950		)	—
Effect of foreign exchange rate movements	(5,592		)	(23,961		)
Other adjustments	—			(77,720		)
Net loss and LAE reserves, December 31	1,816,485			3,054,233
Reinsurance recoverable on unpaid losses, December 31	623,422			71,901
Gross loss and LAE reserves, December 31	$	2,439,907		$	3,126,134

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

AmTrust Reinsurance: All Other Lines



All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519		$	252	$	—
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		15,653		14,617			259		—
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		17,059		15,438			159		—
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		23,506		21,469			29		—
2012			14,697		18,443		19,426		21,898		18,673		19,850		20,260		19,578			2,023		82
2013					17,806		17,630		28,058		22,918		21,313		21,669		21,735			2,429		131
2014							20,597		25,268		26,021		24,958		26,278		24,929			3,350		62
2015									52,706		54,857		49,631		49,463		47,882			2,849		167
2016											79,654		74,948		72,384		73,602			9,276		166
2017													104,637		96,812		92,904			9,381		151
2018															96,910		103,489			2,048		65
2019																	37,945			2,550		—
Total																	$	503,107		$	34,605	$	824
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224		15,051		14,009
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919		16,786		15,285
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892		23,661		21,481
2012			10,308		14,031		16,033		16,936		17,946		18,205		18,685		17,559
2013					11,877		15,997		17,509		20,258		20,456		20,447		19,343
2014							12,028		20,277		20,940		22,018		26,194		21,405
2015									28,929		45,208		42,631		41,962		44,179
2016											42,795		69,805		65,452		63,234
2017													48,903		80,726		80,735
2018															56,539		86,455
2019																	22,095
Total																	435,014
	All outstanding liabilities prior to 2008, net of reinsurance																(2		)
Total net reserves excluding impact of ADC																	$	68,091
Impact of ADC																	(824		)
Total net reserves including impact of ADC																	$	67,267



Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952		$	28	$	2,962
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		110,175		109,664			2,287		4,612
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		127,215		127,381			4,933		6,591
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		138,600		139,685			7,253		7,943
2012			136,960		168,016		173,946		171,040		172,692		181,616		192,087		188,879			9,945		12,885
2013					237,019		245,765		238,392		242,447		261,915		276,249		273,571			21,269		20,974
2014							379,589		365,515		382,260		419,748		457,363		455,521			47,774		41,920
2015									474,140		474,212		526,269		551,145		545,271			58,111		59,535
2016											528,906		568,006		627,728		603,529			89,376		72,793
2017													615,957		654,362		613,577			72,161		93,752
2018															592,566		580,528			70,919		105,435
2019																	12,751			2,227		—
Total																	$	3,734,309		$	386,283	$	429,402
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103		101,823		102,877
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014		115,959		116,332
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579		124,315		125,843
2012			45,030		88,382		119,059		138,706		150,543		158,807		164,512		168,154
2013					56,249		121,182		168,785		199,300		216,527		227,502		234,342
2014							69,512		189,954		268,467		321,258		355,414		370,176
2015									86,695		246,616		338,642		388,640		417,736
2016											110,051		284,501		380,602		428,651
2017													111,508		274,596		448,551
2018															110,954		409,986
2019																	3,907
Total																	2,909,264
			All outstanding liabilities prior to 2008, net of reinsurance														687
Total net reserves excluding impact of ADC																	$	825,732
Impact of ADC																	(429,402		)
Total net reserves including impact of ADC																	$	396,330

Diversified Reinsurance - European Capital Solutions



Diversified Reinsurance - European Capital Solutions	Incurred loss and LAE, net of reinsurance								At December 31, 2019
For the Year Ended December 31,	2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited
2016	$	4,839	$	4,911	$	5,318	$	5,563	$	1,052
2017			8,699		10,085		8,997		2,333
2018					22,617		24,490		11,380
2019							15,381		5,487
Total							$	54,431	$	20,252
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited
2016	$	780	$	2,311	$	3,271	$	4,635
2017			1,926		4,070		5,744
2018					3,188		8,321
2019							3,195
Total							21,895
Total net reserves							$	32,536



General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996		$	138	$	336
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		35,138		35,410			846		545
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		42,884		43,062			674		972
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		52,746		53,499			553		1,522
2012			21,281		33,445		42,450		48,851		50,800		55,991		59,948		63,429			2,499		1,990
2013					42,021		43,116		66,869		68,641		79,731		89,204		92,032			4,705		3,182
2014							65,469		66,558		77,930		99,873		111,970		116,085			8,374		6,009
2015									118,111		95,766		122,942		139,518		154,071			26,113		9,213
2016											98,149		114,864		120,911		148,371			36,850		13,932
2017													116,158		133,533		165,268			63,568		18,961
2018															121,991		153,822			86,599		24,871
2019																	5,427			5,611		—
Total																	$	1,067,472		$	236,530	$	81,533
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878		33,473		32,487
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317		39,214		39,888
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257		47,141		49,178
2012			5,084		13,224		18,020		29,752		40,864		45,775		53,526		56,538
2013					4,996		10,226		32,249		44,698		58,377		70,074		76,996
2014							3,503		24,581		36,026		57,678		77,259		86,101
2015									20,849		33,963		52,350		79,291		98,278
2016											6,402		21,959		45,855		67,064
2017													6,967		27,001		51,545
2018															7,907		24,618
2019																	27
Total																	617,613
			All outstanding liabilities prior to 2008, net of reinsurance														207
Total net reserves excluding impact of ADC																	$	450,066
Impact of ADC																	(81,533		)
Total net reserves including impact of ADC																	$	368,533

AmTrust Reinsurance: Workers’ Compensation

Diversified Reinsurance - International



Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																			At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019			Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542		$	103	$	9
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		31,033		31,064			498		61
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		41,996		42,070			1,616		(22		)
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		36,065		34,643			343		305
2012			20,863		32,691		40,076		44,812		48,116		46,150		45,753		45,917			17		40
2013					33,473		44,771		50,647		59,702		63,162		62,163		63,620			325		339
2014							47,525		55,023		73,966		82,427		89,299		92,572			408		2,395
2015									66,967		92,955		106,560		119,141		127,560			4,427		3,851
2016											121,828		118,210		144,077		171,504			14,692		6,001
2017													156,575		189,257		220,457			47,729		7,647
2018															177,150		224,780			93,666		11,108
2019																	79,172			54,012		—
Total																	$	1,168,901		$	217,836	$	31,734
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842		30,204		31,194
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750		40,282		40,395
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130		33,155		33,451
2012			6,693		14,979		26,508		35,460		43,745		44,165		45,555		45,751
2013					8,267		19,865		34,379		48,122		57,349		59,600		62,331
2014							8,450		22,858		42,960		64,459		79,766		87,458
2015									13,102		39,179		62,945		86,433		107,707
2016											19,071		48,595		76,635		113,174
2017													26,863		69,657		115,623
2018															30,018		67,080
2019																	9,456
Total																	750,588
			All outstanding liabilities prior to 2008, net of reinsurance														26
Total net reserves excluding impact of ADC																	$	418,339
Impact of ADC																	(31,734		)
Total net reserves including impact of ADC																	$	386,605

AmTrust Reinsurance: Commercial Auto Liability

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

AmTrust Reinsurance: European Hospital Liability



European Hospital Liability	Incurred loss and LAE, net of reinsurance																		At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	49,278	$	23,018	$	35,631	$	49,228	$	46,827	$	64,479	$	62,523	$	59,950	$	62,206	$	(820	)
2012			79,120		80,638		79,856		102,396		91,598		86,732		112,088		116,921		6,642
2013					48,611		61,072		63,708		83,695		76,528		98,090		103,900		7,854
2014							50,574		53,255		57,043		63,471		80,033		85,260		9,101
2015									47,151		45,778		59,603		65,533		68,661		7,260
2016											44,146		50,821		66,517		69,033		9,530
2017													40,641		51,781		53,894		12,564
2018															44,242		31,379		6,313
2019																	15,763		6,457
Total																	$	607,017	$	64,901
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	1,088	$	4,310	$	12,717	$	23,336	$	28,547	$	35,469	$	41,037	$	45,196	$	48,949
2012			4,769		15,247		34,701		45,197		58,108		68,517		76,481		82,557
2013					2,963		14,905		25,644		39,128		49,188		55,123		62,317
2014							4,171		11,748		24,420		34,757		39,001		46,004
2015									3,444		10,952		22,612		28,858		34,656
2016											3,554		10,557		17,492		23,268
2017													1,268		4,380		7,507
2018															913		2,248
2019																	11,371
Total																	318,877
Total net reserves																	$	288,140



Diversified Reinsurance - International	Incurred loss and LAE, net of reinsurance																		At December 31, 2019
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	79,487	$	78,840	$	78,727	$	78,476	$	76,857	$	78,931	$	80,932	$	80,625	$	81,665	$	986
2011	49,772		48,321		48,342		48,525		48,483		48,313		48,692		48,937		48,896		4
2012			50,292		48,576		48,850		48,955		49,037		49,298		49,017		48,969		52
2013					44,973		50,106		51,424		50,926		51,527		51,747		52,136		(135		)
2014							42,760		48,529		48,397		48,291		48,065		48,141		187
2015									42,980		44,394		44,885		44,323		44,339		(224		)
2016											38,763		40,767		40,105		40,064		(146		)
2017													36,855		36,308		35,234		956
2018															45,000		42,954		3,388
2019																	36,408		9,317
Total																	$	478,806	$	14,385
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	34,452	$	43,364	$	48,163	$	49,897	$	51,487	$	53,002	$	54,482	$	56,164	$	57,601
2011	24,326		45,078		46,695		47,932		48,350		48,582		48,723		48,837		48,902
2012			23,614		40,318		42,698		43,785		44,112		44,695		44,808		44,822
2013					24,294		43,591		46,072		47,416		47,884		48,099		48,177
2014							23,859		42,138		44,409		45,632		45,889		45,995
2015									21,864		39,449		41,502		42,533		42,947
2016											22,590		36,708		38,537		39,284
2017													19,185		33,592		35,333
2018															20,818		37,349
2019																	17,003
Total																	417,413
Total net reserves																	$	61,393

AmTrust Reinsurance: General Liability

Schedule of reconciliation of claims development to liability

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2019:



	December 31, 2019
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
International	$	61,393	$	2,773	$	64,166
European Capital Solutions	32,536		—		32,536
Other reconciling items	8,088		62,699		70,787
Total Diversified Reinsurance - Segment	102,017		65,472		167,489

AmTrust Reinsurance
Workers' Compensation	396,330		429,402		825,732
General Liability	368,533		81,533		450,066
Commercial Auto Liability	386,605		31,734		418,339
European Hospital Liability	288,140		—		288,140
All Other Lines	67,267		824		68,091
Total	1,506,875		543,493		2,050,368
Other reconciling items	207,593		14,457		222,050
Total AmTrust Reinsurance - Segment	1,714,468		557,950		2,272,418
Total reserves and LAE	$	1,816,485	$	623,422	$	2,439,907

Schedule of average annual payout of net loss and LAE



	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Diversified Reinsurance
International	50.0	%	38.0	%	5.0	%	1.0	%	—	%	—	%	—	%	1.0	%	4.0	%
European Capital Solutions	17.3	%	24.1	%	17.9	%	24.5	%	—	%	—	%	—	%	—	%	—	%
AmTrust Reinsurance
Workers' Compensation	18.3	%	31.2	%	19.1	%	9.8	%	6.2	%	3.5	%	3.2	%	1.4	%	1.0	%
General Liability	6.2	%	10.9	%	14.0	%	16.8	%	15.2	%	10.3	%	8.3	%	6.3	%	3.5	%
Commercial Auto Liability	12.0	%	18.0	%	19.7	%	20.2	%	15.4	%	6.2	%	4.3	%	1.1	%	1.2	%
European Hospital Liability	11.2	%	8.2	%	12.6	%	11.4	%	8.5	%	8.5	%	7.6	%	5.9	%	—	%
All other lines	55.5	%	30.5	%	(0.5	)%	2.7	%	7.9	%	(0.6	)%	3.4	%	(1.5	)%	(1.4	)%

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of quota share arrangements with AmTrust



For the Year Ended December 31,	2019			2018
Gross and net premiums written	$	(581,001	)	$	1,886,280
Net premiums earned	364,711			1,928,208
Net loss and loss adjustment expenses	(402,679		)	(1,810,667		)
Commission and other acquisition expenses	(139,862		)	(622,495		)

Commitments, Contingencies and Concentrations (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Scheduled maturity of operating lease liabilities

At December 31, 2019, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	December 31, 2019
2020	$	1,172
2021	741
2022	741
Discount for present value	(312		)
Total discounted operating lease liabilities	$	2,342

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

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

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



For the Year Ended December 31,	2019			2018
Numerator:
Net loss from continuing operations	$	(109,362	)	$	(450,292	)
Net income from continuing operations attributable to noncontrolling interests	—			(219		)
Net loss attributable to Maiden from continuing operations	(109,362		)	(450,511		)
Dividends on preference shares – Series A, C and D	—			(25,636		)
Amount allocated to participating common shareholders⁽¹⁾	—			(17		)
Loss attributable to Maiden common shareholders, before discontinued operations	(109,362		)	(476,164		)
Loss from discontinued operations, net of income tax expense	(22,541		)	(94,113		)
Net loss allocated to Maiden common shareholders	$	(131,903	)	$	(570,277	)
Denominator:
Weighted average number of common shares – basic and diluted⁽²⁾	83,061,259			83,050,362
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders:	$	(1.32	)	$	(5.74	)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	(0.27		)	(1.13		)
Basic and diluted loss per share attributable to Maiden common shareholders:	$	(1.59	)	$	(6.87	)


(1)	This represents dividends paid to the holders of non-vested restricted shares issued to the Company's employees under the Amended and Restated 2007 Share Incentive Plan. The 2018 amount excluded the share in undistributed losses during the year.

(2)

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Schedule of changes in common shares outstanding

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



For the Year Ended December 31,	2019		2018
Outstanding shares – January 1	82,948,577		82,974,895
Issuance of vested restricted shares and restricted share units	223,101		198,983
Shares repurchased⁽¹⁾	(23,220	)	(234,801	)
Exercise of options	—		9,500
Outstanding shares – December 31	83,148,458		82,948,577

(1)

In 2018, the Company repurchased 205,000 common shares under its share repurchase authorization. In addition, shares were repurchased from employees in respect of tax obligations arising from the vesting of restricted shares and performance based shares. See further details below in item (f).

Schedule of accumulated other comprehensive income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2019 and 2018:



For the Year Ended December 31, 2019	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	(59,762	)	$	(5,932	)	$	(65,694	)
Other comprehensive income before reclassifications	97,198			1,772			98,970
Amounts reclassified from AOCI to net income, net of tax	(15,440		)	—			(15,440		)
Net current period other comprehensive income	81,758			1,772			83,530
Ending balance, Maiden shareholders	$	21,996		$	(4,160	)	$	17,836



For the Year Ended December 31, 2018	Change in net unrealized gains on investment			Foreign currency translation adjustments			Total
Beginning balance	$	21,889		$	(8,583	)	$	13,306
Other comprehensive (loss) income before reclassifications	(108,726		)	2,651			(106,075		)
Amounts reclassified from AOCI to net income, net of tax	27,075			—			27,075
Net current period other comprehensive (loss) income	(81,651		)	2,651			(79,000		)
Ending balance	(59,762		)	(5,932		)	(65,694		)
Less: AOCI attributable to noncontrolling interest	—			(78		)	(78		)
Ending balance, Maiden shareholders	$	(59,762	)	$	(5,854	)	$	(65,616	)

Schedule of reclassification from accumulated other comprehensive income

The following table presents details about amounts reclassified from AOCI:



Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
	2019			2018
Net realized gains (losses) on investment	$	15,605		$	(21,243	)
Net impairment losses recognized in earnings	(165		)	(5,832		)
Total before tax	15,440			(27,075		)
Income tax expense	—			—
Total after tax	$	15,440		$	(27,075	)

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

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

The following table shows all options granted, exercised, forfeited and expired under the Plan for the years ended December 31, 2019 and 2018:



	Number of Share Options		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Exercise Prices
Outstanding, December 31, 2017	1,516,769		$	7.03			2.45 years	$	1,100	$3.28 - $13.98
Granted	275,000		$	7.07	$	1.36				$3.24 - $7.20
Exercised	(9,500	)	$	3.28				$	5,715
Expired	(1,038,510	)	$	6.50
Forfeited	(85,935	)	$	7.23
Outstanding, December 31, 2018	657,824		$	7.92			4.40 years	$	—	$3.24 - $13.98
Granted	7,500		$	1.31	$	0.25
Expired	(119,320	)	$	5.78
Forfeited	(61,875	)	$	7.15
Outstanding, December 31, 2019	484,129		$	8.44			3.63 years	$	—	$1.31 - $13.98
Total exercisable at December 31, 2019	390,379		$	8.90			2.53 years	$	—	$3.24 - $13.98

Schedule of based compensation instrument granted, other than share options

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



	Non-Performance-Based Restricted Share Units				Non-Performance-Based Restricted Shares				Performance Based Restricted Share Units⁽¹⁾
	Number of Restricted Units		Weighted Average Grant-Date Fair Value		Number of Restricted Shares		Weighted Average Grant-Date Fair Value		Number of Restricted Units		Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2017	97,258		$	12.65	37,226		$	14.93	810,464		$	14.60
Awards granted	25,000		$	8.75	268,971		$	5.79	734,668		$	7.20
Awards vested	(71,928	)	$	12.47	(27,726	)	$	14.43	(99,931	)	$	13.88
Awards forfeited	(25,330	)	$	13.16	(17,500	)	$	9.36	(597,556	)	$	11.15
Non-vested at December 31, 2018	25,000		$	8.75	260,971		$	5.94	847,645		$	10.71
Awards granted	—		$	—	1,669,490		$	0.79	—		$	—
Awards vested	(25,000	)	$	8.75	(91,823	)	$	6.34	(83,751	)	$	13.16
Awards forfeited	—		$	—	(19,841	)	$	1.26	(763,894	)	$	10.44
Non-vested at December 31, 2019	—		$	—	1,818,797		$	1.24	—		$	—

(1)

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

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2019

Statutory Financial Information [Abstract]

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

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



	Maiden Reinsurance⁽¹⁾			Maiden LF			Maiden GF
Statutory Capital and Surplus
December 31, 2019	$	921,984		$	10,234		$	8,902
December 31, 2018	869,883			7,588			6,182

Statutory Net (Loss) Income
For the Year Ended December 31, 2019	$	(103,521	)	$	(785	)	$	408
For the Year Ended December 31, 2018	(389,373		)	(482		)	88

(1) Statutory Capital and Surplus and Statutory Net Loss is prior to Maiden Reinsurance's re-domestication to Vermont.

- Definition

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

+ References + Details

Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

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

Loss before taxes and income tax (benefit) expense for the years ended December 31, 2019 and 2018 are as follows:



For the Year Ended December 31,	2019			2018
Loss from continuing operations before income taxes – Domestic (Bermuda)	$	(60,583	)	$	(424,667	)
Loss from continuing operations before income taxes – Foreign (U.S. and others)	(49,690		)	(25,184		)
Total loss from continuing operations before income taxes	$	(110,273	)	$	(449,851	)

Current tax expense – Domestic (Bermuda)	$	—		$	—
Current tax expense – Foreign (U.S. and others)	112			501
Total current tax expense	$	112		$	501

Deferred tax expense – Domestic (Bermuda)	$	—		$	—
Deferred tax benefit – Foreign (U.S. and others)	(1,023		)	(60		)
Total deferred tax benefit	$	(1,023	)	$	(60	)

Total income tax (benefit) expense	$	(911	)	$	441

Schedule of effective income tax rate reconciliation



For the Year Ended December 31,	2019			2018
Loss from continuing operations before income taxes	$	(110,273	)	$	(449,851	)
Less: income tax expense	(911		)	441
Net loss from continuing operations	$	(109,362	)	$	(450,292	)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	0.2		%	1.1		%
Valuation allowance in respect of U.S. taxes	0.7		%	(1.1		)%
Other jurisdictions	(0.1		)%	(0.1		)%
Actual tax rate	0.8		%	(0.1		)%

Schedule of deferred tax assets and liabilities

The significant components of the Company's deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows:



December 31,	2019		2018
Deferred tax assets:
Net operating losses	$	46,735	$	44,119
Capital loss carry-forward	6,338		12,345
Interest limitation	2,338		—
Others	513		548
Deferred tax assets before valuation allowance	55,924		57,012
Valuation allowance	55,569		56,326
Deferred tax assets, net	355		686
Deferred tax liabilities:
Net unrealized gains on investment	96		33
Deferred tax liabilities	96		33
Net deferred tax asset	$	259	$	653

Organization (Details) - USD ($) $ in Thousands							7 Months Ended		12 Months Ended
Organization (Details) - USD ($) $ in Thousands	Aug. 12, 2019	Aug. 12, 2019	Jul. 31, 2019	Jul. 01, 2019	Jan. 18, 2019	Dec. 27, 2018	Aug. 12, 2019	Jul. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Aug. 29, 2018	Jun. 30, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intercompany proceeds					$ 70,000					$ 125,000
Total Gross Reserves									$ 2,439,907	3,126,134			$ 2,464,442
Quota share reinsurance agreement, excess retention			$ 2,178,535
Quota share reinsurance agreement, amount retained			600,000
Reinsurance recoverable on unpaid losses									623,422	71,901
Quota share loss reserve			155,000					$ 155,000
Ceded cumulative losses			445,000					445,000
Deferred gain on retroactive reinsurance									112,950	0
Interest amount	$ 7,261
Interest rate							2.64%
Discontinued Operations, Disposed of by Sale \| Renewal Rights Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds of sale											$ 7,500
Discontinued Operations, Disposed of by Sale \| Maiden US Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds of sale						$ 286,375
Loss from discontinued operations, net of income tax									16,714
Cavello Bay Reinsurance Limited \| Discontinued Operations, Disposed of by Sale \| Maiden Reinsurance North America, Inc. Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ceded premiums payable						1,750
Maiden Reinsurance Ltd. \| Discontinued Operations, Disposed of by Sale \| Maiden Reinsurance North America, Inc. Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment For Ceded Premiums						12,250
Total Gross Reserves												$ 100,000
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Covered losses			$ 312,786					312,786
Maximum \| Discontinued Operations, Disposed of by Sale \| Maiden Reinsurance North America, Inc. Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reinsurance payable						$ 25,000
Commutation And Release Agreement, Commutation Payment \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Related party transaction amount				$ 312,786
Commutation And Release Agreement, Net Ceded Reserves \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Related party transaction amount										$ 330,682
Commutation And Release Agreement, Commutation Payment Paid By Entity \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Related party transaction amount								$ 17,896
Commutation And Release Agreement, Commutation Payment, Premium Interest \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Related party interest expense		$ 6,335
Related party rate							3.30%
AmTrust Reinsurance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reinsurance recoverable on unpaid losses									445,000
AmTrust Reinsurance \| General Liability
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Gross Reserves									450,066
Reinsurance recoverable on unpaid losses									$ 81,533

Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Short-term investments	$ 0			$ 0
Deposit contracts	$ 0			0
Weighted average discount rate	10.00%	10.00%
Cumulative translation adjustment	$ 507,718,000			554,916,000
Foreign currency translation adjustments, attributable to Maiden shareholders
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative translation adjustment	$ (4,160,000)			$ (5,854,000)
Accounting Standards Update 2016-02
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Lease liability			$ 2,342,000
Right-of-use asset			$ 2,342,000

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	2
Income Statement [Abstract]
Gross premiums written	$ (528,593)	$ 2,017,798
Net premiums written	(531,850)	2,014,597
Net premiums earned	447,762	2,026,202
Other insurance revenue	2,841	9,681
Net loss and LAE	(452,829)	(1,880,121)
Commission and other acquisition expenses	(169,760)	(654,740)
General and administrative expenses	(11,767)	(21,241)
Underwriting loss	(183,753)	(520,219)
Reconciliation to net loss from continuing operations
Net investment income and realized gains on investment	125,697	134,756
Total other-than-temporary impairment losses	(165)	(5,832)
Interest and amortization expenses	(19,320)	(19,318)
Foreign exchange and other gains, net	2,719	4,461
Other general and administrative expenses	(35,451)	(43,699)
Income tax benefit	911	(441)
Net loss from continuing operations	$ (109,362)	$ (450,292)
Net loss and LAE ratio	100.50%	92.30%
Commission and other acquisition expense ratio	37.60%	32.20%
General and administrative expense ratio	10.50%	3.20%
Expense ratio	48.10%	35.40%
Combined ratio	148.60%	127.70%
Assets [Abstract]
Reinsurance balances receivable, net	$ 12,181	$ 67,997
Reinsurance recoverable on unpaid losses	623,422	71,901	$ 24,883
Deferred commission and other acquisition expenses	77,356	388,442
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	1,507,753	4,023,959
Funds withheld receivable	684,441	27,039
Other assets	9,946	10,700
Assets held for sale	0	103,628
Total assets	3,568,196	5,287,460
Operating Segments
Assets [Abstract]
Reinsurance balances receivable, net	11,729	67,308
Reinsurance recoverable on unpaid losses	560,723	1,743
Deferred commission and other acquisition expenses	77,356	388,442
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	1,507,753	4,033,030
Funds withheld receivable	684,441	27,039
Other assets	1,670	640
Total assets - reportable segments	3,011,647	4,686,177
Corporate assets	556,549	497,655
Assets held for sale		103,628
Total assets	3,568,196	5,287,460
Operating Segments \| Diversified Reinsurance segment
Income Statement [Abstract]
Gross premiums written	52,408	131,518
Net premiums written	49,151	129,319
Net premiums earned	83,691	112,487
Other insurance revenue	2,841	9,681
Net loss and LAE	(49,905)	(71,441)
Commission and other acquisition expenses	(29,898)	(38,749)
General and administrative expenses	(8,872)	(17,396)
Underwriting loss	$ (2,143)	$ (5,418)
Reconciliation to net loss from continuing operations
Net loss and LAE ratio	57.70%	58.50%
Commission and other acquisition expense ratio	34.50%	31.70%
General and administrative expense ratio	10.30%	14.20%
Expense ratio	44.80%	45.90%
Combined ratio	102.50%	104.40%
Assets [Abstract]
Reinsurance balances receivable, net	$ 11,729	$ 29,030
Reinsurance recoverable on unpaid losses	2,773	1,743
Deferred commission and other acquisition expenses	8,923	18,405
Loan to related party	0	0
Restricted cash and cash equivalents and investments	90,614	114,220
Funds withheld receivable	52,136	27,039
Other assets	1,670	0
Total assets - reportable segments	167,845	190,437
Corporate assets	0	0
Assets held for sale		0
Total assets	167,845	190,437
Operating Segments \| AmTrust Reinsurance
Income Statement [Abstract]
Gross premiums written	(581,001)	1,886,280
Net premiums written	(581,001)	1,885,278
Net premiums earned	364,071	1,913,715
Other insurance revenue	0	0
Net loss and LAE	(402,612)	(1,806,995)
Commission and other acquisition expenses	(139,862)	(615,991)
General and administrative expenses	(2,895)	(3,845)
Underwriting loss	$ (181,298)	$ (513,116)
Reconciliation to net loss from continuing operations
Net loss and LAE ratio	110.60%	94.40%
Commission and other acquisition expense ratio	38.40%	32.20%
General and administrative expense ratio	0.80%	0.20%
Expense ratio	39.20%	32.40%
Combined ratio	149.80%	126.80%
Assets [Abstract]
Reinsurance balances receivable, net	$ 0	$ 38,278
Reinsurance recoverable on unpaid losses	557,950	0
Deferred commission and other acquisition expenses	68,433	370,037
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	1,417,139	3,918,810
Funds withheld receivable	632,305	0
Other assets	0	640
Total assets - reportable segments	2,843,802	4,495,740
Corporate assets	0	0
Assets held for sale		0
Total assets	2,843,802	4,495,740
Other
Income Statement [Abstract]
Gross premiums written	0	0
Net premiums written	0	0
Net premiums earned	0	0
Other insurance revenue	0	0
Net loss and LAE	(312)	(1,685)
Commission and other acquisition expenses	0	0
General and administrative expenses	0	0
Underwriting loss	$ (312)	$ (1,685)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (528,593)	$ 2,017,798
Net premiums written	(531,850)	2,014,597
Net premiums earned	$ 447,762	$ 2,026,202
% of Total Net premiums written	100.00%	100.00%
% of Total Net premiums earned	100.00%	100.00%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (567,380)	$ 1,591,745
Net premiums written	(567,380)	1,590,466
Net premiums earned	363,498	1,635,855
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	38,787	426,053
Net premiums written	35,530	424,131
Net premiums earned	84,264	390,347
Operating Segments \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	52,408	131,518
Net premiums written	49,151	129,319
Net premiums earned	$ 83,691	$ 112,487
% of Total Net premiums written	(9.30%)	6.40%
% of Total Net premiums earned	18.70%	5.50%
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (581,001)	$ 1,886,280
Net premiums written	(581,001)	1,885,278
Net premiums earned	$ 364,071	$ 1,913,715
% of Total Net premiums written	109.30%	93.60%
% of Total Net premiums earned	81.30%	94.50%
Operating Segments \| International \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 49,193	$ 129,305
Net premiums earned	$ 83,733	$ 112,473
% of Total Net premiums written	(9.30%)	6.40%
% of Total Net premiums earned	18.70%	5.50%
Operating Segments \| Other \| Diversified Reinsurance segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (42)	$ 14
Net premiums earned	$ (42)	$ 14
% of Total Net premiums written	0.00%	0.00%
% of Total Net premiums earned	0.00%	0.00%
Operating Segments \| Small Commercial Business \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (324,311)	$ 1,092,615
Net premiums earned	$ 91,723	$ 1,167,581
% of Total Net premiums written	61.00%	54.20%
% of Total Net premiums earned	20.50%	57.60%
Operating Segments \| Specialty Program \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (25,869)	$ 336,847
Net premiums earned	$ 138,380	$ 345,805
% of Total Net premiums written	4.90%	16.70%
% of Total Net premiums earned	30.90%	17.10%
Operating Segments \| Specialty Risk and Extended Warranty \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (230,821)	$ 455,816
Net premiums earned	$ 133,968	$ 400,329
% of Total Net premiums written	43.40%	22.70%
% of Total Net premiums earned	29.90%	19.80%

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		$ 1,813,426	$ 3,109,980
AFS fixed maturities, gross unrealized gains		39,731	10,995
AFS fixed maturities, gross unrealized losses		(17,639)	(69,407)
AFS fixed maturities, fair value		1,835,518	3,051,568
HTM fixed maturities, original or amortized cost		0	1,015,681
HTM fixed maturities, gross unrealized gains			3,872
HTM fixed maturities, gross unrealized losses			(21,541)
HTM fixed maturities, fair value			998,012
Total fixed maturity investments, original or amortized cost			4,125,661
Total fixed maturity investments, gross unrealized gains			14,867
Total fixed maturity investments, gross unrealized losses			(90,948)
Total fixed maturity investments, fair value			4,049,580
Carrying value of the HTM securities at the time of transfer	$ 1,011,878
Unrealized gains of added to AOCI	$ 14,230
U.S. treasury bonds
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		94,921	138,625
AFS fixed maturities, gross unrealized gains		704	448
AFS fixed maturities, gross unrealized losses		0	(1)
AFS fixed maturities, fair value		95,625	139,072
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		533,296	1,485,716
AFS fixed maturities, gross unrealized gains		6,717	3,491
AFS fixed maturities, gross unrealized losses		(1,291)	(36,073)
AFS fixed maturities, fair value		538,722	1,453,134
U.S. agency bonds – other
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost			129,741
AFS fixed maturities, gross unrealized gains			40
AFS fixed maturities, gross unrealized losses			(548)
AFS fixed maturities, fair value			129,233
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		11,796	11,212
AFS fixed maturities, gross unrealized gains		294	66
AFS fixed maturities, gross unrealized losses		(91)	(1,206)
AFS fixed maturities, fair value		11,999	10,072
Asset-backed securities
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		187,881	216,072
AFS fixed maturities, gross unrealized gains		821	425
AFS fixed maturities, gross unrealized losses		(532)	(1,415)
AFS fixed maturities, fair value		188,170	215,082
Corporate bonds
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		981,441	1,128,614
AFS fixed maturities, gross unrealized gains		31,140	6,525
AFS fixed maturities, gross unrealized losses		(15,725)	(30,164)
AFS fixed maturities, fair value		996,856	1,104,975
HTM fixed maturities, original or amortized cost			957,845
HTM fixed maturities, gross unrealized gains			3,872
HTM fixed maturities, gross unrealized losses			(20,990)
HTM fixed maturities, fair value			940,727
Municipal bonds
Schedule of Investments [Line Items]
AFS fixed maturities, original or amortized cost		4,091
AFS fixed maturities, gross unrealized gains		55
AFS fixed maturities, gross unrealized losses		0
AFS fixed maturities, fair value		$ 4,146
HTM fixed maturities, original or amortized cost			57,836
HTM fixed maturities, gross unrealized gains			0
HTM fixed maturities, gross unrealized losses			(551)
HTM fixed maturities, fair value			$ 57,285

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 167,277
Due after one year through five years	608,912
Due after five years through ten years	316,060
Total before securities with single maturities, amortized cost	1,092,249
AFS fixed maturities, original or amortized cost	1,813,426	$ 3,109,980
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	165,908
Due after one year through five years	612,986
Due after five years through ten years	329,732
Total before securities with single maturities, fair value	1,108,626
Available-for-sale fixed maturities, fair value	1,835,518	3,051,568
U.S. agency bonds – mortgage-backed
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	533,296
AFS fixed maturities, original or amortized cost	533,296	1,485,716
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	538,722
Available-for-sale fixed maturities, fair value	538,722	1,453,134
Asset-backed securities
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	187,881
AFS fixed maturities, original or amortized cost	187,881	216,072
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	188,170
Available-for-sale fixed maturities, fair value	$ 188,170	$ 215,082

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($) security
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	$ 123,780	$ 1,595,079
12 months or more, fair value	262,519	1,188,564
Total, fair value	386,299	2,783,643
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(824)	(38,695)
12 months or more, unrealized losses	(16,815)	(52,253)
Total, unrealized losses	$ (17,639)	$ (90,948)
Number of securities in loss position \| security	104	348
Fair value of unrealized loss positions	$ 386,299	$ 2,783,643
Unrealized losses	$ 17,639	$ 90,948
Number of securities in unrealized loss position for 12 months or greater \| security	67	103
Fair value of securities in loss position for 12 months or greater	$ 262,519	$ 1,188,564
Unrealized losses 12 months or greater	16,815	52,253
Total other-than-temporary impairment losses	165	5,832
U.S. treasury bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value		125
12 months or more, fair value		0
Total, fair value		125
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
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, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	31,401	416,147
12 months or more, fair value	85,008	838,091
Total, fair value	116,409	1,254,238
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(257)	(6,624)
12 months or more, unrealized losses	(1,034)	(29,449)
Total, unrealized losses	(1,291)	(36,073)
U.S. agency bonds – other
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value		26,838
12 months or more, fair value		17,462
Total, fair value		44,300
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses		(27)
12 months or more, unrealized losses		(521)
Total, unrealized losses		(548)
Non-U.S. government and supranational bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	1,824	4,024
12 months or more, fair value	701	3,770
Total, fair value	2,525	7,794
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(22)	(252)
12 months or more, unrealized losses	(69)	(954)
Total, unrealized losses	(91)	(1,206)
Asset-backed securities
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	60,863	74,801
12 months or more, fair value	17,594	5,793
Total, fair value	78,457	80,594
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(240)	(1,196)
12 months or more, unrealized losses	(292)	(219)
Total, unrealized losses	(532)	(1,415)
Corporate bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	29,692	1,052,765
12 months or more, fair value	159,216	286,542
Total, fair value	188,908	1,339,307
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(305)	(30,334)
12 months or more, unrealized losses	(15,420)	(20,820)
Total, unrealized losses	$ (15,725)	(51,154)
Municipal bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value		20,379
12 months or more, fair value		36,906
Total, fair value		57,285
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses		(261)
12 months or more, unrealized losses		(290)
Total, unrealized losses		$ (551)

Investments - Credit Ratings (Details) $ in Thousands	12 Months Ended
Investments - Credit Ratings (Details) $ in Thousands	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($) security
Schedule of Fixed Maturities [Line Items]
Total other-than-temporary impairment losses	$ 165	$ 5,832
Number of fixed maturity securities with recognized OTTI losses \| security	1	72
Amortized cost	$ 1,813,426	$ 4,125,661
Fair value	$ 1,835,518	$ 4,049,580
% of Total fair value	100.00%	100.00%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 94,921	$ 138,625
Fair value	$ 95,625	$ 139,072
% of Total fair value	5.20%	3.40%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 533,296	$ 1,615,457
Fair value	$ 538,722	$ 1,582,367
% of Total fair value	29.40%	39.10%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 99,212	$ 137,172
Fair value	$ 99,542	$ 135,119
% of Total fair value	5.40%	3.30%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 101,491	$ 183,142
Fair value	$ 101,467	$ 178,674
% of Total fair value	5.50%	4.40%
A Plus, A, A Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 540,002	$ 1,132,993
Fair value	$ 549,479	$ 1,113,710
% of Total fair value	29.90%	27.50%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 438,731	$ 866,043
Fair value	$ 445,202	$ 848,348
% of Total fair value	24.30%	21.00%
BB Plus or Lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 5,773	$ 52,229
Fair value	$ 5,481	$ 52,290
% of Total fair value	0.30%	1.30%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Fair Value	$ 4,877	$ 5,333
% of Total	100.00%	100.00%
Other investments	$ 31,748	$ 23,716
Investment in limited partnerships
Schedule of Investments [Line Items]
Fair Value	$ 3,077	$ 3,833
% of Total	63.10%	71.90%
Unfunded commitment on investments in limited partnerships	$ 340	$ 414
Other
Schedule of Investments [Line Items]
Fair Value	$ 1,800	$ 1,500
% of Total	36.90%	28.10%
Special Purpose Vehicles
Schedule of Investments [Line Items]
Other investments	$ 26,871	$ 18,383
Unfunded commitment on investments in limited partnerships	$ 767	$ 7,359

Investments - Net Investment Income (Details) - USD ($) $ in Thousands			7 Months Ended	12 Months Ended
	Aug. 12, 2019	Aug. 12, 2019	Aug. 12, 2019	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income				$ 114,060	$ 140,634
Interest expense paid on LPT/ADC Agreement and Commutation Payment				(13,596)	0
Investment expenses				(2,627)	(4,349)
Net investment income				97,837	136,285
Interest amount		$ 7,261
Interest rate			2.64%
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income				83,839	130,333
Funds withheld
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income				20,307	686
Loan to related party
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income				6,983	6,442
Cash and cash equivalents and other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income				$ 2,931	$ 3,173
Commutation And Release Agreement, Commutation Payment, Premium Interest \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Related party interest expense	$ 6,335
Related party rate			3.30%

Investments - Net Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investment, gross gain	$ 43,759	$ 11,589
Net realized gains (losses) on investment, gross losses	(15,899)	(13,118)
Net realized gains (losses) on investment, net	27,860	(1,529)
Proceeds from sales of fixed maturities classified as available-for-sale	1,032,438	367,346
Deferred income tax	(96)	(33)
Net unrealized gains (losses), net of deferred income tax	21,996	(59,762)
Change, net of deferred income tax	81,758	(81,651)
Net gains recognized on other investments within net loss for the period	102	2,275
Net realized gains recognized on other investments divested during period	(591)	(2,777)
Net unrealized losses recognized on other investments still held at end of period	(489)	(502)
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	43,657	9,314
Fixed maturities, gross losses	(15,899)	(13,118)
Fixed maturities, net	27,758	(3,804)
Fixed maturities \| Available-for-sale securities
Gain (Loss) on Securities [Line Items]
Fixed maturities	22,092	(59,729)
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gain	102	2,275
Other investments, gross loss	0	0
Other investments, net	$ 102	$ 2,275

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 59,081	$ 130,148
Restricted investments	1,448,672	3,893,811
Total restricted cash and investments	1,507,753	4,023,959
Amortized cost		4,125,661
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	21,447	21,420
Restricted investments	65,678	89,596
Amortized cost	65,539	88,841
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	37,634	108,728
Restricted investments	1,382,994	3,804,215
Amortized cost	$ 1,366,837	$ 3,870,731

Fair Value Measurements - Fair Value Hierarchy (Details) $ in Thousands	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 1,835,518	$ 3,051,568
Number of securities \| security	1
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 95,625	139,072
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	538,722	1,453,134
U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		129,233
Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	11,999	10,072
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	188,170	215,082
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	996,856	1,104,975
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	4,146
Significant Other Observable Inputs (Level 2) \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities measured using the market approach	5,481	5,676
Fair Value, recurring \| Total Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	4,877	23,716
Total assets fair value	$ 1,840,395	$ 3,075,284
As a percentage of total assets	51.70%	58.20%
Fair Value, recurring \| Total Fair Value \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	99.70%	99.90%
Assets valued using market approach, percentage	0.30%	0.10%
Fair Value, recurring \| Total Fair Value \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 95,625	$ 139,072
Fair Value, recurring \| Total Fair Value \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	538,722	1,453,134
Fair Value, recurring \| Total Fair Value \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		129,233
Fair Value, recurring \| Total Fair Value \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	11,999	10,072
Fair Value, recurring \| Total Fair Value \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	188,170	215,082
Fair Value, recurring \| Total Fair Value \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	996,856	1,104,975
Fair Value, recurring \| Total Fair Value \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	4,146
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Total assets fair value	$ 95,625	$ 139,072
As a percentage of total assets	2.70%	2.60%
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 95,625	$ 139,072
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		0
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0
Fair Value, recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Total assets fair value	$ 1,739,893	$ 2,912,496
As a percentage of total assets	48.80%	55.10%
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	538,722	1,453,134
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		129,233
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	11,999	10,072
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	188,170	215,082
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	996,856	1,104,975
Fair Value, recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	4,146
Fair Value, recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,800	19,883
Total assets fair value	$ 1,800	$ 19,883
As a percentage of total assets	0.10%	0.40%
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	$ 0	$ 0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value		0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0	0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFS fixed maturities, fair value	0
Fair Value, recurring \| Fair Value Based on NAV Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 3,077	$ 3,833
As a percentage of total assets	0.10%	0.10%

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 0	$ 1,015,681
Financial Liabilities	262,500	262,500
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%
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%
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 0	$ 998,012
Financial Liabilities	223,527	219,200
Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	86,460	75,240
Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	137,067	143,960
Held-to-maturity Securities \| Corporate bonds \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	0	957,845
Held-to-maturity Securities \| Corporate bonds \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	0	940,727
Held-to-maturity Securities \| Municipal bonds \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	0	57,836
Held-to-maturity Securities \| Municipal bonds \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	$ 0	$ 57,285

Discontinued Operations - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Total assets held for sale	$ 0	$ 103,628
LIABILITIES
Total liabilities held for sale	$ 0	85,114
Maiden Reinsurance North America, Inc. Sale \| Discontinued Operations, Held-for-sale
ASSETS
Fixed maturities, available-for-sale, at fair value		63,560
Restricted cash and cash equivalents		6,113
Other assets		33,955
Total assets held for sale		103,628
LIABILITIES
Reserve for loss and loss adjustment expenses		6,363
Accrued expenses and other liabilities		78,751
Total liabilities held for sale		$ 85,114

Discontinued Operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 27, 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	$ (22,541)	$ (94,113)
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)
Maiden US 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			$ 286,375
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	0	493,862
Net premiums written	0	479,577
Net premiums earned	0	618,265
Other insurance revenue	0	0
Net investment income	0	39,265
Net loss and loss adjustment expenses	6,363	(474,711)
Commission and other acquisition expenses	0	(142,946)
General and administrative expenses	(2,392)	(26,739)
Amortization of intangible assets	0	(1,387)
Income from discontinued operations	3,971	11,747
Loss on disposal of discontinued operations	(25,474)	(113,294)
Income tax (expense) benefit	(1,038)	7,434
Loss from discontinued operations, net of income tax	$ (22,541)	$ (94,113)
Proceeds of sale				$ 7,500

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense	$ 19,320	$ 19,318
Senior Notes
Debt Instrument [Line Items]
Interest expense	19,106	19,106
Accrued interest	1,342	1,342
Amortization expense	$ 214	$ 212
Senior Notes 2013 \| Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Minimum \| Senior Notes 2013 \| Senior Notes
Debt Instrument [Line Items]
Number of days notice prior to the redemption date	30 days
Maximum \| Senior Notes 2013 \| Senior Notes
Debt Instrument [Line Items]
Number of days notice prior to the redemption date	60 days

Long-Term Debt - Senior Notes Issuances (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: unamortized issuance costs	$ 7,592,000	$ 7,806,000
Senior notes, net	254,908,000	254,694,000
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500,000	262,500,000
Less: unamortized issuance costs	7,592,000	7,806,000
Senior notes, net	254,908,000	254,694,000
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000,000	110,000,000
Less: unamortized issuance costs	3,565,000	3,610,000
Senior notes, net	106,435,000	106,390,000
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 amount	$ 152,500,000	152,500,000
Less: unamortized issuance costs	4,027,000	4,196,000
Senior notes, net	148,473,000	$ 148,304,000
Original debt issuance costs	$ 5,054,000
Coupon rate	7.75%
Effective interest rate	8.04%

Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Disclosures [Abstract]
Premiums written, Direct	$ 16,637	$ 11,024
Premiums written, Assumed	(545,243)	2,006,774
Premiums written, Ceded	(3,244)	(3,201)
Premiums written, Net	(531,850)	2,014,597
Premium earned, Direct	16,118	10,733
Premium earned, Assumed	434,559	2,032,161
Premium earned, Ceded	(2,915)	(16,692)
Net premiums earned	447,762	2,026,202
Gross loss and LAE	453,478	1,885,232
Loss and LAE ceded	(649)	(5,111)
Net loss and loss adjustment expenses	$ 452,829	$ 1,880,121

Reinsurance - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2017
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		$ 71,901	$ 623,422
Reinsurance recoverable on unpaid losses		70,158
Quota share reinsurance agreement, excess retention	$ 2,178,535
Quota share reinsurance agreement, amount retained	600,000
Quota share loss reserve	155,000
Reinsurance recoverable on unpaid losses		71,901	623,422	$ 24,883
Deferred gain on retroactive reinsurance		0	112,950
Ceded cumulative losses	445,000
Operating Segments
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses		1,743	560,723
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			445,000
AmTrust Reinsurance \| Operating Segments
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			557,950
Reinsurance recoverable on unpaid losses		$ 0	$ 557,950
Maximum
Concentration Risk [Line Items]
Covered losses	$ 312,786

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Reserve for reported loss and LAE			$ 1,271,358	$ 1,619,776
Reserve for losses incurred but not reported (IBNR)			1,168,549	1,506,358
Reserve for loss and LAE	$ 2,439,907	$ 3,126,134	2,439,907	3,126,134
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	3,126,134	2,464,442
Less: reinsurance recoverable on unpaid losses, January 1	71,901	24,883
Net loss and LAE reserves, January 1	3,054,233	2,439,559
Current year	328,194	1,431,484
Prior years	124,635	448,637
Net incurred losses	452,829	1,880,121
Current year	(101,654)	(440,315)
Prior years	(1,025,381)	(723,451)
Net paid losses	(1,127,035)	(1,163,766)
Retroactive reinsurance adjustment	(557,950)	0
Effect of foreign exchange rate movements	(5,592)	(23,961)
Other adjustments	0	(77,720)
Net loss and LAE reserves, December 31	3,054,233	2,439,559	$ 1,816,485	$ 3,054,233
Reinsurance recoverable on unpaid losses, December 31	623,422	71,901
Gross loss and LAE reserves, December 31	$ 2,439,907	$ 3,126,134

Reserve for Loss and Loss Adjustment Expenses - Prior year development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Adverse development, net	$ (112,546)	$ (403,211)
Other
Segment Reporting Information [Line Items]
Adverse development, net	(312)	(1,685)
Diversified Reinsurance segment
Segment Reporting Information [Line Items]
Adverse development, net	1,488	(2,326)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Adverse development, net	$ (113,722)	$ (399,200)

Reserve for Loss and Loss Adjustment Expenses - Incurred losses and LAE and cumulative paid losses and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 30, 2010
Claims Development [Line Items]
Impact of ADC	$ 623,422	$ 71,901
Reserve for loss and LAE	2,439,907	3,126,134	$ 2,464,442
Total net reserves	1,816,485
Diversified Reinsurance
Claims Development [Line Items]
Total net reserves										$ 98,827
AmTrust Reinsurance
Claims Development [Line Items]
Impact of ADC	445,000
International \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	478,806
Total IBNR	14,385
Impact of ADC	2,773
Cumulative paid losses and LAE, net of reinsurance	417,413
Reserve for loss and LAE	64,166
Total net reserves	61,393
International \| Accident Year 2010 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	81,665	80,625	80,932	$ 78,931	$ 76,857	$ 78,476	$ 78,727	$ 78,840	$ 79,487
Total IBNR	986
Cumulative paid losses and LAE, net of reinsurance	57,601	56,164	54,482	53,002	51,487	49,897	48,163	43,364	34,452
International \| Accident Year 2011 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	48,896	48,937	48,692	48,313	48,483	48,525	48,342	48,321	49,772
Total IBNR	4
Cumulative paid losses and LAE, net of reinsurance	48,902	48,837	48,723	48,582	48,350	47,932	46,695	45,078	24,326
International \| Accident Year 2012 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	48,969	49,017	49,298	49,037	48,955	48,850	48,576	50,292
Total IBNR	52
Cumulative paid losses and LAE, net of reinsurance	44,822	44,808	44,695	44,112	43,785	42,698	40,318	23,614
International \| Accident Year 2013 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	52,136	51,747	51,527	50,926	51,424	50,106	44,973
Total IBNR	(135)
Cumulative paid losses and LAE, net of reinsurance	48,177	48,099	47,884	47,416	46,072	43,591	24,294
International \| Accident Year 2014 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	48,141	48,065	48,291	48,397	48,529	42,760
Total IBNR	187
Cumulative paid losses and LAE, net of reinsurance	45,995	45,889	45,632	44,409	42,138	23,859
International \| Accident Year 2015 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,339	44,323	44,885	44,394	42,980
Total IBNR	(224)
Cumulative paid losses and LAE, net of reinsurance	42,947	42,533	41,502	39,449	21,864
International \| Accident Year 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,064	40,105	40,767	38,763
Total IBNR	(146)
Cumulative paid losses and LAE, net of reinsurance	39,284	38,537	36,708	22,590
International \| Accident Year 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,234	36,308	36,855
Total IBNR	956
Cumulative paid losses and LAE, net of reinsurance	35,333	33,592	19,185
International \| Accident Year 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,954	45,000
Total IBNR	3,388
Cumulative paid losses and LAE, net of reinsurance	37,349	20,818
International \| Accident Year 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	36,408
Total IBNR	9,317
Cumulative paid losses and LAE, net of reinsurance	17,003
European Capital Solutions \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	54,431
Total IBNR	20,252
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	21,895
Reserve for loss and LAE	32,536
Total net reserves	32,536
European Capital Solutions \| Accident Year 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	5,563	5,318	4,911	4,839
Total IBNR	1,052
Cumulative paid losses and LAE, net of reinsurance	4,635	3,271	2,311	780
European Capital Solutions \| Accident Year 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	8,997	10,085	8,699
Total IBNR	2,333
Cumulative paid losses and LAE, net of reinsurance	5,744	4,070	1,926
European Capital Solutions \| Accident Year 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	24,490	22,617
Total IBNR	11,380
Cumulative paid losses and LAE, net of reinsurance	8,321	3,188
European Capital Solutions \| Accident Year 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,381
Total IBNR	5,487
Cumulative paid losses and LAE, net of reinsurance	3,195
Workers' Compensation \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,734,309
Total IBNR	386,283
Impact of ADC	429,402
Cumulative paid losses and LAE, net of reinsurance	2,909,264
All outstanding liabilities prior to 2008, net of reinsurance	687
Reserve for loss and LAE	825,732
Total net reserves	396,330
Workers' Compensation \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	83,952	84,710	83,622	83,039	82,301	81,240	82,438	81,493	80,800
Total IBNR	28
Impact of ADC	2,962
Cumulative paid losses and LAE, net of reinsurance	82,709	82,436	81,159	79,230	78,161	77,370	76,018	72,823	68,400
Workers' Compensation \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,664	110,175	107,165	105,901	106,204	109,213	103,864	102,245	102,240
Total IBNR	2,287
Impact of ADC	4,612
Cumulative paid losses and LAE, net of reinsurance	102,877	101,823	100,103	98,811	96,396	93,425	89,462	83,464	71,963
Workers' Compensation \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	127,381	127,215	123,968	124,073	125,020	120,243	118,209	113,880	106,799
Total IBNR	4,933
Impact of ADC	6,591
Cumulative paid losses and LAE, net of reinsurance	116,332	115,959	115,014	114,639	108,171	103,280	95,120	82,614	61,322
Workers' Compensation \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	139,685	138,600	135,379	133,916	133,995	132,728	130,712	125,549	104,923
Total IBNR	7,253
Impact of ADC	7,943
Cumulative paid losses and LAE, net of reinsurance	125,843	124,315	122,579	115,966	114,107	105,584	91,414	69,357	33,089
Workers' Compensation \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	188,879	192,087	181,616	172,692	171,040	173,946	168,016	136,960
Total IBNR	9,945
Impact of ADC	12,885
Cumulative paid losses and LAE, net of reinsurance	168,154	164,512	158,807	150,543	138,706	119,059	88,382	45,030
Workers' Compensation \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	273,571	276,249	261,915	242,447	238,392	245,765	237,019
Total IBNR	21,269
Impact of ADC	20,974
Cumulative paid losses and LAE, net of reinsurance	234,342	227,502	216,527	199,300	168,785	121,182	56,249
Workers' Compensation \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	455,521	457,363	419,748	382,260	365,515	379,589
Total IBNR	47,774
Impact of ADC	41,920
Cumulative paid losses and LAE, net of reinsurance	370,176	355,414	321,258	268,467	189,954	69,512
Workers' Compensation \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	545,271	551,145	526,269	474,212	474,140
Total IBNR	58,111
Impact of ADC	59,535
Cumulative paid losses and LAE, net of reinsurance	417,736	388,640	338,642	246,616	86,695
Workers' Compensation \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	603,529	627,728	568,006	528,906
Total IBNR	89,376
Impact of ADC	72,793
Cumulative paid losses and LAE, net of reinsurance	428,651	380,602	284,501	110,051
Workers' Compensation \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	613,577	654,362	615,957
Total IBNR	72,161
Impact of ADC	93,752
Cumulative paid losses and LAE, net of reinsurance	448,551	274,596	111,508
Workers' Compensation \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	580,528	592,566
Total IBNR	70,919
Impact of ADC	105,435
Cumulative paid losses and LAE, net of reinsurance	409,986	110,954
Workers' Compensation \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	12,751
Total IBNR	2,227
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	3,907
General Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,067,472
Total IBNR	236,530
Impact of ADC	81,533
Cumulative paid losses and LAE, net of reinsurance	617,613
All outstanding liabilities prior to 2008, net of reinsurance	207
Reserve for loss and LAE	450,066
Total net reserves	368,533
General Liability \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	36,996	37,605	36,627	35,985	34,169	33,792	33,051	31,921	28,786
Total IBNR	138
Impact of ADC	336
Cumulative paid losses and LAE, net of reinsurance	34,893	36,699	34,935	32,765	32,423	32,849	29,384	26,288	20,935
General Liability \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,410	35,138	34,863	34,040	32,418	30,902	29,123	28,384	19,311
Total IBNR	846
Impact of ADC	545
Cumulative paid losses and LAE, net of reinsurance	32,487	33,473	32,878	30,924	28,312	24,298	19,727	13,904	7,840
General Liability \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,062	42,884	41,597	38,298	38,536	36,455	34,761	28,850	15,783
Total IBNR	674
Impact of ADC	972
Cumulative paid losses and LAE, net of reinsurance	39,888	39,214	37,317	34,125	30,948	26,429	19,010	11,187	5,140
General Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	53,499	52,746	49,338	45,303	42,100	40,557	35,628	24,731	11,334
Total IBNR	553
Impact of ADC	1,522
Cumulative paid losses and LAE, net of reinsurance	49,178	47,141	41,257	39,350	31,619	22,963	12,158	6,072	2,813
General Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,429	59,948	55,991	50,800	48,851	42,450	33,445	21,281
Total IBNR	2,499
Impact of ADC	1,990
Cumulative paid losses and LAE, net of reinsurance	56,538	53,526	45,775	40,864	29,752	18,020	13,224	5,084
General Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	92,032	89,204	79,731	68,641	66,869	43,116	42,021
Total IBNR	4,705
Impact of ADC	3,182
Cumulative paid losses and LAE, net of reinsurance	76,996	70,074	58,377	44,698	32,249	10,226	4,996
General Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	116,085	111,970	99,873	77,930	66,558	65,469
Total IBNR	8,374
Impact of ADC	6,009
Cumulative paid losses and LAE, net of reinsurance	86,101	77,259	57,678	36,026	24,581	3,503
General Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	154,071	139,518	122,942	95,766	118,111
Total IBNR	26,113
Impact of ADC	9,213
Cumulative paid losses and LAE, net of reinsurance	98,278	79,291	52,350	33,963	20,849
General Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	148,371	120,911	114,864	98,149
Total IBNR	36,850
Impact of ADC	13,932
Cumulative paid losses and LAE, net of reinsurance	67,064	45,855	21,959	6,402
General Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	165,268	133,533	116,158
Total IBNR	63,568
Impact of ADC	18,961
Cumulative paid losses and LAE, net of reinsurance	51,545	27,001	6,967
General Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	153,822	121,991
Total IBNR	86,599
Impact of ADC	24,871
Cumulative paid losses and LAE, net of reinsurance	24,618	7,907
General Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	5,427
Total IBNR	5,611
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	27
Commercial Auto Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,168,901
Total IBNR	217,836
Impact of ADC	31,734
Cumulative paid losses and LAE, net of reinsurance	750,588
All outstanding liabilities prior to 2008, net of reinsurance	26
Reserve for loss and LAE	418,339
Total net reserves	386,605
Commercial Auto Liability \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,542	35,382	35,521	35,975	34,584	34,522	33,700	32,769	29,890
Total IBNR	103
Impact of ADC	9
Cumulative paid losses and LAE, net of reinsurance	36,968	35,284	34,803	34,074	33,536	32,643	30,975	29,386	25,207
Commercial Auto Liability \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	31,064	31,033	30,919	30,468	31,024	30,812	28,551	26,275	22,183
Total IBNR	498
Impact of ADC	61
Cumulative paid losses and LAE, net of reinsurance	31,194	30,204	29,842	29,829	29,226	26,975	22,959	18,736	14,532
Commercial Auto Liability \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,070	41,996	42,146	40,523	40,193	38,043	37,154	33,457	26,239
Total IBNR	1,616
Impact of ADC	(22)
Cumulative paid losses and LAE, net of reinsurance	40,395	40,282	39,750	39,413	37,734	34,855	28,602	21,050	14,203
Commercial Auto Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,643	36,065	36,149	34,790	33,839	32,578	29,577	24,292	16,193
Total IBNR	343
Impact of ADC	305
Cumulative paid losses and LAE, net of reinsurance	33,451	33,155	33,130	32,362	29,769	25,808	18,813	12,333	5,721
Commercial Auto Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,917	45,753	46,150	48,116	44,812	40,076	32,691	20,863
Total IBNR	17
Impact of ADC	40
Cumulative paid losses and LAE, net of reinsurance	45,751	45,555	44,165	43,745	35,460	26,508	14,979	6,693
Commercial Auto Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,620	62,163	63,162	59,702	50,647	44,771	33,473
Total IBNR	325
Impact of ADC	339
Cumulative paid losses and LAE, net of reinsurance	62,331	59,600	57,349	48,122	34,379	19,865	8,267
Commercial Auto Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	92,572	89,299	82,427	73,966	55,023	47,525
Total IBNR	408
Impact of ADC	2,395
Cumulative paid losses and LAE, net of reinsurance	87,458	79,766	64,459	42,960	22,858	8,450
Commercial Auto Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	127,560	119,141	106,560	92,955	66,967
Total IBNR	4,427
Impact of ADC	3,851
Cumulative paid losses and LAE, net of reinsurance	107,707	86,433	62,945	39,179	13,102
Commercial Auto Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	171,504	144,077	118,210	121,828
Total IBNR	14,692
Impact of ADC	6,001
Cumulative paid losses and LAE, net of reinsurance	113,174	76,635	48,595	19,071
Commercial Auto Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	220,457	189,257	156,575
Total IBNR	47,729
Impact of ADC	7,647
Cumulative paid losses and LAE, net of reinsurance	115,623	69,657	26,863
Commercial Auto Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	224,780	177,150
Total IBNR	93,666
Impact of ADC	11,108
Cumulative paid losses and LAE, net of reinsurance	67,080	30,018
Commercial Auto Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	79,172
Total IBNR	54,012
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	9,456
European Hospital Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	607,017
Total IBNR	64,901
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	318,877
Reserve for loss and LAE	288,140
Total net reserves	288,140
European Hospital Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	62,206	59,950	62,523	64,479	46,827	49,228	35,631	23,018	49,278
Total IBNR	(820)
Cumulative paid losses and LAE, net of reinsurance	48,949	45,196	41,037	35,469	28,547	23,336	12,717	4,310	1,088
European Hospital Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	116,921	112,088	86,732	91,598	102,396	79,856	80,638	79,120
Total IBNR	6,642
Cumulative paid losses and LAE, net of reinsurance	82,557	76,481	68,517	58,108	45,197	34,701	15,247	4,769
European Hospital Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	103,900	98,090	76,528	83,695	63,708	61,072	48,611
Total IBNR	7,854
Cumulative paid losses and LAE, net of reinsurance	62,317	55,123	49,188	39,128	25,644	14,905	2,963
European Hospital Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	85,260	80,033	63,471	57,043	53,255	50,574
Total IBNR	9,101
Cumulative paid losses and LAE, net of reinsurance	46,004	39,001	34,757	24,420	11,748	4,171
European Hospital Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	68,661	65,533	59,603	45,778	47,151
Total IBNR	7,260
Cumulative paid losses and LAE, net of reinsurance	34,656	28,858	22,612	10,952	3,444
European Hospital Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	69,033	66,517	50,821	44,146
Total IBNR	9,530
Cumulative paid losses and LAE, net of reinsurance	23,268	17,492	10,557	3,554
European Hospital Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	53,894	51,781	40,641
Total IBNR	12,564
Cumulative paid losses and LAE, net of reinsurance	7,507	4,380	1,268
European Hospital Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	31,379	44,242
Total IBNR	6,313
Cumulative paid losses and LAE, net of reinsurance	2,248	913
European Hospital Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,763
Total IBNR	6,457
Cumulative paid losses and LAE, net of reinsurance	11,371
All other lines \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	503,107
Total IBNR	34,605
Impact of ADC	824
Cumulative paid losses and LAE, net of reinsurance	435,014
All outstanding liabilities prior to 2008, net of reinsurance	(2)
Reserve for loss and LAE	68,091
Total net reserves	67,267
All other lines \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	29,519	29,574	29,576	29,070	29,237	29,149	28,715	28,724	27,630
Total IBNR	252
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	29,234	30,683	30,833	29,177	29,388	31,217	29,900	29,710	25,776
All other lines \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	14,617	15,653	16,088	14,492	14,309	13,329	11,959	20,349	12,516
Total IBNR	259
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	14,009	15,051	15,224	13,870	13,105	11,093	8,743	8,084	7,891
All other lines \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,438	17,059	17,071	16,105	16,078	15,484	24,718	15,182	14,440
Total IBNR	159
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	15,285	16,786	16,919	16,058	15,748	15,375	13,012	12,332	12,373
All other lines \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,469	23,506	23,376	22,616	22,359	27,509	26,343	19,948	18,822
Total IBNR	29
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	21,481	23,661	23,892	22,715	22,044	21,279	17,571	16,424	$ 13,840
All other lines \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	19,578	20,260	19,850	18,673	21,898	19,426	18,443	14,697
Total IBNR	2,023
Impact of ADC	82
Cumulative paid losses and LAE, net of reinsurance	17,559	18,685	18,205	17,946	16,936	16,033	14,031	$ 10,308
All other lines \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,735	21,669	21,313	22,918	28,058	17,630	17,806
Total IBNR	2,429
Impact of ADC	131
Cumulative paid losses and LAE, net of reinsurance	19,343	20,447	20,456	20,258	17,509	15,997	$ 11,877
All other lines \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	24,929	26,278	24,958	26,021	25,268	20,597
Total IBNR	3,350
Impact of ADC	62
Cumulative paid losses and LAE, net of reinsurance	21,405	26,194	22,018	20,940	20,277	$ 12,028
All other lines \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,882	49,463	49,631	54,857	52,706
Total IBNR	2,849
Impact of ADC	167
Cumulative paid losses and LAE, net of reinsurance	44,179	41,962	42,631	45,208	$ 28,929
All other lines \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	73,602	72,384	74,948	79,654
Total IBNR	9,276
Impact of ADC	166
Cumulative paid losses and LAE, net of reinsurance	63,234	65,452	69,805	$ 42,795
All other lines \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	92,904	96,812	104,637
Total IBNR	9,381
Impact of ADC	151
Cumulative paid losses and LAE, net of reinsurance	80,735	80,726	$ 48,903
All other lines \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	103,489	96,910
Total IBNR	2,048
Impact of ADC	65
Cumulative paid losses and LAE, net of reinsurance	86,455	$ 56,539
All other lines \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,945
Total IBNR	2,550
Impact of ADC	0
Cumulative paid losses and LAE, net of reinsurance	$ 22,095

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of claim development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2010
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	$ 1,816,485
Reinsurance recoverable on unpaid losses	623,422	$ 71,901
Total Gross Reserves	2,439,907	$ 3,126,134	$ 2,464,442
Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves				$ 98,827
AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reinsurance recoverable on unpaid losses	445,000
Operating Segments \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	102,017
Reinsurance recoverable on unpaid losses	65,472
Total Gross Reserves	167,489
Operating Segments \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	1,714,468
Reinsurance recoverable on unpaid losses	557,950
Total Gross Reserves	2,272,418
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	61,393
Reinsurance recoverable on unpaid losses	2,773
Total Gross Reserves	64,166
European Capital Solutions \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	32,536
Reinsurance recoverable on unpaid losses	0
Total Gross Reserves	32,536
Workers' Compensation \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	396,330
Reinsurance recoverable on unpaid losses	429,402
Total Gross Reserves	825,732
General Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	368,533
Reinsurance recoverable on unpaid losses	81,533
Total Gross Reserves	450,066
Commercial Auto Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	386,605
Reinsurance recoverable on unpaid losses	31,734
Total Gross Reserves	418,339
European Hospital Liability \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	288,140
Reinsurance recoverable on unpaid losses	0
Total Gross Reserves	288,140
All Other Lines \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	67,267
Reinsurance recoverable on unpaid losses	824
Total Gross Reserves	68,091
Total \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	1,506,875
Reinsurance recoverable on unpaid losses	543,493
Total Gross Reserves	2,050,368
Other reconciling items \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	8,088
Reinsurance recoverable on unpaid losses	62,699
Total Gross Reserves	70,787
Other reconciling items \| AmTrust Reinsurance segment
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	207,593
Reinsurance recoverable on unpaid losses	14,457
Total Gross Reserves	$ 222,050

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2019
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	50.00%
Year 2	38.00%
Year 3	5.00%
Year 4	1.00%
Year 5	0.00%
Year 6	0.00%
Year 7	0.00%
Year 8	1.00%
Year 9	4.00%
European Capital Solutions \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.30%
Year 2	24.10%
Year 3	17.90%
Year 4	24.50%
Year 5	0.00%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.30%
Year 2	31.20%
Year 3	19.10%
Year 4	9.80%
Year 5	6.20%
Year 6	3.50%
Year 7	3.20%
Year 8	1.40%
Year 9	1.00%
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.20%
Year 2	10.90%
Year 3	14.00%
Year 4	16.80%
Year 5	15.20%
Year 6	10.30%
Year 7	8.30%
Year 8	6.30%
Year 9	3.50%
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12.00%
Year 2	18.00%
Year 3	19.70%
Year 4	20.20%
Year 5	15.40%
Year 6	6.20%
Year 7	4.30%
Year 8	1.10%
Year 9	1.20%
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.20%
Year 2	8.20%
Year 3	12.60%
Year 4	11.40%
Year 5	8.50%
Year 6	8.50%
Year 7	7.60%
Year 8	5.90%
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	55.50%
Year 2	30.50%
Year 3	(0.50%)
Year 4	2.70%
Year 5	7.90%
Year 6	(0.60%)
Year 7	3.40%
Year 8	(1.50%)
Year 9	(1.40%)

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details)					7 Months Ended	12 Months Ended
	Jul. 31, 2019 USD ($)	Jul. 01, 2019 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Jul. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) Contract	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 30, 2010 USD ($)
Net incurred losses related to Prior years						$ 124,635,000	$ 448,637,000
Net incurred losses related to prior years (in percentage)						4.10%	18.40%
Adverse development, net						$ 112,546,000	$ 403,211,000
Reserve acquired from loss portfolio transfer agreement						1,816,485,000
Reinsurance recoverable on unpaid losses						623,422,000	71,901,000	$ 24,883,000
Deferred gain on retroactive reinsurance						112,950,000	0
Reinsurance recoverable on unpaid losses						$ 623,422,000	71,901,000
Number of contract \| Contract						2
Typical insurance limit						$ 1,000,000
AmTrust Reinsurance
Adverse development, net						113,722,000	399,200,000
Increase in incurred losses attributed to prior accident years						21,710,000	45,426,000
Premium earned attributable to prior accident years						36,739,000	75,359,000
Reinsurance recoverable on unpaid losses						445,000,000
Purchase significant reinsurance for losses above						$ 10,000,000
Percent share of losses net of reinsurance						40.00%
Diversified Reinsurance
Adverse development, net						$ (1,488,000)	2,326,000
Reserve acquired from loss portfolio transfer agreement									$ 98,827,000
Other
Adverse development, net						312,000	1,685,000
Operating Segments
Reinsurance recoverable on unpaid losses						560,723,000	1,743,000
Operating Segments \| AmTrust Reinsurance
Reserve acquired from loss portfolio transfer agreement						1,714,468,000
Reinsurance recoverable on unpaid losses						557,950,000	0
Reinsurance recoverable on unpaid losses						557,950,000
Operating Segments \| Diversified Reinsurance
Reserve acquired from loss portfolio transfer agreement						102,017,000
Reinsurance recoverable on unpaid losses						2,773,000	1,743,000
Reinsurance recoverable on unpaid losses						65,472,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party			40.00%	40.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Maximum Loss Corridor \| AmTrust Quota Share
Related party transaction amount	$ 40,500,000
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Maximum Loss Corridor \| AmTrust Quota Share \| AmTrust Reinsurance
Adverse development, net						9,286,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Commutation Payment \| AmTrust Quota Share
Related party transaction amount		$ 312,786,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Net Ceded Reserves \| AmTrust Quota Share
Related party transaction amount							330,682,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Commutation Payment Paid By Entity \| AmTrust Quota Share
Related party transaction amount					$ 17,896,000
Workers' Compensation \| AmTrust Reinsurance
Adverse development, net						(113,003,000)	151,269,000
Reserve acquired from loss portfolio transfer agreement						396,330,000
Reinsurance recoverable on unpaid losses						429,402,000
European Hospital Liability \| AmTrust Reinsurance
Adverse development, net						95,794,000
Reserve acquired from loss portfolio transfer agreement						288,140,000
Reinsurance recoverable on unpaid losses						0
General Liability \| AmTrust Reinsurance
Adverse development, net						116,746,000	78,317,000
Reserve acquired from loss portfolio transfer agreement						368,533,000
Reinsurance recoverable on unpaid losses						81,533,000
Commercial Auto Liability \| AmTrust Reinsurance
Adverse development, net						118,462,000	$ 76,207,000
Reserve acquired from loss portfolio transfer agreement						386,605,000
Reinsurance recoverable on unpaid losses						$ 31,734,000
Minimum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share
Commission rate, adjustment criteria, loss ratio floor			81.50%
Maximum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share
Commission rate, adjustment criteria, loss ratio ceiling			95.00%

Related Party Transactions - (Details) $ in Thousands													1 Months Ended		12 Months Ended
Related Party Transactions - (Details) $ in Thousands	Aug. 31, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jan. 24, 2019	Jan. 11, 2019 USD ($)	Jan. 01, 2019 USD ($)	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Mar. 01, 2010	Jun. 11, 2008	Jul. 01, 2007	Jan. 31, 2019 USD ($)	Jan. 31, 2019 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Loan to related party															$ 167,975	$ 167,975
Investment income															114,060	140,634
Balances due to subsidiaries															$ 20,049	50,975
Leah Karfunkel \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															8.10%
Leah Karfunkel \| National General Holdings Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															39.30%
Barry Zyskind \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															7.60%
George Karfunkel, less than \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															5.00%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage															53.50%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Percentage increase of ceding commission payable															5.00%
Loan to related party															$ 167,975	167,975
AmTrust Financial Services, Inc. \| Federal funds rate
Related Party Transaction [Line Items]
Loan to related party, basis spread on fed funds															2.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share
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%					40.00%
Commission rate, percent of ceded written premiums											34.375%	31.00%			20.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor							81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling							95.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement, Maximum Loss Corridor
Related Party Transaction [Line Items]
Related party transaction amount		$ 40,500
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount					$ (647,980)
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Returned Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount													$ (436,760)
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Funds withheld
Related Party Transaction [Line Items]
Related party transaction amount				$ (575,000)											$ 575,000
Accrued interest on collateral held by related party															5,073
Related party rate				3.50%
Interest Income on the funds															19,572
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Percentage of required funding on obligations		105.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement \| Maximum
Related Party Transaction [Line Items]
Percentage of required funding on obligations		110.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement, Minimum Excess Funding Requirement
Related Party Transaction [Line Items]
Related party transaction amount		$ 54,000
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums									5.00%
Premiums and losses related to policies						32.50%			40.00%
Maximum limit of liability attaching \| €								€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching									100.00%
Future premiums and losses related to policies						20.00%
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Accrued interest on collateral held by related party															7,366	23,283
Collateral held by related party															1,155,955	3,650,418
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
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															4,559	24,103
Balances due to subsidiaries															$ 2,372	14,199
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Quarterly brokerage fee (in percentage)												0.0375%			0.02125%
Cancellation notice period												30 days
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses recorded from related party transactions															$ 2,512	4,189
AmTrust Financial Services, Inc. \| National General Holdings Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															1.50%
AEL \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Accrued interest on collateral held by related party															$ 1,821	1,976
Collateral held by related party															253,631	249,948
AmTrust International Underwriters DAC \| AmTrust European Hospital Liability Quota Share Agreement \| Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount													$ (51,244)	€ (45,113,000)	57,305
Related party rate			0.50%
Interest Income on the funds															268
AmTrust International Underwriters DAC \| AmTrust European Hospital Liability Quota Share Agreement \| Accrued Interest On Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount															269
National General Holdings Corporation \| NGHC Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percent participation in quota share										50.00%
Percentage of net premiums										25.00%
Percentage of related net losses assumed										25.00%
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement
Related Party Transaction [Line Items]
Cancellation notice period	3 months
Inital term of agreement	3 years
Renewal term	3 years
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Initial Retainer
Related Party Transaction [Line Items]
Expenses recorded from related party transactions	$ 100
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Fees
Related Party Transaction [Line Items]
Expenses recorded from related party transactions	$ 100														101
Loan to related party
Related Party Transaction [Line Items]
Investment income															$ 6,983	$ 6,442
Effective yield															4.20%	3.80%
National General Holdings Corporation \| Affiliated Entity \| Commutation And Release Agreement
Related Party Transaction [Line Items]
Balances due to subsidiaries																	$ 2,248

Related Party Transactions - AmTrust Quota Share Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Gross premiums written	$ (528,593)	$ 2,017,798
Net premiums earned	447,762	2,026,202
Net loss and LAE	(452,829)	(1,880,121)
Commission and other acquisition expenses	(169,760)	(654,740)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	(581,001)	1,886,280
Net premiums earned	364,711	1,928,208
Net loss and LAE	(402,679)	(1,810,667)
Commission and other acquisition expenses	$ (139,862)	$ (622,495)

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Commitments, Contingencies and Concentrations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Loss Contingencies [Line Items]
Premiums earned	$ 447,762	$ 2,026,202
Letters of credit outstanding	$ 66,652	88,327
Weighted average discount rate	10.00%		10.00%
Weighted Average Remaining Lease Term	2 years 7 months 6 days
Lease expense	$ 1,776
Lease expense		2,318
Cash outflows from operating leases	1,363
Letter of credit
Loss Contingencies [Line Items]
Collateral	86,032	111,134
Investment in limited partnerships
Loss Contingencies [Line Items]
Unfunded commitment on investments in limited partnerships	340	414
Special Purpose Vehicles
Loss Contingencies [Line Items]
Unfunded commitment on investments in limited partnerships	$ 767	$ 7,359
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage	81.50%	95.20%

Commitments, Contingencies and Concentrations Scheduled Maturity of Operating Lease Liabilities Under Topic 842 (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 1,172
2021	741
2022	741
Discount for present value	(312)
Total discounted operating lease liabilities	$ 2,342

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss from continuing operations	$ (109,362)	$ (450,292)
Net income attributable to noncontrolling interests	0	(219)
Net loss attributable to Maiden from continuing operations	(109,362)	(450,511)
Dividends on preference shares – Series A, C and D	0	(25,636)
Amount allocated to participating common shareholders	0	(17)
Loss attributable to Maiden common shareholders, before discontinued operations	(109,362)	(476,164)
Loss from discontinued operations, net of income tax	(22,541)	(94,113)
Net loss allocated to Maiden common shareholders	$ (131,903)	$ (570,277)
Weighted average number of common shares - basic and diluted (in Shares)	83,061,259	83,050,362
Basic and diluted loss from continuing operations per share attributable to Maiden common shareholders:(in Dollar Per Shares)	$ (1.32)	$ (5.74)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in Dollar Per Shares)	(0.27)	(1.13)
Basic and diluted loss per share attributable to Maiden common shareholders (in Dollar Per Shares)	$ (1.59)	$ (6.87)
Series A, C and D preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends on preference shares – Series A, C and D	$ 0	$ (25,636)

Shareholders' Equity - Narrative (Details)					12 Months Ended
Shareholders' Equity - Narrative (Details)	Mar. 15, 2020 quarter_dividend_period director	Jun. 15, 2017 director $ / shares shares	Nov. 25, 2015 director $ / shares shares	Aug. 22, 2012 director $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 shares	Feb. 21, 2017 USD ($)
Class of Stock [Line Items]
Shares authorized (in shares) \| shares					150,000,000
Common shares, shares issued (in shares) \| shares					88,161,638	87,938,537
Common shares, shares outstanding (in shares) \| shares					83,148,458	82,948,577	82,974,895
Preference shares issued (in shares) \| shares					18,600,000
Shares undesignated (in shares) \| shares					43,238,362
Common shares, par value (in dollars per share)					$ 0.01	$ 0.01
Dividends on common stock (in dollars per share)						$ 0.35
Number of shares issued (in shares) \| shares					223,101	198,983
Number of directors contingently electable \| director				2
Authorized amount of share repurchase program \| $								$ 100,000,000
Shares repurchased (in shares) \| shares						205,000
Shares repurchased, price per share (in dollars per share)						$ 3.31
Remaining shares authorized \| $					$ 74,245,000
Shares repurchased for tax withholding (in shares) \| shares					23,220	29,801
Shares repurchased for tax withholding for tax withholding (in dollars per share)					$ 0.78	$ 6.52
Preference shares - Series D
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares		6,000,000
Dividend rate of preference shares		6.70%
Par value of preference shares (in dollars per share)		$ 0.01
Fair value of share (in dollars per share)		$ 25
Number of directors contingently electable \| director		2
Dividends on preference shares \| $						$ 7,538,000
Dividends on preference shares (in dollars per share)						$ 1.2563
Redemption price for preference shares (in dollars per share)		$ 25
Preference shares - Series C
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares			6,600,000
Dividend rate of preference shares			7.125%
Par value of preference shares (in dollars per share)			$ 0.01
Fair value of share (in dollars per share)			$ 25
Number of directors contingently electable \| director			2
Dividends on preference shares \| $						$ 8,816,000
Dividends on preference shares (in dollars per share)						$ 1.3359
Redemption price for preference shares (in dollars per share)			$ 25
Preference shares – Series A
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares				6,000,000
Dividend rate of preference shares				8.25%
Par value of preference shares (in dollars per share)				$ 0.01
Fair value of share (in dollars per share)				25
Dividends on preference shares \| $						$ 9,282,000
Dividends on preference shares (in dollars per share)						$ 1.5469
Redemption price for preference shares (in dollars per share)				$ 25
Subsequent Event \| Preference shares- Series A, C and D
Class of Stock [Line Items]
Number of directors contingently electable \| director	2
Preferred stock, dividend default period (in quarter dividend periods) \| quarter_dividend_period	6

Shareholders' Equity - Schedule of Common Shares (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issued and outstanding shares – January 1 (in shares)	82,948,577	82,974,895
Issuance of vested restricted shares and restricted share units (in shares)	223,101	198,983
Shares repurchased (in shares)	(23,220)	(234,801)
Exercise of options (in shares)	0	9,500	9,500
Issued and outstanding shares – December 31 (in shares)	83,148,458	82,948,577	82,974,895

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 554,916
Other comprehensive income (loss), after tax	83,530	$ (79,000)
Ending balance	507,718	554,916
Change in net unrealized gains on investment, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(59,762)	21,889
Other comprehensive income (loss) before reclassifications	97,198	(108,726)
Amounts reclassified from AOCI to net income, net of tax	(15,440)	27,075
Other comprehensive income (loss), after tax	81,758	(81,651)
Ending balance		(59,762)
Foreign currency translation adjustments, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,932)	(8,583)
Other comprehensive income (loss) before reclassifications	1,772	2,651
Amounts reclassified from AOCI to net income, net of tax	0	0
Other comprehensive income (loss), after tax	1,772	2,651
Ending balance		(5,932)
AOCI , including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(65,694)	13,306
Other comprehensive income (loss) before reclassifications	98,970	(106,075)
Amounts reclassified from AOCI to net income, net of tax	(15,440)	27,075
Other comprehensive income (loss), after tax	83,530	(79,000)
Ending balance		(65,694)
Change in net unrealized gains on investment, attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0
Ending balance		0
Foreign currency translation adjustments, attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(78)
Ending balance		(78)
AOCI attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(78)
Ending balance		(78)
Change in net unrealized gains on investment, attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(59,762)
Ending balance	21,996	(59,762)
Foreign currency translation adjustments, attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,854)
Ending balance	(4,160)	(5,854)
AOCI attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(65,616)	13,354
Ending balance	$ 17,836	$ (65,616)

Shareholders' Equity - Reclassified out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (losses) gains on investment	$ 27,860	$ (1,529)
Loss from continuing operations before income taxes	(110,273)	(449,851)
Income tax benefit	911	(441)
Net loss	(131,903)	(544,405)
Unrealized (losses) gains on AFS securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized (losses) gains on investment	15,605	(21,243)
Net impairment losses recognized in earnings	(165)	(5,832)
Loss from continuing operations before income taxes	15,440	(27,075)
Income tax benefit	0	0
Net loss	$ 15,440	$ (27,075)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)	10,000,000
Weighted average grant date fair value (in dollars per share)	$ 2.29	$ 2.08
Exercise of options (in shares)	0	9,500	9,500
Proceeds from stock options exercised	$ 31
Compensation value issued to Directors, in form of equity or cash	65
Share-based expense	1,911	$ 1,276
Defined contribution plans expense	$ 774	$ 1,543
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period	4 years
Expiration period	10 years
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 65	$ 178
Period of recognition (in years)	1 year 3 months
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage based on formula	50.00%
Payout percentage based on CEO and Committee's discretion	50.00%
Vesting period (in years)	3 years
Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Fair value of units vested	$ 219	897
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested	582	$ 400
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 1,827
Period of recognition (in years)	1 year 8 months 12 days
Minimum \| Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Maximum \| Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Vesting on first anniversary of grant date \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting on each quarter following first anniversary \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	6.25%
Performance cycle \| Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Employee \| Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Employee \| Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Director \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Subsequent Event \| 2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan (in shares)				11,289,956
Common shares, par value (in dollars per share)				$ 0.01

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Share Options, Outstanding [Roll Forward]
Outstanding, start of period (in shares)	657,824	1,516,769
Granted (in shares)		7,500	275,000
Exercised (in shares)	0	(9,500)	(9,500)
Expired (in shares)		(119,320)	(1,038,510)
Forfeited (in shares)		(61,875)	(85,935)
Outstanding, end of period (in shares)	484,129	657,824	1,516,769
Total options exercisable outstanding, Number of Share Options (in shares)	390,379
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 7.92	$ 7.03
Granted (in dollars per share)		1.31	$ 7.07
Exercised (in dollars per share)			3.28
Expired (in dollars per share)		5.78	6.50
Forfeited (in dollars per share)		7.15	7.23
Outstanding, end of period (in dollars per share)	8.44	7.92	7.03
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.90
Weighted Average Grant-Date Fair Value (in dollars per share)		$ 0.25	$ 1.36
Weighted Average Remaining Contractual Term	3 years 7 months 17 days	4 years 4 months 24 days	2 years 5 months 12 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	2 years 6 months 10 days
Options Outstanding, Aggregate Intrinsic Value		$ 0	$ 1,100
Options Exercised, Aggregate Intrinsic Value			$ 5,715
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 0
Minimum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 3.24	$ 3.28
Granted (in dollars per share)		3.24
Outstanding, end of period (in dollars per share)	1.31	3.24	$ 3.28
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.24
Maximum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	13.98	13.98
Granted (in dollars per share)		7.20
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Non-Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	25,000	97,258
Awards granted (in shares)	0	25,000
Awards vested (in shares)	(25,000)	(71,928)
Awards forfeited (in shares)	0	(25,330)
Ending Balance, Non-vested (in shares)	0	25,000
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 8.75	$ 12.65
Awards granted (in dollars per share)	0	8.75
Awards vested (in dollars per share)	8.75	12.47
Awards forfeited (in dollars per share)	0	13.16
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 8.75
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	260,971	37,226
Awards granted (in shares)	1,669,490	268,971
Awards vested (in shares)	(91,823)	(27,726)
Awards forfeited (in shares)	(19,841)	(17,500)
Ending Balance, Non-vested (in shares)	1,818,797	260,971
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 5.94	$ 14.93
Awards granted (in dollars per share)	0.79	5.79
Awards vested (in dollars per share)	6.34	14.43
Awards forfeited (in dollars per share)	1.26	9.36
Weighted average grant date fair value, ending balance (in dollars per share)	$ 1.24	$ 5.94
Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	847,645	810,464
Awards granted (in shares)	0	734,668
Awards vested (in shares)	(83,751)	(99,931)
Awards forfeited (in shares)	(763,894)	(597,556)
Ending Balance, Non-vested (in shares)	0	847,645
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 10.71	$ 14.60
Awards granted (in dollars per share)	0	7.20
Awards vested (in dollars per share)	13.16	13.88
Awards forfeited (in dollars per share)	10.44	11.15
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 10.71

Statutory Requirements and Dividend Restrictions (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) subsidiary	Dec. 31, 2018 USD ($)
Statutory Accounting Practices [Line Items]
Maximum dividend rate, percent of statutory capital and surplus	25.00%
Minimum period before dividend payment to file affidavit with Bermuda Monetary Authority	7 days
Reduction to total statutory capital, percent threshold requiring approval	15.00%
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance \| subsidiary	2
Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 921,984,000	$ 869,883,000
Statutory Net Income (Loss)	(103,521,000)	(389,373,000)
Maiden Reinsurance \| BERMUDA
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	0	0
Dividends	0	0
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	10,234,000	7,588,000
Statutory Net Income (Loss)	(785,000)	(482,000)
Maiden LF \| SWEDEN
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	975,000	1,801,000
Dividends	0	0
Statutory assets	16,501,000	13,206,000
Minimum solvency margin	5,296,000	4,372,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	8,902,000	6,182,000
Statutory Net Income (Loss)	408,000	88,000
Maiden GF \| SWEDEN
Statutory Accounting Practices [Line Items]
Dividends or distributions limit	252,000	0
Dividends	0	0
Statutory assets	10,940,000	7,257,000
Minimum solvency margin	$ 2,951,000	$ 2,867,000

Taxation - Income before Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Loss from continuing operations before income taxes – Domestic (Bermuda)	(60,583)	(424,667)
Loss from continuing operations before income taxes – Foreign (U.S. and others)	(49,690)	(25,184)
Total loss from continuing operations before income taxes	(110,273)	(449,851)
Current tax expense – Domestic (Bermuda)	0	0
Current tax expense – Foreign (U.S. and others)	112	501
Total current tax expense	112	501
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax benefit – Foreign (U.S. and others)	(1,023)	(60)
Total deferred tax benefit	(1,023)	(60)
Total income tax (benefit) expense	$ (911)	$ 441

Taxation - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (110,273)	$ (449,851)
Less: income tax (benefit) expense	(911)	441
Net loss from continuing operations	$ (109,362)	$ (450,292)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	0.00%	0.00%
U.S. taxes at statutory rates	0.20%	1.10%
Valuation allowance in respect of U.S. taxes	0.70%	(1.10%)
Other jurisdictions	(0.10%)	(0.10%)
Actual tax rate	0.80%	(0.10%)

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating losses	$ 46,735	$ 44,119
Capital loss carry-forward	6,338	12,345
Interest limitation	2,338	0
Others	513	548
Deferred tax assets before valuation allowance	55,924	57,012
Valuation allowance	55,569	56,326
Deferred tax assets, net	355	686
Deferred tax liabilities:
Net unrealized gains on investment	96	33
Deferred tax liabilities	96	33
Net deferred tax asset	259	653
(Decrease) increase in valuation allowance	(757)	16,392
Capital loss carryforwards	30,183	58,785
U.S.
Deferred tax liabilities:
Net operating loss carry-forward	$ 222,547	$ 208,853

Subsequent Events (Details) - AmTrust Financial Services, Inc. - Subsequent Event $ in Thousands	Mar. 16, 2020 USD ($)
AmTrust Quota Share \| Post-Termination Endorsement No. 2
Subsequent Event [Line Items]
Percentage of required funding on obligations	110.00%
AmTrust Quota Share \| Post-Termination Endorsement No. 2, Minimum Excess Funding Requirement
Subsequent Event [Line Items]
Related party transaction amount	$ 54,000
Maximum \| European Hospital Liability Quota Share Agreement \| Post-Termination Endorsement No. 1
Subsequent Event [Line Items]
Percentage of required funding on obligations	120.00%
Solvency ratio	100.00%
Collateral on exposure	100.00%