0001412100-22-000074 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		87,171,499
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--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	Sep. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost 2022 - $432,314; 2021 - $595,344)	$ 371,973	$ 597,145
Equity securities, at fair value (cost 2022 - $38,819; 2021 - $23,315)	42,600	24,003
Equity method investments	80,165	83,742
Other investments	140,804	117,722
Total investments	635,542	822,612
Cash and cash equivalents	24,376	26,668
Restricted cash and cash equivalents	48,122	39,419
Accrued investment income	4,655	5,695
Reinsurance balances receivable, net (includes $10,207 and $17,471 from related parties in 2022 and 2021, respectively)	12,368	19,507
Reinsurance recoverable on unpaid losses	547,975	562,845
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $25,854 and $34,170 from related parties in 2022 and 2021, respectively)	27,295	36,703
Funds withheld receivable (includes $490,603 and $601,460 from related parties in 2022 and 2021, respectively)	516,589	636,412
Other assets	4,717	4,774
Total assets	1,989,614	2,322,610
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $1,013,374 and $1,338,269 from related parties in 2022 and 2021, respectively)	1,146,084	1,489,373
Unearned premiums (includes $69,407 and $91,730 from related parties in 2022 and 2021, respectively)	73,760	100,131
Deferred gain on retroactive reinsurance	39,270	48,960
Accrued expenses and other liabilities (includes $128,443 and $29,408 from related parties in 2022 and 2021, respectively)	147,591	44,542
Senior notes - principal amount	262,500	262,500
Less: unamortized debt issuance costs	6,984	7,153
Senior notes, net	255,516	255,347
Total liabilities	1,662,221	1,938,353
Commitments and Contingencies
EQUITY
Preference shares	119,672	159,210
Common shares ($0.01 par value; 93,414,080 and 92,316,107 shares issued in 2022 and 2021, respectively; 87,161,499 and 86,467,242 shares outstanding in 2022 and 2021, respectively)	934	923
Additional paid-in capital	772,474	768,650
Accumulated other comprehensive loss	(51,553)	(12,215)
Accumulated deficit	(479,109)	(498,295)
Treasury shares, at cost (6,252,581 and 5,848,865 shares in 2022 and 2021, respectively)	(35,025)	(34,016)
Total shareholders’ equity	327,393	384,257
Total liabilities and equity	$ 1,989,614	$ 2,322,610

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fixed maturities, available-for-sale, amortized cost	$ 432,314	$ 595,344
Cost	38,819	23,315
Reinsurance balance receivable, net	12,368	19,507
Deferred commission and other acquisition expenses	27,295	36,703
Funds withheld receivable	516,589	636,412
Reserve for loss and loss adjustment expenses	1,146,084	1,489,373
Unearned premiums	73,760	100,131
Accrued expenses and other liabilities	$ 147,591	$ 44,542
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares issued (in shares)	93,414,080	92,316,107
Common shares, shares outstanding (in shares)	87,161,499	86,467,242
Treasury Stock, Common, Shares (in shares)	6,252,581
Treasury shares (in shares)		5,848,865
Affiliated Entity
Reinsurance balance receivable, net	$ 10,207	$ 17,471
Deferred commission and other acquisition expenses	25,854	34,170
Funds withheld receivable	490,603	601,460
Reserve for loss and loss adjustment expenses	1,013,374	1,338,269
Unearned premiums	69,407	91,730
Accrued expenses and other liabilities	$ 128,443	$ 29,408

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Gross premiums written	$ 5,380	$ 6,821	$ (1,451)	$ 7,865
Net premiums written	5,222	6,953	(1,915)	7,518
Change in unearned premiums	7,029	8,077	25,731	32,588
Net premiums earned	12,251	15,030	23,816	40,106
Other insurance revenue	368	138	888	946
Net investment income	6,637	7,477	20,871	24,596
Net realized and unrealized investment (losses) gains	(1,572)	(937)	2,848	8,013
Total revenues	17,684	21,708	48,423	73,661
Expenses
Net loss and loss adjustment expenses	17,426	10,514	22,017	7,546
Commission and other acquisition expenses	5,398	6,313	12,811	19,154
General and administrative expenses	6,491	6,650	24,671	29,553
Interest and amortization expenses	4,833	4,832	14,498	14,495
Foreign exchange and other gains	(8,586)	(4,116)	(19,121)	(6,070)
Total expenses	25,562	24,193	54,876	64,678
(Loss) income before income taxes and interest in (loss) income of equity method investments	(7,878)	(2,485)	(6,453)	8,983
Less: income tax (benefit) expense	(91)	(155)	451	(363)
Interest in (loss) income of equity method investments	(373)	(810)	(2,143)	4,912
Net (loss) income	(8,160)	(3,140)	(9,047)	14,258
Gain from repurchase of preference shares	0	6,004	28,233	87,168
Net (loss) income available to Maiden common shareholders, basic	(8,160)	2,864	19,186	101,426
Net(loss) income available to Maiden common shareholders, diluted	$ (8,160)	$ 2,864	$ 19,186	$ 101,426
Basic (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.03	$ 0.22	$ 1.17
Diluted (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.03	$ 0.22	$ 1.17
Weighted average number of common shares - basic (in shares)	87,161,499	86,433,780	86,935,823	85,937,012
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	87,161,499	86,438,232	86,937,552	85,941,418

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (8,160)	$ (3,140)	$ (9,047)	$ 14,258
Other comprehensive loss
Net unrealized holdings losses on fixed maturity investments arising during period	(14,864)	(10,539)	(56,446)	(27,864)
Net unrealized holdings gains (losses) on equity method investments arising during period	0	(4,078)	4,414	(7,497)
Adjustment for reclassification of net realized gains recognized in net (loss) income	(48)	(2,007)	(5,696)	(7,032)
Foreign currency translation adjustment	2,246	6,036	18,094	13,627
Other comprehensive loss, before tax	(12,666)	(10,588)	(39,634)	(28,766)
Income tax benefit related to components of other comprehensive loss	53	6	296	50
Other comprehensive loss, after tax	(12,613)	(10,582)	(39,338)	(28,716)
Comprehensive loss	$ (20,773)	$ (13,722)	$ (48,385)	$ (14,458)

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 (loss) income	Accumulated deficit	Treasury shares
Beginning balance at Dec. 31, 2020		$ 394,310				$ 898	$ 756,122	$ 23,857	$ (615,837)	$ (31,534)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (87,978)	$ (72,931)	$ (65,983)
Issuance of common shares from vesting of stock based compensation						25	(25)
Share-based compensation expense							4,568
Repurchase of Preference Shares							7,571
Cash settlement of restricted shares/options granted							(65)
Change in net unrealized investment losses								(42,343)
Foreign currency translation adjustment								13,627
Cash settlement of restricted shares granted and options exercised									(101)
Net (loss) income	$ 14,258								14,258
Gain on repurchase of preference shares	87,168								87,168
Shares repurchased										(2,433)
Ending balance at Sep. 30, 2021	383,174	167,418				923	768,171	(4,859)	(514,512)	(33,967)
Beginning balance at Jun. 30, 2021		181,384				922	767,452	5,723	(517,376)	(33,893)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			(3,384)	(6,037)	(4,545)
Issuance of common shares from vesting of stock based compensation						1	(1)
Share-based compensation expense							253
Repurchase of Preference Shares							467
Change in net unrealized investment losses								(16,618)
Foreign currency translation adjustment								6,036
Net (loss) income	(3,140)								(3,140)
Gain on repurchase of preference shares	6,004								6,004
Shares repurchased										(74)
Ending balance at Sep. 30, 2021	383,174	167,418				923	768,171	(4,859)	(514,512)	(33,967)
Beginning balance at Dec. 31, 2021	384,257	159,210				923	768,650	(12,215)	(498,295)	(34,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (10,891)	$ (15,644)	$ (13,003)
Issuance of common shares from vesting of stock based compensation						11	(11)
Share-based compensation expense							2,504
Repurchase of Preference Shares							1,321
Cash settlement of restricted shares/options granted							10
Change in net unrealized investment losses	(57,432)							(57,432)
Foreign currency translation adjustment								18,094
Net (loss) income	(9,047)								(9,047)
Gain on repurchase of preference shares	28,233								28,233
Shares repurchased										(1,009)
Ending balance at Sep. 30, 2022	327,393	119,672				934	772,474	(51,553)	(479,109)	(35,025)
Beginning balance at Jun. 30, 2022		119,672				934	772,241	(38,940)	(470,949)	(35,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense							233
Change in net unrealized investment losses								(14,859)
Foreign currency translation adjustment								2,246
Net (loss) income	(8,160)								(8,160)
Gain on repurchase of preference shares	0								0
Ending balance at Sep. 30, 2022	$ 327,393	$ 119,672				$ 934	$ 772,474	$ (51,553)	$ (479,109)	$ (35,025)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (8,160)	$ (3,140)	$ (9,047)	$ 14,258
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation, amortization and share-based compensation			1,628	7,798
Interest in loss (income) of equity method investments	373	810	2,143	(4,912)
Net realized and unrealized investment (losses) gains	1,572	937	(2,848)	(8,013)
Foreign exchange and other gains	(8,586)	(4,116)	(19,121)	(6,070)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net			6,163	(12,039)
Reinsurance recoverable on unpaid losses			6,238	6,590
Accrued investment income			635	3,663
Deferred commission and other acquisition expenses			9,192	11,460
Funds withheld receivable			1,037	9,916
Other assets			(235)	(385)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses			(179,627)	(304,385)
Unearned premiums			(25,725)	(33,424)
Deferred gain on retroactive reinsurance			(270)	0
Accrued expenses and other liabilities			110,004	15,793
Net cash used in operating activities			(99,833)	(299,750)
Cash flows from investing activities:
Purchases of fixed maturities			(34,022)	(208,969)
Purchases of other investments			(28,225)	(23,647)
Purchases of equity method investments			(26,483)	(42,551)
Purchases of equity securities			(15,592)	(13,694)
Proceeds from sales of fixed maturities	35,107	126,282	139,645	332,636
Proceeds from maturities, paydowns and calls of fixed maturities			48,003	294,878
Proceeds from sale and redemption of other investments			3,794	341
Proceeds from sale and redemption of equity method investments			32,332	4,802
Proceeds from sale and redemption of equity securities			0	441
Others, net			(73)	(31)
Net cash provided by investing activities			119,379	344,206
Cash flows from financing activities:
Repurchase of common shares			(1,009)	(2,433)
Repurchase of preference shares			(9,984)	(132,153)
Change in other liabilities due to bank overdraft			0	5,764
Cash settlement of restricted shares granted and options exercised			10	(166)
Net cash used in financing activities			(10,983)	(128,988)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents			(2,152)	(333)
Net increase (decrease) in cash, restricted cash and cash equivalents			6,411	(84,865)
Cash, restricted cash and cash equivalents, beginning of period			66,087	135,826
Cash, restricted cash and cash equivalents, end of period	72,498	50,961	72,498	50,961
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	24,376	29,310	24,376	29,310
Restricted cash and cash equivalents, end of period	48,122	21,651	48,122	21,651
Total cash, restricted cash and cash equivalents, end of period	$ 72,498	$ 50,961	$ 72,498	$ 50,961

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2022
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, 2021. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides 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. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. We expect this legacy solutions business to contribute to our active asset and capital management strategies. The Company does not presently underwrite prospective reinsurance risks. 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 wholly owned subsidiary 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”). We also have various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in "Note 10. Related Party Transactions". In addition, we have a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in "Note 8. Reinsurance". 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, 2021 for further details. Genesis Legacy Solutions Effective October 1, 2021, GLS completed its first loss portfolio transfer transaction which includes an adverse development cover. Since then GLS continues to develop additional opportunities consistent with its business plan which should further enhance our ability to pursue the asset and capital management pillars of our business strategy. GLS and its subsidiaries have completed additional transactions, and as of September 30, 2022, GLS and its subsidiaries have insurance related liabilities totaling $29,510 which included total reserves of $16,343, derivative liability on retroactive reinsurance of $9,035 and deferred gains on retroactive reinsurance of $4,132.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
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, 2021, except for the following: Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. Net asset and liability derivatives are classified within other assets and other liabilities, as applicable, in the consolidated balance sheets. Changes in fair value prior to settlement of the derivative instruments are unrealized and recognized in net income for those derivatives not designated as hedges. The unrealized gains (losses) are included in other insurance revenue as the derivative instruments held are related to the Company's underwriting portfolio and are not investment related. Please refer to "Note 5. Fair Value Measurements" for further disclosures regarding the derivative instruments held by the Company. Recently Issued Accounting Standards Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Certain of the Company's equity securities 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 as described in "Note 4. (b) Investments". The Company is currently assessing the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments only impact disclosures made in "Note 4. Investments" therefore, the adoption of this standard will not impact the Company’s consolidated balance sheets, results of operations or statement of cash flows.

Segment Information

9 Months Ended

Sep. 30, 2022

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. This segment also includes transactions entered into by GLS which was formed in November 2020 as described in "Note 1. Basis of Presentation. 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 loss for the three months ended September 30, 2022 and 2021, respectively:


For the Three Months Ended September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	6,185	$	(805)	$	5,380
Net premiums written	$	6,027	$	(805)	$	5,222
Net premiums earned	$	6,932	$	5,319	$	12,251
Other insurance revenue	368		—		368
Net loss and LAE	(1,965)		(15,461)		(17,426)
Commission and other acquisition expenses	(3,394)		(2,004)		(5,398)
General and administrative expenses	(1,901)		(521)		(2,422)
Underwriting income (loss)	$	40	$	(12,667)	(12,627)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					5,065

Interest and amortization expenses					(4,833)


Foreign exchange and other gains, net					8,586
Other general and administrative expenses					(4,069)
Income tax benefit					91
Interest in loss of equity method investments					(373)
Net loss					$	(8,160)

3. Segment Information (continued)


For the Three Months Ended September 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	5,684	$	1,137	$	6,821
Net premiums written	$	5,816	$	1,137	$	6,953
Net premiums earned	$	7,521	$	7,509	$	15,030
Other insurance revenue	138		—		138
Net loss and LAE	(554)		(9,960)		(10,514)
Commission and other acquisition expenses	(3,461)		(2,852)		(6,313)
General and administrative expenses	(1,583)		(407)		(1,990)
Underwriting income (loss)	$	2,061	$	(5,710)	(3,649)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					6,540

Interest and amortization expenses					(4,832)


Foreign exchange and other gains, net					4,116
Other general and administrative expenses					(4,660)
Income tax benefit					155
Interest in loss from equity method investments					(810)
Net loss					$	(3,140)

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net (loss) income for the nine months ended September 30, 2022 and 2021, respectively:


For the Nine Months Ended September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	17,069	$	(18,520)	$	(1,451)
Net premiums written	$	16,605	$	(18,520)	$	(1,915)
Net premiums earned	$	20,012	$	3,804	$	23,816
Other insurance revenue	888		—		888
Net loss and LAE	(2,945)		(19,072)		(22,017)
Commission and other acquisition expenses	(10,684)		(2,127)		(12,811)
General and administrative expenses	(7,007)		(2,281)		(9,288)
Underwriting income (loss)	$	264	$	(19,676)	(19,412)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					23,719

Interest and amortization expenses					(14,498)


Foreign exchange and other gains, net					19,121
Other general and administrative expenses					(15,383)
Income tax expense					(451)
Interest in loss from equity method investments					(2,143)
Net loss					$	(9,047)

3. Segment Information (continued)


For the Nine Months Ended September 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	10,947	$	(3,082)	$	7,865
Net premiums written	$	10,600	$	(3,082)	$	7,518
Net premiums earned	$	20,723	$	19,383	$	40,106
Other insurance revenue	946		—		946
Net loss and LAE	(3,216)		(4,330)		(7,546)
Commission and other acquisition expenses	(11,668)		(7,486)		(19,154)
General and administrative expenses	(6,190)		(1,785)		(7,975)
Underwriting income	$	595	$	5,782	6,377
Reconciliation to net income
Net investment income and net realized and unrealized investment gains					32,609

Interest and amortization expenses					(14,495)


Foreign exchange and other gains, net					6,070
Other general and administrative expenses					(21,578)
Income tax benefit					363
Interest in income from equity method investments					4,912
Net income					$	14,258

The following tables summarize the financial position of the Company's reportable segments including the reconciliation to the Company's consolidated total assets at September 30, 2022 and December 31, 2021:


September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	96,068	$	1,481,705	$	1,577,773
Corporate assets	—		—		411,841

Total Assets	$	96,068	$	1,481,705	$	1,989,614

December 31, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	126,116	$	1,810,940	$	1,937,056
Corporate assets	—		—		385,554

Total Assets	$	126,116	$	1,810,940	$	2,322,610

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 nine months ended September 30, 2022 and 2021:


For the Three Months Ended September 30,	2022		2021
Net premiums written	Total			Total
Diversified Reinsurance

International	$	6,027		$	5,816


Total Diversified Reinsurance	6,027			5,816
AmTrust Reinsurance
Small Commercial Business	(636)			(1,309)
Specialty Program	(43)			22
Specialty Risk and Extended Warranty	(126)			2,424
Total AmTrust Reinsurance	(805)			1,137

Total Net Premiums Written	$	5,222		$	6,953

For the Nine Months Ended September 30,	2022		2021
Net premiums written	Total			Total
Diversified Reinsurance

International	$	16,605		$	10,600


Total Diversified Reinsurance	16,605			10,600
AmTrust Reinsurance
Small Commercial Business	(15,007)			(5,381)
Specialty Program	732			(7)
Specialty Risk and Extended Warranty	(4,245)			2,306
Total AmTrust Reinsurance	(18,520)			(3,082)

Total Net Premiums Written	$	(1,915)		$	7,518

3. Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2022 and 2021:


For the Three Months Ended September 30,	2022				2021
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,932	56.6	%	$	7,521	50.0	%


Total Diversified Reinsurance	6,932		56.6	%	7,521		50.0	%
AmTrust Reinsurance
Small Commercial Business	(636)		(5.2)	%	(1,227)		(8.1)	%
Specialty Program	(43)		(0.4)	%	28		0.2	%
Specialty Risk and Extended Warranty	5,998		49.0	%	8,708		57.9	%
Total AmTrust Reinsurance	5,319		43.4	%	7,509		50.0	%

Total Net Premiums Earned	$	12,251	100.0	%	$	15,030	100.0	%

For the Nine Months Ended September 30,	2022				2021
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	20,012	84.0	%	$	20,723	51.7	%


Total Diversified Reinsurance	20,012		84.0	%	20,723		51.7	%
AmTrust Reinsurance
Small Commercial Business	(14,995)		(63.0)	%	(5,073)		(12.6)	%
Specialty Program	733		3.1	%	12		—	%
Specialty Risk and Extended Warranty	18,066		75.9	%	24,444		60.9	%
Total AmTrust Reinsurance	3,804		16.0	%	19,383		48.3	%

Total Net Premiums Earned	$	23,816	100.0	%	$	40,106	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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Investments

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Investments

The Company holds: (i) available-for-sale ("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 September 30, 2022 and December 31, 2021 are as follows:


September 30, 2022	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	58,464	$	—	$	(241)	$	58,223
U.S. agency bonds – mortgage-backed	73,874		—		(7,682)		66,192
Collateralized mortgage-backed securities	7,199		—		(397)		6,802
Non-U.S. government bonds	12,586		—		(1,605)		10,981
Collateralized loan obligations	175,047		—		(30,514)		144,533
Corporate bonds	105,144		—		(19,902)		85,242


Total fixed maturity investments	$	432,314	$	—	$	(60,341)	$	371,973


December 31, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	59,989	$	—	$	(110)	$	59,879
U.S. agency bonds – mortgage-backed	96,554		2,429		(193)		98,790
Collateralized mortgage-backed securities	14,972		565		—		15,537
Non-U.S. government bonds	3,163		113		—		3,276
Collateralized loan obligations	183,974		140		(5,093)		179,021
Corporate bonds	236,692		10,094		(6,144)		240,642


Total fixed maturity investments	$	595,344	$	13,341	$	(11,540)	$	597,145

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.



September 30, 2022	Amortized cost		Fair value
Due in one year or less	$	65,624	$	64,525
Due after one year through five years	92,969		77,117
Due after five years through ten years	17,601		12,804

	176,194		154,446
U.S. agency bonds – mortgage-backed	73,874		66,192
Collateralized mortgage-backed securities	7,199		6,802
Collateralized loan obligations	175,047		144,533
Total fixed maturity investments	$	432,314	$	371,973

4. Investments (continued)

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


	Less than 12 Months				12 Months or More				Total
September 30, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	58,076	$	(239)	$	147	$	(2)	$	58,223	$	(241)
U.S. agency bonds – mortgage-backed	63,136		(6,982)		3,056		(700)		66,192		(7,682)
Collateralized mortgage-backed securities	6,802		(397)		—		—		6,802		(397)
Non-U.S. government bonds	10,981		(1,605)		—		—		10,981		(1,605)
Collateralized loan obligations	63,813		(6,602)		80,720		(23,912)		144,533		(30,514)
Corporate bonds	63,739		(11,718)		21,503		(8,184)		85,242		(19,902)

Total temporarily impaired fixed maturities	$	266,547	$	(27,543)	$	105,426	$	(32,798)	$	371,973	$	(60,341)

At September 30, 2022, there were 120 securities in an unrealized loss position with a fair value of $371,973 and unrealized losses of $60,341. Of these securities in an unrealized loss position, there were 31 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $105,426 and unrealized losses of $32,798.


	Less than 12 Months				12 Months or More				Total
December 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	59,879	$	(110)	$	—	$	—	$	59,879	$	(110)
U.S. agency bonds – mortgage-backed	4,415		(193)		—		—		4,415		(193)


Collateralized loan obligations	117,148		(5,057)		5,064		(36)		122,212		(5,093)
Corporate bonds	38,537		(2,775)		27,852		(3,369)		66,389		(6,144)

Total temporarily impaired fixed maturities	$	219,979	$	(8,135)	$	32,916	$	(3,405)	$	252,895	$	(11,540)

At December 31, 2021, there were 44 securities in an unrealized loss position with a fair value of $252,895 and unrealized losses of $11,540. Of these securities in an unrealized loss position, there were 8 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $32,916 and unrealized losses of $3,405.

Other-than-temporarily impaired ("OTTI")

The Company performs quarterly reviews of its fixed maturities in order to determine whether declines in fair value below the amortized cost basis were considered other-than-temporary in accordance with applicable guidance. At September 30, 2022, 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 intend to sell or is not more likely than not that the Company will be required to sell before its anticipated recovery of their amortized cost basis is recognized in net income, with the non-credit related impairment recognized in comprehensive income.

Based on the Company's analysis, our fixed maturity portfolio is of high credit quality and we believe the amortized cost basis of the securities will ultimately be recovered. The Company continually monitors the credit quality of the fixed maturity investments to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. There was no impairment recorded for the three and nine months ended September 30, 2022 and 2021, respectively.

4. Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2022 and December 31, 2021:


September 30, 2022	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	58,464	$	58,223	15.6	%
U.S. agency bonds	73,874		66,192		17.8	%
AAA	147,990		119,653		32.2	%
AA+, AA, AA-	44,766		40,812		11.0	%
A+, A, A-	46,912		37,616		10.1	%
BBB+, BBB, BBB-	54,535		45,066		12.1	%
BB+ or lower	5,773		4,411		1.2	%
Total fixed maturities (1)	$	432,314	$	371,973	100.0	%


December 31, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	59,989	$	59,879	10.0	%
U.S. agency bonds	96,554		98,790		16.6	%
AAA	161,179		156,706		26.2	%
AA+, AA, AA-	38,999		39,140		6.6	%
A+, A, A-	99,748		99,962		16.7	%
BBB+, BBB, BBB-	126,770		129,618		21.7	%
BB+ or lower	12,105		13,050		2.2	%
Total fixed maturities(1)	$	595,344	$	597,145	100.0	%

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

b)Other Investments, Equity Securities 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 of September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	31,777	22.6	%	$	23,324	19.8	%
Private credit funds	24,129		17.1	%	20,922		17.8	%
Other privately held investments	32,115		22.8	%	30,500		25.9	%

Total other investments at fair value	88,021		62.5	%	74,746		63.5	%
Investments in direct lending entities (at cost)	52,783		37.5	%	42,976		36.5	%
Total other investments	$	140,804	100.0	%	$	117,722	100.0	%

The Company's investments in direct lending entities of $52,783 at September 30, 2022 (December 31, 2021 - $42,976) are carried at cost less impairment, if any, with any indication of impairment recognized in net income when determined. No impairment was recognized for the three and nine months ended September 30, 2022 and 2021. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.

4. Investments (continued)

Equity Securities

Equity securities include privately held common and preferred stocks and publicly traded common stocks. The Company's publicly traded equity investments in common stocks trade on major exchanges. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.

The following table provides the cost and fair values of the equity securities held at September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Privately held equity securities	$	38,260	$	42,002	$	22,756	$	22,829
Publicly traded equity securities	559		598		559		1,174
Total equity securities	$	38,819	$	42,600	$	23,315	$	24,003

Equity Method Investments

The Company's equity method investments include real estate investments, hedge fund investments, and other investments. The table below shows the carrying value of our equity method investments as of September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	44,925	56.0	%	$	44,050	52.6	%
Hedge fund investments	15,447		19.3	%	32,929		39.3	%
Other investments	19,793		24.7	%	6,763		8.1	%
Total equity method investments	$	80,165	100.0	%	$	83,742	100.0	%

The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. The Company is deemed to have 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. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

c)Net Investment Income

Net investment income was derived from the following sources for the three and nine months ended September 30, 2022 and 2021:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities	$	2,259	$	4,449	$	7,074	$	15,535
Income on funds withheld	2,616		2,708		8,753		7,928
Interest income from loan to related party	1,771		885		3,808		2,611
Cash and cash equivalents and other investments	930		377		2,292		613
	7,576		8,419		21,927		26,687

Investment expenses	(939)		(942)		(1,056)		(2,091)
Net investment income	$	6,637	$	7,477	$	20,871	$	24,596

d) Net Realized and Unrealized Investment Gains (Losses)

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 and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021:

4. Investments (continued)


For the Three Months Ended September 30, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	591	$	(495)	$	96
Equity securities	217		(63)		154
Other investments	393		(2,215)		(1,822)
Net realized and unrealized investment gains (losses)	$	1,201	$	(2,773)	$	(1,572)

For the Three Months Ended September 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	1,890	$	(99)	$	1,791
Equity securities	106		(3,001)		(2,895)
Other investments	297		(130)		167
Net realized and unrealized investment gains (losses)	$	2,293	$	(3,230)	$	(937)

For the Nine Months Ended September 30, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	1,829	$	(637)	$	1,192
Equity securities	3,876		(875)		3,001
Other investments	2,825		(4,170)		(1,345)
Net realized and unrealized investment gains (losses)	$	8,530	$	(5,682)	$	2,848

For the Nine Months Ended September 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	6,137	$	(343)	$	5,794
Equity securities	5,168		(3,638)		1,530
Other investments	838		(149)		689
Net realized and unrealized investment gains (losses)	$	12,143	$	(4,130)	$	8,013

Realized and unrealized gains and losses from equity securities detailed above include both sales of equity securities and unrealized gains and losses from fair value changes. The unrealized gains and losses recognized in net income for the three and nine months ended September 30, 2022 and 2021 for investments still held at September 30, 2022 and 2021, respectively, were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net gains (losses) recognized for equity securities	$	154	$	(2,895)	$	3,001	$	1,530
Net gains recognized for equity securities divested	—		—		—		(441)
Unrealized gains (losses) recognized for equity securities still held at reporting date	$	154	$	(2,895)	$	3,001	$	1,089

Proceeds from sales of fixed maturity investments were $35,107 and $139,645 for the three and nine months ended September 30, 2022, respectively (2021 - $126,282 and $332,636, respectively).

Net unrealized gains (losses) were as follows at September 30, 2022 and December 31, 2021, respectively:


	September 30, 2022		December 31, 2021
Fixed maturity investments	$	(60,341)	$	1,801
Equity method investments	—		(4,414)
Total net unrealized losses	(60,341)		(2,613)
Deferred income tax	216		(80)
Net unrealized losses, net of deferred income tax	$	(60,125)	$	(2,693)
Change, net of deferred income tax	$	(57,432)	$	(52,050)

4. Investments (continued)

e)Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets at September 30, 2022 and December 31, 2021 are:


	September 30, 2022		December 31, 2021
Restricted cash – third party agreements	$	15,297	$	19,177
Restricted cash – related party agreements	32,825		20,242
Total restricted cash	48,122		39,419
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2022 – $50,394; 2021 – $48,860)	50,235		48,845
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2022 – $327,148; 2021 – $493,128)	274,103		493,883

Total restricted investments	324,338		542,728
Total restricted cash and investments	$	372,460	$	582,147

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

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

•Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; and publicly traded equity securities;

•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.

5. Fair Value of Financial Instruments (continued)

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 September 30, 2022 and December 31, 2021.

U.S. government and U.S. agency bonds — 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 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 bonds are observable market inputs, the fair values of non-U.S. government bonds are included in the Level 2 fair value hierarchy.

Collateralized loan obligations ("CLO") - These asset backed securities are 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 CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.

Commercial mortgage-backed securities ("CMBS") - These asset backed securities are 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 are observable market inputs, the fair values are included in the Level 2 fair value hierarchy.

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

Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are 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 reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy.

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

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

•Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient.

•Private equity funds: These are comprised of 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.

Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.

5. Fair Value of Financial Instruments (continued)

(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.

At September 30, 2022 and December 31, 2021, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


September 30, 2022	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	$	58,223	$	—	$	—	$	—	$	58,223
U.S. agency bonds – mortgage-backed	—		66,192		—		—		66,192
Collateralized mortgage-backed bonds	—		6,802		—		—		6,802
Non-U.S. government bonds	—		10,981		—		—		10,981
Collateralized loan obligations	—		144,533		—		—		144,533
Corporate bonds	—		85,242		—		—		85,242

Equity securities	598		—		17,305		24,697		42,600
Other investments	—		—		—		88,021		88,021
Total investments	$	58,821	$	313,750	$	17,305	$	112,718	$	502,594
As a percentage of total assets	3.0%		15.8%		0.9%		5.7%		25.4%

Derivative liability on retroactive reinsurance	$	—	$	—	$	9,035	$	—	$	9,035


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bonds	$	59,879	$	—	$	—	$	—	$	59,879
U.S. agency bonds – mortgage-backed	—		98,790		—		—		98,790
Collateralized mortgage-backed bonds	—		15,537		—		—		15,537
Non-U.S. government bonds	—		3,276		—		—		3,276
Collateralized loan obligations	—		179,021		—		—		179,021
Corporate bonds	—		240,642		—		—		240,642

Equity securities	1,174		—		5,094		17,735		24,003
Other investments	—		—		1,000		73,746		74,746
Total investments	$	61,053	$	537,266	$	6,094	$	91,481	$	695,894
As a percentage of total assets	2.6%		23.1%		0.3%		3.9%		29.9%

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 consolidated 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 98.8% and 99.0% of our fixed maturities at September 30, 2022 and December 31, 2021, 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.

5. Fair Value of Financial Instruments (continued)

At September 30, 2022 and December 31, 2021, approximately 1.2% and 1.0%, respectively, of our fixed maturities were valued using the market approach. At September 30, 2022, one security or $4,411 (2021 - one security or $6,225) of our fixed maturity investment portfolio 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 September 30, 2022 and December 31, 2021, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

During the nine months ended September 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 its initial public offering. There were no transfers to or from Level 3 during the nine months ended September 30, 2022.

At September 30, 2022, the Company holds Level 3 financial instruments which include privately held equity investments of $17,305 (December 31, 2021 - $6,094) and derivative liability on retroactive reinsurance of $9,035. The fair value of privately held equity investments are estimated using quarterly unaudited capital or financial statements or recent private market transactions, where applicable. The fair value of derivative instruments are determined using a discounted cash flow model in which the Company examines current market conditions, historical results as well as contract specific information that may impact future cash flows in order to assess the reasonableness of inputs used in the valuation model. Due to significant unobservable inputs in these valuations, the Company classifies the 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 September 30, 2022:

Fair Value

Valuation Technique

Unobservable Inputs

Range

Private equity investments

6,860

Quarterly financial statements

Estimated maturity dates

1.0 years

3.0 years

Others including start-ups

10,445

Recent market transactions

Liquidity discount rates

Total Level 3 investments

17,305

Derivative liability on retroactive reinsurance

9,035

Discounted cash flows

Duration matched discount rates

2.0%

3.0%

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2022 and 2021. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Balance - beginning of period	$	15,194	$	6,094	$	6,094	$	2,844
Sales	—		—		(1,000)		—
Net unrealized gains	111		—		3,770		—
Purchases	2,000		—		8,441		4,250
Transfers out of Level 3	—		—		—		(1,000)
Total Level 3 investments - end of period	$	17,305	$	6,094	$	17,305	$	6,094

(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 September 30, 2022, the carrying values of 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, the fair values of these financial instruments 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.

5. Fair Value of Financial Instruments (continued)

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 September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	66,880	$	110,000	$	94,820
Senior Notes - MHNC – 7.75%	152,500		108,885		152,500		140,300
Total Senior Notes	$	262,500	$	175,765	$	262,500	$	235,120

- 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

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

a)Common Shares

At September 30, 2022, the aggregate authorized share capital of the Company is 150,000,000 shares from which 93,414,080 common shares were issued, of which 87,161,499 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 37,985,920 shares are undesignated at September 30, 2022. Excluding the preference shares held by Maiden Reinsurance, a total of 4,786,884 preference shares are held by non-affiliates.

b)Preference Shares

On March 3, 2021 and May 6, 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 and $50,000, respectively, 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 are collectively referred to as the "2021 Preference Share Repurchase Program".

The following table shows the summary of the Company's preference shares repurchases made for the nine months ended September 30, 2022 and three and nine months ended September 30, 2021; no preference shares were repurchased during the three months ended September 30, 2022:


	For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022						For the Nine Months Ended September 30, 2021
		Number of shares purchased		Average price of shares purchased		Number of shares purchased		Average price of shares purchased			Number of shares purchased		Average price of shares purchased

Series A		135,353		$	13.51	435,639		$	5.27		3,519,093		$	14.74
Series C		241,466		13.42		625,742		7.08			2,917,244		14.44
Series D		181,817		13.34		520,128		6.26			2,639,336		14.45
Total		558,636		13.42		1,581,509		6.31			9,075,673		14.56

Total price paid		$	7,495			$	9,983				$	132,153
Gain on purchase		$	6,004			$	28,233				$	87,168

The following table shows the summary of changes for the Company's preference shares outstanding (including the total of the Company's preference shares held by Maiden Reinsurance pursuant to the cash tender offer in December 2020 and the 2021 Preference Share Repurchase Program) at September 30, 2022:


As of September 30, 2022	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







Less: Total shares held by Maiden Reinsurance	4,499,950		4,855,972		4,457,194		13,813,116
Total shares held by non-affiliates	1,500,050		1,744,028		1,542,806		4,786,884
Percentage held by Maiden Reinsurance	75.0	%	73.6	%	74.3	%	74.3	%

The Company's remaining authorization for preference share repurchases was $3,861 at September 30, 2022. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for more details on preference shares. The Company has announced its intention to exchange all outstanding preference shares for the Company's common shares subsequent to September 30, 2022. Please see "Note 14. Subsequent Events" for details.

6. Shareholders' Equity (continued)

c)Treasury Shares

On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. The Company has a remaining authorization of $74,245 for common share repurchases at September 30, 2022 (December 31, 2021 - $74,245). No repurchases were made during the three and nine months ended September 30, 2022 and 2021 under the common share repurchase plan.

During the three months ended September 30, 2021, the Company repurchased a total of 21,509 common shares at an average price per share of $3.43 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 repurchases made during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company repurchased 403,716 common shares (2021 - 821,057) at an average price per share of $2.50 (2021 - $2.96) from employees, which represent withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares.

d)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 September 30, 2022	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(45,266)	$	6,326	$	(38,940)
Other comprehensive (loss) income before reclassifications	(14,811)		2,246		(12,565)
Amounts reclassified from AOCI to net income, net of tax	(48)		—		(48)
Net current period other comprehensive (loss) income	(14,859)		2,246		(12,613)


Ending balance, Maiden shareholders	$	(60,125)	$	8,572	$	(51,553)

For the Three Months Ended September 30, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	23,632	$	(17,909)	$	5,723
Other comprehensive (loss) income before reclassifications	(14,611)		6,036		(8,575)
Amounts reclassified from AOCI to net income, net of tax	(2,007)		—		(2,007)
Net current period other comprehensive (loss) income	(16,618)		6,036		(10,582)


Ending balance, Maiden shareholders	$	7,014	$	(11,873)	$	(4,859)
For the Nine Months Ended September 30, 2022	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(2,693)	$	(9,522)	$	(12,215)
Other comprehensive (loss) income before reclassifications	(51,736)		18,094		(33,642)
Amounts reclassified from AOCI to net income, net of tax	(5,696)		—		(5,696)
Net current period other comprehensive (loss) income	(57,432)		18,094		(39,338)


Ending balance, Maiden shareholders	$	(60,125)	$	8,572	$	(51,553)
For the Nine Months Ended September 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	(35,311)		13,627		(21,684)
Amounts reclassified from AOCI to net income, net of tax	(7,032)		—		(7,032)
Net current period other comprehensive (loss) income	(42,343)		13,627		(28,716)


Ending balance, Maiden shareholders	$	7,014	$	(11,873)	$	(4,859)

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At September 30, 2022 and December 31, 2021, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") (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 September 30, 2022 and December 31, 2021:


September 30, 2022	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,420			3,564			6,984
Carrying value	$	106,580		$	148,936		$	255,516

December 31, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,463			3,690			7,153
Carrying value	$	106,537		$	148,810		$	255,347

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 nine months ended September 30, 2022 was $4,776 and $14,329, respectively (2021 - $4,776 and $14,329, respectively), of which $1,342 was accrued at both September 30, 2022 and December 31, 2021, 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 nine months ended September 30, 2022 was $57 and $169, respectively (2021 - $56 and $166, 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

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 and 2021 was as follows:


For the Nine Months Ended September 30,	2022		2021
Premiums written
Direct	$	17,383	$	16,181
Assumed	(18,834)		(8,316)
Ceded	(464)		(347)
Net	$	(1,915)	$	7,518
Premiums earned
Direct	$	17,332	$	17,186
Assumed	6,942		24,103
Ceded	(458)		(1,183)
Net	$	23,816	$	40,106
Loss and LAE
Gross loss and LAE	$	22,511	$	6,132
Loss and LAE ceded	(494)		1,414
Net	$	22,017	$	7,546

The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2022 was $547,975 (December 31, 2021 - $562,845) presented in the Condensed Consolidated Balance Sheets. At September 30, 2022 and December 31, 2021, 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 $67,181 at September 30, 2022 (December 31, 2021 - $69,006).

On July 31, 2019, Maiden Reinsurance and Cavello entered into a Loss Portfolio Transfer and Adverse Development Cover Agreement ("LPT/ADC Agreement") pursuant to which Cavello assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share in excess of a $2,178,535 retention up to $600,000, in exchange for a retrocession premium of $445,000. The $2,178,535 retention is subject to adjustment for paid losses subsequent to December 31, 2018. The LPT/ADC Agreement provides Maiden Reinsurance with $155,000 in adverse development cover over its carried AmTrust Quota Share loss reserves at December 31, 2018. The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each period based on loss payments and updated estimates. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. As of September 30, 2022, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $480,138 while the deferred gain liability under the LPT/ADC Agreement was $35,138 (December 31, 2021 - $490,860 and $45,860, 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 2025.

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 September 30, 2022, the amount of collateral required was $424,588. 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 September 30, 2022.

Reserve for Loss and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2022

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:


	September 30, 2022		December 31, 2021
Reserve for reported loss and LAE	$	692,881	$	851,950
Reserve for losses incurred but not reported ("IBNR")	453,203		637,423
Reserve for loss and LAE	$	1,146,084	$	1,489,373

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


For the Nine Months Ended September 30,	2022		2021
Gross loss and LAE reserves, January 1	$	1,489,373	$	1,893,299
Less: reinsurance recoverable on unpaid losses, January 1	562,845		592,571
Net loss and LAE reserves, January 1	926,528		1,300,728
Net incurred losses related to:
Current year	27,510		31,259
Prior years	(5,493)		(23,713)
	22,017		7,546
Net paid losses related to:
Current year	(334)		(17,137)
Prior years	(319,132)		(288,202)
	(319,466)		(305,339)
Change in deferred gain on retroactive reinsurance	12,024		24,296
Assumed retroactive reinsurance business	7,580		—
Effect of foreign exchange rate movements	(50,574)		(21,332)
Net loss and LAE reserves, September 30	598,109		1,005,899
Reinsurance recoverable on unpaid losses, September 30	547,975		561,627
Gross loss and LAE reserves, September 30	$	1,146,084	$	1,567,526

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The Company recognized adverse prior year loss development of $834 for the three months ended September 30, 2022 and favorable prior year loss development of $5,493 for the nine months ended September 30, 2022 (2021 - favorable $5,352 and $23,713, respectively).

In the Diversified Reinsurance segment, there was favorable prior year loss development of $590 and $1,975 for the three and nine months ended September 30, 2022 (2021 - favorable $1,676 and $2,613, respectively). Prior year loss development for the three and nine months ended September 30, 2022 was primarily due to favorable reserve development in German Auto Programs and GLS policies partly offset by adverse development in European Capital Solutions. Prior year loss development for the three and nine months ended September 30, 2021 was due to favorable reserve development in German Auto Programs, European Capital Solutions and other runoff business.

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

In the AmTrust Reinsurance segment, net adverse prior year loss development was $1,424 during the three months ended September 30, 2022, compared to favorable prior year loss development of $3,676 for the same period in 2021. Net adverse prior year loss development for the three months ended September 30, 2022 was driven by unfavorable movements in European Hospital Liability due to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $3,666 (€3,444) for the commutation of French Hospital Liability policies as described in "Note 10. Related Party Transactions"; partly offset by favorable runoff of Workers Compensation business. Net favorable prior year loss development for the three months ended September 30, 2021 was experienced in Workers Compensation and Commercial Auto Liability.

In the AmTrust Reinsurance segment, net favorable prior year loss development was $3,518 during the nine months ended September 30, 2022, compared to net favorable prior year loss development of $21,100 for the same period in 2021. Net favorable prior year loss development of $3,518 during the nine months ended September 30, 2022 included $5,346 of favorable reserve adjustments for estimated surcharges on Workers' Compensation policies and inuring AmTrust reinsurance for programs in Specialty Risk and Extended Warranty cessions ("AmTrust Cession Adjustments"). Excluding the AmTrust Cession Adjustments, there was adverse development of $1,828 for the nine months ended September 30, 2022 driven by unfavorable movements in European Hospital Liability due to higher than expected loss emergence in Italian Hospital Liability policies as well as the agreed exit cost of $3,666 (€3,444) for the commutation of French Hospital Liability policies as described in "Note 10. Related Party Transactions"; partly offset by favorable runoff of Workers Compensation business. Prior year favorable loss development in 2021 in Workers Compensation and Commercial Auto Liability was partly offset by adverse development in Hospital Liability.

The change in the deferred gain on retroactive reinsurance was $12,024 for the nine months ended September 30, 2022 (2021 - $24,296). This change included a decrease in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $10,722 for the nine months ended September 30, 2022 (2021 - $24,296) due to favorable development on loss reserves covered under the LPT/ADC Agreement. The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of September 30, 2022 and December 31, 2021. 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 2025.

Related Party Transactions

9 Months Ended

Sep. 30, 2022

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 7.7% 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 55.2% 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 during the second quarter of 2019.

10. Related Party Transactions (continued)

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.

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.

Effective July 1, 2022, Maiden Reinsurance and AIU DAC entered into an agreement ("Commutation Agreement") which provided for AIU DAC to assume all reserves ceded by AIU DAC to Maiden Reinsurance with respect to AIU DAC’s French Medical Malpractice exposures for underwriting years 2012 through 2018 reinsured by Maiden Reinsurance under the European Hospital Liability Quota Share. In accordance with the Commutation Agreement, Maiden Reinsurance paid $31,291 (€29,401) to AIU DAC, which is the sum of net ceded reserves of $27,625 (€25,956) and an agreed exit cost of $3,666 (€3,444). As a result of the Commutation Agreement, Maiden Reinsurance reduced its exposure to AmTrust's Hospital Liability business, however, it continues to have exposure to Italian medical malpractice liabilities under the European Hospital Liability Quota Share.

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 nine months ended September 30, 2022 and 2021, respectively:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Gross and net premiums written	$	(805)	$	1,137	$	(18,520)	$	(3,082)
Net premiums earned	5,319		7,509		3,804		19,383
Net loss and LAE	(15,461)		(9,960)		(19,072)		(4,330)
Commission and other acquisition expenses	(2,004)		(2,852)		(2,127)		(7,486)

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

10. Related Party Transactions (continued)

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. The collateral requirements under the AmTrust Quota Share with AII was satisfied as follows:

•by lending funds of $167,975 at September 30, 2022 and December 31, 2021 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 $1,771 and $3,808 for the three and nine months ended September 30, 2022, respectively (2021 - $885 and $2,611, respectively) and the effective yield was 4.2% and 3.0% for the respective periods (2021 - 2.1% and 2.1%).

•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;

•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 September 30, 2022 was $104,453 (December 31, 2021 - $246,874) and the accrued interest was $589 (December 31, 2021 - $1,171). 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 has an annual interest rate for 2022 of 2.1%, subject to annual adjustment. The annual interest rate was 1.80% for 2021. At September 30, 2022, the funds withheld balance was $490,603 (December 31, 2021 - $575,000) and the accrued interest was $2,597 (December 31, 2021 - $2,609). The interest income on the funds withheld receivable was $2,597 and $8,585 for the three and nine months ended September 30, 2022, respectively (2021 - $2,609 and $7,741, 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.

10. Related Party Transactions (continued)

b) European Hospital Liability Quota Share

Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share. For AEL, the amount of the collateral held in reinsurance trust accounts at September 30, 2022 was $197,737 (December 31, 2021 - $244,488) and the accrued interest was $710 (December 31, 2021 - $1,273). For AIU DAC, the Company utilized funds withheld to satisfy its collateral requirements which was used to settle the Commutation Agreement on September 12, 2022.

Therefore, at September 30, 2022, the amount of funds withheld was $0 (December 31, 2021 - $26,460) and the accrued interest was $0 (December 31, 2021 - $141). AIU DAC paid Maiden Reinsurance a fixed annual interest rate of 0.5% on the average daily funds withheld balance. The interest income on the funds withheld receivable was $3 and $59 for the three and nine months ended September 30, 2022, respectively (2021 - $37 and $111, respectively).

Brokerage Agreement

Effective July 1, 2007, the Company had 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 had $67 and $48 of reinsurance brokerage expense for the three and nine months ended September 30, 2022 (2021 - $94 and $242, respectively) and deferred reinsurance brokerage of $868 at September 30, 2022 (December 31, 2021 - $1,147) 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 $99 and $329 of investment management fees for the three and nine months ended September 30, 2022, respectively (2021 - $196 and $690, 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.

683 Capital Partners, LP (“683 Partners”)

At September 30, 2022, 683 Partners and its affiliates own or control approximately 5.0% 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 $15,447 were managed by 683 Capital under this agreement at September 30, 2022 (December 31, 2021 - $32,929) which reflected investment results through that date along with a reduction in the amount invested under the 683 LP Agreement during the nine months ended September 30, 2022.

Commitments, Contingencies and Guarantees

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

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, 2021.

a)Concentrations of Credit Risk

At September 30, 2022 and December 31, 2021, 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 paid and 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.

11. Commitments, Contingencies and Guarantees (continued)

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 that are 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 September 30, 2022. 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 September 30, 2022 will be fully collectible.

b)Investment Commitments and Related Financial Guarantees

The Company's unfunded commitments on other investments is $76,437 at September 30, 2022 (December 31, 2021 - $68,262). The Company's unfunded commitments on equity method investments was $25,069 at September 30, 2022 (December 31, 2021 - $25,950). The Company's unfunded commitments on private equity securities at September 30, 2022 was $17,663 (December 31, 2021 - $27,415). The Company's unfunded commitments on other investments at September 30, 2022 and December 31, 2021 were as follows:


	September 30, 2022				December 31, 2021
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	56,767	74.3	%	$	46,149	67.6	%
Private credit funds	14,981		19.6	%	4,897		7.2	%
Investments in direct lending entities	3,304		4.3	%	13,216		19.4	%
Other privately held investments	1,385		1.8	%	4,000		5.8	%
Total unfunded commitments on other investments	$	76,437	100.0	%	$	68,262	100.0	%

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 September 30, 2022, guarantees of $41,302 (December 31, 2021 - $33,305) were provided to lenders by the Company on behalf of real estate joint ventures, 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's leases are currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, 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 of $328 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 at September 30, 2022 (December 31, 2021 - $473). The Company's weighted-average remaining lease term is approximately 2.1 years at September 30, 2022.

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 arbitration, 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.

11. Commitments, Contingencies and Guarantees (continued)

Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 2018. On September 2, 2021, Administrative Law Judge Theresa C. Timlin of the U.S. Department of Labor issued a decision and order which denied Mr. Turin’s complaint in full. On September 16, 2021, 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. 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

9 Months Ended

Sep. 30, 2022

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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:


Net (loss) income	$	(8,160)	$	(3,140)	$	(9,047)	$	14,258

Gain from repurchase of preference shares - Series A, C and D	—		6,004		28,233		87,168
Amount allocated to participating common shareholders(1)	—		(17)		(109)		(1,017)




Net (loss) income allocated to Maiden common shareholders	$	(8,160)	$	2,847	$	19,077	$	100,409
Denominator:
Weighted average number of common shares – basic	87,161,499		86,433,780		86,935,823		85,937,012
Potentially dilutive securities:
Share options and restricted share units(2)	—		4,452		1,729		4,406
Adjusted weighted average number of common shares – diluted(2)	87,161,499		86,438,232		86,937,552		85,941,418
Basic and diluted (loss) earnings per share attributable to common shareholders	$	(0.09)	$	0.03	$	0.22	$	1.17

(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 6. 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, 2021 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three months ended September 30, 2022 and 1,729 potentially dilutive securities for the nine months ended September 30, 2022 (2021 - 4,452 and 4,406, respectively).

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recognized an income tax benefit of $91 and income tax expense of $451 for the three and nine months ended September 30, 2022, respectively, compared to an income tax benefit of $155 and $363 for the same respective periods in 2021. The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. and Sweden. A valuation allowance has been established against the net U.S. deferred tax assets which are primarily attributable to net operating losses and discounting of loss reserves for tax purposes. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. net deferred tax assets due to insufficient positive evidence regarding the utilization of these tax benefits in the future

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Exchange of Preference Shares for Common Shares On November 9, 2022, the Company announced its intention to exchange all of the Company’s outstanding 8.250% Non-Cumulative Preference Shares Series A (the “Series A Preference Shares”), 7.125% Non-Cumulative Preference Shares Series C (the “Series C Preference Shares”) and 6.700% Non-Cumulative Preference Shares Series D (the “Series D Preference Shares” and, together with the Series A Preference Shares and the Series C Preference Shares, the “Preference Shares”) for shares of Maiden’s common shares, $0.01 par value per share (the “Common Shares”), subject to the terms of the certificate of designations for each of the Preference Shares, as amended (the "Exchange"). The Exchange requires that the terms of each of the Preference Shares be varied and any such variation will require the affirmative vote of holders of two-thirds of the issued shares of each series of the Preference Shares. Maiden Reinsurance, which currently owns more than 73% of each series of the Preference Shares, has indicated it will consent to the variations for each of the series of Preference Shares in order to effectuate the Exchange. The Company’s board of directors (the “Board”) established a special committee consisting solely of disinterested and independent directors (the “Special Committee”) for the purpose of evaluating and, if appropriate, negotiating and approving potential amendments to the certificates of designations for each series of Preference Shares in order to effectuate the Exchange. Advised by its own financial and legal advisors, the Special Committee unanimously approved an exchange ratio of three Common Shares per Preference Share of each series for record holders of the Preference Shares. The Board has also approved the amendments to the certificates of designations for each series of Preference Shares, and the Exchange. Under the proposed terms of the Exchange, holders of Preference Shares at the time of the Exchange will receive Common Shares having a fair value that meets the “Minimum Price” as determined in accordance with the rules of NASDAQ and as will be described in an information statement that Maiden will file with the Securities and Exchange Commission (the “SEC”) and will distribute to preference shareholders (the “Information Statement”). Specifically, holders of Preference Shares of each series will receive, for each Preference Share held, three Common Shares, with the value of each Preference Share so exchanged being equal to three times the price that is the lower of: (i) the closing price of the Common Shares (as reflected on Nasdaq.com) immediately preceding the date of the Exchange; and (ii) the average closing price of the Common Shares (as reflected on Nasdaq.com) for the five trading days immediately preceding the date of the Exchange. As a result of the Exchange, the Preference Shares will no longer trade on the New York Stock Exchange, and no Preference Shares will be issued or outstanding. All rights of the former holders related to ownership of the Preference Shares will terminate. Upon completion of the Exchange, it is expected that Maiden Reinsurance will own approximately 29% of the Common Shares as of the date of the Exchange as described above, which Common Shares will be eliminated for accounting and financial reporting purposes on the Company’s consolidated financial statements. Maiden Reinsurance's voting power, with respect to its Common Shares will be capped at 9.5% under the terms of the bye-laws of the Company. The Exchange and the ownership of the Common Shares by Maiden Reinsurance is being made in compliance with Maiden Reinsurance's investment policy which has been approved by the Vermont Department of Financial Regulation. As a result of the Exchange, Maiden estimates that its book value per Common Share will increase by approximately $0.82 per Common Share, subject to the determination of the final value of the Preference Shares and the exchange price of the Common Shares. Maiden expects to complete the transaction on or before December 31, 2022 and will notify holders of the exchange date when determined.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
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, 2021. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. We are currently underwriting reinsurance risks on a retroactive basis through our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which provides 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. GLS works with clients to develop and implement finality solutions including acquiring entire companies that enable our clients to meet their capital and risk management objectives. We expect this legacy solutions business to contribute to our active asset and capital management strategies. The Company does not presently underwrite prospective reinsurance risks. 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 wholly owned subsidiary 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”). We also have various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with AmTrust Financial Services, Inc. ("AmTrust") reinsurance agreements which were terminated in 2019 as discussed in "Note 10. Related Party Transactions". In addition, we have a retroactive reinsurance agreement and a commutation agreement that further reduces our exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in "Note 8. Reinsurance".
Derivatives Instruments	Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. Net asset and liability derivatives are classified within other assets and other liabilities, as applicable, in the consolidated balance sheets. Changes in fair value prior to settlement of the derivative instruments are unrealized and recognized in net income for those derivatives not designated as hedges. The unrealized gains (losses) are included in other insurance revenue as the derivative instruments held are related to the Company's underwriting portfolio and are not investment related. Please refer to "Note 5. Fair Value Measurements" for further disclosures regarding the derivative instruments held by the Company.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Certain of the Company's equity securities 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 as described in "Note 4. (b) Investments"
Fair Value of Financial Instruments	Fair Values of Financial Instruments Fair Value Measurements — Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; and publicly traded equity securities; •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. 5. Fair Value of Financial Instruments (continued) 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 September 30, 2022 and December 31, 2021. U.S. government and U.S. agency bonds — 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 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 bonds are observable market inputs, the fair values of non-U.S. government bonds are included in the Level 2 fair value hierarchy. Collateralized loan obligations ("CLO") - These asset backed securities are 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 CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are 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 are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are 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 reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — Includes unquoted investments comprised of the following types of investments: •Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. •Private credit funds: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. •Private equity funds: These are comprised of 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. Derivative Instruments - The Company has recently entered into reinsurance contracts that are accounted for as derivatives. These reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models using appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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


For the Three Months Ended September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	6,185	$	(805)	$	5,380
Net premiums written	$	6,027	$	(805)	$	5,222
Net premiums earned	$	6,932	$	5,319	$	12,251
Other insurance revenue	368		—		368
Net loss and LAE	(1,965)		(15,461)		(17,426)
Commission and other acquisition expenses	(3,394)		(2,004)		(5,398)
General and administrative expenses	(1,901)		(521)		(2,422)
Underwriting income (loss)	$	40	$	(12,667)	(12,627)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					5,065

Interest and amortization expenses					(4,833)


Foreign exchange and other gains, net					8,586
Other general and administrative expenses					(4,069)
Income tax benefit					91
Interest in loss of equity method investments					(373)
Net loss					$	(8,160)

3. Segment Information (continued)


For the Three Months Ended September 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	5,684	$	1,137	$	6,821
Net premiums written	$	5,816	$	1,137	$	6,953
Net premiums earned	$	7,521	$	7,509	$	15,030
Other insurance revenue	138		—		138
Net loss and LAE	(554)		(9,960)		(10,514)
Commission and other acquisition expenses	(3,461)		(2,852)		(6,313)
General and administrative expenses	(1,583)		(407)		(1,990)
Underwriting income (loss)	$	2,061	$	(5,710)	(3,649)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					6,540

Interest and amortization expenses					(4,832)


Foreign exchange and other gains, net					4,116
Other general and administrative expenses					(4,660)
Income tax benefit					155
Interest in loss from equity method investments					(810)
Net loss					$	(3,140)

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net (loss) income for the nine months ended September 30, 2022 and 2021, respectively:


For the Nine Months Ended September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	17,069	$	(18,520)	$	(1,451)
Net premiums written	$	16,605	$	(18,520)	$	(1,915)
Net premiums earned	$	20,012	$	3,804	$	23,816
Other insurance revenue	888		—		888
Net loss and LAE	(2,945)		(19,072)		(22,017)
Commission and other acquisition expenses	(10,684)		(2,127)		(12,811)
General and administrative expenses	(7,007)		(2,281)		(9,288)
Underwriting income (loss)	$	264	$	(19,676)	(19,412)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					23,719

Interest and amortization expenses					(14,498)


Foreign exchange and other gains, net					19,121
Other general and administrative expenses					(15,383)
Income tax expense					(451)
Interest in loss from equity method investments					(2,143)
Net loss					$	(9,047)

3. Segment Information (continued)


For the Nine Months Ended September 30, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	10,947	$	(3,082)	$	7,865
Net premiums written	$	10,600	$	(3,082)	$	7,518
Net premiums earned	$	20,723	$	19,383	$	40,106
Other insurance revenue	946		—		946
Net loss and LAE	(3,216)		(4,330)		(7,546)
Commission and other acquisition expenses	(11,668)		(7,486)		(19,154)
General and administrative expenses	(6,190)		(1,785)		(7,975)
Underwriting income	$	595	$	5,782	6,377
Reconciliation to net income
Net investment income and net realized and unrealized investment gains					32,609

Interest and amortization expenses					(14,495)


Foreign exchange and other gains, net					6,070
Other general and administrative expenses					(21,578)
Income tax benefit					363
Interest in income from equity method investments					4,912
Net income					$	14,258

Reconciliation of assets from reportable segments to consolidated


September 30, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	96,068	$	1,481,705	$	1,577,773
Corporate assets	—		—		411,841

Total Assets	$	96,068	$	1,481,705	$	1,989,614

December 31, 2021	Diversified Reinsurance		AmTrust Reinsurance		Total








Total assets - reportable segments	$	126,116	$	1,810,940	$	1,937,056
Corporate assets	—		—		385,554

Total Assets	$	126,116	$	1,810,940	$	2,322,610

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 nine months ended September 30, 2022 and 2021:


For the Three Months Ended September 30,	2022		2021
Net premiums written	Total			Total
Diversified Reinsurance

International	$	6,027		$	5,816


Total Diversified Reinsurance	6,027			5,816
AmTrust Reinsurance
Small Commercial Business	(636)			(1,309)
Specialty Program	(43)			22
Specialty Risk and Extended Warranty	(126)			2,424
Total AmTrust Reinsurance	(805)			1,137

Total Net Premiums Written	$	5,222		$	6,953

For the Nine Months Ended September 30,	2022		2021
Net premiums written	Total			Total
Diversified Reinsurance

International	$	16,605		$	10,600


Total Diversified Reinsurance	16,605			10,600
AmTrust Reinsurance
Small Commercial Business	(15,007)			(5,381)
Specialty Program	732			(7)
Specialty Risk and Extended Warranty	(4,245)			2,306
Total AmTrust Reinsurance	(18,520)			(3,082)

Total Net Premiums Written	$	(1,915)		$	7,518

3. Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2022 and 2021:


For the Three Months Ended September 30,	2022				2021
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	6,932	56.6	%	$	7,521	50.0	%


Total Diversified Reinsurance	6,932		56.6	%	7,521		50.0	%
AmTrust Reinsurance
Small Commercial Business	(636)		(5.2)	%	(1,227)		(8.1)	%
Specialty Program	(43)		(0.4)	%	28		0.2	%
Specialty Risk and Extended Warranty	5,998		49.0	%	8,708		57.9	%
Total AmTrust Reinsurance	5,319		43.4	%	7,509		50.0	%

Total Net Premiums Earned	$	12,251	100.0	%	$	15,030	100.0	%

For the Nine Months Ended September 30,	2022				2021
Net premiums earned	Total		% of Total		Total		% of Total
Diversified Reinsurance

International	$	20,012	84.0	%	$	20,723	51.7	%


Total Diversified Reinsurance	20,012		84.0	%	20,723		51.7	%
AmTrust Reinsurance
Small Commercial Business	(14,995)		(63.0)	%	(5,073)		(12.6)	%
Specialty Program	733		3.1	%	12		—	%
Specialty Risk and Extended Warranty	18,066		75.9	%	24,444		60.9	%
Total AmTrust Reinsurance	3,804		16.0	%	19,383		48.3	%

Total Net Premiums Earned	$	23,816	100.0	%	$	40,106	100.0	%

Investments (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021 are as follows:


September 30, 2022	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	58,464	$	—	$	(241)	$	58,223
U.S. agency bonds – mortgage-backed	73,874		—		(7,682)		66,192
Collateralized mortgage-backed securities	7,199		—		(397)		6,802
Non-U.S. government bonds	12,586		—		(1,605)		10,981
Collateralized loan obligations	175,047		—		(30,514)		144,533
Corporate bonds	105,144		—		(19,902)		85,242


Total fixed maturity investments	$	432,314	$	—	$	(60,341)	$	371,973


December 31, 2021	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	59,989	$	—	$	(110)	$	59,879
U.S. agency bonds – mortgage-backed	96,554		2,429		(193)		98,790
Collateralized mortgage-backed securities	14,972		565		—		15,537
Non-U.S. government bonds	3,163		113		—		3,276
Collateralized loan obligations	183,974		140		(5,093)		179,021
Corporate bonds	236,692		10,094		(6,144)		240,642


Total fixed maturity investments	$	595,344	$	13,341	$	(11,540)	$	597,145

Contractual maturities of fixed maturities



September 30, 2022	Amortized cost		Fair value
Due in one year or less	$	65,624	$	64,525
Due after one year through five years	92,969		77,117
Due after five years through ten years	17,601		12,804

	176,194		154,446
U.S. agency bonds – mortgage-backed	73,874		66,192
Collateralized mortgage-backed securities	7,199		6,802
Collateralized loan obligations	175,047		144,533
Total fixed maturity investments	$	432,314	$	371,973

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
September 30, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	58,076	$	(239)	$	147	$	(2)	$	58,223	$	(241)
U.S. agency bonds – mortgage-backed	63,136		(6,982)		3,056		(700)		66,192		(7,682)
Collateralized mortgage-backed securities	6,802		(397)		—		—		6,802		(397)
Non-U.S. government bonds	10,981		(1,605)		—		—		10,981		(1,605)
Collateralized loan obligations	63,813		(6,602)		80,720		(23,912)		144,533		(30,514)
Corporate bonds	63,739		(11,718)		21,503		(8,184)		85,242		(19,902)

Total temporarily impaired fixed maturities	$	266,547	$	(27,543)	$	105,426	$	(32,798)	$	371,973	$	(60,341)


	Less than 12 Months				12 Months or More				Total
December 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	59,879	$	(110)	$	—	$	—	$	59,879	$	(110)
U.S. agency bonds – mortgage-backed	4,415		(193)		—		—		4,415		(193)


Collateralized loan obligations	117,148		(5,057)		5,064		(36)		122,212		(5,093)
Corporate bonds	38,537		(2,775)		27,852		(3,369)		66,389		(6,144)

Total temporarily impaired fixed maturities	$	219,979	$	(8,135)	$	32,916	$	(3,405)	$	252,895	$	(11,540)

Summary of the credit ratings of fixed maturities

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2022 and December 31, 2021:


September 30, 2022	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	58,464	$	58,223	15.6	%
U.S. agency bonds	73,874		66,192		17.8	%
AAA	147,990		119,653		32.2	%
AA+, AA, AA-	44,766		40,812		11.0	%
A+, A, A-	46,912		37,616		10.1	%
BBB+, BBB, BBB-	54,535		45,066		12.1	%
BB+ or lower	5,773		4,411		1.2	%
Total fixed maturities (1)	$	432,314	$	371,973	100.0	%


December 31, 2021	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	59,989	$	59,879	10.0	%
U.S. agency bonds	96,554		98,790		16.6	%
AAA	161,179		156,706		26.2	%
AA+, AA, AA-	38,999		39,140		6.6	%
A+, A, A-	99,748		99,962		16.7	%
BBB+, BBB, BBB-	126,770		129,618		21.7	%
BB+ or lower	12,105		13,050		2.2	%
Total fixed maturities(1)	$	595,344	$	597,145	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 of September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	31,777	22.6	%	$	23,324	19.8	%
Private credit funds	24,129		17.1	%	20,922		17.8	%
Other privately held investments	32,115		22.8	%	30,500		25.9	%

Total other investments at fair value	88,021		62.5	%	74,746		63.5	%
Investments in direct lending entities (at cost)	52,783		37.5	%	42,976		36.5	%
Total other investments	$	140,804	100.0	%	$	117,722	100.0	%

Schedule of cost and fair values of the equity securities

The following table provides the cost and fair values of the equity securities held at September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Cost		Fair Value		Cost		Fair Value
Privately held equity securities	$	38,260	$	42,002	$	22,756	$	22,829
Publicly traded equity securities	559		598		559		1,174
Total equity securities	$	38,819	$	42,600	$	23,315	$	24,003

Equity method investments

The table below shows the carrying value of our equity method investments as of September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	44,925	56.0	%	$	44,050	52.6	%
Hedge fund investments	15,447		19.3	%	32,929		39.3	%
Other investments	19,793		24.7	%	6,763		8.1	%
Total equity method investments	$	80,165	100.0	%	$	83,742	100.0	%

Net investment income

Net investment income was derived from the following sources for the three and nine months ended September 30, 2022 and 2021:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities	$	2,259	$	4,449	$	7,074	$	15,535
Income on funds withheld	2,616		2,708		8,753		7,928
Interest income from loan to related party	1,771		885		3,808		2,611
Cash and cash equivalents and other investments	930		377		2,292		613
	7,576		8,419		21,927		26,687

Investment expenses	(939)		(942)		(1,056)		(2,091)
Net investment income	$	6,637	$	7,477	$	20,871	$	24,596

Analysis of realized and unrealized gains (losses) on investment

4. Investments (continued)


For the Three Months Ended September 30, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	591	$	(495)	$	96
Equity securities	217		(63)		154
Other investments	393		(2,215)		(1,822)
Net realized and unrealized investment gains (losses)	$	1,201	$	(2,773)	$	(1,572)

For the Three Months Ended September 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	1,890	$	(99)	$	1,791
Equity securities	106		(3,001)		(2,895)
Other investments	297		(130)		167
Net realized and unrealized investment gains (losses)	$	2,293	$	(3,230)	$	(937)

For the Nine Months Ended September 30, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	1,829	$	(637)	$	1,192
Equity securities	3,876		(875)		3,001
Other investments	2,825		(4,170)		(1,345)
Net realized and unrealized investment gains (losses)	$	8,530	$	(5,682)	$	2,848

For the Nine Months Ended September 30, 2021	Gross gains		Gross losses		Net
Fixed maturities	$	6,137	$	(343)	$	5,794
Equity securities	5,168		(3,638)		1,530
Other investments	838		(149)		689
Net realized and unrealized investment gains (losses)	$	12,143	$	(4,130)	$	8,013

The unrealized gains and losses recognized in net income for the three and nine months ended September 30, 2022 and 2021 for investments still held at September 30, 2022 and 2021, respectively, were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net gains (losses) recognized for equity securities	$	154	$	(2,895)	$	3,001	$	1,530
Net gains recognized for equity securities divested	—		—		—		(441)
Unrealized gains (losses) recognized for equity securities still held at reporting date	$	154	$	(2,895)	$	3,001	$	1,089

Net unrealized gains on fixed maturity investments

Net unrealized gains (losses) were as follows at September 30, 2022 and December 31, 2021, respectively:


	September 30, 2022		December 31, 2021
Fixed maturity investments	$	(60,341)	$	1,801
Equity method investments	—		(4,414)
Total net unrealized losses	(60,341)		(2,613)
Deferred income tax	216		(80)
Net unrealized losses, net of deferred income tax	$	(60,125)	$	(2,693)
Change, net of deferred income tax	$	(57,432)	$	(52,050)

Fair value of restricted assets

The fair values of restricted assets at September 30, 2022 and December 31, 2021 are:


	September 30, 2022		December 31, 2021
Restricted cash – third party agreements	$	15,297	$	19,177
Restricted cash – related party agreements	32,825		20,242
Total restricted cash	48,122		39,419
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2022 – $50,394; 2021 – $48,860)	50,235		48,845
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2022 – $327,148; 2021 – $493,128)	274,103		493,883

Total restricted investments	324,338		542,728
Total restricted cash and investments	$	372,460	$	582,147

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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

At September 30, 2022 and December 31, 2021, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


September 30, 2022	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	$	58,223	$	—	$	—	$	—	$	58,223
U.S. agency bonds – mortgage-backed	—		66,192		—		—		66,192
Collateralized mortgage-backed bonds	—		6,802		—		—		6,802
Non-U.S. government bonds	—		10,981		—		—		10,981
Collateralized loan obligations	—		144,533		—		—		144,533
Corporate bonds	—		85,242		—		—		85,242

Equity securities	598		—		17,305		24,697		42,600
Other investments	—		—		—		88,021		88,021
Total investments	$	58,821	$	313,750	$	17,305	$	112,718	$	502,594
As a percentage of total assets	3.0%		15.8%		0.9%		5.7%		25.4%

Derivative liability on retroactive reinsurance	$	—	$	—	$	9,035	$	—	$	9,035


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bonds	$	59,879	$	—	$	—	$	—	$	59,879
U.S. agency bonds – mortgage-backed	—		98,790		—		—		98,790
Collateralized mortgage-backed bonds	—		15,537		—		—		15,537
Non-U.S. government bonds	—		3,276		—		—		3,276
Collateralized loan obligations	—		179,021		—		—		179,021
Corporate bonds	—		240,642		—		—		240,642

Equity securities	1,174		—		5,094		17,735		24,003
Other investments	—		—		1,000		73,746		74,746
Total investments	$	61,053	$	537,266	$	6,094	$	91,481	$	695,894
As a percentage of total assets	2.6%		23.1%		0.3%		3.9%		29.9%

Significant unobservable inputs for determining fair value of other investments

Fair Value

Valuation Technique

Unobservable Inputs

Range

Private equity investments

6,860

Quarterly financial statements

Estimated maturity dates

1.0 years

3.0 years

Others including start-ups

10,445

Recent market transactions

Liquidity discount rates

Total Level 3 investments

17,305

Derivative liability on retroactive reinsurance

9,035

Discounted cash flows

Duration matched discount rates

2.0%

3.0%

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Balance - beginning of period	$	15,194	$	6,094	$	6,094	$	2,844
Sales	—		—		(1,000)		—
Net unrealized gains	111		—		3,770		—
Purchases	2,000		—		8,441		4,250
Transfers out of Level 3	—		—		—		(1,000)
Total Level 3 investments - end of period	$	17,305	$	6,094	$	17,305	$	6,094

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 September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value




Senior Notes - MHLA – 6.625%	$	110,000	$	66,880	$	110,000	$	94,820
Senior Notes - MHNC – 7.75%	152,500		108,885		152,500		140,300
Total Senior Notes	$	262,500	$	175,765	$	262,500	$	235,120

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of preference shares repurchased and outstanding


	For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022						For the Nine Months Ended September 30, 2021
		Number of shares purchased		Average price of shares purchased		Number of shares purchased		Average price of shares purchased			Number of shares purchased		Average price of shares purchased

Series A		135,353		$	13.51	435,639		$	5.27		3,519,093		$	14.74
Series C		241,466		13.42		625,742		7.08			2,917,244		14.44
Series D		181,817		13.34		520,128		6.26			2,639,336		14.45
Total		558,636		13.42		1,581,509		6.31			9,075,673		14.56

Total price paid		$	7,495			$	9,983				$	132,153
Gain on purchase		$	6,004			$	28,233				$	87,168


As of September 30, 2022	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







Less: Total shares held by Maiden Reinsurance	4,499,950		4,855,972		4,457,194		13,813,116
Total shares held by non-affiliates	1,500,050		1,744,028		1,542,806		4,786,884
Percentage held by Maiden Reinsurance	75.0	%	73.6	%	74.3	%	74.3	%

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 September 30, 2022	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(45,266)	$	6,326	$	(38,940)
Other comprehensive (loss) income before reclassifications	(14,811)		2,246		(12,565)
Amounts reclassified from AOCI to net income, net of tax	(48)		—		(48)
Net current period other comprehensive (loss) income	(14,859)		2,246		(12,613)


Ending balance, Maiden shareholders	$	(60,125)	$	8,572	$	(51,553)

For the Three Months Ended September 30, 2021	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	23,632	$	(17,909)	$	5,723
Other comprehensive (loss) income before reclassifications	(14,611)		6,036		(8,575)
Amounts reclassified from AOCI to net income, net of tax	(2,007)		—		(2,007)
Net current period other comprehensive (loss) income	(16,618)		6,036		(10,582)


Ending balance, Maiden shareholders	$	7,014	$	(11,873)	$	(4,859)
For the Nine Months Ended September 30, 2022	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(2,693)	$	(9,522)	$	(12,215)
Other comprehensive (loss) income before reclassifications	(51,736)		18,094		(33,642)
Amounts reclassified from AOCI to net income, net of tax	(5,696)		—		(5,696)
Net current period other comprehensive (loss) income	(57,432)		18,094		(39,338)


Ending balance, Maiden shareholders	$	(60,125)	$	8,572	$	(51,553)
For the Nine Months Ended September 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	(35,311)		13,627		(21,684)
Amounts reclassified from AOCI to net income, net of tax	(7,032)		—		(7,032)
Net current period other comprehensive (loss) income	(42,343)		13,627		(28,716)


Ending balance, Maiden shareholders	$	7,014	$	(11,873)	$	(4,859)

- 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)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of outstanding senior notes issuances

The following tables detail the issuances of Senior Notes outstanding at September 30, 2022 and December 31, 2021:


September 30, 2022	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,420			3,564			6,984
Carrying value	$	106,580		$	148,936		$	255,516

December 31, 2021	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,463			3,690			7,153
Carrying value	$	106,537		$	148,810		$	255,347

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 and 2021 was as follows:


For the Nine Months Ended September 30,	2022		2021
Premiums written
Direct	$	17,383	$	16,181
Assumed	(18,834)		(8,316)
Ceded	(464)		(347)
Net	$	(1,915)	$	7,518
Premiums earned
Direct	$	17,332	$	17,186
Assumed	6,942		24,103
Ceded	(458)		(1,183)
Net	$	23,816	$	40,106
Loss and LAE
Gross loss and LAE	$	22,511	$	6,132
Loss and LAE ceded	(494)		1,414
Net	$	22,017	$	7,546

Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:


	September 30, 2022		December 31, 2021
Reserve for reported loss and LAE	$	692,881	$	851,950
Reserve for losses incurred but not reported ("IBNR")	453,203		637,423
Reserve for loss and LAE	$	1,146,084	$	1,489,373

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


For the Nine Months Ended September 30,	2022		2021
Gross loss and LAE reserves, January 1	$	1,489,373	$	1,893,299
Less: reinsurance recoverable on unpaid losses, January 1	562,845		592,571
Net loss and LAE reserves, January 1	926,528		1,300,728
Net incurred losses related to:
Current year	27,510		31,259
Prior years	(5,493)		(23,713)
	22,017		7,546
Net paid losses related to:
Current year	(334)		(17,137)
Prior years	(319,132)		(288,202)
	(319,466)		(305,339)
Change in deferred gain on retroactive reinsurance	12,024		24,296
Assumed retroactive reinsurance business	7,580		—
Effect of foreign exchange rate movements	(50,574)		(21,332)
Net loss and LAE reserves, September 30	598,109		1,005,899
Reinsurance recoverable on unpaid losses, September 30	547,975		561,627
Gross loss and LAE reserves, September 30	$	1,146,084	$	1,567,526

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of quota share arrangements with AmTrust


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Gross and net premiums written	$	(805)	$	1,137	$	(18,520)	$	(3,082)
Net premiums earned	5,319		7,509		3,804		19,383
Net loss and LAE	(15,461)		(9,960)		(19,072)		(4,330)
Commission and other acquisition expenses	(2,004)		(2,852)		(2,127)		(7,486)

Commitments, Contingencies and Guarantees (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Other Commitments

The Company's unfunded commitments on other investments at September 30, 2022 and December 31, 2021 were as follows:


	September 30, 2022				December 31, 2021
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	56,767	74.3	%	$	46,149	67.6	%
Private credit funds	14,981		19.6	%	4,897		7.2	%
Investments in direct lending entities	3,304		4.3	%	13,216		19.4	%
Other privately held investments	1,385		1.8	%	4,000		5.8	%
Total unfunded commitments on other investments	$	76,437	100.0	%	$	68,262	100.0	%

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:


Net (loss) income	$	(8,160)	$	(3,140)	$	(9,047)	$	14,258

Gain from repurchase of preference shares - Series A, C and D	—		6,004		28,233		87,168
Amount allocated to participating common shareholders(1)	—		(17)		(109)		(1,017)




Net (loss) income allocated to Maiden common shareholders	$	(8,160)	$	2,847	$	19,077	$	100,409
Denominator:
Weighted average number of common shares – basic	87,161,499		86,433,780		86,935,823		85,937,012
Potentially dilutive securities:
Share options and restricted share units(2)	—		4,452		1,729		4,406
Adjusted weighted average number of common shares – diluted(2)	87,161,499		86,438,232		86,937,552		85,941,418
Basic and diluted (loss) earnings per share attributable to common shareholders	$	(0.09)	$	0.03	$	0.22	$	1.17

(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) - USD ($) $ in Thousands	9 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Variable Interest Entity [Line Items]
Deferred gain on retroactive reinsurance	$ 270	$ 0
Genesis Legacy Solutions
Variable Interest Entity [Line Items]
Insurance related liabilities	29,510
Insurance reserves	16,343
Derivative liability on retroactive reinsurance	9,035
Deferred gain on retroactive reinsurance	$ 4,132

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net loss/income to Consolidated (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 5,380	$ 6,821	$ (1,451)	$ 7,865
Net premiums written	5,222	6,953	(1,915)	7,518
Net premiums earned	12,251	15,030	23,816	40,106
Other insurance revenue	368	138	888	946
Net loss and LAE	(17,426)	(10,514)	(22,017)	(7,546)
Commission and other acquisition expenses	(5,398)	(6,313)	(12,811)	(19,154)
General and administrative expenses	(2,422)	(1,990)	(9,288)	(7,975)
Underwriting income (loss)	(12,627)	(3,649)	(19,412)	6,377
Reconciliation to net (loss) income
Net investment income and net realized and unrealized investment losses	5,065	6,540	23,719	32,609
Interest and amortization expenses	(4,833)	(4,832)	(14,498)	(14,495)
Foreign exchange and other gains, net	8,586	4,116	19,121	6,070
Other general and administrative expenses	(4,069)	(4,660)	(15,383)	(21,578)
Income tax benefit	91	155	(451)	363
Interest in loss of equity method investments	(373)	(810)	(2,143)	4,912
Net (loss) income	(8,160)	(3,140)	(9,047)	14,258
Diversified Reinsurance \| Operating Segments
Net Income (Loss) [Abstract]
Gross premiums written	6,185	5,684	17,069	10,947
Net premiums written	6,027	5,816	16,605	10,600
Net premiums earned	6,932	7,521	20,012	20,723
Other insurance revenue	368	138	888	946
Net loss and LAE	(1,965)	(554)	(2,945)	(3,216)
Commission and other acquisition expenses	(3,394)	(3,461)	(10,684)	(11,668)
General and administrative expenses	(1,901)	(1,583)	(7,007)	(6,190)
Underwriting income (loss)	40	2,061	264	595
AmTrust Reinsurance \| Operating Segments
Net Income (Loss) [Abstract]
Gross premiums written	(805)	1,137	(18,520)	(3,082)
Net premiums written	(805)	1,137	(18,520)	(3,082)
Net premiums earned	5,319	7,509	3,804	19,383
Other insurance revenue	0	0	0	0
Net loss and LAE	(15,461)	(9,960)	(19,072)	(4,330)
Commission and other acquisition expenses	(2,004)	(2,852)	(2,127)	(7,486)
General and administrative expenses	(521)	(407)	(2,281)	(1,785)
Underwriting income (loss)	$ (12,667)	$ (5,710)	$ (19,676)	$ 5,782

Segment Information - Reconciliation of Assets from Reportable Segments to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,989,614	$ 2,322,610
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	96,068	126,116
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,481,705	1,810,940
Total assets - reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,577,773	1,937,056
Total assets - reportable segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	96,068	126,116
Total assets - reportable segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,481,705	1,810,940
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	411,841	385,554
Corporate assets \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	0	0
Corporate assets \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 5,222	$ 6,953	$ (1,915)	$ 7,518
Net premiums earned	$ 12,251	$ 15,030	$ 23,816	$ 40,106
% 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	$ 6,027	$ 5,816	$ 16,605	$ 10,600
Net premiums earned	$ 6,932	$ 7,521	$ 20,012	$ 20,723
% of total net premiums earned	56.60%	50.00%	84.00%	51.70%
Diversified Reinsurance \| International \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 6,027	$ 5,816	$ 16,605	$ 10,600
Net premiums earned	$ 6,932	$ 7,521	$ 20,012	$ 20,723
% of total net premiums earned	56.60%	50.00%	84.00%	51.70%
AmTrust Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (805)	$ 1,137	$ (18,520)	$ (3,082)
Net premiums earned	$ 5,319	$ 7,509	$ 3,804	$ 19,383
% of total net premiums earned	43.40%	50.00%	16.00%	48.30%
AmTrust Reinsurance \| Small Commercial Business \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (636)	$ (1,309)	$ (15,007)	$ (5,381)
Net premiums earned	$ (636)	$ (1,227)	$ (14,995)	$ (5,073)
% of total net premiums earned	(5.20%)	(8.10%)	(63.00%)	(12.60%)
AmTrust Reinsurance \| Specialty Program \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (43)	$ 22	$ 732	$ (7)
Net premiums earned	$ (43)	$ 28	$ 733	$ 12
% of total net premiums earned	(0.40%)	0.20%	3.10%	0.00%
AmTrust Reinsurance \| Specialty Risk and Extended Warranty \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (126)	$ 2,424	$ (4,245)	$ 2,306
Net premiums earned	$ 5,998	$ 8,708	$ 18,066	$ 24,444
% of total net premiums earned	49.00%	57.90%	75.90%	60.90%

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Original or amortized cost	$ 432,314	$ 595,344
Gross unrealized gains	0	13,341
Gross unrealized losses	(60,341)	(11,540)
Fixed maturities	371,973	597,145
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	58,464	59,989
Gross unrealized gains	0	0
Gross unrealized losses	(241)	(110)
Fixed maturities	58,223	59,879
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	73,874	96,554
Gross unrealized gains	0	2,429
Gross unrealized losses	(7,682)	(193)
Fixed maturities	66,192	98,790
Collateralized mortgage-backed securities
Schedule of Investments [Line Items]
Original or amortized cost	7,199	14,972
Gross unrealized gains	0	565
Gross unrealized losses	(397)	0
Fixed maturities	6,802	15,537
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	12,586	3,163
Gross unrealized gains	0	113
Gross unrealized losses	(1,605)	0
Fixed maturities	10,981	3,276
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	175,047	183,974
Gross unrealized gains	0	140
Gross unrealized losses	(30,514)	(5,093)
Fixed maturities	144,533	179,021
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	105,144	236,692
Gross unrealized gains	0	10,094
Gross unrealized losses	(19,902)	(6,144)
Fixed maturities	$ 85,242	$ 240,642

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized cost
Due in one year or less	$ 65,624
Due after one year through five years	92,969
Due after five years through ten years	17,601
Total securities with single maturities, amortized cost	176,194
Original or amortized cost	432,314	$ 595,344
Fair value
Due in one year or less	64,525
Due after one year through five years	77,117
Due after five years through ten years	12,804
Total before securities with single maturities, fair value	154,446
Fixed maturities, fair value	371,973	597,145
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	73,874
Original or amortized cost	73,874	96,554
Fair value
Fair value of securities without single maturities	66,192
Fixed maturities, fair value	66,192	98,790
Collateralized mortgage-backed securities
Amortized cost
Amortized cost of securities without single maturities	7,199
Original or amortized cost	7,199	14,972
Fair value
Fair value of securities without single maturities	6,802
Fixed maturities, fair value	6,802	15,537
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	175,047
Original or amortized cost	175,047	183,974
Fair value
Fair value of securities without single maturities	144,533
Fixed maturities, fair value	$ 144,533	$ 179,021

Investments - Fair Value and Unrealized Losses (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Fair value
Less than 12 Months	$ 266,547	$ 219,979
12 Months or More	105,426	32,916
Total	371,973	252,895
Unrealized losses
Less than 12 Months	(27,543)	(8,135)
12 Months or More	(32,798)	(3,405)
Total	$ (60,341)	$ (11,540)
Number of securities in an unrealized loss position \| security	120	44
Fair value of unrealized loss positions	$ 371,973	$ 252,895
Unrealized losses of unrealized loss positions	$ 60,341	$ 11,540
Number of securities in an unrealized loss position for 12 months or greater \| security	31	8
Fair value of securities in loss position for 12 months or greater	$ 105,426	$ 32,916
Unrealized loss of securities in loss position for 12 months or greater	32,798	3,405
US Treasury Bond Securities
Fair value
Less than 12 Months	58,076	59,879
12 Months or More	147	0
Total	58,223	59,879
Unrealized losses
Less than 12 Months	(239)	(110)
12 Months or More	(2)	0
Total	(241)	(110)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	63,136	4,415
12 Months or More	3,056	0
Total	66,192	4,415
Unrealized losses
Less than 12 Months	(6,982)	(193)
12 Months or More	(700)	0
Total	(7,682)	(193)
Collateralized mortgage-backed securities
Fair value
Less than 12 Months	6,802
12 Months or More	0
Total	6,802
Unrealized losses
Less than 12 Months	(397)
12 Months or More	0
Total	(397)
Non-U.S. government bonds
Fair value
Less than 12 Months	10,981
12 Months or More	0
Total	10,981
Unrealized losses
Less than 12 Months	(1,605)
12 Months or More	0
Total	(1,605)
Collateralized loan obligations
Fair value
Less than 12 Months	63,813	117,148
12 Months or More	80,720	5,064
Total	144,533	122,212
Unrealized losses
Less than 12 Months	(6,602)	(5,057)
12 Months or More	(23,912)	(36)
Total	(30,514)	(5,093)
Corporate bonds
Fair value
Less than 12 Months	63,739	38,537
12 Months or More	21,503	27,852
Total	85,242	66,389
Unrealized losses
Less than 12 Months	(11,718)	(2,775)
12 Months or More	(8,184)	(3,369)
Total	$ (19,902)	$ (6,144)

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Fixed Maturities Table [Line Items]
Other than temporary impairment losses	$ 0	$ 0	$ 0	$ 0
Amortized cost	432,314,000		432,314,000		$ 595,344,000
Fair value	$ 371,973,000		$ 371,973,000		$ 597,145,000
% of Total fair value	100.00%		100.00%		100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 147,990,000		$ 147,990,000		$ 161,179,000
Fair value	$ 119,653,000		$ 119,653,000		$ 156,706,000
% of Total fair value	32.20%		32.20%		26.20%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 44,766,000		$ 44,766,000		$ 38,999,000
Fair value	$ 40,812,000		$ 40,812,000		$ 39,140,000
% of Total fair value	11.00%		11.00%		6.60%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 46,912,000		$ 46,912,000		$ 99,748,000
Fair value	$ 37,616,000		$ 37,616,000		$ 99,962,000
% of Total fair value	10.10%		10.10%		16.70%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 54,535,000		$ 54,535,000		$ 126,770,000
Fair value	$ 45,066,000		$ 45,066,000		$ 129,618,000
% of Total fair value	12.10%		12.10%		21.70%
BB+ or lower
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 5,773,000		$ 5,773,000		$ 12,105,000
Fair value	$ 4,411,000		$ 4,411,000		$ 13,050,000
% of Total fair value	1.20%		1.20%		2.20%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 58,464,000		$ 58,464,000		$ 59,989,000
Fair value	$ 58,223,000		$ 58,223,000		$ 59,879,000
% of Total fair value	15.60%		15.60%		10.00%
U.S. agency bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 73,874,000		$ 73,874,000		$ 96,554,000
Fair value	$ 66,192,000		$ 66,192,000		$ 98,790,000
% of Total fair value	17.80%		17.80%		16.60%

Investments - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Investments [Line Items]
Carrying value	$ 88,021		$ 88,021		$ 74,746
% of Total	62.50%		62.50%		63.50%
Other investments	$ 140,804		$ 140,804		$ 117,722
% of Total	100.00%		100.00%		100.00%
Impairment	$ 0	$ 0	$ 0	$ 0
Private equity funds
Schedule of Investments [Line Items]
Carrying value	$ 31,777		$ 31,777		$ 23,324
% of Total	22.60%		22.60%		19.80%
Private credit funds
Schedule of Investments [Line Items]
Carrying value	$ 24,129		$ 24,129		$ 20,922
% of Total	17.10%		17.10%		17.80%
Other privately held investments
Schedule of Investments [Line Items]
Carrying value	$ 32,115		$ 32,115		$ 30,500
% of Total	22.80%		22.80%		25.90%
Investments in direct lending entities (at cost)
Schedule of Investments [Line Items]
Other investments	$ 52,783		$ 52,783		$ 42,976
% of Total	37.50%		37.50%		36.50%

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 38,819	$ 23,315
Fair Value	42,600	24,003
Privately held equity securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	38,260	22,756
Fair Value	42,002	22,829
Publicly traded equity securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	559	559
Fair Value	$ 598	$ 1,174

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 80,165	$ 83,742
% of Total	100.00%	100.00%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 44,925	$ 44,050
% of Total	56.00%	52.60%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 15,447	$ 32,929
% of Total	19.30%	39.30%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 19,793	$ 6,763
% of Total	24.70%	8.10%

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Investments [Line Items]
Investment income	$ 7,576	$ 8,419	$ 21,927	$ 26,687
Investment expenses	(939)	(942)	(1,056)	(2,091)
Net investment income	6,637	7,477	20,871	24,596
Fixed maturities
Schedule of Investments [Line Items]
Investment income	2,259	4,449	7,074	15,535
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	2,616	2,708	8,753	7,928
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	1,771	885	3,808	2,611
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 930	$ 377	$ 2,292	$ 613

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 217		$ 106	$ 3,876	$ 5,168
Equity securities, gross losses	(63)		(3,001)	(875)	(3,638)
Equity securities, net	154		(2,895)	3,001	1,530
Net realized and unrealized gains (losses) on investment, gross gains	1,201		2,293	8,530	12,143
Net realized and unrealized gains (losses) on investment, gross losses	(2,773)		(3,230)	(5,682)	(4,130)
Net realized and unrealized investment (losses) gains	(1,572)		(937)	2,848	8,013
Net gains recognized for equity securities divested	0		0	0	(441)
Unrealized gains (losses) recognized for equity securities still held at reporting date	154		(2,895)	3,001	1,089
Proceeds from sales of fixed maturities classified as available-for-sale	35,107		126,282	139,645	332,636
Equity method investments	0			0		$ (4,414)
Total net unrealized losses	(60,341)			(60,341)		(2,613)
Deferred income tax	216			216
Deferred income tax						(80)
Net unrealized losses, net of deferred income tax	(60,125)			(60,125)		(2,693)
Change, net of deferred income tax		$ (52,050)		(57,432)
Fixed maturity investments
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	591		1,890	1,829	6,137
Fixed maturities, gross losses	(495)		(99)	(637)	(343)
Fixed maturities, net	96		1,791	1,192	5,794
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	393		297	2,825	838
Other investments, gross losses	(2,215)		(130)	(4,170)	(149)
Other investments, net	(1,822)		$ 167	(1,345)	$ 689
Available-for-sale securities \| Fixed maturity investments
Gain (Loss) on Securities [Line Items]
Fixed maturity investments	$ (60,341)			$ (60,341)		$ 1,801

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 48,122	$ 39,419	$ 21,651
Restricted investments	324,338	542,728
Total restricted cash and investments	372,460	582,147
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	15,297	19,177
Restricted investments	50,235	48,845
Amortized cost	50,394	48,860
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	32,825	20,242
Restricted investments	274,103	493,883
Amortized cost	$ 327,148	$ 493,128

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 371,973	$ 597,145
Equity securities	42,600	24,003
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	58,223	59,879
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	66,192	98,790
Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,802	15,537
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	10,981	3,276
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	144,533	179,021
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	85,242	240,642
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	42,600	24,003
Other investments	88,021	74,746
Total investments	$ 502,594	$ 695,894
Percent of Assets Measured at Fair Value to Total Assets	25.40%	29.90%
Derivative liability on retroactive reinsurance	$ 9,035
Fair Value, Measurements, Recurring \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	58,223	$ 59,879
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	66,192	98,790
Fair Value, Measurements, Recurring \| Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,802	15,537
Fair Value, Measurements, Recurring \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	10,981	3,276
Fair Value, Measurements, Recurring \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	144,533	179,021
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	85,242	240,642
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 securities	598	1,174
Other investments	0	0
Total investments	$ 58,821	$ 61,053
Percent of Assets Measured at Fair Value to Total Assets	3.00%	2.60%
Derivative liability on retroactive reinsurance	$ 0
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	58,223	$ 59,879
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) \| Collateralized mortgage-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) \| 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) \| Collateralized loan obligations
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 securities	0	0
Other investments	0	0
Total investments	$ 313,750	$ 537,266
Percent of Assets Measured at Fair Value to Total Assets	15.80%	23.10%
Derivative liability on retroactive reinsurance	$ 0
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	66,192	98,790
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	6,802	15,537
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	10,981	3,276
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	144,533	179,021
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	85,242	240,642
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	17,305	5,094
Other investments	0	1,000
Total investments	$ 17,305	$ 6,094
Percent of Assets Measured at Fair Value to Total Assets	0.90%	0.30%
Derivative liability on retroactive reinsurance	$ 9,035
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) \| Collateralized mortgage-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) \| 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) \| Collateralized loan obligations
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]
Equity securities	24,697	17,735
Other investments	88,021	73,746
Total investments	$ 112,718	$ 91,481
Percent of Assets Measured at Fair Value to Total Assets	5.70%	3.90%
Derivative liability on retroactive reinsurance	$ 0

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	1	1
Fixed maturity investments \| 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	$ 4,411	$ 6,225
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	502,594	695,894
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	313,750	537,266
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	$ 17,305	$ 6,094
Estimate of Fair Value Measurement \| Fair Value, Measurements, Recurring \| Fixed maturity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	98.80%	99.00%
Assets, valued using market approach, percentage	1.20%	1.00%

Fair Value of Financial Instruments - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Estimated maturity dates \| Quarterly financial statements \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment term	1 year
Estimated maturity dates \| Quarterly financial statements \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment term	3 years
Duration matched discount rates \| Discounted cash flows \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.020
Duration matched discount rates \| Discounted cash flows \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.030
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 502,594	$ 695,894
Derivative liability on retroactive reinsurance	9,035
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	17,305	$ 6,094
Derivative liability on retroactive reinsurance	9,035
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability on retroactive reinsurance	9,035
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Private equity investments \| Quarterly financial statements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,860
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Others including start-ups \| Recent market transactions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 10,445

Fair Value of Financial Instruments - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 15,194	$ 6,094	$ 6,094	$ 2,844
Sales	0	0	(1,000)	0
Net unrealized gains	111	0	3,770	0
Purchases	2,000	0	8,441	4,250
Transfers out of Level 3	0	0	0	(1,000)
Total Level 3 investments - end of period	$ 17,305	$ 6,094	$ 17,305	$ 6,094

Fair Value of Financial Instruments - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
Significant Other Observable Inputs (Level 2) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 262,500	$ 262,500
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	110,000	110,000
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	152,500	152,500
Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	175,765	235,120
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	66,880	94,820
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	$ 108,885	$ 140,300

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	May 06, 2021	Mar. 03, 2021	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)	93,414,080		93,414,080		92,316,107
Common stock, shares outstanding (in shares)	87,161,499		87,161,499		86,467,242
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)	37,985,920		37,985,920
Preference shares outstanding, held by non-affiliates (in shares)	4,786,884		4,786,884
Stock repurchase program, remaining authorized repurchase amount					$ 74,245
Treasury shares repurchased (in shares)	0	0	0	0
Shares repurchased for tax withholding (in shares)		21,509	403,716	821,057
Shares repurchased for tax withholding, price per share (in dollars per share)		$ 3.43	$ 2.50	$ 2.96
Preferred Stock
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)						$ 50,000	$ 100,000
Stock repurchase program, remaining authorized repurchase amount	$ 3,861		$ 3,861
Common shares
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to)								$ 100,000
Stock repurchase program, remaining authorized repurchase amount	$ 74,245		$ 74,245

Shareholders' Equity - Preference Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Number of shares purchased (in shares)		558,636	1,581,509	9,075,673
Average price of shares purchased (in dollars per share)		$ 13.42	$ 6.31	$ 14.56
Total price paid		$ 7,495	$ 9,983	$ 132,153
Gain from repurchase of preference shares	$ 0	$ 6,004	$ 28,233	$ 87,168
Series A
Class of Stock [Line Items]
Number of shares purchased (in shares)		135,353	435,639	3,519,093
Average price of shares purchased (in dollars per share)		$ 13.51	$ 5.27	$ 14.74
Series C
Class of Stock [Line Items]
Number of shares purchased (in shares)		241,466	625,742	2,917,244
Average price of shares purchased (in dollars per share)		$ 13.42	$ 7.08	$ 14.44
Series D
Class of Stock [Line Items]
Number of shares purchased (in shares)		181,817	520,128	2,639,336
Average price of shares purchased (in dollars per share)		$ 13.34	$ 6.26	$ 14.45

Shareholders' Equity - Changes in Preference Shares Outstanding (Details)	Sep. 30, 2022 shares
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	18,600,000
Less: Total shares held by Maiden Reinsurance (in shares)	13,813,116
Total shares held by non-affiliates (in shares)	4,786,884
Percentage of preferred shares held by affiliate	74.30%
Series A
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,499,950
Total shares held by non-affiliates (in shares)	1,500,050
Percentage of preferred shares held by affiliate	75.00%
Series C
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,600,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,855,972
Total shares held by non-affiliates (in shares)	1,744,028
Percentage of preferred shares held by affiliate	73.60%
Series D
Class of Stock [Line Items]
Outstanding shares issued by Maiden Holdings (in shares)	6,000,000
Less: Total shares held by Maiden Reinsurance (in shares)	4,457,194
Total shares held by non-affiliates (in shares)	1,542,806
Percentage of preferred shares held by affiliate	74.30%

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 384,257
Other comprehensive (loss) income before reclassifications	$ (12,565)	$ (8,575)	(33,642)	$ (21,684)
Amounts reclassified from AOCI to net income, net of tax	(48)	(2,007)	(5,696)	(7,032)
Other comprehensive loss, after tax	(12,613)	(10,582)	(39,338)	(28,716)
Ending balance	327,393	383,174	327,393	383,174
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(38,940)	5,723	(12,215)	23,857
Ending balance	(51,553)	(4,859)	(51,553)	(4,859)
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(45,266)	23,632	(2,693)	49,357
Other comprehensive (loss) income before reclassifications	(14,811)	(14,611)	(51,736)	(35,311)
Amounts reclassified from AOCI to net income, net of tax	(48)	(2,007)	(5,696)	(7,032)
Other comprehensive loss, after tax	(14,859)	(16,618)	(57,432)	(42,343)
Ending balance	(60,125)	7,014	(60,125)	7,014
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	6,326	(17,909)	(9,522)	(25,500)
Other comprehensive (loss) income before reclassifications	2,246	6,036	18,094	13,627
Amounts reclassified from AOCI to net income, net of tax	0	0	0	0
Other comprehensive loss, after tax	2,246	6,036	18,094	13,627
Ending balance	$ 8,572	$ (11,873)	$ 8,572	$ (11,873)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Long-Term Debt - Schedule of Outstanding Senior Notes Issuances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 262,500	$ 262,500
Less: unamortized issuance costs	6,984	7,153
Senior notes, net	255,516	255,347
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,500	262,500
Less: unamortized issuance costs	6,984	7,153
Senior notes, net	255,516	255,347
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,420	3,463
Senior notes, net	106,580	106,537
Original debt issuance costs	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,500	152,500
Less: unamortized issuance costs	3,564	3,690
Senior notes, net	148,936	$ 148,810
Original debt issuance costs	$ 5,054
Coupon rate	7.75%
Effective interest rate	8.04%

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Interest expense	$ 4,833	$ 4,832	$ 14,498	$ 14,495
Senior Notes
Debt Instrument [Line Items]
Interest expense	4,776	4,776	14,329	14,329
Accrued interest	1,342		1,342		$ 1,342
Amortization expense, debt issuance costs	$ 57	$ 56	$ 169	$ 166
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage			100.00%
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage			100.00%
Senior Notes \| Minimum \| 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			30 days
Senior Notes \| Minimum \| 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			30 days
Senior Notes \| Maximum \| 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date			60 days
Senior Notes \| Maximum \| 2016 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Premiums written
Direct			$ 17,383	$ 16,181
Assumed			(18,834)	(8,316)
Ceded			(464)	(347)
Net	$ 5,222	$ 6,953	(1,915)	7,518
Premiums earned
Direct			17,332	17,186
Assumed			6,942	24,103
Ceded			(458)	(1,183)
Net premiums earned	12,251	15,030	23,816	40,106
Loss and LAE
Gross loss and LAE			22,511	6,132
Loss and LAE ceded			(494)	1,414
Net loss and loss adjustment expenses	$ 17,426	$ 10,514	$ 22,017	$ 7,546

Reinsurance - Narrative (Details) - USD ($)	Jul. 31, 2019	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 27, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments		$ 547,975,000	$ 562,845,000
Reinsurance recoverable for unpaid claims and claims adjustments, valuation allowance		0	0
Reinsurance, excess retention, amount reinsured, per policy	$ 2,178,535,000
Reinsurance, amount retained, per policy	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		547,975,000	562,845,000	$ 561,627,000	$ 592,571,000
Deferred gain on retroactive reinsurance		39,270,000	48,960,000
Collateral by third party	445,000,000	424,588,000
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		67,181,000	69,006,000
AmTrust Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable for unpaid claims and claims adjustments	$ 445,000,000
Reinsurance recoverables, including reinsurance premium paid		480,138,000	490,860,000
Deferred gain on retroactive reinsurance		$ 35,138,000	$ 45,860,000

Reserve for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Insurance [Abstract]
Reserve for reported loss and LAE	$ 692,881		$ 692,881		$ 851,950
Reserve for losses incurred but not reported ("IBNR")	453,203		453,203		637,423
Reserve for loss and LAE	1,146,084	$ 1,567,526	1,146,084	$ 1,567,526	$ 1,489,373
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			1,489,373	1,893,299
Less: reinsurance recoverable on unpaid losses, January 1			562,845	592,571
Net loss and LAE reserves, January 1			926,528	1,300,728
Net incurred losses related to Current year			27,510	31,259
Net incurred losses related to Prior year			(5,493)	(23,713)
Net loss and loss adjustment expenses	17,426	10,514	22,017	7,546
Net paid losses related to Current year			(334)	(17,137)
Net paid losses related to Prior years			(319,132)	(288,202)
Net paid losses			(319,466)	(305,339)
Change in deferred gain on retroactive reinsurance			12,024	24,296
Assumed retroactive reinsurance business			7,580	0
Effect of foreign exchange rate movements			(50,574)	(21,332)
Net loss and LAE reserves, September 30	598,109	1,005,899	598,109	1,005,899
Reinsurance recoverable on unpaid losses, September 30	547,975	561,627	547,975	561,627
Gross loss and LAE reserves, September 30	$ 1,146,084	$ 1,567,526	$ 1,146,084	$ 1,567,526

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details) € in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			$ 834	$ (5,352)	$ (5,493)	$ (23,713)
Change in deferred gain on retroactive reinsurance					12,024	24,296
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance decrease					10,722
European Hospital Liability Quota Share Agreement \| AmTrust Financial Services, Inc.
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)					(1,828)
Collaborative arrangement, reserves expected to be commuted, exit cost	$ 3,666	€ 3,444
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			(590)	(1,676)	(1,975)	(2,613)
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)			$ 1,424	$ (3,676)	(3,518)	$ (21,100)
AmTrust Reinsurance \| Workers Compensation Insurance Product Line Member
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)					$ (5,346)

Related Party Transactions - Narrative (Details) $ in Thousands																	3 Months Ended			7 Months Ended		9 Months Ended		12 Months Ended
	Sep. 12, 2022 USD ($)	Sep. 12, 2022 EUR (€)	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Mar. 16, 2020	Aug. 12, 2019 USD ($)	Jul. 31, 2019 USD ($)	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	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2019 USD ($)	Aug. 12, 2019	Jul. 31, 2019 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 01, 2018	Dec. 31, 2014
Related Party Transaction [Line Items]
Loan to related party																	$ 167,975					$ 167,975		$ 167,975
Interest income																	7,576	$ 8,419				21,927	$ 26,687
Notes Receivable, Related Party
Related Party Transaction [Line Items]
Interest income																	$ 1,771	$ 885				$ 3,808	$ 2,611
Effective yield																	4.20%	2.10%				3.00%	2.10%
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage																	55.20%					55.20%
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 (returned)							$ 40,500
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Investments transferred out related to Partial Termination Amendment and Commutation
Related Party Transaction [Line Items]
Percent of ceding commission payable, period increase									5.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Returned Gross Unearned Premiums
Related Party Transaction [Line Items]
Related party transaction amount (returned)																			$ 647,980
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Returned Unearned Premiums, Net
Related Party Transaction [Line Items]
Related party transaction amount (returned)																			$ 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 (returned)									$ 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 (returned)									$ 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 (returned)																					$ 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 (returned)								$ 575,000														$ 490,603		$ 575,000
Calculated interest rate with related party																						2.10%		1.80%
Accrued interest on collateral held by related party																	$ 2,597					$ 2,597		$ 2,609
Interest income from related party																	2,597	$ 2,609				8,585	$ 7,741
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 (returned)							$ 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%
Collaborative arrangement, reserves expected to be commuted			$ 27,625																						€ 25,956,000
Collaborative arrangement, reserves expected to be commuted, exit cost			$ 3,666	€ 3,444,000
Collaborative arrangement, payment of commuted reserves	$ 31,291	€ 29,401,000
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																	104,453					104,453		246,874
Accrued interest on collateral held by related party																	589					589		1,171
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																	67	94				48	242
Balance due to related party																	868					868		1,147
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																	99	196				329	690
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																	197,737					197,737		244,488
Accrued interest on collateral held by related party																	710					710		1,273
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 (returned)																						$ 0		26,460
Calculated interest rate with related party																						0.50%
Interest income from related party																	$ 3	$ 37				$ 59	$ 111
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 (returned)																						0		141
Affiliated Entity \| Limited Partnership Agreement \| 683 Capital Management, LLC
Related Party Transaction [Line Items]
Related party transaction amount (returned)																						$ 15,447		$ 32,929
Maiden Holdings, Ltd. \| Leah Karfunkel
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage																	7.70%					7.70%
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																	5.00%					5.00%

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Net premiums earned	$ 12,251	$ 15,030	$ 23,816	$ 40,106
Net loss and LAE	(17,426)	(10,514)	(22,017)	(7,546)
Commission and other acquisition expenses	(5,398)	(6,313)	(12,811)	(19,154)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(805)	1,137	(18,520)	(3,082)
Net premiums earned	5,319	7,509	3,804	19,383
Net loss and LAE	(15,461)	(9,960)	(19,072)	(4,330)
Commission and other acquisition expenses	$ (2,004)	$ (2,852)	$ (2,127)	$ (7,486)

- Definition

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

+ References + Details

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Gain Contingencies [Line Items]
Fair Value	$ 76,437	$ 68,262
Guarantees provided to lenders on behalf of real estate joint venture	$ 41,302	33,305
Operating lease, weighted average discount rate	10.00%
Operating lease, right-of-use asset	$ 328	473
Operating lease, liability	$ 328	$ 473
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $128,443 and $29,408 from related parties in 2022 and 2021, respectively)	Accrued expenses and other liabilities (includes $128,443 and $29,408 from related parties in 2022 and 2021, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease, weighted average remaining lease term	2 years 1 month 6 days
Publicly traded equity investments
Gain Contingencies [Line Items]
Fair Value	$ 76,437	$ 68,262
Equity Method Investments
Gain Contingencies [Line Items]
Fair Value	25,069	25,950
Privately held equity securities
Gain Contingencies [Line Items]
Fair Value	$ 17,663	$ 27,415

Commitments, Contingencies and Guarantees - Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Gain Contingencies [Line Items]
Fair Value	$ 76,437	$ 68,262
% of Total	100.00%	100.00%
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 56,767	$ 46,149
% of Total	74.30%	67.60%
Private credit funds
Gain Contingencies [Line Items]
Fair Value	$ 14,981	$ 4,897
% of Total	19.60%	7.20%
Investments in direct lending entities (at cost)
Gain Contingencies [Line Items]
Fair Value	$ 3,304	$ 13,216
% of Total	4.30%	19.40%
Other privately held investments
Gain Contingencies [Line Items]
Fair Value	$ 1,385	$ 4,000
% of Total	1.80%	5.80%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net (loss) income	$ (8,160)	$ (3,140)	$ (9,047)	$ 14,258
Gain from repurchase of preference shares - Series A, C and D	0	6,004	28,233	87,168
Amount allocated to participating common shareholders	0	(17)	(109)	(1,017)
Net (loss) income available to Maiden common shareholders, basic	(8,160)	2,847	19,077	100,409
Net income available to Maiden common shareholders, diluted	$ (8,160)	$ 2,847	$ 19,077	$ 100,409
Denominator:
Weighted average number of common shares - basic (in shares)	87,161,499	86,433,780	86,935,823	85,937,012
Potentially dilutive securities:
Share options and restricted share units (in shares)	0	4,452	1,729	4,406
Adjusted weighted average number of common shares - diluted (in shares)	87,161,499	86,438,232	86,937,552	85,941,418
Basic (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.03	$ 0.22	$ 1.17
Diluted (loss) earnings per share attributable to common shareholders (in dollars per share)	$ (0.09)	$ 0.03	$ 0.22	$ 1.17

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (91)	$ (155)	$ 451	$ (363)

- Definition

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

+ References + Details

Subsequent Event (Details) - $ / shares	Nov. 09, 2022	Nov. 08, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common shares, par value (in dollars per share)			$ 0.01	$ 0.01
Percentage of preferred shares held by affiliate			74.30%
Subsequent Event
Subsequent Event [Line Items]
Percentage of preferred shares held by affiliate	73.00%
Common shares issuable upon conversion of preferred stock		3
Percentage of common shares expected to be held by affiliates	29.00%
Common stock, maximum percentage voting power	9.50%
Expected increase in book value (in dollars per share)	$ 0.82
Subsequent Event \| Noncumulative Preferred Stock, Class A
Subsequent Event [Line Items]
Dividend rate	8.25%
Subsequent Event \| Noncumulative Preferred Stock, Class C
Subsequent Event [Line Items]
Dividend rate	7.125%
Subsequent Event \| Noncumulative Preferred Stock, Class D
Subsequent Event [Line Items]
Dividend rate	6.70%