0001412100-21-000067 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 05, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		86,420,221
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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
Security Exchange Name	NASDAQ
Series A Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series A Preference Shares, par value $0.01 per share
Trading Symbol	MH.PA
Security Exchange Name	NYSE
Series C Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series C Preference Shares, par value $0.01 per share
Trading Symbol	MH.PC
Security Exchange Name	NYSE
Series D Preference Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series D Preference Shares, par value $0.01 per share
Trading Symbol	MH.PD
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost 2021 - $911,547; 2020 - $1,163,923)	$ 938,685	$ 1,213,411
Equity securities, at fair value (cost 2021 - $1,000)	4,905	0
Equity method investments	60,113	39,886
Other investments	88,238	67,010
Total investments	1,091,941	1,320,307
Cash and cash equivalents	42,109	74,040
Restricted cash and cash equivalents	31,648	61,786
Accrued investment income	7,872	11,240
Reinsurance balances receivable, net	2,372	5,777
Reinsurance recoverable on unpaid losses	565,549	592,571
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $39,730 and $45,732 from related parties in 2021 and 2020, respectively)	42,708	51,903
Funds withheld receivable (includes $604,424 and $603,093 from related parties in 2021 and 2020, respectively)	644,473	654,805
Other assets	10,123	8,051
Total assets	2,606,770	2,948,455
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,533,264 and $1,727,193 from related parties in 2021 and 2020, respectively)	1,674,590	1,893,299
Unearned premiums (includes $106,645 and $122,737 from related parties in 2021 and 2020, respectively)	118,557	144,271
Deferred gain on retroactive reinsurance	54,254	74,941
Liability for securities purchased	40,093	0
Accrued expenses and other liabilities (includes $45,308 and $35,719 from related parties in 2021 and 2020, respectively)	59,828	53,002
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	7,264	7,374
Senior notes, net	255,236	255,126
Total liabilities	2,202,558	2,420,639
Commitments and Contingencies
EQUITY
Preference shares	181,384	394,310
Common shares ($0.01 par value; 92,233,783 and 89,815,175 shares issued in 2021 and 2020, respectively; 86,420,221 and 84,801,161 shares outstanding in 2021 and 2020, respectively)	922	898
Additional paid-in capital	767,452	756,122
Accumulated other comprehensive income	5,723	23,857
Accumulated deficit	(517,376)	(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	404,212	527,816
Total liabilities and equity	$ 2,606,770	$ 2,948,455

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fixed maturities, available-for-sale, amortized cost	$ 911,547	$ 1,163,923
Equity securities, cost	1,000
Deferred commission and other acquisition expenses	42,708	51,903
Funds withheld receivable	644,473	654,805
Loss and loss adjustment expenses	1,674,590	1,893,299
Unearned premiums	118,557	144,271
Accrued expenses and other liabilities	$ 59,828	$ 53,002
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	92,233,783	89,815,175
Common shares, shares outstanding (in shares)	86,420,221	84,801,161
Treasury shares (in shares)	5,813,562	5,014,014
Affiliated Entity
Deferred commission and other acquisition expenses	$ 39,730	$ 45,732
Funds withheld receivable	604,424	603,093
Loss and loss adjustment expenses	1,533,264	1,727,193
Unearned premiums	106,645	122,737
Accrued expenses and other liabilities	$ 45,308	$ 35,719

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Gross premiums written	$ 3,434	$ 4,982	$ 1,044	$ 16,716
Net premiums written	3,261	4,090	565	14,462
Change in unearned premiums	10,051	17,218	24,511	38,061
Net premiums earned	13,312	21,308	25,076	52,523
Other insurance revenue	539	250	808	658
Net investment income	7,278	14,309	17,119	32,273
Net realized gains on investment	849	8,875	8,950	19,913
Total other-than-temporary impairment losses	0	0	0	(1,506)
Total revenues	21,978	44,742	51,953	103,861
Expenses
Net loss and loss adjustment expenses	(5,327)	11,008	(2,968)	32,094
Commission and other acquisition expenses	6,899	8,154	12,841	20,127
General and administrative expenses	8,906	9,261	22,903	17,811
Interest and amortization expenses	4,832	4,830	9,663	9,661
Foreign exchange and other losses (gains)	1,588	2,295	(1,954)	(5,902)
Total expenses	16,898	35,548	40,485	73,791
Income before income taxes and interest in income of equity method investments	5,080	9,194	11,468	30,070
Less: income tax benefit	(257)	(18)	(208)	(3)
Add: Interest in income of equity method investments	2,775	0	5,722	0
Net income	8,112	9,212	17,398	30,073
Gain from repurchase of preference shares	18,714	0	81,164	0
Net income available to Maiden common shareholders, basic	26,826	9,212	98,562	30,073
Net income available to Maiden common shareholders, diluted	$ 26,826	$ 9,212	$ 98,562	$ 30,073
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.31	$ 0.11	$ 1.14	$ 0.35
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.31	$ 0.11	$ 1.14	$ 0.35
Weighted average number of common shares - basic (in shares)	86,230,021	84,537,385	85,684,511	83,896,804
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	86,235,372	84,537,385	85,688,893	83,896,804

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 8,112	$ 9,212	$ 17,398	$ 30,073
Other comprehensive (loss) income
Net unrealized holdings gains (losses) on fixed maturity investments arising during period	2,206	41,778	(17,325)	1,575
Net unrealized holdings losses on equity method investments arising during period	(2,407)	0	(3,419)	0
Adjustment for reclassification of net realized gains recognized in net income	(779)	(2,368)	(5,025)	(6,401)
Foreign currency translation adjustment	(2,555)	(3,820)	7,591	(3,823)
Other comprehensive (loss) income, before tax	(3,535)	35,590	(18,178)	(8,649)
Income tax benefit (expense) related to components of other comprehensive (loss) income	7	(101)	44	14
Other comprehensive (loss) income, after tax	(3,528)	35,489	(18,134)	(8,635)
Comprehensive income (loss)	$ 4,584	$ 44,701	$ (736)	$ 21,438

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	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						15	(15)
Share-based compensation expense							1,584
Change in net unrealized (losses) gains on investment								(4,812)
Cash settlement of restricted shares granted	$ 0
Foreign currency translation adjustment								(3,823)
Net income	30,073								30,073
Gain on repurchase of preference shares	0
Shares repurchased										(1)
Ending balance at Jun. 30, 2020	530,739	465,000				897	752,896	9,201	(665,721)	(31,534)
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) gains on investment	27,361
Ending balance at Dec. 31, 2020	527,816	394,310				898	756,122	23,857	(615,837)	(31,534)
Beginning balance at Mar. 31, 2020		465,000				890	751,862	(26,288)	(674,933)	(31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options and issuance of common shares						7	(7)
Share-based compensation expense							1,041
Change in net unrealized (losses) gains on investment								39,309
Foreign currency translation adjustment								(3,820)
Net income	9,212								9,212
Gain on repurchase of preference shares	0
Shares repurchased										(1)
Ending balance at Jun. 30, 2020	530,739	465,000				897	752,896	9,201	(665,721)	(31,534)
Beginning 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			$ (84,594)	$ (66,894)	$ (61,438)
Exercise of options and issuance of common shares						24	(24)
Share-based compensation expense							4,315
Repurchase of Preference Shares							7,104
Cash settlement of restricted shares granted							(65)
Change in net unrealized (losses) gains on investment	(25,725)
Cash settlement of restricted shares granted	166								(101)
Foreign currency translation adjustment								7,591
Net income	17,398								17,398
Gain on repurchase of preference shares	81,164								81,164
Shares repurchased										(2,359)
Ending balance at Jun. 30, 2021	404,212	181,384				922	767,452	5,723	(517,376)	(33,893)
Beginning balance at Mar. 31, 2021		228,948				920	765,587	9,251	(544,202)	(33,893)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (20,553)	$ (16,170)	$ (10,841)
Exercise of options and issuance of common shares						2	(2)
Share-based compensation expense							282
Repurchase of Preference Shares							1,585
Change in net unrealized (losses) gains on investment								(973)
Foreign currency translation adjustment								(2,555)
Net income	8,112								8,112
Gain on repurchase of preference shares	18,714								18,714
Ending balance at Jun. 30, 2021	$ 404,212	$ 181,384				$ 922	$ 767,452	$ 5,723	$ (517,376)	$ (33,893)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 8,112	$ 9,212	$ 17,398	$ 30,073
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and share-based compensation			6,840	4,004
Interest in income of equity method investments	(2,775)	0	(5,722)	0
Net realized gains on investment	(849)	(8,875)	(8,950)	(19,913)
Total other-than-temporary impairment losses	0	0	0	1,506
Foreign exchange and other gains	1,588	2,295	(1,954)	(5,902)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net			4,395	(10,196)
Reinsurance recoverable on unpaid losses			6,366	4,294
Accrued investment income			3,290	6,413
Deferred commission and other acquisition expenses			9,101	13,662
Funds withheld receivable			8,672	(13,416)
Other assets			(1,133)	(9,316)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses			(207,565)	(361,082)
Unearned premiums			(25,340)	(37,634)
Accrued expenses and other liabilities			8,818	(21,645)
Net cash used in operating activities			(185,784)	(419,152)
Cash flows from investing activities:
Purchases of fixed maturities			(91,585)	(245,331)
Purchases of other investments			(21,852)	(4,475)
Purchases of equity method investments			(21,309)	0
Proceeds from sales of fixed maturities	52,538	181,030	206,354	405,501
Proceeds from maturities, paydowns and calls of fixed maturities			175,363	292,780
Proceeds from sale and redemption of other investments			228	92
Proceeds from sale and redemption of equity method investments			3,384	0
Distributions from equity securities			441	0
Others, net			(19)	(598)
Net cash provided by investing activities			251,005	447,969
Cash flows from financing activities:
Repurchase of common shares			(2,359)	(1)
Repurchase of preference shares	(27,264)		(124,658)	0
Cash settlement of restricted shares granted			(166)	0
Net cash used in financing activities			(127,183)	(1)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents			(107)	1,359
Net (decrease) increase in cash, restricted cash and cash equivalents			(62,069)	30,175
Cash, restricted cash and cash equivalents, beginning of period			135,826	107,278
Cash, restricted cash and cash equivalents, end of period	73,757	137,453	73,757	137,453
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	42,109	56,583	42,109	56,583
Restricted cash and cash equivalents	31,648	80,870	31,648	80,870
Total cash, restricted cash and cash equivalents, end of period	$ 73,757	$ 137,453	$ 73,757	$ 137,453

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 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. ("Parent Company" or "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 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 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 the State of 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 U.S., 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 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. The Company's Swedish and UK insurance operations ("IIS unit") do 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 loss and loss adjustment expenses ("loss and LAE") and estimates of reinsurance recoverable arising from the COVID-19 pandemic may materially change. Maiden Reinsurance has not received any COVID-19 claims to date but our companies within our IIS unit have received a limited number of claims related to those coverages which it deems as immaterial. Unanticipated issues relating to claims and coverage may emerge, which could adversely affect our business by increasing the scope of coverage beyond our intent and/or increasing the frequency and severity of claims. The Company's investment portfolio may be adversely impacted by unfavorable market conditions caused by the COVID-19 pandemic, and the Company and its reinsurance subsidiaries may need additional capital to maintain compliance with regulatory capital requirements and/or be required to post additional collateral under existing reinsurance arrangements, which could reduce our liquidity. In addition, the Company may experience continued volatility in its results of operations which could negatively impact its financial condition and create a reduction in the amount of available distribution or dividend capacity from its regulated reinsurance subsidiaries, which would also reduce liquidity.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 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 six months ended June 30, 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 June 30, 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 fiscal year 2023. The Company continues to evaluate the impact of this guidance on its results of operations, financial condition and liquidity.

Segment Information

6 Months Ended

Jun. 30, 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:


For the Three Months Ended June 30, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	5,191		$	(1,757)		$	3,434
Net premiums written	$	5,018		$	(1,757)		$	3,261
Net premiums earned	$	6,962		$	6,350		$	13,312
Other insurance revenue	539			—			539
Net loss and LAE	(1,247)			6,574			5,327
Commission and other acquisition expenses	(4,452)			(2,447)			(6,899)
General and administrative expenses	(3,033)			(775)			(3,808)
Underwriting (loss) income	$	(1,231)		$	9,702		8,471
Reconciliation to net income
Net investment income and realized gains on investment							8,127

Interest and amortization expenses							(4,832)


Foreign exchange and other losses, net							(1,588)
Other general and administrative expenses							(5,098)
Income tax benefit							257
Interest in income of equity method investments							2,775
Net income							$	8,112

Net loss and LAE ratio(1)	16.6		%	(103.5)		%	(38.5)		%
Commission and other acquisition expense ratio(2)	59.4		%	38.5		%	49.8		%
General and administrative expense ratio(3)	40.4		%	12.2		%	64.3		%
Expense ratio(4)	99.8		%	50.7		%	114.1		%
Combined ratio(5)	116.4		%	(52.8)		%	75.6		%

3. Segment Information (continued)


For the Three Months Ended June 30, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	9,687		$	(4,705)		$	4,982
Net premiums written	$	8,553		$	(4,463)		$	4,090
Net premiums earned	$	11,527		$	9,781		$	21,308
Other insurance revenue	250			—			250
Net loss and LAE	(6,038)			(4,970)			(11,008)
Commission and other acquisition expenses	(4,374)			(3,780)			(8,154)
General and administrative expenses	(1,746)			(667)			(2,413)
Underwriting (loss) income	$	(381)		$	364		(17)
Reconciliation to net income
Net investment income and realized gains on investment							23,184

Interest and amortization expenses							(4,830)


Foreign exchange and other losses, net							(2,295)
Other general and administrative expenses							(6,848)
Income tax benefit							18

Net income							$	9,212

Net loss and LAE ratio(1)	51.3		%	50.8		%	51.0		%
Commission and other acquisition expense ratio(2)	37.1		%	38.6		%	37.8		%
General and administrative expense ratio(3)	14.8		%	6.9		%	43.0		%
Expense ratio(4)	51.9		%	45.5		%	80.8		%
Combined ratio(5)	103.2		%	96.3		%	131.8		%

3. Segment Information (continued)


For the Six Months Ended June 30, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	5,263		$	(4,219)		$	1,044
Net premiums written	$	4,784		$	(4,219)		$	565
Net premiums earned	$	13,202		$	11,874		$	25,076
Other insurance revenue	808			—			808
Net loss and LAE	(2,662)			5,630			2,968
Commission and other acquisition expenses	(8,207)			(4,634)			(12,841)
General and administrative expenses	(4,607)			(1,378)			(5,985)
Underwriting (loss) income	$	(1,466)		$	11,492		10,026
Reconciliation to net income
Net investment income and realized gains on investment							26,069

Interest and amortization expenses							(9,663)


Foreign exchange and other gains, net							1,954
Other general and administrative expenses							(16,918)
Income tax benefit							208
Interest in income from equity method investments							5,722
Net income							$	17,398

Net loss and LAE ratio(1)	19.0		%	(47.4)		%	(11.5)		%
Commission and other acquisition expense ratio(2)	58.6		%	39.0		%	49.6		%
General and administrative expense ratio(3)	32.9		%	11.6		%	88.5		%
Expense ratio(4)	91.5		%	50.6		%	138.1		%
Combined ratio(5)	110.5		%	3.2		%	126.6		%

3. Segment Information (continued)


For the Six Months Ended June 30, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	21,421		$	(4,705)		$	16,716
Net premiums written	$	18,925		$	(4,463)		$	14,462
Net premiums earned	$	24,058		$	28,465		$	52,523
Other insurance revenue	658			—			658
Net loss and LAE	(13,079)			(19,015)			(32,094)
Commission and other acquisition expenses	(9,353)			(10,774)			(20,127)
General and administrative expenses	(3,359)			(1,311)			(4,670)
Underwriting loss	$	(1,075)		$	(2,635)		(3,710)
Reconciliation to net income
Net investment income and realized gains on investment							52,186
Total other-than-temporary impairment losses							(1,506)
Interest and amortization expenses							(9,661)


Foreign exchange and other gains, net							5,902
Other general and administrative expenses							(13,141)
Income tax benefit							3

Net income							$	30,073

Net loss and LAE ratio(1)	52.9		%	66.8		%	60.4		%
Commission and other acquisition expense ratio(2)	37.8		%	37.8		%	37.8		%
General and administrative expense ratio(3)	13.6		%	4.7		%	33.5		%
Expense ratio(4)	51.4		%	42.5		%	71.3		%
Combined ratio(5)	104.3		%	109.3		%	131.7		%

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

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

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

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

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

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at June 30, 2021 and December 31, 2020:


June 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	132,083	$	2,051,535	$	2,183,618
Corporate assets	—		—		423,152

Total Assets	$	132,083	$	2,051,535	$	2,606,770

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 tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:


For the Three Months Ended June 30,	2021		2020
Net premiums written	Total			Total
Diversified Reinsurance

International	$	5,028		$	8,498
Other	(10)			55

Total Diversified Reinsurance	5,018			8,553
AmTrust Reinsurance
Small Commercial Business	(1,594)			(6,394)
Specialty Program	(4)			477
Specialty Risk and Extended Warranty	(159)			1,454
Total AmTrust Reinsurance	(1,757)			(4,463)

Total Net Premiums Written	$	3,261		$	4,090

For the Six Months Ended June 30,	2021		2020
Net premiums written	Total			Total
Diversified Reinsurance

International	$	4,784		$	18,870
Other	—			55

Total Diversified Reinsurance	4,784			18,925
AmTrust Reinsurance
Small Commercial Business	(4,072)			(6,394)
Specialty Program	(29)			477
Specialty Risk and Extended Warranty	(118)			1,454
Total AmTrust Reinsurance	(4,219)			(4,463)

Total Net Premiums Written	$	565		$	14,462

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:


For the Three Months Ended June 30,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,972	52.4	%	$	11,472	53.8	%
Other	(10)		(0.1)	%	55		0.3	%

Total Diversified Reinsurance	6,962		52.3	%	11,527		54.1	%
AmTrust Reinsurance
Small Commercial Business	(1,495)		(11.2)	%	(7,112)		(33.4)	%
Specialty Program	2		—	%	426		2.0	%
Specialty Risk and Extended Warranty	7,843		58.9	%	16,467		77.3	%
Total AmTrust Reinsurance	6,350		47.7	%	9,781		45.9	%

Total Net Premiums Earned	$	13,312	100.0	%	$	21,308	100.0	%

For the Six Months Ended June 30,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	13,202	52.6	%	$	24,003	45.7	%
Other	—		—	%	55		0.1	%

Total Diversified Reinsurance	13,202		52.6	%	24,058		45.8	%
AmTrust Reinsurance
Small Commercial Business	(3,846)		(15.3)	%	(6,173)		(11.8)	%
Specialty Program	(16)		(0.1)	%	501		1.0	%
Specialty Risk and Extended Warranty	15,736		62.8	%	34,137		65.0	%
Total AmTrust Reinsurance	11,874		47.4	%	28,465		54.2	%

Total Net Premiums Earned	$	25,076	100.0	%	$	52,523	100.0	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

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

+ Details

Investments

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 are as follows:


June 30, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	78,481	$	—	$	(27)	$	78,454
U.S. agency bonds – mortgage-backed	148,520		5,028		(95)		153,453

Non-U.S. government bonds	3,167		273		—		3,440
Asset-backed securities	194,648		1,242		(598)		195,292
Corporate bonds	486,731		25,657		(4,342)		508,046


Total fixed maturity investments	$	911,547	$	32,200	$	(5,062)	$	938,685


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.



June 30, 2021	Amortized cost		Fair value
Due in one year or less	$	60,592	$	59,782
Due after one year through five years	435,090		454,445
Due after five years through ten years	65,363		68,361
Due after ten years	7,334		7,352
	568,379		589,940
U.S. agency bonds – mortgage-backed	148,520		153,453
Asset-backed securities	194,648		195,292
Total fixed maturity investments	$	911,547	$	938,685

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
June 30, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	78,454	$	(27)	$	—	$	—	$	78,454	$	(27)
U.S. agency bonds – mortgage-backed	8,175		(95)		—		—		8,175		(95)

Asset-backed securities	42,265		(536)		11,288		(62)		53,553		(598)
Corporate bonds	36,244		(1,311)		53,475		(3,031)		89,719		(4,342)

Total temporarily impaired fixed maturities	$	165,138	$	(1,969)	$	64,763	$	(3,093)	$	229,901	$	(5,062)

4. Investments (continued)

At June 30, 2021, there were 45 securities in an unrealized loss position with a fair value of $229,901 and unrealized losses of $5,062. Of these securities, there were 18 securities that have been in an unrealized loss position for twelve months or greater with a fair value of $64,763 and unrealized losses of $3,093.


	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 June 30, 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 we are 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 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 six months ended June 30, 2020, the Company recognized $1,506 in OTTI charges in earnings on two fixed maturity securities. There was no impairment recorded for the three and six months ended June 30, 2021 and the three months ended June 30, 2020.

The following tables summarize the credit ratings of our fixed maturities as at June 30, 2021 and December 31, 2020:


June 30, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	78,481	$	78,454	8.4	%
U.S. agency bonds	148,520		153,453		16.3	%
AAA	124,254		124,569		13.3	%
AA+, AA, AA-	72,130		73,304		7.8	%
A+, A, A-	220,396		227,914		24.3	%
BBB+, BBB, BBB-	225,475		236,805		25.2	%
BB+ or lower	42,291		44,186		4.7	%
Total fixed maturities (1)	$	911,547	$	938,685	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

Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit 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 and equity method 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 and equity method investments are not eligible for redemption or sales are restricted, the Company may still receive income distributions from those investments.

Other investments

The table shows the composition of the Company's other investments as at June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying value		% of Total		Carrying value		% of Total
Private equity investments	$	27,544	31.2	%	$	23,294	34.8	%
Private credit lending investments	8,451		9.6	%	1,301		1.9	%
Investment in limited partnerships	13,957		15.8	%	3,044		4.5	%
Other investments	1,800		2.0	%	2,800		4.2	%
Total other investments at fair value	51,752		58.6	%	30,439		45.4	%
Investments in direct lending entities (at cost)	36,486		41.4	%	36,571		54.6	%
Total other investments	$	88,238	100.0	%	$	67,010	100.0	%

Private equity investments consist of direct investments in privately held entities. Investments in limited partnerships consist of investments in private equity funds and private equity co-investments with sponsoring entities. The Company's investments in direct lending entities of $36,486 at June 30, 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.

The Company's remaining unfunded commitments on other investments as at June 30, 2021 and December 31, 2020 were:


	June 30, 2021				December 31, 2020
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	10,076	15.2	%	$	9,580	15.2	%
Private credit lending investments	26,610		40.1	%	33,584		53.0	%
Investments in direct lending entities	19,823		29.9	%	19,823		31.3	%
Investment in limited partnerships	9,842		14.8	%	326		0.5	%
Total unfunded commitments on other investments	$	66,351	100.0	%	$	63,313	100.0	%

Equity Method Investments

The equity method investments include hedge funds and investments in limited partnerships such as direct lending funds and real estate funds. The table below shows the carrying value of the Company's equity method investments as at June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	33,058	55.0	%	$	29,435	73.8	%
Investment in limited partnerships	27,055		45.0	%	10,451		26.2	%
Total equity method investments	$	60,113	100.0	%	$	39,886	100.0	%

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.

4. Investments (continued)

Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. However, certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future and are more fully described (as applicable) in "Note 11 - Commitments, Contingencies and Guarantees" in these financial statements. The Company's remaining unfunded commitments on equity method investments as at June 30, 2021 was $45,691.

c)Net Investment Income

Net investment income was derived from the following sources for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Fixed maturities	$	4,395	$	9,635	$	11,086	$	22,286
Income on funds withheld	2,715		4,009		5,220		7,862
Interest income from loan to related party	866		860		1,726		2,225
Cash and cash equivalents and other investments	107		159		236		655
	8,083		14,663		18,268		33,028

Investment expenses	(805)		(354)		(1,149)		(755)
Net investment income	$	7,278	$	14,309	$	17,119	$	32,273

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 June 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	1,204	$	(95)	$	1,109
Equity securities	—		(611)		(611)
Other investments	351		—		351
Net realized gains (losses) on investment	$	1,555	$	(706)	$	849

For the Three Months Ended June 30, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	9,059	$	—	$	9,059

Other investments	—		(184)		(184)
Net realized gains (losses) on investment	$	9,059	$	(184)	$	8,875

For the Six Months Ended June 30, 2021	Gross gains		Gross losses		Net
AFS fixed maturities	$	4,247	$	(244)	$	4,003
Equity securities	4,957		(611)		4,346
Other investments	626		(25)		601
Net realized gains (losses) on investment	$	9,830	$	(880)	$	8,950

For the Six Months Ended June 30, 2020	Gross gains		Gross losses		Net
AFS fixed maturities	$	19,991	$	(1)	$	19,990

Other investments	107		(184)		(77)
Net realized gains (losses) on investment	$	20,098	$	(185)	$	19,913

4. Investments (continued)

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 in net income for the three and six months ended June 30, 2021 and 2020 for investments still held at the end of June 30, 2021 and 2020, respectively, were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Net (losses) gains recognized for equity securities during the period	$	(611)	$	—	$	4,346	$	—
Less: Net gains recognized for equity securities divested during the period	—		—		(441)		—
Unrealized (losses) gains recognized for equity securities still held at reporting date	$	(611)	$	—	$	3,905	$	—

Proceeds from sales of fixed maturities were $52,538 and $206,354 for the three and six months ended June 30, 2021, respectively (2020 - $181,030 and $405,501, respectively). Net unrealized gains on investments was as follows at June 30, 2021 and December 31, 2020, respectively:


	June 30, 2021		December 31, 2020
Fixed maturities	$	27,138	$	49,488
Equity method investments	(3,419)		—
Total net unrealized gains	23,719		49,488
Deferred income tax	(87)		(131)
Net unrealized gains, net of deferred income tax	$	23,632	$	49,357
Change, net of deferred income tax	$	(25,725)	$	27,361

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 June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
Restricted cash – third party agreements	$	20,425	$	20,547
Restricted cash – related party agreements	11,223		41,239
Total restricted cash	31,648		61,786
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2021 – $62,589; 2020 – $63,253)	62,560		63,281
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2021 – $742,157; 2020 – $913,466)	765,144		954,988
Restricted investments – liability for investments purchased for related party agreements	(36,215)		—
Total restricted investments	791,489		1,018,269
Total restricted cash and investments	$	823,137	$	1,080,055

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 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:

5. Fair Value Measurements (continued)

•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.

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 June 30, 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.

5. Fair Value Measurements (continued)

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 direct equity investments in common and preferred stock of privately held entities. 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 of entities that lend money 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 are private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. 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 June 30, 2021 and December 31, 2020, the Company classified financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


June 30, 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	$	78,454		$	—		$	—		$	—		$	78,454
U.S. agency bonds – mortgage-backed	—			153,453			—			—			153,453

Non-U.S. government bonds	—			3,440			—			—			3,440
Asset-backed securities	—			195,292			—			—			195,292
Corporate bonds	—			508,046			—			—			508,046

Equity investments	4,905			—			—			—			4,905
Other investments	—			—			29,344			22,408			51,752
Total	$	83,359		$	860,231		$	29,344		$	22,408		$	995,342
As a percentage of total assets	3.2		%	33.0		%	1.1		%	0.9		%	38.2		%


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 June 30, 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 June 30, 2021 and December 31, 2020, approximately 0.7% and 0.9%, respectively, of our fixed maturities were valued using the market approach. At June 30, 2021, one security or $6,545 (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 June 30, 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 six months ended June 30, 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 six months ended June 30, 2020.

5. Fair Value Measurements (continued)

At June 30, 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.

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 June 30, 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

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 and six months ended June 30, 2021 and 2020. The Company includes any related interest and dividend income in net investment income and thus are excluded from the reconciliation in the table below:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Balance - beginning of period	$	29,344	$	1,800	$	26,094	$	1,800


Purchases	—		1,000		4,250		1,000
Transfers out of Level 3	—		—		(1,000)		—
Total Level 3 investments - end of period	$	29,344	$	2,800	$	29,344	$	2,800

(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 June 30, 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 (as defined in "Note 7 - Long-Term Debt") 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 June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	96,976	$	110,000	$	90,772
Senior Notes - MHNC – 7.75%	152,500		147,925		152,500		132,126
Total Senior Notes	$	262,500	$	244,901	$	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

Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

a)Common Shares

At June 30, 2021, the aggregate authorized share capital of the Company is 150,000,000 shares from which 92,233,783 common shares were issued, of which 86,420,221 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 39,166,217 shares are undesignated at June 30, 2021. Excluding the preference shares held by Maiden Reinsurance, a total of 7,255,368 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. On 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. The authorizations that were approved on March 3, 2021 and May 6, 2021 as described above are collectively referred to as the "2021 Preference Share Repurchase Program".

The following table shows the summary of repurchases made of the Company's preference shares pursuant to the 2021 Preference Share Repurchase Program during the three and six months ended June 30, 2021:


	For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2021
		Number of shares purchased		Average price of shares purchased		Number of shares purchased		Average price of shares purchased

Series A		822,104		$	14.52	3,383,740		$	14.79
Series C		646,817		14.17		2,675,778		14.54
Series D		433,623		14.22		2,457,519		14.53
Total		1,902,544		14.33		8,517,037		14.64

Total price paid		$	27,264			$	124,658
Gain on purchase		$	18,714			$	81,164

The following table shows the summary of changes for the Company's preference shares outstanding at June 30, 2021:


	Series A		Series C		Series D		Total
Outstanding shares issued by Maiden Holdings	6,000,000		6,600,000		6,000,000		18,600,000

Shares held by Maiden Reinsurance - December 31, 2020	545,218		1,203,466		1,078,911		2,827,595
Shares purchased by Maiden Reinsurance during the three months ended March 31, 2021	2,561,636		2,028,961		2,023,896		6,614,493
Shares purchased by Maiden Reinsurance during the three months ended June 30, 2021	822,104		646,817		433,623		1,902,544
Total shares held by Maiden Reinsurance - June 30, 2021	3,928,958		3,879,244		3,536,430		11,344,632
Total shares held by non-affiliates - June 30, 2021	2,071,042		2,720,756		2,463,570		7,255,368
Percentage held by Maiden Reinsurance - June 30, 2021	65.5	%	58.8	%	58.9	%	61.0	%

The Company has a remaining authorization of $25,342 for preference share repurchases at June 30, 2021. 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 six months ended June 30, 2021, the Company repurchased a total of 799,548 (2020 - 834) common shares at an average price per share of $2.95 (2020 - $1.13) 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 June 30, 2021 (2020 - 834 common shares at an average price per share of $1.13).

6. Shareholders' Equity (continued)

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 June 30, 2021 (December 31, 2020 - $74,245). No repurchases were made during the three and six months ended June 30, 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 June 30, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	24,605	$	(15,354)	$	9,251
Other comprehensive loss before reclassifications	(194)		(2,555)		(2,749)
Amounts reclassified from AOCI to net income, net of tax	(779)		—		(779)
Net current period other comprehensive loss	(973)		(2,555)		(3,528)


Ending balance, Maiden shareholders	$	23,632	$	(17,909)	$	5,723

For the Three Months Ended June 30, 2020	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(22,125)	$	(4,163)	$	(26,288)
Other comprehensive income (loss) before reclassifications	41,677		(3,820)		37,857
Amounts reclassified from AOCI to net income, net of tax	(2,368)		—		(2,368)
Net current period other comprehensive income (loss)	39,309		(3,820)		35,489


Ending balance, Maiden shareholders	$	17,184	$	(7,983)	$	9,201
For the Six Months Ended June 30, 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	(20,700)		7,591		(13,109)
Amounts reclassified from AOCI to net income, net of tax	(5,025)		—		(5,025)
Net current period other comprehensive (loss) income	(25,725)		7,591		(18,134)


Ending balance, Maiden shareholders	$	23,632	$	(17,909)	$	5,723
For the Six Months Ended June 30, 2020	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	21,996	$	(4,160)	$	17,836
Other comprehensive income (loss) before reclassifications	1,589		(3,823)		(2,234)
Amounts reclassified from AOCI to net income, net of tax	(6,401)		—		(6,401)
Net current period other comprehensive loss	(4,812)		(3,823)		(8,635)


Ending balance, Maiden shareholders	$	17,184	$	(7,983)	$	9,201

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Senior Notes

At June 30, 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 June 30, 2021 and December 31, 2020:


June 30, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,489			3,775			7,264
Carrying value	$	106,511		$	148,725		$	255,236

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 and six months ended June 30, 2021 was $4,776 and $9,553, respectively (2020 - $4,776 and $9,553, respectively), of which $1,342 was accrued at both June 30, 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 and six months ended June 30, 2021 was $56 and $110, respectively (2020 - $54 and $108, respectively).

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.

Under the terms of the 2016 Senior Notes, the 2016 Senior Notes can be redeemed, in whole or in part, at Maiden Holdings' 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 Holdings is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

Reinsurance

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021 and 2020 was as follows:


For the Six Months Ended June 30,	2021		2020
Premiums written
Direct	$	10,531	$	10,218
Assumed	(9,487)		6,498
Ceded	(479)		(2,254)
Net	$	565	$	14,462
Premiums earned
Direct	$	11,536	$	9,719
Assumed	14,849		44,631
Ceded	(1,309)		(1,827)
Net	$	25,076	$	52,523
Loss and LAE
Gross loss and LAE	$	(5,862)	$	32,452
Loss and LAE ceded	2,894		(358)
Net	$	(2,968)	$	32,094

The Company's reinsurance recoverable on unpaid losses balance as at June 30, 2021 was $565,549 (December 31, 2020 - $592,571) presented in the Condensed Consolidated Balance Sheets. At June 30, 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 $62,541 at June 30, 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 (the "LPT/ADC Agreement") pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each period based on loss payments and updated estimates. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. As of June 30, 2021, the reinsurance recoverable on unpaid losses under the retroactive reinsurance agreement was $499,254 while the deferred gain liability was $54,254 (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 provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement. Cavello is subject to additional collateral funding requirements as explained in "Note 10. Related Party Transactions". As of June 30, 2021, the amount of collateral required was $430,552. 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 June 30, 2021.

Reserve for Loss and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 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:


	June 30, 2021		December 31, 2020
Reserve for reported loss and LAE	$	906,833	$	998,691
Reserve for losses incurred but not reported ("IBNR")	767,757		894,608
Reserve for loss and LAE	$	1,674,590	$	1,893,299

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


For the Six Months Ended June 30,	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	15,393		32,687
Prior years	(18,361)		(593)
	(2,968)		32,094
Net paid losses related to:
Current year	8,479		(1,832)
Prior years	(206,708)		(387,023)
	(198,229)		(388,855)
Retroactive reinsurance adjustment	20,687		1,410
Effect of foreign exchange rate movements	(11,177)		(7,408)
Net loss and LAE reserves, June 30	1,109,041		1,453,726
Reinsurance recoverable on unpaid losses, June 30	565,549		617,496
Gross loss and LAE reserves, June 30	$	1,674,590	$	2,071,222

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 and six months ended June 30, 2021, the Company recognized net favorable prior year loss development of $12,807 and $18,361, respectively (2020 - favorable $60 and $593, respectively).

In the Diversified Reinsurance segment, net favorable prior year loss development was $951 and $937, respectively, for the three and six months ended June 30, 2021 (2020 - adverse $362 and favorable $171, respectively). Prior year loss development for the three and six months ended June 30, 2021 was due to favorable reserve development in German Auto Programs, European Capital Solutions and other runoff business. The favorable development for the six months ended June 30, 2020 was primarily due to favorable reserve development in German Auto Programs partly offset by adverse development in specific German Auto Programs for the three months ended June 30, 2020.

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

In the AmTrust Reinsurance segment, the net favorable prior year loss development was $11,856 and $17,424, respectively, for the three and six months ended June 30, 2021 (2020 - favorable $422 for both periods). The net favorable prior year loss development for the three and six months ended June 30, 2021 was primarily due to favorable development in Workers Compensation and Commercial Auto Liability partly offset by adverse development in Hospital Liability. The net favorable prior year loss development for the three and six months ended June 30, 2020 was primarily due to favorable development in Workers Compensation partly offset by adverse development within Commercial General Liability programs.

Retroactive reinsurance adjustment of $20,687 represents the decrease in reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello that was recognized in the six months ended June 30, 2021 (2020 - $1,410) 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 $20,687 during the six months ended June 30, 2021. The deferred gain on retroactive reinsurance represents the cumulative adverse development under the AmTrust Quota Share covered under the LPT/ADC Agreement at June 30, 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.

Related Party Transactions

6 Months Ended

Jun. 30, 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 (as defined in the AmTrust Quota Share). 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 and six months ended June 30, 2021 and 2020, respectively:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Gross and net premiums written	$	(1,757)	$	(4,705)	$	(4,219)	$	(4,705)
Net premiums earned	6,350		9,540		11,874		28,224
Net loss and LAE	6,574		(4,970)		5,630		(19,015)
Commission and other acquisition expenses	(2,447)		(3,780)		(4,634)		(10,774)

Collateral provided to AmTrust

a) AmTrust Quota Share

To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance has provided 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 which can include (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 June 30, 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 $866 and $1,726 for the three and six months ended June 30, 2021, respectively (2020 - $860 and $2,225, respectively) and the effective yield was 2.1% and 2.1% for the same respective periods (2020 - 2.0% and 2.6%).

•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 June 30, 2021 was $425,953 (December 31, 2020 - $666,879) and the accrued interest was $1,937 (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 June 30, 2021, the funds withheld balance was $575,000 (December 31, 2020 - $575,000) and the accrued interest was $2,580 (December 31, 2020 - $3,845). The interest income on the funds withheld receivable was $2,580 and $5,132 for the three and six months ended June 30, 2021, respectively (2020 - $3,806 and $7,606, respectively).

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 June 30, 2021 was $334,038 (December 31, 2020 - $318,063) and the accrued interest was $2,227 (December 31, 2020 - $2,283). For AIU DAC, the Company utilizes funds withheld to satisfy its collateral requirements. At June 30, 2021, the amount of funds withheld was $29,424 (December 31, 2020 - $28,093) and the accrued interest was $73 (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 and $74 for the three and six months ended June 30, 2021 (2020 - $127 and $198, respectively).

10. Related Party Transactions (continued)

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 $79 and $148 of reinsurance brokerage expense for the three and six months ended June 30, 2021, respectively (2020 - $119 and $353, respectively) and deferred reinsurance brokerage of $1,333 at June 30, 2021 (December 31, 2020 - $1,534) as a result of this agreement.

Asset Management Agreement

Effective July 1, 2007, the Company entered into an asset management agreement with AII Insurance Management Limited ("AIIM"), a wholly owned subsidiary of AmTrust, pursuant to which AIIM agreed to provide investment management services to the Company. Effective January 1, 2018, AIIM provides investment management services for a quarterly fee of 0.02125% of the average value of the account. The agreement may be terminated upon 30 days written notice by either party. The Company recorded $222 and $494 of investment management fees for the three and six months ended June 30, 2021, respectively (2020 - $350 and $750, respectively) 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 and $50 of fees for the three and six months ended June 30, 2021 and 2020, respectively.

683 Capital Partners, LP (“683 Partners”)

At June 30, 2021, 683 Partners and its affiliates own or control approximately 6.8% 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.

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 $33,058 were managed by 683 Capital under this agreement at June 30, 2021.

Commitments, Contingencies and Guarantees	6 Months Ended
Commitments, Contingencies and Guarantees	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees 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 except for the guarantees related to the indebtedness of others as disclosed in Note 11 (b) below. a)Concentrations of Credit Risk At June 30, 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 June 30, 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 June 30, 2021 will be fully collectible. b)Other Commitments and Financial Guarantees The Company has remaining unfunded commitments on its other investments of $66,351 at June 30, 2021 (2020 - $63,313). Please refer to "Note 4 (b) - Investments" for further details on unfunded commitments at June 30, 2021. Certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future. Any loss for which the Company could be liable would be contingent on the default of a loan by the real estate joint venture entity for which the Company provided a financial guarantee to a lender. While the Company has committed to aggregate limits as to the amount of guarantees it will provide as part of its limited partnerships, guarantees are only provided on an individual transaction basis and are subject to the terms and conditions of each transaction mutually agreed by the parties involved. The Company is not bound to such guarantees without its express authorization. As discussed above, at June 30, 2021, guarantees of $8,545 have been provided to lenders by the Company on behalf of the real estate joint venture, however, the likelihood of the Company incurring any losses pertaining to project level financing guarantees was determined to be remote. Therefore, no liability has been accrued under ASC 450-20. c)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 terminated one of its office leasing arrangements and its subleasing arrangement during the three and six months ended June 30, 2021. The Company's leases are 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 recognizes a lease liability and a right-of-use asset in the 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. This amount is recorded as a lease liability within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets and is deemed insignificant at June 30, 2021. The Company's weighted-average remaining lease term is approximately 3.0 years at June 30, 2021. d)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 11. Commitments, Contingencies and Guarantees (continued) claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 2018. The Company believes that it had good and sufficient reasons for terminating Mr. Turin's employment and that the claim is without merit. The Company will continue to vigorously defend itself against this claim. A putative class action complaint was filed against Maiden Holdings, Arturo M. Raschbaum, Karen L. Schmitt, and John M. Marshaleck in the United States District Court for the District of New Jersey on February 11, 2019. On February 19, 2020, the Court appointed lead plaintiffs, and on May 1, 2020, lead plaintiffs filed an amended class action complaint (the “Amended Complaint”).The Amended Complaint asserts violations of Section 10(b) of the Exchange Act and Rule 10b-5 (and Section 20(a) for control person liability) arising in large part from allegations that Maiden failed to take adequate loss reserves in connection with reinsurance provided to AmTrust. Plaintiffs further claim that certain of Maiden Holdings’ representations concerning its business, underwriting and financial statements were rendered false by the allegedly inadequate loss reserves, that these misrepresentations inflated the price of Maiden Holdings' common stock, and that when the truth about the misrepresentations was revealed, the Company’s stock price fell, causing Plaintiffs to incur losses. On September 11, 2020, a motion to dismiss was filed on behalf of all Defendants. On August 6, 2021, the Court issued an order denying, in part, Defendants’ motion to dismiss, ordering Plaintiffs to file a shorter amended complaint no later than August 20, 2021, and permitting discovery to proceed on a limited basis. 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

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:


Net income	$	8,112	$	9,212	$	17,398	$	30,073

Gain from repurchase of preference shares - Series A, C and D	18,714		—		81,164		—
Amount allocated to participating common shareholders(1)	(198)		(168)		(1,139)		(390)




Net income allocated to Maiden common shareholders	$	26,628	$	9,044	$	97,423	$	29,683
Denominator:
Weighted average number of common shares – basic	86,230,021		84,537,385		85,684,511		83,896,804
Potentially dilutive securities:
Share options and restricted share units(2)	5,351		—		4,382		—
Adjusted weighted average number of common shares – diluted(2)	86,235,372		84,537,385		85,688,893		83,896,804
Basic and diluted earnings per share attributable to common shareholders	$	0.31	$	0.11	$	1.14	$	0.35

(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 and six months ended June 30, 2021, there were 5,351 and 4,382 potentially dilutive securities, respectively.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
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-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "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 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 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 six months ended June 30, 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 June 30, 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 fiscal year 2023. 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 InstrumentsFair 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: 5. Fair Value Measurements (continued) •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. 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 June 30, 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. 5. Fair Value Measurements (continued) 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 direct equity investments in common and preferred stock of privately held entities. 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 of entities that lend money 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 are private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. 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.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

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

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


For the Three Months Ended June 30, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	5,191		$	(1,757)		$	3,434
Net premiums written	$	5,018		$	(1,757)		$	3,261
Net premiums earned	$	6,962		$	6,350		$	13,312
Other insurance revenue	539			—			539
Net loss and LAE	(1,247)			6,574			5,327
Commission and other acquisition expenses	(4,452)			(2,447)			(6,899)
General and administrative expenses	(3,033)			(775)			(3,808)
Underwriting (loss) income	$	(1,231)		$	9,702		8,471
Reconciliation to net income
Net investment income and realized gains on investment							8,127

Interest and amortization expenses							(4,832)


Foreign exchange and other losses, net							(1,588)
Other general and administrative expenses							(5,098)
Income tax benefit							257
Interest in income of equity method investments							2,775
Net income							$	8,112

Net loss and LAE ratio(1)	16.6		%	(103.5)		%	(38.5)		%
Commission and other acquisition expense ratio(2)	59.4		%	38.5		%	49.8		%
General and administrative expense ratio(3)	40.4		%	12.2		%	64.3		%
Expense ratio(4)	99.8		%	50.7		%	114.1		%
Combined ratio(5)	116.4		%	(52.8)		%	75.6		%

3. Segment Information (continued)


For the Three Months Ended June 30, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	9,687		$	(4,705)		$	4,982
Net premiums written	$	8,553		$	(4,463)		$	4,090
Net premiums earned	$	11,527		$	9,781		$	21,308
Other insurance revenue	250			—			250
Net loss and LAE	(6,038)			(4,970)			(11,008)
Commission and other acquisition expenses	(4,374)			(3,780)			(8,154)
General and administrative expenses	(1,746)			(667)			(2,413)
Underwriting (loss) income	$	(381)		$	364		(17)
Reconciliation to net income
Net investment income and realized gains on investment							23,184

Interest and amortization expenses							(4,830)


Foreign exchange and other losses, net							(2,295)
Other general and administrative expenses							(6,848)
Income tax benefit							18

Net income							$	9,212

Net loss and LAE ratio(1)	51.3		%	50.8		%	51.0		%
Commission and other acquisition expense ratio(2)	37.1		%	38.6		%	37.8		%
General and administrative expense ratio(3)	14.8		%	6.9		%	43.0		%
Expense ratio(4)	51.9		%	45.5		%	80.8		%
Combined ratio(5)	103.2		%	96.3		%	131.8		%

3. Segment Information (continued)


For the Six Months Ended June 30, 2021	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	5,263		$	(4,219)		$	1,044
Net premiums written	$	4,784		$	(4,219)		$	565
Net premiums earned	$	13,202		$	11,874		$	25,076
Other insurance revenue	808			—			808
Net loss and LAE	(2,662)			5,630			2,968
Commission and other acquisition expenses	(8,207)			(4,634)			(12,841)
General and administrative expenses	(4,607)			(1,378)			(5,985)
Underwriting (loss) income	$	(1,466)		$	11,492		10,026
Reconciliation to net income
Net investment income and realized gains on investment							26,069

Interest and amortization expenses							(9,663)


Foreign exchange and other gains, net							1,954
Other general and administrative expenses							(16,918)
Income tax benefit							208
Interest in income from equity method investments							5,722
Net income							$	17,398

Net loss and LAE ratio(1)	19.0		%	(47.4)		%	(11.5)		%
Commission and other acquisition expense ratio(2)	58.6		%	39.0		%	49.6		%
General and administrative expense ratio(3)	32.9		%	11.6		%	88.5		%
Expense ratio(4)	91.5		%	50.6		%	138.1		%
Combined ratio(5)	110.5		%	3.2		%	126.6		%

3. Segment Information (continued)


For the Six Months Ended June 30, 2020	Diversified Reinsurance			AmTrust Reinsurance			Total
Gross premiums written	$	21,421		$	(4,705)		$	16,716
Net premiums written	$	18,925		$	(4,463)		$	14,462
Net premiums earned	$	24,058		$	28,465		$	52,523
Other insurance revenue	658			—			658
Net loss and LAE	(13,079)			(19,015)			(32,094)
Commission and other acquisition expenses	(9,353)			(10,774)			(20,127)
General and administrative expenses	(3,359)			(1,311)			(4,670)
Underwriting loss	$	(1,075)		$	(2,635)		(3,710)
Reconciliation to net income
Net investment income and realized gains on investment							52,186
Total other-than-temporary impairment losses							(1,506)
Interest and amortization expenses							(9,661)


Foreign exchange and other gains, net							5,902
Other general and administrative expenses							(13,141)
Income tax benefit							3

Net income							$	30,073

Net loss and LAE ratio(1)	52.9		%	66.8		%	60.4		%
Commission and other acquisition expense ratio(2)	37.8		%	37.8		%	37.8		%
General and administrative expense ratio(3)	13.6		%	4.7		%	33.5		%
Expense ratio(4)	51.4		%	42.5		%	71.3		%
Combined ratio(5)	104.3		%	109.3		%	131.7		%

(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


June 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	132,083	$	2,051,535	$	2,183,618
Corporate assets	—		—		423,152

Total Assets	$	132,083	$	2,051,535	$	2,606,770

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 tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:


For the Three Months Ended June 30,	2021		2020
Net premiums written	Total			Total
Diversified Reinsurance

International	$	5,028		$	8,498
Other	(10)			55

Total Diversified Reinsurance	5,018			8,553
AmTrust Reinsurance
Small Commercial Business	(1,594)			(6,394)
Specialty Program	(4)			477
Specialty Risk and Extended Warranty	(159)			1,454
Total AmTrust Reinsurance	(1,757)			(4,463)

Total Net Premiums Written	$	3,261		$	4,090

For the Six Months Ended June 30,	2021		2020
Net premiums written	Total			Total
Diversified Reinsurance

International	$	4,784		$	18,870
Other	—			55

Total Diversified Reinsurance	4,784			18,925
AmTrust Reinsurance
Small Commercial Business	(4,072)			(6,394)
Specialty Program	(29)			477
Specialty Risk and Extended Warranty	(118)			1,454
Total AmTrust Reinsurance	(4,219)			(4,463)

Total Net Premiums Written	$	565		$	14,462

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums earned by major line of business and reportable segment for the three and six months ended June 30, 2021 and 2020:


For the Three Months Ended June 30,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,972	52.4	%	$	11,472	53.8	%
Other	(10)		(0.1)	%	55		0.3	%

Total Diversified Reinsurance	6,962		52.3	%	11,527		54.1	%
AmTrust Reinsurance
Small Commercial Business	(1,495)		(11.2)	%	(7,112)		(33.4)	%
Specialty Program	2		—	%	426		2.0	%
Specialty Risk and Extended Warranty	7,843		58.9	%	16,467		77.3	%
Total AmTrust Reinsurance	6,350		47.7	%	9,781		45.9	%

Total Net Premiums Earned	$	13,312	100.0	%	$	21,308	100.0	%

For the Six Months Ended June 30,	2021				2020
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	13,202	52.6	%	$	24,003	45.7	%
Other	—		—	%	55		0.1	%

Total Diversified Reinsurance	13,202		52.6	%	24,058		45.8	%
AmTrust Reinsurance
Small Commercial Business	(3,846)		(15.3)	%	(6,173)		(11.8)	%
Specialty Program	(16)		(0.1)	%	501		1.0	%
Specialty Risk and Extended Warranty	15,736		62.8	%	34,137		65.0	%
Total AmTrust Reinsurance	11,874		47.4	%	28,465		54.2	%

Total Net Premiums Earned	$	25,076	100.0	%	$	52,523	100.0	%

Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 are as follows:


June 30, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	78,481	$	—	$	(27)	$	78,454
U.S. agency bonds – mortgage-backed	148,520		5,028		(95)		153,453

Non-U.S. government bonds	3,167		273		—		3,440
Asset-backed securities	194,648		1,242		(598)		195,292
Corporate bonds	486,731		25,657		(4,342)		508,046


Total fixed maturity investments	$	911,547	$	32,200	$	(5,062)	$	938,685


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



June 30, 2021	Amortized cost		Fair value
Due in one year or less	$	60,592	$	59,782
Due after one year through five years	435,090		454,445
Due after five years through ten years	65,363		68,361
Due after ten years	7,334		7,352
	568,379		589,940
U.S. agency bonds – mortgage-backed	148,520		153,453
Asset-backed securities	194,648		195,292
Total fixed maturity investments	$	911,547	$	938,685

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
June 30, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	78,454	$	(27)	$	—	$	—	$	78,454	$	(27)
U.S. agency bonds – mortgage-backed	8,175		(95)		—		—		8,175		(95)

Asset-backed securities	42,265		(536)		11,288		(62)		53,553		(598)
Corporate bonds	36,244		(1,311)		53,475		(3,031)		89,719		(4,342)

Total temporarily impaired fixed maturities	$	165,138	$	(1,969)	$	64,763	$	(3,093)	$	229,901	$	(5,062)


	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 June 30, 2021 and December 31, 2020:


June 30, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	78,481	$	78,454	8.4	%
U.S. agency bonds	148,520		153,453		16.3	%
AAA	124,254		124,569		13.3	%
AA+, AA, AA-	72,130		73,304		7.8	%
A+, A, A-	220,396		227,914		24.3	%
BBB+, BBB, BBB-	225,475		236,805		25.2	%
BB+ or lower	42,291		44,186		4.7	%
Total fixed maturities (1)	$	911,547	$	938,685	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 June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying value		% of Total		Carrying value		% of Total
Private equity investments	$	27,544	31.2	%	$	23,294	34.8	%
Private credit lending investments	8,451		9.6	%	1,301		1.9	%
Investment in limited partnerships	13,957		15.8	%	3,044		4.5	%
Other investments	1,800		2.0	%	2,800		4.2	%
Total other investments at fair value	51,752		58.6	%	30,439		45.4	%
Investments in direct lending entities (at cost)	36,486		41.4	%	36,571		54.6	%
Total other investments	$	88,238	100.0	%	$	67,010	100.0	%

Remaining unfunded commitments on other investments

The Company's remaining unfunded commitments on other investments as at June 30, 2021 and December 31, 2020 were:


	June 30, 2021				December 31, 2020
	Fair Value		% of Total		Fair Value		% of Total
Private equity investments	$	10,076	15.2	%	$	9,580	15.2	%
Private credit lending investments	26,610		40.1	%	33,584		53.0	%
Investments in direct lending entities	19,823		29.9	%	19,823		31.3	%
Investment in limited partnerships	9,842		14.8	%	326		0.5	%
Total unfunded commitments on other investments	$	66,351	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 June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying Value		% of Total		Carrying Value		% of Total
Hedge fund investments	$	33,058	55.0	%	$	29,435	73.8	%
Investment in limited partnerships	27,055		45.0	%	10,451		26.2	%
Total equity method investments	$	60,113	100.0	%	$	39,886	100.0	%

Net investment income

Net investment income was derived from the following sources for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Fixed maturities	$	4,395	$	9,635	$	11,086	$	22,286
Income on funds withheld	2,715		4,009		5,220		7,862
Interest income from loan to related party	866		860		1,726		2,225
Cash and cash equivalents and other investments	107		159		236		655
	8,083		14,663		18,268		33,028

Investment expenses	(805)		(354)		(1,149)		(755)
Net investment income	$	7,278	$	14,309	$	17,119	$	32,273

Analysis of realized and unrealized gains (losses) on investment


For the Three Months Ended June 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	1,204	$	(95)	$	1,109
Equity securities	—		(611)		(611)
Other investments	351		—		351
Net realized gains (losses) on investment	$	1,555	$	(706)	$	849

For the Three Months Ended June 30, 2020	Gross gains		Gross losses		Net
Fixed maturities	$	9,059	$	—	$	9,059

Other investments	—		(184)		(184)
Net realized gains (losses) on investment	$	9,059	$	(184)	$	8,875

For the Six Months Ended June 30, 2021	Gross gains		Gross losses		Net
AFS fixed maturities	$	4,247	$	(244)	$	4,003
Equity securities	4,957		(611)		4,346
Other investments	626		(25)		601
Net realized gains (losses) on investment	$	9,830	$	(880)	$	8,950

For the Six Months Ended June 30, 2020	Gross gains		Gross losses		Net
AFS fixed maturities	$	19,991	$	(1)	$	19,990

Other investments	107		(184)		(77)
Net realized gains (losses) on investment	$	20,098	$	(185)	$	19,913

The portion of unrealized gains recognized in net income for the three and six months ended June 30, 2021 and 2020 for investments still held at the end of June 30, 2021 and 2020, respectively, were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Net (losses) gains recognized for equity securities during the period	$	(611)	$	—	$	4,346	$	—
Less: Net gains recognized for equity securities divested during the period	—		—		(441)		—
Unrealized (losses) gains recognized for equity securities still held at reporting date	$	(611)	$	—	$	3,905	$	—

Net unrealized gains on fixed maturity investments

Net unrealized gains on investments was as follows at June 30, 2021 and December 31, 2020, respectively:


	June 30, 2021		December 31, 2020
Fixed maturities	$	27,138	$	49,488
Equity method investments	(3,419)		—
Total net unrealized gains	23,719		49,488
Deferred income tax	(87)		(131)
Net unrealized gains, net of deferred income tax	$	23,632	$	49,357
Change, net of deferred income tax	$	(25,725)	$	27,361

Fair value of restricted assets

The fair values of these restricted assets were as follows at June 30, 2021 and December 31, 2020:


	June 30, 2021		December 31, 2020
Restricted cash – third party agreements	$	20,425	$	20,547
Restricted cash – related party agreements	11,223		41,239
Total restricted cash	31,648		61,786
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2021 – $62,589; 2020 – $63,253)	62,560		63,281
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2021 – $742,157; 2020 – $913,466)	765,144		954,988
Restricted investments – liability for investments purchased for related party agreements	(36,215)		—
Total restricted investments	791,489		1,018,269
Total restricted cash and investments	$	823,137	$	1,080,055

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

At June 30, 2021 and December 31, 2020, the Company classified financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


June 30, 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	$	78,454		$	—		$	—		$	—		$	78,454
U.S. agency bonds – mortgage-backed	—			153,453			—			—			153,453

Non-U.S. government bonds	—			3,440			—			—			3,440
Asset-backed securities	—			195,292			—			—			195,292
Corporate bonds	—			508,046			—			—			508,046

Equity investments	4,905			—			—			—			4,905
Other investments	—			—			29,344			22,408			51,752
Total	$	83,359		$	860,231		$	29,344		$	22,408		$	995,342
As a percentage of total assets	3.2		%	33.0		%	1.1		%	0.9		%	38.2		%


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

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Balance - beginning of period	$	29,344	$	1,800	$	26,094	$	1,800


Purchases	—		1,000		4,250		1,000
Transfers out of Level 3	—		—		(1,000)		—
Total Level 3 investments - end of period	$	29,344	$	2,800	$	29,344	$	2,800

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 June 30, 2021 and December 31, 2020:


	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	96,976	$	110,000	$	90,772
Senior Notes - MHNC – 7.75%	152,500		147,925		152,500		132,126
Total Senior Notes	$	262,500	$	244,901	$	262,500	$	222,898

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	24,605	$	(15,354)	$	9,251
Other comprehensive loss before reclassifications	(194)		(2,555)		(2,749)
Amounts reclassified from AOCI to net income, net of tax	(779)		—		(779)
Net current period other comprehensive loss	(973)		(2,555)		(3,528)


Ending balance, Maiden shareholders	$	23,632	$	(17,909)	$	5,723

For the Three Months Ended June 30, 2020	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(22,125)	$	(4,163)	$	(26,288)
Other comprehensive income (loss) before reclassifications	41,677		(3,820)		37,857
Amounts reclassified from AOCI to net income, net of tax	(2,368)		—		(2,368)
Net current period other comprehensive income (loss)	39,309		(3,820)		35,489


Ending balance, Maiden shareholders	$	17,184	$	(7,983)	$	9,201
For the Six Months Ended June 30, 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	(20,700)		7,591		(13,109)
Amounts reclassified from AOCI to net income, net of tax	(5,025)		—		(5,025)
Net current period other comprehensive (loss) income	(25,725)		7,591		(18,134)


Ending balance, Maiden shareholders	$	23,632	$	(17,909)	$	5,723
For the Six Months Ended June 30, 2020	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	21,996	$	(4,160)	$	17,836
Other comprehensive income (loss) before reclassifications	1,589		(3,823)		(2,234)
Amounts reclassified from AOCI to net income, net of tax	(6,401)		—		(6,401)
Net current period other comprehensive loss	(4,812)		(3,823)		(8,635)


Ending balance, Maiden shareholders	$	17,184	$	(7,983)	$	9,201

Schedule of preference shares repurchased and outstanding


	For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2021
		Number of shares purchased		Average price of shares purchased		Number of shares purchased		Average price of shares purchased

Series A		822,104		$	14.52	3,383,740		$	14.79
Series C		646,817		14.17		2,675,778		14.54
Series D		433,623		14.22		2,457,519		14.53
Total		1,902,544		14.33		8,517,037		14.64

Total price paid		$	27,264			$	124,658
Gain on purchase		$	18,714			$	81,164

The following table shows the summary of changes for the Company's preference shares outstanding at June 30, 2021:


	Series A		Series C		Series D		Total
Outstanding shares issued by Maiden Holdings	6,000,000		6,600,000		6,000,000		18,600,000

Shares held by Maiden Reinsurance - December 31, 2020	545,218		1,203,466		1,078,911		2,827,595
Shares purchased by Maiden Reinsurance during the three months ended March 31, 2021	2,561,636		2,028,961		2,023,896		6,614,493
Shares purchased by Maiden Reinsurance during the three months ended June 30, 2021	822,104		646,817		433,623		1,902,544
Total shares held by Maiden Reinsurance - June 30, 2021	3,928,958		3,879,244		3,536,430		11,344,632
Total shares held by non-affiliates - June 30, 2021	2,071,042		2,720,756		2,463,570		7,255,368
Percentage held by Maiden Reinsurance - June 30, 2021	65.5	%	58.8	%	58.9	%	61.0	%

- Definition

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

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+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of outstanding senior notes issuances

The following tables detail the issuances of Senior Notes outstanding at June 30, 2021 and December 31, 2020:


June 30, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,489			3,775			7,264
Carrying value	$	106,511		$	148,725		$	255,236

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

Reinsurance (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021 and 2020 was as follows:


For the Six Months Ended June 30,	2021		2020
Premiums written
Direct	$	10,531	$	10,218
Assumed	(9,487)		6,498
Ceded	(479)		(2,254)
Net	$	565	$	14,462
Premiums earned
Direct	$	11,536	$	9,719
Assumed	14,849		44,631
Ceded	(1,309)		(1,827)
Net	$	25,076	$	52,523
Loss and LAE
Gross loss and LAE	$	(5,862)	$	32,452
Loss and LAE ceded	2,894		(358)
Net	$	(2,968)	$	32,094

Reserve for Loss and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:


	June 30, 2021		December 31, 2020
Reserve for reported loss and LAE	$	906,833	$	998,691
Reserve for losses incurred but not reported ("IBNR")	767,757		894,608
Reserve for loss and LAE	$	1,674,590	$	1,893,299

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


For the Six Months Ended June 30,	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	15,393		32,687
Prior years	(18,361)		(593)
	(2,968)		32,094
Net paid losses related to:
Current year	8,479		(1,832)
Prior years	(206,708)		(387,023)
	(198,229)		(388,855)
Retroactive reinsurance adjustment	20,687		1,410
Effect of foreign exchange rate movements	(11,177)		(7,408)
Net loss and LAE reserves, June 30	1,109,041		1,453,726
Reinsurance recoverable on unpaid losses, June 30	565,549		617,496
Gross loss and LAE reserves, June 30	$	1,674,590	$	2,071,222

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of quota share arrangements with AmTrust


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Gross and net premiums written	$	(1,757)	$	(4,705)	$	(4,219)	$	(4,705)
Net premiums earned	6,350		9,540		11,874		28,224
Net loss and LAE	6,574		(4,970)		5,630		(19,015)
Commission and other acquisition expenses	(2,447)		(3,780)		(4,634)		(10,774)

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:


Net income	$	8,112	$	9,212	$	17,398	$	30,073

Gain from repurchase of preference shares - Series A, C and D	18,714		—		81,164		—
Amount allocated to participating common shareholders(1)	(198)		(168)		(1,139)		(390)




Net income allocated to Maiden common shareholders	$	26,628	$	9,044	$	97,423	$	29,683
Denominator:
Weighted average number of common shares – basic	86,230,021		84,537,385		85,684,511		83,896,804
Potentially dilutive securities:
Share options and restricted share units(2)	5,351		—		4,382		—
Adjusted weighted average number of common shares – diluted(2)	86,235,372		84,537,385		85,688,893		83,896,804
Basic and diluted earnings per share attributable to common shareholders	$	0.31	$	0.11	$	1.14	$	0.35

(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.

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%

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 3,434	$ 4,982	$ 1,044	$ 16,716
Net premiums written	3,261	4,090	565	14,462
Net premiums earned	13,312	21,308	25,076	52,523
Other insurance revenue	539	250	808	658
Net loss and LAE	5,327	(11,008)	2,968	(32,094)
Commission and other acquisition expenses	(6,899)	(8,154)	(12,841)	(20,127)
General and administrative expenses	(3,808)	(2,413)	(5,985)	(4,670)
Underwriting (loss) income	8,471	(17)	10,026	(3,710)
Reconciliation to net income
Net investment income and realized gains on investment	8,127	23,184	26,069	52,186
Total other-than-temporary impairment losses	0	0	0	(1,506)
Interest and amortization expenses	(4,832)	(4,830)	(9,663)	(9,661)
Foreign exchange and other gains (losses), net	(1,588)	(2,295)	1,954	5,902
Other general and administrative expenses	(5,098)	(6,848)	(16,918)	(13,141)
Income tax (expense) benefit	257	18	208	3
Interest in income of equity method investments	2,775	0	5,722	0
Net income	$ 8,112	$ 9,212	$ 17,398	$ 30,073
Net loss and LAE ratio	(38.50%)	51.00%	(11.50%)	60.40%
Commission and other acquisition expense ratio	49.80%	37.80%	49.60%	37.80%
General and administrative expense ratio	64.30%	43.00%	88.50%	33.50%
Expense ratio	114.10%	80.80%	138.10%	71.30%
Combined ratio	75.60%	131.80%	126.60%	131.70%
Diversified Reinsurance
Reconciliation to net income
Net loss and LAE ratio	16.60%	51.30%	19.00%	52.90%
Commission and other acquisition expense ratio	59.40%	37.10%	58.60%	37.80%
General and administrative expense ratio	40.40%	14.80%	32.90%	13.60%
Expense ratio	99.80%	51.90%	91.50%	51.40%
Combined ratio	116.40%	103.20%	110.50%	104.30%
Diversified Reinsurance \| Operating Segments
Net Income (Loss) [Abstract]
Gross premiums written	$ 5,191	$ 9,687	$ 5,263	$ 21,421
Net premiums written	5,018	8,553	4,784	18,925
Net premiums earned	6,962	11,527	13,202	24,058
Other insurance revenue	539	250	808	658
Net loss and LAE	(1,247)	(6,038)	(2,662)	(13,079)
Commission and other acquisition expenses	(4,452)	(4,374)	(8,207)	(9,353)
General and administrative expenses	(3,033)	(1,746)	(4,607)	(3,359)
Underwriting (loss) income	$ (1,231)	$ (381)	$ (1,466)	$ (1,075)
AmTrust Reinsurance
Reconciliation to net income
Net loss and LAE ratio	(103.50%)	50.80%	(47.40%)	66.80%
Commission and other acquisition expense ratio	38.50%	38.60%	39.00%	37.80%
General and administrative expense ratio	12.20%	6.90%	11.60%	4.70%
Expense ratio	50.70%	45.50%	50.60%	42.50%
Combined ratio	(52.80%)	96.30%	3.20%	109.30%
AmTrust Reinsurance \| Operating Segments
Net Income (Loss) [Abstract]
Gross premiums written	$ (1,757)	$ (4,705)	$ (4,219)	$ (4,705)
Net premiums written	(1,757)	(4,463)	(4,219)	(4,463)
Net premiums earned	6,350	9,781	11,874	28,465
Other insurance revenue	0	0	0	0
Net loss and LAE	6,574	(4,970)	5,630	(19,015)
Commission and other acquisition expenses	(2,447)	(3,780)	(4,634)	(10,774)
General and administrative expenses	(775)	(667)	(1,378)	(1,311)
Underwriting (loss) income	$ 9,702	$ 364	$ 11,492	$ (2,635)

Segment Information - Reconciliation of Assets from Reportable Segments to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,606,770	$ 2,948,455
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	132,083	156,380
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,051,535	2,329,377
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,183,618	2,485,757
Operating Segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	132,083	156,380
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,051,535	2,329,377
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	423,152	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.

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+ Details

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 3,261	$ 4,090	$ 565	$ 14,462
Net premiums earned	$ 13,312	$ 21,308	$ 25,076	$ 52,523
% of Total Net premiums earned	100.00%	100.00%	100.00%	100.00%
Diversified Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 5,018	$ 8,553	$ 4,784	$ 18,925
Net premiums earned	$ 6,962	$ 11,527	$ 13,202	$ 24,058
% of Total Net premiums earned	52.30%	54.10%	52.60%	45.80%
Diversified Reinsurance \| International \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 5,028	$ 8,498	$ 4,784	$ 18,870
Net premiums earned	$ 6,972	$ 11,472	$ 13,202	$ 24,003
% of Total Net premiums earned	52.40%	53.80%	52.60%	45.70%
Diversified Reinsurance \| Other \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (10)	$ 55	$ 0	$ 55
Net premiums earned	$ (10)	$ 55	$ 0	$ 55
% of Total Net premiums earned	(0.10%)	0.30%	0.00%	0.10%
AmTrust Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (1,757)	$ (4,463)	$ (4,219)	$ (4,463)
Net premiums earned	$ 6,350	$ 9,781	$ 11,874	$ 28,465
% of Total Net premiums earned	47.70%	45.90%	47.40%	54.20%
AmTrust Reinsurance \| Small Commercial Business \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (1,594)	$ (6,394)	$ (4,072)	$ (6,394)
Net premiums earned	$ (1,495)	$ (7,112)	$ (3,846)	$ (6,173)
% of Total Net premiums earned	(11.20%)	(33.40%)	(15.30%)	(11.80%)
AmTrust Reinsurance \| Specialty Program \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (4)	$ 477	$ (29)	$ 477
Net premiums earned	$ 2	$ 426	$ (16)	$ 501
% of Total Net premiums earned	0.00%	2.00%	(0.10%)	1.00%
AmTrust Reinsurance \| Specialty Risk and Extended Warranty \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (159)	$ 1,454	$ (118)	$ 1,454
Net premiums earned	$ 7,843	$ 16,467	$ 15,736	$ 34,137
% of Total Net premiums earned	58.90%	77.30%	62.80%	65.00%

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Original or amortized cost	$ 911,547	$ 1,163,923
Gross unrealized gains	32,200	53,055
Gross unrealized losses	(5,062)	(3,567)
Fixed maturities	938,685	1,213,411
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	78,481	94,468
Gross unrealized gains	0	34
Gross unrealized losses	(27)	0
Fixed maturities	78,454	94,502
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	148,520	272,124
Gross unrealized gains	5,028	9,439
Gross unrealized losses	(95)	(126)
Fixed maturities	153,453	281,437
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	3,167	8,641
Gross unrealized gains	273	1,067
Gross unrealized losses	0	0
Fixed maturities	3,440	9,708
Asset-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	194,648	184,227
Gross unrealized gains	1,242	1,611
Gross unrealized losses	(598)	(406)
Fixed maturities	195,292	185,432
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	486,731	604,463
Gross unrealized gains	25,657	40,904
Gross unrealized losses	(4,342)	(3,035)
Fixed maturities	$ 508,046	$ 642,332

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 60,592
Due after one year through five years	435,090
Due after five years through ten years	65,363
Due after ten years	7,334
Total securities with single maturities, amortized cost	568,379
Original or amortized cost	911,547	$ 1,163,923
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	59,782
Due after one year through five years	454,445
Due after five years through ten years	68,361
Due after ten years	7,352
Total before securities with single maturities, fair value	589,940
Fixed maturities, fair value	938,685	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	148,520
Original or amortized cost	148,520	272,124
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	153,453
Fixed maturities, fair value	153,453	281,437
Asset-backed securities
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost of securities without single maturities	194,648
Original or amortized cost	194,648	184,227
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair value of securities without single maturities	195,292
Fixed maturities, fair value	$ 195,292	$ 185,432

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Jun. 30, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	$ 165,138	$ 64,570
12 Months or More, Fair value	64,763	101,994
Total, Fair value	229,901	166,564
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(1,969)	(1,192)
12 months or more, Unrealized losses	(3,093)	(2,375)
Total, Unrealized losses	$ (5,062)	$ (3,567)
Number of securities in an unrealized loss position \| security	45	53
Fair value of unrealized loss positions	$ 229,901	$ 166,564
Unrealized losses of unrealized loss positions	$ 5,062	$ 3,567
Number of securities in an unrealized loss position for 12 months or greater \| security	18	35
Fair value of securities in loss position for 12 months or greater	$ 64,763	$ 101,994
Unrealized loss of securities in loss position for 12 months or greater	3,093	2,375
U.S. treasury bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	78,454
12 Months or More, Fair value	0
Total, Fair value	78,454
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(27)
12 months or more, Unrealized losses	0
Total, Unrealized losses	(27)
U.S. agency bonds – mortgage-backed
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	8,175	19,360
12 Months or More, Fair value	0	5,646
Total, Fair value	8,175	25,006
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(95)	(85)
12 months or more, Unrealized losses	0	(41)
Total, Unrealized losses	(95)	(126)
Asset-backed securities
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	42,265	13,371
12 Months or More, Fair value	11,288	31,052
Total, Fair value	53,553	44,423
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(536)	(217)
12 months or more, Unrealized losses	(62)	(189)
Total, Unrealized losses	(598)	(406)
Corporate bonds
Fixed Maturities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months, Fair value	36,244	31,839
12 Months or More, Fair value	53,475	65,296
Total, Fair value	89,719	97,135
Fixed Maturities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, Unrealized losses	(1,311)	(890)
12 months or more, Unrealized losses	(3,031)	(2,145)
Total, Unrealized losses	$ (4,342)	$ (3,035)

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) security	Dec. 31, 2020 USD ($)
Schedule of Fixed Maturities Table [Line Items]
Other-than-temporary impairment losses	$ 0	$ 0	$ 0	$ 1,506
Number of securities with other-than-temporary impairment losses \| security				2
Amortized cost	911,547		911,547		$ 1,163,923
Fair value	$ 938,685		$ 938,685		$ 1,213,411
% of Total fair value	100.00%		100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 124,254		$ 124,254		$ 96,453
Fair value	$ 124,569		$ 124,569		$ 97,515
% of Total fair value	13.30%		13.30%		8.00%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 72,130		$ 72,130		$ 114,751
Fair value	$ 73,304		$ 73,304		$ 118,534
% of Total fair value	7.80%		7.80%		9.80%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 220,396		$ 220,396		$ 265,725
Fair value	$ 227,914		$ 227,914		$ 281,364
% of Total fair value	24.30%		24.30%		23.20%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 225,475		$ 225,475		$ 274,406
Fair value	$ 236,805		$ 236,805		$ 292,493
% of Total fair value	25.20%		25.20%		24.10%
BB+ or lower
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 42,291		$ 42,291		$ 45,996
Fair value	$ 44,186		$ 44,186		$ 47,566
% of Total fair value	4.70%		4.70%		3.90%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 78,481		$ 78,481		$ 94,468
Fair value	$ 78,454		$ 78,454		$ 94,502
% of Total fair value	8.40%		8.40%		7.80%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 148,520		$ 148,520		$ 272,124
Fair value	$ 153,453		$ 153,453		$ 281,437
% of Total fair value	16.30%		16.30%		23.20%

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Carrying value	$ 51,752	$ 30,439
% of Total	58.60%	45.40%
Other investments	$ 88,238	$ 67,010
% of Total	100.00%	100.00%
Private equity investments
Schedule of Investments [Line Items]
Carrying value	$ 27,544	$ 23,294
% of Total	31.20%	34.80%
Private credit lending investments
Schedule of Investments [Line Items]
Carrying value	$ 8,451	$ 1,301
% of Total	9.60%	1.90%
Investment in limited partnerships
Schedule of Investments [Line Items]
Carrying value	$ 13,957	$ 3,044
% of Total	15.80%	4.50%
Other investments
Schedule of Investments [Line Items]
Carrying value	$ 1,800	$ 2,800
% of Total	2.00%	4.20%
Investments in direct lending entities
Schedule of Investments [Line Items]
Other investments	$ 36,486	$ 36,571
% of Total	41.40%	54.60%

Investments - Remaining Unfunded Commitments on Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 66,351	$ 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	15.20%	15.20%
Private credit lending investments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 26,610	$ 33,584
% of Total	40.10%	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	29.90%	31.30%
Investment in limited partnerships
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 9,842	$ 326
% of Total	14.80%	0.50%
Equity Method Investments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 45,691

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 60,113	$ 39,886
% of Total	100.00%	100.00%
Remaining unfunded commitments on equity method investments	$ 66,351	$ 63,313
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 33,058	$ 29,435
% of Total	55.00%	73.80%
Investment in limited partnerships
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 27,055	$ 10,451
% of Total	45.00%	26.20%
Remaining unfunded commitments on equity method investments	$ 9,842	$ 326
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Remaining unfunded commitments on equity method investments	$ 45,691

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Investments [Line Items]
Investment income	$ 8,083	$ 14,663	$ 18,268	$ 33,028
Investment expenses	(805)	(354)	(1,149)	(755)
Net investment income	7,278	14,309	17,119	32,273
Fixed maturities
Schedule of Investments [Line Items]
Investment income	4,395	9,635	11,086	22,286
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	2,715	4,009	5,220	7,862
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	866	860	1,726	2,225
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 107	$ 159	$ 236	$ 655

Investments - Realized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 0		$ 4,957
Equity securities, gross losses	(611)		(611)
Equity securities, net	(611)	$ 0	4,346	$ 0
Net realized gains (losses) on investment, gross gains	1,555	9,059	9,830	20,098
Net realized gains (losses) on investment, gross losses	(706)	(184)	(880)	(185)
Net realized gains (losses) on investment	849	8,875	8,950	19,913
Less: Net gains recognized for equity securities divested during the period	0	0	(441)	0
Unrealized (losses) gains recognized for equity securities still held at reporting date	(611)	0	3,905	0
Proceeds from sales of fixed maturities classified as available-for-sale	52,538	181,030	206,354	405,501
Equity method investments	(3,419)		(3,419)		$ 0
Total net unrealized gains	23,719		23,719		49,488
Deferred income tax	(87)		(87)		(131)
Net unrealized gains, net of deferred income tax	23,632		23,632		49,357
Change in net unrealized (losses) gains on investment			(25,725)		27,361
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	1,204	9,059	4,247	19,991
Fixed maturities, gross losses	(95)	0	(244)	(1)
Fixed maturities, net	1,109	9,059	4,003	19,990
Other Debt Obligations
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	351	0	626	107
Other investments, gross losses	0	(184)	(25)	(184)
Other investments, net	351	$ (184)	601	$ (77)
Available-for-sale securities \| Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities	$ 27,138		$ 27,138		$ 49,488

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 31,648	$ 61,786	$ 80,870
Restricted investments	791,489	1,018,269
Restricted cash and investments	823,137	1,080,055
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	20,425	20,547
Restricted investments	62,560	63,281
Amortized cost	62,589	63,253
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	11,223	41,239
Restricted investments	765,144	954,988
Amortized cost	742,157	913,466
Related Party Agreements, Liability For Investments Purchased
Restricted Cash and Investments Items [Line Items]
Restricted investments	$ (36,215)	$ 0

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 938,685	$ 1,213,411
Equity investments	4,905	0
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	78,454	94,502
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	153,453	281,437
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	3,440	9,708
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	195,292	185,432
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	508,046	642,332
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	4,905
Other investments	51,752	30,439
Total	$ 995,342	$ 1,243,850
Percentage of total assets	38.20%	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	$ 78,454	$ 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	153,453	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	3,440	9,708
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	195,292	185,432
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	508,046	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	4,905
Other investments	0	0
Total	$ 83,359	$ 94,502
Percentage of total assets	3.20%	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	$ 78,454	$ 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	$ 860,231	$ 1,118,909
Percentage of total assets	33.00%	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	153,453	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	3,440	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	195,292	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	508,046	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	22,408	4,345
Total	$ 22,408	$ 4,345
Percentage of total assets	0.90%	0.10%

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Jun. 30, 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	$ 6,545	$ 10,809
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	995,342	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	860,231	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%

Fair Value of Financial Instruments - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 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	$ 51,752	$ 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

Fair Value of Financial Instruments - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 29,344	$ 1,800	$ 26,094	$ 1,800
Purchases	0	1,000	4,250	1,000
Transfers out of Level 3	0	0	(1,000)	0
Total Level 3 investments - end of period	$ 29,344	$ 2,800	$ 29,344	$ 2,800

Fair Value of Financial Instruments - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 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%	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%	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	244,901	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	96,976	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	$ 147,925	$ 132,126

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Shareholders' Equity - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 06, 2021	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)	92,233,783		92,233,783				89,815,175
Common stock, shares outstanding (in shares)	86,420,221		86,420,221				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)	39,166,217		39,166,217
Preference shares outstanding, held by non-affiliates (in shares)	7,255,368		7,255,368
Shares repurchased for tax withholding (in shares)	0	834	799,548	834
Shares repurchased for tax withholding, price per share (in dollars per share)		$ 1.13	$ 2.95	$ 1.13
Stock repurchase program, remaining authorized repurchase amount							$ 74,245,000
Treasury shares repurchased (in shares)	0	0	0	0
Preference shares - Series A, C and D
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)					$ 50,000,000	$ 100,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 25,342,000		$ 25,342,000
Common shares
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)								$ 100,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 74,245,000		$ 74,245,000

Shareholders' Equity - Preference Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Number of shares purchased	1,902,544	6,614,493		8,517,037
Average price of shares purchased (in dollars per share)	$ 14.33			$ 14.64
Total price paid	$ 27,264			$ 124,658	$ 0
Gain on repurchase of preference shares	$ 18,714		$ 0	$ 81,164	$ 0
Preferences shares - Series A
Class of Stock [Line Items]
Number of shares purchased	822,104	2,561,636		3,383,740
Average price of shares purchased (in dollars per share)	$ 14.52			$ 14.79
Preference Shares - Series C
Class of Stock [Line Items]
Number of shares purchased	646,817	2,028,961		2,675,778
Average price of shares purchased (in dollars per share)	$ 14.17			$ 14.54
Preference Shares - Series D
Class of Stock [Line Items]
Number of shares purchased	433,623	2,023,896		2,457,519
Average price of shares purchased (in dollars per share)	$ 14.22			$ 14.53

Shareholders' Equity - Changes in Preference Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	18,600,000		18,600,000
Preferred Stock, Shares Outstanding [Roll Forward]
Shares held by Maiden Reinsurance - beginning of period (in shares)		2,827,595	2,827,595
Shares purchased by Maiden Reinsurance during period (in shares)	1,902,544	6,614,493	8,517,037
Shares held by Maiden Reinsurance - end of period (in shares)	11,344,632		11,344,632
Total shares held by non-affiliates - end of period (in shares)	7,255,368		7,255,368
Percentage held by Maiden Reinsurance - end of period	61.00%		61.00%
Preferences shares - Series A
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,000,000		6,000,000
Preferred Stock, Shares Outstanding [Roll Forward]
Shares held by Maiden Reinsurance - beginning of period (in shares)		545,218	545,218
Shares purchased by Maiden Reinsurance during period (in shares)	822,104	2,561,636	3,383,740
Shares held by Maiden Reinsurance - end of period (in shares)	3,928,958		3,928,958
Total shares held by non-affiliates - end of period (in shares)	2,071,042		2,071,042
Percentage held by Maiden Reinsurance - end of period	65.50%		65.50%
Preference Shares - Series C
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,600,000		6,600,000
Preferred Stock, Shares Outstanding [Roll Forward]
Shares held by Maiden Reinsurance - beginning of period (in shares)		1,203,466	1,203,466
Shares purchased by Maiden Reinsurance during period (in shares)	646,817	2,028,961	2,675,778
Shares held by Maiden Reinsurance - end of period (in shares)	3,879,244		3,879,244
Total shares held by non-affiliates - end of period (in shares)	2,720,756		2,720,756
Percentage held by Maiden Reinsurance - end of period	58.80%		58.80%
Preference Shares - Series D
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,000,000		6,000,000
Preferred Stock, Shares Outstanding [Roll Forward]
Shares held by Maiden Reinsurance - beginning of period (in shares)		1,078,911	1,078,911
Shares purchased by Maiden Reinsurance during period (in shares)	433,623	2,023,896	2,457,519
Shares held by Maiden Reinsurance - end of period (in shares)	3,536,430		3,536,430
Total shares held by non-affiliates - end of period (in shares)	2,463,570		2,463,570
Percentage held by Maiden Reinsurance - end of period	58.90%		58.90%

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 527,816
Other comprehensive loss before reclassifications	$ (2,749)	$ 37,857	(13,109)	$ (2,234)
Amounts reclassified from AOCI to net income, net of tax	(779)	(2,368)	(5,025)	(6,401)
Other comprehensive (loss) income, after tax	(3,528)	35,489	(18,134)	(8,635)
Ending balance	404,212	530,739	404,212	530,739
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	24,605	(22,125)	49,357	21,996
Other comprehensive loss before reclassifications	(194)	41,677	(20,700)	1,589
Amounts reclassified from AOCI to net income, net of tax	(779)	(2,368)	(5,025)	(6,401)
Other comprehensive (loss) income, after tax	(973)	39,309	(25,725)	(4,812)
Ending balance	23,632	17,184	23,632	17,184
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(15,354)	(4,163)	(25,500)	(4,160)
Other comprehensive loss before reclassifications	(2,555)	(3,820)	7,591	(3,823)
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive (loss) income, after tax	(2,555)	(3,820)	7,591	(3,823)
Ending balance	(17,909)	(7,983)	(17,909)	(7,983)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	9,251	(26,288)	23,857	17,836
Ending balance	$ 5,723	$ 9,201	$ 5,723	$ 9,201

- Definition

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

+ References

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+ 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.

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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 262,500	$ 262,500
Less: unamortized issuance costs	7,264	7,374
Carrying value	255,236	255,126
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500	262,500
Less: unamortized issuance costs	7,264	7,374
Carrying value	255,236	255,126
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,489	3,516
Carrying value	106,511	$ 106,484
Original debt issuance costs	$ 3,715
Coupon rate	6.625%	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	3,775	3,858
Carrying value	148,725	$ 148,642
Original debt issuance costs	$ 5,054
Coupon rate	7.75%	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 4,832	$ 4,830	$ 9,663	$ 9,661
Senior Notes
Debt Instrument [Line Items]
Interest expense	4,776	4,776	9,553	9,553
Accrued interest	1,342		1,342		$ 1,342
Amortization expense, debt issuance costs	$ 56	$ 54	$ 110	$ 108
2013 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage			100.00%
2016 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
Minimum \| 2016 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
Maximum \| 2016 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			60 days

Reinsurance - Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Premiums written
Direct			$ 10,531	$ 10,218
Assumed			(9,487)	6,498
Ceded			(479)	(2,254)
Net	$ 3,261	$ 4,090	565	14,462
Premiums earned
Direct			11,536	9,719
Assumed			14,849	44,631
Ceded			(1,309)	(1,827)
Net premiums earned	13,312	21,308	25,076	52,523
Loss and LAE
Gross loss and LAE			(5,862)	32,452
Loss and LAE ceded			2,894	(358)
Net loss and loss adjustment expenses	$ (5,327)	$ 11,008	$ (2,968)	$ 32,094

Reinsurance - Narrative (Details) - USD ($)	Jul. 31, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 27, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		$ 565,549,000	$ 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		565,549,000	592,571,000	$ 617,496,000	$ 623,422,000
Deferred gain on retroactive reinsurance		54,254,000	74,941,000
Collateral by third party	445,000,000	430,552,000
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		62,541,000	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		$ 499,254,000	$ 519,941,000

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Reserve for reported loss and LAE	$ 906,833		$ 906,833		$ 998,691
Reserve for losses incurred but not reported ("IBNR")	767,757		767,757		894,608
Reserve for loss and LAE	1,674,590	$ 2,071,222	1,674,590	$ 2,071,222	1,893,299	$ 2,439,907
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve for loss and LAE	1,674,590	2,071,222	1,674,590	2,071,222	1,893,299	2,439,907
Less: reinsurance recoverable on unpaid losses, January 1			592,571	623,422
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Total	1,109,041	1,453,726	1,109,041	1,453,726	$ 1,300,728	$ 1,816,485
Net incurred losses related to Current year			15,393	32,687
Net incurred losses related to Prior year			(18,361)	(593)
Net loss and loss adjustment expenses	(5,327)	11,008	(2,968)	32,094
Net paid losses related to Current year			8,479	(1,832)
Net paid losses related to Prior years			(206,708)	(387,023)
Net paid losses			(198,229)	(388,855)
Retroactive reinsurance adjustment			20,687	1,410
Effect of foreign exchange rate movements			(11,177)	(7,408)
Net loss and LAE reserves, June 30	1,109,041	1,453,726	1,109,041	1,453,726
Reinsurance recoverable on unpaid losses, June 30	565,549	617,496	565,549	617,496
Gross loss and LAE reserves, June 30	1,674,590	2,071,222	1,674,590	2,071,222
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(12,807)	(60)	(18,361)	(593)
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance, increase (decrease)			(20,687)
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(951)	362	(937)	(171)
AmTrust Reinsurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: reinsurance recoverable on unpaid losses, January 1			519,941
Reinsurance recoverable on unpaid losses, June 30	499,254		499,254
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ (11,856)	$ (422)	$ (17,424)	$ (422)

Related Party Transactions - Narrative (Details) $ in Thousands															3 Months Ended			6 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	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 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				$ 167,975
Interest income															8,083	$ 14,663		18,268	$ 33,028
Notes Receivable, Related Party
Related Party Transaction [Line Items]
Interest income															$ 866	$ 860		$ 1,726	$ 2,225
Effective yield															2.10%	2.00%		2.10%	2.60%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage															53.20%			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 \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount																	$ (647,980)
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 Unearned Premiums, Net
Related Party Transaction [Line Items]
Related party transaction amount																	$ (436,760)
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 \| 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 \| 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															$ 2,580			$ 2,580				$ 3,845
Calculated interest rate with related party																		1.80%				2.65%
Interest income from related party															2,580	$ 3,806		$ 5,132	$ 7,606
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 \| 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%
Premiums and losses related to policies, percentage									32.50%			40.00%
Maximum limit of liability attaching (in EUR) \| €											€ 10,000,000	€ 5,000,000
Percent basis currency equivalent of maximum limit of liability attaching												100.00%
Future premiums and losses related to policies, percentage									20.00%
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share Agreement \| Maximum \| Post-Termination Endorsement No. 1
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															425,953			425,953				$ 666,879
Accrued interest on collateral held by related party															1,937			1,937				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															79	119		148	353
Balance due to related party															1,333			1,333				1,534
AmTrust Financial Services, Inc. \| Asset Management Agreement
Related Party Transaction [Line Items]
Quarterly brokerage fee, above portfolio threshold, percent of average holdings								0.02125%
Cancellation notice period								30 days
AmTrust Financial Services, Inc. \| Asset Management Agreement \| Investment Management Fee
Related Party Transaction [Line Items]
Expenses from related party transactions															222	350		494	750
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															334,038			334,038				318,063
Accrued interest on collateral held by related party															2,227			2,227				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																		$ 29,424				28,093
Calculated interest rate with related party																		0.50%
Interest income from related party															37	127		$ 74	198
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																		73				$ 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		50	$ 50
Affiliated Entity \| Limited Partnership Agreement \| 683 Capital Management, LLC
Related Party Transaction [Line Items]
Related party transaction amount																		$ 33,058
Maiden Holdings, Ltd. \| Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															7.80%			7.80%
Maiden Holdings, Ltd. \| Barry Zyskind
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															7.30%			7.30%
Maiden Holdings, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															5.00%			5.00%
Maiden Holdings, Ltd. \| Affiliated Entity \| 683 Capital Partners, LP
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage															6.80%			6.80%

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Net premiums earned	$ 13,312	$ 21,308	$ 25,076	$ 52,523
Net loss and LAE	5,327	(11,008)	2,968	(32,094)
Commission and other acquisition expenses	(6,899)	(8,154)	(12,841)	(20,127)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(1,757)	(4,705)	(4,219)	(4,705)
Net premiums earned	6,350	9,540	11,874	28,224
Net loss and LAE	6,574	(4,970)	5,630	(19,015)
Commission and other acquisition expenses	$ (2,447)	$ (3,780)	$ (4,634)	$ (10,774)

- Definition

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

+ References + Details

Commitments, Contingencies and Guarantees (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted average discount rate	10.00%
Operating lease, weighted average remaining lease term	3 years
Guarantees provided to lenders on behalf of real estate joint venture	$ 8,545

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 8,112	$ 9,212	$ 17,398	$ 30,073
Gain from repurchase of preference shares	18,714	0	81,164	0
Amount allocated to participating common shareholders	(198)	(168)	(1,139)	(390)
Net income available to Maiden common shareholders, basic	26,628	9,044	97,423	29,683
Net income available to Maiden common shareholders, diluted	$ 26,628	$ 9,044	$ 97,423	$ 29,683
Denominator:
Weighted average number of common shares - basic (in shares)	86,230,021	84,537,385	85,684,511	83,896,804
Potentially dilutive securities:
Share options and restricted share units (in shares)	5,351	0	4,382	0
Adjusted weighted average number of common shares - diluted (in shares)	86,235,372	84,537,385	85,688,893	83,896,804
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.31	$ 0.11	$ 1.14	$ 0.35
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.31	$ 0.11	$ 1.14	$ 0.35