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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	May 10, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001412100
Current Fiscal Year End Date	--12-31
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, Country	BM
Entity Address, Postal Zip Code	HM08
City Area Code	441
Local Phone Number	298-4900
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 Common Stock, Shares Outstanding (in shares)		84,718,837
Common Shares, par value $0.01 per share
Entity 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
Entity 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
Entity 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
Entity 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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2020 - $1,530,689; 2019 - $1,813,426)	$ 1,508,544	$ 1,835,518
Other investments	34,088	31,748
Total investments	1,542,632	1,867,266
Cash and cash equivalents	60,059	48,197
Restricted cash and cash equivalents	117,903	59,081
Accrued investment income	19,897	18,331
Reinsurance balances receivable, net	14,560	12,181
Reinsurance recoverable on unpaid losses	620,882	623,422
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $61,439 and $68,433 from related parties in 2020 and 2019, respectively)	69,109	77,356
Funds withheld receivable (includes $649,516 and $632,305 from related parties in 2020 and 2019, respectively)	696,076	684,441
Other assets	12,664	9,946
Total assets	3,321,757	3,568,196
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $2,095,411 and $2,272,418 from related parties in 2020 and 2019, respectively)	2,249,045	2,439,907
Unearned premiums (includes $171,113 and $189,797 from related parties in 2020 and 2019, respectively)	197,094	220,269
Deferred gain on retroactive reinsurance	112,950	112,950
Accrued expenses and other liabilities (includes $11,170 and $20,049 from related parties in 2020 and 2019, respectively)	22,708	32,444
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,538	7,592
Senior notes, net	254,962	254,908
Total liabilities	2,836,759	3,060,478
Commitments and Contingencies
EQUITY
Preference shares	465,000	465,000
Common shares ($0.01 par value; 88,983,171 and 88,161,638 shares issued in 2020 and 2019, respectively; 83,969,991 and 83,148,458 shares outstanding in 2020 and 2019, respectively)	890	882
Additional paid-in capital	751,862	751,327
Accumulated other comprehensive (loss) income	(26,288)	17,836
Accumulated deficit	(674,933)	(695,794)
Treasury shares, at cost (5,013,180 shares in 2020 and 2019, respectively)	(31,533)	(31,533)
Total shareholders’ equity	484,998	507,718
Total liabilities and equity	$ 3,321,757	$ 3,568,196

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fixed maturities, available-for-sale, amortized cost	$ 1,530,689	$ 1,813,426
Deferred commission and other acquisition expenses	69,109	77,356
Funds withheld receivable	696,076	684,441
Loss and loss adjustment expenses	2,249,045	2,439,907
Unearned premiums	197,094	220,269
Accrued expenses and other liabilities	$ 22,708	$ 32,444
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	88,983,171	88,161,638
Common shares, shares outstanding (in shares)	83,969,991	83,148,458
Treasury shares (in shares)	5,013,180	5,013,180
Related party transactions
Deferred commission and other acquisition expenses	$ 61,439	$ 68,433
Funds withheld receivable	649,516	632,305
Loss and loss adjustment expenses	2,095,411	2,272,418
Unearned premiums	171,113	189,797
Accrued expenses and other liabilities	$ 11,170	$ 20,049

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gross premiums written	$ 11,734	$ (561,139)
Net premiums written	10,372	(561,530)
Change in unearned premiums	20,843	744,632
Net premiums earned	31,215	183,102
Other insurance revenue	408	812
Net investment income	17,964	32,022
Net realized gains (losses) on investment	11,038	(11,101)
Total other-than-temporary impairment losses	(1,506)	0
Total revenues	59,119	204,835
Expenses
Net loss and loss adjustment expenses	21,086	152,689
Commission and other acquisition expenses	11,973	69,617
General and administrative expenses	8,550	16,619
Interest and amortization expenses	4,831	4,829
Foreign exchange and other gains	(8,197)	(4,979)
Total expenses	38,243	238,775
Income (loss) from continuing operations before income taxes	20,876	(33,940)
Less: income tax expense (benefit)	15	(38)
Net income (loss) from continuing operations	20,861	(33,902)
Loss from discontinued operations, net of income tax	0	(2,734)
Net income (loss)	$ 20,861	$ (36,636)
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders (in dollars per share)	$ 0.25	$ (0.41)
Basic and diluted loss from discontinued operations per share attributable to common shareholders (in dollars per share)	0	(0.03)
Basic and diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.25	$ (0.44)
Weighted average number of common shares – basic and diluted (in shares)	83,256,223	82,965,156

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 20,861	$ (36,636)
Other comprehensive (loss) income
Net unrealized holdings (losses) gains on fixed maturities arising during period	(40,203)	49,030
Adjustment for reclassification of net realized (gains) losses recognized in net income (loss)	(4,033)	12,488
Foreign currency translation adjustment	(3)	3,998
Other comprehensive (loss) income, before tax	(44,239)	65,516
Income tax benefit (expense) related to components of other comprehensive (loss) income	115	(42)
Other comprehensive (loss) income, after tax	(44,124)	65,474
Comprehensive (loss) income	(23,263)	28,838
Comprehensive income attributable to noncontrolling interests	0	(78)
Comprehensive (loss) income attributable to Maiden	$ (23,263)	$ 28,760

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preference shares	Common shares	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Treasury shares	Noncontrolling interests in subsidiaries
Beginning balance at Dec. 31, 2018		$ 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 shares			2	(2)
Share-based compensation expense				1,254
Change in net unrealized (losses) gains on investment					61,476
Foreign currency translation adjustment					3,920			78
Net income (loss)	$ (36,636)					(36,636)
Disposal of subsidiaries								(719)
Ending balance at Mar. 31, 2019	584,289	465,000	881	750,670	(220)	(600,527)	(31,515)	0
Beginning balance at Dec. 31, 2019		465,000	882	751,327	17,836	(695,794)	(31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of shares			8	(8)
Share-based compensation expense				543
Change in net unrealized (losses) gains on investment					(44,121)
Foreign currency translation adjustment					(3)
Net income (loss)	20,861					20,861
Disposal of subsidiaries								0
Ending balance at Mar. 31, 2020	$ 484,998	$ 465,000	$ 890	$ 751,862	$ (26,288)	$ (674,933)	$ (31,533)	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 20,861	$ (36,636)
Less: net loss from discontinued operations	0	2,734
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	1,761	2,062
Net realized (gains) losses on investment	(11,038)	11,101
Total other-than-temporary impairment losses	1,506	0
Foreign exchange and other gains	(8,181)	(4,964)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(15,205)	(7,198)
Reinsurance recoverable on unpaid losses	2,256	(36)
Accrued investment income	(1,659)	2
Deferred commission and other acquisition expenses	7,438	88,388
Funds withheld receivable	1,261	(53,741)
Other assets	(8,464)	(3,462)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(174,835)	(67,641)
Unearned premiums	(20,479)	(326,214)
Accrued expenses and other liabilities	(13,703)	63,880
Net cash used in continuing operations	(218,481)	(331,725)
Net cash used in discontinued operations	0	(205)
Net cash used in operating activities	(218,481)	(331,930)
Cash flows from investing activities:
Purchases of fixed maturities	(133,353)	(159,790)
Purchases of other investments	(2,325)	(1,528)
Proceeds from sales of fixed maturities	224,471	84,361
Proceeds from maturities, paydowns and calls of fixed maturities	200,242	206,811
Proceeds from sale and redemption of other investments	92	406
Other, net	(597)	2,870
Net cash provided by investing activities for continuing operations	288,530	133,130
Net cash used in investing activities for discontinued operations	0	(3,349)
Net cash provided by investing activities	288,530	129,781
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents	635	(334)
Net increase (decrease) in cash, restricted cash and cash equivalents	70,684	(202,483)
Cash, restricted cash and cash equivalents, beginning of period	107,278	337,102
Cash, restricted cash and cash equivalents, end of period	177,962	134,619
Less: cash, restricted cash and equivalents of discontinued operations, end of period	0	(2,764)
Cash, restricted cash and cash equivalents of continuing operations, end of period	177,962	131,855
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	60,059	89,521
Restricted cash and cash equivalents	117,903	42,334
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Non-cash investing activities
Investments transferred out	0	280,670
Funds Withheld Arrangement
Non-cash investing activities
Investments transferred out	$ 0	$ 571,396

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. 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. Strategic Review Since 2018, the Company has engaged in a series of strategic measures that have dramatically reduced the regulatory capital required to operate our business, materially strengthened our solvency ratios, re-domiciled Maiden Reinsurance Ltd. ("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 ("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 expected. As part of the Strategic Review, 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 Financial Services, Inc. ("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 10 - Related Party Transactions"); (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. Please see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for further details on the above transactions. 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 discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net income (loss). Re-domestication of Maiden Reinsurance Effective March 16, 2020, we re-domesticated our principal operating subsidiary, Maiden Reinsurance, to the State of Vermont in the United States, having made the necessary filings in both Vermont and Bermuda in the fourth quarter of 2019 and first quarter of 2020. Maiden Reinsurance is now subject to the statutes and regulations of Vermont in the ordinary course of business. We have determined that re-domesticating Maiden Reinsurance to Vermont enables us to better align our capital and resources with our liabilities, which originate mostly in the United States, resulting in a more efficient structure. The re-domestication, in combination with the transactions completed pursuant to the Strategic Review, will continue to strengthen the Company’s capital position and solvency ratios. While the Vermont Department of Financial Regulation ("Vermont DFR") will be the group supervisor for the Company, the re-domestication did not apply to the parent holding company which remains a Bermuda-based holding company. Securities issued by Maiden Holdings were not affected by the re-domestication of Maiden Reinsurance to Vermont. Concurrent with its re-domestication to Vermont on March 16, 2020, Maiden Holdings contributed as capital the remaining 65% of its ownership in Maiden Reinsurance to Maiden NA. Maiden NA now owns 100% of Maiden Reinsurance. 1. Basis of Presentation (continued) 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, was previously included in the "Other" category. COVID-19 Pandemic The evolving COVID-19 global pandemic has caused significant disruption to the economy and financial markets globally, and the full extent of the potential impacts of COVID-19 are not yet known. Circumstances caused by the COVID-19 pandemic are complex, uncertain and rapidly evolving. Our results of operations, financial condition, and liquidity and capital resources have been adversely impacted by the COVID-19 pandemic, and the future impact of the pandemic on our financial condition or results of operations is difficult to predict. As described herein, the Company is not currently engaged in active reinsurance underwriting and is running off the remaining unearned exposures it has reinsured. The Company's IIS unit does write limited primary insurance coverages that could be exposed to COVID-19 claims. While we assess our exposure to COVID-19 insurance and reinsurance claims on our existing insurance exposures and remaining reinsurance exposures as limited and immaterial, given the uncertainty surrounding the COVID-19 pandemic and its impact on the insurance industry, our preliminary estimates of losses and loss adjustment expenses and estimates of reinsurance recoverable arising from the COVID-19 pandemic may materially change. The Company has not received any COVID-19 claims to date. Unanticipated issues relating to claims and coverage may emerge, which could adversely affect our business by increasing the scope of coverage beyond our intent and/or increasing the frequency and severity of claims. Due to the change in fair value of our investments caused by the COVID-19 pandemic, we and our reinsurance subsidiaries may need additional capital to maintain compliance with regulatory capital requirements and/or be required to post additional collateral under existing reinsurance arrangements, which could reduce our liquidity. In addition, the Company may experience a reduction in the amount of available distribution or dividend capacity from its regulated reinsurance subsidiaries, which would also reduce liquidity. Due in large part to the uncertainty caused by the COVID-19 pandemic in global financial markets, during the three months ended March 31, 2020, the Company's investment portfolio experienced significant unrealized losses (largely due to widening credit spreads on fixed income investments), increased volatility, heightened credit risk, and declines in yields on its fixed income investments. The Company's investment portfolio may continue to be adversely impacted by unfavorable market conditions caused by the COVID-19 pandemic, which could cause continued volatility in our results of operations and negatively impact our financial condition.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 except for the following: Recently Adopted Accounting Standards Updates Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 on January 1, 2020 did not impact the Company’s consolidated balance sheets, results of operations or cash flows. 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 available-for-sale ("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 other-than-temporarily impaired ("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.

Segment Information

3 Months Ended

Mar. 31, 2020

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 Maiden Reinsurance 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 and the remnants of our retroceded U.S. treaty business have been included in the "Other" category. Please refer to "Note 10. Related Party Transactions" for additional information.

The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the segments on an actual basis except salaries and benefits where management’s judgment is applied; 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, funds withheld receivable, loan to related party and restricted cash and investments. All remaining assets are allocated to Corporate.

As discussed in "Note 1. Basis of Presentation" 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 since 2018 as a result of the termination of the AmTrust Quota Share and the European Hospital Liability Quota Share. The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments and Other category's underwriting results to consolidated net income (loss) from continuing operations:



For the Three Months Ended March 31, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	11,734		$	—		$	11,734
Net premiums written	$	10,372		$	—		$	10,372
Net premiums earned	$	12,531		$	18,684		$	31,215
Other insurance revenue	408			—			408
Net loss and loss adjustment expenses ("loss and LAE")	(7,041		)	(14,045		)	(21,086		)
Commission and other acquisition expenses	(4,979		)	(6,994		)	(11,973		)
General and administrative expenses	(1,613		)	(644		)	(2,257		)
Underwriting loss	$	(694	)	$	(2,999	)	(3,693		)
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment							29,002
Total other-than-temporary impairment losses							(1,506		)
Interest and amortization expenses							(4,831		)
Foreign exchange and other gains, net							8,197
Other general and administrative expenses							(6,293		)
Income tax expense							(15		)
Net income from continuing operations							$	20,861

Net loss and LAE ratio⁽¹⁾	54.4		%	75.2		%	66.7		%
Commission and other acquisition expense ratio⁽²⁾	38.5		%	37.4		%	37.9		%
General and administrative expense ratio⁽³⁾	12.5		%	3.5		%	27.0		%
Expense ratio⁽⁴⁾	51.0		%	40.9		%	64.9		%
Combined ratio⁽⁵⁾	105.4		%	116.1		%	131.6		%

3. Segment Information (continued)



For the Three Months Ended March 31, 2019	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	15,338		$	(576,477	)	$	—		$	(561,139	)
Net premiums written	$	14,947		$	(576,477	)	$	—		$	(561,530	)
Net premiums earned	$	25,292		$	157,810		$	—		$	183,102
Other insurance revenue	812			—			—			812
Net loss and LAE	(14,391		)	(138,070		)	(228		)	(152,689		)
Commission and other acquisition expenses	(9,261		)	(60,356		)	—			(69,617		)
General and administrative expenses	(3,031		)	(1,266		)	—			(4,297		)
Underwriting loss	$	(579	)	$	(41,882	)	$	(228	)	(42,689		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										20,921
Interest and amortization expenses										(4,829		)
Foreign exchange and other gains, net										4,979
Other general and administrative expenses										(12,322		)
Income tax benefit										38
Net loss from continuing operations										$	(33,902	)

Net loss and LAE ratio⁽¹⁾	55.1		%	87.5		%				83.0		%
Commission and other acquisition expense ratio⁽²⁾	35.5		%	38.2		%				37.9		%
General and administrative expense ratio⁽³⁾	11.6		%	0.8		%				9.0		%
Expense ratio⁽⁴⁾	47.1		%	39.0		%				46.9		%
Combined ratio⁽⁵⁾	102.2		%	126.5		%				129.9		%


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


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


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


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


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



For the Three Months Ended March 31, 2020	Diversified Reinsurance	AmTrust Reinsurance	Other	Total



For the Three Months Ended March 31, 2019	Diversified Reinsurance	AmTrust Reinsurance	Other	Total

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at March 31, 2020 and December 31, 2019:



March 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	163,684	$	2,643,073	$	2,806,757
Corporate assets	—		—		515,000
Total Assets	$	163,684	$	2,643,073	$	3,321,757

December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
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

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2020 and 2019:



For the Three Months Ended March 31,	2020		2019
Net premiums written	Total		Total
Diversified Reinsurance
International	$	10,372	$	14,947
Total Diversified Reinsurance	10,372		14,947
AmTrust Reinsurance
Small Commercial Business	—		(342,681		)
Specialty Program	—		(12,608		)
Specialty Risk and Extended Warranty	—		(221,188		)
Total AmTrust Reinsurance	—		(576,477		)
Total Net Premiums Written	$	10,372	$	(561,530	)



For the Three Months Ended March 31,	2020	2019

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2020 and 2019:



For the Three Months Ended March 31,	2020				2019
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
International	$	12,531	40.1	%	$	25,292	13.8	%
Total Diversified Reinsurance	12,531		40.1	%	25,292		13.8	%
AmTrust Reinsurance
Small Commercial Business	939		3.0	%	39,455		21.6	%
Specialty Program	75		0.3	%	76,221		41.6	%
Specialty Risk and Extended Warranty	17,670		56.6	%	42,134		23.0	%
Total AmTrust Reinsurance	18,684		59.9	%	157,810		86.2	%
Total Net Premiums Earned	$	31,215	100.0	%	$	183,102	100.0	%



For the Three Months Ended March 31,	2020	2019

Investments

3 Months Ended

Mar. 31, 2020

Schedule of Investments [Abstract]

Investments


a)	Fixed Maturities

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities at March 31, 2020 and December 31, 2019 are as follows:



March 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bonds	$	84,959	$	1,185	$	(1	)	$	86,143
U.S. agency bonds – mortgage-backed	495,747		19,510		(132		)	515,125
Non-U.S. government and supranational bonds	7,290		93		(200		)	7,183
Asset-backed securities	187,255		495		(14,715		)	173,035
Corporate bonds	755,438		9,336		(37,716		)	727,058
Total fixed maturity investments	$	1,530,689	$	30,619	$	(52,764	)	$	1,508,544

4. Investments (continued)



December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
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

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.



March 31, 2020	Amortized cost		Fair value
Due in one year or less	$	124,415	$	123,759
Due after one year through five years	527,356		508,288
Due after five years through ten years	195,916		188,337
	847,687		820,384
U.S. agency bonds – mortgage-backed	495,747		515,125
Asset-backed securities	187,255		173,035
Total fixed maturity investments	$	1,530,689	$	1,508,544

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



	Less than 12 Months					12 Months or More					Total
March 31, 2020	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. treasury bonds	$	9,999	$	(1	)	$	—	$	—		$	9,999	$	(1	)
U.S. agency bonds – mortgage-backed	16,204		(132		)	—		—			16,204		(132		)
Non-U.S. government and supranational bonds	2,307		(180		)	162		(20		)	2,469		(200		)
Asset-backed securities	142,916		(12,976		)	16,154		(1,739		)	159,070		(14,715		)
Corporate bonds	245,591		(18,440		)	115,797		(19,276		)	361,388		(37,716		)
Total temporarily impaired fixed maturities	$	417,017	$	(31,729	)	$	132,113	$	(21,035	)	$	549,130	$	(52,764	)

At March 31, 2020, there were 184 securities in an unrealized loss position with a fair value of $549,130 and unrealized losses of $52,764. Of these securities, there were 50 securities that have been in an unrealized loss position for twelve months or greater with a fair value of $132,113 and unrealized losses of $21,035.



	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
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	)

At December 31, 2019, there were 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 twelve months or greater with a fair value of $262,519 and unrealized losses of $16,815.

4. Investments (continued)

Other-than-temporarily impaired

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At March 31, 2020, we determined that unrealized losses on fixed maturities were primarily due to changes in interest rates 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 we believe the amortized cost basis of the securities will ultimately be recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. For the three months ended March 31, 2020, we recognized $1,506 (2019 - $0) in OTTI charges in earnings on two fixed maturity securities.

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2020 and December 31, 2019:



March 31, 2020	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	84,959	$	86,143	5.7	%
U.S. agency bonds	495,747		515,125		34.2	%
AAA	97,181		92,229		6.1	%
AA+, AA, AA-	87,667		82,028		5.4	%
A+, A, A-	357,080		343,162		22.8	%
BBB+, BBB, BBB-	382,271		371,173		24.6	%
BB+ or lower	25,784		18,684		1.2	%
Total fixed maturities ⁽¹⁾	$	1,530,689	$	1,508,544	100.0	%



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	%


(1)	Ratings above are 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 March 31, 2020 and December 31, 2019:



	March 31, 2020				December 31, 2019
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	3,092	63.2	%	$	3,077	63.1	%
Other	1,800		36.8	%	1,800		36.9	%
Total other investments	$	4,892	100.0	%	$	4,877	100.0	%

The Company also holds other investments made by special purpose vehicles related to lending activities of $29,196 at March 31, 2020 (December 31, 2019 - $26,871). These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. Because 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 $333 at March 31, 2020 (December 31, 2019 - $340). The Company also has a remaining

unfunded commitment on its investment in special purpose vehicles focused on lending activities of $1,296 at March 31, 2020 (December 31, 2019 - $767).

4. Investments (continued)


c)	Net Investment Income

Net investment income was derived from the following sources:



	For the Three Months Ended March 31,
	2020			2019
Fixed maturities	$	12,651		$	26,220
Funds withheld interest	3,853			4,537
Loan to related party	1,365			1,822
Cash and cash equivalents and other	496			275
	18,365			32,854
Investment expenses	(401		)	(832		)
Net investment income	$	17,964		$	32,022


d)	Realized Gains (Losses) on Investment

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



For the Three Months Ended March 31, 2020	Gross gains		Gross losses			Net
Fixed maturities	$	10,932	$	(1	)	$	10,931
Other investments	107		—			107
Net realized gains (losses) on investment	$	11,039	$	(1	)	$	11,038

For the Three Months Ended March 31, 2019	Gross gains		Gross losses			Net
Fixed maturities	$	2,424	$	(13,380	)	$	(10,956	)
Other investments	—		(145		)	(145		)
Net realized gains (losses) on investment	$	2,424	$	(13,525	)	$	(11,101	)

Proceeds from sales of fixed maturities were $224,471 for the three months ended March 31, 2020 (2019 - $84,361).

Net unrealized (losses) gains on investments were as follows at March 31, 2020 and December 31, 2019, respectively:



	March 31, 2020			December 31, 2019
Fixed maturities	$	(22,144	)	$	22,092
Deferred income tax	19			(96		)
Net unrealized gains (losses), net of deferred income tax	$	(22,125	)	$	21,996
Change, net of deferred income tax	$	(44,121	)	$	81,758


e)	Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and 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 March 31, 2020 and December 31, 2019:



	March 31, 2020		December 31, 2019
Restricted cash – third party agreements	$	21,454	$	21,447
Restricted cash – related party agreements	96,449		37,634
Total restricted cash	117,903		59,081
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2020 – $66,307; 2019 – $65,539)	66,369		65,678
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2020 – $1,121,189; 2019 – $1,366,873)	1,113,184		1,382,994
Total restricted investments	1,179,553		1,448,672
Total restricted cash and investments	$	1,297,456	$	1,507,753

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

Fair Value Measurements — Accounting Standards Codification ("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. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds;

•

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


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

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

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held at March 31, 2020 and December 31, 2019.

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

Non-U.S. government and supranational bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government and supranational bonds are observable market inputs, the fair values of non-U.S. government and supranational bonds are included in the Level 2 fair value hierarchy.

Asset-backed securities — These securities comprise CMBS and CLO originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS and CLO are observable market inputs, the fair value of the CMBS and CLO securities are included in the Level 2 fair value hierarchy.

5. Fair Value of Financial Instruments (continued)

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 limited partnerships are determined by the fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. If there is a reporting lag between the current period end and reporting date of the latest available fund valuation, 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 Condensed 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 Condensed 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 represents the principal value 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 financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions.

At March 31, 2020 and December 31, 2019, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2020	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	$	86,143		$	—		$	—		$	—		$	86,143
U.S. agency bonds – mortgage-backed	—			515,125			—			—			515,125
Non-U.S. government and supranational bonds	—			7,183			—			—			7,183
Asset-backed securities	—			173,035			—			—			173,035
Corporate bonds	—			727,058			—			—			727,058
Other investments	—			—			1,800			3,092			4,892
Total	$	86,143		$	1,422,401		$	1,800		$	3,092		$	1,513,436
As a percentage of total assets	2.6		%	42.8		%	0.1		%	0.1		%	45.6		%

5. Fair Value of Financial Instruments (continued)



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		%

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 pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices represent a reasonable estimate of the fair value.

The Pricing Service was utilized to estimate fair value measurements for 99.6% and 99.7% of our fixed maturities at March 31, 2020 and December 31, 2019, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Because 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 March 31, 2020 and December 31, 2019, 0.4% and 0.3%, respectively, of the Level 2 fixed maturities are valued using the market approach. At March 31, 2020 and December 31, 2019, one security or $5,392 and $5,481, respectively, of Level 2 fixed maturities, was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At March 31, 2020 and December 31, 2019, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

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. There were no other transfers to or from Level 3 during the periods represented by these Condensed Consolidated Financial Statements.

At March 31, 2020, the Company has other investments of $1,800 (December 31, 2019 - $1,800) which includes investments in start-up insurance entities. 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 Condensed Consolidated Balance Sheets as at March 31, 2020 and December 31, 2019, respectively:



	March 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	74,118	$	110,000	$	86,460
Senior Notes - MHNC – 7.75%	152,500		115,900		152,500		137,067
Total financial liabilities	$	262,500	$	190,018	$	262,500	$	223,527

- 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

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Sale of U.S. Treaty Reinsurance operations

As described in Part II of our Annual Report on Form 10-K for the year ended December 31, 2019, the Company entered into a renewal rights transaction with Transatlantic Reinsurance Company on August 29, 2018 and subsequently sold Maiden US on December 27, 2018 to Enstar. Maiden US was a substantial portion of the Diversified Reinsurance segment; therefore the Company concluded that the sale 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 are reported and presented as part the results from discontinued operations in the Condensed Consolidated Statements of Income.

As described in Part II of our Annual Report on Form 10-K for the year ended December 31, 2019, Cavello Bay Reinsurance Limited ("Cavello"), Enstar’s Bermuda reinsurance affiliate, 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. As at December 31, 2018, the assets and liabilities related to this business including the retrocession agreement were classified as held for sale, however, a decision was made to reclassify them 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 March 31, 2020 and December 31, 2019.

The following table summarizes the major classes of items constituting the net loss from discontinued operations for the three months ended March 31, 2019 presented in the unaudited Condensed Consolidated Statements of Income:



For the Three Months Ended March 31,	2019
General and administrative expenses	$	(337	)
Expense from discontinued operations before income tax	(337		)
Loss on disposal of discontinued operations	(2,397		)
Loss from discontinued operations, net of income tax	$	(2,734	)

Long-Term Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At March 31, 2020 and December 31, 2019, both Maiden Holdings and its wholly owned subsidiary, Maiden NA, have outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and 2013 ("2013 Senior Notes"), respectively (collectively "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 of Senior Notes outstanding at March 31, 2020 and December 31, 2019:



March 31, 2020	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,553			3,985			7,538
Carrying value	$	106,447		$	148,515		$	254,962

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

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 three months ended March 31, 2020 was $4,777 (2019 - $4,776), of which $1,342 was accrued at both March 31, 2020 and December 31, 2019, 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 for the three months ended March 31, 2020 was $54 (2019 - $53).

7. Long-Term Debt (continued)

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.

Reinsurance

3 Months Ended

Mar. 31, 2020

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. 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 three months ended March 31, 2020 and 2019 was as follows:



For the Three Months Ended March 31,	2020			2019
Premiums written
Direct	$	5,193		$	3,778
Assumed	6,541			(564,917		)
Ceded	(1,362		)	(391		)
Net	$	10,372		$	(561,530	)
Premiums earned
Direct	$	4,761		$	3,024
Assumed	27,453			180,788
Ceded	(999		)	(710		)
Net	$	31,215		$	183,102
Loss and LAE
Gross loss and LAE	$	20,994		$	152,734
Loss and LAE ceded	92			(45		)
Net	$	21,086		$	152,689

The Company's reinsurance recoverable on unpaid losses balance as at March 31, 2020 was $620,882 (December 31, 2019 - $623,422) presented in the Condensed Consolidated Balance Sheets. At March 31, 2020 and December 31, 2019, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

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 $60,281 at March 31, 2020 (December 31, 2019 - $62,699).

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. Basis of Presentation" 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. As of March 31, 2020, the reinsurance recoverable on unpaid losses under the retroactive reinsurance agreement were $557,950 while the deferred gain liability was $112,950 (December 31, 2019 - $557,950 and $112,950, respectively). 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 Cavello 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 shall not exceed $312,786. Cavello's parent company, Enstar, has credit ratings of BBB from both Standard &Poor's and Fitch Ratings at March 31, 2020.

Reserve for Loss and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2020

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

The Company uses both historical experience and industry-wide loss development factors to provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and 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 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 the Diversified Reinsurance segment and subsequently allocate reserves to the respective accident years. The reserve for loss and LAE consists of:



	March 31, 2020		December 31, 2019
Reserve for reported loss and LAE	$	1,194,204	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	1,054,841		1,168,549
Reserve for loss and LAE	$	2,249,045	$	2,439,907

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



For the Three Months Ended March 31,	2020			2019
Gross loss and LAE reserves, January 1	$	2,439,907		$	3,126,134
Less: reinsurance recoverable on unpaid losses, January 1	623,422			71,901
Net loss and LAE reserves, January 1	1,816,485			3,054,233
Net incurred losses related to:
Current year	21,619			145,431
Prior years	(533		)	7,258
	21,086			152,689
Net paid losses related to:
Current year	(214		)	(416		)
Prior years	(193,430		)	(219,950		)
	(193,644		)	(220,366		)
Effect of foreign exchange rate movements	(15,764		)	(8,260		)
Net loss and LAE reserves, March 31	1,628,163			2,978,296
Reinsurance recoverable on unpaid losses, March 31	620,882			71,975
Gross loss and LAE reserves, March 31	$	2,249,045		$	3,050,271

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves 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. During the three months ended March 31, 2020, the Company recognized net favorable prior year loss development of $533 (2019 - adverse $7,258).

In the Diversified Reinsurance segment, net favorable prior year loss development was $533 for the three months ended March 31, 2020 (2019 - favorable $1,096) primarily due to favorable reserve development in German Auto Programs. The favorable loss development for the same period in 2019 was largely due to facultative reinsurance run-off lines.

In the AmTrust Reinsurance segment, there was no prior year loss development for the three months ended March 31, 2020, (2019 - adverse $8,126). The adverse development in the three months ended March 31, 2019 was primarily driven by Commercial Auto Liability in accident years 2014 to 2017, partly offset by favorable development in Workers Compensation.

The Other category incurred net adverse prior year loss development of $228 for the three months ended March 31, 2019 due to increased reserves in the run-off of the NGHC Quota Share which was commuted in November 2019.

Related Party Transactions

3 Months Ended

Mar. 31, 2020

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 53.4% 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 retroceded 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 written premiums. 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. "Basis of Presentation" 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 $647,980 in unearned premium to AII, or $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 "Basis of Presentation" 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 the European Hospital Liability Quota Share with AEL and AIU DAC, both wholly owned subsidiaries of AmTrust. Pursuant to the terms of the European Hospital Liability Quota Share, 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 European Hospital Liability Quota Share 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 European Hospital Liability Quota Share 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 unaudited Condensed Consolidated Income Statement for the three months ended March 31, 2020 and 2019, respectively:



	For the Three Months Ended March 31,
	2020			2019
Gross and net premiums written	$	—		$	(576,477	)
Net premiums earned	18,684			158,130
Net loss and LAE	(14,045		)	(137,944		)
Commission expenses	(6,994		)	(60,356		)

Collateral provided to AmTrust

a) AmTrust Quota Share

To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, 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, or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. 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 in the amount of $167,975 at March 31, 2020 and December 31, 2019 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. 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 $1,365 for the three months ended March 31, 2020 (2019 - $1,822) and the effective yield was 3.3% for the same period (2019 - 4.3%). 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;

•

effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral at March 31, 2020 was $998,535 (December 31, 2019 - $1,155,955) and the accrued interest was $4,897 (December 31, 2019 - $7,366). Please refer to "Note 4. (e) Investments" for additional information;

•

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 initially had an annual interest rate of 3.5%, subject to annual adjustment. The annual interest rate was adjusted to 2.65% for the three months ended March 31, 2020. At March 31, 2020, the balance of funds withheld was $575,000 (December 31, 2019 - $575,000) and the accrued interest was $8,873 (December 31, 2019 - $5,073). The interest income on the funds withheld receivable was $3,800 for the three months ended March 31, 2020 (2019 - $4,426).

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 on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello’s obligations under the LPT/ADC Agreement. Because 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 (“PTE's”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required. Effective July 31, 2019, the PTE's: 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)

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, the collateral provided under the respective agreements with AmTrust subsidiaries was strengthened 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.

b) European Hospital Liability Quota Share

Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share. For AEL, the amount of the collateral held in reinsurance trust accounts at March 31, 2020 was $200,150 (December 31, 2019 - $253,631) and the accrued interest was $1,696 (December 31, 2019 - $1,821). For AIU DAC, the Company utilizes funds withheld to satisfy its collateral requirements. At March 31, 2020, the amount of funds withheld was $74,516 (December 31, 2019 - $57,305) and the accrued interest was $71 (December 31, 2019 - $269). AIU DAC pays Maiden Reinsurance a fixed annual interest rate of 0.5%, on the average daily funds withheld balance which is subject to annual adjustment.The interest income on the funds withheld receivable was $71 for the three months ended March 31, 2020 (2019 - $53), respectively.

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 $234 of reinsurance brokerage expense for the three months ended March 31, 2020 (2019 - $1,977) and deferred reinsurance brokerage of $2,139 at March 31, 2020 (December 31, 2019 - $2,372) 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. The agreement may be terminated upon 30 days written notice by either party. The Company recorded $400 of investment management fees for the three months ended March 31, 2020 (2019 - $775) under this agreement.

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 was 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 $25 of fees for the three months ended March 31, 2020.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

There are no material changes from the commitments, contingencies and concentrations previously disclosed in the Company’s Form 10-K for the year ended December 31, 2019.


a)	Concentrations of Credit Risk

At March 31, 2020 and December 31, 2019, 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, reinsurance recoverable on unpaid losses and funds withheld receivable. 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 its investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the loan to related party and funds withheld receivable, within which the largest balance is due from AmTrust. AmTrust has a financial strength/credit rating of A- from A.M. Best at March 31, 2020. 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 March 31, 2020 will be fully collectible.


b)	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 three months ended March 31, 2020. 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 Company's Condensed 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 our 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 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 2.4 years.

At March 31, 2020, the Company's future lease obligations of $2,060 (December 31, 2019 - $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 Condensed Consolidated Balance Sheets as a lease liability of $2,060 within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets. Under Topic 842, Leases, the Company continues to recognize the related leasing expense on a straight-line basis over the lease term in the unaudited Condensed Consolidated Statements of Income. The Company's total lease expense for the three months ended March 31, 2020 was $410 (2019 - $421) which was recognized within net income consistent with the accounting treatment in prior periods under Topic 840. The operating cash outflows from operating leases included in the measurement of the lease liability during the three months ended March 31, 2020 was $340 (2019 - $341).

The scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	March 31, 2020
2020	$	832
2021	741
2022	741
Discount for present value	(254		)
Total discounted operating lease liabilities	$	2,060


c)	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.

11. Commitments and Contingencies (continued)

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden 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. On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust. Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses. The Company believes the claims are without merit and intends to vigorously defend itself. It is possible that additional lawsuits will 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 condition.

Earnings per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

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



For the Three Months Ended March 31,	2020			2019
Numerator:
Net income (loss) from continuing operations	$	20,861		$	(33,902	)
Amount allocated to participating common shareholders⁽¹⁾	(247		)	—
Income (loss) attributable to common shareholders, before discontinued operations	20,614			(33,902		)
Loss from discontinued operations, net of income tax expense	—			(2,734		)
Net income (loss) allocated to common shareholders	$	20,614		$	(36,636	)
Denominator:
Weighted average number of common shares – basic and diluted⁽²⁾	83,256,223			82,965,156
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders	$	0.25		$	(0.41	)
Basic and diluted loss from discontinued operations per share attributable to common shareholders	—			(0.03		)
Basic and diluted earnings (loss) per share attributable to common shareholders:	$	0.25		$	(0.44	)



For the Three Months Ended March 31,	2020	2019


(1)	This represents the share in net income using the two class method of the holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan.

(2)

Please refer to "Note 13. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, for the terms and conditions of securities that could potentially be dilutive in the future. For the three months ended March 31, 2020, there were no potentially dilutive securities.

Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity


a)	Common Shares

At March 31, 2020, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 88,983,171 common shares, of which 83,969,991 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 42,416,829 shares are undesignated at March 31, 2020. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2019.


b)	Treasury Shares

During the three months ended March 31, 2019, the Company repurchased a total of 182 shares at an average price per share of $1.48 from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares. There were no such repurchases during the three months ended March 31, 2020.

The Company has a remaining authorization of $74,245 for share repurchases at March 31, 2020 (December 31, 2019 - $74,245). No repurchases were made during the three months ended March 31, 2020 and 2019 under the share repurchase plan.


c)	Accumulated Other Comprehensive Income (Loss)

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



For the Three Months Ended March 31, 2020	Change in net unrealized gains on investment			Foreign currency translation			Total
Beginning balance	$	21,996		$	(4,160	)	$	17,836
Other comprehensive loss before reclassifications	(40,088		)	(3		)	(40,091		)
Amounts reclassified from AOCI to net loss, net of tax	(4,033		)	—			(4,033		)
Net current period other comprehensive loss	(44,121		)	(3		)	(44,124		)
Ending balance, Maiden shareholders	$	(22,125	)	$	(4,163	)	$	(26,288	)

For the Three Months Ended March 31, 2019	Change in net unrealized gains on investment			Foreign currency translation			Total
Beginning balance	$	(59,762	)	$	(5,932	)	$	(65,694	)
Other comprehensive income before reclassifications	48,988			3,998			52,986
Amounts reclassified from AOCI to net loss, net of tax	12,488			—			12,488
Net current period other comprehensive income	61,476			3,998			65,474
Ending balance, Maiden shareholders	$	1,714		$	(1,934	)	$	(220	)



For the Three Months Ended March 31, 2020	Change in net unrealized gains on investment	Foreign currency translation	Total

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated.

These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. 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.

Recently Adopted Accounting Standards Updates and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards Updates

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 on January 1, 2020 did not impact the Company’s consolidated balance sheets, results of operations or cash flows.

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 available-for-sale ("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 other-than-temporarily impaired ("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.

Fair Value of Financial Instruments

Fair Values of Financial Instruments

•


•	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.

5. Fair Value of Financial Instruments (continued)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Underwriting results of operating segments

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



For the Three Months Ended March 31, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	11,734		$	—		$	11,734
Net premiums written	$	10,372		$	—		$	10,372
Net premiums earned	$	12,531		$	18,684		$	31,215
Other insurance revenue	408			—			408
Net loss and loss adjustment expenses ("loss and LAE")	(7,041		)	(14,045		)	(21,086		)
Commission and other acquisition expenses	(4,979		)	(6,994		)	(11,973		)
General and administrative expenses	(1,613		)	(644		)	(2,257		)
Underwriting loss	$	(694	)	$	(2,999	)	(3,693		)
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment							29,002
Total other-than-temporary impairment losses							(1,506		)
Interest and amortization expenses							(4,831		)
Foreign exchange and other gains, net							8,197
Other general and administrative expenses							(6,293		)
Income tax expense							(15		)
Net income from continuing operations							$	20,861

Net loss and LAE ratio⁽¹⁾	54.4		%	75.2		%	66.7		%
Commission and other acquisition expense ratio⁽²⁾	38.5		%	37.4		%	37.9		%
General and administrative expense ratio⁽³⁾	12.5		%	3.5		%	27.0		%
Expense ratio⁽⁴⁾	51.0		%	40.9		%	64.9		%
Combined ratio⁽⁵⁾	105.4		%	116.1		%	131.6		%

3. Segment Information (continued)



For the Three Months Ended March 31, 2019	Diversified Reinsurance			AmTrust Reinsurance			Other			Total
Gross premiums written	$	15,338		$	(576,477	)	$	—		$	(561,139	)
Net premiums written	$	14,947		$	(576,477	)	$	—		$	(561,530	)
Net premiums earned	$	25,292		$	157,810		$	—		$	183,102
Other insurance revenue	812			—			—			812
Net loss and LAE	(14,391		)	(138,070		)	(228		)	(152,689		)
Commission and other acquisition expenses	(9,261		)	(60,356		)	—			(69,617		)
General and administrative expenses	(3,031		)	(1,266		)	—			(4,297		)
Underwriting loss	$	(579	)	$	(41,882	)	$	(228	)	(42,689		)
Reconciliation to net loss from continuing operations
Net investment income and realized losses on investment										20,921
Interest and amortization expenses										(4,829		)
Foreign exchange and other gains, net										4,979
Other general and administrative expenses										(12,322		)
Income tax benefit										38
Net loss from continuing operations										$	(33,902	)

Net loss and LAE ratio⁽¹⁾	55.1		%	87.5		%				83.0		%
Commission and other acquisition expense ratio⁽²⁾	35.5		%	38.2		%				37.9		%
General and administrative expense ratio⁽³⁾	11.6		%	0.8		%				9.0		%
Expense ratio⁽⁴⁾	47.1		%	39.0		%				46.9		%
Combined ratio⁽⁵⁾	102.2		%	126.5		%				129.9		%


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


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


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


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


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



For the Three Months Ended March 31, 2020	Diversified Reinsurance	AmTrust Reinsurance	Other	Total



For the Three Months Ended March 31, 2019	Diversified Reinsurance	AmTrust Reinsurance	Other	Total



March 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total
Total assets - reportable segments	$	163,684	$	2,643,073	$	2,806,757
Corporate assets	—		—		515,000
Total Assets	$	163,684	$	2,643,073	$	3,321,757

December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
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

Net premiums by major line of business

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2020 and 2019:



For the Three Months Ended March 31,	2020		2019
Net premiums written	Total		Total
Diversified Reinsurance
International	$	10,372	$	14,947
Total Diversified Reinsurance	10,372		14,947
AmTrust Reinsurance
Small Commercial Business	—		(342,681		)
Specialty Program	—		(12,608		)
Specialty Risk and Extended Warranty	—		(221,188		)
Total AmTrust Reinsurance	—		(576,477		)
Total Net Premiums Written	$	10,372	$	(561,530	)



For the Three Months Ended March 31,	2020	2019

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2020 and 2019:



For the Three Months Ended March 31,	2020				2019
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance
International	$	12,531	40.1	%	$	25,292	13.8	%
Total Diversified Reinsurance	12,531		40.1	%	25,292		13.8	%
AmTrust Reinsurance
Small Commercial Business	939		3.0	%	39,455		21.6	%
Specialty Program	75		0.3	%	76,221		41.6	%
Specialty Risk and Extended Warranty	17,670		56.6	%	42,134		23.0	%
Total AmTrust Reinsurance	18,684		59.9	%	157,810		86.2	%
Total Net Premiums Earned	$	31,215	100.0	%	$	183,102	100.0	%



For the Three Months Ended March 31,	2020	2019

Investments (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Investments [Abstract]

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

The original or amortized cost, estimated fair value and gross unrealized gains and losses of fixed maturities at March 31, 2020 and December 31, 2019 are as follows:



March 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bonds	$	84,959	$	1,185	$	(1	)	$	86,143
U.S. agency bonds – mortgage-backed	495,747		19,510		(132		)	515,125
Non-U.S. government and supranational bonds	7,290		93		(200		)	7,183
Asset-backed securities	187,255		495		(14,715		)	173,035
Corporate bonds	755,438		9,336		(37,716		)	727,058
Total fixed maturity investments	$	1,530,689	$	30,619	$	(52,764	)	$	1,508,544

4. Investments (continued)



December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
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

Contractual maturities of fixed maturities, available-for-sale



March 31, 2020	Amortized cost		Fair value
Due in one year or less	$	124,415	$	123,759
Due after one year through five years	527,356		508,288
Due after five years through ten years	195,916		188,337
	847,687		820,384
U.S. agency bonds – mortgage-backed	495,747		515,125
Asset-backed securities	187,255		173,035
Total fixed maturity investments	$	1,530,689	$	1,508,544

Summary of fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position



	Less than 12 Months					12 Months or More					Total
March 31, 2020	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. treasury bonds	$	9,999	$	(1	)	$	—	$	—		$	9,999	$	(1	)
U.S. agency bonds – mortgage-backed	16,204		(132		)	—		—			16,204		(132		)
Non-U.S. government and supranational bonds	2,307		(180		)	162		(20		)	2,469		(200		)
Asset-backed securities	142,916		(12,976		)	16,154		(1,739		)	159,070		(14,715		)
Corporate bonds	245,591		(18,440		)	115,797		(19,276		)	361,388		(37,716		)
Total temporarily impaired fixed maturities	$	417,017	$	(31,729	)	$	132,113	$	(21,035	)	$	549,130	$	(52,764	)



	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
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	)

Summary of the credit ratings of fixed maturities

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2020 and December 31, 2019:



March 31, 2020	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	84,959	$	86,143	5.7	%
U.S. agency bonds	495,747		515,125		34.2	%
AAA	97,181		92,229		6.1	%
AA+, AA, AA-	87,667		82,028		5.4	%
A+, A, A-	357,080		343,162		22.8	%
BBB+, BBB, BBB-	382,271		371,173		24.6	%
BB+ or lower	25,784		18,684		1.2	%
Total fixed maturities ⁽¹⁾	$	1,530,689	$	1,508,544	100.0	%



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	%

(1)

Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings

Portfolio of other investments

The table below shows the fair value of the Company's other investments as at March 31, 2020 and December 31, 2019:



	March 31, 2020				December 31, 2019
	Fair value		% of Total fair value		Fair value		% of Total fair value
Investment in limited partnerships	$	3,092	63.2	%	$	3,077	63.1	%
Other	1,800		36.8	%	1,800		36.9	%
Total other investments	$	4,892	100.0	%	$	4,877	100.0	%

Net investment income

Net investment income was derived from the following sources:



	For the Three Months Ended March 31,
	2020			2019
Fixed maturities	$	12,651		$	26,220
Funds withheld interest	3,853			4,537
Loan to related party	1,365			1,822
Cash and cash equivalents and other	496			275
	18,365			32,854
Investment expenses	(401		)	(832		)
Net investment income	$	17,964		$	32,022

Analysis of realized and unrealized gains (losses) on investment



For the Three Months Ended March 31, 2020	Gross gains		Gross losses			Net
Fixed maturities	$	10,932	$	(1	)	$	10,931
Other investments	107		—			107
Net realized gains (losses) on investment	$	11,039	$	(1	)	$	11,038

For the Three Months Ended March 31, 2019	Gross gains		Gross losses			Net
Fixed maturities	$	2,424	$	(13,380	)	$	(10,956	)
Other investments	—		(145		)	(145		)
Net realized gains (losses) on investment	$	2,424	$	(13,525	)	$	(11,101	)

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

Net unrealized (losses) gains on investments were as follows at March 31, 2020 and December 31, 2019, respectively:



	March 31, 2020			December 31, 2019
Fixed maturities	$	(22,144	)	$	22,092
Deferred income tax	19			(96		)
Net unrealized gains (losses), net of deferred income tax	$	(22,125	)	$	21,996
Change, net of deferred income tax	$	(44,121	)	$	81,758

Fair value of restricted assets

The fair values of these restricted assets were as follows at March 31, 2020 and December 31, 2019:



	March 31, 2020		December 31, 2019
Restricted cash – third party agreements	$	21,454	$	21,447
Restricted cash – related party agreements	96,449		37,634
Total restricted cash	117,903		59,081
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2020 – $66,307; 2019 – $65,539)	66,369		65,678
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2020 – $1,121,189; 2019 – $1,366,873)	1,113,184		1,382,994
Total restricted investments	1,179,553		1,448,672
Total restricted cash and investments	$	1,297,456	$	1,507,753

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

At March 31, 2020 and December 31, 2019, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:



March 31, 2020	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	$	86,143		$	—		$	—		$	—		$	86,143
U.S. agency bonds – mortgage-backed	—			515,125			—			—			515,125
Non-U.S. government and supranational bonds	—			7,183			—			—			7,183
Asset-backed securities	—			173,035			—			—			173,035
Corporate bonds	—			727,058			—			—			727,058
Other investments	—			—			1,800			3,092			4,892
Total	$	86,143		$	1,422,401		$	1,800		$	3,092		$	1,513,436
As a percentage of total assets	2.6		%	42.8		%	0.1		%	0.1		%	45.6		%

5. Fair Value of Financial Instruments (continued)



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		%

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



	March 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	74,118	$	110,000	$	86,460
Senior Notes - MHNC – 7.75%	152,500		115,900		152,500		137,067
Total financial liabilities	$	262,500	$	190,018	$	262,500	$	223,527

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of disposal groups, including discontinued operations on income statement disclosures



For the Three Months Ended March 31,	2019
General and administrative expenses	$	(337	)
Expense from discontinued operations before income tax	(337		)
Loss on disposal of discontinued operations	(2,397		)
Loss from discontinued operations, net of income tax	$	(2,734	)

- 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.

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+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of outstanding senior notes issuances

The following tables detail the issuances of Senior Notes outstanding at March 31, 2020 and December 31, 2019:



March 31, 2020	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,553			3,985			7,538
Carrying value	$	106,447		$	148,515		$	254,962

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

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.

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+ Details

Reinsurance - (Tables)

3 Months Ended

Mar. 31, 2020

Reinsurance Disclosures [Abstract]

Schedule of effects of reinsurance on premiums written and earned and on net loss and LAE

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2020 and 2019 was as follows:



For the Three Months Ended March 31,	2020			2019
Premiums written
Direct	$	5,193		$	3,778
Assumed	6,541			(564,917		)
Ceded	(1,362		)	(391		)
Net	$	10,372		$	(561,530	)
Premiums earned
Direct	$	4,761		$	3,024
Assumed	27,453			180,788
Ceded	(999		)	(710		)
Net	$	31,215		$	183,102
Loss and LAE
Gross loss and LAE	$	20,994		$	152,734
Loss and LAE ceded	92			(45		)
Net	$	21,086		$	152,689

Reserve for Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:



	March 31, 2020		December 31, 2019
Reserve for reported loss and LAE	$	1,194,204	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	1,054,841		1,168,549
Reserve for loss and LAE	$	2,249,045	$	2,439,907

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



For the Three Months Ended March 31,	2020			2019
Gross loss and LAE reserves, January 1	$	2,439,907		$	3,126,134
Less: reinsurance recoverable on unpaid losses, January 1	623,422			71,901
Net loss and LAE reserves, January 1	1,816,485			3,054,233
Net incurred losses related to:
Current year	21,619			145,431
Prior years	(533		)	7,258
	21,086			152,689
Net paid losses related to:
Current year	(214		)	(416		)
Prior years	(193,430		)	(219,950		)
	(193,644		)	(220,366		)
Effect of foreign exchange rate movements	(15,764		)	(8,260		)
Net loss and LAE reserves, March 31	1,628,163			2,978,296
Reinsurance recoverable on unpaid losses, March 31	620,882			71,975
Gross loss and LAE reserves, March 31	$	2,249,045		$	3,050,271

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of quota share arrangements with AmTrust



	For the Three Months Ended March 31,
	2020			2019
Gross and net premiums written	$	—		$	(576,477	)
Net premiums earned	18,684			158,130
Net loss and LAE	(14,045		)	(137,944		)
Commission expenses	(6,994		)	(60,356		)

Commitments and Contingencies - (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Scheduled maturity of operating lease liabilities

The scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	March 31, 2020
2020	$	832
2021	741
2022	741
Discount for present value	(254		)
Total discounted operating lease liabilities	$	2,060

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

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

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



For the Three Months Ended March 31,	2020			2019
Numerator:
Net income (loss) from continuing operations	$	20,861		$	(33,902	)
Amount allocated to participating common shareholders⁽¹⁾	(247		)	—
Income (loss) attributable to common shareholders, before discontinued operations	20,614			(33,902		)
Loss from discontinued operations, net of income tax expense	—			(2,734		)
Net income (loss) allocated to common shareholders	$	20,614		$	(36,636	)
Denominator:
Weighted average number of common shares – basic and diluted⁽²⁾	83,256,223			82,965,156
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders	$	0.25		$	(0.41	)
Basic and diluted loss from discontinued operations per share attributable to common shareholders	—			(0.03		)
Basic and diluted earnings (loss) per share attributable to common shareholders:	$	0.25		$	(0.44	)



For the Three Months Ended March 31,	2020	2019


(1)	This represents the share in net income using the two class method of the holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan.

(2)

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income (loss)

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



For the Three Months Ended March 31, 2020	Change in net unrealized gains on investment			Foreign currency translation			Total
Beginning balance	$	21,996		$	(4,160	)	$	17,836
Other comprehensive loss before reclassifications	(40,088		)	(3		)	(40,091		)
Amounts reclassified from AOCI to net loss, net of tax	(4,033		)	—			(4,033		)
Net current period other comprehensive loss	(44,121		)	(3		)	(44,124		)
Ending balance, Maiden shareholders	$	(22,125	)	$	(4,163	)	$	(26,288	)

For the Three Months Ended March 31, 2019	Change in net unrealized gains on investment			Foreign currency translation			Total
Beginning balance	$	(59,762	)	$	(5,932	)	$	(65,694	)
Other comprehensive income before reclassifications	48,988			3,998			52,986
Amounts reclassified from AOCI to net loss, net of tax	12,488			—			12,488
Net current period other comprehensive income	61,476			3,998			65,474
Ending balance, Maiden shareholders	$	1,714		$	(1,934	)	$	(220	)

Basis of Presentation (Details) - USD ($) $ in Thousands			12 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 16, 2020	Jan. 18, 2019	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Intercompany proceeds		$ 70,000	$ 125,000
Maiden Reinsurance North America, Inc.
Subsidiary or Equity Method Investee [Line Items]
Ownership capital contributed	65.00%
Maiden Reinsurance North America, Inc. \| Maiden Holdings North America, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Ownership percentage	100.00%

Segment Information - Net Income (Loss) and Total Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) Segment	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment	2
Net Income (Loss) [Abstract]
Gross premiums written	$ 11,734	$ (561,139)
Net premiums written	10,372	(561,530)
Net premiums earned	31,215	183,102
Other insurance revenue	408	812
Net loss and loss adjustment expenses (loss and LAE)	(21,086)	(152,689)
Commission and other acquisition expenses	(11,973)	(69,617)
General and administrative expenses	(2,257)	(4,297)
Underwriting loss	(3,693)	(42,689)
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment	29,002	20,921
Total other-than-temporary impairment losses	(1,506)	0
Interest and amortization expenses	(4,831)	(4,829)
Foreign exchange and other gains, net	8,197	4,979
Other general and administrative expenses	(6,293)	(12,322)
Income tax (expense) benefit	(15)	38
Income (loss) from continuing operations	$ 20,861	$ (33,902)
Net loss and LAE ratio	66.70%	83.00%
Commission and other acquisition expense ratio	37.90%	37.90%
General and administrative expense ratio	27.00%	9.00%
Expense ratio	64.90%	46.90%
Combined ratio	131.60%	129.90%
Assets [Abstract]
Total assets	$ 3,321,757		$ 3,568,196
Operating segments
Assets [Abstract]
Total assets - reportable segments	2,806,757		3,011,647
Corporate assets	515,000		556,549
Total assets	3,321,757		3,568,196
Operating segments \| Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	11,734	$ 15,338
Net premiums written	10,372	14,947
Net premiums earned	12,531	25,292
Other insurance revenue	408	812
Net loss and loss adjustment expenses (loss and LAE)	(7,041)	(14,391)
Commission and other acquisition expenses	(4,979)	(9,261)
General and administrative expenses	(1,613)	(3,031)
Underwriting loss	$ (694)	$ (579)
Reconciliation to net income from continuing operations
Net loss and LAE ratio	54.40%	55.10%
Commission and other acquisition expense ratio	38.50%	35.50%
General and administrative expense ratio	12.50%	11.60%
Expense ratio	51.00%	47.10%
Combined ratio	105.40%	102.20%
Assets [Abstract]
Total assets - reportable segments	$ 163,684		167,845
Corporate assets	0		0
Total assets	163,684		167,845
Operating segments \| AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	0	$ (576,477)
Net premiums written	0	(576,477)
Net premiums earned	18,684	157,810
Other insurance revenue	0	0
Net loss and loss adjustment expenses (loss and LAE)	(14,045)	(138,070)
Commission and other acquisition expenses	(6,994)	(60,356)
General and administrative expenses	(644)	(1,266)
Underwriting loss	$ (2,999)	$ (41,882)
Reconciliation to net income from continuing operations
Net loss and LAE ratio	75.20%	87.50%
Commission and other acquisition expense ratio	37.40%	38.20%
General and administrative expense ratio	3.50%	0.80%
Expense ratio	40.90%	39.00%
Combined ratio	116.10%	126.50%
Assets [Abstract]
Total assets - reportable segments	$ 2,643,073		2,843,802
Corporate assets	0		0
Total assets	$ 2,643,073		$ 2,843,802
Other
Net Income (Loss) [Abstract]
Gross premiums written		$ 0
Net premiums written		0
Net premiums earned		0
Other insurance revenue		0
Net loss and loss adjustment expenses (loss and LAE)		(228)
Commission and other acquisition expenses		0
General and administrative expenses		0
Underwriting loss		$ (228)

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 10,372	$ (561,530)
Net premiums earned	$ 31,215	$ 183,102
Net premiums earned % of total	100.00%	100.00%
Operating segments \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 10,372	$ 14,947
Net premiums earned	$ 12,531	$ 25,292
Net premiums earned % of total	40.10%	13.80%
Operating segments \| Diversified Reinsurance \| International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 10,372	$ 14,947
Net premiums earned	$ 12,531	$ 25,292
Net premiums earned % of total	40.10%	13.80%
Operating segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (576,477)
Net premiums earned	$ 18,684	$ 157,810
Net premiums earned % of total	59.90%	86.20%
Operating segments \| AmTrust Reinsurance \| Small Commercial Business
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (342,681)
Net premiums earned	$ 939	$ 39,455
Net premiums earned % of total	3.00%	21.60%
Operating segments \| AmTrust Reinsurance \| Specialty Program
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (12,608)
Net premiums earned	$ 75	$ 76,221
Net premiums earned % of total	0.30%	41.60%
Operating segments \| AmTrust Reinsurance \| Specialty Risk and Extended Warranty
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 0	$ (221,188)
Net premiums earned	$ 17,670	$ 42,134
Net premiums earned % of total	56.60%	23.00%

Investments - Schedule of Investments Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Original or amortized cost	$ 1,530,689	$ 1,813,426
Gross unrealized gains	30,619	39,731
Gross unrealized losses	(52,764)	(17,639)
Fixed maturities	1,508,544	1,835,518
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	84,959	94,921
Gross unrealized gains	1,185	704
Gross unrealized losses	(1)	0
Fixed maturities	86,143	95,625
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	495,747	533,296
Gross unrealized gains	19,510	6,717
Gross unrealized losses	(132)	(1,291)
Fixed maturities	515,125	538,722
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Original or amortized cost	7,290	11,796
Gross unrealized gains	93	294
Gross unrealized losses	(200)	(91)
Fixed maturities	7,183	11,999
Asset-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	187,255	187,881
Gross unrealized gains	495	821
Gross unrealized losses	(14,715)	(532)
Fixed maturities	173,035	188,170
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	755,438	981,441
Gross unrealized gains	9,336	31,140
Gross unrealized losses	(37,716)	(15,725)
Fixed maturities	$ 727,058	996,856
Municipal bonds
Schedule of Investments [Line Items]
Original or amortized cost		4,091
Gross unrealized gains		55
Gross unrealized losses		0
Fixed maturities		$ 4,146

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
AFS fixed maturities, Amortized cost
Due in one year or less	$ 124,415
Due after one year through five years	527,356
Due after five years through ten years	195,916
Total before securities without single maturities, Amortized cost	847,687
Original or amortized cost	1,530,689	$ 1,813,426
AFS fixed maturities, Fair value
Due in one year or less	123,759
Due after one year through five years	508,288
Due after five years through ten years	188,337
Total before securities without single maturities, Fair value	820,384
Total AFS fixed maturities, Fair value	1,508,544	1,835,518
U.S. agency bonds – mortgage-backed
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	495,747
Original or amortized cost	495,747	533,296
AFS fixed maturities, Fair value
Fair value of securities without single maturities	515,125
Total AFS fixed maturities, Fair value	515,125	538,722
Asset-backed securities
AFS fixed maturities, Amortized cost
Amortized cost of securities without single maturities	187,255
Original or amortized cost	187,255	187,881
AFS fixed maturities, Fair value
Fair value of securities without single maturities	173,035
Total AFS fixed maturities, Fair value	$ 173,035	$ 188,170

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Mar. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security
Fixed maturities, Fair value
Less than 12 Months, Fair value	$ 417,017	$ 123,780
12 Months or More, Fair value	132,113	262,519
Total, Fair value	549,130	386,299
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(31,729)	(824)
12 months or more, Unrealized losses	(21,035)	(16,815)
Total, Unrealized losses	$ (52,764)	$ (17,639)
Number of securities in an unrealized loss position \| security	184	104
Investments fair value	$ 549,130	$ 386,299
Investments, unrealized losses	$ 52,764	$ 17,639
Number of securities in an unrealized loss position for 12 months or greater \| security	50	67
Investments fair value, unrealized loss position for 12 months or greater	$ 132,113	$ 262,519
Investments in unrealized loss position for 12 months or greater, unrealized losses	21,035	16,815
U.S. treasury bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	9,999
12 Months or More, Fair value	0
Total, Fair value	9,999
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(1)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(1)
U.S. agency bonds – mortgage-backed
Fixed maturities, Fair value
Less than 12 Months, Fair value	16,204	31,401
12 Months or More, Fair value	0	85,008
Total, Fair value	16,204	116,409
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(132)	(257)
12 months or more, Unrealized losses	0	(1,034)
Total, Unrealized losses	(132)	(1,291)
Non-U.S. government and supranational bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	2,307	1,824
12 Months or More, Fair value	162	701
Total, Fair value	2,469	2,525
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(180)	(22)
12 months or more, Unrealized losses	(20)	(69)
Total, Unrealized losses	(200)	(91)
Asset-backed securities
Fixed maturities, Fair value
Less than 12 Months, Fair value	142,916	60,863
12 Months or More, Fair value	16,154	17,594
Total, Fair value	159,070	78,457
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(12,976)	(240)
12 months or more, Unrealized losses	(1,739)	(292)
Total, Unrealized losses	(14,715)	(532)
Corporate bonds
Fixed maturities, Fair value
Less than 12 Months, Fair value	245,591	29,692
12 Months or More, Fair value	115,797	159,216
Total, Fair value	361,388	188,908
Fixed maturities, Unrealized losses
Less than 12 months, Unrealized losses	(18,440)	(305)
12 months or more, Unrealized losses	(19,276)	(15,420)
Total, Unrealized losses	$ (37,716)	$ (15,725)

Investments - Credit Ratings (Details) $ in Thousands	3 Months Ended
Investments - Credit Ratings (Details) $ in Thousands	Mar. 31, 2020 USD ($) security	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Schedule of Fixed Maturities Table [Line Items]
Total other-than-temporary impairment losses	$ 1,506	$ 0
Number of securities with other-than-temporary impairment losses \| security	2
Fixed Maturities, Amortized cost	$ 1,530,689		$ 1,813,426
Fixed Maturities, Fair value	$ 1,508,544		$ 1,835,518
Fixed maturities, % of Total fair value	100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 97,181		$ 99,212
Fixed Maturities, Fair value	$ 92,229		$ 99,542
Fixed maturities, % of Total fair value	6.10%		5.40%
AA Plus, AA, AA Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 87,667		$ 101,491
Fixed Maturities, Fair value	$ 82,028		$ 101,467
Fixed maturities, % of Total fair value	5.40%		5.50%
A Plus, A, A Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 357,080		$ 540,002
Fixed Maturities, Fair value	$ 343,162		$ 549,479
Fixed maturities, % of Total fair value	22.80%		29.90%
BBB Plus, BBB, BBB Minus
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 382,271		$ 438,731
Fixed Maturities, Fair value	$ 371,173		$ 445,202
Fixed maturities, % of Total fair value	24.60%		24.30%
BB Plus or Lower
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 25,784		$ 5,773
Fixed Maturities, Fair value	$ 18,684		$ 5,481
Fixed maturities, % of Total fair value	1.20%		0.30%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 84,959		$ 94,921
Fixed Maturities, Fair value	$ 86,143		$ 95,625
Fixed maturities, % of Total fair value	5.70%		5.20%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Fixed Maturities, Amortized cost	$ 495,747		$ 533,296
Fixed Maturities, Fair value	$ 515,125		$ 538,722
Fixed maturities, % of Total fair value	34.20%		29.40%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Fair value	$ 4,892	$ 4,877
% of Total fair value	100.00%	100.00%
Other investments	$ 34,088	$ 31,748
Investment in limited partnerships
Schedule of Investments [Line Items]
Fair value	$ 3,092	$ 3,077
% of Total fair value	63.20%	63.10%
Unfunded commitment on investments in limited partnerships	$ 333	$ 340
Other
Schedule of Investments [Line Items]
Fair value	$ 1,800	$ 1,800
% of Total fair value	36.80%	36.90%
Investment in special purpose vehicles focused on lending activities
Schedule of Investments [Line Items]
Other investments	$ 29,196	$ 26,871
Unfunded commitment on investments in limited partnerships	$ 1,296	$ 767

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Investments [Line Items]
Investment income	$ 18,365	$ 32,854
Investment expenses	(401)	(832)
Net investment income	17,964	32,022
Fixed maturities
Schedule of Investments [Line Items]
Investment income	12,651	26,220
Funds withheld interest
Schedule of Investments [Line Items]
Investment income	3,853	4,537
Loan to related party
Schedule of Investments [Line Items]
Investment income	1,365	1,822
Cash and cash equivalents and other
Schedule of Investments [Line Items]
Investment income	$ 496	$ 275

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Gain (Loss) on Securities [Line Items]
Other investments, gross gains		$ 0
Other investments, gross losses		(145)
Other investments, net		(145)
Net realized gains (losses) on investment, gross gains	$ 11,039	2,424
Net realized gains (losses) on investment, gross losses	(1)	(13,525)
Net realized gains (losses) on investment, net	11,038	(11,101)
Proceeds from sales of fixed maturities classified as available-for-sale	224,471	84,361
Deferred income tax	19		$ (96)
Net unrealized gains (losses), net of deferred income tax	(22,125)		21,996
Change, net of deferred income tax	(44,121)	81,758
Fixed maturities
Gain (Loss) on Securities [Line Items]
AFS fixed maturities, gross gains	10,932	2,424
AFS fixed maturities, gross losses	(1)	(13,380)
AFS fixed maturities, net	10,931	$ (10,956)
Other Debt Obligations
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	107
Other investments, gross losses	0
Other investments, net	107
Available-for-sale securities \| Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities	$ (22,144)		$ 22,092

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 117,903	$ 59,081	$ 42,334
Restricted investments	1,179,553	1,448,672
Restricted cash and investments	1,297,456	1,507,753
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	21,454	21,447
Restricted investments	66,369	65,678
Amortized cost	66,307	65,539
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	96,449	37,634
Restricted investments	1,113,184	1,382,994
Amortized cost	$ 1,121,189	$ 1,366,873

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Mar. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 1,508,544	$ 1,835,518
Assets, number of securities priced for fair value \| security	1	1
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 86,143	$ 95,625
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	515,125	538,722
Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,183	11,999
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	173,035	188,170
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	727,058	996,856
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		4,146
Significant Other Observable Inputs (Level 2) \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	5,392	5,481
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	4,892	4,877
Total	$ 1,513,436	$ 1,840,395
Percentage of total assets	45.60%	51.70%
Fair Value, Measurements, Recurring \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 86,143	$ 95,625
Fair Value, Measurements, Recurring \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	515,125	538,722
Fair Value, Measurements, Recurring \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,183	11,999
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	173,035	188,170
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 727,058	996,856
Fair Value, Measurements, Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		$ 4,146
Fair Value, Measurements, Recurring \| Total Fair Value \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	99.60%	99.70%
Assets, valued using market approach, percentage	0.40%	0.30%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 0	$ 0
Total	$ 86,143	$ 95,625
Percentage of total assets	2.60%	2.70%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 86,143	$ 95,625
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Total	$ 1,422,401	$ 1,739,893
Percentage of total assets	42.80%	48.80%
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	515,125	538,722
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,183	11,999
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	173,035	188,170
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	727,058	996,856
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		4,146
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,800	1,800
Total	$ 1,800	$ 1,800
Percentage of total assets	0.10%	0.10%
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		0
Fair Value, Measurements, Recurring \| Fair Value Based on NAV Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 3,092	$ 3,077
Percentage of total assets	0.10%	0.10%

Fair Value of Financial Instruments - Changes in Level 3 Financial Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Transfers into Level 3	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0

Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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 Liabilities	$ 190,018	$ 223,527
Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	74,118	86,460
Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 115,900	$ 137,067

Discontinued Operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of income tax	$ 0	$ (2,734)
Renewal Rights Sale \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General and administrative expenses		(337)
Expense from discontinued operations before income tax		(337)
Loss on disposal of discontinued operations		$ (2,397)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount	$ 262,500	$ 262,500
Less: unamortized issuance costs	7,538	7,592
Senior notes, net	254,962	254,908
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500	262,500
Less: unamortized issuance costs	7,538	7,592
Senior notes, net	254,962	254,908
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,553	3,565
Senior notes, net	106,447	106,435
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500	152,500
Less: unamortized issuance costs	3,985	4,027
Senior notes, net	148,515	$ 148,473
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense	$ 4,831	$ 4,829
Senior Notes
Debt Instrument [Line Items]
Interest expense	4,777	4,776
Accrued interest	1,342		$ 1,342
Amortization expense, debt issuance costs	$ 54	$ 53
2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Minimum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Maximum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days

Reinsurance - Effects of reinsurance on premiums written and earned and on net loss and LAE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 5,193	$ 3,778
Assumed premiums written	6,541	(564,917)
Ceded premiums written	(1,362)	(391)
Premiums written, net	10,372	(561,530)
Direct premiums earned	4,761	3,024
Assumed premiums earned	27,453	180,788
Ceded premiums earned	(999)	(710)
Net premiums earned	31,215	183,102
Gross loss and LAE	20,994	152,734
Loss and LAE ceded	92	(45)
Net loss and loss adjustment expenses	$ 21,086	$ 152,689

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		$ 620,882	$ 623,422
Reinsurance retention policy, amount retained	$ 600,000
Reinsurance retention policy, excess retention, amount reinsured	2,178,535
Reinsurance recoverable for paid and unpaid claims and claims adjustments, adverse development cover	155,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, ceded cumulative losses	445,000
Reinsurance recoverables, including reinsurance premium paid		620,882	623,422	$ 71,975	$ 71,901
Deferred gain on retroactive reinsurance		112,950	112,950
Maximum
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables on paid losses, gross	312,786
Diversified Reinsurance \| Miscellaneous
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		60,281	62,699
AmTrust Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments	$ 445,000
Reinsurance recoverables, including reinsurance premium paid		$ 557,950	$ 557,950

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Reserve for reported loss and LAE			$ 1,194,204,000	$ 1,271,358,000
Reserve for losses incurred but not reported (IBNR)			1,054,841,000	1,168,549,000
Reserve for loss and LAE	$ 2,439,907,000	$ 3,050,271,000	$ 2,249,045,000	$ 2,439,907,000
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	2,439,907,000	3,126,134,000
Less: reinsurance recoverable on unpaid losses, January 1	623,422,000	71,901,000
Net loss and LAE reserves, January 1	1,816,485,000	3,054,233,000
Net incurred losses related to Current year	21,619,000	145,431,000
Net incurred losses related to Prior years	(533,000)	7,258,000
Net loss and loss adjustment expenses	21,086,000	152,689,000
Net paid losses related to Current year	(214,000)	(416,000)
Net paid losses related to Prior years	(193,430,000)	(219,950,000)
Net paid losses	(193,644,000)	(220,366,000)
Effect of foreign exchange rate movements	(15,764,000)	(8,260,000)
Net loss and LAE reserves, March 31	1,628,163,000	2,978,296,000
Reinsurance recoverable on unpaid losses, March 31	620,882,000	71,975,000
Gross loss and LAE reserves, March 31	2,249,045,000	3,050,271,000
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	533,000	(7,258,000)
Other
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net loss and loss adjustment expenses		228,000
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)		(228,000)
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	533,000	1,096,000
AmTrust Reinsurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: reinsurance recoverable on unpaid losses, January 1	557,950,000
Reinsurance recoverable on unpaid losses, March 31	557,950,000
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ 0	$ (8,126,000)

Related Party Transactions - AmTrust (Details) $ in Thousands														3 Months Ended			12 Months Ended
	Mar. 16, 2020 USD ($)	Aug. 31, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jan. 24, 2019	Jan. 11, 2019 USD ($)	Dec. 31, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jul. 01, 2018	Dec. 18, 2017
Related Party Transaction [Line Items]
Loan to related party														$ 167,975			$ 167,975
Interest income														$ 18,365		$ 32,854
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage														53.40%
AmTrust Financial Services, Inc. \| London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Basis spread on variable rate																			2.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party													40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party			40.00%						40.00%				40.00%
Commission rate, percent of ceded written premiums												34.375%	31.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Post-Termination Endorsement, Maximum Loss Corridor
Related Party Transaction [Line Items]
Related party transaction amount			$ 40,500
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount															$ (647,980)
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Returned Unearned Premiums, Net
Related Party Transaction [Line Items]
Related party transaction amount															$ (436,760)
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Funds Withheld Arrangement
Related Party Transaction [Line Items]
Related party transaction amount					$ (575,000)									$ 575,000			575,000
Accrued interest on collateral held by related party														$ 8,873			5,073
Calculated interest rate with related party					3.50%									2.65%
Interest income from related party														$ 3,800			4,426
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Related Party Transaction [Line Items]
Percent of ceding commission payable, period increase						5.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations			105.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Post-Termination Endorsement, Minimum Excess Funding Requirement
Related Party Transaction [Line Items]
Related party transaction amount			$ 54,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Post-Termination Endorsement No. 2 [Member]
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations	110.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Post-Termination Endorsement No. 2, Minimum Excess Funding Requirement [Member]
Related Party Transaction [Line Items]
Related party transaction amount	$ 54,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor									81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling									95.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Agreement \| Maximum \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations			110.00%
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, percentage								32.50%			40.00%
Maximum limit of liability attaching (in EUR) \| €										€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching											100.00%
Future premiums and losses related to policies, percentage								20.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement \| Maximum \| Post-Termination Endorsement No. 1 [Member]
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations	120.00%
Solvency ratio	100.00%
Collateral on exposure	100.00%
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party														998,535			1,155,955
Accrued interest on collateral held by related party														4,897			7,366
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 from related party transactions														234		1,977
Balance due to related party														2,139			2,372
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Cancellation notice period													30 days
Quarterly brokerage fee, above portfolio threshold, percent of average holdings							0.02125%
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses from related party transactions														400		775
AEL \| AmTrust Quota Share Reinsurance Agreement
Related Party Transaction [Line Items]
Percentage ceded																		20.00%
AEL \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Collateral held by related party														200,150			253,631
Accrued interest on collateral held by related party														1,696			1,821
AmTrust International Underwriters DAC (AIU) \| AmTrust European Hospital Liability Quota Share Agreement \| Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount														74,516			57,305
Calculated interest rate with related party				0.50%
Interest income from related party														71		53
AmTrust International Underwriters DAC (AIU) \| 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														71			$ 269
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement
Related Party Transaction [Line Items]
Cancellation notice period		3 months
Agreement initial term		3 years
Renewal term		3 years
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Initial Retainer
Related Party Transaction [Line Items]
Expenses from related party transactions		$ 100
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Fees
Related Party Transaction [Line Items]
Expenses from related party transactions		$ 100												25
Notes Receivable, Related Party
Related Party Transaction [Line Items]
Interest income														$ 1,365		$ 1,822
Effective yield														3.30%		4.30%
Maiden Holdings, Ltd. \| Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage														8.10%
Maiden Holdings, Ltd. \| Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage														7.60%
Maiden Holdings, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage														5.00%

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Gross premiums written	$ 11,734	$ (561,139)
Net premiums earned	31,215	183,102
Net loss and loss adjustment expenses (loss and LAE)	(21,086)	(152,689)
Commission expenses	(11,973)	(69,617)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross premiums written	0	(576,477)
Net premiums earned	18,684	158,130
Net loss and loss adjustment expenses (loss and LAE)	(14,045)	(137,944)
Commission expenses	(6,994)	(60,356)
Operating segments \| AmTrust Reinsurance
Related Party Transaction [Line Items]
Gross premiums written	0	(576,477)
Net premiums earned	18,684	157,810
Net loss and loss adjustment expenses (loss and LAE)	(14,045)	(138,070)
Commission expenses	$ (6,994)	$ (60,356)

- Definition

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

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted average discount rate	10.00%
Operating lease, weighted average remaining lease term (in years)	2 years 4 months 24 days
Operating lease liability	$ 2,060		$ 2,342
Lease cost	410	$ 421
Operating cash outflows from operating leases	$ 340	$ 341

Commitments and Contingencies - Scheduled Maturity of Operating Lease Liabilities Under Topic 842 (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 832
2021	741
2022	741
Discount for present value	(254)
Total discounted operating lease liabilities	$ 2,060

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income (loss) from continuing operations	$ 20,861	$ (33,902)
Amount allocated to participating common shareholders	(247)	0
Income (loss) attributable to common shareholders, before discontinued operations	20,614	(33,902)
Loss from discontinued operations, net of income tax expense	0	(2,734)
Net income (loss) allocated to common shareholders	$ 20,614	$ (36,636)
Denominator:
Weighted average number of common shares – basic and diluted (in shares)	83,256,223	82,965,156
Basic and diluted earnings (loss) from continuing operations per share attributable to common shareholders (in dollars per share)	$ 0.25	$ (0.41)
Basic and diluted loss from discontinued operations per share attributable to common shareholders (in dollars per share)	0	(0.03)
Basic and diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.25	$ (0.44)
Potentially dilutive securities (in shares)	0

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	150,000,000
Common stock, shares issued (in shares)	88,983,171		88,161,638
Common stock, shares outstanding (in shares)	83,969,991		83,148,458
Preference shares issued (in shares)	18,600,000
Undesignated shares (in shares)	42,416,829
Shares repurchased for tax withholding (in shares)	0	182
Shares repurchased for tax withholding, price per share (in dollars per share)		$ 1.48
Treasury shares repurchased (in shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 74,245		$ 74,245

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive loss before reclassifications	$ (40,091)	$ 52,986
Amounts reclassified from AOCI to net income, net of tax	(4,033)	12,488
Other comprehensive (loss) income, after tax	(44,124)	65,474
Ending balance	484,998	584,289
Change in net unrealized gains on investment, attributable to parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	21,996
Other comprehensive loss before reclassifications	(40,088)
Amounts reclassified from AOCI to net income, net of tax	(4,033)
Other comprehensive (loss) income, after tax	(44,121)
Ending balance	(22,125)
Foreign currency translation, attributable to parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(4,160)
Other comprehensive loss before reclassifications	(3)
Amounts reclassified from AOCI to net income, net of tax	0
Other comprehensive (loss) income, after tax	(3)
Ending balance	(4,163)
Change in net unrealized gains on investment, including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(59,762)
Other comprehensive loss before reclassifications		48,988
Amounts reclassified from AOCI to net income, net of tax		12,488
Other comprehensive (loss) income, after tax		61,476
Ending balance		1,714
Foreign currency translation, including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(5,932)
Other comprehensive loss before reclassifications		3,998
Amounts reclassified from AOCI to net income, net of tax		0
Other comprehensive (loss) income, after tax		3,998
Ending balance		(1,934)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	17,836	(65,616)
Ending balance	$ (26,288)	(220)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(65,694)
Ending balance		$ (220)