0001412100-21-000017 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Mar. 09, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	94 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 85.9
Entity Common Stock, Shares Outstanding		86,132,060
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A with respect to the annual general meeting of the shareholders of the registrant scheduled to be held on May 6, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001412100
Common Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Series A Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series A Preference Shares, par value $0.01 per share
Trading Symbol	MH.PA
Security Exchange Name	NYSE
Series C Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series C Preference Shares, par value $0.01 per share
Trading Symbol	MH.PC
Security Exchange Name	NYSE
Series D Preference Shares, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Series D Preference Shares, par value $0.01 per share
Trading Symbol	MH.PD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2020 - $1,163,923; 2019 - $1,813,426)	$ 1,213,411	$ 1,835,518
Equity method investments	39,886	0
Other investments	67,010	31,748
Total investments	1,320,307	1,867,266
Cash and cash equivalents	74,040	48,197
Restricted cash and cash equivalents	61,786	59,081
Accrued investment income	11,240	18,331
Reinsurance balances receivable, net	5,777	12,181
Reinsurance recoverable on unpaid losses	592,571	623,422
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $45,732 and $68,433 from related parties in 2020 and 2019, respectively)	51,903	77,356
Funds withheld receivable (includes $603,093 and $632,305 from related parties in 2020 and 2019, respectively)	654,805	684,441
Other assets	8,051	9,946
Total assets	2,948,455	3,568,196
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,727,193 and $2,272,418 from related parties in 2020 and 2019, respectively)	1,893,299	2,439,907
Unearned premiums (includes $122,737 and $189,797 from related parties in 2020 and 2019, respectively)	144,271	220,269
Deferred gain on retroactive reinsurance	74,941	112,950
Accrued expenses and other liabilities (includes $35,719 and $20,049 from related parties in 2020 and 2019, respectively)	53,002	32,444
Senior notes - principal amount	262,500	262,500
Less unamortized issuance costs	7,374	7,592
Senior notes, net	255,126	254,908
Total liabilities	2,420,639	3,060,478
Commitments and Contingencies
EQUITY
Preference shares	394,310	465,000
Common shares ($0.01 par value; 89,815,175 and 88,161,638 shares issued in 2020 and 2019, respectively; 84,801,161 and 83,148,458 shares outstanding in 2020 and 2019, respectively)	898	882
Additional paid-in capital	756,122	751,327
Accumulated other comprehensive income	23,857	17,836
Accumulated deficit	(615,837)	(695,794)
Treasury shares, at cost (5,014,014 and 5,013,180 shares in 2020 and 2019, respectively)	(31,534)	(31,533)
Total Maiden shareholders’ equity	527,816	507,718
Total liabilities and equity	$ 2,948,455	$ 3,568,196

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed maturities, available-for-sale, amortized cost	$ 1,163,923	$ 1,813,426
Deferred commission and other acquisition expenses	51,903	77,356
Funds withheld receivable	654,805	684,441
Reverse for loss and loss adjustment expenses	1,893,299	2,439,907
Unearned premiums	144,271	220,269
Accrued expenses and other liabilities	$ 53,002	$ 32,444
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, issued (in shares)	89,815,175	88,161,638
Common shares, outstanding (in shares)	84,801,161	83,148,458
Treasury shares, (in shares)	5,014,014	5,013,180
Affiliated Entity
Deferred commission and other acquisition expenses	$ 45,732	$ 68,433
Funds withheld receivable	603,093	632,305
Reverse for loss and loss adjustment expenses	1,727,193	2,272,418
Unearned premiums	122,737	189,797
Accrued expenses and other liabilities	$ 35,719	$ 20,049

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenues
Gross premiums written	$ 31,389	$ (528,593)
Net premiums written	28,432	(531,850)
Change in unearned premiums	77,649	979,612
Net premiums earned	106,081	447,762
Other insurance revenue	1,276	2,841
Net investment income	54,761	97,837
Net realized gains on investment	24,473	27,860
Total other-than-temporary impairment losses	(2,468)	(165)
Total revenues	184,123	576,135
Expenses
Net loss and loss adjustment expenses	41,799	452,829
Commission and other acquisition expenses	38,796	169,760
General and administrative expenses	39,118	47,218
Interest and amortization expenses	19,324	19,320
Foreign exchange and other losses (gains), net	8,526	(2,719)
Total expenses	147,563	686,408
Income (loss) from continuing operations before income taxes	36,560	(110,273)
Less: income tax benefit	(104)	(911)
Interest in income in equity method investments	5,098	0
Net income (loss) from continuing operations	41,762	(109,362)
Loss from discontinued operations, net of income tax	0	(22,541)
Net income (loss)	41,762	(131,903)
Gain from repurchase of preference shares	38,195	0
Net income (loss) available to Maiden common shareholders	$ 79,957	$ (131,903)
Basic and diluted (loss) from continuing operations per share attributable to Maiden common shareholders (in dollars per share)	$ 0.93	$ (1.32)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)	0	(0.27)
Basic and diluted (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.93	$ (1.59)
Weighted average number of common shares - basic (in shares)	84,333,514	83,061,259
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	84,333,655	83,061,259

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 41,762	$ (131,903)
Other comprehensive income
Net unrealized holdings gains on fixed maturities arising during the year	40,043	97,261
Adjustment for reclassification of net realized gains recognized in net income (loss)	(12,647)	(15,440)
Foreign currency translation adjustment	(21,340)	1,772
Other comprehensive income, before tax	6,056	83,593
Income tax expense related to components of other comprehensive income	(35)	(63)
Other comprehensive income, after tax	6,021	83,530
Comprehensive income (loss)	47,783	(48,373)
Comprehensive income attributable to non-controlling interests	0	(78)
Comprehensive income (loss) attributable to Maiden	$ 47,783	$ (48,451)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares – Series A, C and D	Preference shares – Series A, C and D Preference Shares - Series A	Preference shares – Series A, C and D Preference shares - Series C	Preference shares – Series A, C and D Preference shares - Series D	Common shares	Additional paid-in capital	Accumulated other comprehensive income	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 common shares						3	(2)
Share-based compensation expense							1,911
Change in net unrealized gains on investment	$ 81,758							81,758
Foreign currency translation adjustment								1,694			78
Net income (loss) attributable to Maiden	(131,903)								(131,903)
Gain on repurchase of preference shares	0
Shares repurchased										(18)
Acquisition of minority interest in subsidiaries											(719)
Ending balance at Dec. 31, 2019	507,718	465,000				882	751,327	17,836	(695,794)	(31,533)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (13,630)	$ (30,087)	$ (26,973)
Exercise of options and issuance of common shares						16	(16)
Share-based compensation expense							2,445
Repurchase of preference shares							2,366
Change in net unrealized gains on investment	27,361							27,361
Foreign currency translation adjustment								(21,340)
Net income (loss) attributable to Maiden	41,762								41,762
Gain on repurchase of preference shares	38,195								38,195
Shares repurchased										(1)
Ending balance at Dec. 31, 2020	$ 527,816	$ 394,310				$ 898	$ 756,122	$ 23,857	$ (615,837)	$ (31,534)	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 41,762	$ (131,903)
Add: Net loss from discontinued operations	0	22,541
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	8,689	7,820
Interest in income in equity method investments	(5,098)	0
Net realized gains on investment	(24,473)	(27,860)
Total other-than-temporary impairment losses	2,468	165
Foreign exchange and other losses (gains), net	8,526	(2,719)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	23,406	53,440
Reinsurance recoverable on unpaid losses	(7,063)	(438,489)
Accrued investment income	7,312	9,476
Deferred commission and other acquisition expenses	25,955	172,871
Funds withheld receivable	55,802	(85,062)
Other assets	(3,912)	(5,181)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(581,867)	(121,102)
Unearned premiums	(77,783)	(560,609)
Accrued expenses and other liabilities	(15,499)	(33,597)
Net cash used in continuing operations	(541,775)	(1,140,209)
Net cash used in discontinued operations	0	(2,392)
Net cash used in operating activities	(541,775)	(1,142,601)
Cash flows from investing activities:
Purchases of fixed maturities	(458,892)	(2,015,407)
Purchases of other investments	(36,821)	(8,788)
Purchases of equity method investments	(36,358)	0
Proceeds from sales of fixed maturities	505,396	1,032,438
Proceeds from maturities, paydowns and calls of fixed maturities	619,824	1,906,947
Proceeds from sale and redemption of other investments	1,932	858
Proceeds from sale and redemption of equity method investments	1,571	0
Other, net	(608)	3,242
Net cash provided by investing activities for continuing operations	596,044	919,290
Net cash used in investing activities for discontinued operations	0	(6,113)
Net cash provided by investing activities	596,044	913,177
Cash flows from financing activities:
Repurchase of preference shares	(30,129)	0
Repurchase of common shares	(1)	(18)
Net cash used in financing activities	(30,130)	(18)
Effect of exchange rate changes on foreign currency cash	4,409	(382)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	28,548	(229,824)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of year	107,278	337,102
Cash and cash equivalents and restricted cash and cash equivalents, end of year	135,826	107,278
Cash and cash equivalents, end of year	74,040	48,197
Restricted cash and cash equivalents, end of year	61,786	59,081
Cash and restricted cash and equivalents of continuing operations, end of year	135,826	107,278
Supplemental information on cash flows
Interest paid	19,106	32,702
Taxes paid	106	192
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Non-cash investing activities
Investments transferred out	0	599,613
Funds withheld arrangement
Non-cash investing activities
Investments transferred out	0	812,068
Discontinued Operations
Non-cash investing activities
Investments transferred out	$ 0	$ 68,262

Organization	12 Months Ended
Organization	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "We" or "Maiden"), Maiden previously focused on serving the needs of regional and specialty insurers in the United States ("U.S."), Europe and select other global markets. As a result of a series of actions the Company has taken in recent years, discussed below under Recent Developments, we now create shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets mostly in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We also provide a full range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core, working with clients to develop and implement finality solutions including acquiring entire companies. We expect our legacy solutions business to contribute to our active asset and capital management strategies. Short-term income protection business is written on a primary basis by our wholly owned subsidiaries Maiden Life Försäkrings AB ("Maiden LF") and Maiden General Försäkrings AB ("Maiden GF") in the Scandinavian and Northern European markets. Insurance support services are provided to Maiden LF and Maiden GF by our UK services company, Maiden Global Holdings Ltd. (“Maiden Global”) which is also a licensed intermediary in the United Kingdom. Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in the European Union ("EU") and other global markets. These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd. (“Maiden Reinsurance”). The Company is not actively underwriting reinsurance business but has some historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off. The Company continues to run-off the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") contracts, which we terminated in early 2019 as discussed below. We have also entered into a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure to and limits the potential volatility related to these AmTrust liabilities, which are discussed in "Note 8 — Reinsurance" of the Notes to Consolidated Financial Statements. 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 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 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) Maiden Holdings North America, Ltd. ("Maiden NA") completed the sale of Maiden Reinsurance North America, Inc. ("Maiden US") on December 27, 2018, as per our discussion regarding discontinued operations below; (2) Maiden Reinsurance's shareholders, Maiden Holdings and Maiden NA, each made their pro rata portion of capital injections in the aggregate 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) Maiden Reinsurance entered into a partial termination amendment ("Partial Termination Amendment") with AmTrust effective January 1, 2019 which amended the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”), as more fully described in "Note 10 — Related Party Transactions"; (4) Maiden Reinsurance 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) Maiden Reinsurance entered into the Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") with Enstar Group Limited ("Enstar') on July 31, 2019; and (6) Maiden Reinsurance 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. 1. Organization (continued) 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. Maiden US was a substantial portion of the Diversified Reinsurance segment; therefore the Company concluded that the sale represented a strategic shift that had a major effect on its ongoing operations and financial results and that all of the held for sale criteria were met. Accordingly, all transactions related to the U.S. treaty reinsurance operations were reported and presented as part the results from discontinued operations in the Condensed Consolidated Statements of Income. 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) and net income (loss) available to Maiden common shareholders. Re-domestication of Maiden Reinsurance Effective March 16, 2020, we re-domesticated our principal operating subsidiary, Maiden Reinsurance, from Bermuda to the State of Vermont in the U.S., 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") is now 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 in the aggregate. Segments As a result of the strategic decision to divest all of the Company's U.S. treaty reinsurance operations as 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 and the remnants of our retroceded U.S. treaty business had been included in the "Other" category. COVID-19 Pandemic The continuing 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 may 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. Maiden Global Holdings, Ltd.’s business development teams partner with automobile manufacturers, dealer associations and local primary insurers to design and implement point of sale insurance programs which generate revenue for the auto manufacturer and insurance premiums for the primary insurer ("IIS unit"). 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. Maiden Reinsurance has not received any COVID-19 claims to date but our companies within our IIS unit have received a limited number of claims related to those coverages which it deems as immaterial. 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. The Company's investment portfolio may be adversely impacted by unfavorable market conditions caused by the COVID-19 pandemic, and the Company and its 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 continued volatility in its results of operations which could negatively impact its financial condition and create a reduction in the amount of available distribution or dividend capacity from its regulated reinsurance subsidiaries, which would also reduce liquidity.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income (loss). As part of the Strategic Review initiated by the Company's Board of Directors in 2018, the Company made the strategic decision to divest its U.S. treaty reinsurance operations through the sale of Maiden US, completed on December 27, 2018, which had a major effect on its ongoing operations and financial results. The operating results of the Company's U.S. treaty reinsurance business for the year ended December 31, 2019 were presented as part of discontinued operations in the Consolidated Statements of Income. 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) and net income (loss) available to Maiden common shareholders. Please see “Note 6 — Discontinued Operations" for additional information related to discontinued operations. Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of other-than-temporary impairment ("OTTI") of investments. Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments - these investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2020 and 2019. Other investments — The Company accounts for its unquoted other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Unquoted other investments are comprised of investments in limited partnerships, private equity and hedge funds, and investments in direct lending entities as well as investments in start-up insurance entities. Investments in limited partnerships are not accounted for under the equity method because the Company has virtually no influence over operations and faces limitations on the timing and ability regarding investment redemptions for each of the limited partnership investments it holds. The Company's investments in limited partnerships and hedge funds are reported at fair value based on recent financial information received from the fund managers and other market information available to management, with changes in fair value reported in realized gains (losses). The investments in private equity and start-up insurance entities are reported at fair value using recent private market transactions (where applicable). Investments in direct lending entities are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of our other investments is described in Note 5 — Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. The following is a description of the nature of each of these investment categories: • Hedge funds may invest in a wide range of instruments, including debt and equity securities, and utilize various sophisticated strategies to achieve their objectives; • Private equity investments are primarily in the financial services industry; • Investments in limited partnerships are investments made in various structured investment products across a variety of industries including private credit; and • Other investments consist primarily of direct investments in technology-oriented start up companies in the insurance industry, often referred to as insurtech companies. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income (loss). 2. Significant Accounting Policies (continued) Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income as interest in income (loss) of equity method investments. The Company records its share of the investee’s OCI activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the effective yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. On a quarterly basis, all potentially impaired securities are reviewed to determine whether the impairment is temporary or OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value over a short period. The Company's review process begins with a quantitative analysis to identify securities to be further evaluated for potential classification as OTTI. For all identified securities, further fundamental analysis is performed that considers, but is not limited to, the following quantitative and qualitative factors: historic and implied volatility of the security; length of time and extent to which the fair value has been less than amortized cost; adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; failure, if any, of the issuer of the security to make scheduled payments; and recoveries or additional declines in fair value subsequent to the balance sheet date. The Company recognizes OTTI losses within earnings for its impaired fixed maturity securities (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total OTTI related to all other factors is recognized in other comprehensive income. In periods after the recognition of OTTI on the fixed maturity securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For fixed maturity securities in which an OTTI loss was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. As the Company's investment portfolio is the largest component of its consolidated assets, any OTTI on fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets. Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •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 severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. 2. Significant Accounting Policies (continued) In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy 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 quoted market prices from a third party nationally recognized 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 investment 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. Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas. Please see "Note 4. (e) Investments" for further details. Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2020 and 2019. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition expenses less anticipated investment income exceed unearned premiums. Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development. Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. 2. Significant Accounting Policies (continued) Retroactive Reinsurance - Retroactive reinsurance are reinsurance agreements under which a reinsurer agrees to reimburse the ceding Company for liabilities incurred as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. On July 31, 2019, Maiden Reinsurance entered into the LPT/ADC Agreement as discussed in "Note 8 — Reinsurance". This transaction was accounted for as retroactive reinsurance pursuant to U.S. GAAP and a deferred gain liability was recognized for an amount representing the cumulative adverse development of losses subject to the LPT/ADC Agreement. Amortization of the deferred gain will not begin until paid losses have exceeded the minimum retention under this agreement, which is estimated to be in 2024. Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets. Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the lease term in the Company's Consolidated Statements of Income. Non-controlling Interests — The Company accounts for non-controlling interests in subsidiaries in accordance with ASC Topic 810 "Consolidations", and presents any non-controlling shareholders' interest in the equity section of the Consolidated Balance Sheets. Net income attributable to non-controlling interests is presented separately in the Consolidated Statements of Income. There are no remaining non-controlling interests in subsidiaries as at December 31, 2020 and 2019. Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2020 and 2019. Share-Based Compensation Expense — The Company is authorized to issue restricted share awards and units, performance based restricted share units ("PB-RSUs"), share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options, restricted share and restricted share unit grants, based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in Consolidated Shareholders’ Equity. The estimated fair value of the PB-RSUs is recognized as a charge to compensation expense and an increase to additional paid-in capital in Consolidated Shareholders’ Equity following the satisfaction of certain criteria during the specified performance period. Forfeitures are accounted for if and when they occur. Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of options, restricted share units ("RSUs") and PB-RSUs. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options, RSUs and PB-RSUs. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain senior leaders is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. 2. Significant Accounting Policies (continued) Net income available to Maiden common shareholders per common share – basic and diluted is also adjusted for any gain or loss from redemption or induced conversion of preference shares. The gain on repurchase of preference shares had an impact of $0.45 per common share for the year ended December 31, 2020. Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI. The amount of the cumulative translation adjustment at December 31, 2020 was $(25,500) (2019 - $(4,160)). 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 ("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 ASU 2018-13 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 ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 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 AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current OTTI methodology. In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently its most significant financial asset within the scope of ASU 2016-13. 2. Significant Accounting Policies (continued) 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, 2020, the Company qualifies for SRC status, as determined on the last business day of its most recent second quarter, and thus remains 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

12 Months Ended

Dec. 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 operation of the NGHC Quota Share which was commuted in November 2019 and the remnants of our retroceded U.S. treaty business had been included in the "Other" category. Please refer to "Note 10. Related Party Transactions" for further information regarding our AmTrust Reinsurance segment.

The Company evaluates segment performance based on segment profit separately from the results of our investment portfolio. General and administrative expenses are allocated to the reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party, and restricted cash and investments. All remaining assets are allocated to Corporate.

As discussed in "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 our consolidated net income (loss) from continuing operations:


For the Year Ended December 31, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	40,457		$	(9,068)		$	31,389
Net premiums written	$	37,258		$	(8,826)		$	28,432
Net premiums earned	$	47,847		$	58,234		$	106,081
Other insurance revenue	1,276			—			1,276
Net loss and LAE	(24,909)			(16,890)			(41,799)
Commission and other acquisition expenses	(18,475)			(20,321)			(38,796)
General and administrative expenses	(6,936)			(2,552)			(9,488)
Underwriting (loss) income	$	(1,197)		$	18,471		17,274
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment							79,234
Total other-than-temporary impairment losses							(2,468)
Interest and amortization expenses							(19,324)


Foreign exchange and other losses, net							(8,526)
Other general and administrative expenses							(29,630)
Income tax benefit							104
Interest in income from equity method investments							5,098
Net income from continuing operations							$	41,762

Net loss and LAE ratio(1)	50.7		%	29.0		%	38.9		%
Commission and other acquisition expense ratio(2)	37.6		%	34.9		%	36.1		%
General and administrative expense ratio(3)	14.1		%	4.4		%	36.4		%
Expense ratio(4)	51.7		%	39.3		%	72.5		%
Combined ratio(5)	102.4		%	68.3		%	111.4		%

3. Segment Information (continued)


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


Foreign exchange and other gains, net									2,719
Other general and administrative expenses									(35,451)
Income tax benefit									911

Net loss from continuing operations									$	(109,362)

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

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

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

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

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

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

3. Segment Information (continued)

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


December 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	5,560	$	—	$	5,560
Reinsurance recoverable on unpaid losses	4,658		519,941		524,599
Deferred commission and other acquisition expenses	6,171		45,732		51,903
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	87,419		992,636		1,080,055
Funds withheld receivable	51,712		603,093		654,805
Other assets	860		—		860
Total assets - reportable segments	156,380		2,329,377		2,485,757
Corporate assets	—		—		462,698

Total Assets	$	156,380	$	2,329,377	$	2,948,455

December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	11,729	$	—	$	11,729
Reinsurance recoverable on unpaid losses	2,773		557,950		560,723
Deferred commission and other acquisition expenses	8,923		68,433		77,356
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	90,614		1,417,139		1,507,753
Funds withheld receivable	52,136		632,305		684,441
Other assets	1,670		—		1,670
Total assets - reportable segments	167,845		2,843,802		3,011,647
Corporate assets	—		—		556,549

Total Assets	$	167,845	$	2,843,802	$	3,568,196

The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2020 and 2019. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries.


For the Year Ended December 31,	2020		2019
Gross premiums written – North America	$	(10,979)	$	(567,380)
Gross premiums written – Other (predominantly Europe)	42,368		38,787
Gross premiums written – Total	$	31,389	$	(528,593)
Net premiums written – North America	$	(10,836)	$	(567,380)
Net premiums written – Other (predominantly Europe)	39,268		35,530
Net premiums written – Total	$	28,432	$	(531,850)
Net premiums earned – North America	$	(10,207)	$	363,498
Net premiums earned – Other (predominantly Europe)	116,288		84,264
Net premiums earned – Total	$	106,081	$	447,762

3. Segment Information (continued)

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


For the Year Ended December 31,	2020				2019
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	37,294	131.2	%	$	49,193	(9.3)	%
Other	(36)		(0.1)	%	(42)		—	%
Total Diversified Reinsurance	37,258		131.1	%	49,151		(9.3)	%
AmTrust Reinsurance
Small Commercial Business	(11,515)		(40.5)	%	(324,311)		61.0	%
Specialty Program	(19)		(0.1)	%	(25,869)		4.9	%
Specialty Risk and Extended Warranty	2,708		9.5	%	(230,821)		43.4	%
Total AmTrust Reinsurance	(8,826)		(31.1)	%	(581,001)		109.3	%

Total Net Premiums Written	$	28,432	100.0	%	$	(531,850)	100.0	%

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


For the Year Ended December 31,	2020				2019
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	47,883	45.1	%	$	83,733	18.7	%
Other	(36)		—	%	(42)		—	%
Total Diversified Reinsurance	47,847		45.1	%	83,691		18.7	%
AmTrust Reinsurance
Small Commercial Business	(10,938)		(10.3)	%	91,723		20.5	%
Specialty Program	33		—	%	138,380		30.9	%
Specialty Risk and Extended Warranty	69,139		65.2	%	133,968		29.9	%
Total AmTrust Reinsurance	58,234		54.9	%	364,071		81.3	%

Total Net Premiums Earned	$	106,081	100.0	%	$	447,762	100.0	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Investments

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Abstract]

Investments

As discussed in Note 2 — Significant Accounting Policies, the Company holds: (i) AFS portfolios of fixed maturity and short-term investments, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed.

a) Fixed Maturities

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


December 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Fixed maturities:
U.S. treasury bonds	$	94,468	$	34	$	—	$	94,502
U.S. agency bonds – mortgage-backed	272,124		9,439		(126)		281,437

Non-U.S. government and supranational bonds	8,641		1,067		—		9,708
Asset-backed securities	184,227		1,611		(406)		185,432
Corporate bonds	604,463		40,904		(3,035)		642,332


Total fixed maturity investments	$	1,163,923	$	53,055	$	(3,567)	$	1,213,411


December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Fixed maturities:
U.S. treasury bonds	$	94,921	$	704	$	—	$	95,625
U.S. agency bonds – mortgage-backed	533,296		6,717		(1,291)		538,722

Non-U.S. government and supranational bonds	11,796		294		(91)		11,999
Asset-backed securities	187,881		821		(532)		188,170
Corporate bonds	981,441		31,140		(15,725)		996,856
Municipal bonds	4,091		55		—		4,146

Total fixed maturity investments	$	1,813,426	$	39,731	$	(17,639)	$	1,835,518

The contractual maturities of our fixed maturities are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Fixed maturities
December 31, 2020	Amortized cost		Fair value
Maturity
Due in one year or less	$	100,916	$	101,661
Due after one year through five years	520,007		550,468
Due after five years through ten years	86,649		94,413

	707,572		746,542
U.S. agency bonds – mortgage-backed	272,124		281,437

Asset-backed securities	184,227		185,432
Total fixed maturities	$	1,163,923	$	1,213,411

4. Investments (continued)

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


	Less than 12 Months				12 Months or More				Total
December 31, 2020	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

U.S. agency bonds – mortgage-backed	$	19,360	$	(85)	$	5,646	$	(41)	$	25,006	$	(126)


Asset-backed securities	13,371		(217)		31,052		(189)		44,423		(406)
Corporate bonds	31,839		(890)		65,296		(2,145)		97,135		(3,035)

Total temporarily impaired fixed maturities	$	64,570	$	(1,192)	$	101,994	$	(2,375)	$	166,564	$	(3,567)

At December 31, 2020, there were 53 securities in an unrealized loss position with a fair value of $166,564 and unrealized losses of $3,567. Of these securities in an unrealized loss position, there were 35 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $101,994 and unrealized losses of $2,375.


	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 in an unrealized loss position, there were 67 securities in our portfolio 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.

OTTI

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At December 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 the Company's analysis, our fixed maturity portfolio is of high credit quality and we believe the amortized cost basis of the securities will be ultimately recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that the contractual or estimated cash flows in the form of principal and interest will be received. For the year ended December 31, 2020, $2,468 of OTTI charges were recognized in earnings on four fixed maturity securities, compared to $165 of OTTI charges in earnings on one fixed maturity security for the year ended December 31, 2019.

4. Investments (continued)

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


December 31, 2020	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	94,468	$	94,502	7.8	%
U.S. agency bonds	272,124		281,437		23.2	%
AAA	96,453		97,515		8.0	%
AA+, AA, AA-	114,751		118,534		9.8	%
A+, A, A-	265,725		281,364		23.2	%
BBB+, BBB, BBB-	274,406		292,493		24.1	%
BB+ or lower	45,996		47,566		3.9	%
Total fixed maturities(1)	$	1,163,923	$	1,213,411	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) Based on Standard & Poor’s ("S&P"), or equivalent, ratings

b) Other Investments and Equity Method Investments

Other investments

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


December 31,	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total

Private equity investments	$	24,595	36.7	%	$	—	—	%
Investment in limited partnerships	3,044		4.5	%	3,077		9.7	%
Other investments	2,800		4.2	%	1,800		5.7	%
Total other investments at fair value	30,439		45.4	%	4,877		15.4	%
Investments in direct lending entities (at cost)	36,571		54.6	%	26,871		84.6	%
Total other investments	$	67,010	100.0	%	$	31,748	100.0	%

The Company's investments in direct lending entities of $36,571 at December 31, 2020 (2019 - $26,871) are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. Please see "Note 5(d) - Fair Value Measurements" for additional information regarding this investment.

Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those other investments.

4. Investments (continued)

The Company's remaining unfunded commitments on other investments as at December 31, 2020 and 2019 was as follows:


December 31,	2020				2019
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	43,164	68.2	%	$	—	—	%
Investments in direct lending entities	19,823		31.3	%	767		69.3	%
Investment in limited partnerships	326		0.5	%	340		30.7	%
Total unfunded commitments on other investments	$	63,313	100.0	%	$	1,107	100.0	%

Equity Method Investments

Certain of the Company's investments include an interest in variable interest entities ("VIE's") which are not consolidated limited partnerships, as it has been determined that the Company is not the primary beneficiary, however there is limited influence and accordingly these investments are reported under the equity method of accounting. The table below shows the composition of the Company's equity method investments as at December 31, 2020 and 2019:


December 31,	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	29,435	73.8	%	$	—	—	%
Private equity investments	10,451		26.2	%	—		—	%
Total equity method investments	$	39,886	100.0	%	$	—	—	%

c) Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2020 and 2019:


For the Year Ended December 31,	2020		2019
Fixed maturities	$	36,258	$	83,839
Income on funds withheld	15,942		20,307
Interest income from loan to related party	3,996		6,983
Cash and cash equivalents and other investments	1,402		2,931
	57,598		114,060
Interest expense paid on LPT/ADC Agreement and Commutation Payment(1)	—		(13,596)
Investment expenses	(2,837)		(2,627)
Net investment income	$	54,761	$	97,837

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

d) Net Realized Gains (Losses) on Investment

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables provide an analysis of net realized gains (losses) on investment included in the Consolidated Statements of Income for the years ended December 31, 2020 and 2019:


For the Year Ended December 31, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	24,101	$	(1)	$	24,100
Other investments	392		(19)		373
Net realized gains (losses) on investment	$	24,493	$	(20)	$	24,473

4. Investments (continued)


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

Realized gains and losses from other investments detailed in the tables above includes both sales of securities and unrealized gains and losses from fair value changes. The portion of unrealized gains (losses) recognized within net income (loss) for other investments still held at the end of December 31, 2020 and 2019, respectively, were as follows:


For the Year Ended December 31,	2020		2019
Net gains recognized for other investments during the period	$	373	$	102
Less: Net gains recognized for other investments divested during the period	(373)		(591)
Unrealized losses recognized for other investments still held at reporting date	$	—	$	(489)

Proceeds from sales of fixed maturities were $505,396 and $1,032,438 for the years ended December 31, 2020, and 2019, respectively.

Net unrealized gains on fixed maturity investments were as follows at December 31, 2020 and 2019, respectively:


December 31,	2020		2019
Fixed maturities	$	49,488	$	22,092


Deferred income tax	(131)		(96)
Net unrealized gains, net of deferred income tax	$	49,357	$	21,996
Change, net of deferred income tax	$	27,361	$	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 mostly cash and highly rated fixed maturities. The fair values of these restricted assets were as follows at December 31, 2020 and 2019:


December 31,	2020		2019
Restricted cash – third party agreements	$	20,547	$	21,447
Restricted cash – related party agreements	41,239		37,634
Total restricted cash	61,786		59,081
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2020 – $63,253; 2019 – $65,539)	63,281		65,678
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2020 – $913,466; 2019 – $1,366,873)	954,988		1,382,994

Total restricted investments	1,018,269		1,448,672
Total restricted cash and investments	$	1,080,055	$	1,507,753

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments measured at fair value

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

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

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

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

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

Other investments — Includes unquoted investments comprised of private equity investments, limited partnerships, and other investments.

•Private equity investments: These are privately held equity investments in common and preferred stock. The fair values of these investments are estimated using : 1) recent private market transactions and are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation and 2) most recently available NAV as advised by the external fund manager or third-party administrator and, therefore are measured using the NAV as a practical expedient.

•Investment in limited partnerships: The investments in limited partnerships are primarily comprised of investments in certain private equity funds. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values of these investments are therefore measured using the NAV as a practical expedient.

•Other investments: The other investments are comprised of investments in insurtech and other insurance focused companies. The fair value of the start-up insurance entities are determined using recent private market transactions. The fair value of these investments are included in the Level 3 fair value hierarchy due to unobservable market data used for valuation.

b) Fair Value Hierarchy

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

5. Fair Value Measurements (continued)

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


December 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	$	94,502		$	—		$	—		$	—		$	94,502
U.S. agency bonds – mortgage-backed	—			281,437			—			—			281,437

Non-U.S. government and supranational bonds	—			9,708			—			—			9,708
Asset-backed securities	—			185,432			—			—			185,432
Corporate bonds	—			642,332			—			—			642,332

Other investments	—			—			26,094			4,345			30,439
Total	$	94,502		$	1,118,909		$	26,094		$	4,345		$	1,243,850
As a percentage of total assets	3.2		%	37.9		%	0.9		%	0.1		%	42.1		%


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

The Pricing Service was utilized to estimate fair value measurements for 99.1% and 99.7% of our fixed maturities at December 31, 2020 and 2019, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy.

At December 31, 2020 and 2019, approximately 0.9% and 0.3%, respectively, of the Level 2 fixed maturities are valued using the market approach. At December 31, 2020, two securities or $10,809 (2019 - one security or $5,481) of fixed maturities classified as Level 2 was priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At December 31, 2020 and 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 direct lending entities 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 respective periods represented in these Consolidated Financial Statements.

5. Fair Value Measurements (continued)

c) Level 3 Financial Instruments

At December 31, 2020, the Company has private equity and other investments of $26,094 (2019 - $1,800) which includes privately held equity investments in common and preferred stock. The fair values of these investments are estimated using recent private market transactions and are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

d) Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried at fair value, except for certain financial instruments related to insurance contracts.

At December 31, 2020, the carrying values of cash and cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party and certain other assets and liabilities approximate their fair values due to the inherent short duration. As these financial instruments are not actively traded, their fair values are classified as Level 2.

The investments made by direct lending entities are carried at cost less impairment, if any, which approximates fair value. This fair value estimates are not based on observable market data and, as a result, have been categorized as Level 3.

The fair values of the Senior Notes are based on indicative market pricing obtained from a third-party pricing service which uses observable market inputs, and therefore, their fair values are classified as Level 2.

The following table presents the respective carrying value and fair value for the Senior Notes as at December 31, 2020 and 2019:


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value






Senior Notes - MHLA – 6.625%	$	110,000	$	90,772	$	110,000	$	86,460
Senior Notes - MHNC – 7.75%	152,500		132,126		152,500		137,067
Total Senior Notes	$	262,500	$	222,898	$	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

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Sale of U.S. Treaty Reinsurance operations

On December 27, 2018, the Company completed its sale agreement ("U.S. Sale Agreement") with Enstar Holdings (US) LLC ("Enstar U.S."), pursuant to which Maiden NA sold Maiden US to Enstar U.S. for gross consideration of $286,375, which was subject to certain post-closing adjustments. In conjunction with the completion of the Settlement and Commutation Agreement, on July 31, 2019, Maiden NA and Enstar U.S. waived the post-closing adjustments set forth in the U.S. Sale Agreement and terminated the $25,000 excess of loss reinsurance agreement that Maiden Reinsurance had provided to Enstar in relation to the Maiden US loss reserves acquired by Enstar. As a result of these agreements, Maiden recorded a net additional loss from discontinued operations of $16,714 for the year ended December 31, 2019.

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


For the Year Ended December 31,	2019





Net loss and loss adjustment expenses	$	6,363

General and administrative expenses	(2,392)


Income from discontinued operations before income tax	3,971
Loss on disposal of discontinued operations	(25,474)
Income tax expense	(1,038)
Loss from discontinued operations, net of income tax	$	(22,541)

As described above, as a result of the Settlement and Commutation Agreement entered into by Maiden and Enstar on July 31, 2019, Maiden recorded an additional loss from discontinued operations of $16,714 for the year ended December 31, 2019, which is included in the net loss from discontinued operations of $22,541 in the table above.

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At December 31, 2020 and 2019, both Maiden Holdings and its wholly owned subsidiary, Maiden NA, had 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 outstanding at December 31, 2020 and 2019:


December 31, 2020	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,516			3,858			7,374
Carrying value	$	106,484		$	148,642		$	255,126

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 year ended December 31, 2020 was $19,106 (2019 - $19,106), of which $1,342 was accrued at both December 31, 2020 and 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 was $218 for the year ended December 31, 2020 (2019 - $214).

Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part, 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 days and not more than sixty days' notice prior to the redemption date.

Reinsurance

12 Months Ended

Dec. 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 years ended December 31, 2020 and 2019 was as follows:


For the Year Ended December 31,	2020		2019
Premiums written
Direct	$	19,550	$	16,637
Assumed	11,839		(545,243)
Ceded	(2,957)		(3,244)
Net	$	28,432	$	(531,850)
Premiums earned
Direct	$	19,711	$	16,118
Assumed	89,461		434,559
Ceded	(3,091)		(2,915)
Net	$	106,081	$	447,762
Loss and LAE
Gross loss and LAE	$	57,146	$	453,478
Loss and LAE ceded	(15,347)		(649)
Net	$	41,799	$	452,829

The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2020 was $592,571 (2019 - $623,422) presented in the Consolidated Balance Sheets. At December 31, 2020 and 2019, the Company had no valuation allowance against reinsurance recoverable on unpaid losses.

On December 27, 2018, Cavello Bay Reinsurance Limited ("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 reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $67,972 at December 31, 2020 (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. 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 December 31, 2020, the reinsurance recoverable on unpaid losses under the retroactive reinsurance agreement was $519,941 while the deferred gain liability was $74,941 (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 December 31, 2020.

Settlement of funding for the LPT/ADC Agreement occurred on August 12, 2019 and Maiden Reinsurance paid Enstar $7,261 in interest related to the LPT/ADC Agreement premium, calculated at the rate of 2.64% per annum from January 1, 2019 through August 12, 2019.

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

General

The Company uses both historical experience and industry-wide loss development factors to provide a reasonable basis for estimating future losses. In the future, certain events may be beyond the control of management, such as changes in law, judicial interpretations of law, and rates of inflation, which may favorably or unfavorably impact the ultimate settlement of the Company’s loss and LAE reserves.

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

The reserving process begins with the collection and analysis of paid losses and incurred claims data for each of the Company's contracts. While reserves are mostly reviewed on a contract by contract basis, paid loss and incurred claims data is also aggregated into reserving segments. The segmental data is disaggregated by reserving class and further disaggregated by either accident year (i.e. the year in which the loss event occurred) or by underwriting year (i.e. the year in which the contract generating the premium and losses incepted). In cases where the Company uses underwriting year information, reserves are subsequently allocated to the respective accident year. The reserve for loss and LAE comprises:


December 31,	2020		2019
Reserve for reported loss and LAE	$	998,691	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	894,608		1,168,549
Reserve for loss and LAE	$	1,893,299	$	2,439,907

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


For the Year Ended December 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	58,332		328,194
Prior years	(16,533)		124,635
	41,799		452,829
Net paid losses related to:
Current year	(22,405)		(101,654)
Prior years	(608,324)		(1,025,381)
	(630,729)		(1,127,035)
Retroactive reinsurance adjustment	38,009		(557,950)
Effect of foreign exchange rate movements	35,164		(5,592)
Net loss and LAE reserves, December 31	1,300,728		1,816,485
Reinsurance recoverable on unpaid losses, December 31	592,571		623,422
Gross loss and LAE reserves, December 31	$	1,893,299	$	2,439,907

Actuarial Methods Used to Estimate Loss and LAE Reserves

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

The Expected Loss Ratio ("ELR") method is a technique that is multiplicative and applies an expected loss ratio to premium earned to yield the estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors. This technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses.

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

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

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

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

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

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

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

Prior Year Development

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The following table summarizes the favorable (adverse) prior period development experienced in each of our reportable segments for the years ended December 31, 2020 and 2019:


For the Year Ended	Diversified Reinsurance		AmTrust Reinsurance		Other		Total
December 31, 2020	$	1,295	$	15,238	$	—	$	16,533
December 31, 2019	1,488		(113,722)		(312)		(112,546)

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

During 2020, the Company decreased incurred losses for 2019 and prior accident years by $16,533 or 0.9% of prior year net loss and LAE reserves. This was in contrast to increased incurred losses for 2018 and prior accident years of $124,635 or 4.1% during 2019. The net favorable prior year loss development of $16,533 for the year ended December 31, 2020 was primarily driven by $15,238 of favorable loss development in the AmTrust Reinsurance segment combined with net favorable loss development of $1,295 in the Diversified Reinsurance segment.

In addition, some premium for prior accident years is reported to the Company in subsequent periods which leads to increases in the provision for loss and LAE in prior years during current periods, that is not considered adverse development. During 2020, incurred losses in the AmTrust segment were unaffected by changes in premiums for prior accident years. For 2019, incurred losses of $21,710 were associated with earned premiums of $36,739 that were reported during 2019 attributable to prior accident years in the AmTrust segment.

In the Diversified Reinsurance segment, net favorable prior year loss development was $1,295 for the year ended December 31, 2020 (2019 - $1,488) primarily due to favorable development in facultative reinsurance run-off lines partly offset by adverse development in European Capital Solutions. The favorable prior year development of $1,488 for the year ended December 31, 2019 was primarily due to favorable reserve development in German Auto Programs as well as facultative reinsurance run-off lines.

In the AmTrust Reinsurance segment, net favorable prior year development was $15,238 for the year ended December 31, 2020 (2019 - adverse $113,722). This was primarily due to favorable development of $39,016 in Workers Compensation and favorable development of $12,889 in Other lines, partly offset by adverse development of $17,650 in Commercial Auto Liability and adverse development of 18,334 in General Liability.

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

Retroactive reinsurance adjustment of $38,009 represents the decrease in the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello that was recognized in the year ended December 31, 2020 (2019 - $557,950 increase) in the reconciliation of our beginning and ending gross and net loss and LAE reserves presented above. The $38,009 adjustment includes the corresponding decrease in the deferred gain on retroactive reinsurance for favorable development both on reserves covered under the LPT/ADC Agreement of $14,304 and Workers Compensation commuted losses of $23,705 during the year ended December 31, 2020 (2019 - $112,950 increase in deferred gain liability). The deferred gain on retroactive reinsurance represents the cumulative adverse development under the AmTrust Quota Share covered under the LPT/ADC Agreement at December 31, 2020 and 2019. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2024.

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

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

a)Claims Development

The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last ten calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for both of our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2020. Information prior to 2020 is included as unaudited supplementary information. Only ten years of information has been presented as it was impractical to obtain the sufficiently detailed additional information on earlier years. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2020 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so.

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

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

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

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

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

Diversified Reinsurance Segment

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

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

Diversified Reinsurance - International

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

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

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


Diversified Reinsurance - International	Incurred loss and LAE, net of reinsurance																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	85,125	$	84,642	$	84,570	$	84,321	$	82,702	$	84,777	$	86,777	$	86,470	$	87,511	$	87,623	$	749
2011	53,559		52,042		52,063		52,249		52,207		52,037		52,416		52,662		52,621		52,580		(12)
2012			54,357		52,501		52,788		52,895		52,977		53,238		52,957		52,909		52,838		47
2013					48,443		53,644		54,970		54,472		55,072		55,293		55,682		55,612		(160)
2014							42,870		48,714		48,595		48,497		48,270		48,346		48,085		173
2015									42,979		44,399		44,908		44,345		44,361		44,201		(461)
2016											38,793		40,817		40,155		40,114		40,511		(4)
2017													36,914		36,366		35,292		34,173		(437)
2018															45,194		43,148		43,406		44
2019																	36,802		37,895		1,644
2020																			27,928		11,876
Total																			$	524,852	$	13,459
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	36,257	$	45,772	$	50,912	$	52,650	$	54,239	$	55,754	$	57,234	$	58,916	$	60,353	$	61,541
2011	26,454		48,866		50,618		51,863		52,284		52,517		52,658		52,772		52,837		52,929
2012			25,489		43,637		46,035		47,130		47,459		48,042		48,156		48,169		48,261
2013					26,170		45,538		48,033		49,381		49,852		50,067		50,145		50,472
2014							23,985		42,325		44,612		45,843		46,101		46,208		46,280
2015									21,935		39,569		41,648		42,680		43,099		43,395
2016											22,596		36,744		38,578		39,342		39,968
2017													19,240		33,701		35,515		36,314
2018															20,843		37,467		38,930
2019																	17,034		29,825
2020																			15,782
Total																			463,697
Total net reserves																			$	61,155

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

Diversified Reinsurance - European Capital Solutions

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


Diversified Reinsurance - European Capital Solutions	Incurred loss and LAE, net of reinsurance										At December 31, 2020
For the Year Ended December 31,	2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited
2016	$	5,203	$	5,282	$	5,696	$	5,946	$	6,290	$	34
2017			9,261		10,727		9,587		9,256		688
2018					24,035		25,992		26,623		7,249
2019							16,273		16,664		5,219
2020									259		128
Total									$	59,092	$	13,318
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited
2016	$	849	$	2,510	$	3,544	$	4,965	$	5,105
2017			2,077		4,387		6,158		6,917
2018					3,397		6,230		12,987
2019							5,945		6,226
2020									18
Total									31,253
Total net reserves									$	27,839

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

Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95%. Above and below the defined corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2020, the projected amount covered by the Loss Corridor is $38,984. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement.

Recoverables from the LPT/ADC Agreement are displayed in the column "Impact of LPT/ADC" in the tables below. Amounts have been allocated to Accident Year and line of business according to the timing of the respective losses, based on the currently projected payout patterns. These allocations may shift over time as actual payments are made and payout patterns are re–estimated. Please refer to "Note 8 — Reinsurance" for additional information regarding the LPT/ADC Agreement..

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

AmTrust Reinsurance: Workers’ Compensation

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

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


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	2,665	$	2,529
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		110,175		109,664		109,021		1,370		3,086
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		127,215		127,381		126,621		6,602		5,720
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		138,600		139,685		141,272		6,624		7,942
2012			136,960		168,016		173,946		171,040		172,692		181,616		192,087		188,879		192,263		11,706		12,939
2013					237,019		245,765		238,392		242,447		261,915		276,249		273,571		281,580		18,079		19,411
2014							379,589		365,515		382,260		419,748		457,363		455,521		449,374		35,147		37,364
2015									474,140		474,212		526,269		551,145		545,271		549,857		43,175		56,114
2016											528,906		568,006		627,728		603,529		579,849		69,537		68,467
2017													615,957		654,362		613,577		593,920		50,255		84,180
2018															592,566		580,528		575,765		43,320		98,477
2019																	12,751		9,945		1,311		—
Total																			$	3,695,584	$	289,791	$	396,229
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709	$	82,286
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103		101,823		102,877		103,771
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014		115,959		116,332		114,730
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579		124,315		125,843		129,408
2012			45,030		88,382		119,059		138,706		150,543		158,807		164,512		168,154		172,251
2013					56,249		121,182		168,785		199,300		216,527		227,502		234,342		248,103
2014							69,512		189,954		268,467		321,258		355,414		370,176		383,529
2015									86,695		246,616		338,642		388,640		417,736		448,867
2016											110,051		284,501		380,602		428,651		449,347
2017													111,508		274,596		448,551		485,611
2018															110,954		409,986		465,762
2019																	3,907		5,821
Total																			3,089,486
			All outstanding liabilities prior to 2008, net of reinsurance																249
Total net reserves excluding impact of ADC																			606,347
Impact of ADC																			(396,229)
Total net reserves including impact of ADC																			$	210,118

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

AmTrust Reinsurance: General Liability

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

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

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


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996	$	40,398	$	3,521	$	202
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		35,138		35,410		36,228		1,199		290
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		42,884		43,062		45,490		1,296		866
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		52,746		53,499		55,607		2,268		1,307
2012			21,281		33,445		42,450		48,851		50,800		55,991		59,948		63,429		63,704		5,147		1,963
2013					42,021		43,116		66,869		68,641		79,731		89,204		92,032		95,050		4,452		3,207
2014							65,469		66,558		77,930		99,873		111,970		116,085		119,367		11,697		5,837
2015									118,111		95,766		122,942		139,518		154,071		154,529		19,486		10,026
2016											98,149		114,864		120,911		148,371		147,858		28,163		13,924
2017													116,158		133,533		165,268		161,354		39,884		18,703
2018															121,991		153,822		148,817		60,290		24,162
2019																	5,427		6,017		4,883		—
Total																			$	1,074,419	$	182,286	$	80,487
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878		33,473		32,487		34,984
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317		39,214		39,888		42,509
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257		47,141		49,178		51,492
2012			5,084		13,224		18,020		29,752		40,864		45,775		53,526		56,538		55,350
2013					4,996		10,226		32,249		44,698		58,377		70,074		76,996		83,571
2014							3,503		24,581		36,026		57,678		77,259		86,101		92,861
2015									20,849		33,963		52,350		79,291		98,278		112,542
2016											6,402		21,959		45,855		67,064		88,627
2017													6,967		27,001		51,545		79,531
2018															7,907		24,618		42,792
2019																	27		314
Total																			721,826
			All outstanding liabilities prior to 2008, net of reinsurance																135
Total net reserves excluding impact of ADC																			352,728
Impact of ADC																			(80,487)
Total net reserves including impact of ADC																			$	272,241

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

AmTrust Reinsurance: Commercial Auto Liability

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

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

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


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	2,083	$	81
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		31,033		31,064		31,082		502		72
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		41,996		42,070		40,637		218		28
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		36,065		34,643		34,707		489		37
2012			20,863		32,691		40,076		44,812		48,116		46,150		45,753		45,917		45,902		83		—
2013					33,473		44,771		50,647		59,702		63,162		62,163		63,620		63,532		383		26
2014							47,525		55,023		73,966		82,427		89,299		92,572		94,238		1,885		123
2015									66,967		92,955		106,560		119,141		127,560		129,849		3,298		353
2016											121,828		118,210		144,077		171,504		170,275		10,345		1,468
2017													156,575		189,257		220,457		230,972		36,791		3,930
2018															177,150		224,780		230,200		67,728		10,153
2019																	79,172		77,371		36,931		—
2020																			—		(7)		$	—
Total																			$	1,186,511	$	160,729	$	16,271
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842		30,204		31,194		30,337
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750		40,282		40,395		40,407
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130		33,155		33,451		33,872
2012			6,693		14,979		26,508		35,460		43,745		44,165		45,555		45,751		45,819
2013					8,267		19,865		34,379		48,122		57,349		59,600		62,331		62,562
2014							8,450		22,858		42,960		64,459		79,766		87,458		90,761
2015									13,102		39,179		62,945		86,433		107,707		118,753
2016											19,071		48,595		76,635		113,174		133,826
2017													26,863		69,657		115,623		154,600
2018															30,018		67,080		107,184
2019																	9,456		22,799
2020																			7
Total																			875,909
			All outstanding liabilities prior to 2008, net of reinsurance																65
Total net reserves excluding impact of ADC																			310,667
Impact of ADC																			(16,271)
Total net reserves including impact of ADC																			$	294,396

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

AmTrust Reinsurance: European Hospital Liability

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

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


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	53,686	$	25,077	$	38,818	$	53,632	$	51,016	$	70,247	$	68,115	$	65,312	$	67,770	$	68,076	$	(2,016)
2012			86,197		87,851		87,000		111,555		99,792		94,490		122,115		127,380		128,394		5,327
2013					52,960		66,535		69,407		91,182		83,373		106,864		113,194		114,707		6,568
2014							55,098		58,019		62,145		69,148		87,192		92,886		94,020		8,802
2015									51,369		49,873		64,935		71,395		74,802		75,060		7,381
2016											48,094		55,367		72,467		75,207		73,562		8,135
2017													44,277		56,413		58,715		57,146		7,174
2018															48,199		34,186		35,196		867
2019																	17,174		15,897		2,127
Total																			$	662,058	$	44,365
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	1,185	$	4,696	$	13,855	$	25,424	$	31,100	$	38,642	$	44,708	$	49,239	$	53,327	$	58,251
2012			5,195		16,611		37,805		49,240		63,306		74,646		83,322		89,942		100,802
2013					3,228		16,238		27,939		42,628		53,587		60,054		67,891		82,179
2014							4,544		12,799		26,605		37,866		42,489		50,120		62,995
2015									3,752		11,932		24,634		31,439		37,756		49,524
2016											3,872		11,502		19,057		25,349		37,625
2017													1,382		4,772		8,178		15,873
2018															995		2,449		5,836
2019																	12,388		1,731
Total																			414,816
Total net reserves																			$	247,242

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

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


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	(779)	$	—
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		15,653		14,617		15,750		379		—
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		17,059		15,438		15,905		52		—
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		23,506		21,469		21,515		155		—
2012			14,697		18,443		19,426		21,898		18,673		19,850		20,260		19,578		17,969		(140)		152
2013					17,806		17,630		28,058		22,918		21,313		21,669		21,735		20,644		498		246
2014							20,597		25,268		26,021		24,958		26,278		24,929		21,496		(2)		123
2015									52,706		54,857		49,631		49,463		47,882		44,939		793		50
2016											79,654		74,948		72,384		73,602		67,060		3,039		113
2017													104,637		96,812		92,904		96,196		1,252		218
2018															96,910		103,489		101,553		(1,795)		627
2019																	37,945		43,146		597		—
2020																			—		(29)		—
Total																			$	490,218	$	4,020	$	1,529
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224		15,051		14,009		14,954
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919		16,786		15,285		15,853
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892		23,661		21,481		21,343
2012			10,308		14,031		16,033		16,936		17,946		18,205		18,685		17,559		18,071
2013					11,877		15,997		17,509		20,258		20,456		20,447		19,343		20,146
2014							12,028		20,277		20,940		22,018		26,194		21,405		21,497
2015									28,929		45,208		42,631		41,962		44,179		43,622
2016											42,795		69,805		65,452		63,234		63,450
2017													48,903		80,726		80,735		93,212
2018															56,539		86,455		98,386
2019																	22,095		38,793
2020																			4
Total																			474,037
	All outstanding liabilities prior to 2008, net of reinsurance																		(1)
Total net reserves excluding impact of ADC																			16,180
Impact of ADC																			(1,529)
Total net reserves including impact of ADC																			$	14,651

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

Reconciliation of Development Tables to Consolidated Balance Sheet

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2020:


	December 31, 2020
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
International	$	61,155	$	4,658	$	65,813
European Capital Solutions	27,839		—		27,839
Other reconciling items	4,482		67,972		72,454
Total Diversified Reinsurance - Segment	93,476		72,630		166,106

AmTrust Reinsurance
Workers' Compensation	210,118		396,229		606,347
General Liability	272,241		80,487		352,728
Commercial Auto Liability	294,396		16,271		310,667
European Hospital Liability	247,242		—		247,242
All Other Lines	14,651		1,529		16,180
Total	1,038,648		494,516		1,533,164
Other reconciling items	168,604		25,425		194,029
Total AmTrust Reinsurance - Segment	1,207,252		519,941		1,727,193


Total reserves and LAE	$	1,300,728	$	592,571	$	1,893,299

b)Claims duration disclosure

The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2020:


	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	50.0	%	37.2	%	5.2	%	2.7	%	(0.4)	%	—	%	(0.5)	%	(0.3)	%	1.9	%	4.8	%
European Capital Solutions	18.2	%	18.8	%	20.2	%	19.6	%	4.3	%	—	%	—	%	—	%	—	%	—	%
AmTrust Reinsurance
Workers' Compensation	18.6	%	31.5	%	17.7	%	9.1	%	5.6	%	4.1	%	3.1	%	2.4	%	1.3	%	1.6	%
General Liability	6.1	%	10.9	%	13.7	%	16.7	%	14.8	%	9.8	%	7.4	%	6.3	%	2.0	%	3.2	%
Commercial Auto Liability	11.9	%	17.6	%	19.0	%	19.3	%	14.4	%	6.8	%	4.1	%	0.9	%	0.9	%	1.1	%
European Hospital Liability	3.6	%	8.1	%	12.3	%	12.7	%	11.3	%	9.3	%	6.9	%	7.2	%	7.1	%	7.1	%
All other lines	56.9	%	32.3	%	2.5	%	5.9	%	6.2	%	(0.8)	%	3.1	%	(0.6)	%	(0.7)	%	(0.2)	%

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

Related Party Transactions

12 Months Ended

Dec. 31, 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 7.9% of the outstanding shares of the Company and Barry Zyskind (the Company's non-executive chairman) owns or controls approximately 7.4% 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 chief executive officer and chairman of AmTrust. Leah Karfunkel, George Karfunkel and Barry Zyskind own or control approximately 53.2% of the ownership interests of Evergreen Parent LP, the ultimate parent of AmTrust.

The following describes transactions that have transpired 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"), pursuant to which Maiden Reinsurance and AmTrust's Bermuda reinsurance subsidiary, AII, entered 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 premiums written. On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share to add Retail Commercial Package Business to the Covered Business. AII receives a ceding commission of 34.375% on Retail Commercial Package Business. On July 1, 2016, the agreement was renewed through June 30, 2019. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%.

Effective July 1, 2013, for the Specialty Program portion of Covered Business only, AII was responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement.

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 including: (a) all losses incurred in Accident Year 2017 and Accident Year 2018 under California workers' compensation policies and as defined in the AmTrust Quota Share ("Commuted California Business"); and (b) all losses incurred in Accident Year 2018 under New York workers' compensation policies ("Commuted New York Business"), and together with the Commuted California Business ("Commuted Business") in exchange for the release and full discharge of Maiden Reinsurance from all of its obligations to AII with respect to the Commuted Business. The Commuted Business excludes any business classified by AII as Specialty Program or Specialty Risk business.

Maiden Reinsurance transferred cash and invested assets in the amount of $312,786 ("Commutation Payment") which is the sum of the net ceded reserves in the amount of $330,682 with respect to the Commuted Business as of December 31, 2018 less payments in the amount of $17,896 made by Maiden Reinsurance with respect to the Commuted Business from January 1, 2019 through July 31, 2019. Settlement of the Commutation Payment occurred on August 12, 2019 and Maiden Reinsurance paid AII approximately $6,335 in interest related to the Commutation Payment premium, calculated at the rate of 3.30% per annum from January 1, 2019 through August 12, 2019.

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.

10. Related Party Transactions (continued)

European Hospital Liability Quota Share

Effective April 1, 2011, Maiden Reinsurance entered into the European Hospital Liability Quota Share with AEL and AIU DAC. 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.

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. Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2020 and 2019, respectively:


For the Year Ended December 31,	2020		2019
Gross and net premiums written	$	(9,068)	$	(581,001)
Net premiums earned	57,992		364,711
Net loss and loss adjustment expenses	(17,031)		(402,679)
Commission and other acquisition expenses	(20,321)		(139,862)

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 the AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance 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 can take the form of (a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts, (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. Maiden Reinsurance satisfied its collateral requirements under the AmTrust Quota Share with AII as follows:

•.by lending funds of $167,975 at December 31, 2020 and 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, is carried at cost, and interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. The interest income on the loan was $3,996 for the year ended December 31, 2020 (2019 - $6,983) and the effective yield was 2.4% (2019 - 4.2%).

•.on January 30, 2019, in connection with the termination of the reinsurance agreements described above, the Company and AmTrust amended 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 AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral at December 31, 2020 was approximately $666,879 (2019 - $1,155,955) and the accrued interest was $3,048 (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 year ended December 31, 2020. At December 31, 2020, the balance of funds withheld was $575,000 (2019 - $575,000) and the accrued interest was $3,845 (2019 - $5,073). The interest income on the funds withheld receivable was $15,297 for the year ended December 31, 2020 (2019 - $19,572).

10. Related Party Transactions (continued)

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit to AmTrust on behalf of Maiden Reinsurance in an amount representing 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 (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required.

Effective July 31, 2019, the PTEs: i) enable the operation of both the LPT/ADC Agreement and MCA by making provision for certain forms of collateral, including letters of credit provided by Cavello on Maiden Reinsurance’s behalf, and further defines the permitted use and return of collateral; and ii) increase the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 105% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Under certain defined conditions, Maiden Reinsurance may be required to increase this funding percentage to 110%.

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 strengthened 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 strengthened 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 collateral held in reinsurance trust accounts at December 31, 2020 was $318,063 (2019 - $253,631) and the accrued interest was $2,283 (2019 - $1,821). For AIU DAC, Maiden Reinsurance utilizes funds withheld to satisfy its collateral requirements. 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. At December 31, 2020, the funds withheld balance was $28,093 (2019 - $57,305) and the accrued interest was $318 (2019 - $269). The interest income on the funds withheld receivable was $350 for the year ended December 31, 2020 (2019 - $268).

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 $725 of reinsurance brokerage expense for the year ended December 31, 2020 (2019 - $4,559), and deferred reinsurance brokerage of $1,534 at December 31, 2020 (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 $1,369 of investment management fees for the year ended December 31, 2020 (2019 - $2,512) under this agreement.

10. Related Party Transactions (continued)

On September 9, 2020, Maiden Reinsurance, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden Reinsurance and AIIM, and the release by Maiden Reinsurance of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement.

On November 13, 2020, Maiden LF, Maiden GF, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden LF, Maiden GF and AIIM, and the release by Maiden LF and Maiden GF of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management 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 $100 of annual fees for the year ended December 31, 2020 (2019 - $101 which included the initial retainer plus fees).

683 Capital Partners, LP (“683 Partners”)

At December 31, 2020, 683 Partners and its affiliates own or control approximately 8.9% of the outstanding common shares of the Company. 683 Partners and its affiliates are not related parties as defined in ASC 850: Related Party Disclosures.

683 Partners had previously reported in a SEC filing that they own Preference Shares of the Company and Senior Notes issued by both Maiden Holdings and Maiden NA. Effective December 24, 2020, 683 Partners ceased to own any Preference Shares as it sold all its Preference Shares to Maiden Reinsurance through the Company’s cash tender offer ("2020 Tender Offer") to purchase these Preference Shares. In addition, 683 Partners owns $369 of the Company's 2016 Senior Notes and $663 of the Company's 2013 Senior Notes.

Limited Partnership Agreement with 683 Capital Management, LLC ("683 Capital")

In July 2020, the Company and 683 Capital entered into a limited partnership agreement (“683 LP Agreement”) whereby 683 Capital will separately manage certain funds of Maiden Reinsurance at its discretion, subject to guidelines established by the parties. Under the 683 LP Agreement, Maiden Reinsurance will pay 683 Capital a management fee and subject to certain metrics agreed to by the parties, an incentive fee upon attainment of those metrics. Maiden Reinsurance may periodically and in its discretion increase the amount invested under the 683 LP Agreement, and subject to certain conditions, reduce the amount invested under the 683 LP Agreement. Hedge fund investments of $29,435 were managed by 683 Capital under this agreement at December 31, 2020.

Commitments, Contingencies and Concentrations

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Concentrations

a) Concentrations of Credit Risk

At December 31, 2020 and 2019, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, funds withheld receivable and reinsurance recoverable on unpaid losses. Please refer to "Note 8 — Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength. The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed further in "Note 8 — Reinsurance".

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

b) Concentrations of Revenue

During the year ended December 31, 2020, net premiums earned from AmTrust accounted for $57,992 or 54.7% of total net premiums earned (2019 – $364,711 or 81.5%).

c) Brokers

The Company formerly marketed its Diversified Reinsurance segment through third-party intermediaries as well as directly through its own marketing efforts. The majority of business within the Diversified Reinsurance segment was marketed directly through our own efforts therefore there was no significant reliance on brokers for the years ended December 31, 2020 and 2019.

d) Letters of Credit

At December 31, 2020, the Company had letters of credit outstanding of $67,386 (2019 - $66,652) for collateral purposes which are secured by cash and fixed maturities with a fair value of $83,041 at December 31, 2020 (2019 - $86,032).

e) Employment Agreements

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

f) Operating Lease Commitments

The Company leases office spaces, housing, office equipment and company vehicles under various operating leases expiring in various years through 2024. The Company did not enter into any new lease arrangements during the year ended December 31, 2020 however during the year one of its existing leases had been renewed through 2024. The Company's leases are all currently classified as operating leases and none of them have any non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability and a right-of-use asset in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 10%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability.

The 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 approximately 2.3 years at December 31, 2020.

At December 31, 2020, the Company's future lease obligations of $1,638 (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 Consolidated Balance Sheets as a lease liability of $1,638 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 on the Consolidated Statements of Income. The Company's total lease expense for the year ended December 31, 2020 was $1,563 (2019 - $1,776) recognized within net income consistent with the prior accounting treatment under Topic 840. The operating cash outflows from operating leases included in the measurement of the lease liability during the year ended December 31, 2020 was $1,233 (2019 - $1,363).

11. Commitments, Contingencies and Concentrations (continued)

At December 31, 2020, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:


	December 31, 2020


2021	$	847
2022	847
2023	96
2024	48
Discount for present value	(200)
Total discounted operating lease liabilities	$	1,638

g) Other Commitments

The Company has remaining unfunded commitments on its investment in limited partnerships of $326 at December 31, 2020 (2019 - $340). The Company also has remaining unfunded commitments on its investments in special purpose vehicles focused on lending activities of $19,823 at December 31, 2020 (2019 - $767). Lastly, the Company has remaining unfunded commitments on its private equity investments of $43,164 at December 31, 2020 (2019 - $0).

h) Other Collateral

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

i) Deposit Insurance

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

j) Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle-blowing in violation of the whistle-blower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 2018. The Company believes that it had good and sufficient reasons for terminating Mr. Turin's employment and that the claim is without merit. The Company will continue to vigorously defend itself against this claim.

11. Commitments, Contingencies and Concentrations (continued)

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. On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants; we cannot predict when the Court will issue a decision on the motion. We believe the claims are without merit and we intend to vigorously defend ourselves. 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

12 Months Ended

Dec. 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 (loss) per common share:


For the Year Ended December 31,	2020		2019
Numerator:
Net income (loss) from continuing operations	$	41,762	$	(109,362)



Gain from repurchase of preference shares – Series A, C and D	38,195		—
Amount allocated to participating common shareholders(1)	(1,386)		—
Income (loss) available to Maiden common shareholders, before discontinued operations	78,571		(109,362)
Loss from discontinued operations, net of income tax expense	—		(22,541)
Net income (loss) allocated to Maiden common shareholders	$	78,571	$	(131,903)



Denominator:
Weighted average number of common shares – basic and diluted(2)	84,333,514		83,061,259
Potentially dilutive securities:
Share options and restricted share units(2)	141		—

Adjusted weighted average common shares and assumed conversions – diluted	84,333,655		83,061,259
Basic and diluted earnings (loss) from continuing operations per share attributable to Maiden common shareholders:	$	0.93	$	(1.32)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	—		(0.27)
Basic and diluted earnings (loss) per share attributable to Maiden common shareholders:	$	0.93	$	(1.59)

(1)This represents the share in net income using the two-class method for 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" in the Notes to Consolidated Financial Statements for the terms and conditions of securities that could potentially be dilutive in the future. For the year ended December 31, 2020, there were 141 potentially dilutive securities.

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

At December 31, 2020, the aggregate authorized share capital of the Company is 150,000,000 shares from which 89,815,175 common shares were issued, of which 84,801,161 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 41,584,825 shares are undesignated at December 31, 2020. Excluding the preference shares held by Maiden Reinsurance, a total of 15,772,405 preference shares are held by non-affiliates.

Pursuant to the 2020 Tender Offer, on December 24, 2020, Maiden Reinsurance accepted for purchase (i) 545,218 shares of the Company's 8.25% Non-Cumulative Preference Shares Series A, (ii) 1,203,466 shares of the Company's 7.125% Non-Cumulative Preference Shares Series C and (iii) 1,078,911 shares of the Company's 6.7% Non-Cumulative Preference Shares Series D for a total amount of $29,690 excluding other fees and expenses. The acquisition by Maiden Reinsurance of the Preference Shares pursuant to the 2020 Tender Offer was made in compliance with the Company's investment policy previously approved by the Vermont DFR. Please refer to "Notes to Consolidated Financial Statements - Note 17 — Subsequent Events" for further information on our preference shares.

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


For the Year Ended December 31, 2020	Series A	Series C	Series D	Total
Outstanding shares – January 1 and December 31	6,000,000	6,600,000	6,000,000	18,600,000


Shares purchased and held by Maiden Reinsurance	(545,218)	(1,203,466)	(1,078,911)	(2,827,595)
Shares held by non-affiliates – December 31	5,454,782	5,396,534	4,921,089	15,772,405


For the Year Ended December 31,	2020	2019
Outstanding shares – January 1	83,148,458	82,948,577

Issuance of vested restricted shares and restricted share units	1,653,537	223,101
Shares repurchased	(834)	(23,220)

Outstanding shares – December 31	84,801,161	83,148,458

13. Shareholders’ Equity (continued)

The Company's common shares have a par value of $0.01 per share. Our common shareholders are entitled to receive dividends and allocated one vote per common share subject to downward adjustment under certain circumstances. For the years ended December 31, 2020 and 2019, the Company's Board of Directors did not declare any dividends to common shareholders.

b) Preference Shares – Series D

On June 15, 2017, the Company issued and authorized a total of 6,000,000, 6.7% Preference Shares – Series D (the "Series D"), par value $0.01 per share, at a price of $25 per preference share. The Series D have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after June 15, 2022, subject to certain regulatory restrictions at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Additionally, at any time prior to June 15, 2022, the Company may redeem all but not less than all of the Series D at a redemption price of $25 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption subject to certain conditions and regulatory approval. Pursuant to the 2020 Tender Offer, on December 24, 2020, Maiden Reinsurance accepted for purchase 1,078,911 shares of the Company's 6.7% Series D for $10.50 per share.

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

The holders of the Series D, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the years ended December 31, 2020 and 2019, the Company did not declare or pay dividends on the Series D shares. No dividends have been declared by the Company's Board of Directors on the Series D shares since the fourth quarter of 2018. On December 15, 2020, pursuant to their rights under the securities as stipulated, holders of the Preference Share Series A, C and D collectively elected two additional members to the Company's Board of Directors.

c) Preference Shares – Series C

On November 25, 2015, the Company issued and authorized a total of 6,600,000 7.125% Preference Shares – Series C (the "Series C"), par value $0.01 per share, at a price of $25 per preference share. The Series C shares have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after December 15, 2020 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Pursuant to the 2020 Tender Offer, on December 24, 2020, Maiden Reinsurance accepted for purchase 1,203,466 shares of the Company's 7.125% Series C for $10.50 per share.

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

The holders of the Series C, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the years ended December 31, 2020 and 2019, the Company did not declare or pay dividends on the Series C shares. No dividends have been declared by the Company's Board of Directors on the Series C shares since the fourth quarter of 2018. On December 15, 2020, pursuant to their rights under the securities as stipulated, holders of the Preference Share Series A, C and D collectively elected two additional members to the Company's Board of Directors.

d) Preference Shares - Series A

On August 22, 2012, the Company issued and authorized a total of 6,000,000 8.25% Preference Shares – Series A (the "Series A"), par value $0.01 per share, at a price of $25 per preference share. The Series A have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after August 29, 2017 at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Pursuant to the 2020 Tender Offer, on December 24, 2020, Maiden Reinsurance accepted for purchase 545,218 shares of the Company's 8.25% Series A for $10.50 per share.

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

The holders of the Series A, together with other preference share series, have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods. For the years ended December 31, 2020 and 2019, the Company did not declare or pay dividends on the Series A shares. No dividends have been declared by the Company's Board of Directors on the Series A shares since the fourth quarter of 2018.

13. Shareholders’ Equity (continued)

On December 15, 2020, pursuant to their rights under the securities as stipulated, holders of the Preference Share Series A, C and D collectively elected two additional members to the Company's Board of Directors.

f) Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. At December 31, 2020 and 2019, the Company has a remaining authorization of $74,245 for share repurchases. No repurchases were made during the years ended December 31, 2020 and 2019 under the share repurchase plan.

During the year ended December 31, 2020, the Company repurchased a total of 834 shares (2019 - 23,220) at an average price per share of $1.13 (2019 - $0.78) from employees, which represent tax withholding in respect of tax obligations on the vesting of restricted shares and performance based shares.

g) Accumulated Other Comprehensive Income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2020 and 2019:


For the Year Ended December 31, 2020	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	21,996	$	(4,160)	$	17,836
Other comprehensive income (loss) before reclassifications	40,008		(21,340)		18,668
Amounts reclassified from AOCI to net income, net of tax	(12,647)		—		(12,647)
Net current period other comprehensive income (loss)	27,361		(21,340)		6,021


Ending balance, Maiden shareholders	$	49,357	$	(25,500)	$	23,857


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


Ending balance, Maiden shareholders	$	21,996	$	(4,160)	$	17,836

The following table presents details about amounts reclassified from AOCI:


Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
	2020		2019
Net realized gains on investment	$	15,115	$	15,605
Net impairment losses recognized in earnings	(2,468)		(165)
Total before tax	12,647		15,440
Income tax expense	—		—
Total after tax	$	12,647	$	15,440

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share Compensation and Pension Plans

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

2019 Omnibus Incentive Plan

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

Share Options

Exercise prices of options are established at or above the fair market value of the Company’s common shares at the date of grant. Under the 2019 Omnibus Plan, unless otherwise determined by the Committee and provided in an award agreement, 25% of the options will become exercisable on the first anniversary of the grant date, with an additional 6.25% of the options vesting each quarter thereafter based on the grantee’s continued employment over a four-year period, and will expire ten years after grant date.

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

The following table shows all share option activity under the 2007 Plan for the years ended December 31, 2020 and 2019:


	Number of Share Options	Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Option Exercise Prices (Low to High)




















Outstanding, December 31, 2018	657,824	$	7.92			4.40 years	$	—	$3.24	$13.98
Granted	7,500	$	1.31	$	0.25
Expired	(119,320)	$	5.78
Forfeited	(61,875)	$	7.15
Outstanding, December 31, 2019	484,129	$	8.44			3.63 years	$	—	$1.31	$13.98
Expired	(213,379)	$	7.50
Forfeited	(6,250)	$	7.20
Outstanding, December 31, 2020	264,500	$	9.22			4.72 years	$	—	$1.31	$13.98
Total exercisable at December 31, 2020	207,625	$	10.01			4.02 years	$	—	$1.31	$13.98

The weighted average grant date fair value is $2.23 (2019 - $2.29) for all options outstanding at December 31, 2020. There was $9 (2019 - $65) of total unrecognized compensation cost related to non-vested options at December 31, 2020 which will be recognized during the next 0.27 years. There were no options exercised for the years ended December 31, 2020 and 2019.

Restricted Shares and Restricted Share Units

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

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

In 2011, the Committee formed a long-term incentive program under the 2007 Plan for certain senior leaders of the Company. Performance cycles were for three years, and settlement of the grants were made in common shares upon the decision of the Committee. This long-term incentive program was concluded in 2018 with final payouts in early 2019.

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

Beginning in 2012, the Committee approved an annual award of NPB-RSU with each annual award vesting over three years. The total fair value of restricted share units vested during the year ended December 31, 2020 was $0 (2019 - $219).

14. Share Compensation and Pension Plans (continued)

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

Starting in fiscal year 2019, the Company changed its practice of awarding a fixed number of restricted share units to the non-employee directors and instead now grants each director $65 worth of compensation in the form of either restricted shares, which vest on the first anniversary of the grant, share options or cash.

For the year ended December 31, 2020, the Company issued a total of 333,330 restricted shares to non-employee directors for compensation related to their services. The restricted shares were issued on June 1, 2020 pursuant to the 2019 Omnibus Plan and will vest in full on June 1, 2021. In 2019, compensation was granted in the form of cash paid to each director. It is the Company's intention that annually, on or around June 1, each non-employee director will receive a grant of $65 worth of compensation which, if non-cash compensation, will vest on the first anniversary of the grant.

The total fair value of NPB Restricted Shares that vested during the year ended December 31, 2020 was $1,136 (2019 - $582).

Discretionary Performance-Based ("PB") Restricted Shares

During the year ended December 31, 2020, a total of 982,974 restricted shares were granted to senior management pursuant to the 2019 Omnibus Plan, of which 744,680 restricted shares vested immediately with the remaining annual awards to vest after two years of service. The total fair value of PB Restricted Shares that vested during the year ended December 31, 2020 was $700.

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


	Non-Performance-Based Restricted Share Units			Non-Performance-Based Restricted Shares			Performance Based Restricted Share Units			Discretionary Performance-Based Restricted Shares
	Number of Restricted Units	Weighted Average Grant-Date Fair Value		Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Number of Restricted Units	Weighted Average Grant-Date Fair Value		Number of Restricted Shares	Weighted Average Grant-Date Fair Value
















Non-vested at December 31, 2018	25,000	$	8.75	260,971	$	5.94	847,645	$	10.71	—	$	—
Awards granted	—	$	—	1,669,490	$	0.79	—	$	—	—	$	—
Awards vested	(25,000)	$	8.75	(91,823)	$	6.34	(83,751)	$	13.16	—	$	—
Awards forfeited	—	$	—	(19,841)	$	1.26	(763,894)	$	10.44	—	$	—
Non-vested at December 31, 2019	—	$	—	1,818,797	$	1.24	—	$	—	—	$	—
Awards granted	—	$	—	333,330	$	1.20	—	$	—	982,974	$	1.02
Awards vested	—	$	—	(908,857)	$	1.25	—	$	—	(744,680)	$	0.94
Awards forfeited	—	$	—	—	$	—	—	$	—	—	$	—
Non-vested at December 31, 2020	—	$	—	1,243,270	$	1.22	—	$	—	238,294	$	1.26

Total unrecognized compensation cost of $831 related to restricted shares at December 31, 2020, which will be recognized during the next 0.70 years. Total share-based expense for the year ended December 31, 2020 was $2,445 (2019 - $1,911).

Pension Plans

The Company provides pension benefits to eligible employees principally through its sponsorship of various defined contribution plans which vary by subsidiary. The Company’s total expenses for its defined contribution pension plans for the year ended December 31, 2020 was $782 (2019 - $774).

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2020

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

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


		Maiden Reinsurance		Maiden LF		Maiden GF
Statutory Capital and Surplus
December 31, 2020		$	972,350	$	10,612	$	10,650
December 31, 2019	(a)	921,984		10,234		8,791

Statutory Net Income (Loss)
For the Year Ended December 31, 2020		$	52,707	$	(540)	$	20
For the Year Ended December 31, 2019	(a)	(103,521)		(785)		410

Effective March 16, 2020, the Company's principal operating subsidiary Maiden Reinsurance re-domesticated from Bermuda to the State of Vermont in the United States. Maiden Reinsurance is therefore subject to the statutes and regulations of Vermont in the ordinary course of business. We 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 transactions completed pursuant to the Strategic Review, continue to strengthen the Company’s capital position and solvency ratios. While the Vermont DFR is currently the group supervisor for the Company, the re-domestication did not apply to the Parent Company which remains a Bermuda-based holding company.

a) Bermuda

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

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

The statutory capital and surplus at December 31, 2019 and statutory net loss for the year ended December 31, 2019 in the table above were calculated in accordance with the Insurance Act as mandated by Bermuda law.

b) United States of America

Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance may make such distributions as are in conformity with its purposes and approved by the Commissioner. Maiden Reinsurance did not pay any dividends during the year ended December 31, 2020.

Maiden Reinsurance is also required to maintain minimum levels of solvency and liquidity as determined by Vermont law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by Maiden Reinsurance in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. At December 31, 2020, Maiden Reinsurance's statutory capital and surplus exceeded the amount required to be maintained of $146,983 as of that date.

15. Statutory Requirements and Dividend Restrictions (continued)

c) Sweden

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

Maiden LF was required to maintain a minimum level of statutory capital and surplus of $5,163 at December 31, 2020 (2019 - $5,530). This requirement was met by Maiden LF throughout the respective years. The statutory assets were $18,927 at December 31, 2020 (2019 - $16,165) and the statutory capital and surplus was $10,612 at December 31, 2020 (2019 - $10,234). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. As of December 31, 2020, Maiden LF was allowed to pay dividends or distributions not exceeding $485 (2019 - $975). No dividends were paid during the years ended December 31, 2020 and 2019.

Maiden GF was required to maintain a minimum level of statutory capital and surplus of $6,910 at December 31, 2020 (2019 - $5,520). This requirement was met by Maiden GF throughout the respective years. The statutory assets were $13,817 at December 31, 2020 (2019 - $10,921) and the statutory capital and surplus was $10,650 at December 31, 2020 (2019 - $8,791). Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. As of December 31, 2020, Maiden GF was allowed to pay dividends or distributions not exceeding $298 (2019 - $253). No dividends were paid during the years ended December 31, 2020 and 2019.

Taxation

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Taxation

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

Maiden NA files a consolidated federal income tax return for the Company’s U.S. based subsidiaries, including Maiden Reinsurance, which re-domesticated to Vermont on March 16, 2020 and, as a result, became subject to U.S. taxes. Maiden NA has Net Operating Loss carry-forwards ("NOLs") and other Deferred Tax Assets (“DTAs”) and Deferred Tax Liabilities (“DTLs”) that are not presently recognized as a net DTA because a full valuation allowance is currently carried against them.

On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES” Act) to mitigate the economic impacts of COVID-19. The Company believes that the provisions of the CARES Act will not have a material impact on its U.S. federal tax liabilities.

Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2018 through 2019 are subject to examination in the U.S by the Internal Revenue Service.

The Company has subsidiary operations in various other locations around the world, including Australia, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2017 through 2020. Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding tax in the country of the paying entity. Currently, however, no withholding taxes have been accrued.

There were no unrecognized tax benefits at December 31, 2020 and 2019. Income (loss) before taxes and income tax benefit for the years ended December 31, 2020 and 2019 are as follows:


For the Year Ended December 31,	2020		2019
Income (loss) from continuing operations before income taxes – Domestic (Bermuda)	$	(9,648)	$	(60,583)
Income (loss) from continuing operations before income taxes – Foreign (U.S. and others)	51,306		(49,690)
Total income (loss) from continuing operations before income taxes	$	41,658	$	(110,273)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax expense – Foreign (U.S. and others)	155		112
Total current tax expense	$	155	$	112

Deferred tax expense – Domestic (Bermuda)	$	—	$	—
Deferred tax benefit – Foreign (U.S. and others)	(259)		(1,023)
Total deferred tax benefit	$	(259)	$	(1,023)

Total income tax benefit	$	(104)	$	(911)

16. Taxation (continued)

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2020 and 2019 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's income (loss) from continuing operations before income taxes:


For the Year Ended December 31,	2020			2019
Income (loss) from continuing operations before income taxes	$	41,658		$	(110,273)
Less: income tax benefit	(104)			(911)
Net income (loss) from continuing operations	$	41,762		$	(109,362)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	19.2		%	0.2		%
Re-domestication of Maiden Reinsurance to the U.S.	(117.3)		%	—		%
Valuation allowance in respect of U.S. taxes	98.1		%	0.7		%
Other jurisdictions	(0.3)		%	(0.1)		%
Actual tax rate	(0.3)		%	0.8		%

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows:


December 31,	2020		2019
Deferred tax assets:
Net operating losses	$	44,259	$	46,735
Unearned premiums	6,017		—
Capital loss carry-forward	4,234		6,338

Discounting of net loss and LAE reserves	37,568		—
Interest limitation	—		2,338
Deferred gain on retroactive reinsurance	23,719		—

Others	776		513
Deferred tax assets before valuation allowance	116,573		55,924
Valuation allowance	96,414		55,569
Deferred tax assets, net	20,159		355
Deferred tax liabilities:
Deferred commission and other acquisition expenses	11,327		—



Net unrealized gains on investment	8,197		96
Others	3		—
Deferred tax liabilities	19,527		96
Net deferred tax asset	$	632	$	259

The net deferred tax asset at December 31, 2020 was $632 (2019 - $259). The Company recorded an increase in its deferred tax assets of $63,421 and an increase in its deferred tax liabilities of $16,120 as a result of the re-domestication of Maiden Reinsurance on March 16, 2020. A valuation allowance has been established against the net U.S. deferred tax assets which is primarily attributable to net operating losses and capital losses. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. net deferred tax assets, other than the Alternative Minimum Tax credit, due to insufficient positive evidence regarding the utilization of these losses. During 2020, the Company recorded an increase in the valuation allowance of $40,845 (2019 - decrease of $757).

At December 31, 2020, the Company has available net operating loss carry-forwards of approximately $210,756 (2019 - $222,547) for income tax purposes which expire beginning in 2029. At December 31, 2020, the Company also has a capital loss carry-forward of $20,161 (2019 - $30,183) which will expire in 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Preference Shares On March 3, 2021, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. On March 15, 2021, Maiden Reinsurance accepted for purchase via private negotiation with certain security holders, (i) 2,561,636 shares of the Company's 8.25% Non-Cumulative Preference Shares Series A at an average price of $14.88 per share, (ii) 2,003,204 shares of the Company's 7.125% Non-Cumulative Preference Shares Series C at an average price of $14.66 per share, and (iii) 2,017,103 shares of the Company's 6.7% Non-Cumulative Preference Shares Series D at an average price of $14.60 per share for a total amount of $96,934. The acquisition by Maiden Reinsurance of these Preference Shares was made in compliance with the Company's investment guidelines previously approved by the Vermont DFR. These purchases will result in a gain on purchase of approximately $67,614 in the first quarter of 2021.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Reporting and Consolidation	Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income (loss).As part of the Strategic Review initiated by the Company's Board of Directors in 2018, the Company made the strategic decision to divest its U.S. treaty reinsurance operations through the sale of Maiden US, completed on December 27, 2018, which had a major effect on its ongoing operations and financial results. The operating results of the Company's U.S. treaty reinsurance business for the year ended December 31, 2019 were presented as part of discontinued operations in the Consolidated Statements of Income. 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) and net income (loss) available to Maiden common shareholders.
Estimates	Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of other-than-temporary impairment ("OTTI") of investments.
Investments	Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Short-term investments - these investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2020 and 2019. Other investments — The Company accounts for its unquoted other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Unquoted other investments are comprised of investments in limited partnerships, private equity and hedge funds, and investments in direct lending entities as well as investments in start-up insurance entities. Investments in limited partnerships are not accounted for under the equity method because the Company has virtually no influence over operations and faces limitations on the timing and ability regarding investment redemptions for each of the limited partnership investments it holds. The Company's investments in limited partnerships and hedge funds are reported at fair value based on recent financial information received from the fund managers and other market information available to management, with changes in fair value reported in realized gains (losses). The investments in private equity and start-up insurance entities are reported at fair value using recent private market transactions (where applicable). Investments in direct lending entities are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of our other investments is described in Note 5 — Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. The following is a description of the nature of each of these investment categories: • Hedge funds may invest in a wide range of instruments, including debt and equity securities, and utilize various sophisticated strategies to achieve their objectives; • Private equity investments are primarily in the financial services industry; • Investments in limited partnerships are investments made in various structured investment products across a variety of industries including private credit; and • Other investments consist primarily of direct investments in technology-oriented start up companies in the insurance industry, often referred to as insurtech companies. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income (loss). 2. Significant Accounting Policies (continued) Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income as interest in income (loss) of equity method investments. The Company records its share of the investee’s OCI activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the effective yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. On a quarterly basis, all potentially impaired securities are reviewed to determine whether the impairment is temporary or OTTI. OTTI assessments are inherently judgmental, especially where securities have experienced severe declines in fair value over a short period. The Company's review process begins with a quantitative analysis to identify securities to be further evaluated for potential classification as OTTI. For all identified securities, further fundamental analysis is performed that considers, but is not limited to, the following quantitative and qualitative factors: historic and implied volatility of the security; length of time and extent to which the fair value has been less than amortized cost; adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; failure, if any, of the issuer of the security to make scheduled payments; and recoveries or additional declines in fair value subsequent to the balance sheet date. The Company recognizes OTTI losses within earnings for its impaired fixed maturity securities (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into (i) the amount of the total impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total OTTI related to all other factors is recognized in other comprehensive income. In periods after the recognition of OTTI on the fixed maturity securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For fixed maturity securities in which an OTTI loss was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. As the Company's investment portfolio is the largest component of its consolidated assets, any OTTI on fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets.
Fair Value Measurements	Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •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 severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. 2. Significant Accounting Policies (continued) In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause a financial instrument to be reclassified between hierarchy 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 quoted market prices from a third party nationally recognized 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 investment 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.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas.
Premiums and Related Expenses	Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2020 and 2019. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated losses and loss adjustment expenses, unamortized acquisition expenses less anticipated investment income exceed unearned premiums.
Loss and Loss Adjustment Expenses	Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development.
Reinsurance and Retroactive Reinsurance	Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. 2. Significant Accounting Policies (continued) Retroactive Reinsurance - Retroactive reinsurance are reinsurance agreements under which a reinsurer agrees to reimburse the ceding Company for liabilities incurred as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately.
Debt Obligations and Deferred Debt Issuance Costs	Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets.
Leases	Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the lease term in the Company's Consolidated Statements of Income.
Non-controlling Interests	Non-controlling Interests — The Company accounts for non-controlling interests in subsidiaries in accordance with ASC Topic 810 "Consolidations", and presents any non-controlling shareholders' interest in the equity section of the Consolidated Balance Sheets. Net income attributable to non-controlling interests is presented separately in the Consolidated Statements of Income.
Income Taxes	Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2020 and 2019.
Share-Based Compensation Expense	Share-Based Compensation Expense — The Company is authorized to issue restricted share awards and units, performance based restricted share units ("PB-RSUs"), share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options, restricted share and restricted share unit grants, based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in Consolidated Shareholders’ Equity. The estimated fair value of the PB-RSUs is recognized as a charge to compensation expense and an increase to additional paid-in capital in Consolidated Shareholders’ Equity following the satisfaction of certain criteria during the specified performance period. Forfeitures are accounted for if and when they occur.
Earnings Per Share	Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of options, restricted share units ("RSUs") and PB-RSUs. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options, RSUs and PB-RSUs. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain senior leaders is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. 2. Significant Accounting Policies (continued)Net income available to Maiden common shareholders per common share – basic and diluted is also adjusted for any gain or loss from redemption or induced conversion of preference shares.
Treasury Shares	Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets.
Foreign Currency Transactions	Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI.
Recently Adopted and Issued Accounting Standards	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 ("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 ASU 2018-13 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 ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 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 AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current OTTI methodology. In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently its most significant financial asset within the scope of ASU 2016-13. 2. Significant Accounting Policies (continued) 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, 2020, the Company qualifies for SRC status, as determined on the last business day of its most recent second quarter, and thus remains 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 (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Underwriting results and reconciliation from reportable segments and other's category net income (loss) to consolidated

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 our consolidated net income (loss) from continuing operations:


For the Year Ended December 31, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	40,457		$	(9,068)		$	31,389
Net premiums written	$	37,258		$	(8,826)		$	28,432
Net premiums earned	$	47,847		$	58,234		$	106,081
Other insurance revenue	1,276			—			1,276
Net loss and LAE	(24,909)			(16,890)			(41,799)
Commission and other acquisition expenses	(18,475)			(20,321)			(38,796)
General and administrative expenses	(6,936)			(2,552)			(9,488)
Underwriting (loss) income	$	(1,197)		$	18,471		17,274
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment							79,234
Total other-than-temporary impairment losses							(2,468)
Interest and amortization expenses							(19,324)


Foreign exchange and other losses, net							(8,526)
Other general and administrative expenses							(29,630)
Income tax benefit							104
Interest in income from equity method investments							5,098
Net income from continuing operations							$	41,762

Net loss and LAE ratio(1)	50.7		%	29.0		%	38.9		%
Commission and other acquisition expense ratio(2)	37.6		%	34.9		%	36.1		%
General and administrative expense ratio(3)	14.1		%	4.4		%	36.4		%
Expense ratio(4)	51.7		%	39.3		%	72.5		%
Combined ratio(5)	102.4		%	68.3		%	111.4		%

3. Segment Information (continued)


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


Foreign exchange and other gains, net									2,719
Other general and administrative expenses									(35,451)
Income tax benefit									911

Net loss from continuing operations									$	(109,362)

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

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

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

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

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

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

Reconciliation of assets from segment to consolidated

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


December 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	5,560	$	—	$	5,560
Reinsurance recoverable on unpaid losses	4,658		519,941		524,599
Deferred commission and other acquisition expenses	6,171		45,732		51,903
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	87,419		992,636		1,080,055
Funds withheld receivable	51,712		603,093		654,805
Other assets	860		—		860
Total assets - reportable segments	156,380		2,329,377		2,485,757
Corporate assets	—		—		462,698

Total Assets	$	156,380	$	2,329,377	$	2,948,455

December 31, 2019	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	11,729	$	—	$	11,729
Reinsurance recoverable on unpaid losses	2,773		557,950		560,723
Deferred commission and other acquisition expenses	8,923		68,433		77,356
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	90,614		1,417,139		1,507,753
Funds withheld receivable	52,136		632,305		684,441
Other assets	1,670		—		1,670
Total assets - reportable segments	167,845		2,843,802		3,011,647
Corporate assets	—		—		556,549

Total Assets	$	167,845	$	2,843,802	$	3,568,196

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


For the Year Ended December 31,	2020		2019
Gross premiums written – North America	$	(10,979)	$	(567,380)
Gross premiums written – Other (predominantly Europe)	42,368		38,787
Gross premiums written – Total	$	31,389	$	(528,593)
Net premiums written – North America	$	(10,836)	$	(567,380)
Net premiums written – Other (predominantly Europe)	39,268		35,530
Net premiums written – Total	$	28,432	$	(531,850)
Net premiums earned – North America	$	(10,207)	$	363,498
Net premiums earned – Other (predominantly Europe)	116,288		84,264
Net premiums earned – Total	$	106,081	$	447,762

Schedule of net premiums by major line of business

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


For the Year Ended December 31,	2020				2019
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	37,294	131.2	%	$	49,193	(9.3)	%
Other	(36)		(0.1)	%	(42)		—	%
Total Diversified Reinsurance	37,258		131.1	%	49,151		(9.3)	%
AmTrust Reinsurance
Small Commercial Business	(11,515)		(40.5)	%	(324,311)		61.0	%
Specialty Program	(19)		(0.1)	%	(25,869)		4.9	%
Specialty Risk and Extended Warranty	2,708		9.5	%	(230,821)		43.4	%
Total AmTrust Reinsurance	(8,826)		(31.1)	%	(581,001)		109.3	%

Total Net Premiums Written	$	28,432	100.0	%	$	(531,850)	100.0	%

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


For the Year Ended December 31,	2020				2019
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	47,883	45.1	%	$	83,733	18.7	%
Other	(36)		—	%	(42)		—	%
Total Diversified Reinsurance	47,847		45.1	%	83,691		18.7	%
AmTrust Reinsurance
Small Commercial Business	(10,938)		(10.3)	%	91,723		20.5	%
Specialty Program	33		—	%	138,380		30.9	%
Specialty Risk and Extended Warranty	69,139		65.2	%	133,968		29.9	%
Total AmTrust Reinsurance	58,234		54.9	%	364,071		81.3	%

Total Net Premiums Earned	$	106,081	100.0	%	$	447,762	100.0	%

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Abstract]

Schedule of amortized cost, gross unrealized gains and losses and fair value on fixed maturities

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


December 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Fixed maturities:
U.S. treasury bonds	$	94,468	$	34	$	—	$	94,502
U.S. agency bonds – mortgage-backed	272,124		9,439		(126)		281,437

Non-U.S. government and supranational bonds	8,641		1,067		—		9,708
Asset-backed securities	184,227		1,611		(406)		185,432
Corporate bonds	604,463		40,904		(3,035)		642,332


Total fixed maturity investments	$	1,163,923	$	53,055	$	(3,567)	$	1,213,411


December 31, 2019	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Fixed maturities:
U.S. treasury bonds	$	94,921	$	704	$	—	$	95,625
U.S. agency bonds – mortgage-backed	533,296		6,717		(1,291)		538,722

Non-U.S. government and supranational bonds	11,796		294		(91)		11,999
Asset-backed securities	187,881		821		(532)		188,170
Corporate bonds	981,441		31,140		(15,725)		996,856
Municipal bonds	4,091		55		—		4,146

Total fixed maturity investments	$	1,813,426	$	39,731	$	(17,639)	$	1,835,518

Schedule of contractual maturities of fixed maturities


	Fixed maturities
December 31, 2020	Amortized cost		Fair value
Maturity
Due in one year or less	$	100,916	$	101,661
Due after one year through five years	520,007		550,468
Due after five years through ten years	86,649		94,413

	707,572		746,542
U.S. agency bonds – mortgage-backed	272,124		281,437

Asset-backed securities	184,227		185,432
Total fixed maturities	$	1,163,923	$	1,213,411

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
December 31, 2020	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

U.S. agency bonds – mortgage-backed	$	19,360	$	(85)	$	5,646	$	(41)	$	25,006	$	(126)


Asset-backed securities	13,371		(217)		31,052		(189)		44,423		(406)
Corporate bonds	31,839		(890)		65,296		(2,145)		97,135		(3,035)

Total temporarily impaired fixed maturities	$	64,570	$	(1,192)	$	101,994	$	(2,375)	$	166,564	$	(3,567)


	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)

Schedule of summary of the credit ratings of fixed maturities

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


December 31, 2020	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	94,468	$	94,502	7.8	%
U.S. agency bonds	272,124		281,437		23.2	%
AAA	96,453		97,515		8.0	%
AA+, AA, AA-	114,751		118,534		9.8	%
A+, A, A-	265,725		281,364		23.2	%
BBB+, BBB, BBB-	274,406		292,493		24.1	%
BB+ or lower	45,996		47,566		3.9	%
Total fixed maturities(1)	$	1,163,923	$	1,213,411	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) Based on Standard & Poor’s ("S&P"), or equivalent, ratings

Schedule of portfolio of other investments

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


December 31,	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total

Private equity investments	$	24,595	36.7	%	$	—	—	%
Investment in limited partnerships	3,044		4.5	%	3,077		9.7	%
Other investments	2,800		4.2	%	1,800		5.7	%
Total other investments at fair value	30,439		45.4	%	4,877		15.4	%
Investments in direct lending entities (at cost)	36,571		54.6	%	26,871		84.6	%
Total other investments	$	67,010	100.0	%	$	31,748	100.0	%

Schedule of the remaining unfunded commitments on other investments

The Company's remaining unfunded commitments on other investments as at December 31, 2020 and 2019 was as follows:


December 31,	2020				2019
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	43,164	68.2	%	$	—	—	%
Investments in direct lending entities	19,823		31.3	%	767		69.3	%
Investment in limited partnerships	326		0.5	%	340		30.7	%
Total unfunded commitments on other investments	$	63,313	100.0	%	$	1,107	100.0	%

Schedule of equity method investments

The table below shows the composition of the Company's equity method investments as at December 31, 2020 and 2019:


December 31,	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	29,435	73.8	%	$	—	—	%
Private equity investments	10,451		26.2	%	—		—	%
Total equity method investments	$	39,886	100.0	%	$	—	—	%

Schedule of net investment income

Net investment income was derived from the following sources for the years ended December 31, 2020 and 2019:


For the Year Ended December 31,	2020		2019
Fixed maturities	$	36,258	$	83,839
Income on funds withheld	15,942		20,307
Interest income from loan to related party	3,996		6,983
Cash and cash equivalents and other investments	1,402		2,931
	57,598		114,060
Interest expense paid on LPT/ADC Agreement and Commutation Payment(1)	—		(13,596)
Investment expenses	(2,837)		(2,627)
Net investment income	$	54,761	$	97,837

Schedule of analysis of realized and unrealized gains on investment

The following tables provide an analysis of net realized gains (losses) on investment included in the Consolidated Statements of Income for the years ended December 31, 2020 and 2019:


For the Year Ended December 31, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	24,101	$	(1)	$	24,100
Other investments	392		(19)		373
Net realized gains (losses) on investment	$	24,493	$	(20)	$	24,473

4. Investments (continued)


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

The portion of unrealized gains (losses) recognized within net income (loss) for other investments still held at the end of December 31, 2020 and 2019, respectively, were as follows:


For the Year Ended December 31,	2020		2019
Net gains recognized for other investments during the period	$	373	$	102
Less: Net gains recognized for other investments divested during the period	(373)		(591)
Unrealized losses recognized for other investments still held at reporting date	$	—	$	(489)

Schedule of net unrealized gains on fixed maturity investments

Net unrealized gains on fixed maturity investments were as follows at December 31, 2020 and 2019, respectively:


December 31,	2020		2019
Fixed maturities	$	49,488	$	22,092


Deferred income tax	(131)		(96)
Net unrealized gains, net of deferred income tax	$	49,357	$	21,996
Change, net of deferred income tax	$	27,361	$	81,758

Schedule of fair value of restricted assets

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


December 31,	2020		2019
Restricted cash – third party agreements	$	20,547	$	21,447
Restricted cash – related party agreements	41,239		37,634
Total restricted cash	61,786		59,081
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2020 – $63,253; 2019 – $65,539)	63,281		65,678
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2020 – $913,466; 2019 – $1,366,873)	954,988		1,382,994

Total restricted investments	1,018,269		1,448,672
Total restricted cash and investments	$	1,080,055	$	1,507,753

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

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


December 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	$	94,502		$	—		$	—		$	—		$	94,502
U.S. agency bonds – mortgage-backed	—			281,437			—			—			281,437

Non-U.S. government and supranational bonds	—			9,708			—			—			9,708
Asset-backed securities	—			185,432			—			—			185,432
Corporate bonds	—			642,332			—			—			642,332

Other investments	—			—			26,094			4,345			30,439
Total	$	94,502		$	1,118,909		$	26,094		$	4,345		$	1,243,850
As a percentage of total assets	3.2		%	37.9		%	0.9		%	0.1		%	42.1		%


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		%

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


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value






Senior Notes - MHLA – 6.625%	$	110,000	$	90,772	$	110,000	$	86,460
Senior Notes - MHNC – 7.75%	152,500		132,126		152,500		137,067
Total Senior Notes	$	262,500	$	222,898	$	262,500	$	223,527

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

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


For the Year Ended December 31,	2019





Net loss and loss adjustment expenses	$	6,363

General and administrative expenses	(2,392)


Income from discontinued operations before income tax	3,971
Loss on disposal of discontinued operations	(25,474)
Income tax expense	(1,038)
Loss from discontinued operations, net of income tax	$	(22,541)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of senior note issuances

The following tables detail the issuances outstanding at December 31, 2020 and 2019:


December 31, 2020	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,516			3,858			7,374
Carrying value	$	106,484		$	148,642		$	255,126

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

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

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


For the Year Ended December 31,	2020		2019
Premiums written
Direct	$	19,550	$	16,637
Assumed	11,839		(545,243)
Ceded	(2,957)		(3,244)
Net	$	28,432	$	(531,850)
Premiums earned
Direct	$	19,711	$	16,118
Assumed	89,461		434,559
Ceded	(3,091)		(2,915)
Net	$	106,081	$	447,762
Loss and LAE
Gross loss and LAE	$	57,146	$	453,478
Loss and LAE ceded	(15,347)		(649)
Net	$	41,799	$	452,829

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Schedule of reserve for loss and LAE

The reserve for loss and LAE comprises:


December 31,	2020		2019
Reserve for reported loss and LAE	$	998,691	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	894,608		1,168,549
Reserve for loss and LAE	$	1,893,299	$	2,439,907

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


For the Year Ended December 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	58,332		328,194
Prior years	(16,533)		124,635
	41,799		452,829
Net paid losses related to:
Current year	(22,405)		(101,654)
Prior years	(608,324)		(1,025,381)
	(630,729)		(1,127,035)
Retroactive reinsurance adjustment	38,009		(557,950)
Effect of foreign exchange rate movements	35,164		(5,592)
Net loss and LAE reserves, December 31	1,300,728		1,816,485
Reinsurance recoverable on unpaid losses, December 31	592,571		623,422
Gross loss and LAE reserves, December 31	$	1,893,299	$	2,439,907

The following table summarizes the favorable (adverse) prior period development experienced in each of our reportable segments for the years ended December 31, 2020 and 2019:


For the Year Ended	Diversified Reinsurance		AmTrust Reinsurance		Other		Total
December 31, 2020	$	1,295	$	15,238	$	—	$	16,533
December 31, 2019	1,488		(113,722)		(312)		(112,546)

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

Diversified Reinsurance - International


Diversified Reinsurance - International	Incurred loss and LAE, net of reinsurance																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	85,125	$	84,642	$	84,570	$	84,321	$	82,702	$	84,777	$	86,777	$	86,470	$	87,511	$	87,623	$	749
2011	53,559		52,042		52,063		52,249		52,207		52,037		52,416		52,662		52,621		52,580		(12)
2012			54,357		52,501		52,788		52,895		52,977		53,238		52,957		52,909		52,838		47
2013					48,443		53,644		54,970		54,472		55,072		55,293		55,682		55,612		(160)
2014							42,870		48,714		48,595		48,497		48,270		48,346		48,085		173
2015									42,979		44,399		44,908		44,345		44,361		44,201		(461)
2016											38,793		40,817		40,155		40,114		40,511		(4)
2017													36,914		36,366		35,292		34,173		(437)
2018															45,194		43,148		43,406		44
2019																	36,802		37,895		1,644
2020																			27,928		11,876
Total																			$	524,852	$	13,459
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	36,257	$	45,772	$	50,912	$	52,650	$	54,239	$	55,754	$	57,234	$	58,916	$	60,353	$	61,541
2011	26,454		48,866		50,618		51,863		52,284		52,517		52,658		52,772		52,837		52,929
2012			25,489		43,637		46,035		47,130		47,459		48,042		48,156		48,169		48,261
2013					26,170		45,538		48,033		49,381		49,852		50,067		50,145		50,472
2014							23,985		42,325		44,612		45,843		46,101		46,208		46,280
2015									21,935		39,569		41,648		42,680		43,099		43,395
2016											22,596		36,744		38,578		39,342		39,968
2017													19,240		33,701		35,515		36,314
2018															20,843		37,467		38,930
2019																	17,034		29,825
2020																			15,782
Total																			463,697
Total net reserves																			$	61,155

Diversified Reinsurance - European Capital Solutions


Diversified Reinsurance - European Capital Solutions	Incurred loss and LAE, net of reinsurance										At December 31, 2020
For the Year Ended December 31,	2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited
2016	$	5,203	$	5,282	$	5,696	$	5,946	$	6,290	$	34
2017			9,261		10,727		9,587		9,256		688
2018					24,035		25,992		26,623		7,249
2019							16,273		16,664		5,219
2020									259		128
Total									$	59,092	$	13,318
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited
2016	$	849	$	2,510	$	3,544	$	4,965	$	5,105
2017			2,077		4,387		6,158		6,917
2018					3,397		6,230		12,987
2019							5,945		6,226
2020									18
Total									31,253
Total net reserves									$	27,839

AmTrust Reinsurance: Workers’ Compensation


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	80,800	$	81,493	$	82,438	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	2,665	$	2,529
2009	102,240		102,245		103,864		109,213		106,204		105,901		107,165		110,175		109,664		109,021		1,370		3,086
2010	106,799		113,880		118,209		120,243		125,020		124,073		123,968		127,215		127,381		126,621		6,602		5,720
2011	104,923		125,549		130,712		132,728		133,995		133,916		135,379		138,600		139,685		141,272		6,624		7,942
2012			136,960		168,016		173,946		171,040		172,692		181,616		192,087		188,879		192,263		11,706		12,939
2013					237,019		245,765		238,392		242,447		261,915		276,249		273,571		281,580		18,079		19,411
2014							379,589		365,515		382,260		419,748		457,363		455,521		449,374		35,147		37,364
2015									474,140		474,212		526,269		551,145		545,271		549,857		43,175		56,114
2016											528,906		568,006		627,728		603,529		579,849		69,537		68,467
2017													615,957		654,362		613,577		593,920		50,255		84,180
2018															592,566		580,528		575,765		43,320		98,477
2019																	12,751		9,945		1,311		—
Total																			$	3,695,584	$	289,791	$	396,229
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	68,400	$	72,823	$	76,018	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709	$	82,286
2009	71,963		83,464		89,462		93,425		96,396		98,811		100,103		101,823		102,877		103,771
2010	61,322		82,614		95,120		103,280		108,171		114,639		115,014		115,959		116,332		114,730
2011	33,089		69,357		91,414		105,584		114,107		115,966		122,579		124,315		125,843		129,408
2012			45,030		88,382		119,059		138,706		150,543		158,807		164,512		168,154		172,251
2013					56,249		121,182		168,785		199,300		216,527		227,502		234,342		248,103
2014							69,512		189,954		268,467		321,258		355,414		370,176		383,529
2015									86,695		246,616		338,642		388,640		417,736		448,867
2016											110,051		284,501		380,602		428,651		449,347
2017													111,508		274,596		448,551		485,611
2018															110,954		409,986		465,762
2019																	3,907		5,821
Total																			3,089,486
			All outstanding liabilities prior to 2008, net of reinsurance																249
Total net reserves excluding impact of ADC																			606,347
Impact of ADC																			(396,229)
Total net reserves including impact of ADC																			$	210,118

AmTrust Reinsurance: General Liability


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	28,786	$	31,921	$	33,051	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996	$	40,398	$	3,521	$	202
2009	19,311		28,384		29,123		30,902		32,418		34,040		34,863		35,138		35,410		36,228		1,199		290
2010	15,783		28,850		34,761		36,455		38,536		38,298		41,597		42,884		43,062		45,490		1,296		866
2011	11,334		24,731		35,628		40,557		42,100		45,303		49,338		52,746		53,499		55,607		2,268		1,307
2012			21,281		33,445		42,450		48,851		50,800		55,991		59,948		63,429		63,704		5,147		1,963
2013					42,021		43,116		66,869		68,641		79,731		89,204		92,032		95,050		4,452		3,207
2014							65,469		66,558		77,930		99,873		111,970		116,085		119,367		11,697		5,837
2015									118,111		95,766		122,942		139,518		154,071		154,529		19,486		10,026
2016											98,149		114,864		120,911		148,371		147,858		28,163		13,924
2017													116,158		133,533		165,268		161,354		39,884		18,703
2018															121,991		153,822		148,817		60,290		24,162
2019																	5,427		6,017		4,883		—
Total																			$	1,074,419	$	182,286	$	80,487
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	20,935	$	26,288	$	29,384	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253
2009	7,840		13,904		19,727		24,298		28,312		30,924		32,878		33,473		32,487		34,984
2010	5,140		11,187		19,010		26,429		30,948		34,125		37,317		39,214		39,888		42,509
2011	2,813		6,072		12,158		22,963		31,619		39,350		41,257		47,141		49,178		51,492
2012			5,084		13,224		18,020		29,752		40,864		45,775		53,526		56,538		55,350
2013					4,996		10,226		32,249		44,698		58,377		70,074		76,996		83,571
2014							3,503		24,581		36,026		57,678		77,259		86,101		92,861
2015									20,849		33,963		52,350		79,291		98,278		112,542
2016											6,402		21,959		45,855		67,064		88,627
2017													6,967		27,001		51,545		79,531
2018															7,907		24,618		42,792
2019																	27		314
Total																			721,826
			All outstanding liabilities prior to 2008, net of reinsurance																135
Total net reserves excluding impact of ADC																			352,728
Impact of ADC																			(80,487)
Total net reserves including impact of ADC																			$	272,241

AmTrust Reinsurance: Commercial Auto Liability

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


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,890	$	32,769	$	33,700	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	2,083	$	81
2009	22,183		26,275		28,551		30,812		31,024		30,468		30,919		31,033		31,064		31,082		502		72
2010	26,239		33,457		37,154		38,043		40,193		40,523		42,146		41,996		42,070		40,637		218		28
2011	16,193		24,292		29,577		32,578		33,839		34,790		36,149		36,065		34,643		34,707		489		37
2012			20,863		32,691		40,076		44,812		48,116		46,150		45,753		45,917		45,902		83		—
2013					33,473		44,771		50,647		59,702		63,162		62,163		63,620		63,532		383		26
2014							47,525		55,023		73,966		82,427		89,299		92,572		94,238		1,885		123
2015									66,967		92,955		106,560		119,141		127,560		129,849		3,298		353
2016											121,828		118,210		144,077		171,504		170,275		10,345		1,468
2017													156,575		189,257		220,457		230,972		36,791		3,930
2018															177,150		224,780		230,200		67,728		10,153
2019																	79,172		77,371		36,931		—
2020																			—		(7)		$	—
Total																			$	1,186,511	$	160,729	$	16,271
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,207	$	29,386	$	30,975	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982
2009	14,532		18,736		22,959		26,975		29,226		29,829		29,842		30,204		31,194		30,337
2010	14,203		21,050		28,602		34,855		37,734		39,413		39,750		40,282		40,395		40,407
2011	5,721		12,333		18,813		25,808		29,769		32,362		33,130		33,155		33,451		33,872
2012			6,693		14,979		26,508		35,460		43,745		44,165		45,555		45,751		45,819
2013					8,267		19,865		34,379		48,122		57,349		59,600		62,331		62,562
2014							8,450		22,858		42,960		64,459		79,766		87,458		90,761
2015									13,102		39,179		62,945		86,433		107,707		118,753
2016											19,071		48,595		76,635		113,174		133,826
2017													26,863		69,657		115,623		154,600
2018															30,018		67,080		107,184
2019																	9,456		22,799
2020																			7
Total																			875,909
			All outstanding liabilities prior to 2008, net of reinsurance																65
Total net reserves excluding impact of ADC																			310,667
Impact of ADC																			(16,271)
Total net reserves including impact of ADC																			$	294,396

AmTrust Reinsurance: European Hospital Liability


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	53,686	$	25,077	$	38,818	$	53,632	$	51,016	$	70,247	$	68,115	$	65,312	$	67,770	$	68,076	$	(2,016)
2012			86,197		87,851		87,000		111,555		99,792		94,490		122,115		127,380		128,394		5,327
2013					52,960		66,535		69,407		91,182		83,373		106,864		113,194		114,707		6,568
2014							55,098		58,019		62,145		69,148		87,192		92,886		94,020		8,802
2015									51,369		49,873		64,935		71,395		74,802		75,060		7,381
2016											48,094		55,367		72,467		75,207		73,562		8,135
2017													44,277		56,413		58,715		57,146		7,174
2018															48,199		34,186		35,196		867
2019																	17,174		15,897		2,127
Total																			$	662,058	$	44,365
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	1,185	$	4,696	$	13,855	$	25,424	$	31,100	$	38,642	$	44,708	$	49,239	$	53,327	$	58,251
2012			5,195		16,611		37,805		49,240		63,306		74,646		83,322		89,942		100,802
2013					3,228		16,238		27,939		42,628		53,587		60,054		67,891		82,179
2014							4,544		12,799		26,605		37,866		42,489		50,120		62,995
2015									3,752		11,932		24,634		31,439		37,756		49,524
2016											3,872		11,502		19,057		25,349		37,625
2017													1,382		4,772		8,178		15,873
2018															995		2,449		5,836
2019																	12,388		1,731
Total																			414,816
Total net reserves																			$	247,242


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of ADC)																				At December 31, 2020
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		Total IBNR		Impact of ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	27,630	$	28,724	$	28,715	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	(779)	$	—
2009	12,516		20,349		11,959		13,329		14,309		14,492		16,088		15,653		14,617		15,750		379		—
2010	14,440		15,182		24,718		15,484		16,078		16,105		17,071		17,059		15,438		15,905		52		—
2011	18,822		19,948		26,343		27,509		22,359		22,616		23,376		23,506		21,469		21,515		155		—
2012			14,697		18,443		19,426		21,898		18,673		19,850		20,260		19,578		17,969		(140)		152
2013					17,806		17,630		28,058		22,918		21,313		21,669		21,735		20,644		498		246
2014							20,597		25,268		26,021		24,958		26,278		24,929		21,496		(2)		123
2015									52,706		54,857		49,631		49,463		47,882		44,939		793		50
2016											79,654		74,948		72,384		73,602		67,060		3,039		113
2017													104,637		96,812		92,904		96,196		1,252		218
2018															96,910		103,489		101,553		(1,795)		627
2019																	37,945		43,146		597		—
2020																			—		(29)		—
Total																			$	490,218	$	4,020	$	1,529
	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	25,776	$	29,710	$	29,900	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706
2009	7,891		8,084		8,743		11,093		13,105		13,870		15,224		15,051		14,009		14,954
2010	12,373		12,332		13,012		15,375		15,748		16,058		16,919		16,786		15,285		15,853
2011	13,840		16,424		17,571		21,279		22,044		22,715		23,892		23,661		21,481		21,343
2012			10,308		14,031		16,033		16,936		17,946		18,205		18,685		17,559		18,071
2013					11,877		15,997		17,509		20,258		20,456		20,447		19,343		20,146
2014							12,028		20,277		20,940		22,018		26,194		21,405		21,497
2015									28,929		45,208		42,631		41,962		44,179		43,622
2016											42,795		69,805		65,452		63,234		63,450
2017													48,903		80,726		80,735		93,212
2018															56,539		86,455		98,386
2019																	22,095		38,793
2020																			4
Total																			474,037
	All outstanding liabilities prior to 2008, net of reinsurance																		(1)
Total net reserves excluding impact of ADC																			16,180
Impact of ADC																			(1,529)
Total net reserves including impact of ADC																			$	14,651

Schedule of reconciliation of claims development to liability

The following table represents a reconciliation of the net incurred and paid claims development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2020:


	December 31, 2020
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
International	$	61,155	$	4,658	$	65,813
European Capital Solutions	27,839		—		27,839
Other reconciling items	4,482		67,972		72,454
Total Diversified Reinsurance - Segment	93,476		72,630		166,106

AmTrust Reinsurance
Workers' Compensation	210,118		396,229		606,347
General Liability	272,241		80,487		352,728
Commercial Auto Liability	294,396		16,271		310,667
European Hospital Liability	247,242		—		247,242
All Other Lines	14,651		1,529		16,180
Total	1,038,648		494,516		1,533,164
Other reconciling items	168,604		25,425		194,029
Total AmTrust Reinsurance - Segment	1,207,252		519,941		1,727,193


Total reserves and LAE	$	1,300,728	$	592,571	$	1,893,299

Schedule of average annual payout of net loss and LAE


	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	50.0	%	37.2	%	5.2	%	2.7	%	(0.4)	%	—	%	(0.5)	%	(0.3)	%	1.9	%	4.8	%
European Capital Solutions	18.2	%	18.8	%	20.2	%	19.6	%	4.3	%	—	%	—	%	—	%	—	%	—	%
AmTrust Reinsurance
Workers' Compensation	18.6	%	31.5	%	17.7	%	9.1	%	5.6	%	4.1	%	3.1	%	2.4	%	1.3	%	1.6	%
General Liability	6.1	%	10.9	%	13.7	%	16.7	%	14.8	%	9.8	%	7.4	%	6.3	%	2.0	%	3.2	%
Commercial Auto Liability	11.9	%	17.6	%	19.0	%	19.3	%	14.4	%	6.8	%	4.1	%	0.9	%	0.9	%	1.1	%
European Hospital Liability	3.6	%	8.1	%	12.3	%	12.7	%	11.3	%	9.3	%	6.9	%	7.2	%	7.1	%	7.1	%
All other lines	56.9	%	32.3	%	2.5	%	5.9	%	6.2	%	(0.8)	%	3.1	%	(0.6)	%	(0.7)	%	(0.2)	%

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of quota share arrangements with AmTrust

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2020 and 2019, respectively:


For the Year Ended December 31,	2020		2019
Gross and net premiums written	$	(9,068)	$	(581,001)
Net premiums earned	57,992		364,711
Net loss and loss adjustment expenses	(17,031)		(402,679)
Commission and other acquisition expenses	(20,321)		(139,862)

Commitments, Contingencies and Concentrations (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Scheduled maturity of operating lease liabilities

At December 31, 2020, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:


	December 31, 2020


2021	$	847
2022	847
2023	96
2024	48
Discount for present value	(200)
Total discounted operating lease liabilities	$	1,638

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

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

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


For the Year Ended December 31,	2020		2019
Numerator:
Net income (loss) from continuing operations	$	41,762	$	(109,362)



Gain from repurchase of preference shares – Series A, C and D	38,195		—
Amount allocated to participating common shareholders(1)	(1,386)		—
Income (loss) available to Maiden common shareholders, before discontinued operations	78,571		(109,362)
Loss from discontinued operations, net of income tax expense	—		(22,541)
Net income (loss) allocated to Maiden common shareholders	$	78,571	$	(131,903)



Denominator:
Weighted average number of common shares – basic and diluted(2)	84,333,514		83,061,259
Potentially dilutive securities:
Share options and restricted share units(2)	141		—

Adjusted weighted average common shares and assumed conversions – diluted	84,333,655		83,061,259
Basic and diluted earnings (loss) from continuing operations per share attributable to Maiden common shareholders:	$	0.93	$	(1.32)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders	—		(0.27)
Basic and diluted earnings (loss) per share attributable to Maiden common shareholders:	$	0.93	$	(1.59)

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

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of changes in preference shares outstanding

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


For the Year Ended December 31, 2020	Series A	Series C	Series D	Total
Outstanding shares – January 1 and December 31	6,000,000	6,600,000	6,000,000	18,600,000


Shares purchased and held by Maiden Reinsurance	(545,218)	(1,203,466)	(1,078,911)	(2,827,595)
Shares held by non-affiliates – December 31	5,454,782	5,396,534	4,921,089	15,772,405

Schedule of changes in common shares outstanding


For the Year Ended December 31,	2020	2019
Outstanding shares – January 1	83,148,458	82,948,577

Issuance of vested restricted shares and restricted share units	1,653,537	223,101
Shares repurchased	(834)	(23,220)

Outstanding shares – December 31	84,801,161	83,148,458

Schedule of accumulated other comprehensive income

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2020 and 2019:


For the Year Ended December 31, 2020	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	21,996	$	(4,160)	$	17,836
Other comprehensive income (loss) before reclassifications	40,008		(21,340)		18,668
Amounts reclassified from AOCI to net income, net of tax	(12,647)		—		(12,647)
Net current period other comprehensive income (loss)	27,361		(21,340)		6,021


Ending balance, Maiden shareholders	$	49,357	$	(25,500)	$	23,857


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


Ending balance, Maiden shareholders	$	21,996	$	(4,160)	$	17,836

Schedule of reclassification from accumulated other comprehensive income

The following table presents details about amounts reclassified from AOCI:


Consolidated Statements of Income Line Item that Includes Reclassification	For the Year Ended December 31,
	2020		2019
Net realized gains on investment	$	15,115	$	15,605
Net impairment losses recognized in earnings	(2,468)		(165)
Total before tax	12,647		15,440
Income tax expense	—		—
Total after tax	$	12,647	$	15,440

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02(28))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

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

The following table shows all share option activity under the 2007 Plan for the years ended December 31, 2020 and 2019:


	Number of Share Options	Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Range of Option Exercise Prices (Low to High)




















Outstanding, December 31, 2018	657,824	$	7.92			4.40 years	$	—	$3.24	$13.98
Granted	7,500	$	1.31	$	0.25
Expired	(119,320)	$	5.78
Forfeited	(61,875)	$	7.15
Outstanding, December 31, 2019	484,129	$	8.44			3.63 years	$	—	$1.31	$13.98
Expired	(213,379)	$	7.50
Forfeited	(6,250)	$	7.20
Outstanding, December 31, 2020	264,500	$	9.22			4.72 years	$	—	$1.31	$13.98
Total exercisable at December 31, 2020	207,625	$	10.01			4.02 years	$	—	$1.31	$13.98

Schedule of based compensation instrument granted, other than share options

following table shows the summary of activity for the Company's restricted share awards:


	Non-Performance-Based Restricted Share Units			Non-Performance-Based Restricted Shares			Performance Based Restricted Share Units			Discretionary Performance-Based Restricted Shares
	Number of Restricted Units	Weighted Average Grant-Date Fair Value		Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Number of Restricted Units	Weighted Average Grant-Date Fair Value		Number of Restricted Shares	Weighted Average Grant-Date Fair Value
















Non-vested at December 31, 2018	25,000	$	8.75	260,971	$	5.94	847,645	$	10.71	—	$	—
Awards granted	—	$	—	1,669,490	$	0.79	—	$	—	—	$	—
Awards vested	(25,000)	$	8.75	(91,823)	$	6.34	(83,751)	$	13.16	—	$	—
Awards forfeited	—	$	—	(19,841)	$	1.26	(763,894)	$	10.44	—	$	—
Non-vested at December 31, 2019	—	$	—	1,818,797	$	1.24	—	$	—	—	$	—
Awards granted	—	$	—	333,330	$	1.20	—	$	—	982,974	$	1.02
Awards vested	—	$	—	(908,857)	$	1.25	—	$	—	(744,680)	$	0.94
Awards forfeited	—	$	—	—	$	—	—	$	—	—	$	—
Non-vested at December 31, 2020	—	$	—	1,243,270	$	1.22	—	$	—	238,294	$	1.26

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2020

Statutory Financial Information [Abstract]

Statutory capital and surplus and statutory net (loss) income of principal operating subsidiaries

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


		Maiden Reinsurance		Maiden LF		Maiden GF
Statutory Capital and Surplus
December 31, 2020		$	972,350	$	10,612	$	10,650
December 31, 2019	(a)	921,984		10,234		8,791

Statutory Net Income (Loss)
For the Year Ended December 31, 2020		$	52,707	$	(540)	$	20
For the Year Ended December 31, 2019	(a)	(103,521)		(785)		410

- Definition

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

+ References + Details

Taxation (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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

Income (loss) before taxes and income tax benefit for the years ended December 31, 2020 and 2019 are as follows:


For the Year Ended December 31,	2020		2019
Income (loss) from continuing operations before income taxes – Domestic (Bermuda)	$	(9,648)	$	(60,583)
Income (loss) from continuing operations before income taxes – Foreign (U.S. and others)	51,306		(49,690)
Total income (loss) from continuing operations before income taxes	$	41,658	$	(110,273)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax expense – Foreign (U.S. and others)	155		112
Total current tax expense	$	155	$	112

Deferred tax expense – Domestic (Bermuda)	$	—	$	—
Deferred tax benefit – Foreign (U.S. and others)	(259)		(1,023)
Total deferred tax benefit	$	(259)	$	(1,023)

Total income tax benefit	$	(104)	$	(911)

Schedule of effective income tax rate reconciliation


For the Year Ended December 31,	2020			2019
Income (loss) from continuing operations before income taxes	$	41,658		$	(110,273)
Less: income tax benefit	(104)			(911)
Net income (loss) from continuing operations	$	41,762		$	(109,362)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	19.2		%	0.2		%
Re-domestication of Maiden Reinsurance to the U.S.	(117.3)		%	—		%
Valuation allowance in respect of U.S. taxes	98.1		%	0.7		%
Other jurisdictions	(0.3)		%	(0.1)		%
Actual tax rate	(0.3)		%	0.8		%

Schedule of deferred tax assets and liabilities

The significant components of the Company's deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows:


December 31,	2020		2019
Deferred tax assets:
Net operating losses	$	44,259	$	46,735
Unearned premiums	6,017		—
Capital loss carry-forward	4,234		6,338

Discounting of net loss and LAE reserves	37,568		—
Interest limitation	—		2,338
Deferred gain on retroactive reinsurance	23,719		—

Others	776		513
Deferred tax assets before valuation allowance	116,573		55,924
Valuation allowance	96,414		55,569
Deferred tax assets, net	20,159		355
Deferred tax liabilities:
Deferred commission and other acquisition expenses	11,327		—



Net unrealized gains on investment	8,197		96
Others	3		—
Deferred tax liabilities	19,527		96
Net deferred tax asset	$	632	$	259

Organization (Details) - USD ($) $ in Thousands			12 Months Ended
Organization (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%

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Short-term investments	$ 0	$ 0
Deposit contracts	$ 0	0
Operating lease, weighted average discount rate	10.00%
Gain on repurchase of preference shares, impact on common stock (in dollars per share)	$ 0.45
Cumulative translation adjustment	$ 527,816,000	507,718,000
Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cumulative translation adjustment	$ (25,500,000)	$ (4,160,000)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Income Statement [Abstract]
Gross premiums written	$ 31,389	$ (528,593)
Net premiums written	28,432	(531,850)
Net premiums earned	106,081	447,762
Other insurance revenue	1,276	2,841
Net loss and LAE	(41,799)	(452,829)
Commission and other acquisition expenses	(38,796)	(169,760)
General and administrative expenses	(9,488)	(11,767)
Underwriting (loss) income	17,274	(183,753)
Reconciliation to net income from continuing operations
Net investment income and realized gains on investment	79,234	125,697
Total other-than-temporary impairment losses	(2,468)	(165)
Interest and amortization expenses	(19,324)	(19,320)
Foreign exchange and other losses, net	(8,526)	2,719
Other general and administrative expenses	(29,630)	(35,451)
Income tax benefit	104	911
Interest in income in equity method investments	5,098	0
Net income (loss) from continuing operations	$ 41,762	$ (109,362)
Net loss and LAE ratio	38.90%	100.50%
Commission and other acquisition expense ratio	36.10%	37.60%
General and administrative expense ratio	36.40%	10.50%
Expense ratio	72.50%	48.10%
Combined ratio	111.40%	148.60%
Operating Segments \| Diversified Reinsurance
Income Statement [Abstract]
Gross premiums written	$ 40,457	$ 52,408
Net premiums written	37,258	49,151
Net premiums earned	47,847	83,691
Other insurance revenue	1,276	2,841
Net loss and LAE	(24,909)	(49,905)
Commission and other acquisition expenses	(18,475)	(29,898)
General and administrative expenses	(6,936)	(8,872)
Underwriting (loss) income	$ (1,197)	$ (2,143)
Reconciliation to net income from continuing operations
Net loss and LAE ratio	50.70%	57.70%
Commission and other acquisition expense ratio	37.60%	34.50%
General and administrative expense ratio	14.10%	10.30%
Expense ratio	51.70%	44.80%
Combined ratio	102.40%	102.50%
Operating Segments \| AmTrust Reinsurance
Income Statement [Abstract]
Gross premiums written	$ (9,068)	$ (581,001)
Net premiums written	(8,826)	(581,001)
Net premiums earned	58,234	364,071
Other insurance revenue	0	0
Net loss and LAE	(16,890)	(402,612)
Commission and other acquisition expenses	(20,321)	(139,862)
General and administrative expenses	(2,552)	(2,895)
Underwriting (loss) income	$ 18,471	$ (181,298)
Reconciliation to net income from continuing operations
Net loss and LAE ratio	29.00%	110.60%
Commission and other acquisition expense ratio	34.90%	38.40%
General and administrative expense ratio	4.40%	0.80%
Expense ratio	39.30%	39.20%
Combined ratio	68.30%	149.80%
Other
Income Statement [Abstract]
Gross premiums written		$ 0
Net premiums written		0
Net premiums earned		0
Other insurance revenue		0
Net loss and LAE		(312)
Commission and other acquisition expenses		0
General and administrative expenses		0
Underwriting (loss) income		$ (312)

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 5,777	$ 12,181
Reinsurance recoverable on unpaid losses	592,571	623,422	$ 71,901
Deferred commission and other acquisition expenses	51,903	77,356
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	1,080,055	1,507,753
Funds withheld receivable	654,805	684,441
Other assets	8,051	9,946
Total assets	2,948,455	3,568,196
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	156,380	167,845
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses	519,941	557,950
Total assets	2,329,377	2,843,802
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	5,560	11,729
Reinsurance recoverable on unpaid losses	524,599	560,723
Deferred commission and other acquisition expenses	51,903	77,356
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	1,080,055	1,507,753
Funds withheld receivable	654,805	684,441
Other assets	860	1,670
Total assets	2,485,757	3,011,647
Operating Segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	5,560	11,729
Reinsurance recoverable on unpaid losses	4,658	2,773
Deferred commission and other acquisition expenses	6,171	8,923
Loan to related party	0	0
Restricted cash and cash equivalents and investments	87,419	90,614
Funds withheld receivable	51,712	52,136
Other assets	860	1,670
Total assets	156,380	167,845
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	0	0
Reinsurance recoverable on unpaid losses	519,941	557,950
Deferred commission and other acquisition expenses	45,732	68,433
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	992,636	1,417,139
Funds withheld receivable	603,093	632,305
Other assets	0	0
Total assets	2,329,377	2,843,802
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	462,698	556,549
Other \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0	0
Other \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 0	$ 0

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 31,389	$ (528,593)
Net premiums written	28,432	(531,850)
Net premiums earned	$ 106,081	$ 447,762
% of Total Net premiums written	100.00%	100.00%
% of Total Net premiums earned	100.00%	100.00%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (10,979)	$ (567,380)
Net premiums written	(10,836)	(567,380)
Net premiums earned	(10,207)	363,498
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	42,368	38,787
Net premiums written	39,268	35,530
Net premiums earned	116,288	84,264
Operating Segments \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	40,457	52,408
Net premiums written	37,258	49,151
Net premiums earned	$ 47,847	$ 83,691
% of Total Net premiums written	131.10%	(9.30%)
% of Total Net premiums earned	45.10%	18.70%
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (9,068)	$ (581,001)
Net premiums written	(8,826)	(581,001)
Net premiums earned	$ 58,234	$ 364,071
% of Total Net premiums written	(31.10%)	109.30%
% of Total Net premiums earned	54.90%	81.30%
Operating Segments \| International \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 37,294	$ 49,193
Net premiums earned	$ 47,883	$ 83,733
% of Total Net premiums written	131.20%	(9.30%)
% of Total Net premiums earned	45.10%	18.70%
Operating Segments \| Other \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (36)	$ (42)
Net premiums earned	$ (36)	$ (42)
% of Total Net premiums written	(0.10%)	0.00%
% of Total Net premiums earned	0.00%	0.00%
Operating Segments \| Small Commercial Business \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (11,515)	$ (324,311)
Net premiums earned	$ (10,938)	$ 91,723
% of Total Net premiums written	(40.50%)	61.00%
% of Total Net premiums earned	(10.30%)	20.50%
Operating Segments \| Specialty Program \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (19)	$ (25,869)
Net premiums earned	$ 33	$ 138,380
% of Total Net premiums written	(0.10%)	4.90%
% of Total Net premiums earned	0.00%	30.90%
Operating Segments \| Specialty Risk and Extended Warranty \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 2,708	$ (230,821)
Net premiums earned	$ 69,139	$ 133,968
% of Total Net premiums written	9.50%	43.40%
% of Total Net premiums earned	65.20%	29.90%

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Original or amortized cost	$ 1,163,923	$ 1,813,426
Gross unrealized gains	53,055	39,731
Gross unrealized losses	(3,567)	(17,639)
Fair value	1,213,411	1,835,518
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	94,468	94,921
Gross unrealized gains	34	704
Gross unrealized losses	0	0
Fair value	94,502	95,625
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	272,124	533,296
Gross unrealized gains	9,439	6,717
Gross unrealized losses	(126)	(1,291)
Fair value	281,437	538,722
Non-U.S. government and supranational bonds
Schedule of Investments [Line Items]
Original or amortized cost	8,641	11,796
Gross unrealized gains	1,067	294
Gross unrealized losses	0	(91)
Fair value	9,708	11,999
Asset-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	184,227	187,881
Gross unrealized gains	1,611	821
Gross unrealized losses	(406)	(532)
Fair value	185,432	188,170
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	604,463	981,441
Gross unrealized gains	40,904	31,140
Gross unrealized losses	(3,035)	(15,725)
Fair value	$ 642,332	996,856
Municipal bonds
Schedule of Investments [Line Items]
Original or amortized cost		4,091
Gross unrealized gains		55
Gross unrealized losses		0
Fair value		$ 4,146

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 100,916
Due after one year through five years	520,007
Due after five years through ten years	86,649
Total securities with single maturities, amortized cost	707,572
Original or amortized cost	1,163,923	$ 1,813,426
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	101,661
Due after one year through five years	550,468
Due after five years through ten years	94,413
Total before securities with single maturities, fair value	746,542
Fixed maturities, fair value	1,213,411	1,835,518
U.S. agency bonds – mortgage-backed
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	272,124
Original or amortized cost	272,124	533,296
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	281,437
Fixed maturities, fair value	281,437	538,722
Asset-backed securities
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	184,227
Original or amortized cost	184,227	187,881
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	185,432
Fixed maturities, fair value	$ 185,432	$ 188,170

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Dec. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	$ 64,570	$ 123,780
12 months or more, fair value	101,994	262,519
Total, fair value	166,564	386,299
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(1,192)	(824)
12 months or more, unrealized losses	(2,375)	(16,815)
Total, unrealized losses	$ (3,567)	$ (17,639)
Number of securities in loss position \| security	53	104
Fair value of unrealized loss positions	$ 166,564	$ 386,299
Unrealized losses	$ 3,567	$ 17,639
Number of securities in unrealized loss position for 12 months or greater \| security	35	67
Fair value of securities in loss position for 12 months or greater	$ 101,994	$ 262,519
Unrealized losses 12 months or greater	2,375	16,815
U.S. agency bonds – mortgage-backed
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	19,360	31,401
12 months or more, fair value	5,646	85,008
Total, fair value	25,006	116,409
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(85)	(257)
12 months or more, unrealized losses	(41)	(1,034)
Total, unrealized losses	(126)	(1,291)
Non-U.S. government and supranational bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value		1,824
12 months or more, fair value		701
Total, fair value		2,525
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses		(22)
12 months or more, unrealized losses		(69)
Total, unrealized losses		(91)
Asset-backed securities
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	13,371	60,863
12 months or more, fair value	31,052	17,594
Total, fair value	44,423	78,457
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(217)	(240)
12 months or more, unrealized losses	(189)	(292)
Total, unrealized losses	(406)	(532)
Corporate bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 months, fair value	31,839	29,692
12 months or more, fair value	65,296	159,216
Total, fair value	97,135	188,908
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, unrealized losses	(890)	(305)
12 months or more, unrealized losses	(2,145)	(15,420)
Total, unrealized losses	$ (3,035)	$ (15,725)

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security
Schedule of Fixed Maturities [Line Items]
Total other-than-temporary impairment losses	$ 2,468	$ 165
Number of securities with other-than-temporary impairment losses \| security	4	1
Amortized cost	$ 1,163,923	$ 1,813,426
Fair value	$ 1,213,411	$ 1,835,518
% of Total fair value	100.00%	100.00%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 94,468	$ 94,921
Fair value	$ 94,502	$ 95,625
% of Total fair value	7.80%	5.20%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 272,124	$ 533,296
Fair value	$ 281,437	$ 538,722
% of Total fair value	23.20%	29.40%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 96,453	$ 99,212
Fair value	$ 97,515	$ 99,542
% of Total fair value	8.00%	5.40%
AA+, AA, AA-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 114,751	$ 101,491
Fair value	$ 118,534	$ 101,467
% of Total fair value	9.80%	5.50%
A+, A, A-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 265,725	$ 540,002
Fair value	$ 281,364	$ 549,479
% of Total fair value	23.20%	29.90%
BBB+, BBB, BBB-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 274,406	$ 438,731
Fair value	$ 292,493	$ 445,202
% of Total fair value	24.10%	24.30%
BB+ or lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 45,996	$ 5,773
Fair value	$ 47,566	$ 5,481
% of Total fair value	3.90%	0.30%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Carrying Value	$ 30,439	$ 4,877
% of Total	45.40%	15.40%
Other investments	$ 67,010	$ 31,748
% of Total	100.00%	100.00%
Private equity investments
Schedule of Investments [Line Items]
Carrying Value	$ 24,595	$ 0
% of Total	36.70%	0.00%
Investment in limited partnerships
Schedule of Investments [Line Items]
Carrying Value	$ 3,044	$ 3,077
% of Total	4.50%	9.70%
Other investments
Schedule of Investments [Line Items]
Carrying Value	$ 2,800	$ 1,800
% of Total	4.20%	5.70%
Investments in direct lending entities (at cost)
Schedule of Investments [Line Items]
Other investments	$ 36,571	$ 26,871
% of Total	54.60%	84.60%

Investments - Remaining Unfunded Commitments on Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 63,313	$ 1,107
% of Total	100.00%	100.00%
Private equity investments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 43,164	$ 0
% of Total	68.20%	0.00%
Investments in direct lending entities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 19,823	$ 767
% of Total	31.30%	69.30%
Investment in limited partnerships
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 326	$ 340
% of Total	0.50%	30.70%

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 39,886	$ 0
% of Total	100.00%	0.00%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 29,435	$ 0
% of Total	73.80%	0.00%
Private equity investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 10,451	$ 0
% of Total	26.20%	0.00%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands		7 Months Ended	12 Months Ended
	Aug. 12, 2019	Aug. 12, 2019	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income			$ 57,598	$ 114,060
Interest expense paid on LPT/ADC Agreement and Commutation Payment			0	(13,596)
Investment expenses			(2,837)	(2,627)
Net investment income			54,761	97,837
Interest amount		$ 7,261
Interest rate		2.64%
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income			36,258	83,839
Income on funds withheld
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income			15,942	20,307
Interest income from loan to related party
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income			3,996	6,983
Cash and cash equivalents and other investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income			$ 1,402	$ 2,931
Commutation And Release Agreement, Commutation Payment, Premium Interest \| AmTrust Quota Share \| AmTrust Financial Services, Inc.
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Related party interest expense	$ 6,335
Related party rate		3.30%

Investments - Net Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investment, gross gain	$ 24,493	$ 43,759
Net realized gains (losses) on investment, gross losses	(20)	(15,899)
Net realized gains (losses) on investment, net	24,473	27,860
Proceeds from sales of fixed maturities classified as available-for-sale	505,396	1,032,438
Deferred income tax	(131)	(96)
Net unrealized gains, net of deferred income tax	49,357	21,996
Change, net of deferred income tax	27,361	81,758
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	24,101	43,657
Fixed maturities, gross losses	(1)	(15,899)
Fixed maturities, net	24,100	27,758
Fixed maturities \| Available-for-sale securities
Gain (Loss) on Securities [Line Items]
Fixed maturities	49,488	22,092
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gain	392	102
Other investments, gross loss	(19)	0
Other investments, net	373	102
Less: Net gains recognized for other investments divested during the period	(373)	(591)
Unrealized losses recognized for other investments still held at reporting date	$ 0	$ (489)

Investments - Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 61,786	$ 59,081
Restricted investments	1,018,269	1,448,672
Total restricted cash and investments	1,080,055	1,507,753
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	20,547	21,447
Restricted investments	63,281	65,678
Amortized cost	63,253	65,539
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	41,239	37,634
Restricted investments	954,988	1,382,994
Amortized cost	$ 913,466	$ 1,366,873

Fair Value Measurements- Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities \| security	2	1
Available-for-sale fixed maturities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities measured using the market approach	$ 10,809	$ 5,481
Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	30,439	4,877
Fair Value, recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Fair Value, recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 26,094	$ 1,800
Total Fair Value \| Fair Value, recurring \| Available-for-sale fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	99.10%	99.70%
Assets valued using market approach, percentage	0.90%	0.30%

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
Carrying Value \| Fair Value, Inputs, Level 2
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, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	110,000	110,000
Carrying Value \| Senior Notes \| Senior Notes - MHNC – 7.75% \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	152,500	152,500
Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	222,898	223,527
Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625% \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	90,772	86,460
Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75% \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 132,126	$ 137,067

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 27, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of income tax	$ 0	$ (22,541)
Discontinued Operations, Disposed of by Sale \| Renewal Rights Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of income tax		(22,541)
Discontinued Operations, Disposed of by Sale \| Maiden US Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds of sale			$ 286,375
Loss from discontinued operations		$ 16,714
Discontinued Operations, Disposed of by Sale \| Maiden Reinsurance North America, Inc. Sale \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reinsurance payable			$ 25,000

Discontinued Operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 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	$ (22,541)
Renewal Rights Sale \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss and loss adjustment expenses		6,363
General and administrative expenses		(2,392)
Income from discontinued operations before income tax		3,971
Loss on disposal of discontinued operations		(25,474)
Income tax expense		(1,038)
Loss from discontinued operations, net of income tax		$ (22,541)

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

+ References

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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. 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

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+ Details

Long-Term Debt - Senior Notes Issuances (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount	$ 262,500,000	$ 262,500,000
Less: unamortized issuance costs	7,374,000	7,592,000
Senior notes, net	255,126,000	254,908,000
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500,000	262,500,000
Less: unamortized issuance costs	7,374,000	7,592,000
Senior notes, net	255,126,000	254,908,000
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000,000	110,000,000
Less: unamortized issuance costs	3,516,000	3,565,000
Senior notes, net	106,484,000	106,435,000
Original debt issuance costs	$ 3,715,000
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500,000	152,500,000
Less: unamortized issuance costs	3,858,000	4,027,000
Senior notes, net	148,642,000	$ 148,473,000
Original debt issuance costs	$ 5,054,000
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense	$ 19,324	$ 19,320
Senior Notes
Debt Instrument [Line Items]
Interest expense	19,106	19,106
Accrued interest	1,342	1,342
Amortization expense	$ 218	$ 214
2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Minimum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Number of days notice prior to the redemption date	30 days
Maximum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Number of days notice prior to the redemption date	60 days

Reinsurance - Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Premiums written
Direct	$ 19,550	$ 16,637
Assumed	11,839	(545,243)
Ceded	(2,957)	(3,244)
Net	28,432	(531,850)
Premiums earned
Direct	19,711	16,118
Assumed	89,461	434,559
Ceded	(3,091)	(2,915)
Net premiums earned	106,081	447,762
Loss and LAE
Gross loss and LAE	57,146	453,478
Loss and LAE ceded	(15,347)	(649)
Net loss and loss adjustment expenses	$ 41,799	$ 452,829

Reinsurance - Narrative (Details) - USD ($)		7 Months Ended
Reinsurance - Narrative (Details) - USD ($)	Jul. 31, 2019	Aug. 12, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			$ 592,571,000	$ 623,422,000
Reinsurance recoverable for unpaid claims and claims adjustments, valuation allowance			0	0
Quota share reinsurance agreement, excess retention	$ 2,178,535,000
Quota share reinsurance agreement, amount retained	600,000,000
Ceded cumulative losses	445,000,000
Quota share loss reserve	155,000,000
Reinsurance recoverable on unpaid losses			592,571,000	623,422,000	$ 71,901,000
Deferred gain on retroactive reinsurance			74,941,000	112,950,000
Interest amount		$ 7,261,000
Interest rate		2.64%
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses	445,000,000
Reinsurance recoverable on unpaid losses			519,941,000	557,950,000
AmTrust Reinsurance \| Other reconciling items
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			25,425,000
Diversified Reinsurance \| Other reconciling items
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses			$ 67,972,000	$ 62,699,000
Maximum
Concentration Risk [Line Items]
Covered losses	$ 312,786,000

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Reserve for reported loss and LAE			$ 998,691	$ 1,271,358
Reserve for losses incurred but not reported ("IBNR")			894,608	1,168,549
Reserve for loss and LAE	$ 2,439,907	$ 3,126,134	$ 1,893,299	$ 2,439,907
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
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	58,332	328,194
Net incurred losses related to Prior year	(16,533)	124,635
Net incurred losses	41,799	452,829
Net paid losses related to Current year	(22,405)	(101,654)
Net paid losses related to Prior years	(608,324)	(1,025,381)
Net paid losses	(630,729)	(1,127,035)
Retroactive reinsurance adjustment	38,009	(557,950)
Effect of foreign exchange rate movements	35,164	(5,592)
Net loss and LAE reserves, December 31	1,300,728	1,816,485
Reinsurance recoverable on unpaid losses, December 31	592,571	623,422
Gross loss and LAE reserves, December 31	$ 1,893,299	$ 2,439,907

Reserve for Loss and Loss Adjustment Expenses - Prior Year Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (16,533)	$ 112,546
Other
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	0	312
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(1,295)	(1,488)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (15,238)	$ 113,722

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details)							7 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Jul. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Jul. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($)	Nov. 30, 2010 USD ($)
Segment Reporting Information [Line Items]
Net incurred losses related to prior years								$ (16,533,000)	$ 124,635,000
Net incurred losses related to prior years, percentage								(0.90%)	4.10%
Net adverse prior year development (net favorable prior year reserve development)								$ (16,533,000)	$ 112,546,000
Retroactive reinsurance increase (decrease)								(38,009,000)	557,950,000
Deferred gain on retroactive reinsurance, increase (decrease)									(112,950,000)
Reserve acquired from loss portfolio transfer agreement	$ 1,300,728,000							$ 1,300,728,000
Number of short duration insurance contracts \| contract								2
Typical insurance limit	1,000,000							$ 1,000,000
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								(15,238,000)	113,722,000
Increase in incurred losses attributed to prior accident years									21,710,000
Premium earned attributable to prior accident years									36,739,000
Purchase significant reinsurance for losses above								$ 10,000,000
Percent share of losses net of reinsurance								40.00%
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								$ (1,295,000)	(1,488,000)
Reserve acquired from loss portfolio transfer agreement										$ 98,827,000
Other
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								0	312,000
AmTrust Quota Share
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance, increase (decrease)								(14,304,000)
AmTrust Financial Services, Inc. \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party					40.00%	40.00%
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Maximum Loss Corridor \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Related party transaction amount	38,984,000	$ 40,500,000
AmTrust Financial Services, Inc. \| Post-Termination Endorsement, Maximum Loss Corridor \| AmTrust Quota Share \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)									9,286,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Commutation Payment \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Related party transaction amount			$ 312,786,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Net Ceded Reserves \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Related party transaction amount				$ 330,682,000
AmTrust Financial Services, Inc. \| Commutation And Release Agreement, Commutation Payment Paid By Entity \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Related party transaction amount							$ 17,896,000
Workers' Compensation
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance, increase (decrease)								(23,705,000)
Workers' Compensation \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								(39,016,000)	(113,003,000)
Reserve acquired from loss portfolio transfer agreement	210,118,000							210,118,000
General Liability \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								18,334,000	116,746,000
Reserve acquired from loss portfolio transfer agreement	272,241,000							272,241,000
Commercial Auto Liability \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								17,650,000	$ 118,462,000
Reserve acquired from loss portfolio transfer agreement	294,396,000							294,396,000
Other lines \| AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)								(12,889,000)
Reserve acquired from loss portfolio transfer agreement	$ 14,651,000							$ 14,651,000
Minimum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio floor					81.50%
Maximum \| AmTrust Financial Services, Inc. \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling					95.00%

Reserve for Loss and Loss Adjustment Expenses - Incurred losses and LAE, Net of Reinsurance and Cumulative Paid Losses and LAE, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 30, 2010
Claims Development [Line Items]
Impact of LPT/ADC	$ 592,571	$ 623,422
Reserve for loss and LAE	1,893,299	2,439,907		$ 3,126,134
Total net reserves	1,300,728
Diversified Reinsurance
Claims Development [Line Items]
Total net reserves												$ 98,827
AmTrust Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC			$ 445,000
International \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	524,852
Total IBNR	13,459
Impact of LPT/ADC	4,658
Cumulative paid loss and LAE, net of reinsurance	463,697
Reserve for loss and LAE	65,813
Total net reserves	61,155
International \| Accident Year 2010 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	87,623	87,511		86,470	$ 86,777	$ 84,777	$ 82,702	$ 84,321	$ 84,570	$ 84,642	$ 85,125
Total IBNR	749
Cumulative paid loss and LAE, net of reinsurance	61,541	60,353		58,916	57,234	55,754	54,239	52,650	50,912	45,772	36,257
International \| Accident Year 2011 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	52,580	52,621		52,662	52,416	52,037	52,207	52,249	52,063	52,042	53,559
Total IBNR	(12)
Cumulative paid loss and LAE, net of reinsurance	52,929	52,837		52,772	52,658	52,517	52,284	51,863	50,618	48,866	26,454
International \| Accident Year 2012 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	52,838	52,909		52,957	53,238	52,977	52,895	52,788	52,501	54,357
Total IBNR	47
Cumulative paid loss and LAE, net of reinsurance	48,261	48,169		48,156	48,042	47,459	47,130	46,035	43,637	25,489
International \| Accident Year 2013 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	55,612	55,682		55,293	55,072	54,472	54,970	53,644	48,443
Total IBNR	(160)
Cumulative paid loss and LAE, net of reinsurance	50,472	50,145		50,067	49,852	49,381	48,033	45,538	26,170
International \| Accident Year 2014 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	48,085	48,346		48,270	48,497	48,595	48,714	42,870
Total IBNR	173
Cumulative paid loss and LAE, net of reinsurance	46,280	46,208		46,101	45,843	44,612	42,325	23,985
International \| Accident Year 2015 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,201	44,361		44,345	44,908	44,399	42,979
Total IBNR	(461)
Cumulative paid loss and LAE, net of reinsurance	43,395	43,099		42,680	41,648	39,569	21,935
International \| Accident Year 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,511	40,114		40,155	40,817	38,793
Total IBNR	(4)
Cumulative paid loss and LAE, net of reinsurance	39,968	39,342		38,578	36,744	22,596
International \| Accident Year 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,173	35,292		36,366	36,914
Total IBNR	(437)
Cumulative paid loss and LAE, net of reinsurance	36,314	35,515		33,701	19,240
International \| Accident Year 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,406	43,148		45,194
Total IBNR	44
Cumulative paid loss and LAE, net of reinsurance	38,930	37,467		20,843
International \| Accident Year 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,895	36,802
Total IBNR	1,644
Cumulative paid loss and LAE, net of reinsurance	29,825	17,034
International \| Accident Year 2020 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	27,928
Total IBNR	11,876
Cumulative paid loss and LAE, net of reinsurance	15,782
European Capital Solutions \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	59,092
Total IBNR	13,318
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	31,253
Reserve for loss and LAE	27,839
Total net reserves	27,839
European Capital Solutions \| Accident Year 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	6,290	5,946		5,696	5,282	5,203
Total IBNR	34
Cumulative paid loss and LAE, net of reinsurance	5,105	4,965		3,544	2,510	849
European Capital Solutions \| Accident Year 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,256	9,587		10,727	9,261
Total IBNR	688
Cumulative paid loss and LAE, net of reinsurance	6,917	6,158		4,387	2,077
European Capital Solutions \| Accident Year 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	26,623	25,992		24,035
Total IBNR	7,249
Cumulative paid loss and LAE, net of reinsurance	12,987	6,230		3,397
European Capital Solutions \| Accident Year 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	16,664	16,273
Total IBNR	5,219
Cumulative paid loss and LAE, net of reinsurance	6,226	5,945
European Capital Solutions \| Accident Year 2020 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	259
Total IBNR	128
Cumulative paid loss and LAE, net of reinsurance	18
Workers' Compensation \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,695,584
Total IBNR	289,791
Impact of LPT/ADC	396,229
Cumulative paid loss and LAE, net of reinsurance	3,089,486
All outstanding liabilities prior to 2008, net of reinsurance	249
Reserve for loss and LAE	606,347
Total net reserves	210,118
Workers' Compensation \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	86,117	83,952		84,710	83,622	83,039	82,301	81,240	82,438	81,493	80,800
Total IBNR	2,665
Impact of LPT/ADC	2,529
Cumulative paid loss and LAE, net of reinsurance	82,286	82,709		82,436	81,159	79,230	78,161	77,370	76,018	72,823	68,400
Workers' Compensation \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,021	109,664		110,175	107,165	105,901	106,204	109,213	103,864	102,245	102,240
Total IBNR	1,370
Impact of LPT/ADC	3,086
Cumulative paid loss and LAE, net of reinsurance	103,771	102,877		101,823	100,103	98,811	96,396	93,425	89,462	83,464	71,963
Workers' Compensation \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	126,621	127,381		127,215	123,968	124,073	125,020	120,243	118,209	113,880	106,799
Total IBNR	6,602
Impact of LPT/ADC	5,720
Cumulative paid loss and LAE, net of reinsurance	114,730	116,332		115,959	115,014	114,639	108,171	103,280	95,120	82,614	61,322
Workers' Compensation \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	141,272	139,685		138,600	135,379	133,916	133,995	132,728	130,712	125,549	104,923
Total IBNR	6,624
Impact of LPT/ADC	7,942
Cumulative paid loss and LAE, net of reinsurance	129,408	125,843		124,315	122,579	115,966	114,107	105,584	91,414	69,357	33,089
Workers' Compensation \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	192,263	188,879		192,087	181,616	172,692	171,040	173,946	168,016	136,960
Total IBNR	11,706
Impact of LPT/ADC	12,939
Cumulative paid loss and LAE, net of reinsurance	172,251	168,154		164,512	158,807	150,543	138,706	119,059	88,382	45,030
Workers' Compensation \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	281,580	273,571		276,249	261,915	242,447	238,392	245,765	237,019
Total IBNR	18,079
Impact of LPT/ADC	19,411
Cumulative paid loss and LAE, net of reinsurance	248,103	234,342		227,502	216,527	199,300	168,785	121,182	56,249
Workers' Compensation \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	449,374	455,521		457,363	419,748	382,260	365,515	379,589
Total IBNR	35,147
Impact of LPT/ADC	37,364
Cumulative paid loss and LAE, net of reinsurance	383,529	370,176		355,414	321,258	268,467	189,954	69,512
Workers' Compensation \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	549,857	545,271		551,145	526,269	474,212	474,140
Total IBNR	43,175
Impact of LPT/ADC	56,114
Cumulative paid loss and LAE, net of reinsurance	448,867	417,736		388,640	338,642	246,616	86,695
Workers' Compensation \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	579,849	603,529		627,728	568,006	528,906
Total IBNR	69,537
Impact of LPT/ADC	68,467
Cumulative paid loss and LAE, net of reinsurance	449,347	428,651		380,602	284,501	110,051
Workers' Compensation \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	593,920	613,577		654,362	615,957
Total IBNR	50,255
Impact of LPT/ADC	84,180
Cumulative paid loss and LAE, net of reinsurance	485,611	448,551		274,596	111,508
Workers' Compensation \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	575,765	580,528		592,566
Total IBNR	43,320
Impact of LPT/ADC	98,477
Cumulative paid loss and LAE, net of reinsurance	465,762	409,986		110,954
Workers' Compensation \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,945	12,751
Total IBNR	1,311
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	5,821	3,907
General Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,074,419
Total IBNR	182,286
Impact of LPT/ADC	80,487
Cumulative paid loss and LAE, net of reinsurance	721,826
All outstanding liabilities prior to 2008, net of reinsurance	135
Reserve for loss and LAE	352,728
Total net reserves	272,241
General Liability \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,398	36,996		37,605	36,627	35,985	34,169	33,792	33,051	31,921	28,786
Total IBNR	3,521
Impact of LPT/ADC	202
Cumulative paid loss and LAE, net of reinsurance	37,253	34,893		36,699	34,935	32,765	32,423	32,849	29,384	26,288	20,935
General Liability \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	36,228	35,410		35,138	34,863	34,040	32,418	30,902	29,123	28,384	19,311
Total IBNR	1,199
Impact of LPT/ADC	290
Cumulative paid loss and LAE, net of reinsurance	34,984	32,487		33,473	32,878	30,924	28,312	24,298	19,727	13,904	7,840
General Liability \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,490	43,062		42,884	41,597	38,298	38,536	36,455	34,761	28,850	15,783
Total IBNR	1,296
Impact of LPT/ADC	866
Cumulative paid loss and LAE, net of reinsurance	42,509	39,888		39,214	37,317	34,125	30,948	26,429	19,010	11,187	5,140
General Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	55,607	53,499		52,746	49,338	45,303	42,100	40,557	35,628	24,731	11,334
Total IBNR	2,268
Impact of LPT/ADC	1,307
Cumulative paid loss and LAE, net of reinsurance	51,492	49,178		47,141	41,257	39,350	31,619	22,963	12,158	6,072	2,813
General Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,704	63,429		59,948	55,991	50,800	48,851	42,450	33,445	21,281
Total IBNR	5,147
Impact of LPT/ADC	1,963
Cumulative paid loss and LAE, net of reinsurance	55,350	56,538		53,526	45,775	40,864	29,752	18,020	13,224	5,084
General Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	95,050	92,032		89,204	79,731	68,641	66,869	43,116	42,021
Total IBNR	4,452
Impact of LPT/ADC	3,207
Cumulative paid loss and LAE, net of reinsurance	83,571	76,996		70,074	58,377	44,698	32,249	10,226	4,996
General Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	119,367	116,085		111,970	99,873	77,930	66,558	65,469
Total IBNR	11,697
Impact of LPT/ADC	5,837
Cumulative paid loss and LAE, net of reinsurance	92,861	86,101		77,259	57,678	36,026	24,581	3,503
General Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	154,529	154,071		139,518	122,942	95,766	118,111
Total IBNR	19,486
Impact of LPT/ADC	10,026
Cumulative paid loss and LAE, net of reinsurance	112,542	98,278		79,291	52,350	33,963	20,849
General Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	147,858	148,371		120,911	114,864	98,149
Total IBNR	28,163
Impact of LPT/ADC	13,924
Cumulative paid loss and LAE, net of reinsurance	88,627	67,064		45,855	21,959	6,402
General Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	161,354	165,268		133,533	116,158
Total IBNR	39,884
Impact of LPT/ADC	18,703
Cumulative paid loss and LAE, net of reinsurance	79,531	51,545		27,001	6,967
General Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	148,817	153,822		121,991
Total IBNR	60,290
Impact of LPT/ADC	24,162
Cumulative paid loss and LAE, net of reinsurance	42,792	24,618		7,907
General Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	6,017	5,427
Total IBNR	4,883
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	314	27
Commercial Auto Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,186,511
Total IBNR	160,729
Impact of LPT/ADC	16,271
Cumulative paid loss and LAE, net of reinsurance	875,909
All outstanding liabilities prior to 2008, net of reinsurance	65
Reserve for loss and LAE	310,667
Total net reserves	294,396
Commercial Auto Liability \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,746	35,542		35,382	35,521	35,975	34,584	34,522	33,700	32,769	29,890
Total IBNR	2,083
Impact of LPT/ADC	81
Cumulative paid loss and LAE, net of reinsurance	34,982	36,968		35,284	34,803	34,074	33,536	32,643	30,975	29,386	25,207
Commercial Auto Liability \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	31,082	31,064		31,033	30,919	30,468	31,024	30,812	28,551	26,275	22,183
Total IBNR	502
Impact of LPT/ADC	72
Cumulative paid loss and LAE, net of reinsurance	30,337	31,194		30,204	29,842	29,829	29,226	26,975	22,959	18,736	14,532
Commercial Auto Liability \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,637	42,070		41,996	42,146	40,523	40,193	38,043	37,154	33,457	26,239
Total IBNR	218
Impact of LPT/ADC	28
Cumulative paid loss and LAE, net of reinsurance	40,407	40,395		40,282	39,750	39,413	37,734	34,855	28,602	21,050	14,203
Commercial Auto Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,707	34,643		36,065	36,149	34,790	33,839	32,578	29,577	24,292	16,193
Total IBNR	489
Impact of LPT/ADC	37
Cumulative paid loss and LAE, net of reinsurance	33,872	33,451		33,155	33,130	32,362	29,769	25,808	18,813	12,333	5,721
Commercial Auto Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,902	45,917		45,753	46,150	48,116	44,812	40,076	32,691	20,863
Total IBNR	83
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	45,819	45,751		45,555	44,165	43,745	35,460	26,508	14,979	6,693
Commercial Auto Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,532	63,620		62,163	63,162	59,702	50,647	44,771	33,473
Total IBNR	383
Impact of LPT/ADC	26
Cumulative paid loss and LAE, net of reinsurance	62,562	62,331		59,600	57,349	48,122	34,379	19,865	8,267
Commercial Auto Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	94,238	92,572		89,299	82,427	73,966	55,023	47,525
Total IBNR	1,885
Impact of LPT/ADC	123
Cumulative paid loss and LAE, net of reinsurance	90,761	87,458		79,766	64,459	42,960	22,858	8,450
Commercial Auto Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	129,849	127,560		119,141	106,560	92,955	66,967
Total IBNR	3,298
Impact of LPT/ADC	353
Cumulative paid loss and LAE, net of reinsurance	118,753	107,707		86,433	62,945	39,179	13,102
Commercial Auto Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	170,275	171,504		144,077	118,210	121,828
Total IBNR	10,345
Impact of LPT/ADC	1,468
Cumulative paid loss and LAE, net of reinsurance	133,826	113,174		76,635	48,595	19,071
Commercial Auto Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	230,972	220,457		189,257	156,575
Total IBNR	36,791
Impact of LPT/ADC	3,930
Cumulative paid loss and LAE, net of reinsurance	154,600	115,623		69,657	26,863
Commercial Auto Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	230,200	224,780		177,150
Total IBNR	67,728
Impact of LPT/ADC	10,153
Cumulative paid loss and LAE, net of reinsurance	107,184	67,080		30,018
Commercial Auto Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	77,371	79,172
Total IBNR	36,931
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	22,799	9,456
Commercial Auto Liability \| Accident Year 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(7)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	7
European Hospital Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	662,058
Total IBNR	44,365
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	414,816
Reserve for loss and LAE	247,242
Total net reserves	247,242
European Hospital Liability \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	68,076	67,770		65,312	68,115	70,247	51,016	53,632	38,818	25,077	53,686
Total IBNR	(2,016)
Cumulative paid loss and LAE, net of reinsurance	58,251	53,327		49,239	44,708	38,642	31,100	25,424	13,855	4,696	1,185
European Hospital Liability \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	128,394	127,380		122,115	94,490	99,792	111,555	87,000	87,851	86,197
Total IBNR	5,327
Cumulative paid loss and LAE, net of reinsurance	100,802	89,942		83,322	74,646	63,306	49,240	37,805	16,611	5,195
European Hospital Liability \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	114,707	113,194		106,864	83,373	91,182	69,407	66,535	52,960
Total IBNR	6,568
Cumulative paid loss and LAE, net of reinsurance	82,179	67,891		60,054	53,587	42,628	27,939	16,238	3,228
European Hospital Liability \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	94,020	92,886		87,192	69,148	62,145	58,019	55,098
Total IBNR	8,802
Cumulative paid loss and LAE, net of reinsurance	62,995	50,120		42,489	37,866	26,605	12,799	4,544
European Hospital Liability \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	75,060	74,802		71,395	64,935	49,873	51,369
Total IBNR	7,381
Cumulative paid loss and LAE, net of reinsurance	49,524	37,756		31,439	24,634	11,932	3,752
European Hospital Liability \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	73,562	75,207		72,467	55,367	48,094
Total IBNR	8,135
Cumulative paid loss and LAE, net of reinsurance	37,625	25,349		19,057	11,502	3,872
European Hospital Liability \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	57,146	58,715		56,413	44,277
Total IBNR	7,174
Cumulative paid loss and LAE, net of reinsurance	15,873	8,178		4,772	1,382
European Hospital Liability \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,196	34,186		48,199
Total IBNR	867
Cumulative paid loss and LAE, net of reinsurance	5,836	2,449		995
European Hospital Liability \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,897	17,174
Total IBNR	2,127
Cumulative paid loss and LAE, net of reinsurance	1,731	12,388
All other lines \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	490,218
Total IBNR	4,020
Impact of LPT/ADC	1,529
Cumulative paid loss and LAE, net of reinsurance	474,037
All outstanding liabilities prior to 2008, net of reinsurance	(1)
Reserve for loss and LAE	16,180
Total net reserves	14,651
All other lines \| Accident Year 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	24,045	29,519		29,574	29,576	29,070	29,237	29,149	28,715	28,724	27,630
Total IBNR	(779)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	24,706	29,234		30,683	30,833	29,177	29,388	31,217	29,900	29,710	25,776
All other lines \| Accident Year 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,750	14,617		15,653	16,088	14,492	14,309	13,329	11,959	20,349	12,516
Total IBNR	379
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	14,954	14,009		15,051	15,224	13,870	13,105	11,093	8,743	8,084	7,891
All other lines \| Accident Year 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,905	15,438		17,059	17,071	16,105	16,078	15,484	24,718	15,182	14,440
Total IBNR	52
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	15,853	15,285		16,786	16,919	16,058	15,748	15,375	13,012	12,332	12,373
All other lines \| Accident Year 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,515	21,469		23,506	23,376	22,616	22,359	27,509	26,343	19,948	18,822
Total IBNR	155
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	21,343	21,481		23,661	23,892	22,715	22,044	21,279	17,571	16,424	$ 13,840
All other lines \| Accident Year 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,969	19,578		20,260	19,850	18,673	21,898	19,426	18,443	14,697
Total IBNR	(140)
Impact of LPT/ADC	152
Cumulative paid loss and LAE, net of reinsurance	18,071	17,559		18,685	18,205	17,946	16,936	16,033	14,031	$ 10,308
All other lines \| Accident Year 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,644	21,735		21,669	21,313	22,918	28,058	17,630	17,806
Total IBNR	498
Impact of LPT/ADC	246
Cumulative paid loss and LAE, net of reinsurance	20,146	19,343		20,447	20,456	20,258	17,509	15,997	$ 11,877
All other lines \| Accident Year 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,496	24,929		26,278	24,958	26,021	25,268	20,597
Total IBNR	(2)
Impact of LPT/ADC	123
Cumulative paid loss and LAE, net of reinsurance	21,497	21,405		26,194	22,018	20,940	20,277	$ 12,028
All other lines \| Accident Year 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,939	47,882		49,463	49,631	54,857	52,706
Total IBNR	793
Impact of LPT/ADC	50
Cumulative paid loss and LAE, net of reinsurance	43,622	44,179		41,962	42,631	45,208	$ 28,929
All other lines \| Accident Year 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	67,060	73,602		72,384	74,948	79,654
Total IBNR	3,039
Impact of LPT/ADC	113
Cumulative paid loss and LAE, net of reinsurance	63,450	63,234		65,452	69,805	$ 42,795
All other lines \| Accident Year 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,196	92,904		96,812	104,637
Total IBNR	1,252
Impact of LPT/ADC	218
Cumulative paid loss and LAE, net of reinsurance	93,212	80,735		80,726	$ 48,903
All other lines \| Accident Year 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	101,553	103,489		96,910
Total IBNR	(1,795)
Impact of LPT/ADC	627
Cumulative paid loss and LAE, net of reinsurance	98,386	86,455		$ 56,539
All other lines \| Accident Year 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,146	37,945
Total IBNR	597
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	38,793	$ 22,095
All other lines \| Accident Year 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(29)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	$ 4

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of claim development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Nov. 30, 2010
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	$ 1,300,728
Reinsurance recoverable on unpaid losses	592,571	$ 623,422
Reverse for loss and loss adjustment expenses	1,893,299	2,439,907		$ 3,126,134
Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves					$ 98,827
AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reinsurance recoverable on unpaid losses			$ 445,000
Operating Segments \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	93,476
Reinsurance recoverable on unpaid losses	72,630
Reverse for loss and loss adjustment expenses	166,106
Operating Segments \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	1,207,252
Reinsurance recoverable on unpaid losses	519,941
Reverse for loss and loss adjustment expenses	1,727,193
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	61,155
Reinsurance recoverable on unpaid losses	4,658
Reverse for loss and loss adjustment expenses	65,813
European Capital Solutions \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	27,839
Reinsurance recoverable on unpaid losses	0
Reverse for loss and loss adjustment expenses	27,839
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	210,118
Reinsurance recoverable on unpaid losses	396,229
Reverse for loss and loss adjustment expenses	606,347
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	272,241
Reinsurance recoverable on unpaid losses	80,487
Reverse for loss and loss adjustment expenses	352,728
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	294,396
Reinsurance recoverable on unpaid losses	16,271
Reverse for loss and loss adjustment expenses	310,667
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	247,242
Reinsurance recoverable on unpaid losses	0
Reverse for loss and loss adjustment expenses	247,242
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	14,651
Reinsurance recoverable on unpaid losses	1,529
Reverse for loss and loss adjustment expenses	16,180
Total \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	1,038,648
Reinsurance recoverable on unpaid losses	494,516
Reverse for loss and loss adjustment expenses	1,533,164
Other reconciling items \| Diversified Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	4,482
Reinsurance recoverable on unpaid losses	67,972	$ 62,699
Reverse for loss and loss adjustment expenses	72,454
Other reconciling items \| AmTrust Reinsurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total net reserves	168,604
Reinsurance recoverable on unpaid losses	25,425
Reverse for loss and loss adjustment expenses	$ 194,029

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2020
International \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	50.00%
Year 2	37.20%
Year 3	5.20%
Year 4	2.70%
Year 5	(0.40%)
Year 6	0.00%
Year 7	(0.50%)
Year 8	(0.30%)
Year 9	1.90%
Year 10	4.80%
European Capital Solutions \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.20%
Year 2	18.80%
Year 3	20.20%
Year 4	19.60%
Year 5	4.30%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.60%
Year 2	31.50%
Year 3	17.70%
Year 4	9.10%
Year 5	5.60%
Year 6	4.10%
Year 7	3.10%
Year 8	2.40%
Year 9	1.30%
Year 10	1.60%
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.10%
Year 2	10.90%
Year 3	13.70%
Year 4	16.70%
Year 5	14.80%
Year 6	9.80%
Year 7	7.40%
Year 8	6.30%
Year 9	2.00%
Year 10	3.20%
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.90%
Year 2	17.60%
Year 3	19.00%
Year 4	19.30%
Year 5	14.40%
Year 6	6.80%
Year 7	4.10%
Year 8	0.90%
Year 9	0.90%
Year 10	1.10%
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.60%
Year 2	8.10%
Year 3	12.30%
Year 4	12.70%
Year 5	11.30%
Year 6	9.30%
Year 7	6.90%
Year 8	7.20%
Year 9	7.10%
Year 10	7.10%
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	56.90%
Year 2	32.30%
Year 3	2.50%
Year 4	5.90%
Year 5	6.20%
Year 6	(0.80%)
Year 7	3.10%
Year 8	(0.60%)
Year 9	(0.70%)
Year 10	(0.20%)

Related Party Transactions - Narrative (Details) $ in Thousands																	3 Months Ended	7 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 16, 2020	Aug. 31, 2019 USD ($)	Aug. 12, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 01, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 01, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Jun. 30, 2019 USD ($)	Aug. 12, 2019	Jul. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2014
Related Party Transaction [Line Items]
Loan to related party	$ 167,975																			$ 167,975	$ 167,975
Investment income																				$ 57,598	114,060
Leah Karfunkel \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	7.90%																			7.90%
Barry Zyskind \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	7.40%																			7.40%
George Karfunkel, less than \| Maiden Holdings, Ltd.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	5.00%																			5.00%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage	53.20%																			53.20%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party	$ 167,975																			$ 167,975	167,975
AmTrust Financial Services, Inc. \| London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Loan to related party, basis spread on fed funds																						2.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party																40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party												40.00%				40.00%
Commission rate, percent of ceded written premiums									20.00%						34.375%	31.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor												81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling												95.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement, Maximum Loss Corridor
Related Party Transaction [Line Items]
Related party transaction amount	38,984				$ 40,500
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount																	$ (647,980)
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Returned Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount																	$ (436,760)
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Income on funds withheld
Related Party Transaction [Line Items]
Related party transaction amount							$ (575,000)													$ 575,000	575,000
Related party rate							3.50%													2.65%
Accrued interest on collateral held by related party	3,845																			$ 3,845	5,073
Interest Income on the funds																				15,297	19,572
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Percentage of required funding on obligations					105.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement \| Maximum
Related Party Transaction [Line Items]
Percentage of required funding on obligations					110.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement, Minimum Excess Funding Requirement
Related Party Transaction [Line Items]
Related party transaction amount					$ 54,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Commutation And Release Agreement, Commutation Payment
Related Party Transaction [Line Items]
Related party transaction amount						$ 312,786
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Commutation And Release Agreement, Net Ceded Reserves
Related Party Transaction [Line Items]
Related party transaction amount								$ 330,682
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Commutation And Release Agreement, Commutation Payment Paid By Entity
Related Party Transaction [Line Items]
Related party transaction amount																			$ 17,896
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Commutation And Release Agreement, Commutation Payment, Premium Interest
Related Party Transaction [Line Items]
Related party interest expense				$ 6,335
Related party rate																		3.30%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| Post-Termination Endorsement No. 2
Related Party Transaction [Line Items]
Percentage of required funding on obligations		110.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share \| AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment
Related Party Transaction [Line Items]
Percentage increase of ceding commission payable								5.00%
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											32.50%			40.00%
Maximum limit of liability attaching (in euros) \| €													€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching														100.00%
Future premiums and losses related to policies											20.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement \| Post-Termination Endorsement No. 1 \| Maximum
Related Party Transaction [Line Items]
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	666,879																			666,879	1,155,955
Accrued interest on collateral held by related party	3,048																			3,048	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 recorded from related party transactions																				725	4,559
Balances due to subsidiaries	1,534																			1,534	2,372
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Quarterly brokerage fee (in percentage)										0.02125%
Cancellation notice period										30 days
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses recorded from related party transactions																				1,369	2,512
AEL \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Collateral held by related party	318,063																			318,063	253,631
Accrued interest on collateral held by related party	$ 2,283																			2,283	1,821
AmTrust International Underwriters DAC \| AmTrust European Hospital Liability Quota Share Agreement \| Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount																				$ 28,093	57,305
Related party rate																				0.50%
Interest Income on the funds																				$ 350	268
AmTrust International Underwriters DAC \| AmTrust European Hospital Liability Quota Share Agreement \| Accrued Interest On Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount																				$ 318	269
Affiliated Entity \| Maiden Holdings, Ltd. \| 683 Capital Partners, LP
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	8.90%																			8.90%
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement
Related Party Transaction [Line Items]
Cancellation notice period			3 months
Inital term of agreement			3 years
Renewal term			3 years
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Initial Retainer
Related Party Transaction [Line Items]
Expenses recorded from related party transactions			$ 100																		101
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Fees
Related Party Transaction [Line Items]
Expenses recorded from related party transactions			$ 100																	$ 100
Interest income from loan to related party
Related Party Transaction [Line Items]
Investment income																				$ 3,996	$ 6,983
Effective yield																				2.40%	4.20%
683 Capital Partners, LP \| Affiliated Entity \| Debt Owned By Related Party \| 2016 Senior Notes
Related Party Transaction [Line Items]
Related party transaction amount																				$ 369
683 Capital Partners, LP \| Affiliated Entity \| Debt Owned By Related Party \| 2013 Senior Notes
Related Party Transaction [Line Items]
Related party transaction amount																				663
683 Capital Management, LLC \| Affiliated Entity \| Limited Partnership Agreement
Related Party Transaction [Line Items]
Related party transaction amount																				$ 29,435

Related Party Transactions - AmTrust Quota Share Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Net premiums earned	$ 106,081	$ 447,762
Net loss and LAE	(41,799)	(452,829)
Commission and other acquisition expenses	(38,796)	(169,760)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(9,068)	(581,001)
Net premiums earned	57,992	364,711
Net loss and LAE	(17,031)	(402,679)
Commission and other acquisition expenses	$ (20,321)	$ (139,862)

- Definition

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

+ References + Details

Commitments, Contingencies and Concentrations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Premiums earned	$ 106,081	$ 447,762
Letters of credit outstanding	$ 67,386	66,652
Operating lease, weighted average discount rate	10.00%
Operating lease, weighted average remaining lease term	2 years 3 months 18 days
Operating lease liability	$ 1,638	$ 2,342
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Lease cost	$ 1,563	$ 1,776
Operating cash outflows from operating leases	1,233	1,363
Remaining unfunded commitments	63,313	1,107
Operating lease, right-of-use asset	$ 1,638	$ 2,342
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
AmTrust Financial Services, Inc. \| Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Premiums earned	$ 57,992	$ 364,711
Letter of credit
Loss Contingencies [Line Items]
Collateral	83,041	86,032
Investment in limited partnerships
Loss Contingencies [Line Items]
Remaining unfunded commitments	326	340
Investments in direct lending entities
Loss Contingencies [Line Items]
Remaining unfunded commitments	19,823	767
Private equity investments
Loss Contingencies [Line Items]
Remaining unfunded commitments	$ 43,164	$ 0
Segment concentration risk \| Gross premiums written \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage	54.70%	81.50%

Commitments, Contingencies and Concentrations - Scheduled Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 847
2022	847
2023	96
2024	48
Discount for present value	(200)
Operating lease liability	$ 1,638	$ 2,342

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) from continuing operations	$ 41,762	$ (109,362)
Gain on repurchase of preference shares	38,195	0
Amount allocated to participating common shareholders	(1,386)	0
Income (loss) available to Maiden common shareholders, before discontinued operations	78,571	(109,362)
Loss from discontinued operations, net of income tax expense	0	(22,541)
Net income (loss) allocated to Maiden common shareholders	$ 78,571	$ (131,903)
Denominator:
Weighted average number of common shares - basic and diluted (in shares)	84,333,514	83,061,259
Potentially dilutive securities:
Share options and restricted share units (in shares)	141	0
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	84,333,655	83,061,259
Basic and diluted (loss) from continuing operations per share attributable to Maiden common shareholders: (in dollars per share)	$ 0.93	$ (1.32)
Basic and diluted loss from discontinued operations per share attributable to Maiden common shareholders (in dollars per share)	0	(0.27)
Basic and diluted (loss) per share attributable to Maiden common shareholders (in dollars per share)	$ 0.93	$ (1.59)

Shareholders' Equity - Narrative (Details)						12 Months Ended
Shareholders' Equity - Narrative (Details)	Dec. 24, 2020 USD ($) $ / shares shares	Dec. 15, 2020 quarter_dividend_period	Jun. 15, 2017 $ / shares	Nov. 25, 2015 $ / shares	Aug. 22, 2012 $ / shares	Dec. 31, 2020 USD ($) director $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 shares	Feb. 21, 2017 USD ($)
Class of Stock [Line Items]
Shares authorized (in shares)						150,000,000
Common shares, issued (in shares)						89,815,175	88,161,638
Common shares, outstanding (in shares)						84,801,161	83,148,458	82,948,577
Preference shares issued (in shares)						18,600,000
Preference shares outstanding (in shares)						18,600,000	18,600,000
Shares undesignated (in shares)						41,584,825
Preference shares outstanding, held by non-affiliates (in shares)						15,772,405
Payments for repurchase of redeemable preferred stock \| $	$ 29,690,000
Common shares, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Number of shares issued (in shares)						1,653,537	223,101
Authorized amount of share repurchase program \| $									$ 100,000,000
Remaining shares authorized \| $						$ 74,245,000	$ 74,245,000
Shares repurchased (in shares)						0	0
Shares repurchased for tax withholding (in shares)						834	23,220
Shares repurchased for tax withholding for tax withholding (in dollars per share) \| $ / shares						$ 1.13	$ 0.78
Preference shares - Series D
Class of Stock [Line Items]
Preference shares outstanding (in shares)							6,000,000
Preference shares outstanding, held by non-affiliates (in shares)						4,921,089
Dividend rate of preference shares			6.70%
Shares redeemed (in shares)	1,078,911
Par value of preference shares (in dollars per share) \| $ / shares			$ 0.01
Fair value of share (in dollars per share) \| $ / shares			25
Redemption price for preference shares (in dollars per share) \| $ / shares	$ 10.50		$ 25
Preference shares- Series A, C and D
Class of Stock [Line Items]
Number of directors contingently electable \| director						2
Preferred stock, dividend default period (in quarter dividend periods) \| quarter_dividend_period		6
Preference shares - Series C
Class of Stock [Line Items]
Preference shares outstanding (in shares)							6,600,000
Preference shares outstanding, held by non-affiliates (in shares)						5,396,534
Dividend rate of preference shares				7.125%
Shares redeemed (in shares)	1,203,466
Par value of preference shares (in dollars per share) \| $ / shares				$ 0.01
Fair value of share (in dollars per share) \| $ / shares				25
Redemption price for preference shares (in dollars per share) \| $ / shares	$ 10.50			$ 25
Preference shares – Series A
Class of Stock [Line Items]
Preference shares outstanding (in shares)							6,000,000
Preference shares outstanding, held by non-affiliates (in shares)						5,454,782
Dividend rate of preference shares					8.25%
Shares redeemed (in shares)	545,218
Par value of preference shares (in dollars per share) \| $ / shares					$ 0.01
Fair value of share (in dollars per share) \| $ / shares					25
Redemption price for preference shares (in dollars per share) \| $ / shares	$ 10.50				$ 25

Shareholders' Equity - Changes in Preference Shares Outstanding (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Outstanding shares – January 1 and December 31	18,600,000	18,600,000
Shares purchased and held by Maiden Reinsurance	(2,827,595)
Shares held by non-affiliates – December 31	15,772,405
Preference shares – Series A
Class of Stock [Line Items]
Outstanding shares – January 1 and December 31		6,000,000
Shares purchased and held by Maiden Reinsurance	(545,218)
Shares held by non-affiliates – December 31	5,454,782
Preference shares - Series C
Class of Stock [Line Items]
Outstanding shares – January 1 and December 31		6,600,000
Shares purchased and held by Maiden Reinsurance	(1,203,466)
Shares held by non-affiliates – December 31	5,396,534
Preference shares - Series D
Class of Stock [Line Items]
Outstanding shares – January 1 and December 31		6,000,000
Shares purchased and held by Maiden Reinsurance	(1,078,911)
Shares held by non-affiliates – December 31	4,921,089

Shareholders' Equity - Changes in Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Outstanding shares – January 1	83,148,458	82,948,577
Issuance of vested restricted shares and restricted share units	1,653,537	223,101
Shares repurchased	(834)	(23,220)
Outstanding shares – December 31	84,801,161	83,148,458

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 507,718
Other comprehensive income (loss) before reclassifications	18,668	$ 98,970
Amounts reclassified from AOCI to net income, net of tax	(12,647)	(15,440)
Other comprehensive income, after tax	6,021	83,530
Ending balance	527,816	507,718
Change in net unrealized gains on investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	21,996
Other comprehensive income (loss) before reclassifications	40,008
Amounts reclassified from AOCI to net income, net of tax	(12,647)
Other comprehensive income, after tax	27,361
Ending balance	49,357	21,996
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,160)
Other comprehensive income (loss) before reclassifications	(21,340)
Amounts reclassified from AOCI to net income, net of tax	0
Other comprehensive income, after tax	(21,340)
Ending balance	(25,500)	(4,160)
AOCI attributable to Maiden shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	17,836	(65,616)
Ending balance	23,857	17,836
Change in net unrealized gains on investment, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	21,996	(59,762)
Other comprehensive income (loss) before reclassifications		97,198
Amounts reclassified from AOCI to net income, net of tax		(15,440)
Other comprehensive income, after tax		81,758
Ending balance		21,996
Foreign currency translation adjustments, including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,160)	(5,932)
Other comprehensive income (loss) before reclassifications		1,772
Amounts reclassified from AOCI to net income, net of tax		0
Other comprehensive income, after tax		1,772
Ending balance		(4,160)
AOCI , including portion attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 17,836	(65,694)
Ending balance		$ 17,836

Shareholders' Equity - Reclassified out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investment	$ 24,473	$ 27,860
Income (loss) from continuing operations before income taxes and interest in income of equity method investments	41,658	(110,273)
Income tax expense	104	911
Net income (loss)	41,762	(131,903)
Change in net unrealized gains on investment \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investment	15,115
Net impairment losses recognized in earnings	(2,468)
Income (loss) from continuing operations before income taxes and interest in income of equity method investments	12,647
Income tax expense	0
Net income (loss)	$ 12,647
Change in net unrealized gains on investment, including portion attributable to noncontrolling interest \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investment		15,605
Net impairment losses recognized in earnings		(165)
Income (loss) from continuing operations before income taxes and interest in income of equity method investments		15,440
Income tax expense		0
Net income (loss)		$ 15,440

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

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+ Details

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2011	Jan. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan	10,000,000
Weighted average grant date fair value (in dollars per share)	$ 2.23	$ 2.29
Exercise of options (in shares)	0	0
Share-based expense	$ 2,445	$ 1,911
Defined contribution plans expense	$ 782	774
2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the Plan				11,289,956
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period	4 years
Expiration period	10 years
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 9	$ 65
Period of recognition (in years)	3 months 7 days
Performance Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Awards granted (in shares)		0
Awards vested (in shares)		83,751
Non-Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Fair value of units vested	$ 0	$ 219
Awards granted (in shares)	0	0
Awards vested (in shares)	0	25,000
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Fair value of units vested	$ 1,136	$ 582
Compensation value issued to Directors, in form of equity or cash	$ 65
Awards granted (in shares)	333,330	1,669,490
Awards vested (in shares)	908,857	91,823
Discretionary Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Fair value of units vested	$ 700
Awards granted (in shares)	982,974
Awards vested (in shares)	744,680
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 831
Period of recognition (in years)	8 months 12 days
Vesting on first anniversary of grant date \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting on each quarter following first anniversary \| Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	6.25%
Employee \| Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	0 years
Employee \| Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Director \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Share Options, Outstanding [Roll Forward]
Outstanding, start of period (in shares)	484,129	657,824
Granted (in shares)		7,500
Exercised (in shares)	0	0
Expired (in shares)	(213,379)	(119,320)
Forfeited (in shares)	(6,250)	(61,875)
Outstanding, end of period (in shares)	264,500	484,129	657,824
Total options exercisable outstanding, Number of Share Options (in shares)	207,625
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 8.44	$ 7.92
Granted (in dollars per share)		1.31
Expired (in dollars per share)	7.50	5.78
Forfeited (in dollars per share)	7.20	7.15
Outstanding, end of period (in dollars per share)	9.22	8.44	$ 7.92
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 10.01
Weighted Average Grant-Date Fair Value (in dollars per share)		$ 0.25
Weighted Average Remaining Contractual Term	4 years 8 months 19 days	3 years 7 months 17 days	4 years 4 months 24 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	4 years 7 days
Options Outstanding, Aggregate Intrinsic Value	$ 0	$ 0	$ 0
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 0
Minimum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 1.31	$ 3.24
Outstanding, end of period (in dollars per share)	1.31	1.31	$ 3.24
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	1.31
Maximum
Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	13.98	13.98
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Non-Performance-Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	0	25,000
Awards granted (in shares)	0	0
Awards vested (in shares)	0	(25,000)
Awards forfeited (in shares)	0	0
Ending Balance, Non-vested (in shares)	0	0
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0	$ 8.75
Awards granted (in dollars per share)	0	0
Awards vested (in dollars per share)	0	8.75
Awards forfeited (in dollars per share)	0	0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 0
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	1,818,797	260,971
Awards granted (in shares)	333,330	1,669,490
Awards vested (in shares)	(908,857)	(91,823)
Awards forfeited (in shares)	0	(19,841)
Ending Balance, Non-vested (in shares)	1,243,270	1,818,797
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 1.24	$ 5.94
Awards granted (in dollars per share)	1.20	0.79
Awards vested (in dollars per share)	1.25	6.34
Awards forfeited (in dollars per share)	0	1.26
Weighted average grant date fair value, ending balance (in dollars per share)	$ 1.22	$ 1.24
Performance Based Restricted Share Units
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	0	847,645
Awards granted (in shares)		0
Awards vested (in shares)		(83,751)
Awards forfeited (in shares)		(763,894)
Ending Balance, Non-vested (in shares)		0
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0	$ 10.71
Awards granted (in dollars per share)		0
Awards vested (in dollars per share)		13.16
Awards forfeited (in dollars per share)		10.44
Weighted average grant date fair value, ending balance (in dollars per share)		$ 0
Discretionary Performance-Based Restricted Shares
Number of Restricted Units
Beginning Balance, Non-vested (in shares)	0
Awards granted (in shares)	982,974
Awards vested (in shares)	(744,680)
Awards forfeited (in shares)	0
Ending Balance, Non-vested (in shares)	238,294	0
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0
Awards granted (in dollars per share)	1.02
Awards vested (in dollars per share)	0.94
Awards forfeited (in dollars per share)	0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 1.26	$ 0

Statutory Requirements and Dividend Restrictions - Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 972,350	$ 921,984
Statutory Net Income (Loss)	52,707	(103,521)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	10,612	10,234
Statutory Net Income (Loss)	(540)	(785)
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	10,650	8,791
Statutory Net Income (Loss)	$ 20	$ 410

Statutory Requirements and Dividend Restrictions - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) subsidiary	Dec. 31, 2019 USD ($)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 10,612,000	$ 10,234,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	10,650,000	8,791,000
UNITED STATES \| Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Minimum solvency margin	$ 146,983,000
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance \| subsidiary	2
SWEDEN \| Maiden LF
Statutory Accounting Practices [Line Items]
Minimum solvency margin	$ 5,163,000	5,530,000
Statutory assets	18,927,000	16,165,000
Dividends or distributions limit	485,000	975,000
Dividends	0	0
SWEDEN \| Maiden GF
Statutory Accounting Practices [Line Items]
Minimum solvency margin	6,910,000	5,520,000
Statutory assets	13,817,000	10,921,000
Dividends or distributions limit	298,000	253,000
Dividends	$ 0	$ 0

Taxation - Narrative (Details) - USD ($)	12 Months Ended
Taxation - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Mar. 16, 2020
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Bermuda tax rate	0.00%	0.00%
Net deferred tax asset	$ 632,000	$ 259,000
Deferred tax assets, re-domestication			$ 63,421,000
Deferred tax liabilities, re-domestication			$ 16,120,000
(Decrease) increase in valuation allowance	40,845,000	(757,000)
Capital loss carryforwards	20,161,000	30,183,000
U.S.
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forward	$ 210,756,000	$ 222,547,000

Taxation - Income before Taxes and Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Income (loss) from continuing operations before income taxes – Domestic (Bermuda)	(9,648,000)	(60,583,000)
Income (loss) from continuing operations before income taxes – Foreign (U.S. and others)	51,306,000	(49,690,000)
Income (loss) from continuing operations before income taxes and interest in income of equity method investments	41,658,000	(110,273,000)
Current tax expense – Domestic (Bermuda)	0	0
Current tax expense – Foreign (U.S. and others)	155,000	112,000
Total current tax expense	155,000	112,000
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax benefit – Foreign (U.S. and others)	(259,000)	(1,023,000)
Total deferred tax benefit	(259,000)	(1,023,000)
Total income tax benefit	$ (104,000)	$ (911,000)

Taxation - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 41,658	$ (110,273)
Less: income tax benefit	(104)	(911)
Net income (loss) from continuing operations	$ 41,762	$ (109,362)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	0.00%	0.00%
U.S. taxes at statutory rates	19.20%	0.20%
Re-domestication of Maiden Reinsurance to the U.S.	(117.30%)	0.00%
Valuation allowance in respect of U.S. taxes	98.10%	0.70%
Other jurisdictions	(0.30%)	(0.10%)
Actual tax rate	(0.30%)	0.80%

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating losses	$ 44,259	$ 46,735
Unearned premiums	6,017	0
Capital loss carry-forward	4,234	6,338
Discounting of net loss and LAE reserves	37,568	0
Interest limitation	0	2,338
Deferred gain on retroactive reinsurance	23,719	0
Others	776	513
Deferred tax assets before valuation allowance	116,573	55,924
Valuation allowance	96,414	55,569
Deferred tax assets, net	20,159	355
Deferred tax liabilities:
Deferred commission and other acquisition expenses	11,327	0
Net unrealized gains on investment	8,197	96
Others	3	0
Deferred tax liabilities	19,527	96
Net deferred tax asset	$ 632	$ 259

Subsequent Events (Details) - USD ($)						3 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($)	Mar. 15, 2021	Dec. 24, 2020	Jun. 15, 2017	Nov. 25, 2015	Aug. 22, 2012	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 03, 2021	Feb. 21, 2017
Subsequent Event [Line Items]
Authorized amount of share repurchase program										$ 100,000,000
Payments for repurchase of redeemable preferred stock		$ 29,690,000
Gain on repurchase of preference shares							$ 38,195,000	$ 0
Preference shares – Series A
Subsequent Event [Line Items]
Shares redeemed (in shares)		545,218
Dividend rate of preference shares					8.25%
Redemption price for preference shares (in dollars per share)		$ 10.50			$ 25
Preference shares - Series C
Subsequent Event [Line Items]
Shares redeemed (in shares)		1,203,466
Dividend rate of preference shares				7.125%
Redemption price for preference shares (in dollars per share)		$ 10.50		$ 25
Preference shares - Series D
Subsequent Event [Line Items]
Shares redeemed (in shares)		1,078,911
Dividend rate of preference shares			6.70%
Redemption price for preference shares (in dollars per share)		$ 10.50	$ 25
Subsequent Event
Subsequent Event [Line Items]
Payments for repurchase of redeemable preferred stock	$ 96,934,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Gain on repurchase of preference shares						$ 67,614,000
Subsequent Event \| Preference shares – Series A, C and D
Subsequent Event [Line Items]
Authorized amount of share repurchase program									$ 100,000,000
Subsequent Event \| Preference shares – Series A
Subsequent Event [Line Items]
Shares redeemed (in shares)	2,561,636
Redemption price for preference shares (in dollars per share)	$ 14.88
Subsequent Event \| Preference shares - Series C
Subsequent Event [Line Items]
Shares redeemed (in shares)	2,003,204
Redemption price for preference shares (in dollars per share)	$ 14.66
Subsequent Event \| Preference shares - Series D
Subsequent Event [Line Items]
Shares redeemed (in shares)	2,017,103
Redemption price for preference shares (in dollars per share)	$ 14.60