0001412100-21-000041 | 10-Q | XBRL Viewer

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

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' underwriting results to consolidated net income from operations:


For the Three Months Ended March 31, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	72		$	(2,462)		$	(2,390)
Net premiums written	$	(234)		$	(2,462)		$	(2,696)
Net premiums earned	$	6,240		$	5,524		$	11,764
Other insurance revenue	269			—			269
Net loss and loss adjustment expenses ("loss and LAE")	(1,415)			(944)			(2,359)
Commission and other acquisition expenses	(3,755)			(2,187)			(5,942)
General and administrative expenses	(1,574)			(603)			(2,177)
Underwriting (loss) income	$	(235)		$	1,790		1,555
Reconciliation to net income
Net investment income and realized gains on investment							17,942

Interest and amortization expenses							(4,831)


Foreign exchange and other gains, net							3,542
Other general and administrative expenses							(11,820)
Income tax expense							(49)
Interest in income of equity method investments							2,947
Net income							$	9,286

Net loss and LAE ratio(1)	21.7		%	17.1		%	19.6		%
Commission and other acquisition expense ratio(2)	57.7		%	39.6		%	49.4		%
General and administrative expense ratio(3)	24.2		%	10.9		%	116.3		%
Expense ratio(4)	81.9		%	50.5		%	165.7		%
Combined ratio(5)	103.6		%	67.6		%	185.3		%

3. Segment Information (continued)


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


Foreign exchange and other gains, net							8,197
Other general and administrative expenses							(6,293)
Income tax expense							(15)

Net income							$	20,861

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

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

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

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

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

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

Reconciliation of assets from reportable segments to consolidated

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at March 31, 2021 and December 31, 2020:


March 31, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	141,512	$	2,130,537	$	2,272,049
Corporate assets	—		—		430,513

Total Assets	$	141,512	$	2,130,537	$	2,702,562

December 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total








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

Net premiums by major line of business

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2021 and 2020:


For the Three Months Ended March 31,	2021				2020
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	(244)	9.1	%	$	10,372	100.0	%
Other	10		(0.4)	%	—		—	%

Total Diversified Reinsurance	(234)		8.7	%	10,372		100.0	%
AmTrust Reinsurance
Small Commercial Business	(2,478)		91.9	%	—		—	%
Specialty Program	(25)		0.9	%	—		—	%
Specialty Risk and Extended Warranty	41		(1.5)	%	—		—	%
Total AmTrust Reinsurance	(2,462)		91.3	%	—		—	%

Total Net Premiums Written	$	(2,696)	100.0	%	$	10,372	100.0	%

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2021 and 2020:


For the Three Months Ended March 31,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,230	53.0	%	$	12,531	40.1	%
Other	10		0.1	%	—		—	%

Total Diversified Reinsurance	6,240		53.1	%	12,531		40.1	%
AmTrust Reinsurance
Small Commercial Business	(2,351)		(20.0)	%	939		3.0	%
Specialty Program	(18)		(0.2)	%	75		0.3	%
Specialty Risk and Extended Warranty	7,893		67.1	%	17,670		56.6	%
Total AmTrust Reinsurance	5,524		46.9	%	18,684		59.9	%

Total Net Premiums Earned	$	11,764	100.0	%	$	31,215	100.0	%

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) $ in Thousands	Mar. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 976,897	$ 1,213,411
Equity investments	$ 5,516	$ 0
Assets, number of securities priced for fair value \| security	1	2
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 78,488	$ 94,502
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	190,923	281,437
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,845	9,708
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	178,286	185,432
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	521,355	642,332
Significant Other Observable Inputs (Level 2) \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	6,427	10,809
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	5,516
Other investments	37,684	30,439
Total	$ 1,020,097	$ 1,243,850
Percentage of total assets	37.70%	42.10%
Fair Value, Measurements, Recurring \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 78,488	$ 94,502
Fair Value, Measurements, Recurring \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	190,923	281,437
Fair Value, Measurements, Recurring \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,845	9,708
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	178,286	185,432
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	521,355	642,332
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	5,516
Other investments	0	0
Total	$ 84,004	$ 94,502
Percentage of total assets	3.10%	3.20%
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 78,488	$ 94,502
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0
Other investments	0	0
Total	$ 898,409	$ 1,118,909
Percentage of total assets	33.20%	37.90%
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	190,923	281,437
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	7,845	9,708
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	178,286	185,432
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	521,355	642,332
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0
Other investments	29,344	26,094
Total	$ 29,344	$ 26,094
Percentage of total assets	1.10%	0.90%
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 0	$ 0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Fair Value Based on NAV Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	8,340	4,345
Total	$ 8,340	$ 4,345
Percentage of total assets	0.30%	0.10%

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Remaining unfunded commitments on equity method investments	$ 60,104	$ 63,313
Carrying Value	$ 40,183	$ 39,886
% of Total	100.00%	100.00%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 31,125	$ 29,435
% of Total	77.50%	73.80%
Investment in limited partnerships
Schedule of Equity Method Investments [Line Items]
Remaining unfunded commitments on equity method investments	$ 342	$ 326
Carrying Value	$ 9,058	$ 10,451
% of Total	22.50%	26.20%

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn May 6, 2021, the Company's Board of Directors approved the additional repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines (as may be amended), of up to $50,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated.

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 262,500	$ 262,500
Less: unamortized issuance costs	7,320	7,374
Senior notes, net	255,180	255,126
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500	262,500
Less: unamortized issuance costs	7,320	7,374
Senior notes, net	255,180	255,126
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,503	3,516
Senior notes, net	106,497	106,484
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500	152,500
Less: unamortized issuance costs	3,817	3,858
Senior notes, net	148,683	$ 148,642
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Original or amortized cost	$ 951,186	$ 1,163,923
Gross unrealized gains	32,088	53,055
Gross unrealized losses	(6,377)	(3,567)
Fixed maturities	976,897	1,213,411
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	78,479	94,468
Gross unrealized gains	13	34
Gross unrealized losses	(4)	0
Fixed maturities	78,488	94,502
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	184,531	272,124
Gross unrealized gains	6,514	9,439
Gross unrealized losses	(122)	(126)
Fixed maturities	190,923	281,437
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	7,256	8,641
Gross unrealized gains	605	1,067
Gross unrealized losses	(16)	0
Fixed maturities	7,845	9,708
Asset-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	176,982	184,227
Gross unrealized gains	1,424	1,611
Gross unrealized losses	(120)	(406)
Fixed maturities	178,286	185,432
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	503,938	604,463
Gross unrealized gains	23,532	40,904
Gross unrealized losses	(6,115)	(3,035)
Fixed maturities	$ 521,355	$ 642,332

Related Party Transactions

3 Months Ended

Mar. 31, 2021

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 7.8% of the Company's outstanding common shares and Barry Zyskind (the Company's non-executive chairman) owns or controls approximately 7.3% of the Company's outstanding common shares. George Karfunkel owns or controls less than 5.0% of the Company's outstanding common shares. 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"), by which they caused Maiden Reinsurance and AII to enter into the AmTrust Quota Share by which AII retroceded to Maiden Reinsurance an amount equal to 40% of the premium written by subsidiaries of AmTrust, net of the cost of unaffiliated inuring reinsurance and 40% of losses. The Master Agreement further provided that AII receive a ceding commission of 31% of ceded written premiums. On June 11, 2008, Maiden Reinsurance and AII amended the AmTrust Quota Share to add Retail Commercial Package Business to the Covered Business. AII receives a ceding commission of 34.375% on Retail Commercial Package Business. On July 1, 2016, the agreement was renewed through June 30, 2019. Effective July 1, 2018, the amount AEL ceded to Maiden Reinsurance was reduced to 20%.

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

Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("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's 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.

10. Related Party Transactions (continued)

Maiden Reinsurance paid $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. The Commutation Payment was settled 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 was deemed amended as applicable so that the Commuted Business is no longer included as part of Covered Business under the AmTrust Quota Share.

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

European Hospital Liability Quota Share

Effective April 1, 2011, Maiden Reinsurance entered into the European Hospital Liability Quota Share with AEL and AIU DAC. 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 Condensed Consolidated Income Statements for the three months ended March 31, 2021 and 2020, respectively:


	For the Three Months Ended March 31,
	2021		2020
Gross and net premiums written	$	(2,462)	$	—
Net premiums earned	5,524		18,684
Net loss and LAE	(944)		(14,045)
Commission and other acquisition expenses	(2,187)		(6,994)

Collateral provided to AmTrust

a) AmTrust Quota Share

To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance 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, or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. Maiden Reinsurance satisfied its collateral requirements under the AmTrust Quota Share with AII as follows:

•by lending funds of $167,975 at March 31, 2021 and December 31, 2020 pursuant to a loan agreement entered into between those parties. Advances under the loan are secured by promissory notes. This loan was assigned by AII to AmTrust effective December 31, 2014 and is carried at cost. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. Interest income on the loan was $860 for the three months ended March 31, 2021 (2020 - $1,365) and the effective yield was 2.0% for the period (2020 - 3.3%).

•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, by extending the maturity date to January 1, 2025 and specifies that due to the termination of the AmTrust Quota Share, no further loans or advances may be made pursuant to the Loan Agreement;

10. Related Party Transactions (continued)

•effective December 1, 2008, the Company entered into a Reinsurer Trust Assets Collateral agreement to provide to AII sufficient collateral to secure its proportional share of AII's obligations to the U.S. AmTrust subsidiaries. The amount of the collateral at March 31, 2021 was $493,363 (December 31, 2020 - $666,879) and the accrued interest was $2,454 (December 31, 2020 - $3,048). 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 $575,000 to AmTrust as a funds withheld receivable which currently has an annual interest rate of 1.8%, subject to annual adjustment. The annual interest rate was 2.65% for the duration of 2020. At March 31, 2021, the funds withheld balance was $575,000 (December 31, 2020 - $575,000) and the accrued interest was $2,552 (December 31, 2020 - $3,845). The interest income on the funds withheld receivable was $2,552 for the three months ended March 31, 2021 (2020 - $3,800).

Pursuant to the terms of the LPT/ADC Agreement, Maiden Reinsurance, Cavello and AmTrust and certain of its affiliated companies entered into a Master Collateral Agreement (“MCA”) to define and enable the operation of collateral provided under the AmTrust Quota Share. Under the MCA, Cavello provided letters of credit on behalf of Maiden Reinsurance to AmTrust in an amount representing Cavello’s obligations under the LPT/ADC Agreement. Because these letters of credit replaced other collateral previously provided directly by Maiden Reinsurance to AmTrust, the MCA coordinates the collateral protection that will be provided to AmTrust to ensure that no gaps in collateral funding occur by operation of the LPT/ADC Agreement and related MCA. As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“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 the collateral held in reinsurance trust accounts at March 31, 2021 was $304,635 (December 31, 2020 - $318,063) and the accrued interest was $2,270 (December 31, 2020 - $2,283). For AIU DAC, the Company utilizes funds withheld to satisfy its collateral requirements. At March 31, 2021, the amount of funds withheld was $29,106 (December 31, 2020 - $28,093) and the accrued interest was $36 (December 31, 2020 - $318). AIU DAC pays Maiden Reinsurance a fixed annual interest rate of 0.5% on the average daily funds withheld balance which is subject to annual adjustment. The interest income on the funds withheld receivable was $37 for the three months ended March 31, 2021 (2020 - $71).

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 $69 of reinsurance brokerage expense for the three months ended March 31, 2021 (2020 - $234) and deferred reinsurance brokerage of $1,434 at March 31, 2021 (December 31, 2020 - $1,534) as a result of this agreement.

10. Related Party Transactions (continued)

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM 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 $272 of investment management fees for the three months ended March 31, 2021 (2020 - $400) under this agreement.

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 paid in 2019 and $100 annually with reimbursement for reasonable out-of-pocket expenses incurred by Risk Services pursuant to the terms of the agreement. The Company recorded $25 of fees for the three months ended March 31, 2021 and 2020, respectively.

683 Capital Partners, LP (“683 Partners”)

At March 31, 2021, 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. In addition, 683 Partners own $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 $31,125 were managed by 683 Capital under this agreement at March 31, 2021.

Segment Information - Reconciliation of Assets from Reportable Segments to Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,702,562	$ 2,948,455
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	141,512	156,380
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,130,537	2,329,377
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,272,049	2,485,757
Operating Segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	141,512	156,380
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,130,537	2,329,377
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	430,513	462,698
Corporate, Non-Segment \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	0	0
Corporate, Non-Segment \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 0	$ 0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: 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 7: 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 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At March 31, 2021 and December 31, 2020, 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 of Senior Notes outstanding at March 31, 2021 and December 31, 2020:


March 31, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,503			3,817			7,320
Carrying value	$	106,497		$	148,683		$	255,180

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

Other details:
Original debt issuance costs	$	3,715		$	5,054
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 1, 2018
Coupon rate	6.625		%	7.75		%
Effective interest rate	7.07		%	8.04		%

The interest expense incurred on the Senior Notes for the three months ended March 31, 2021 was $4,777 (2020 - $4,777), of which $1,342 was accrued at both March 31, 2021 and December 31, 2020, respectively. The issuance costs related to the Senior Notes were capitalized and are being amortized over the effective life of the Senior Notes. The amortization expense for the three months ended March 31, 2021 was $54 (2020 - $54).

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.

Reserve for Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:


	March 31, 2021		December 31, 2020
Reserve for reported loss and LAE	$	945,082	$	998,691
Reserve for losses incurred but not reported ("IBNR")	839,426		894,608
Reserve for loss and LAE	$	1,784,508	$	1,893,299

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


For the Three Months Ended March 31,	2021		2020
Gross loss and LAE reserves, January 1	$	1,893,299	$	2,439,907
Less: reinsurance recoverable on unpaid losses, January 1	592,571		623,422
Net loss and LAE reserves, January 1	1,300,728		1,816,485
Net incurred losses related to:
Current year	7,913		21,619
Prior years	(5,554)		(533)
	2,359		21,086
Net paid losses related to:
Current year	(82)		(214)
Prior years	(92,563)		(193,430)
	(92,645)		(193,644)
Retroactive reinsurance adjustment	9,845		—
Effect of foreign exchange rate movements	(16,488)		(15,764)
Net loss and LAE reserves, March 31	1,203,799		1,628,163
Reinsurance recoverable on unpaid losses, March 31	580,709		620,882
Gross loss and LAE reserves, March 31	$	1,784,508	$	2,249,045

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 53,038	$ 61,786	$ 117,903
Restricted investments	838,641	1,018,269
Restricted cash and investments	891,679	1,080,055
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	20,476	20,547
Restricted investments	62,043	63,281
Amortized cost	62,041	63,253
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	32,562	41,239
Restricted investments	766,412	954,988
Amortized cost	744,273	913,466
Related Party Agreements, Liability For Investments Purchased
Restricted Cash and Investments Items [Line Items]
Restricted investments	$ 10,186	$ 0

Investments

3 Months Ended

Mar. 31, 2021

Schedule of Investments [Abstract]

Investments

The Company holds: (i) AFS portfolios of fixed maturity and equity securities, 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 March 31, 2021 and December 31, 2020 are as follows:


March 31, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	78,479	$	13	$	(4)	$	78,488
U.S. agency bonds – mortgage-backed	184,531		6,514		(122)		190,923

Non-U.S. government bonds	7,256		605		(16)		7,845
Asset-backed securities	176,982		1,424		(120)		178,286
Corporate bonds	503,938		23,532		(6,115)		521,355


Total fixed maturity investments	$	951,186	$	32,088	$	(6,377)	$	976,897


December 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
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 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

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



March 31, 2021	Amortized cost		Fair value
Due in one year or less	$	55,027	$	54,135
Due after one year through five years	456,729		472,953
Due after five years through ten years	74,162		76,880
Due after ten years	3,755		3,720
	589,673		607,688
U.S. agency bonds – mortgage-backed	184,531		190,923
Asset-backed securities	176,982		178,286
Total fixed maturity investments	$	951,186	$	976,897

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


	Less than 12 Months				12 Months or More				Total
March 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	19,495	$	(4)	$	—	$	—	$	19,495	$	(4)
U.S. agency bonds – mortgage-backed	9,032		(122)		—		—		9,032		(122)
Non-U.S. government bonds	1,349		(16)		—		—		1,349		(16)
Asset-backed securities	331		(1)		12,231		(119)		12,562		(120)
Corporate bonds	65,299		(1,545)		71,725		(4,570)		137,024		(6,115)

Total temporarily impaired fixed maturities	$	95,506	$	(1,688)	$	83,956	$	(4,689)	$	179,462	$	(6,377)

4. Investments (continued)

At March 31, 2021, there were 55 securities in an unrealized loss position with a fair value of $179,462 and unrealized losses of $6,377. Of these securities, there were 25 securities that have been in an unrealized loss position for twelve months or greater with a fair value of $83,956 and unrealized losses of $4,689.


	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, there were 35 securities 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.

Other-than-temporarily impaired

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At March 31, 2021, 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 ultimately be recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. For the three months ended March 31, 2020, the Company recognized $1,506 in OTTI charges in earnings on two fixed maturity securities. There was no impairment recognized for the three months ended March 31, 2021.

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2021 and December 31, 2020:


March 31, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	78,479	$	78,488	8.0	%
U.S. agency bonds	184,531		190,923		19.5	%
AAA	96,044		96,905		9.9	%
AA+, AA, AA-	88,450		89,493		9.2	%
A+, A, A-	243,400		250,613		25.7	%
BBB+, BBB, BBB-	224,460		233,523		23.9	%
BB+ or lower	35,822		36,952		3.8	%
Total fixed maturities (1)	$	951,186	$	976,897	100.0	%


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	%

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

4. Investments (continued)

b)Other Investments and Equity Method Investments

Other investments

The table shows the composition of the Company's other investments as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying value		% of Total		Carrying value		% of Total
Private equity investments	$	27,544	37.1	%	$	23,294	34.8	%
Private credit lending investments	5,109		6.9	%	1,301		1.9	%
Investment in limited partnerships	3,231		4.4	%	3,044		4.5	%
Other investments	1,800		2.4	%	2,800		4.2	%
Total other investments at fair value	37,684		50.8	%	30,439		45.4	%
Investments in direct lending entities (at cost)	36,533		49.2	%	36,571		54.6	%
Total other investments	$	74,217	100.0	%	$	67,010	100.0	%

The Company's investments in direct lending entities of $36,533 at March 31, 2021 (December 31, 2020 - $36,571) 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 the Company's 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, the Company may still receive income distributions from those other investments.

The Company's remaining unfunded commitments on other investments as at March 31, 2021 and December 31, 2020 were:


	March 31, 2021				December 31, 2020
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	10,076	16.8	%	$	9,580	15.2	%
Private credit lending investments	29,863		49.7	%	33,584		53.0	%
Investments in direct lending entities	19,823		33.0	%	19,823		31.3	%
Investment in limited partnerships	342		0.5	%	326		0.5	%
Total unfunded commitments on other investments	$	60,104	100.0	%	$	63,313	100.0	%

Equity Method Investments

Certain of the Company's investments include an interest in variable interest entities which are not consolidated limited partnerships, as it has been determined that the Company is not the primary beneficiary. However, there is deemed to be limited influence over the operating and financial policies of the investee and accordingly these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company.

The equity method investments include hedge funds and investments in limited partnerships such as direct lending funds, private equity funds and real estate funds. The table below shows the carrying value of the Company's equity method investments as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	31,125	77.5	%	$	29,435	73.8	%
Investment in limited partnerships	9,058		22.5	%	10,451		26.2	%
Total equity method investments	$	40,183	100.0	%	$	39,886	100.0	%

4. Investments (continued)

c)Net Investment Income

Net investment income was derived from the following sources for the three months ended March 31, 2021 and 2020:


	For the Three Months Ended March 31,
		2021		2020
Fixed maturities		$	6,691	$	12,651
Income on funds withheld		2,505		3,853
Interest income from loan to related party		860		1,365
Cash and cash equivalents and other investments		129		496
		10,185		18,365

Investment expenses		(344)		(401)
Net investment income		$	9,841	$	17,964

d) Realized Gains (Losses) on Investment

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


For the Three Months Ended March 31, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	3,043	$	(149)	$	2,894
Equity securities	4,957		—		4,957
Other investments	275		(25)		250
Net realized gains (losses) on investment	$	8,275	$	(174)	$	8,101

For the Three Months Ended March 31, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	10,932	$	(1)	$	10,931

Other investments	107		—		107
Net realized gains (losses) on investment	$	11,039	$	(1)	$	11,038

Realized gains and losses from equity securities detailed in the table above include both sales of securities and unrealized gains and losses from fair value changes. The portion of unrealized gains recognized within net income for investments still held at the end of March 31, 2021 and 2020, respectively, were as follows:


For the Three Months Ended March 31,	2021		2020
Net gains recognized for equity securities during the period	$	4,957	$	—
Less: Net gains recognized for equity securities divested during the period	(441)		—
Unrealized gains recognized for equity securities still held at reporting date	$	4,516	$	—

Proceeds from sales of fixed maturities were $153,816 for the three months ended March 31, 2021 (2020 - $224,471). Net unrealized gains on investments was as follows at March 31, 2021 and December 31, 2020, respectively:


	March 31, 2021		December 31, 2020
Fixed maturities	$	25,711	$	49,488
Equity method investments	(1,012)		—
Total net unrealized gains	24,699		49,488
Deferred income tax	(94)		(131)
Net unrealized gains, net of deferred income tax	$	24,605	$	49,357
Change, net of deferred income tax	$	(24,752)	$	27,361

4. Investments (continued)

e)Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of these restricted assets were as follows at March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
Restricted cash – third party agreements	$	20,476	$	20,547
Restricted cash – related party agreements	32,562		41,239
Total restricted cash	53,038		61,786
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2021 – $62,041; 2020 – $63,253)	62,043		63,281
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2021 – $744,273; 2020 – $913,466)	766,412		954,988
Restricted investments – liability for investments purchased for related party agreements	10,186		—
Total restricted investments	838,641		1,018,269
Total restricted cash and investments	$	891,679	$	1,080,055

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Scheduled maturity of operating lease liabilities

At March 31, 2021, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:


	March 31, 2021
2021	$	636
2022	96
2023	96
2024	48

Discount for present value	(69)
Total discounted operating lease liabilities	$	807

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment	2
Net Income (Loss) [Abstract]
Gross premiums written	$ (2,390)	$ 11,734
Net premiums written	(2,696)	10,372
Net premiums earned	11,764	31,215
Other insurance revenue	269	408
Net loss and loss adjustment expenses ("loss and LAE")	(2,359)	(21,086)
Commission and other acquisition expenses	(5,942)	(11,973)
General and administrative expenses	(2,177)	(2,257)
Underwriting (loss) income	1,555	(3,693)
Reconciliation to net income
Net investment income and realized gains on investment	17,942	29,002
Total other-than-temporary impairment losses	0	(1,506)
Interest and amortization expenses	(4,831)	(4,831)
Foreign exchange and other gains, net	3,542	8,197
Other general and administrative expenses	(11,820)	(6,293)
Income tax (expense) benefit	(49)	(15)
Interest in income of equity method investments	2,947	0
Net income	$ 9,286	$ 20,861
Net loss and LAE ratio	19.60%	66.70%
Commission and other acquisition expense ratio	49.40%	37.90%
General and administrative expense ratio	116.30%	27.00%
Expense ratio	165.70%	64.90%
Combined ratio	185.30%	131.60%
Assets [Abstract]
Assets	$ 2,702,562		$ 2,948,455
Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	72	$ 11,734
Net premiums written	(234)	10,372
Net premiums earned	6,240	12,531
Other insurance revenue	269	408
Net loss and loss adjustment expenses ("loss and LAE")	(1,415)	(7,041)
Commission and other acquisition expenses	(3,755)	(4,979)
General and administrative expenses	(1,574)	(1,613)
Underwriting (loss) income	$ (235)	$ (694)
Reconciliation to net income
Net loss and LAE ratio	21.70%	54.40%
Commission and other acquisition expense ratio	57.70%	38.50%
General and administrative expense ratio	24.20%	12.50%
Expense ratio	81.90%	51.00%
Combined ratio	103.60%	105.40%
Assets [Abstract]
Assets	$ 141,512		156,380
AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	(2,462)	$ 0
Net premiums written	(2,462)	0
Net premiums earned	5,524	18,684
Other insurance revenue	0	0
Net loss and loss adjustment expenses ("loss and LAE")	(944)	(14,045)
Commission and other acquisition expenses	(2,187)	(6,994)
General and administrative expenses	(603)	(644)
Underwriting (loss) income	$ 1,790	$ (2,999)
Reconciliation to net income
Net loss and LAE ratio	17.10%	75.20%
Commission and other acquisition expense ratio	39.60%	37.40%
General and administrative expense ratio	10.90%	3.50%
Expense ratio	50.50%	40.90%
Combined ratio	67.60%	116.10%
Assets [Abstract]
Assets	$ 2,130,537		$ 2,329,377

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of outstanding senior notes issuances

The following tables detail the issuances of Senior Notes outstanding at March 31, 2021 and December 31, 2020:


March 31, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,503			3,817			7,320
Carrying value	$	106,497		$	148,683		$	255,180

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

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

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+ Details

Subsequent Event (Details) - USD ($)	May 06, 2021	Mar. 03, 2021	Feb. 21, 2017
Subsequent Event [Line Items]
Stock repurchased, authorized amount (up to)			$ 100,000,000
Preferred Stock
Subsequent Event [Line Items]
Stock repurchased, authorized amount (up to)		$ 100,000,000
Subsequent Event \| Preferred Stock
Subsequent Event [Line Items]
Stock repurchased, authorized amount (up to)	$ 50,000,000

Segment Information

3 Months Ended

Mar. 31, 2021

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 quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) 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"), which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding the 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 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.

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net income from operations:


For the Three Months Ended March 31, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	72		$	(2,462)		$	(2,390)
Net premiums written	$	(234)		$	(2,462)		$	(2,696)
Net premiums earned	$	6,240		$	5,524		$	11,764
Other insurance revenue	269			—			269
Net loss and loss adjustment expenses ("loss and LAE")	(1,415)			(944)			(2,359)
Commission and other acquisition expenses	(3,755)			(2,187)			(5,942)
General and administrative expenses	(1,574)			(603)			(2,177)
Underwriting (loss) income	$	(235)		$	1,790		1,555
Reconciliation to net income
Net investment income and realized gains on investment							17,942

Interest and amortization expenses							(4,831)


Foreign exchange and other gains, net							3,542
Other general and administrative expenses							(11,820)
Income tax expense							(49)
Interest in income of equity method investments							2,947
Net income							$	9,286

Net loss and LAE ratio(1)	21.7		%	17.1		%	19.6		%
Commission and other acquisition expense ratio(2)	57.7		%	39.6		%	49.4		%
General and administrative expense ratio(3)	24.2		%	10.9		%	116.3		%
Expense ratio(4)	81.9		%	50.5		%	165.7		%
Combined ratio(5)	103.6		%	67.6		%	185.3		%

3. Segment Information (continued)


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


Foreign exchange and other gains, net							8,197
Other general and administrative expenses							(6,293)
Income tax expense							(15)

Net income							$	20,861

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

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

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

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

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

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


March 31, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	141,512	$	2,130,537	$	2,272,049
Corporate assets	—		—		430,513

Total Assets	$	141,512	$	2,130,537	$	2,702,562

December 31, 2020	Diversified Reinsurance		AmTrust Reinsurance		Total








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

3. Segment Information (continued)

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the three months ended March 31, 2021 and 2020:


For the Three Months Ended March 31,	2021				2020
Net premiums written	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	(244)	9.1	%	$	10,372	100.0	%
Other	10		(0.4)	%	—		—	%

Total Diversified Reinsurance	(234)		8.7	%	10,372		100.0	%
AmTrust Reinsurance
Small Commercial Business	(2,478)		91.9	%	—		—	%
Specialty Program	(25)		0.9	%	—		—	%
Specialty Risk and Extended Warranty	41		(1.5)	%	—		—	%
Total AmTrust Reinsurance	(2,462)		91.3	%	—		—	%

Total Net Premiums Written	$	(2,696)	100.0	%	$	10,372	100.0	%

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the three months ended March 31, 2021 and 2020:


For the Three Months Ended March 31,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,230	53.0	%	$	12,531	40.1	%
Other	10		0.1	%	—		—	%

Total Diversified Reinsurance	6,240		53.1	%	12,531		40.1	%
AmTrust Reinsurance
Small Commercial Business	(2,351)		(20.0)	%	939		3.0	%
Specialty Program	(18)		(0.2)	%	75		0.3	%
Specialty Risk and Extended Warranty	7,893		67.1	%	17,670		56.6	%
Total AmTrust Reinsurance	5,524		46.9	%	18,684		59.9	%

Total Net Premiums Earned	$	11,764	100.0	%	$	31,215	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
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-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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. As a result of a series of strategic actions the Company has taken in recent years as discussed below, we 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") reinsurance agreements which were terminated in 2019 as discussed in "Note 10 - Related Party Transactions". We have a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure to and limits the potential volatility related to these AmTrust liabilities
Recently Adopted Accounting Standards Updates and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Updates No new accounting standards have been recently adopted for the three months ended March 31, 2021. Recently Issued Accounting Standards Not Yet Adopted Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for available-for-sale ("AFS") debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current other-than-temporarily impaired ("OTTI") methodology. In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of ASU 2016-13. The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein. The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As of March 31, 2021, the Company qualified for SRC status, as determined on the last business day of its most recent second quarter, and is thus eligible to follow the reporting deadlines and effective dates applicable to SRCs. Therefore Topic 326 will not be effective until the 2023 fiscal year. The Company continues to evaluate the impact of this guidance on its results of operations, financial condition and liquidity.
Fair Value of Financial Instruments	Fair Values of Financial Instruments Fair Value Measurements — Accounting Standards Codification 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 developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an 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 the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. 5. Fair Value Measurements (continued) If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at March 31, 2021 and December 31, 2020. U.S. government and U.S. agency — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government and supranational bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government and supranational bonds are observable market inputs, the fair values of non-U.S. government and supranational bonds are included in the Level 2 fair value hierarchy. Asset-backed securities — These securities comprise commercial mortgage-backed securities ("CMBS") and collateralized loan obligations ("CLO") originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS and CLO are observable market inputs, their 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 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 significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - The fair value of equity securities is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. The common stock is carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the period in which they occur. Other investments — Includes unquoted investments comprised of the following investments: •Private equity investments: These are privately held equity investments in common and preferred stock. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. •Private credit lending investments: These are privately held equity investments in common stock valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. •Investment in limited partnerships: These investments 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 are therefore measured using the NAV as a practical expedient. •Other investments: These investments are comprised of investments in insurtech and other insurance focused companies. The fair value of these start-up insurance entities are determined using recent private market transactions where applicable and included in the Level 3 fair value hierarchy due to unobservable market data used for valuation.

Reinsurance - Narrative (Details) - USD ($)	Jul. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 27, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		$ 580,709,000	$ 592,571,000
Reinsurance recoverable for unpaid claims and claims adjustments, valuation allowance		0	0
Reinsurance retention policy, excess retention, amount reinsured	$ 2,178,535,000
Reinsurance retention policy, amount retained	600,000,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, adverse development cover	155,000,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, ceded cumulative losses	445,000,000
Reinsurance recoverables, including reinsurance premium paid		580,709,000	592,571,000	$ 620,882,000	$ 623,422,000
Deferred gain on retroactive reinsurance		65,096,000	74,941,000
Maximum
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables on paid losses, gross	312,786,000
Diversified Reinsurance
Reinsurance Retention Policy [Line Items]
Assets and liabilities associated with reinsurance business retroceded						100.00%
Diversified Reinsurance \| Miscellaneous
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		66,444,000	67,972,000
AmTrust Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments	$ 445,000,000
Reinsurance recoverables, including reinsurance premium paid		$ 510,096,000	$ 519,941,000

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 55,027
Due after one year through five years	456,729
Due after five years through ten years	74,162
Due after ten years	3,755
Total securities with single maturities, amortized cost	589,673
Original or amortized cost	951,186	$ 1,163,923
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	54,135
Due after one year through five years	472,953
Due after five years through ten years	76,880
Due after ten years	3,720
Total before securities with single maturities, fair value	607,688
Fixed maturities, fair value	976,897	1,213,411
U.S. agency bonds – mortgage-backed
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	184,531
Original or amortized cost	184,531	272,124
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	190,923
Fixed maturities, fair value	190,923	281,437
Asset-backed securities
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	176,982
Original or amortized cost	176,982	184,227
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	178,286
Fixed maturities, fair value	$ 178,286	$ 185,432

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2021 - $951,186; 2020 - $1,163,923)	$ 976,897	$ 1,213,411
Equity securities, at fair value (cost 2021 - $1,000)	5,516	0
Equity method investments	40,183	39,886
Other investments	74,217	67,010
Total investments	1,096,813	1,320,307
Cash and cash equivalents	78,116	74,040
Restricted cash and cash equivalents	53,038	61,786
Accrued investment income	9,226	11,240
Reinsurance balances receivable, net	2,106	5,777
Reinsurance recoverable on unpaid losses	580,709	592,571
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $42,753 and $45,732 from related parties in 2021 and 2020, respectively)	46,852	51,903
Funds withheld receivable (includes $604,106 and $603,093 from related parties in 2021 and 2020, respectively)	649,265	654,805
Other assets	18,462	8,051
Total assets	2,702,562	2,948,455
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,634,876 and $1,727,193 from related parties in 2021 and 2020, respectively)	1,784,508	1,893,299
Unearned premiums (includes $114,751 and $122,737 from related parties in 2021 and 2020, respectively)	128,837	144,271
Deferred gain on retroactive reinsurance	65,096	74,941
Liability for securities purchased	1,110	0
Accrued expenses and other liabilities (includes $24,592 and $35,719 from related parties in 2021 and 2020, respectively)	41,220	53,002
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,320	7,374
Senior notes, net	255,180	255,126
Total liabilities	2,275,951	2,420,639
Commitments and Contingencies
EQUITY
Preference shares	228,948	394,310
Common shares ($0.01 par value; 91,954,619 and 89,815,175 shares issued in 2021 and 2020, respectively; 86,141,057 and 84,801,161 shares outstanding in 2021 and 2020, respectively)	920	898
Additional paid-in capital	765,587	756,122
Accumulated other comprehensive income	9,251	23,857
Accumulated deficit	(544,202)	(615,837)
Treasury shares, at cost (5,813,562 and 5,014,014 shares in 2021 and 2020, respectively)	(33,893)	(31,534)
Total shareholders’ equity	426,611	527,816
Total liabilities and equity	$ 2,702,562	$ 2,948,455

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Mar. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	$ 95,506	$ 64,570
12 Months or More, Fair value	83,956	101,994
Total, Fair value	179,462	166,564
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(1,688)	(1,192)
12 months or more, Unrealized losses	(4,689)	(2,375)
Total, Unrealized losses	$ (6,377)	$ (3,567)
Number of securities in an unrealized loss position \| security	55	53
Fair value of unrealized loss positions	$ 179,462	$ 166,564
Unrealized losses of unrealized loss positions	$ 6,377	$ 3,567
Number of securities in an unrealized loss position for 12 months or greater \| security	25	35
Fair value of securities in loss position for 12 months or greater	$ 83,956	$ 101,994
Unrealized loss of securities in loss position for 12 months or greater	4,689	2,375
U.S. treasury bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	19,495
12 Months or More, Fair value	0
Total, Fair value	19,495
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(4)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(4)
U.S. agency bonds – mortgage-backed
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	9,032	19,360
12 Months or More, Fair value	0	5,646
Total, Fair value	9,032	25,006
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(122)	(85)
12 months or more, Unrealized losses	0	(41)
Total, Unrealized losses	(122)	(126)
Non-U.S. government bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	1,349
12 Months or More, Fair value	0
Total, Fair value	1,349
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(16)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(16)
Asset-backed securities
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	331	13,371
12 Months or More, Fair value	12,231	31,052
Total, Fair value	12,562	44,423
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(1)	(217)
12 months or more, Unrealized losses	(119)	(189)
Total, Unrealized losses	(120)	(406)
Corporate bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	65,299	31,839
12 Months or More, Fair value	71,725	65,296
Total, Fair value	137,024	97,135
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(1,545)	(890)
12 months or more, Unrealized losses	(4,570)	(2,145)
Total, Unrealized losses	$ (6,115)	$ (3,035)

Basis of Presentation (Details) - Maiden Reinsurance North America, Inc.	Mar. 16, 2020
Subsidiary or Equity Method Investee [Line Items]
Ownership capital contributed	65.00%
Maiden Holdings North America, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Ownership percentage	100.00%

Shareholders' Equity - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended
Shareholders' Equity - Narrative (Details) - USD ($)	Jun. 15, 2017	Nov. 25, 2015	Aug. 22, 2012	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 03, 2021	Dec. 31, 2020	Feb. 21, 2017
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				150,000,000	150,000,000
Common stock, shares issued (in shares)				91,954,619	91,954,619			89,815,175
Common stock, shares outstanding (in shares)				86,141,057	86,141,057			84,801,161
Preference shares issued (in shares)				18,600,000	18,600,000
Preference shares outstanding (in shares)				18,600,000	18,600,000
Undesignated shares (in shares)				39,445,381	39,445,381
Preference shares outstanding, held by non-affiliates (in shares)				9,157,912	9,157,912
Stock repurchased, authorized amount (up to)									$ 100,000,000
Stock repurchase program, remaining authorized repurchase amount				$ 74,245,000	$ 74,245,000			$ 74,245,000
Payments for repurchase of redeemable preferred stock				$ 97,393,000
Gain from repurchase of preference shares					$ 62,450,000	$ 0
Shares repurchased for tax withholding (in shares)					799,548	0
Shares repurchased for tax withholding, price per share (in dollars per share)					$ 2.95
Treasury shares repurchased (in shares)					0	0
Preference shares - Series A, C and D
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)							$ 100,000,000
Preferences shares - Series A
Class of Stock [Line Items]
Shares redeemed (in shares)				2,561,636
Dividend rate			8.25%
Redemption price (in dollars per share)				$ 14.88	$ 14.88
Preference Shares - Series C
Class of Stock [Line Items]
Shares redeemed (in shares)				2,028,961
Dividend rate		7.125%
Redemption price (in dollars per share)				$ 14.65	14.65
Preference Shares - Series D
Class of Stock [Line Items]
Shares redeemed (in shares)				2,023,896
Dividend rate	6.70%
Redemption price (in dollars per share)				$ 14.60	$ 14.60

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 4,831	$ 4,831
Senior Notes
Debt Instrument [Line Items]
Interest expense	4,777	4,777
Accrued interest	1,342		$ 1,342
Amortization expense, debt issuance costs	$ 54	$ 54
2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Minimum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Maximum \| 2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company uses the estimated annual effective tax rate method. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets "(DTAs") and uncertain tax positions. Maiden NA files a consolidated federal income tax return for the Company’s U.S. based subsidiaries, including Maiden Reinsurance, which re-domesticated from Bermuda to Vermont on March 16, 2020 and, as a result, became subject to U.S. taxes. Maiden NA has net operating loss carry-forwards and other DTAs and deferred tax liabilities 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.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 9,286	$ 20,861
Other comprehensive loss
Net unrealized holdings losses on fixed maturity investments arising during period	(19,531)	(40,203)
Net unrealized holdings losses on equity method investments arising during period	(1,012)	0
Adjustment for reclassification of net realized gains recognized in net income	(4,246)	(4,033)
Foreign currency translation adjustment	10,146	(3)
Other comprehensive loss, before tax	(14,643)	(44,239)
Income tax benefit related to components of other comprehensive loss	37	115
Other comprehensive loss, after tax	(14,606)	(44,124)
Comprehensive income (loss) attributable to Maiden	$ (5,320)	$ (23,263)

Investments - Remaining Unfunded Commitments on Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 60,104	$ 63,313
% of Total	100.00%	100.00%
Private equity investments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 10,076	$ 9,580
% of Total	16.80%	15.20%
Private credit lending investments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 29,863	$ 33,584
% of Total	49.70%	53.00%
Investments in direct lending entities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 19,823	$ 19,823
% of Total	33.00%	31.30%
Investment in limited partnerships
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 342	$ 326
% of Total	0.50%	0.50%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fixed maturities, available-for-sale, amortized cost	$ 951,186	$ 1,163,923
Equity securities, cost	1,000
Reinsurance balance receivable, net	2,106	5,777
Deferred commission and other acquisition expenses	46,852	51,903
Funds withheld receivable	649,265	654,805
Loss and loss adjustment expenses	1,784,508	1,893,299
Unearned premiums	128,837	144,271
Accrued expenses and other liabilities	$ 41,220	$ 53,002
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	91,954,619	89,815,175
Common shares, shares outstanding (in shares)	86,141,057	84,801,161
Treasury shares (in shares)	5,813,562	5,014,014
Affiliated Entity
Deferred commission and other acquisition expenses	$ 42,753	$ 45,732
Funds withheld receivable	604,106	603,093
Loss and loss adjustment expenses	1,634,876	1,727,193
Unearned premiums	114,751	122,737
Accrued expenses and other liabilities	$ 24,592	$ 35,719

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 05, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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, Country	BM
Entity Address, Postal Zip Code	HM08
City Area Code	441
Local Phone Number	298-4900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,141,057
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001412100
Current Fiscal Year End Date	--12-31
Common Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Series A Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series A Preference Shares, par value $0.01 per share
Trading Symbol	MH.PA
Security Exchange Name	NYSE
Series C Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series C Preference Shares, par value $0.01 per share
Trading Symbol	MH.PC
Security Exchange Name	NYSE
Series D Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series D Preference Shares, par value $0.01 per share
Trading Symbol	MH.PD
Security Exchange Name	NYSE

Fair Value of Financial Instruments - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - January 1	$ 26,094	$ 1,800
Purchases	4,250	0
Transfers out of Level 3	(1,000)	0
Total Level 3 investments - end of period	$ 29,344	$ 1,800

Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

a)Common Shares

At March 31, 2021, the aggregate authorized share capital of the Company is 150,000,000 shares from which 91,954,619 common shares were issued, of which 86,141,057 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 39,445,381 shares are undesignated at March 31, 2021. Excluding the preference shares held by Maiden Reinsurance, a total of 9,157,912 preference shares are held by non-affiliates.

b)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.

During March 2021, Maiden Reinsurance accepted for purchase primarily 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) 2,028,961 shares of the Company's 7.125% Non-Cumulative Preference Shares Series C at an average price of $14.65 per share, and (iii) 2,023,896 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 $97,393. 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 preference share purchases have resulted in a gain of $62,450 in the three months ended March 31, 2021. Please refer to "Note 14 — Subsequent Event" for further information on the repurchase of our preference shares.

For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

c)Treasury Shares

During the three months ended March 31, 2021, the Company repurchased a total of 799,548 common shares at an average price per share of $2.95 from employees, which represent withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares. There were no such repurchases during the three months ended March 31, 2020.

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. The Company has a remaining authorization of $74,245 for share repurchases at March 31, 2021 (December 31, 2020 - $74,245). No repurchases were made during the three months ended March 31, 2021 and 2020 under the common share repurchase plan.

d)Accumulated Other Comprehensive Income

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


For the Three Months Ended March 31, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	49,357	$	(25,500)	$	23,857
Other comprehensive (loss) income before reclassifications	(20,506)		10,146		(10,360)
Amounts reclassified from AOCI to net income, net of tax	(4,246)		—		(4,246)
Net current period other comprehensive (loss) income	(24,752)		10,146		(14,606)


Ending balance, Maiden shareholders	$	24,605	$	(15,354)	$	9,251

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


Ending balance, Maiden shareholders	$	(22,125)	$	(4,163)	$	(26,288)

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of quota share arrangements with AmTrust


	For the Three Months Ended March 31,
	2021		2020
Gross and net premiums written	$	(2,462)	$	—
Net premiums earned	5,524		18,684
Net loss and LAE	(944)		(14,045)
Commission and other acquisition expenses	(2,187)		(6,994)

Reserve for Loss and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2021

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

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

The anticipated effect of inflation is implicitly considered when estimating liabilities for loss and LAE. While anticipated changes in claim costs due to inflation are considered in estimating the ultimate claim costs, changes in 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 consists of:


	March 31, 2021		December 31, 2020
Reserve for reported loss and LAE	$	945,082	$	998,691
Reserve for losses incurred but not reported ("IBNR")	839,426		894,608
Reserve for loss and LAE	$	1,784,508	$	1,893,299

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


For the Three Months Ended March 31,	2021		2020
Gross loss and LAE reserves, January 1	$	1,893,299	$	2,439,907
Less: reinsurance recoverable on unpaid losses, January 1	592,571		623,422
Net loss and LAE reserves, January 1	1,300,728		1,816,485
Net incurred losses related to:
Current year	7,913		21,619
Prior years	(5,554)		(533)
	2,359		21,086
Net paid losses related to:
Current year	(82)		(214)
Prior years	(92,563)		(193,430)
	(92,645)		(193,644)
Retroactive reinsurance adjustment	9,845		—
Effect of foreign exchange rate movements	(16,488)		(15,764)
Net loss and LAE reserves, March 31	1,203,799		1,628,163
Reinsurance recoverable on unpaid losses, March 31	580,709		620,882
Gross loss and LAE reserves, March 31	$	1,784,508	$	2,249,045

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. During the three months ended March 31, 2021, the Company recognized net favorable prior year loss development of $5,554 (2020 - favorable $533).

In the Diversified Reinsurance segment, net adverse prior year loss development was $14 for the three months ended March 31, 2021 (2020 - favorable $533). Prior year loss development for the three months ended March 31, 2021 was due to adverse reserve development in European Capital Solutions and other runoff business. The favorable development for the three months ended March 31, 2020 was primarily due to favorable reserve development in German Auto Programs.

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

In the AmTrust Reinsurance segment, the net favorable prior year loss development was $5,568 for the three months ended March 31, 2021 (2020 - $0). The net favorable prior year loss development for the three months ended March 31, 2021 was primarily due to favorable development in Workers Compensation partly offset by adverse development in Hospital Liability.

Retroactive reinsurance adjustment of $9,845 represents the decrease in reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello that was recognized in the three months ended March 31, 2021 (2020 - $0) in the reconciliation of our beginning and ending gross and net loss and LAE reserves presented above. It reflects the corresponding decrease in the deferred gain on retroactive reinsurance for favorable development on reserves covered under the LPT/ADC Agreement of $9,845 during the three months ended March 31, 2021. The deferred gain on retroactive reinsurance represents the cumulative adverse development under the AmTrust Quota Share covered under the LPT/ADC Agreement at March 31, 2021 and December 31, 2020. 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.

Fair Value of Financial Instruments - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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%
Significant Other Observable Inputs (Level 2) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 262,500	$ 262,500
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	110,000	110,000
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	152,500	152,500
Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	238,102	222,898
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	94,996	90,772
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 143,106	$ 132,126

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted average discount rate	10.00%
Operating lease, weighted average remaining lease term	1 year 7 months 6 days
Total discounted operating lease liabilities	$ 807		$ 1,638
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities		us-gaap:AccruedLiabilitiesAndOtherLiabilities
Operating lease, right-of-use asset	$ 807
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Lease cost	$ 242	$ 410
Operating cash outflows from operating leases	212	$ 340
Sublease income	$ 126

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income (loss)

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


For the Three Months Ended March 31, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	49,357	$	(25,500)	$	23,857
Other comprehensive (loss) income before reclassifications	(20,506)		10,146		(10,360)
Amounts reclassified from AOCI to net income, net of tax	(4,246)		—		(4,246)
Net current period other comprehensive (loss) income	(24,752)		10,146		(14,606)


Ending balance, Maiden shareholders	$	24,605	$	(15,354)	$	9,251

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


Ending balance, Maiden shareholders	$	(22,125)	$	(4,163)	$	(26,288)

Earnings per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

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


	For the Three Months Ended March 31,
	2021		2020
Numerator:


Net income	$	9,286	$	20,861

Gain from repurchase of preference shares - Series A, C and D	62,450		—
Amount allocated to participating common shareholders(1)	(1,133)		(247)




Net income allocated to Maiden common shareholders	$	70,603	$	20,614
Denominator:
Weighted average number of common shares – basic	85,132,939		83,256,223
Potentially dilutive securities:
Share options and restricted share units(2)	3,949		—
Adjusted weighted average number of common shares – diluted(2)	85,136,888		83,256,223


Basic and diluted earnings per share attributable to common shareholders	$	0.83	$	0.25

(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 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for the terms and conditions of securities that could potentially be dilutive in the future. For the three months ended March 31, 2021, there were 3,949 potentially dilutive securities.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

At March 31, 2021 and December 31, 2020, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


March 31, 2021	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	$	78,488		$	—		$	—		$	—		$	78,488
U.S. agency bonds – mortgage-backed	—			190,923			—			—			190,923

Non-U.S. government bonds	—			7,845			—			—			7,845
Asset-backed securities	—			178,286			—			—			178,286
Corporate bonds	—			521,355			—			—			521,355

Equity investments	5,516			—			—			—			5,516
Other investments	—			—			29,344			8,340			37,684
Total	$	84,004		$	898,409		$	29,344		$	8,340		$	1,020,097
As a percentage of total assets	3.1		%	33.2		%	1.1		%	0.3		%	37.7		%


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 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		%

Significant unobservable inputs for determining fair value of other investments

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at March 31, 2021:

Fair Value

Valuation Technique

Unobservable Inputs

Range

Private equity investments

27,544

Quarterly financial statements

Estimated maturity dates

1.0 years

3.0 years

Other including start-ups

1,800

Recent market transactions

Liquidity discount rates

Total Level 3 investments

29,344

Reconciliation of other investments measured at fair value on a recurring basis using Level 3 inputs

The following table shows the reconciliation of the beginning and ending balances for other investments measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2021 and 2020. The Company includes any related interest and dividend income in net investment income thus are excluded from the reconciliation in the table below:


For the Three Months Ended March 31,	2021		2020
Balance - January 1	$	26,094	$	1,800


Purchases	4,250		—
Transfers out of Level 3	(1,000)		—
Total Level 3 investments - end of period	$	29,344	$	1,800

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

The following table presents the respective carrying value and fair value for the Senior Notes as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	94,996	$	110,000	$	90,772
Senior Notes - MHNC – 7.75%	152,500		143,106		152,500		132,126
Total Senior Notes	$	262,500	$	238,102	$	262,500	$	222,898

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Gross premiums written	$ (2,390)	$ 11,734
Net premiums written	(2,696)	10,372
Change in unearned premiums	14,460	20,843
Net premiums earned	11,764	31,215
Other insurance revenue	269	408
Net investment income	9,841	17,964
Net realized gains on investment	8,101	11,038
Total other-than-temporary impairment losses	0	(1,506)
Total revenues	29,975	59,119
Expenses
Net loss and loss adjustment expenses	2,359	21,086
Commission and other acquisition expenses	5,942	11,973
General and administrative expenses	13,997	8,550
Interest and amortization expenses	4,831	4,831
Foreign exchange and other gains	(3,542)	(8,197)
Total expenses	23,587	38,243
Income before income taxes and interest in income of equity method investments	6,388	20,876
Less: income tax expense	49	15
Add: Interest in income of equity method investments	2,947	0
Net income	9,286	20,861
Gain from repurchase of preference shares	62,450	0
Net income available to Maiden common shareholders, basic	71,736	20,861
Net income available to Maiden common shareholders, diluted	$ 71,736	$ 20,861
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.83	$ 0.25
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.83	$ 0.25
Weighted average number of common shares - basic (in shares)	85,132,939	83,256,223
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	85,136,888	83,256,223

Commitments and Contingencies - Scheduled Maturity of Operating Lease Liabilities Under Topic 842 (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2021	$ 636
2022	96
2023	96
2024	48
Discount for present value	(69)
Total discounted operating lease liabilities	$ 807	$ 1,638

Reinsurance - Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums written
Direct	$ 5,003	$ 5,193
Assumed	(7,393)	6,541
Ceded	(306)	(1,362)
Net	(2,696)	10,372
Premiums earned
Direct	5,854	4,761
Assumed	6,944	27,453
Ceded	(1,034)	(999)
Net premiums earned	11,764	31,215
Loss and LAE
Gross loss and LAE	2,525	20,994
Loss and LAE ceded	(166)	92
Net loss and loss adjustment expenses	$ 2,359	$ 21,086

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 9,286	$ 20,861
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	5,003	1,761
Interest in income of equity method investments	(2,947)	0
Net realized gains on investment	(8,101)	(11,038)
Total other-than-temporary impairment losses	0	1,506
Foreign exchange and other gains	(3,542)	(8,197)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	15,716	(15,205)
Reinsurance recoverable on unpaid losses	2,003	2,256
Accrued investment income	1,898	(1,659)
Deferred commission and other acquisition expenses	4,979	7,438
Funds withheld receivable	3,110	1,261
Other assets	(849)	(8,464)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(92,300)	(174,835)
Unearned premiums	(15,188)	(20,479)
Accrued expenses and other liabilities	(21,886)	(13,687)
Net cash used in operating activities	(102,818)	(218,481)
Cash flows from investing activities:
Purchases of fixed maturities	(41,181)	(133,353)
Purchases of other investments	(8,083)	(2,325)
Purchases of equity method investments	(281)	0
Proceeds from sales of fixed maturities	153,816	224,471
Proceeds from maturities, paydowns and calls of fixed maturities	92,421	200,242
Proceeds from sale and redemption of other investments	126	92
Proceeds from sale and redemption of equity method investments	1,917	0
Distributions from equity securities	441	0
Others, net	(6)	(597)
Net cash provided by investing activities	199,170	288,530
Cash flows from financing activities:
Repurchase of common shares	(2,359)	0
Repurchase of preference shares	(97,393)	0
Cash settlement of restricted shares granted	(166)	0
Net cash used in financing activities	(99,918)	0
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents	(1,106)	635
Net (decrease) increase in cash, restricted cash and cash equivalents	(4,672)	70,684
Cash, restricted cash and cash equivalents, beginning of period	135,826	107,278
Cash, restricted cash and cash equivalents, end of period	131,154	177,962
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Total cash, restricted cash and cash equivalents, end of period	$ 131,154	$ 177,962

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	1	2
Fixed maturities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach	$ 6,427	$ 10,809
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	1,020,097	1,243,850
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	898,409	1,118,909
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	$ 29,344	$ 26,094
Estimate of Fair Value Measurement \| Fair Value, Measurements, Recurring \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	99.30%	99.10%
Assets, valued using market approach, percentage	0.70%	0.90%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Carrying value	$ 37,684	$ 30,439
% of Total	50.80%	45.40%
Other investments	$ 74,217	$ 67,010
% of Total	100.00%	100.00%
Private equity investments
Schedule of Investments [Line Items]
Carrying value	$ 27,544	$ 23,294
% of Total	37.10%	34.80%
Private credit lending investments
Schedule of Investments [Line Items]
Carrying value	$ 5,109	$ 1,301
% of Total	6.90%	1.90%
Investment in limited partnerships
Schedule of Investments [Line Items]
Carrying value	$ 3,231	$ 3,044
% of Total	4.40%	4.50%
Other investments
Schedule of Investments [Line Items]
Carrying value	$ 1,800	$ 2,800
% of Total	2.40%	4.20%
Investments in direct lending entities
Schedule of Investments [Line Items]
Other investments	$ 36,533	$ 36,571
% of Total	49.20%	54.60%

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 527,816
Other comprehensive (loss) income before reclassifications	(10,360)	$ (40,091)
Amounts reclassified from AOCI to net income, net of tax	(4,246)	(4,033)
Other comprehensive loss, after tax	(14,606)	(44,124)
Ending balance	426,611	484,998
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	49,357	21,996
Other comprehensive (loss) income before reclassifications	(20,506)	(40,088)
Amounts reclassified from AOCI to net income, net of tax	(4,246)	(4,033)
Other comprehensive loss, after tax	(24,752)	(44,121)
Ending balance	24,605	(22,125)
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(25,500)	(4,160)
Other comprehensive (loss) income before reclassifications	10,146	(3)
Amounts reclassified from AOCI to net income, net of tax	0	0
Other comprehensive loss, after tax	10,146	(3)
Ending balance	(15,354)	(4,163)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	23,857	17,836
Ending balance	$ 9,251	$ (26,288)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121640130&loc=d3e1436-108581

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

Fair Value Measurements — Accounting Standards Codification 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 developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer.

The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy.

The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an 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 the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value.

5. Fair Value Measurements (continued)

If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction.

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at March 31, 2021 and December 31, 2020.

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

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

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

Equity securities - The fair value of equity securities is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. The common stock is carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the period in which they occur.

Other investments — Includes unquoted investments comprised of the following investments:

•Private equity investments: These are privately held equity investments in common and preferred stock. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation.

•Private credit lending investments: These are privately held equity investments in common stock valued using the most recently available or quarterly NAV statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient.

•Investment in limited partnerships: These investments 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 are therefore measured using the NAV as a practical expedient.

•Other investments: These investments are comprised of investments in insurtech and other insurance focused companies. The fair value of these start-up insurance entities are determined using recent private market transactions where applicable and 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 financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the 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 March 31, 2021 and December 31, 2020, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


March 31, 2021	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	$	78,488		$	—		$	—		$	—		$	78,488
U.S. agency bonds – mortgage-backed	—			190,923			—			—			190,923

Non-U.S. government bonds	—			7,845			—			—			7,845
Asset-backed securities	—			178,286			—			—			178,286
Corporate bonds	—			521,355			—			—			521,355

Equity investments	5,516			—			—			—			5,516
Other investments	—			—			29,344			8,340			37,684
Total	$	84,004		$	898,409		$	29,344		$	8,340		$	1,020,097
As a percentage of total assets	3.1		%	33.2		%	1.1		%	0.3		%	37.7		%


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 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		%

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 99.3% and 99.1% of our fixed maturities at March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, approximately 0.7% and 0.9%, respectively, of the Level 2 fixed maturities are valued using the market approach. At March 31, 2021, one security or $6,427 (2020 - two securities or $10,809) of fixed maturities classified as Level 2 were priced using a quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At March 31, 2021 and December 31, 2020, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

During the three months ended March 31, 2021, the Company transferred its equity investment in an insurtech start-up company focused on technological advancement in the automobile insurance industry out of Level 3 within the fair value hierarchy and into Level 1 due to the recent completion of their initial public offering. There were no transfers to or from Level 3 during the three months ended March 31, 2020.

5. Fair Value Measurements (continued)

At March 31, 2021, the Company holds Level 3 financial instruments of $29,344 (December 31, 2020 - $26,094) which includes privately held equity investments in common and preferred stock. The fair value of these investments are estimated using quarterly unaudited financial statements or recent private market transactions, where applicable. Due to significant unobservable inputs in these valuations, the Company classifies their fair values as Level 3 within the fair value hierarchy.

Fair Value

Valuation Technique

Unobservable Inputs

Range

Private equity investments

27,544

Quarterly financial statements

Estimated maturity dates

1.0 years

3.0 years

Other including start-ups

1,800

Recent market transactions

Liquidity discount rates

Total Level 3 investments

29,344


For the Three Months Ended March 31,	2021		2020
Balance - January 1	$	26,094	$	1,800


Purchases	4,250		—
Transfers out of Level 3	(1,000)		—
Total Level 3 investments - end of period	$	29,344	$	1,800

(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 March 31, 2021, the carrying values of cash and cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party, liability for securities purchased and certain other assets and liabilities approximate fair values due to their 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. The fair value estimates of these investments are not based on observable market data and, as a result, are classified 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 the fair values of these liabilities are classified as Level 2. The following table presents the respective carrying value and fair value for the Senior Notes as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	94,996	$	110,000	$	90,772
Senior Notes - MHNC – 7.75%	152,500		143,106		152,500		132,126
Total Senior Notes	$	262,500	$	238,102	$	262,500	$	222,898

- 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

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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. As a result of a series of strategic actions the Company has taken in recent years as discussed below, we 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") reinsurance agreements which were terminated in 2019 as discussed in "Note 10 - Related Party Transactions". We have 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". 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 from Bermuda to Vermont in the U.S. and ceased active reinsurance underwriting. These transactions can be found in Part II of our Annual Report on Form 10-K for the year ended December 31, 2020 that was filed with the SEC on March 15, 2021 and are more fully described (as applicable) in "Note 8 - Reinsurance" and "Note 10 - Related Party Transactions" in these financial statements. 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, 2020 for further details on the above transactions. 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 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. Maiden Reinsurance is now subject to the statutes and regulations of Vermont in the ordinary course of business. The re-domestication, in combination with other strategic measures described above that were completed in 2019, 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 Holdings North America, Ltd. ("Maiden NA"). Maiden NA now owns 100% of Maiden Reinsurance in the aggregate. 1. Basis of Presentation (continued) 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 presently engaged in active reinsurance underwriting and is running off the remaining unearned exposures it has reinsured. Maiden Global’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.

Reinsurance

3 Months Ended

Mar. 31, 2021

Reinsurance Disclosures [Abstract]

Reinsurance

The Company uses reinsurance and retrocessional agreements ("ceded reinsurance") to mitigate volatility, reduce its exposure to certain risks and provide capital support. Ceded reinsurance provides for the recovery of a portion of loss and LAE under certain circumstances without relieving the Company of its obligations to the policyholders. The Company remains liable to the extent that any of its reinsurers or retrocessionaires fails to meet their obligations. Loss and LAE incurred and premiums earned are reported after deduction for ceded reinsurance. In the event that one or more of our reinsurers or retrocessionaires are unable to meet their obligations under these agreements, the Company would not realize the full value of the reinsurance recoverable balances.

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2021 and 2020 was as follows:


For the Three Months Ended March 31,	2021		2020
Premiums written
Direct	$	5,003	$	5,193
Assumed	(7,393)		6,541
Ceded	(306)		(1,362)
Net	$	(2,696)	$	10,372
Premiums earned
Direct	$	5,854	$	4,761
Assumed	6,944		27,453
Ceded	(1,034)		(999)
Net	$	11,764	$	31,215
Loss and LAE
Gross loss and LAE	$	2,525	$	20,994
Loss and LAE ceded	(166)		92
Net	$	2,359	$	21,086

The Company's reinsurance recoverable on unpaid losses balance as at March 31, 2021 was $580,709 (December 31, 2020 - $592,571) presented in the Condensed Consolidated Balance Sheets. At March 31, 2021 and December 31, 2020, 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 100.0% retroceded to Cavello in exchange for a ceding commission. The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $66,444 at March 31, 2021 (December 31, 2020 - $67,972).

On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("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 March 31, 2021, the reinsurance recoverable on unpaid losses under the retroactive reinsurance agreement was $510,096 while the deferred gain liability was $65,096 (December 31, 2020 - $519,941 and $74,941, respectively). Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in 2024.

Cavello has provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement and Cavello is subject to additional collateral funding requirements as explained in "Note 10. Related Party Transactions". Under the terms of the LPT/ADC Agreement, the covered losses associated with the Commutation and Release Agreement with AmTrust are eligible to be covered but recoverable only when such losses are paid or settled by AII or its affiliates, provided such losses and other related amounts shall not exceed $312,786. Cavello's parent company, Enstar, has credit ratings of BBB from both Standard & Poor's and Fitch Ratings at March 31, 2021.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 except for the following: Recently Adopted Accounting Standards Updates No new accounting standards have been recently adopted for the three months ended March 31, 2021. Recently Issued Accounting Standards Not Yet Adopted Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for available-for-sale ("AFS") debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses rather than under the current other-than-temporarily impaired ("OTTI") methodology. In April 2019, the FASB issued ASU 2019-04 for targeted improvements related to ASU 2016-13 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be within the scope of Subtopic 326-20, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of ASU 2016-13. The guidance is effective for public business entities, excluding entities eligible to be smaller reporting companies ("SRCs") as defined by the SEC, for annual periods beginning after December 15, 2019, and interim periods therein. The guidance is effective for all other entities, including public entities eligible to be SRCs, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As of March 31, 2021, the Company qualified for SRC status, as determined on the last business day of its most recent second quarter, and is thus eligible to follow the reporting deadlines and effective dates applicable to SRCs. Therefore Topic 326 will not be effective until the 2023 fiscal year. The Company continues to evaluate the impact of this guidance on its results of operations, financial condition and liquidity.

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Reserve for reported loss and LAE			$ 945,082	$ 998,691
Reserve for losses incurred but not reported ("IBNR")			839,426	894,608
Reserve for loss and LAE	$ 1,893,299	$ 2,249,045	$ 1,784,508	$ 1,893,299
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	1,893,299	2,439,907
Less: reinsurance recoverable on unpaid losses, January 1	592,571	623,422
Net loss and LAE reserves, January 1	1,300,728	1,816,485
Net incurred losses related to Current year	7,913	21,619
Net incurred losses related to Prior year	(5,554)	(533)
Net loss and loss adjustment expenses	2,359	21,086
Net paid losses related to Current year	(82)	(214)
Net paid losses related to Prior years	(92,563)	(193,430)
Net paid losses	(92,645)	(193,644)
Retroactive reinsurance adjustment	9,845	0
Effect of foreign exchange rate movements	(16,488)	(15,764)
Net loss and LAE reserves, March 31	1,203,799	1,628,163
Reinsurance recoverable on unpaid losses, March 31	580,709	620,882
Gross loss and LAE reserves, March 31	1,784,508	2,249,045
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(5,554)	(533)
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance, increase (decrease)	(9,845)
Diversified Reinsurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net loss and loss adjustment expenses	1,415	7,041
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	14	(533)
AmTrust Reinsurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: reinsurance recoverable on unpaid losses, January 1	519,941
Net loss and loss adjustment expenses	944	14,045
Reinsurance recoverable on unpaid losses, March 31	510,096
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (5,568)	$ 0

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($) security	Dec. 31, 2020 USD ($)
Schedule of Fixed Maturities Table [Line Items]
Other-than-temporary impairment losses	$ 0	$ 1,506
Number of securities with other-than-temporary impairment losses \| security		2
Amortized cost	951,186		$ 1,163,923
Fair value	$ 976,897		$ 1,213,411
% of Total fair value	100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 96,044		$ 96,453
Fair value	$ 96,905		$ 97,515
% of Total fair value	9.90%		8.00%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 88,450		$ 114,751
Fair value	$ 89,493		$ 118,534
% of Total fair value	9.20%		9.80%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 243,400		$ 265,725
Fair value	$ 250,613		$ 281,364
% of Total fair value	25.70%		23.20%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 224,460		$ 274,406
Fair value	$ 233,523		$ 292,493
% of Total fair value	23.90%		24.10%
BB+ or lower
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 35,822		$ 45,996
Fair value	$ 36,952		$ 47,566
% of Total fair value	3.80%		3.90%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 78,479		$ 94,468
Fair value	$ 78,488		$ 94,502
% of Total fair value	8.00%		7.80%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 184,531		$ 272,124
Fair value	$ 190,923		$ 281,437
% of Total fair value	19.50%		23.20%

Fair Value of Financial Instruments - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Measurement Input, Maturity \| Quarterly financial statements \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	1 year
Measurement Input, Maturity \| Quarterly financial statements \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	3 years
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 37,684	$ 30,439
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	29,344	$ 26,094
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,544
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Other including start-ups
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,800

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - 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 (loss)	Accumulated deficit	Treasury shares
Beginning balance at Dec. 31, 2019		$ 465,000				$ 882	$ 751,327	$ 17,836	$ (695,794)	$ (31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares						8	(8)
Share-based compensation expense							543
Cash settlement of restricted shares granted	$ 0
Change in net unrealized losses on investment								(44,121)
Foreign currency translation adjustment								(3)
Net income	20,861								20,861
Gain on repurchase of preference shares	0
Shares repurchased										0
Ending balance at Mar. 31, 2020	484,998	465,000				890	751,862	(26,288)	(674,933)	(31,533)
Beginning balance at Dec. 31, 2019		465,000				882	751,327	17,836	(695,794)	(31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in net unrealized losses on investment	27,361
Ending balance at Dec. 31, 2020	527,816	394,310				898	756,122	23,857	(615,837)	(31,534)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (64,041)	$ (50,724)	$ (50,597)
Exercise of options and issuance of common shares						22	(22)
Share-based compensation expense							4,033
Repurchase of Preference Shares							5,519
Cash settlement of restricted shares granted	166						(65)		(101)
Change in net unrealized losses on investment	(24,752)
Foreign currency translation adjustment								10,146
Net income	9,286								9,286
Gain on repurchase of preference shares	62,450								62,450
Shares repurchased										(2,359)
Ending balance at Mar. 31, 2021	$ 426,611	$ 228,948				$ 920	$ 765,587	$ 9,251	$ (544,202)	$ (33,893)

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 9,286	$ 20,861
Gain from repurchase of preference shares	62,450	0
Amount allocated to participating common shareholders	(1,133)	(247)
Net income available to Maiden common shareholders, basic	70,603	20,614
Net income available to Maiden common shareholders, diluted	$ 70,603	$ 20,614
Denominator:
Weighted average number of common shares - basic (in shares)	85,132,939	83,256,223
Potentially dilutive securities:
Share options and restricted share units (in shares)	3,949	0
Adjusted weighted average number of common shares - diluted (in shares)	85,136,888	83,256,223
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.83	$ 0.25
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.83	$ 0.25

Reinsurance (Tables)

3 Months Ended

Mar. 31, 2021

Reinsurance Disclosures [Abstract]

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

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the three months ended March 31, 2021 and 2020 was as follows:


For the Three Months Ended March 31,	2021		2020
Premiums written
Direct	$	5,003	$	5,193
Assumed	(7,393)		6,541
Ceded	(306)		(1,362)
Net	$	(2,696)	$	10,372
Premiums earned
Direct	$	5,854	$	4,761
Assumed	6,944		27,453
Ceded	(1,034)		(999)
Net	$	11,764	$	31,215
Loss and LAE
Gross loss and LAE	$	2,525	$	20,994
Loss and LAE ceded	(166)		92
Net	$	2,359	$	21,086

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Investments [Abstract]

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 March 31, 2021 and December 31, 2020 are as follows:


March 31, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	78,479	$	13	$	(4)	$	78,488
U.S. agency bonds – mortgage-backed	184,531		6,514		(122)		190,923

Non-U.S. government bonds	7,256		605		(16)		7,845
Asset-backed securities	176,982		1,424		(120)		178,286
Corporate bonds	503,938		23,532		(6,115)		521,355


Total fixed maturity investments	$	951,186	$	32,088	$	(6,377)	$	976,897


December 31, 2020	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
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 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

Contractual maturities of fixed maturities



March 31, 2021	Amortized cost		Fair value
Due in one year or less	$	55,027	$	54,135
Due after one year through five years	456,729		472,953
Due after five years through ten years	74,162		76,880
Due after ten years	3,755		3,720
	589,673		607,688
U.S. agency bonds – mortgage-backed	184,531		190,923
Asset-backed securities	176,982		178,286
Total fixed maturity investments	$	951,186	$	976,897

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


	Less than 12 Months				12 Months or More				Total
March 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	19,495	$	(4)	$	—	$	—	$	19,495	$	(4)
U.S. agency bonds – mortgage-backed	9,032		(122)		—		—		9,032		(122)
Non-U.S. government bonds	1,349		(16)		—		—		1,349		(16)
Asset-backed securities	331		(1)		12,231		(119)		12,562		(120)
Corporate bonds	65,299		(1,545)		71,725		(4,570)		137,024		(6,115)

Total temporarily impaired fixed maturities	$	95,506	$	(1,688)	$	83,956	$	(4,689)	$	179,462	$	(6,377)


	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)

Summary of the credit ratings of fixed maturities

The following tables summarize the credit ratings of our fixed maturities as at March 31, 2021 and December 31, 2020:


March 31, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	78,479	$	78,488	8.0	%
U.S. agency bonds	184,531		190,923		19.5	%
AAA	96,044		96,905		9.9	%
AA+, AA, AA-	88,450		89,493		9.2	%
A+, A, A-	243,400		250,613		25.7	%
BBB+, BBB, BBB-	224,460		233,523		23.9	%
BB+ or lower	35,822		36,952		3.8	%
Total fixed maturities (1)	$	951,186	$	976,897	100.0	%


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	%

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

Portfolio of other investments

The table shows the composition of the Company's other investments as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying value		% of Total		Carrying value		% of Total
Private equity investments	$	27,544	37.1	%	$	23,294	34.8	%
Private credit lending investments	5,109		6.9	%	1,301		1.9	%
Investment in limited partnerships	3,231		4.4	%	3,044		4.5	%
Other investments	1,800		2.4	%	2,800		4.2	%
Total other investments at fair value	37,684		50.8	%	30,439		45.4	%
Investments in direct lending entities (at cost)	36,533		49.2	%	36,571		54.6	%
Total other investments	$	74,217	100.0	%	$	67,010	100.0	%

Remaining unfunded commitments on other investments

The Company's remaining unfunded commitments on other investments as at March 31, 2021 and December 31, 2020 were:


	March 31, 2021				December 31, 2020
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	10,076	16.8	%	$	9,580	15.2	%
Private credit lending investments	29,863		49.7	%	33,584		53.0	%
Investments in direct lending entities	19,823		33.0	%	19,823		31.3	%
Investment in limited partnerships	342		0.5	%	326		0.5	%
Total unfunded commitments on other investments	$	60,104	100.0	%	$	63,313	100.0	%

Equity method investments

The table below shows the carrying value of the Company's equity method investments as at March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	31,125	77.5	%	$	29,435	73.8	%
Investment in limited partnerships	9,058		22.5	%	10,451		26.2	%
Total equity method investments	$	40,183	100.0	%	$	39,886	100.0	%

Net investment income

Net investment income was derived from the following sources for the three months ended March 31, 2021 and 2020:


	For the Three Months Ended March 31,
		2021		2020
Fixed maturities		$	6,691	$	12,651
Income on funds withheld		2,505		3,853
Interest income from loan to related party		860		1,365
Cash and cash equivalents and other investments		129		496
		10,185		18,365

Investment expenses		(344)		(401)
Net investment income		$	9,841	$	17,964

Analysis of realized and unrealized gains (losses) on investment


For the Three Months Ended March 31, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	3,043	$	(149)	$	2,894
Equity securities	4,957		—		4,957
Other investments	275		(25)		250
Net realized gains (losses) on investment	$	8,275	$	(174)	$	8,101

For the Three Months Ended March 31, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	10,932	$	(1)	$	10,931

Other investments	107		—		107
Net realized gains (losses) on investment	$	11,039	$	(1)	$	11,038

The portion of unrealized gains recognized within net income for investments still held at the end of March 31, 2021 and 2020, respectively, were as follows:


For the Three Months Ended March 31,	2021		2020
Net gains recognized for equity securities during the period	$	4,957	$	—
Less: Net gains recognized for equity securities divested during the period	(441)		—
Unrealized gains recognized for equity securities still held at reporting date	$	4,516	$	—

Net unrealized gains on fixed maturity investments

Net unrealized gains on investments was as follows at March 31, 2021 and December 31, 2020, respectively:


	March 31, 2021		December 31, 2020
Fixed maturities	$	25,711	$	49,488
Equity method investments	(1,012)		—
Total net unrealized gains	24,699		49,488
Deferred income tax	(94)		(131)
Net unrealized gains, net of deferred income tax	$	24,605	$	49,357
Change, net of deferred income tax	$	(24,752)	$	27,361

4. Investments (continued)

Fair value of restricted assets

The fair values of these restricted assets were as follows at March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
Restricted cash – third party agreements	$	20,476	$	20,547
Restricted cash – related party agreements	32,562		41,239
Total restricted cash	53,038		61,786
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2021 – $62,041; 2020 – $63,253)	62,043		63,281
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2021 – $744,273; 2020 – $913,466)	766,412		954,988
Restricted investments – liability for investments purchased for related party agreements	10,186		—
Total restricted investments	838,641		1,018,269
Total restricted cash and investments	$	891,679	$	1,080,055

Related Party Transactions - Narrative (Details) $ in Thousands															3 Months Ended			7 Months Ended		12 Months Ended
	Mar. 16, 2020	Aug. 31, 2019 USD ($)	Aug. 12, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 01, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Aug. 12, 2019	Jul. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Jul. 01, 2018	Dec. 31, 2014
Related Party Transaction [Line Items]
Loan to related party															$ 167,975					$ 167,975
Interest income															$ 10,185	$ 18,365
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage															53.20%
AmTrust Financial Services, Inc. \| London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Basis spread on variable rate																						2.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party														40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party				40.00%						40.00%				40.00%
Commission rate, percent of ceded written premiums													34.375%	31.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement, Maximum Loss Corridor
Related Party Transaction [Line Items]
Related party transaction amount				$ 40,500
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Investments transferred out related to Partial Termination Amendment and Commutation
Related Party Transaction [Line Items]
Percent of ceding commission payable, period increase							5.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount																	$ (647,980)
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Returned Unearned Premiums, Net
Related Party Transaction [Line Items]
Related party transaction amount																	$ (436,760)
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Investments transferred out for transactions under remaining AmTrust Quota Share business
Related Party Transaction [Line Items]
Related party transaction amount						$ (575,000)									$ 575,000					575,000
Accrued interest on collateral held by related party															2,552					3,845
Calculated interest rate with related party						1.80%										2.65%
Interest income from related party															2,552	$ 3,800
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations				105.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement, Minimum Excess Funding Requirement
Related Party Transaction [Line Items]
Related party transaction amount				$ 54,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement No. 2
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations	110.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Commutation And Release Agreement, Commutation Payment, Premium Interest
Related Party Transaction [Line Items]
Related party interest expense			$ 6,335
Calculated interest rate with related party																		3.30%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Commutation And Release Agreement Commutation Payment
Related Party Transaction [Line Items]
Related party transaction amount					$ 312,786
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| 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 Reinsurance Segment \| 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 Reinsurance Segment \| Minimum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio floor										81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Maximum
Related Party Transaction [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling										95.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Maximum \| Post-Termination Endorsement
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations				110.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Commission rate, percent of ceded written premiums												5.00%
Maximum limit of liability attaching (in EUR) \| €											€ 10,000,000	€ 5,000,000
Premiums and losses related to policies, percentage									32.50%			40.00%
Percent basis currency equivalent of maximum limit of liability attaching												100.00%
Future premiums and losses related to policies, percentage									20.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement \| Maximum \| Post-Termination Endorsement No. 1
Related Party Transaction [Line Items]
Related party transaction, percentage of required funding on obligations	120.00%
Solvency ratio	100.00%
Collateral on exposure	100.00%
AmTrust Financial Services, Inc. \| Reinsurer Trust Assets Collateral Agreement
Related Party Transaction [Line Items]
Collateral held by related party															493,363					666,879
Accrued interest on collateral held by related party															2,454					3,048
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements
Related Party Transaction [Line Items]
Brokerage fee, percent of premium assumed														1.25%
AmTrust Financial Services, Inc. \| Reinsurance Brokerage Agreements \| Brokerage expense
Related Party Transaction [Line Items]
Expenses from related party transactions															69	234
Balance due to related party															1,434					1,534
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Cancellation notice period								30 days
Quarterly brokerage fee, above portfolio threshold, percent of average holdings								0.02125%
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses from related party transactions															272	400
AEL \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percentage ceded																					20.00%
AEL \| AmTrust European Hospital Liability Quota Share Agreement
Related Party Transaction [Line Items]
Collateral held by related party															304,635					318,063
Accrued interest on collateral held by related party															2,270					2,283
AmTrust International Underwriters DAC (AIU) \| AmTrust European Hospital Liability Quota Share Agreement \| Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount															$ 29,106					28,093
Calculated interest rate with related party															0.50%
Interest income from related party															$ 37	71
AmTrust International Underwriters DAC (AIU) \| AmTrust European Hospital Liability Quota Share Agreement \| Accrued Interest On Collateral Provided For Share Under Quota Share Agreement
Related Party Transaction [Line Items]
Related party transaction amount															36					$ 318
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement
Related Party Transaction [Line Items]
Cancellation notice period		3 months
Agreement initial term		3 years
Renewal term		3 years
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Initial Retainer
Related Party Transaction [Line Items]
Expenses from related party transactions		$ 100
Risk Services - Vermont, Inc. \| Insurance Management Services Agreement, Fees
Related Party Transaction [Line Items]
Expenses from related party transactions		$ 100													25	25
Affiliated Entity \| Debt Owned By Related Party \| 683 Capital Partners, LP \| 2013 Senior Notes
Related Party Transaction [Line Items]
Related party transaction amount															663
Affiliated Entity \| Debt Owned By Related Party \| 683 Capital Partners, LP \| 2016 Senior Notes
Related Party Transaction [Line Items]
Related party transaction amount															369
Affiliated Entity \| Limited Partnership Agreement \| 683 Capital Management, LLC
Related Party Transaction [Line Items]
Related party transaction amount															31,125
Notes Receivable, Related Party
Related Party Transaction [Line Items]
Interest income															$ 860	$ 1,365
Effective yield															2.00%	3.30%
Maiden Holdings, Ltd. \| Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															7.80%
Maiden Holdings, Ltd. \| Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															7.30%
Maiden Holdings, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															5.00%
Maiden Holdings, Ltd. \| Affiliated Entity \| 683 Capital Partners, LP
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															8.90%

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Total	$ 11,764	$ 31,215
Net loss and LAE	(2,359)	(21,086)
Commission and other acquisition expenses	(5,942)	(11,973)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(2,462)	0
Total	5,524	18,684
Net loss and LAE	(944)	(14,045)
Commission and other acquisition expenses	$ (2,187)	$ (6,994)

- Definition

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

+ References + Details

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Investments [Line Items]
Investment income	$ 10,185	$ 18,365
Investment expenses	(344)	(401)
Net investment income	9,841	17,964
Fixed maturities
Schedule of Investments [Line Items]
Investment income	6,691	12,651
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	2,505	3,853
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	860	1,365
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 129	$ 496

Investments - Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 4,957
Equity securities, gross losses	0
Equity securities, net	4,957	$ 0
Net realized gains (losses) on investment, gross gains	8,275	11,039
Net realized gains (losses) on investment, gross losses	(174)	(1)
Net realized gains (losses) on investment	8,101	11,038
Less: Net gains recognized for equity securities divested during the period	(441)	0
Unrealized gains recognized for equity securities still held at reporting date	4,516	0
Proceeds from sales of fixed maturities classified as available-for-sale	153,816	224,471
Equity method investments	(1,012)		$ 0
Total net unrealized gains	24,699		49,488
Deferred income tax	(94)		(131)
Net unrealized gains, net of deferred income tax	24,605		49,357
Change in net unrealized losses on investment	(24,752)		27,361
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	3,043	10,932
Fixed maturities, gross losses	(149)	(1)
Fixed maturities, net	2,894	10,931
Other Debt Obligations
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	275	107
Other investments, gross losses	(25)	0
Other investments, net	250	$ 107
Available-for-sale securities \| Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities	$ 25,711		$ 49,488

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

There are no material changes from the commitments, contingencies and concentrations previously disclosed in the Company’s Form 10-K for the year ended December 31, 2020.

a)Concentrations of Credit Risk

At March 31, 2021 and December 31, 2020, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance recoverable on unpaid losses and funds withheld receivable. Please refer to "Note 8. Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength. The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Letters of credit are provided by its reinsurers for material amounts recoverable as discussed in "Note 8 — Reinsurance".

The Company manages the concentration of credit risk in its investment portfolio through issuer and sector exposure limitations. The Company believes it bears minimal credit risk in its cash on deposit. The Company also monitors the credit risk related to the loan to related party and funds withheld receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- (Excellent) from A.M. Best at March 31, 2021. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at March 31, 2021 will be fully collectible.

11. Commitments and Contingencies (continued)

b)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 entered into one new short-term subleasing arrangement through December 31, 2021 during the three months ended March 31, 2021. The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have an initial lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company has recognized a lease liability and a right-of-use asset in the Company's Condensed Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 10%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability.

The 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 1.6 years at March 31, 2021.

At March 31, 2021, the Company's future lease obligations of $807 (December 31, 2020 - $1,638) was calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate. This amount has been recognized on the Condensed Consolidated Balance Sheets as a lease liability of $807 within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets.

Under Topic 842, Leases, the Company continues to recognize the related leasing expense on a straight-line basis over the lease term in the Condensed Consolidated Statements of Income. The Company's total lease expense for the three months ended March 31, 2021 was $242 (2020 - $410) 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 three months ended March 31, 2021 was $212 (2020 - $340). The Company also recorded $126 of sublease income for the three months ended March 31, 2021.

At March 31, 2021, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:


	March 31, 2021
2021	$	636
2022	96
2023	96
2024	48

Discount for present value	(69)
Total discounted operating lease liabilities	$	807

c)Legal Proceedings

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

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 and Contingencies (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 (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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

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


	For the Three Months Ended March 31,
	2021		2020
Numerator:


Net income	$	9,286	$	20,861

Gain from repurchase of preference shares - Series A, C and D	62,450		—
Amount allocated to participating common shareholders(1)	(1,133)		(247)




Net income allocated to Maiden common shareholders	$	70,603	$	20,614
Denominator:
Weighted average number of common shares – basic	85,132,939		83,256,223
Potentially dilutive securities:
Share options and restricted share units(2)	3,949		—
Adjusted weighted average number of common shares – diluted(2)	85,136,888		83,256,223


Basic and diluted earnings per share attributable to common shareholders	$	0.83	$	0.25

(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.

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (2,696)	$ 10,372
% of Total Net premiums written	100.00%	100.00%
Net premiums earned	$ 11,764	$ 31,215
% of Total Net premiums earned	100.00%	100.00%
Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (234)	$ 10,372
Net premiums earned	6,240	12,531
Diversified Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (234)	$ 10,372
% of Total Net premiums written	8.70%	100.00%
Net premiums earned	$ 6,240	$ 12,531
% of Total Net premiums earned	53.10%	40.10%
Diversified Reinsurance \| International \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (244)	$ 10,372
% of Total Net premiums written	9.10%	100.00%
Net premiums earned	$ 6,230	$ 12,531
% of Total Net premiums earned	53.00%	40.10%
Diversified Reinsurance \| Other \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 10	$ 0
% of Total Net premiums written	(0.40%)	0.00%
Net premiums earned	$ 10	$ 0
% of Total Net premiums earned	0.10%	0.00%
AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (2,462)	$ 0
Net premiums earned	5,524	18,684
AmTrust Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (2,462)	$ 0
% of Total Net premiums written	91.30%	0.00%
Net premiums earned	$ 5,524	$ 18,684
% of Total Net premiums earned	46.90%	59.90%
AmTrust Reinsurance \| Small Commercial Business \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (2,478)	$ 0
% of Total Net premiums written	91.90%	0.00%
Net premiums earned	$ (2,351)	$ 939
% of Total Net premiums earned	(20.00%)	3.00%
AmTrust Reinsurance \| Specialty Program \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (25)	$ 0
% of Total Net premiums written	0.90%	0.00%
Net premiums earned	$ (18)	$ 75
% of Total Net premiums earned	(0.20%)	0.30%
AmTrust Reinsurance \| Specialty Risk and Extended Warranty \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 41	$ 0
% of Total Net premiums written	(1.50%)	0.00%
Net premiums earned	$ 7,893	$ 17,670
% of Total Net premiums earned	67.10%	56.60%