0001412100-24-000014 | 10-K | XBRL Viewer

Statutory Requirements and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2023

Statutory Financial Information [Abstract]

Schedule of Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries

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


	Maiden Reinsurance (a)		Maiden LF (b)		Maiden GF (b)
Statutory Capital and Surplus
December 31, 2023	$	886,264	$	7,795	$	8,482
December 31, 2022	898,137		7,807		8,471

Statutory Net Income (Loss)
For the Year Ended December 31, 2023	$	25,816	$	(658)	$	(1,246)
For the Year Ended December 31, 2022	(88,240)		(507)		(289)

- Definition

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

+ References + Details

Share Compensation and Pension Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 17, 2023	Mar. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)			10,000,000
Weighted average grant date fair value (in dollars per share)			$ 2.22	$ 2.29
Exercised (in shares)			0	7,500
Share-based expense			$ 1,725	$ 2,740
Defined contribution plans expense			$ 795	707
2019 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under the plan (in shares)						11,289,956
Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service period			4 years
Expiration period			10 years
Unrecognized compensation cost related to non-vested share-based compensation arrangements			$ 0	$ 0
Non-Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Compensation value issued to directors, in form of equity or cash			$ 65
Awards granted (in shares)			804,099	382,436
Fair value of units vested			$ 797	$ 455
Number of nonvested awards			975,027	492,463	249,332
Discretionary Performance-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			225,490	724,702
Fair value of units vested			$ 519	$ 2,148
Number of nonvested awards			0	0	238,094
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation arrangements			$ 1,071
Period of recognition			1 year 25 days
Number of nonvested awards			1,050,980
Vesting on First Anniversary of Grant Date \| Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Vesting on Each Quarter Following First Anniversary \| Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			6.25%
Achievement of financial metrics , following conclusion of fiscal 2023 \| Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	300,000	450,980
Achievement of financial metrics, following conclusion of fiscal 2024 \| Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	300,000
Employee \| Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			0 years
Employee \| Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Director \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details) € in Thousands						12 Months Ended
	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 31, 2019 USD ($)	Jul. 01, 2013	Jul. 01, 2007	Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2010 USD ($)
Segment Reporting Information [Line Items]
Net increase (decrease) incurred losses related to prior years						$ 38,188,000	$ 32,636,000
Net increase (decrease) incurred losses related to prior years, percentage						6.60%	3.50%
Net adverse prior year development (net favorable prior year reserve development)						$ 38,188,000	$ 32,636,000
Change in deferred gain on retroactive reinsurance						$ 25,532,000	(3,587,000)
Number of short duration insurance contracts \| contract						2
Reverse for loss and loss adjustment expenses						$ 867,433,000	1,131,408,000	$ 1,489,373,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)						564,331,000	556,116,000
Paid losses						322,043,000	399,200,000
Reserve for losses incurred but not reported ("IBNR")						323,615,000	428,717,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net						303,102,000
Typical insurance limit						1,000,000
Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						3,984,000
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						3,984,000	14,559,000
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Discounted cash flows
Segment Reporting Information [Line Items]
Underwriting-related derivative liability						3,984,000	14,559,000
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance, increase (decrease)						25,508,000	452,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party			40.00%		40.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Post-Termination Endorsement, Maximum Loss Corridor
Segment Reporting Information [Line Items]
Related party transaction amount (returned)			$ 40,500,000			77,547,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Minimum
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio floor				81.50%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Maximum
Segment Reporting Information [Line Items]
Commission rate, adjustment criteria, loss ratio ceiling				95.00%
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						33,748,000	28,084,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)			$ 445,000,000
Purchase significant reinsurance for losses above						$ 10,000,000
Percent share of losses net of reinsurance						40.00%
AmTrust Reinsurance \| AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Collaborative arrangement, reserves expected to be commuted, exit cost	$ 3,666,000	€ 3,444
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						$ 4,440,000	4,552,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)						43,176,000	60,112,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net									$ 98,827,000
Diversified Reinsurance \| GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)						954,000	$ 1,825,000
Reverse for loss and loss adjustment expenses						17,712,000
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)						5,029,000
Paid losses						11,817,000
Reserve for losses incurred but not reported ("IBNR")						15,653,000
Short-duration insurance contracts, liability for unpaid claims and allocated claim adjustment expense, net						$ 12,683,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues
Gross premiums written	$ 23,466	$ 5,479
Net premiums written	23,168	5,082
Change in unearned premiums	20,801	32,650
Net premiums earned	43,969	37,732
Other insurance revenue (expense), net	39	(4,530)
Net investment income	37,378	30,070
Net realized and unrealized investment gains (losses)	7,848	(5,140)
Total revenues	89,234	58,132
Expenses
Net loss and loss adjustment expenses	61,228	57,991
Commission and other acquisition expenses	19,462	18,511
General and administrative expenses	30,796	30,947
Interest and amortization expenses	18,226	19,331
Foreign exchange and other losses (gains)	5,741	(8,255)
Total expenses	135,453	118,525
Loss before income taxes and interest in income (loss) of equity method investments	(46,219)	(60,393)
Income tax expense (benefit)	196	(557)
Interest in income (loss) of equity method investments	7,846	(205)
Net loss	(38,569)	(60,041)
Gain from repurchase and exchange of preference shares	0	115,473
Net (loss) income (attributable) available to Maiden common shareholders, basic	(38,569)	55,432
Net (loss) income (attributable) available to Maiden common shareholders, diluted	$ (38,569)	$ 55,432
Basic (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.38)	$ 0.63
Diluted (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.38)	$ 0.63
Weighted average number of common shares - basic (in shares)	101,382,606	87,112,711
Adjusted weighted average number of common shares and assumed conversions - diluted (in shares)	101,382,606	87,113,974

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

On May 3, 2023 at its Annual General Meeting of Shareholders, the Company's common shareholders approved the increase in the authorized share capital of the Company from $1,500 divided into 150,000,000 shares of par value $0.01 each, to $2,000 divided into 200,000,000 of par value $0.01 each.

At December 31, 2023, the aggregate authorized share capital of the Company is 200,000,000 shares from which 149,732,355 common shares were issued, of which 100,472,120 common shares are outstanding, and 49,260,235 shares are treasury shares (please see Note 6. (b) Treasury Shares below for additional information).

The remaining 50,267,645 shares are undesignated at December 31, 2023. At December 31, 2023, 975,027 common shares will be issued and outstanding upon vesting of restricted shares, and 5,668,408 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

a) Common shares

The Company's common shares have a par value of $0.01 per share. Our common shareholders are entitled to receive dividends and allocated one vote per common share subject to downward adjustment under certain circumstances. For the years ended December 31, 2023 and 2022, the Company's Board of Directors did not declare any dividends to common shareholders.

The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023	2022
Outstanding shares – January 1	101,532,151	86,467,242
Shares issued pursuant to the exchange of Maiden preference shares	—	55,800,000
Issuance of vested restricted shares and exercised common share options	508,275	1,107,973
Shares repurchased for tax purposes	(128,731)	(403,716)
Shares repurchased by Maiden Reinsurance under authorized repurchase plan	(1,439,575)	—
Common shares held by Maiden Reinsurance under the Exchange	—	(41,439,348)
Outstanding shares – December 31(1)	100,472,120	101,532,151

(1) Outstanding shares at December 31, 2023 and 2022 exclude 41,439,348 common shares issued to Maiden Reinsurance under the Exchange as well as 1,439,575 common shares repurchased by Maiden Reinsurance under authorized repurchase plan. These shares are treated as treasury shares.

b) 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. For the year ended December 31, 2023, Maiden Reinsurance repurchased 1,439,575 common shares at an average price per share of $1.83 under the Company's share repurchase plan (2022 - none). The Company's remaining authorization for common shares repurchases is $71,615 at December 31, 2023 (2022 - $74,245).

During the year ended December 31, 2023, the Company repurchased 128,731 (2022 - 403,716) common shares at an average price per share of $2.25 (2022 - $2.50) from employees, which represent tax withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares.

Treasury shares include 42,878,923 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the Exchange and 1,439,575 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Consolidated Balance Sheet at December 31, 2023. Please see further information on the Exchange as fully described in "Note 1 — Organization" and the preference share repurchases disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023.

The table below includes the total number of treasury shares outstanding at December 31, 2023 and 2022:


December 31,	2023	2022
Number of shares held by Maiden Reinsurance treated as treasury shares	42,878,923	41,439,348
Number of treasury shares due to common share repurchases by Maiden Holdings	6,381,312	6,252,581
Total number of treasury shares at the end of the reporting period	49,260,235	47,691,929

6. Shareholders’ Equity (continued)

d) Accumulated Other Comprehensive Loss

The following tables set forth financial information regarding the changes in the balances of each component of AOCI for the years ended December 31, 2023 and 2022:


For the Year Ended December 31, 2023	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	(15,668)	$	(25,566)	$	(41,234)
Other comprehensive income before reclassifications	7,884		1,881		9,765




Ending balance, Maiden shareholders	$	(7,784)	$	(23,685)	$	(31,469)


For the Year Ended December 31, 2022	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	(2,693)	$	(9,522)	$	(12,215)
Other comprehensive loss before reclassifications	(6,168)		(16,044)		(22,212)
Amounts reclassified from AOCI to net income, net of tax	(6,807)		—		(6,807)
Net current period other comprehensive loss	(12,975)		(16,044)		(29,019)


Ending balance, Maiden shareholders	$	(15,668)	$	(25,566)	$	(41,234)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 70,858	$ 58,939
Unearned premiums	1,929	2,813
Capital loss carry-forward	2,909	3,036
Net unrealized losses on investments	17,223	23,276
Discounting of net loss and LAE reserves	14,542	22,964
Deferred gain on retroactive reinsurance	14,892	11,032
Others	2,373	1,175
Deferred tax assets before valuation allowance	124,726	123,235
Valuation allowance	119,742	116,237
Deferred tax assets, net	4,984	6,998
Deferred tax liabilities:
Deferred commission and other acquisition expenses	4,195	5,767
Others	0	56
Deferred tax liabilities	4,195	5,823
Net deferred tax asset	$ 789	$ 1,175

Income Taxes - Income before Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes – Domestic (Bermuda)	$ (32,456)	$ (20,509)
Loss before income taxes – Foreign (U.S. and others)	(5,917)	(40,089)
Total loss before income taxes	(38,373)	(60,598)
Current tax expense – Domestic (Bermuda)	0	0
Current tax benefit – Foreign (U.S. and others)	(146)	(478)
Total current tax benefit	(146)	(478)
Deferred tax expense – Domestic (Bermuda)	0	0
Deferred tax expense (benefit) – Foreign (U.S. and others)	342	(79)
Total deferred tax expense (benefit)	342	(79)
Total income tax expense (benefit)	$ 196	$ (557)

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023 and 2022 was as follows:


For the Year Ended December 31,	2023		2022
Premiums written
Direct	$	27,265	$	24,553
Assumed	(3,799)		(19,074)
Ceded	(298)		(397)
Net	$	23,168	$	5,082
Premiums earned
Direct	$	27,049	$	24,534
Assumed	17,202		13,599
Ceded	(282)		(401)
Net	$	43,969	$	37,732
Loss and LAE
Gross loss and LAE	$	59,562	$	53,508
Loss and LAE ceded	1,666		4,483
Net	$	61,228	$	57,991

Schedule of Reinsurance Recoverable, Allowance for Credit Loss

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the year ended December 31, 2023:



For the Year Ended December 31,	2023
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	4,277

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(1,037)

Allowance for expected credit losses on reinsurance recoverable, end of period	$	3,240

Fair Value Measurements - Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Senior Notes \| 2016 Senior Notes – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes \| 2013 Senior Notes – 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	$ 262,361	$ 262,500
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| 2016 Senior Notes – 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 \| 2013 Senior Notes – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	152,361	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	189,599	190,386
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| 2016 Senior Notes – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	73,744	76,560
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| 2013 Senior Notes – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 115,855	$ 113,826

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Original or amortized cost	$ 258,536,000	$ 330,439,000
Gross unrealized gains	8,000	1,000
Gross unrealized losses	(7,943,000)	(15,913,000)
Fair value	250,601,000	314,527,000
Accrued interest receivable	1,418,000	1,456,000
Write off on the accrued interest receivable	0
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	55,046,000	55,647,000
Gross unrealized gains	8,000	1,000
Gross unrealized losses	(2,000)	(116,000)
Fair value	55,052,000	55,532,000
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	29,918,000	38,767,000
Gross unrealized gains	0	0
Gross unrealized losses	(3,267,000)	(4,402,000)
Fair value	26,651,000	34,365,000
Collateralized mortgage-backed securities
Schedule of Investments [Line Items]
Original or amortized cost		7,199,000
Gross unrealized gains		0
Gross unrealized losses		(432,000)
Fair value		6,767,000
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	21,219,000	12,643,000
Gross unrealized gains	0	0
Gross unrealized losses	(468,000)	(825,000)
Fair value	20,751,000	11,818,000
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	80,591,000	119,120,000
Gross unrealized gains	0	0
Gross unrealized losses	(1,788,000)	(5,028,000)
Fair value	78,803,000	114,092,000
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	71,762,000	97,063,000
Gross unrealized gains	0	0
Gross unrealized losses	(2,418,000)	(5,110,000)
Fair value	$ 69,344,000	$ 91,953,000

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 80,929	$ 80,159
% of Total	100.00%	100.00%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 49,897	$ 40,944
% of Total	61.70%	51.10%
Hedge fund investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 5,376
% of Total	0.00%	6.70%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 31,032	$ 33,839
% of Total	38.30%	42.20%

Statutory Requirements and Dividend Restrictions - Statutory Capital and Surplus and Statutory Net (Loss) Income of Principal Operating Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Maiden Bermuda
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	$ 886,264	$ 898,137
Statutory Net Income (Loss)	25,816	(88,240)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	7,795	7,807
Statutory Net Income (Loss)	(658)	(507)
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus	8,482	8,471
Statutory Net Income (Loss)	$ (1,246)	$ (289)

Fair Value Measurements- Narrative (Details) $ in Thousands	12 Months Ended
Fair Value Measurements- Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security		1
Asset transfers from NAV into Level 3	$ 30,147	$ 0
Fixed maturities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach		4,764
Fixed maturities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	1
Assets, securities valued using market approach	$ 5,382
Private Equity Investment \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset transfers from NAV into Level 3	24,765	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	409,706	450,814
Underwriting-related derivative liability	3,984
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	190,167	259,995
Underwriting-related derivative liability	0	0
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	52,483	18,806
Underwriting-related derivative liability	3,984	14,559
Fair Value, Measurements, Recurring \| Level 3 \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	$ 3,984	$ 14,559
Estimate of Fair Value Measurement \| Fair Value, Measurements, Recurring \| Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets valued by third party, percentage	97.90%	98.50%
Assets valued using market approach, percentage	2.10%	1.50%

Reserve for Loss and Loss Adjustment Expenses - Incurred losses and LAE, Net of Reinsurance and Cumulative Paid Losses and LAE, Net of Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 30, 2010
Claims Development [Line Items]
Impact of LPT/ADC	$ 564,331	$ 556,116
Reserve for loss and LAE	867,433	1,131,408	$ 1,489,373
Total net reserves including impact of LPT/ADC Agreement	303,102
Diversified Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC	43,176	60,112
Total net reserves including impact of LPT/ADC Agreement												$ 98,827
AmTrust Reinsurance
Claims Development [Line Items]
Impact of LPT/ADC						$ 445,000
IIS business \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	519,135
Total IBNR	4,956
Impact of LPT/ADC	663
Cumulative paid loss and LAE, net of reinsurance	484,830
Reserve for loss and LAE	34,968
Total net reserves including impact of LPT/ADC Agreement	34,305
IIS business \| 2010 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	82,139	79,845	79,649	$ 79,347	$ 79,225		$ 78,198	$ 78,500	$ 76,500	$ 74,425	$ 76,316
Total IBNR	892
Cumulative paid loss and LAE, net of reinsurance	59,966	58,901	57,880	56,793	55,720		54,307	52,673	51,194	49,678	48,089
IIS business \| 2011 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,682	47,699	47,621	47,621	47,661		47,705	47,455	47,076	47,246	47,288
Total IBNR	53
Cumulative paid loss and LAE, net of reinsurance	47,880	47,903	47,872	47,820	47,737		47,672	47,563	47,422	47,190	46,772
IIS business \| 2012 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	46,889	46,886	46,912	46,810	46,880		46,935	47,215	46,954	46,871	46,766
Total IBNR	247
Cumulative paid loss and LAE, net of reinsurance	44,033	44,063	44,093	43,997	43,915		43,901	43,790	43,208	42,881	41,795
IIS business \| 2013 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	50,713	50,710	50,742	50,640	50,707		50,328	50,500	49,899	50,397	49,081
Total IBNR	(200)
Cumulative paid loss and LAE, net of reinsurance	48,591	48,374	48,260	47,839	47,527		47,450	47,244	46,775	45,432	42,954
IIS business \| 2014 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	47,744	47,701	47,684	47,798	48,047		47,981	48,191	48,292	48,426	42,670
Total IBNR	64
Cumulative paid loss and LAE, net of reinsurance	46,088	46,101	46,064	46,004	45,888		45,785	45,536	44,312	42,044	23,776
IIS business \| 2015 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	43,983	44,078	44,065	44,335	44,480		44,444	44,791	44,301	42,887
Total IBNR	(136)
Cumulative paid loss and LAE, net of reinsurance	43,274	43,286	43,257	43,050	42,778		42,376	41,401	39,336	21,761
IIS business \| 2016 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,214	40,227	40,135	40,436	40,034		40,048	40,687	38,693
Total IBNR	8
Cumulative paid loss and LAE, net of reinsurance	41,299	41,048	40,217	39,709	39,096		38,370	36,599	22,495
IIS business \| 2017 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,243	35,437	35,639	35,622	36,506		37,609	36,740
Total IBNR	198
Cumulative paid loss and LAE, net of reinsurance	35,850	35,820	35,758	35,506	34,705		32,998	19,052
IIS business \| 2018 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,413	40,848	40,711	40,678	40,499		42,164
Total IBNR	(922)
Cumulative paid loss and LAE, net of reinsurance	40,464	40,230	39,629	38,615	36,586		20,212
IIS business \| 2019 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	36,689	36,696	36,606	37,533	35,530
Total IBNR	110
Cumulative paid loss and LAE, net of reinsurance	33,682	33,398	32,858	30,231	16,687
IIS business \| 2020 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	22,175	22,000	23,165	24,024
Total IBNR	916
Cumulative paid loss and LAE, net of reinsurance	20,842	20,423	19,377	11,447
IIS business \| 2021 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	6,485	6,410	6,410
Total IBNR	1,981
Cumulative paid loss and LAE, net of reinsurance	11,535	10,479	5,744
IIS business \| 2022 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,121	7,298
Total IBNR	1,745
Cumulative paid loss and LAE, net of reinsurance	10,481	1,196
IIS business \| 2023 \| Diversified Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	9,645
Total IBNR	0
Cumulative paid loss and LAE, net of reinsurance	845
Workers' Compensation \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,617,417
Total IBNR	157,562
Impact of LPT/ADC	334,296
Cumulative paid loss and LAE, net of reinsurance	3,314,450
All outstanding liabilities prior to 2008, net of reinsurance	62
Reserve for loss and LAE	303,029
Total net reserves including impact of LPT/ADC Agreement	(31,267)					$ 83,305
Workers' Compensation \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	86,144	86,415	86,292	86,117	83,952		84,710	83,622	83,039	82,301	81,240
Total IBNR	2,132
Impact of LPT/ADC	3,028
Cumulative paid loss and LAE, net of reinsurance	83,026	82,761	82,676	82,286	82,709		82,436	81,159	79,230	78,161	77,370
Workers' Compensation \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	109,018	109,384	110,207	109,021	109,664		110,175	107,165	105,901	106,204	109,213
Total IBNR	1,474
Impact of LPT/ADC	3,918
Cumulative paid loss and LAE, net of reinsurance	104,685	104,434	104,205	103,771	102,877		101,823	100,103	98,811	96,396	93,425
Workers' Compensation \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	125,420	126,308	126,516	126,621	127,381		127,215	123,968	124,073	125,020	120,243
Total IBNR	6,365
Impact of LPT/ADC	5,348
Cumulative paid loss and LAE, net of reinsurance	116,064	115,765	115,508	114,730	116,332		115,959	115,014	114,639	108,171	103,280
Workers' Compensation \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	139,421	140,257	137,355	141,272	139,685		138,600	135,379	133,916	133,995	132,728
Total IBNR	4,556
Impact of LPT/ADC	6,913
Cumulative paid loss and LAE, net of reinsurance	131,877	130,958	130,413	129,408	125,843		124,315	122,579	115,966	114,107	105,584
Workers' Compensation \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	187,630	189,114	187,089	192,263	188,879		192,087	181,616	172,692	171,040	173,946
Total IBNR	7,048
Impact of LPT/ADC	10,691
Cumulative paid loss and LAE, net of reinsurance	176,022	175,021	174,436	172,251	168,154		164,512	158,807	150,543	138,706	119,059
Workers' Compensation \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	276,791	277,226	277,365	281,580	273,571		276,249	261,915	242,447	238,392	245,765
Total IBNR	8,713
Impact of LPT/ADC	17,699
Cumulative paid loss and LAE, net of reinsurance	257,523	255,720	252,506	248,103	234,342		227,502	216,527	199,300	168,785	121,182
Workers' Compensation \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	440,175	441,185	445,258	449,374	455,521		457,363	419,748	382,260	365,515	379,589
Total IBNR	18,517
Impact of LPT/ADC	32,449
Cumulative paid loss and LAE, net of reinsurance	404,591	398,441	392,101	383,529	370,176		355,414	321,258	268,467	189,954	69,512
Workers' Compensation \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	535,139	537,963	547,439	549,857	545,271		551,145	526,269	474,212	474,140
Total IBNR	25,811
Impact of LPT/ADC	46,860
Cumulative paid loss and LAE, net of reinsurance	483,387	476,769	466,868	448,867	417,736		388,640	338,642	246,616	86,695
Workers' Compensation \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	555,645	559,440	568,791	579,849	603,529		627,728	568,006	528,906
Total IBNR	31,683
Impact of LPT/ADC	55,094
Cumulative paid loss and LAE, net of reinsurance	494,160	484,367	471,382	449,347	428,651		380,602	284,501	110,051
Workers' Compensation \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	577,051	580,155	591,122	593,920	613,577		654,362	615,957
Total IBNR	25,284
Impact of LPT/ADC	68,032
Cumulative paid loss and LAE, net of reinsurance	528,411	520,180	507,903	485,611	448,551		274,596	111,508
Workers' Compensation \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	573,040	577,485	585,009	575,765	580,528		592,566
Total IBNR	25,787
Impact of LPT/ADC	84,264
Cumulative paid loss and LAE, net of reinsurance	524,987	515,459	499,349	465,762	409,986		110,954
Workers' Compensation \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	11,943	10,152	10,871	9,945	12,751
Total IBNR	192
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	9,717	9,024	8,070	5,821	3,907
General Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,097,337
Total IBNR	52,617
Impact of LPT/ADC	112,970
Cumulative paid loss and LAE, net of reinsurance	955,668
All outstanding liabilities prior to 2008, net of reinsurance	98
Reserve for loss and LAE	141,767
Total net reserves including impact of LPT/ADC Agreement	28,797
General Liability \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	39,796	40,017	40,381	40,398	36,996		37,605	36,627	35,985	34,169	33,792
Total IBNR	2,435
Impact of LPT/ADC	209
Cumulative paid loss and LAE, net of reinsurance	37,289	37,473	37,278	37,253	34,893		36,699	34,935	32,765	32,423	32,849
General Liability \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	35,433	35,495	35,733	36,228	35,410		35,138	34,863	34,040	32,418	30,902
Total IBNR	182
Impact of LPT/ADC	103
Cumulative paid loss and LAE, net of reinsurance	35,197	35,093	34,999	34,984	32,487		33,473	32,878	30,924	28,312	24,298
General Liability \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,907	44,856	44,778	45,490	43,062		42,884	41,597	38,298	38,536	36,455
Total IBNR	278
Impact of LPT/ADC	527
Cumulative paid loss and LAE, net of reinsurance	44,246	44,040	43,076	42,509	39,888		39,214	37,317	34,125	30,948	26,429
General Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	54,495	54,288	54,683	55,607	53,499		52,746	49,338	45,303	42,100	40,557
Total IBNR	218
Impact of LPT/ADC	997
Cumulative paid loss and LAE, net of reinsurance	53,320	53,064	52,592	51,492	49,178		47,141	41,257	39,350	31,619	22,963
General Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,214	63,615	64,052	63,704	63,429		59,948	55,991	50,800	48,851	42,450
Total IBNR	3,853
Impact of LPT/ADC	1,573
Cumulative paid loss and LAE, net of reinsurance	58,412	58,889	57,913	55,350	56,538		53,526	45,775	40,864	29,752	18,020
General Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	97,920	96,388	96,342	95,050	92,032		89,204	79,731	68,641	66,869	43,116
Total IBNR	1,559
Impact of LPT/ADC	3,800
Cumulative paid loss and LAE, net of reinsurance	92,705	89,473	87,178	83,571	76,996		70,074	58,377	44,698	32,249	10,226
General Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	119,554	119,413	119,782	119,367	116,085		111,970	99,873	77,930	66,558	65,469
Total IBNR	4,834
Impact of LPT/ADC	7,027
Cumulative paid loss and LAE, net of reinsurance	107,865	102,290	96,521	92,861	86,101		77,259	57,678	36,026	24,581	3,503
General Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	155,101	155,234	154,939	154,529	154,071		139,518	122,942	95,766	118,111
Total IBNR	3,760
Impact of LPT/ADC	13,465
Cumulative paid loss and LAE, net of reinsurance	140,414	131,224	120,546	112,542	98,278		79,291	52,350	33,963	20,849
General Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	153,168	150,019	147,996	147,858	148,371		120,911	114,864	98,149
Total IBNR	7,368
Impact of LPT/ADC	20,243
Cumulative paid loss and LAE, net of reinsurance	129,683	114,422	101,764	88,627	67,064		45,855	21,959	6,402
General Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	170,669	167,257	162,856	161,354	165,268		133,533	116,158
Total IBNR	13,341
Impact of LPT/ADC	26,585
Cumulative paid loss and LAE, net of reinsurance	139,460	119,417	97,356	79,531	51,545		27,001	6,967
General Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	160,003	151,791	148,295	148,817	153,822		121,991
Total IBNR	13,825
Impact of LPT/ADC	38,441
Cumulative paid loss and LAE, net of reinsurance	115,496	90,841	65,947	42,792	24,618		7,907
General Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	3,077	3,906	5,981	6,017	5,427
Total IBNR	964
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	1,581	1,218	717	314	27
Commercial Auto Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	1,185,430
Total IBNR	16,782
Impact of LPT/ADC	30,834
Cumulative paid loss and LAE, net of reinsurance	1,114,837
All outstanding liabilities prior to 2008, net of reinsurance	57
Reserve for loss and LAE	70,650
Total net reserves including impact of LPT/ADC Agreement	39,816
Commercial Auto Liability \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	37,880	37,885	37,854	37,746	35,542		35,382	35,521	35,975	34,584	34,522
Total IBNR	2,532
Impact of LPT/ADC	20
Cumulative paid loss and LAE, net of reinsurance	35,349	35,339	35,013	34,982	36,968		35,284	34,803	34,074	33,536	32,643
Commercial Auto Liability \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	30,978	30,979	31,019	31,082	31,064		31,033	30,919	30,468	31,024	30,812
Total IBNR	633
Impact of LPT/ADC	66
Cumulative paid loss and LAE, net of reinsurance	30,342	30,341	30,340	30,337	31,194		30,204	29,842	29,829	29,226	26,975
Commercial Auto Liability \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	40,556	40,608	40,631	40,637	42,070		41,996	42,146	40,523	40,193	38,043
Total IBNR	139
Impact of LPT/ADC	3
Cumulative paid loss and LAE, net of reinsurance	40,416	40,416	40,411	40,407	40,395		40,282	39,750	39,413	37,734	34,855
Commercial Auto Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	34,644	34,633	34,690	34,707	34,643		36,065	36,149	34,790	33,839	32,578
Total IBNR	485
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	34,159	34,158	34,005	33,872	33,451		33,155	33,130	32,362	29,769	25,808
Commercial Auto Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	45,887	45,860	45,753	45,902	45,917		45,753	46,150	48,116	44,812	40,076
Total IBNR	36
Impact of LPT/ADC	8
Cumulative paid loss and LAE, net of reinsurance	45,831	45,825	45,812	45,819	45,751		45,555	44,165	43,745	35,460	26,508
Commercial Auto Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	63,471	63,500	63,589	63,532	63,620		62,163	63,162	59,702	50,647	44,771
Total IBNR	205
Impact of LPT/ADC	130
Cumulative paid loss and LAE, net of reinsurance	63,079	63,070	62,968	62,562	62,331		59,600	57,349	48,122	34,379	19,865
Commercial Auto Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	93,434	93,164	93,208	94,238	92,572		89,299	82,427	73,966	55,023	47,525
Total IBNR	1,167
Impact of LPT/ADC	339
Cumulative paid loss and LAE, net of reinsurance	91,819	91,115	91,000	90,761	87,458		79,766	64,459	42,960	22,858	8,450
Commercial Auto Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	130,631	129,632	129,082	129,849	127,560		119,141	106,560	92,955	66,967
Total IBNR	389
Impact of LPT/ADC	835
Cumulative paid loss and LAE, net of reinsurance	128,693	125,415	121,605	118,753	107,707		86,433	62,945	39,179	13,102
Commercial Auto Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	171,563	170,221	167,479	170,275	171,504		144,077	118,210	121,828
Total IBNR	(1,479)
Impact of LPT/ADC	4,108
Cumulative paid loss and LAE, net of reinsurance	165,475	158,822	145,727	133,826	113,174		76,635	48,595	19,071
Commercial Auto Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	227,165	224,132	220,471	230,972	220,457		189,257	156,575
Total IBNR	3,270
Impact of LPT/ADC	8,197
Cumulative paid loss and LAE, net of reinsurance	212,952	197,857	176,863	154,600	115,623		69,657	26,863
Commercial Auto Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	234,717	230,516	219,800	230,200	224,780		177,150
Total IBNR	4,055
Impact of LPT/ADC	17,128
Cumulative paid loss and LAE, net of reinsurance	207,553	178,479	138,770	107,184	67,080		30,018
Commercial Auto Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	74,504	74,553	73,023	77,371	79,172
Total IBNR	5,357
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	59,162	49,073	34,365	22,799	9,456
Commercial Auto Liability \| 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(7)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	7	7	7	7
European Hospital Liability \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	630,266
Total IBNR	4,914
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	521,049
Reserve for loss and LAE	109,217
Total net reserves including impact of LPT/ADC Agreement	109,217
European Hospital Liability \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	70,652	69,655	62,268	61,517	61,240		59,019	61,552	63,479	46,100	48,464
Total IBNR	(1,008)
Cumulative paid loss and LAE, net of reinsurance	63,056	59,705	55,539	52,638	48,189		44,495	40,400	34,919	28,104	22,974
European Hospital Liability \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	121,675	120,689	117,456	116,023	115,107		110,349	85,386	90,177	100,807	78,617
Total IBNR	(3,036)
Cumulative paid loss and LAE, net of reinsurance	108,615	102,818	96,039	91,090	81,276		75,295	67,454	57,207	44,496	34,162
European Hospital Liability \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	108,573	107,268	105,258	103,655	102,288		96,568	75,340	82,397	62,720	60,125
Total IBNR	(1,358)
Cumulative paid loss and LAE, net of reinsurance	93,500	87,566	79,699	74,262	61,350		54,268	48,424	38,521	25,246	14,674
European Hospital Liability \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	88,950	86,101	86,288	84,962	83,937		78,792	62,486	56,158	52,429	49,790
Total IBNR	(951)
Cumulative paid loss and LAE, net of reinsurance	76,532	69,805	59,822	56,926	45,291		38,395	34,218	24,042	11,566	4,106
European Hospital Liability \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	73,957	71,680	70,100	67,828	67,595		64,517	58,679	45,067	46,419
Total IBNR	2,628
Cumulative paid loss and LAE, net of reinsurance	59,618	53,736	44,270	44,752	34,118		28,410	22,261	10,782	3,391
European Hospital Liability \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	68,576	67,255	67,797	66,474	67,961		65,484	50,033	43,461
Total IBNR	3,243
Cumulative paid loss and LAE, net of reinsurance	50,899	46,325	36,546	34,000	22,907		17,221	10,393	3,499
European Hospital Liability \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	48,984	48,477	49,686	51,640	53,058		50,977	40,010
Total IBNR	3,327
Cumulative paid loss and LAE, net of reinsurance	33,143	29,293	19,770	14,344	7,390		4,312	1,249
European Hospital Liability \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	33,455	33,384	31,177	31,805	30,892		43,555
Total IBNR	725
Cumulative paid loss and LAE, net of reinsurance	24,479	21,635	7,589	5,273	2,213		899
European Hospital Liability \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,444	15,261	15,318	14,365	15,519
Total IBNR	1,344
Cumulative paid loss and LAE, net of reinsurance	11,207	10,284	2,954	1,564	11,195
All other lines \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	488,298
Total IBNR	4,535
Impact of LPT/ADC	654
Cumulative paid loss and LAE, net of reinsurance	482,868
All outstanding liabilities prior to 2008, net of reinsurance	(3)
Reserve for loss and LAE	5,427
Total net reserves including impact of LPT/ADC Agreement	4,773
All other lines \| 2008 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	24,013	24,013	24,016	24,045	29,519		29,574	29,576	29,070	29,237	29,149
Total IBNR	(4,847)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	28,850	28,850	28,850	24,706	29,234		30,683	30,833	29,177	29,388	31,217
All other lines \| 2009 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,379	15,373	15,373	15,750	14,617		15,653	16,088	14,492	14,309	13,329
Total IBNR	383
Impact of LPT/ADC	1
Cumulative paid loss and LAE, net of reinsurance	14,986	14,986	14,986	14,954	14,009		15,051	15,224	13,870	13,105	11,093
All other lines \| 2010 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	15,905	15,905	15,905	15,905	15,438		17,059	17,071	16,105	16,078	15,484
Total IBNR	52
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	15,854	15,854	15,854	15,853	15,285		16,786	16,919	16,058	15,748	15,375
All other lines \| 2011 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,490	21,496	21,500	21,515	21,469		23,506	23,376	22,616	22,359	27,509
Total IBNR	132
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	21,359	21,334	21,339	21,343	21,481		23,661	23,892	22,715	22,044	21,279
All other lines \| 2012 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	17,775	17,819	17,811	17,969	19,578		20,260	19,850	18,673	21,898	19,426
Total IBNR	(310)
Impact of LPT/ADC	17
Cumulative paid loss and LAE, net of reinsurance	18,084	18,077	18,077	18,071	17,559		18,685	18,205	17,946	16,936	16,033
All other lines \| 2013 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	20,593	20,637	20,639	20,644	21,735		21,669	21,313	22,918	28,058	17,630
Total IBNR	1,111
Impact of LPT/ADC	28
Cumulative paid loss and LAE, net of reinsurance	19,482	19,463	19,465	20,146	19,343		20,447	20,456	20,258	17,509	15,997
All other lines \| 2014 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	21,481	21,493	21,491	21,496	24,929		26,278	24,958	26,021	25,268	20,597
Total IBNR	(51)
Impact of LPT/ADC	14
Cumulative paid loss and LAE, net of reinsurance	21,532	21,509	21,493	21,497	21,405		26,194	22,018	20,940	20,277	$ 12,028
All other lines \| 2015 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	44,379	44,456	44,749	44,939	47,882		49,463	49,631	54,857	52,706
Total IBNR	639
Impact of LPT/ADC	15
Cumulative paid loss and LAE, net of reinsurance	43,737	43,742	43,895	43,622	44,179		41,962	42,631	45,208	$ 28,929
All other lines \| 2016 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	67,162	66,791	66,944	67,060	73,602		72,384	74,948	79,654
Total IBNR	6,353
Impact of LPT/ADC	61
Cumulative paid loss and LAE, net of reinsurance	60,682	59,967	60,008	63,450	63,234		65,452	69,805	$ 42,795
All other lines \| 2017 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	96,485	96,267	96,104	96,196	92,904		96,812	104,637
Total IBNR	1,513
Impact of LPT/ADC	199
Cumulative paid loss and LAE, net of reinsurance	94,710	94,206	93,541	93,212	80,735		80,726	$ 48,903
All other lines \| 2018 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	101,326	102,061	101,913	101,553	103,489		96,910
Total IBNR	(1,253)
Impact of LPT/ADC	319
Cumulative paid loss and LAE, net of reinsurance	102,406	102,587	101,158	98,386	86,455		$ 56,539
All other lines \| 2019 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	42,310	42,003	43,554	43,146	37,945
Total IBNR	916
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	41,028	40,670	40,427	38,793	$ 22,095
All other lines \| 2020 \| AmTrust Reinsurance
Claims Development [Line Items]
Incurred loss and LAE, net of reinsurance	0
Total IBNR	(103)
Impact of LPT/ADC	0
Cumulative paid loss and LAE, net of reinsurance	103	103	103	$ 4
All other lines \| 2021 \| AmTrust Reinsurance
Claims Development [Line Items]
Cumulative paid loss and LAE, net of reinsurance	$ 55	$ 66	$ 66

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income before Taxes and Income Tax Expense

Total loss before income taxes and total income tax expense (benefit) for the years ended December 31, 2023 and 2022 are as follows:


For the Year Ended December 31,	2023		2022
Loss before income taxes – Domestic (Bermuda)	$	(32,456)	$	(20,509)
Loss before income taxes – Foreign (U.S. and others)	(5,917)		(40,089)
Total loss before income taxes	$	(38,373)	$	(60,598)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax benefit – Foreign (U.S. and others)	(146)		(478)
Total current tax benefit	(146)		(478)

Deferred tax expense – Domestic (Bermuda)	—		—
Deferred tax expense (benefit) – Foreign (U.S. and others)	342		(79)
Total deferred tax expense (benefit)	342		(79)

Total income tax expense (benefit)	$	196	$	(557)

Schedule of Effective Income Tax Rate Reconciliation

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2023 and 2022 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to the Company's loss before income taxes:


For the Year Ended December 31,	2023			2022
Loss before income taxes	$	(38,373)		$	(60,598)
Less: income tax expense (benefit)	196			(557)
Net loss	$	(38,569)		$	(60,041)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	(2.0)		%	36.5		%

Valuation allowance in respect of U.S. taxes	2.0		%	(36.5)		%
Other jurisdictions	(0.5)		%	0.9		%
Actual tax rate	(0.5)		%	0.9		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows:


December 31,	2023		2022
Deferred tax assets:
Net operating losses	$	70,858	$	58,939
Unearned premiums	1,929		2,813
Capital loss carry-forward	2,909		3,036
Net unrealized losses on investments	17,223		23,276
Discounting of net loss and LAE reserves	14,542		22,964

Deferred gain on retroactive reinsurance	14,892		11,032
Others	2,373		1,175
Deferred tax assets before valuation allowance	124,726		123,235
Valuation allowance	119,742		116,237
Deferred tax assets, net	4,984		6,998
Deferred tax liabilities:
Deferred commission and other acquisition expenses	4,195		5,767




Others	—		56
Deferred tax liabilities	4,195		5,823
Net deferred tax asset	$	789	$	1,175

Shareholders' Equity - Changes in Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Outstanding shares – January 1 (in shares)	101,532,151	86,467,242
Shares issued pursuant to the exchange of Maiden preference shares (in shares)	0	55,800,000
Issuance of vested restricted shares and exercised common share options (in shares)	508,275	1,107,973
Shares repurchased for tax purposes (in shares)	(128,731)	(403,716)
Shares repurchased by Maiden Reinsurance under authorized repurchase plan (in shares)	(1,439,575)	0
Common shares held by Maiden Reinsurance under the Exchange (in shares)	0	(41,439,348)
Outstanding shares – December 31 (in shares)	100,472,120	101,532,151

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Fair Value Measurements - Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 18,806	$ 7,094
Sales	(7,669)	(2,000)
Net realized and unrealized gains recognized in the statement of income	$ 3,723	$ 3,770
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag	Net realized and unrealized gains recognized in the statement of income	Net realized and unrealized gains recognized in the statement of income
Purchases	$ 7,476	$ 9,942
Transfers into Level 3 from Level 2 and NAV practical expedient	30,147	0
Total Level 3 investments - end of period	$ 52,483	$ 18,806

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 7,266	$ 15,638
Restricted investments	212,608	281,192
Total restricted cash and investments	219,874	296,830
Third party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	6,019	13,122
Restricted investments	61,192	48,101
Amortized cost	63,299	48,181
Related party agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	1,247	2,516
Restricted investments	151,416	233,091
Amortized cost	$ 155,546	$ 246,325

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At December 31, 2023 and 2022, 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 outstanding at December 31, 2023 and 2022:


December 31, 2023	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized issuance costs	3,345			4,419			7,764
Carrying value	$	106,655		$	147,942		$	254,597

December 31, 2022	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,406			3,522			6,928
Carrying value	$	106,594		$	148,978		$	255,572

Other details:
Original debt issuance costs	$	3,715		$	5,049
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		%

Total interest and amortization expense incurred on the Senior Notes for the year ended December 31, 2023 was $18,266 (2022 - $19,331), of which $1,342 was accrued as interest payable at both December 31, 2023 and 2022, respectively. The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes under the effective interest method of amortization.

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.

On May 3, 2023, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100,000 of the Company's Senior Notes from time to time at market prices in open market purchases or as may be privately negotiated.

During the year ended December 31, 2023, Maiden Reinsurance repurchased 5,567 notes of the 2013 Senior Notes at an average price per unit of $17.10 for a total cost of $95. Total interest and amortization expenses of $18,266 were partly offset by a realized gain of $40 from the repurchase of the 2013 Senior Notes during the year ended December 31, 2023. The Company has a remaining authorization of $99,905 for Senior Notes repurchases at December 31, 2023.

Segment Information - Net Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 23,466	$ 5,479
Net premiums written	23,168	5,082
Net premiums earned	$ 43,969	$ 37,732
% of Total Net premiums earned	100.00%	100.00%
Operating Segments \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ 27,402	$ 24,017
Net premiums written	27,104	23,620
Net premiums earned	$ 29,039	$ 27,983
% of Total Net premiums earned	66.00%	74.20%
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (3,936)	$ (18,538)
Net premiums written	(3,936)	(18,538)
Net premiums earned	$ 14,930	$ 9,749
% of Total Net premiums earned	34.00%	25.80%
Operating Segments \| International \| Diversified Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 27,104	$ 23,620
Net premiums earned	$ 29,039	$ 27,983
% of Total Net premiums earned	66.00%	74.20%
Operating Segments \| Small Commercial Business \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (465)	$ (15,143)
Net premiums earned	$ (465)	$ (15,131)
% of Total Net premiums earned	(1.10%)	(40.10%)
Operating Segments \| Specialty Program \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 156	$ 747
Net premiums earned	$ 156	$ 748
% of Total Net premiums earned	0.40%	2.00%
Operating Segments \| Specialty Risk and Extended Warranty \| AmTrust Reinsurance
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ (3,627)	$ (4,142)
Net premiums earned	$ 15,239	$ 24,132
% of Total Net premiums earned	34.70%	63.90%
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	$ (146)	$ (14,600)
Net premiums written	(309)	(14,396)
Net premiums earned	(309)	(14,383)
Other (predominantly Europe)
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross premiums written	23,612	20,079
Net premiums written	23,477	19,478
Net premiums earned	$ 44,278	$ 52,115

Share Compensation and Pension Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share Compensation and Pension Plans

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

2019 Omnibus Incentive Plan

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

Share Options

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

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

This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2023 and 2022:


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































Outstanding, December 31, 2021	215,000	$	8.91	4.28 years	$	13	$1.31	$13.98
Exercised	(7,500)	1.31			7
Expired	(57,250)	7.20
Forfeited	(6,250)	7.20
Outstanding, December 31, 2022	144,000	9.72		3.40 years	—		3.24	13.98

Expired	(22,500)	10.48

Outstanding, December 31, 2023	121,500	9.58		2.97 years	—		3.24	13.98
Total exercisable, December 31, 2023	121,500	9.58		2.97 years	—		3.24	13.98

The weighted average grant date fair value is $2.22 (2022 - $2.29) for all options outstanding at December 31, 2023. There was $0 (2022 - $0) of total unrecognized compensation cost related to non-vested options outstanding at December 31, 2023. There were zero share options exercised during the year ended December 31, 2023 (2022 - 7,500).

Restricted Shares

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

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

On or around June 1 each year, the Company grants $65 worth of compensation to each non-employee director in the form of either restricted shares, share options or cash. If non-cash compensation is granted to the non-employee directors, this will vest on the first anniversary of the grant date.

For the year ended December 31, 2023, the Company issued a total of 804,099 (2022 - 382,436) restricted shares to non-employee directors as well as employees for compensation related to their services. The restricted shares for non-employee directors were issued on June 1, 2023 pursuant to the 2019 Omnibus Plan and vest in full on June 1, 2024. The restricted shares issued to other employees will vest after two years of service. The total fair value of NPB Restricted Shares that vested during the year ended December 31, 2023 was $797 (2022 - $455).

14. Share Compensation and Pension Plans (continued)

Discretionary Performance-Based ("PB") Restricted Shares

During the year ended December 31, 2023, a total of 225,490 (2022 - 724,702) restricted shares were granted to senior management pursuant to the 2019 Omnibus Plan, of which 225,490 (2022 - 724,702) restricted shares vested immediately. The total fair value of PB Restricted Shares that vested during the year ended December 31, 2023 was $519 (2022 - $2,148).

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


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




























Non-vested at December 31, 2021		249,332	$	3.35		238,094	$	1.26
Awards granted		382,436	2.51			724,702	2.55
Awards vested		(137,677)	3.30			(962,796)	2.23
Awards forfeited		(1,628)	3.07			—	—
Non-vested at December 31, 2022		492,463	2.71			—	—
Awards granted		804,099	2.25			225,490	2.30
Awards vested		(282,785)	2.82			(225,490)	2.30
Awards forfeited		(38,750)	2.49			—	—
Non-vested at December 31, 2023		975,027	2.31			—	—

Total unrecognized compensation cost of $1,071 related to restricted shares at December 31, 2023, which will be recognized during the next 1.07 years. Total share-based expense for the year ended December 31, 2023 was $1,725 (2022 - $2,740).

The table above excludes 1,050,980 restricted shares granted as follows: (i) 450,980 restricted shares granted on March 15, 2022 that may be earned by certain executives of the Company starting at the conclusion of fiscal 2023 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2028, in the sole discretion of the Compensation Committee, (ii) 300,000 restricted shares granted on March 17, 2023, that may be earned by certain executives of the Company starting at the conclusion of fiscal 2023 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2029,in the sole discretion of the Compensation Committee; and (iii) 300,000 restricted shares granted on March 17, 2023, that may be earned by certain executives of the Company starting at the conclusion of fiscal 2024 upon the achievement of certain financial metrics as established in the Company’s year-end audited consolidated financial statements, which metrics must be achieved by the end of fiscal 2029, in the sole discretion of the Compensation Committee. During the year ended December 31, 2023, the Company did not recognize any compensation expense related to these awards as none of the financial metrics were met.

Pension Plans

The Company provides pension benefits to eligible employees principally through its sponsorship of various defined contribution plans which vary by subsidiary. The Company’s total expenses for its defined contribution pension plans for the year ended December 31, 2023 was $795 (2022 - $707).

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (38,569)	$ (60,041)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation, amortization and share-based compensation	(1,020)	(112)
Interest in (income) loss of equity method investments	(7,846)	205
Net realized and unrealized investment (gains) losses	(7,848)	5,140
Change in allowance for expected credit losses	(1,049)	0
Foreign exchange and other losses (gains)	5,741	(8,255)
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net	(1,494)	8,530
Reinsurance recoverable on unpaid losses	14,088	10,822
Accrued investment income	(387)	1,245
Deferred commission and other acquisition expenses	7,404	11,601
Funds withheld receivable	27,444	3,926
Other assets	1,866	(1,915)
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses	(4,189)	(154,974)
Unearned premiums	(20,785)	(32,655)
Deferred gain on retroactive reinsurance	0	2,335
Accrued expenses and other liabilities	(33,134)	18,220
Net cash used in operating activities	(59,778)	(195,928)
Cash flows from investing activities:
Purchases of fixed maturities	(183,575)	(79,027)
Purchases of other investments	(45,324)	(39,928)
Purchases of equity method investments	(12,616)	(55,629)
Purchases of equity securities	(6,324)	(17,281)
Proceeds from sales of fixed maturities	98,993	213,944
Proceeds from maturities, paydowns and calls of fixed maturities	161,551	98,462
Proceeds from sale and redemption of other investments	17,570	4,403
Proceeds from sale and redemption of equity method investments	20,200	61,209
Proceeds from sale and redemption of equity securities	8,138	0
Net proceeds from acquisition of a subsidiary	0	2,725
Others, net	(101)	(88)
Net cash provided by investing activities	58,512	188,790
Cash flows from financing activities:
Repurchase of preference shares	0	(9,984)
Repurchase of senior notes	(95)	0
Cash settlement of restricted shares granted and options exercised	0	10
Repurchase of common shares	(2,920)	(1,009)
Net cash used in financing activities	(3,015)	(10,983)
Effect of exchange rate changes on foreign currency cash	335	(1,342)
Net decrease in cash, cash equivalents and restricted cash	(3,946)	(19,463)
Cash, cash equivalents and restricted cash - beginning of year	46,624	66,087
Cash and restricted cash and equivalents of continuing operations, end of year	42,678	46,624
Reconciliation of cash and restricted cash reported within Consolidated Balance Sheets:
Cash and cash equivalents, end of year	35,412	30,986
Restricted cash and cash equivalents, end of year	7,266	15,638
Total cash and cash equivalents and restricted cash and equivalents, end of year	42,678	46,624
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	19,106	19,106
Cash paid for income taxes	$ 147	$ 1,149

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investment income	$ 37,942	$ 30,470
Investment expenses	(564)	(400)
Net investment income	37,378	30,070
Fixed maturities
Schedule of Investments [Line Items]
Investment income	10,065	9,736
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	10,433	11,117
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	11,802	6,202
Cash and cash equivalents and other investments
Schedule of Investments [Line Items]
Investment income	$ 5,642	$ 3,415

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Quota Share Arrangements with AmTrust

The table below shows the effect of both of these quota share arrangements with AmTrust on the Company's Consolidated Income Statements for the years ended December 31, 2023 and 2022, respectively:


For the Year Ended December 31,	2023		2022
Gross and net premiums written	$	(3,936)	$	(18,538)
Net premiums earned	14,930		9,749
Net loss and loss adjustment expenses	(47,617)		(45,508)
Commission and other acquisition expenses	(5,583)		(4,347)

Reserve for Loss and Loss Adjustment Expenses - Reconciliation of loss development to reserve for loss and LAE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2019	Nov. 30, 2010
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	$ 303,102
Reinsurance Recoverables on unpaid claims	564,331	$ 556,116
Total Gross Reserves	867,433	1,131,408	$ 1,489,373
Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement					$ 98,827
Reinsurance Recoverables on unpaid claims	43,176	60,112
AmTrust Reinsurance
US Treaty business ceded to Cavello
Reinsurance Recoverables on unpaid claims				$ 445,000
Other Segment
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	2,769
Total Gross Reserves	45,945
Operating Segments
US Treaty business ceded to Cavello
Reinsurance Recoverables on unpaid claims	521,155	496,004
Operating Segments \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	62,805
Reinsurance Recoverables on unpaid claims	5,692	5,596
Total Gross Reserves	68,497
Operating Segments \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	237,528
Reinsurance Recoverables on unpaid claims	515,463	$ 490,408
Total Gross Reserves	752,991
IIS business \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	34,305
Reinsurance Recoverables on unpaid claims	663
Total Gross Reserves	34,968
GLS \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	12,683
Reinsurance Recoverables on unpaid claims	5,029
Total Gross Reserves	17,712
Workers' Compensation \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	(31,267)			$ 83,305
Reinsurance Recoverables on unpaid claims	334,296
Total Gross Reserves	303,029
General Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	28,797
Reinsurance Recoverables on unpaid claims	112,970
Total Gross Reserves	141,767
Commercial Auto Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	39,816
Reinsurance Recoverables on unpaid claims	30,834
Total Gross Reserves	70,650
European Hospital Liability \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	109,217
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	109,217
All other lines \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	4,773
Reinsurance Recoverables on unpaid claims	654
Total Gross Reserves	5,427
Total \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	151,336
Reinsurance Recoverables on unpaid claims	478,754
Total Gross Reserves	630,090
Other reconciling items excluded from loss development tables \| Diversified Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	15,817
Reinsurance Recoverables on unpaid claims	0
Total Gross Reserves	15,817
Other reconciling items excluded from loss development tables \| AmTrust Reinsurance
US Treaty business ceded to Cavello
Total net reserves including impact of LPT/ADC Agreement	86,192
Reinsurance Recoverables on unpaid claims	36,709
Total Gross Reserves	$ 122,901

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Maiden Holdings, Ltd. (sometimes referred to as "Maiden Holdings" or "Parent Company") is a Bermuda-based holding company. Together with its subsidiaries (collectively referred to as the "Company", "we" or "Maiden"), Maiden 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. In November 2020, the Company formed our indirect wholly owned subsidiary Genesis Legacy Solutions ("GLS") which specialized in providing a full range of legacy services to small insurance entities, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions including acquiring entire companies. The Company believed the formation of GLS was highly complementary to its overall longer-term strategy. However, a combination of factors, including market conditions in the sector GLS focuses on, resulted in an inability for GLS to gain sufficient scale to achieve its objectives or earn a profit, and GLS results did not reach the objectives the Company expected it to over time. Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS. 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. Our wholly owned subsidiary, Maiden Global Holdings Ltd. (“Maiden Global”) is 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 Europe and other global markets ("IIS business"). These products also produced reinsurance programs which were underwritten by our wholly owned subsidiary Maiden Reinsurance Ltd. (“Maiden Reinsurance”). In 2023 and through the date of this report, the Company has been evaluating the strategic value of Maiden LF and Maiden GF in relation to their ongoing growth and profitability prospects, regulatory capital requirements and ability to create shareholder value in excess of our target return on capital levels. The Company also has 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, the Company has a retroactive reinsurance agreement and a commutation agreement that further reduces its exposure and limits the potential volatility related to AmTrust liabilities, which are discussed in "Note 8 — Reinsurance" of the Notes to Consolidated Financial Statements. Exchange of Preference Shares On December 27, 2022 ("Exchange Date"), the Company exchanged all of its 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 its common shares, $0.01 par value per share ("Exchange"). The Company offered three common shares as consideration for each share of the Series A, C and D Preference Shares tendered. A total of 1,500,050 shares of Series A Preference Shares, 1,744,028 shares of Series C Preference Shares, and 1,542,806 shares of Series D Preference Shares were accepted, resulting in 14,360,652 common shares issued to non-affiliates at a fair value of $28,434. The Exchange was accounted for as an extinguishment resulting in derecognition of the $119,672 carrying amount of Series A, C and D Preference Shares tendered, elimination of $3,998 of original issuance costs, and recognition of $25,915 as the excess of the fair value of the common shares issued over par value, net of $2,375 issuance costs, as additional paid in capital. The Company recognized a gain of $87,240 as the excess of the carrying amount of the Preference Shares extinguished over the fair value of the common shares issued as an increase to retained earnings. The number of the Company's Series A, C and D Preference Shares held by Maiden Reinsurance pursuant to the tender offer in 2020 to repurchase Preference Shares and the Board authorizations to repurchase Preference Shares approved on March 3, 2021 and May 6, 2021 ("2021 Preference Share Repurchase Program") was 13,813,116 at the Exchange Date. Therefore, 41,439,348 common shares were issued to Maiden Reinsurance in exchange for the Preference Shares held which are reflected as treasury shares on the Consolidated Balance Sheet and are not treated as outstanding shares on December 31, 2023 and 2022. As a result of the Exchange, the Preference Shares were delisted and no longer trade on the New York Stock Exchange, and there are no remaining issued and outstanding Preference Shares as at December 31, 2023 and 2022. All rights of the former holders related to ownership of the Preference Shares terminated upon completion of the Exchange. As of December 31, 2023, Maiden Reinsurance owns 29.9% of the Company's total outstanding common shares which is eliminated for accounting and financial reporting purposes on the Company's consolidated financial statements. The voting power of Maiden Reinsurance, with respect to its common shares, is capped at 9.5% pursuant to the bye-laws of the Company. The ownership of the common shares by Maiden Reinsurance was made in compliance with Maiden Reinsurance's investment policy and approved by the Vermont Department of Financial Regulation ("Vermont DFR"). The Vermont DFR additionally specifically approved the ownership of the Company's common shares by Maiden Reinsurance related to the Exchange.

Segment Information

12 Months Ended

Dec. 31, 2023

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 — Organization". 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 reportable segments on an actual basis except salaries and benefits where management’s judgment is applied; however general corporate expenses are not allocated to the segments. In determining total assets by reportable segment, the Company identifies those assets that are attributable to a particular segment such as reinsurance balances receivable, reinsurance recoverable on unpaid losses, deferred commission and other acquisition expenses, funds withheld receivable, loan to related party, and restricted cash and investments. All remaining assets are allocated to Corporate.

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 year ended December 31, 2023 and 2022, respectively:


For the Year Ended December 31, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	27,402	$	(3,936)	$	23,466
Net premiums written	$	27,104	$	(3,936)	$	23,168
Net premiums earned	$	29,039	$	14,930	$	43,969
Other insurance revenue	39		—		39
Net loss and LAE	(14,230)		(46,998)		(61,228)
Commission and other acquisition expenses	(13,879)		(5,583)		(19,462)
General and administrative expenses	(10,110)		(2,690)		(12,800)
Underwriting loss	$	(9,141)	$	(40,341)	(49,482)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					45,226

Interest and amortization expenses					(18,226)


Foreign exchange and other losses, net					(5,741)
Other general and administrative expenses					(17,996)
Income tax expense					(196)
Interest in income from equity method investments					7,846
Net loss					$	(38,569)

3. Segment Information (continued)


For the Year Ended December 31, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	24,017	$	(18,538)	$	5,479
Net premiums written	$	23,620	$	(18,538)	$	5,082
Net premiums earned	$	27,983	$	9,749	$	37,732
Other insurance revenue	(4,530)		—		(4,530)
Net loss and LAE	(12,483)		(45,508)		(57,991)
Commission and other acquisition expenses	(14,164)		(4,347)		(18,511)
General and administrative expenses	(8,857)		(2,777)		(11,634)
Underwriting loss	$	(12,051)	$	(42,883)	(54,934)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					24,930

Interest and amortization expenses					(19,331)


Foreign exchange and other gains, net					8,255
Other general and administrative expenses					(19,313)
Income tax benefit					557
Interest in loss from equity method investments					(205)
Net loss					$	(60,041)

3. Segment Information (continued)

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2023 and 2022:


December 31, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	3,108	$	9,201	$	12,309
Reinsurance recoverable on unpaid losses	5,692		515,463		521,155
Deferred commission and other acquisition expenses	961		16,605		17,566
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	67,211		152,663		219,874
Funds withheld receivable	15,534		128,451		143,985
Other assets	685		—		685
Total assets - reportable segments	93,191		990,358		1,083,549
Corporate assets	—		—		435,385

Total Assets	$	93,191	$	990,358	$	1,518,934

December 31, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	2,213	$	8,395	$	10,608
Reinsurance recoverable on unpaid losses	5,596		490,408		496,004
Deferred commission and other acquisition expenses	1,344		23,632		24,976
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	61,223		235,607		296,830
Funds withheld receivable	24,577		416,835		441,412
Other assets	2,337		—		2,337
Total assets - reportable segments	97,290		1,342,852		1,440,142
Corporate assets	—		—		406,724

Total Assets	$	97,290	$	1,342,852	$	1,846,866

The following table shows an analysis of gross and net premiums written and net premiums earned by geographic location for the years ended December 31, 2023 and 2022. In the case of reinsurance business assumed from AmTrust, the table refers to the location of the relevant AmTrust subsidiaries.


For the Year Ended December 31,	2023		2022
Gross premiums written – North America	$	(146)	$	(14,600)
Gross premiums written – Other (predominantly Europe)	23,612		20,079
Gross premiums written – Total	$	23,466	$	5,479
Net premiums written – North America	$	(309)	$	(14,396)
Net premiums written – Other (predominantly Europe)	23,477		19,478
Net premiums written – Total	$	23,168	$	5,082
Net premiums earned – North America	$	(309)	$	(14,383)
Net premiums earned – Other (predominantly Europe)	44,278		52,115
Net premiums earned – Total	$	43,969	$	37,732

3. Segment Information (continued)

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022
Diversified Reinsurance


International	$	27,104		$	23,620

Total Diversified Reinsurance	27,104			23,620
AmTrust Reinsurance
Small Commercial Business	(465)			(15,143)
Specialty Program	156			747
Specialty Risk and Extended Warranty	(3,627)			(4,142)
Total AmTrust Reinsurance	(3,936)			(18,538)

Total Net Premiums Written	$	23,168		$	5,082

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023				2022
	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	29,039	66.0	%	$	27,983	74.2	%

Total Diversified Reinsurance	29,039		66.0	%	27,983		74.2	%
AmTrust Reinsurance
Small Commercial Business	(465)		(1.1)	%	(15,131)		(40.1)	%
Specialty Program	156		0.4	%	748		2.0	%
Specialty Risk and Extended Warranty	15,239		34.7	%	24,132		63.9	%
Total AmTrust Reinsurance	14,930		34.0	%	9,749		25.8	%

Total Net Premiums Earned	$	43,969	100.0	%	$	37,732	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Reporting and Consolidation	Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income.
Estimates	Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.
Investments	Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2023 and 2022. 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 a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are 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 their fair values. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Other investments are comprised of the following types of investments: •Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. •Private credit funds: These are privately held equity investments in limited partnerships or 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. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •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. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. 2. Significant Accounting Policies (continued) Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income. To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely to sell requirement. As the Company's fixed maturity investment portfolio is one of the largest component of its consolidated assets, any impairment of fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets.
Fair Value Measurements	Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; •Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, 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 a financial instrument to be reclassified between hierarchy levels. 2. Significant Accounting Policies (continued) For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. Fair Values of Financial Instruments measured at fair value ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2023 and 2022. 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 and 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 — These investments are 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 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 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 entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides 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 this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is 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 this derivative. 5. Fair Value Measurements (continued) The fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas.
Premiums and Related Expenses	Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2023 and 2022. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums.
Loss and LAE	Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development.
Reinsurance and Retroactive Reinsurance	Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. 2. Significant Accounting Policies (continued) Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately.
Debt Obligations and Deferred Debt Issuance Costs	Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets.
Leases	Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income. Derivative Instruments — The Company has certain 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 the underwriting-related 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. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows.
Income Taxes and Improvements to Income Tax Disclosures	Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2023 and 2022. Improvements to Income Tax Disclosures In December 2023, FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" an amendment of Income Taxes (Topic 740). The amendments in this ASU require the Company to provide disclosures on an annual basis that (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this Update also require that the Company disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Finally, the amendments in this Update require that all entities disclose the income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company is still evaluating the guidance provided by this Update, however, it is not anticipated to have any material impact on its current annual tax disclosures.
Share-Based Compensation Expense	Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity.
Earnings Per Share	Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. Net income available to Maiden common shareholders per common share (basic and diluted) was also adjusted for the gain
Treasury Shares	Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance and are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2023. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. Common share issuance costs incurred directly as a result of the Exchange on December 27, 2022 have been deferred and offset against additional paid-in capital of the new common shares issued to non-affiliates.
Foreign Currency Transactions	Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Updates The following accounting standards have been recently adopted for the year ended December 31, 2023. Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS securities are recorded through an allowance for credit losses rather than under the previous other-than-temporarily-impaired ("OTTI") methodology. In April 2019, the FASB issued targeted improvements related to Topic 326 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be in scope of Subtopic 326-20, Accounting for financial assets held at amortized cost basis, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of Topic 326. 2. Significant Accounting Policies (continued) Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023. Credit Losses - AFS Fixed Maturity Securities An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost. On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses. If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors. If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established which is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors: the extent to which its fair value is less than its amortized cost; adverse conditions related to the specific security, industry, or geographical area; any recent downgrades in the security's credit rating by a credit rating agency; and if failure of the issuer to make scheduled principal or interest payments exists. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists. If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in OCI. The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at December 31, 2023. Credit Losses - Other Investments The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows. As of December 31, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $1,023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment. Credit Losses - Reinsurance Recoverable on Unpaid Losses Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance. The Company records credit loss expenses related to reinsurance recoverable in net incurred losses and loss adjustment expenses in the Company’s consolidated statements of income. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $3,240 which is discussed further in "Note 8. Reinsurance". Credit Losses - Reinsurance Balances Receivable Reinsurance balances receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $187. 2. Significant Accounting Policies (continued) Credit Losses - Funds Withheld Receivable Funds withheld receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of funds withheld receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $19. Credit Losses - Accrued Investment Income The Company reports accrued interest receivable related to its AFS fixed maturity securities, loan to related party and funds withheld receivable separately on the Consolidated Balance Sheets under accrued investment income and has elected not to measure an allowance for expected credit losses on accrued interest receivable balances. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Recently Issued Accounting Standards Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued 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. The amendments in this Update 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. Improvements to Reportable Segment Disclosures In November 2023, FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" an amendment of Segment Reporting (Topic 280). The amendments in this ASU require the Company to provide disclosures, on both an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. This ASU also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and segment assets that are currently required by Topic 280 in all interim periods. Additionally, the amendments require that a public entity disclose the title and position of the CODM and an explanation of how the reported measures of segment profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources within the Company. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company currently discloses its significant segment expenses in Note 3 — Segment Information on both an annual and interim basis as provided to its CODM, however segment assets are currently detailed only in annual statements. Therefore, the Company will provide detailed segment asset disclosures in its interim statements as required starting in 2025. The Company plans to adopts this Update on January 1, 2024.

Reserve for Loss and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The reserve for loss and LAE comprises:


December 31,	2023		2022
Reserve for reported loss and LAE	$	543,818	$	702,691
Reserve for losses incurred but not reported ("IBNR")	323,615		428,717
Reserve for loss and LAE	$	867,433	$	1,131,408

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


For the Year Ended December 31,	2023		2022
Gross loss and LAE reserves, January 1	$	1,131,408	$	1,489,373
Less: reinsurance recoverable on unpaid losses, January 1	556,116		562,845
Net loss and LAE reserves, January 1	575,292		926,528
Net incurred losses related to:
Current year	23,040		25,355
Prior years	38,188		32,636
	61,228		57,991
Net paid losses related to:
Current year	(837)		(701)
Prior years	(321,206)		(398,499)
	(322,043)		(399,200)
Change in deferred gain on retroactive reinsurance	(25,532)		3,587
GLS run-off business acquired or assumed	—		10,905
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	4,277		—
Effect of foreign exchange rate movements	9,880		(24,519)
Net loss and LAE reserves, December 31	303,102		575,292
Reinsurance recoverable on unpaid losses, December 31	564,331		556,116
Gross loss and LAE reserves, December 31	$	867,433	$	1,131,408

The following table summarizes the adverse prior period development experienced in each of our reportable segments for the years ended December 31, 2023 and 2022:


For the Year Ended	Diversified Reinsurance		AmTrust Reinsurance		Total
December 31, 2023	$	(4,440)	$	(33,748)	$	(38,188)
December 31, 2022	(4,552)		(28,084)		(32,636)

Schedule of Prior Year Loss Development by Line of Business

The table below details prior year reserve development by line of business for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022

Prior Year Loss Development adverse (favorable)
IIS business	$	2,504		$	(1,683)
GLS	954			1,825
Other run-off lines	982			4,410
Total Diversified Reinsurance Prior Year Development	$	4,440		$	4,552

The table below shows prior year loss development for the AmTrust Reinsurance segment for the years ended December 31, 2023 and 2022:



For the Year Ended December 31,		2023		2022
Prior Year Loss Development adverse (favorable)	($ in thousands)
AmTrust Quota Share		$	24,098	$	14,837
AmTrust other runoff		(618)		—
European Hospital Liability Quota Share		10,268		13,247
Total AmTrust Reinsurance Prior Year Development		$	33,748	$	28,084

Schedule of Incurred Losses And LAE And Cumulative Paid Losses And LAE

The following tables represent information on the Company's incurred loss and LAE and cumulative paid loss and LAE, both net of reinsurance, since 2014 for the Company's IIS business in the Diversified Reinsurance segment. The development tables below included reserves acquired from the loss portfolio transfer agreement associated with the GMAC International Insurance Services ("IIS") business as at November 30, 2010 of $98,827. For the purposes of disclosure, the reserves from the loss portfolio transfer was allocated to the original accident year.

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

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

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

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


Diversified Reinsurance - IIS business	Incurred loss and LAE, net of reinsurance																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	76,316	$	74,425	$	76,500	$	78,500	$	78,198	79,225		$	79,347	$	79,649	$	79,845	$	82,139	$	892
2011	47,288		47,246		47,076		47,455		47,705		47,661		47,621		47,621		47,699		47,682		53
2012	46,766		46,871		46,954		47,215		46,935		46,880		46,810		46,912		46,886		46,889		247
2013	49,081		50,397		49,899		50,500		50,328		50,707		50,640		50,742		50,710		50,713		(200)
2014	42,670		48,426		48,292		48,191		47,981		48,047		47,798		47,684		47,701		47,744		64
2015			42,887		44,301		44,791		44,444		44,480		44,335		44,065		44,078		43,983		(136)
2016					38,693		40,687		40,048		40,034		40,436		40,135		40,227		40,214		8
2017							36,740		37,609		36,506		35,622		35,639		35,437		35,243		198
2018									42,164		40,499		40,678		40,711		40,848		40,413		(922)
2019											35,530		37,533		36,606		36,696		36,689		110
2020													24,024		23,165		22,000		22,175		916
2021															6,410		6,410		6,485		1,981
2022																	7,298		9,121		1,745
2023																			9,645		—
Total																			$	519,135	$	4,956

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	48,089	$	49,678	$	51,194	$	52,673	$	54,307	$	55,720	$	56,793	$	57,880	$	58,901	$	59,966
2011	46,772		47,190		47,422		47,563		47,672		47,737		47,820		47,872		47,903		47,880
2012	41,795		42,881		43,208		43,790		43,901		43,915		43,997		44,093		44,063		44,033
2013	42,954		45,432		46,775		47,244		47,450		47,527		47,839		48,260		48,374		48,591
2014	23,776		42,044		44,312		45,536		45,785		45,888		46,004		46,064		46,101		46,088
2015			21,761		39,336		41,401		42,376		42,778		43,050		43,257		43,286		43,274
2016					22,495		36,599		38,370		39,096		39,709		40,217		41,048		41,299
2017							19,052		32,998		34,705		35,506		35,758		35,820		35,850
2018									20,212		36,586		38,615		39,629		40,230		40,464
2019											16,687		30,231		32,858		33,398		33,682
2020													11,447		19,377		20,423		20,842
2021															5,744		10,479		11,535
2022																	1,196		10,481
2023																			845
Total																			484,830

Total net reserves													$	34,305

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

Additionally, for the Specialty Program portion of Covered Business only, AmTrust will be responsible for ultimate net loss otherwise recoverable from Maiden Reinsurance to the extent that the loss ratio to Maiden Reinsurance, which shall be determined on an inception to date basis from July 1, 2007 through the date of calculation, is between 81.5% and 95% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance has reinsured losses at its proportional 40% share per the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. As of December 31, 2023, the projected amount subject to the Loss Corridor is $77,547 which exceeds the maximum amount covered. Any further development above this amount will be subject to the coverage of the LPT/ADC Agreement.

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

AmTrust Reinsurance: Workers’ Compensation

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

This line of business is covered under the LPT/ADC Agreement pursuant to which Cavello has assumed the loss reserves as of December 31, 2018 associated with the AmTrust Quota Share and therefore any adverse development will be recoverable as per terms of the agreement. Recoverables from the LPT/ADC Agreement are displayed in the column "Impact of LPT/ADC" in the loss triangle tables further below.

AmTrust Reinsurance: General Liability

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

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

AmTrust Reinsurance: Commercial Auto Liability

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

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

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


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	86,292	$	86,415	$	86,144	$	2,132	$	3,028
2009	109,213		106,204		105,901		107,165		110,175		109,664		109,021		110,207		109,384		109,018		1,474		3,918
2010	120,243		125,020		124,073		123,968		127,215		127,381		126,621		126,516		126,308		125,420		6,365		5,348
2011	132,728		133,995		133,916		135,379		138,600		139,685		141,272		137,355		140,257		139,421		4,556		6,913
2012	173,946		171,040		172,692		181,616		192,087		188,879		192,263		187,089		189,114		187,630		7,048		10,691
2013	245,765		238,392		242,447		261,915		276,249		273,571		281,580		277,365		277,226		276,791		8,713		17,699
2014	379,589		365,515		382,260		419,748		457,363		455,521		449,374		445,258		441,185		440,175		18,517		32,449
2015			474,140		474,212		526,269		551,145		545,271		549,857		547,439		537,963		535,139		25,811		46,860
2016					528,906		568,006		627,728		603,529		579,849		568,791		559,440		555,645		31,683		55,094
2017							615,957		654,362		613,577		593,920		591,122		580,155		577,051		25,284		68,032
2018									592,566		580,528		575,765		585,009		577,485		573,040		25,787		84,264
2019											12,751		9,945		10,871		10,152		11,943		192		—
Total																			$	3,617,417	$	157,562	$	334,296

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709	$	82,286	$	82,676	$	82,761	$	83,026
2009	93,425		96,396		98,811		100,103		101,823		102,877		103,771		104,205		104,434		104,685
2010	103,280		108,171		114,639		115,014		115,959		116,332		114,730		115,508		115,765		116,064
2011	105,584		114,107		115,966		122,579		124,315		125,843		129,408		130,413		130,958		131,877
2012	119,059		138,706		150,543		158,807		164,512		168,154		172,251		174,436		175,021		176,022
2013	121,182		168,785		199,300		216,527		227,502		234,342		248,103		252,506		255,720		257,523
2014	69,512		189,954		268,467		321,258		355,414		370,176		383,529		392,101		398,441		404,591
2015			86,695		246,616		338,642		388,640		417,736		448,867		466,868		476,769		483,387
2016					110,051		284,501		380,602		428,651		449,347		471,382		484,367		494,160
2017							111,508		274,596		448,551		485,611		507,903		520,180		528,411
2018									110,954		409,986		465,762		499,349		515,459		524,987
2019											3,907		5,821		8,070		9,024		9,717
Total																			3,314,450
	All outstanding liabilities prior to 2008, net of reinsurance																		62
Total net reserves excluding impact of LPT/ADC Agreement													303,029

Less: Impact of LPT/ADC Agreement													(334,296)
Total net reserves including impact of LPT/ADC Agreement													$	(31,267)


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996	$	40,398	$	40,381	$	40,017	$	39,796	$	2,435	$	209
2009	30,902		32,418		34,040		34,863		35,138		35,410		36,228		35,733		35,495		35,433		182		103
2010	36,455		38,536		38,298		41,597		42,884		43,062		45,490		44,778		44,856		44,907		278		527
2011	40,557		42,100		45,303		49,338		52,746		53,499		55,607		54,683		54,288		54,495		218		997
2012	42,450		48,851		50,800		55,991		59,948		63,429		63,704		64,052		63,615		63,214		3,853		1,573
2013	43,116		66,869		68,641		79,731		89,204		92,032		95,050		96,342		96,388		97,920		1,559		3,800
2014	65,469		66,558		77,930		99,873		111,970		116,085		119,367		119,782		119,413		119,554		4,834		7,027
2015			118,111		95,766		122,942		139,518		154,071		154,529		154,939		155,234		155,101		3,760		13,465
2016					98,149		114,864		120,911		148,371		147,858		147,996		150,019		153,168		7,368		20,243
2017							116,158		133,533		165,268		161,354		162,856		167,257		170,669		13,341		26,585
2018									121,991		153,822		148,817		148,295		151,791		160,003		13,825		38,441
2019											5,427		6,017		5,981		3,906		3,077		964		—
Total																			$	1,097,337	$	52,617	$	112,970

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253	$	37,278	$	37,473	$	37,289
2009	24,298		28,312		30,924		32,878		33,473		32,487		34,984		34,999		35,093		35,197
2010	26,429		30,948		34,125		37,317		39,214		39,888		42,509		43,076		44,040		44,246
2011	22,963		31,619		39,350		41,257		47,141		49,178		51,492		52,592		53,064		53,320
2012	18,020		29,752		40,864		45,775		53,526		56,538		55,350		57,913		58,889		58,412
2013	10,226		32,249		44,698		58,377		70,074		76,996		83,571		87,178		89,473		92,705
2014	3,503		24,581		36,026		57,678		77,259		86,101		92,861		96,521		102,290		107,865
2015			20,849		33,963		52,350		79,291		98,278		112,542		120,546		131,224		140,414
2016					6,402		21,959		45,855		67,064		88,627		101,764		114,422		129,683
2017							6,967		27,001		51,545		79,531		97,356		119,417		139,460
2018									7,907		24,618		42,792		65,947		90,841		115,496
2019											27		314		717		1,218		1,581
Total																			955,668
	All outstanding liabilities prior to 2008, net of reinsurance																		98
Total net reserves excluding impact of LPT/ADC Agreement													141,767

Less: Impact of LPT/ADC Agreement													(112,970)
Total net reserves including impact of LPT/ADC Agreement													$	28,797


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	37,854	$	37,885	$	37,880	$	2,532	$	20
2009	30,812		31,024		30,468		30,919		31,033		31,064		31,082		31,019		30,979		30,978		633		66
2010	38,043		40,193		40,523		42,146		41,996		42,070		40,637		40,631		40,608		40,556		139		3
2011	32,578		33,839		34,790		36,149		36,065		34,643		34,707		34,690		34,633		34,644		485		—
2012	40,076		44,812		48,116		46,150		45,753		45,917		45,902		45,753		45,860		45,887		36		8
2013	44,771		50,647		59,702		63,162		62,163		63,620		63,532		63,589		63,500		63,471		205		130
2014	47,525		55,023		73,966		82,427		89,299		92,572		94,238		93,208		93,164		93,434		1,167		339
2015			66,967		92,955		106,560		119,141		127,560		129,849		129,082		129,632		130,631		389		835
2016					121,828		118,210		144,077		171,504		170,275		167,479		170,221		171,563		(1,479)		4,108
2017							156,575		189,257		220,457		230,972		220,471		224,132		227,165		3,270		8,197
2018									177,150		224,780		230,200		219,800		230,516		234,717		4,055		17,128
2019											79,172		77,371		73,023		74,553		74,504		5,357		—
2020																			—		(7)		—
Total																			$	1,185,430	$	16,782	$	30,834

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982	$	35,013	$	35,339	$	35,349
2009	26,975		29,226		29,829		29,842		30,204		31,194		30,337		30,340		30,341		30,342
2010	34,855		37,734		39,413		39,750		40,282		40,395		40,407		40,411		40,416		40,416
2011	25,808		29,769		32,362		33,130		33,155		33,451		33,872		34,005		34,158		34,159
2012	26,508		35,460		43,745		44,165		45,555		45,751		45,819		45,812		45,825		45,831
2013	19,865		34,379		48,122		57,349		59,600		62,331		62,562		62,968		63,070		63,079
2014	8,450		22,858		42,960		64,459		79,766		87,458		90,761		91,000		91,115		91,819
2015			13,102		39,179		62,945		86,433		107,707		118,753		121,605		125,415		128,693
2016					19,071		48,595		76,635		113,174		133,826		145,727		158,822		165,475
2017							26,863		69,657		115,623		154,600		176,863		197,857		212,952
2018									30,018		67,080		107,184		138,770		178,479		207,553
2019											9,456		22,799		34,365		49,073		59,162
2020													7		7		7		7
Total																			1,114,837
	All outstanding liabilities prior to 2008, net of reinsurance																		57
Total net reserves excluding impact of LPT/ADC Agreement													70,650

Less: Impact of LPT/ADC Agreement													(30,834)
Total net reserves including impact of LPT/ADC Agreement													$	39,816

AmTrust Reinsurance: European Hospital Liability

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

Our initial underwriting year loss projections are generally based on the ELR method, derived from historical performance after the consideration of loss and premium trends. As the exposure matures, the projection methodology transitions to the LD method. The underlying policies assumed are subject to deductibles on both a per claim and aggregate basis. The LD method is applied to both the net of deductible data, as well as individually to gross and deductible protections, with a final estimate made by evaluating both methodologies.


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	48,464	$	46,100	$	63,479	$	61,552	$	59,019	$	61,240	$	61,517	$	62,268	$	69,655	$	70,652	$	(1,008)
2012	78,617		100,807		90,177		85,386		110,349		115,107		116,023		117,456		120,689		121,675		(3,036)
2013	60,125		62,720		82,397		75,340		96,568		102,288		103,655		105,258		107,268		108,573		(1,358)
2014	49,790		52,429		56,158		62,486		78,792		83,937		84,962		86,288		86,101		88,950		(951)
2015			46,419		45,067		58,679		64,517		67,595		67,828		70,100		71,680		73,957		2,628
2016					43,461		50,033		65,484		67,961		66,474		67,797		67,255		68,576		3,243
2017							40,010		50,977		53,058		51,640		49,686		48,477		48,984		3,327
2018									43,555		30,892		31,805		31,177		33,384		33,455		725
2019											15,519		14,365		15,318		15,261		15,444		1,344
Total																			$	630,266	$	4,914

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	22,974	$	28,104	$	34,919	$	40,400	$	44,495	$	48,189	$	52,638	$	55,539	$	59,705	$	63,056
2012	34,162		44,496		57,207		67,454		75,295		81,276		91,090		96,039		102,818		108,615
2013	14,674		25,246		38,521		48,424		54,268		61,350		74,262		79,699		87,566		93,500
2014	4,106		11,566		24,042		34,218		38,395		45,291		56,926		59,822		69,805		76,532
2015			3,391		10,782		22,261		28,410		34,118		44,752		44,270		53,736		59,618
2016					3,499		10,393		17,221		22,907		34,000		36,546		46,325		50,899
2017							1,249		4,312		7,390		14,344		19,770		29,293		33,143
2018									899		2,213		5,273		7,589		21,635		24,479
2019											11,195		1,564		2,954		10,284		11,207
Total																			521,049
Total net reserves													$	109,217

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


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	24,016	$	24,013	$	24,013	$	(4,847)	$	—
2009	13,329		14,309		14,492		16,088		15,653		14,617		15,750		15,373		15,373		15,379		383		1
2010	15,484		16,078		16,105		17,071		17,059		15,438		15,905		15,905		15,905		15,905		52		—
2011	27,509		22,359		22,616		23,376		23,506		21,469		21,515		21,500		21,496		21,490		132		—
2012	19,426		21,898		18,673		19,850		20,260		19,578		17,969		17,811		17,819		17,775		(310)		17
2013	17,630		28,058		22,918		21,313		21,669		21,735		20,644		20,639		20,637		20,593		1,111		28
2014	20,597		25,268		26,021		24,958		26,278		24,929		21,496		21,491		21,493		21,481		(51)		14
2015			52,706		54,857		49,631		49,463		47,882		44,939		44,749		44,456		44,379		639		15
2016					79,654		74,948		72,384		73,602		67,060		66,944		66,791		67,162		6,353		61
2017							104,637		96,812		92,904		96,196		96,104		96,267		96,485		1,513		199
2018									96,910		103,489		101,553		101,913		102,061		101,326		(1,253)		319
2019											37,945		43,146		43,554		42,003		42,310		916		—
2020																			—		(103)		—

Total																			$	488,298	$	4,535	$	654

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706	$	28,850	$	28,850	$	28,850
2009	11,093		13,105		13,870		15,224		15,051		14,009		14,954		14,986		14,986		14,986
2010	15,375		15,748		16,058		16,919		16,786		15,285		15,853		15,854		15,854		15,854
2011	21,279		22,044		22,715		23,892		23,661		21,481		21,343		21,339		21,334		21,359
2012	16,033		16,936		17,946		18,205		18,685		17,559		18,071		18,077		18,077		18,084
2013	15,997		17,509		20,258		20,456		20,447		19,343		20,146		19,465		19,463		19,482
2014	12,028		20,277		20,940		22,018		26,194		21,405		21,497		21,493		21,509		21,532
2015			28,929		45,208		42,631		41,962		44,179		43,622		43,895		43,742		43,737
2016					42,795		69,805		65,452		63,234		63,450		60,008		59,967		60,682
2017							48,903		80,726		80,735		93,212		93,541		94,206		94,710
2018									56,539		86,455		98,386		101,158		102,587		102,406
2019											22,095		38,793		40,427		40,670		41,028
2020													4		103		103		103
2021															66		66		55
Total																			482,868
	All outstanding liabilities prior to 2008, net of reinsurance																		(3)
Total net reserves excluding impact of LPT/ADC Agreement													5,427

Less: Impact of LPT/ADC Agreement													(654)
Total net reserves including impact of LPT/ADC Agreement													$	4,773

Schedule of Reconciliation of Claims Development to Liability

The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2023:


	December 31, 2023
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
IIS business	$	34,305	$	663	$	34,968
Other reconciling items excluded from loss development tables
GLS	12,683		5,029		17,712
Other run-off lines	15,817		—		15,817
Total Diversified Reinsurance	62,805		5,692		68,497
AmTrust Reinsurance
Workers' Compensation(1)	(31,267)		334,296		303,029
General Liability	28,797		112,970		141,767
Commercial Auto Liability	39,816		30,834		70,650
European Hospital Liability	109,217		—		109,217
All Other Lines	4,773		654		5,427
Total	151,336		478,754		630,090
Other reconciling items excluded from loss development tables	86,192		36,709		122,901
Total AmTrust Reinsurance	237,528		515,463		752,991

US Treaty business ceded to Cavello	2,769		43,176		45,945

Total reserves for loss and LAE	$	303,102	$	564,331	$	867,433

(1) Remaining Workers' Compensation reserves from commutation to AmTrust executed by Maiden in July 2019 are approximately $83,305 which are treated as outstanding per the LPT/ADC Agreement with Cavello. The allocated portion of these reserves projected to be paid by Cavello in future periods results in an estimated ceded IBNR which exceeds the gross IBNR.

Schedule of Average Annual Payout of Net Loss and LAE

The following unaudited supplementary information represents the average annual percentage payout of net loss and LAE by age, net of reinsurance, for both our reportable segments at December 31, 2023:


	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	41.1	%	4.5	%	1.0	%	1.0	%	1.1	%	0.1	%	(0.2)	%	(0.6)	%	(0.2)	%	0.2	%

AmTrust Reinsurance
Workers' Compensation	19.0	%	32.3	%	18.1	%	8.8	%	5.0	%	3.4	%	2.7	%	2.1	%	1.4	%	1.4	%
General Liability	6.0	%	10.6	%	13.3	%	16.1	%	14.1	%	10.9	%	8.0	%	6.7	%	3.8	%	3.5	%
Commercial Auto Liability	11.9	%	17.6	%	18.7	%	18.1	%	14.0	%	8.5	%	5.1	%	2.0	%	1.2	%	0.7	%
European Hospital Liability	3.5	%	7.7	%	11.2	%	14.7	%	12.7	%	6.8	%	5.5	%	6.6	%	6.4	%	4.9	%
All other lines	57.1	%	32.4	%	2.7	%	4.7	%	3.6	%	(1.0)	%	1.5	%	(0.1)	%	(0.7)	%	(0.1)	%

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Net premiums earned	$ 43,969	$ 37,732
Letters of credit outstanding	$ 40,479	40,319
Operating lease, weighted average discount rate	10.00%
Operating lease, right-of-use asset	$ 228	300
Total discounted operating lease liabilities	$ 228	300
Operating lease, weighted average remaining lease term	1 year 2 months 12 days
Leasing expense	$ 478	375
Fair Value	65,631	69,607
Guarantees provided to lenders on behalf of real estate joint venture	$ 62,508	$ 42,141
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $10,781 and $33,278 from related parties in 2023 and 2022, respectively)	Accrued expenses and other liabilities (includes $10,781 and $33,278 from related parties in 2023 and 2022, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total unfunded commitments on alternative investments
Loss Contingencies [Line Items]
Fair Value	$ 100,846	$ 112,989
Letter of credit
Loss Contingencies [Line Items]
Collateral	$ 46,935	$ 47,110
Gross premiums written \| Segment concentration risk \| AmTrust Reinsurance
Loss Contingencies [Line Items]
Concentration risk, percentage	34.00%	25.80%
AmTrust Financial Services, Inc. \| Quota Share Reinsurance Agreements
Loss Contingencies [Line Items]
Net premiums earned	$ 14,930	$ 9,749

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 12,450	$ 10,707
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	564,331	556,116
Deferred commission and other acquisition expenses	17,566	24,976
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	219,874	296,830
Funds withheld receivable	143,985	441,412
Other assets	5,777	7,874
Total assets	1,518,934	1,846,866
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	43,176	60,112
Total assets	93,191	97,290
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)			$ 445,000
Total assets	990,358	1,342,852
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	12,309	10,608
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	521,155	496,004
Deferred commission and other acquisition expenses	17,566	24,976
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	219,874	296,830
Funds withheld receivable	143,985	441,412
Other assets	685	2,337
Total assets	1,083,549	1,440,142
Operating Segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	3,108	2,213
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	5,692	5,596
Deferred commission and other acquisition expenses	961	1,344
Loan to related party	0	0
Restricted cash and cash equivalents and investments	67,211	61,223
Funds withheld receivable	15,534	24,577
Other assets	685	2,337
Total assets	93,191	97,290
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	9,201	8,395
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	515,463	490,408
Deferred commission and other acquisition expenses	16,605	23,632
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	152,663	235,607
Funds withheld receivable	128,451	416,835
Other assets	0	0
Total assets	990,358	1,342,852
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	435,385	406,724
Corporate, Non-Segment \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0	0
Corporate, Non-Segment \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 0	$ 0

Reserve for Loss and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

General

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

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

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


December 31,	2023		2022
Reserve for reported loss and LAE	$	543,818	$	702,691
Reserve for losses incurred but not reported ("IBNR")	323,615		428,717
Reserve for loss and LAE	$	867,433	$	1,131,408

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


For the Year Ended December 31,	2023		2022
Gross loss and LAE reserves, January 1	$	1,131,408	$	1,489,373
Less: reinsurance recoverable on unpaid losses, January 1	556,116		562,845
Net loss and LAE reserves, January 1	575,292		926,528
Net incurred losses related to:
Current year	23,040		25,355
Prior years	38,188		32,636
	61,228		57,991
Net paid losses related to:
Current year	(837)		(701)
Prior years	(321,206)		(398,499)
	(322,043)		(399,200)
Change in deferred gain on retroactive reinsurance	(25,532)		3,587
GLS run-off business acquired or assumed	—		10,905
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	4,277		—
Effect of foreign exchange rate movements	9,880		(24,519)
Net loss and LAE reserves, December 31	303,102		575,292
Reinsurance recoverable on unpaid losses, December 31	564,331		556,116
Gross loss and LAE reserves, December 31	$	867,433	$	1,131,408

Actuarial Methods Used to Estimate Loss and LAE Reserves

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

The Expected Loss Ratio ("ELR") method is a technique that is multiplicative and applies an expected loss ratio to premium earned to yield the estimated ultimate losses. The ELR assumption is generally derived from pricing information and historical experience of the business. This method is frequently used for the purpose of stability in the early valuations of an underwriting year with large and uncertain loss development factors.

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

The ELR technique does not take into account actual loss emergence for the underwriting year being projected. As an underwriting year matures and actual loss experience becomes more credible, other methods may be applied in determining the estimated ultimate losses.

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

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

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

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

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

The Company underwrote the AmTrust Reinsurance segment from July 1, 2007 until January 30, 2019, when 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, and 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. A large proportion of the exposure in the underlying book of business has significant seasoning, and allows for a significant amount of credibility in using parameters derived from historical experience to calculate reserve estimates. Some segments of the book are a result of recent acquisitions or newer markets for AmTrust. These segments require a greater level of assumptions and professional judgment in deriving ultimate losses, which inherently implies a wider range of reasonable estimates. As a result, the Company has tended to rely on a weighted approach which primarily employs the LD method for aspects of the segment with ample historical data, while also considering the ELR or the BF method for exposures with more limited or volatile historical data. The FS method is also considered for segments of the AmTrust Reinsurance book of business for which claim count information is available. Additional data detailing items such as class of business, state, claim counts, frequency and severity is available, further enhancing the reserve analysis.

Prior Year Development

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The following table summarizes the adverse prior period development experienced in each of our reportable segments for the years ended December 31, 2023 and 2022:


For the Year Ended	Diversified Reinsurance		AmTrust Reinsurance		Total
December 31, 2023	$	(4,440)	$	(33,748)	$	(38,188)
December 31, 2022	(4,552)		(28,084)		(32,636)

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

During 2023, the Company's incurred losses increased for 2022 and prior accident years by $38,188 or 6.6% of prior year net loss and LAE reserves. The Company had increased incurred losses for 2021 and prior accident years by $32,636 or 3.5% of prior year net loss and LAE reserves during 2022. The net adverse prior year loss development of $38,188 for the year ended December 31, 2023 was driven by adverse loss development of $33,748 in the AmTrust Reinsurance segment and net adverse loss development of $4,440 in the Diversified Reinsurance segment.

In the Diversified Reinsurance segment, net adverse prior year reserve development of $4,440 in the year ended December 31, 2023 (2022 - adverse $4,552) was primarily due to a German auto program in run-off from the International unit along with development from other runoff business lines. It also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses. The net adverse prior year reserve development of $4,552 for the year ended December 31, 2022 was due to adverse development in GLS, European Capital Solutions and facultative reinsurance run-off business offset by favorable reserve development in German Auto programs. The table below details prior year reserve development by line of business for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022

Prior Year Loss Development adverse (favorable)
IIS business	$	2,504		$	(1,683)
GLS	954			1,825
Other run-off lines	982			4,410
Total Diversified Reinsurance Prior Year Development	$	4,440		$	4,552

In the AmTrust Reinsurance segment, net adverse prior year reserve development of $33,748 in the year ended December 31, 2023 (2022 - adverse $28,084) was primarily due to reserve strengthening within European Hospital Liability and the AmTrust Quota Share (adverse development in General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation due to better than expected loss emergence). Net adverse loss development on European Hospital Liability was primarily driven by emergence of loss data during 2023 on underwriting years 2011 to 2016.

Net adverse prior year reserve development of $28,084 in the year ended December 31, 2022 was primarily due to reserve strengthening within Commercial Auto Liability, General Liability, Other Specialty Risk & Extended Warranty and European Hospital Liability, partly offset by net favorable development in Workers Compensation. Net adverse development for European Hospital Liability was due to higher than expected loss emergence in Italian Hospital Liability policies and 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".

The table below shows prior year loss development for the AmTrust Reinsurance segment for the years ended December 31, 2023 and 2022:



For the Year Ended December 31,		2023		2022
Prior Year Loss Development adverse (favorable)	($ in thousands)
AmTrust Quota Share		$	24,098	$	14,837
AmTrust other runoff		(618)		—
European Hospital Liability Quota Share		10,268		13,247
Total AmTrust Reinsurance Prior Year Development		$	33,748	$	28,084

The increase in the deferred gain on retroactive reinsurance was $25,532 for the year ended December 31, 2023 (2022 - $3,587 decrease) which relates to retroactive reinsurance in GLS and the LPT/ADC Agreement in the AmTrust Reinsurance Segment. This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $25,508 for the year ended December 31, 2023 (2022 - $452 decrease) caused by adverse 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 December 31, 2023 and 2022. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is presently estimated to be before the end of 2024.

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

a)Claims Development

The following is a summary of the Company's incurred and paid loss development by accident year, net of reinsurance, from the last ten calendar years including the total reserve for losses, IBNR, plus development on reported loss and LAE for specific lines of business in our reportable segments, Diversified Reinsurance and AmTrust Reinsurance, as of December 31, 2023. Information prior to 2023 is included as unaudited supplementary information. The incurred and paid amounts have been translated from the local currency to U.S. dollars using the December 31, 2023 spot rate for all years presented in the table below in order to isolate changes in foreign exchange rates from loss development. As a reinsurer of primarily quota share contracts, claim counts are available on a very limited basis. Therefore claim counts have not been provided in the tables below as it is impractical to do so.

Diversified Reinsurance segment incurred and paid losses are analyzed by following lines of business: (1) International; (2) GLS and (3) Other run-off lines. Loss development tables have not been presented for GLS and other run-off lines as loss development tables are not required for currently insignificant categories, therefore the GLS contracts and other run-off lines have been aggregated into two separate categories and included in the reconciliation disclosure only.

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

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

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

•Management’s assumptions and allocation procedures for these tables may produce results that differ from the actual loss emergence reported by line of business each quarter; and

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

Diversified Reinsurance Segment: GLS

GLS 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 to those companies' operations. 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. Having completed the capital commitment made to GLS in 2020, the Company has determined to not commit any additional capital to new opportunities and to run-off the existing accounts underwritten by GLS. For additional information on GLS, please see "Note 1 — Organization".

Loss development tables have not been presented for GLS as the loss reserves and paid claims for each individual contract is currently insignificant, therefore the loss reserves for all the GLS contracts have been aggregated into a separate category and included in the reconciliation disclosure only. For GLS exposure, loss reserves are calculated primarily from utilizing the LD or FS methods. As the exposure being reinsured is typically retroactive in nature and covers more mature portfolios, the ELR or BF approach is not highly relied upon.

As of December 31, 2023, GLS and its subsidiaries hold insurance liabilities assumed primarily through a few retroactive reinsurance contracts which included total loss reserves of $17,712 and a loss recoverable of $5,029. Losses incurred for the year ended December 31, 2023 include paid losses of $11,817 and total loss reserves include IBNR reserves of $15,653 at December 31, 2023.

Also, please see "Note 5 — Fair Value Measurements" for the derivative liability of $3,984 on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities. The fair value of this derivative instrument is 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 to assess the reasonableness of inputs used in the valuation model.

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

Diversified Reinsurance Segment: IIS Business

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


Diversified Reinsurance - IIS business	Incurred loss and LAE, net of reinsurance																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	76,316	$	74,425	$	76,500	$	78,500	$	78,198	79,225		$	79,347	$	79,649	$	79,845	$	82,139	$	892
2011	47,288		47,246		47,076		47,455		47,705		47,661		47,621		47,621		47,699		47,682		53
2012	46,766		46,871		46,954		47,215		46,935		46,880		46,810		46,912		46,886		46,889		247
2013	49,081		50,397		49,899		50,500		50,328		50,707		50,640		50,742		50,710		50,713		(200)
2014	42,670		48,426		48,292		48,191		47,981		48,047		47,798		47,684		47,701		47,744		64
2015			42,887		44,301		44,791		44,444		44,480		44,335		44,065		44,078		43,983		(136)
2016					38,693		40,687		40,048		40,034		40,436		40,135		40,227		40,214		8
2017							36,740		37,609		36,506		35,622		35,639		35,437		35,243		198
2018									42,164		40,499		40,678		40,711		40,848		40,413		(922)
2019											35,530		37,533		36,606		36,696		36,689		110
2020													24,024		23,165		22,000		22,175		916
2021															6,410		6,410		6,485		1,981
2022																	7,298		9,121		1,745
2023																			9,645		—
Total																			$	519,135	$	4,956

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2010	$	48,089	$	49,678	$	51,194	$	52,673	$	54,307	$	55,720	$	56,793	$	57,880	$	58,901	$	59,966
2011	46,772		47,190		47,422		47,563		47,672		47,737		47,820		47,872		47,903		47,880
2012	41,795		42,881		43,208		43,790		43,901		43,915		43,997		44,093		44,063		44,033
2013	42,954		45,432		46,775		47,244		47,450		47,527		47,839		48,260		48,374		48,591
2014	23,776		42,044		44,312		45,536		45,785		45,888		46,004		46,064		46,101		46,088
2015			21,761		39,336		41,401		42,376		42,778		43,050		43,257		43,286		43,274
2016					22,495		36,599		38,370		39,096		39,709		40,217		41,048		41,299
2017							19,052		32,998		34,705		35,506		35,758		35,820		35,850
2018									20,212		36,586		38,615		39,629		40,230		40,464
2019											16,687		30,231		32,858		33,398		33,682
2020													11,447		19,377		20,423		20,842
2021															5,744		10,479		11,535
2022																	1,196		10,481
2023																			845
Total																			484,830

Total net reserves													$	34,305

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

AmTrust Reinsurance: Workers’ Compensation

AmTrust Reinsurance: General Liability

AmTrust Reinsurance: Commercial Auto Liability

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

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


Workers' Compensation	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	81,240	$	82,301	$	83,039	$	83,622	$	84,710	$	83,952	$	86,117	$	86,292	$	86,415	$	86,144	$	2,132	$	3,028
2009	109,213		106,204		105,901		107,165		110,175		109,664		109,021		110,207		109,384		109,018		1,474		3,918
2010	120,243		125,020		124,073		123,968		127,215		127,381		126,621		126,516		126,308		125,420		6,365		5,348
2011	132,728		133,995		133,916		135,379		138,600		139,685		141,272		137,355		140,257		139,421		4,556		6,913
2012	173,946		171,040		172,692		181,616		192,087		188,879		192,263		187,089		189,114		187,630		7,048		10,691
2013	245,765		238,392		242,447		261,915		276,249		273,571		281,580		277,365		277,226		276,791		8,713		17,699
2014	379,589		365,515		382,260		419,748		457,363		455,521		449,374		445,258		441,185		440,175		18,517		32,449
2015			474,140		474,212		526,269		551,145		545,271		549,857		547,439		537,963		535,139		25,811		46,860
2016					528,906		568,006		627,728		603,529		579,849		568,791		559,440		555,645		31,683		55,094
2017							615,957		654,362		613,577		593,920		591,122		580,155		577,051		25,284		68,032
2018									592,566		580,528		575,765		585,009		577,485		573,040		25,787		84,264
2019											12,751		9,945		10,871		10,152		11,943		192		—
Total																			$	3,617,417	$	157,562	$	334,296

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	77,370	$	78,161	$	79,230	$	81,159	$	82,436	$	82,709	$	82,286	$	82,676	$	82,761	$	83,026
2009	93,425		96,396		98,811		100,103		101,823		102,877		103,771		104,205		104,434		104,685
2010	103,280		108,171		114,639		115,014		115,959		116,332		114,730		115,508		115,765		116,064
2011	105,584		114,107		115,966		122,579		124,315		125,843		129,408		130,413		130,958		131,877
2012	119,059		138,706		150,543		158,807		164,512		168,154		172,251		174,436		175,021		176,022
2013	121,182		168,785		199,300		216,527		227,502		234,342		248,103		252,506		255,720		257,523
2014	69,512		189,954		268,467		321,258		355,414		370,176		383,529		392,101		398,441		404,591
2015			86,695		246,616		338,642		388,640		417,736		448,867		466,868		476,769		483,387
2016					110,051		284,501		380,602		428,651		449,347		471,382		484,367		494,160
2017							111,508		274,596		448,551		485,611		507,903		520,180		528,411
2018									110,954		409,986		465,762		499,349		515,459		524,987
2019											3,907		5,821		8,070		9,024		9,717
Total																			3,314,450
	All outstanding liabilities prior to 2008, net of reinsurance																		62
Total net reserves excluding impact of LPT/ADC Agreement													303,029

Less: Impact of LPT/ADC Agreement													(334,296)
Total net reserves including impact of LPT/ADC Agreement													$	(31,267)

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


General Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	33,792	$	34,169	$	35,985	$	36,627	$	37,605	$	36,996	$	40,398	$	40,381	$	40,017	$	39,796	$	2,435	$	209
2009	30,902		32,418		34,040		34,863		35,138		35,410		36,228		35,733		35,495		35,433		182		103
2010	36,455		38,536		38,298		41,597		42,884		43,062		45,490		44,778		44,856		44,907		278		527
2011	40,557		42,100		45,303		49,338		52,746		53,499		55,607		54,683		54,288		54,495		218		997
2012	42,450		48,851		50,800		55,991		59,948		63,429		63,704		64,052		63,615		63,214		3,853		1,573
2013	43,116		66,869		68,641		79,731		89,204		92,032		95,050		96,342		96,388		97,920		1,559		3,800
2014	65,469		66,558		77,930		99,873		111,970		116,085		119,367		119,782		119,413		119,554		4,834		7,027
2015			118,111		95,766		122,942		139,518		154,071		154,529		154,939		155,234		155,101		3,760		13,465
2016					98,149		114,864		120,911		148,371		147,858		147,996		150,019		153,168		7,368		20,243
2017							116,158		133,533		165,268		161,354		162,856		167,257		170,669		13,341		26,585
2018									121,991		153,822		148,817		148,295		151,791		160,003		13,825		38,441
2019											5,427		6,017		5,981		3,906		3,077		964		—
Total																			$	1,097,337	$	52,617	$	112,970

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,849	$	32,423	$	32,765	$	34,935	$	36,699	$	34,893	$	37,253	$	37,278	$	37,473	$	37,289
2009	24,298		28,312		30,924		32,878		33,473		32,487		34,984		34,999		35,093		35,197
2010	26,429		30,948		34,125		37,317		39,214		39,888		42,509		43,076		44,040		44,246
2011	22,963		31,619		39,350		41,257		47,141		49,178		51,492		52,592		53,064		53,320
2012	18,020		29,752		40,864		45,775		53,526		56,538		55,350		57,913		58,889		58,412
2013	10,226		32,249		44,698		58,377		70,074		76,996		83,571		87,178		89,473		92,705
2014	3,503		24,581		36,026		57,678		77,259		86,101		92,861		96,521		102,290		107,865
2015			20,849		33,963		52,350		79,291		98,278		112,542		120,546		131,224		140,414
2016					6,402		21,959		45,855		67,064		88,627		101,764		114,422		129,683
2017							6,967		27,001		51,545		79,531		97,356		119,417		139,460
2018									7,907		24,618		42,792		65,947		90,841		115,496
2019											27		314		717		1,218		1,581
Total																			955,668
	All outstanding liabilities prior to 2008, net of reinsurance																		98
Total net reserves excluding impact of LPT/ADC Agreement													141,767

Less: Impact of LPT/ADC Agreement													(112,970)
Total net reserves including impact of LPT/ADC Agreement													$	28,797

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


Commercial Auto Liability	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	34,522	$	34,584	$	35,975	$	35,521	$	35,382	$	35,542	$	37,746	$	37,854	$	37,885	$	37,880	$	2,532	$	20
2009	30,812		31,024		30,468		30,919		31,033		31,064		31,082		31,019		30,979		30,978		633		66
2010	38,043		40,193		40,523		42,146		41,996		42,070		40,637		40,631		40,608		40,556		139		3
2011	32,578		33,839		34,790		36,149		36,065		34,643		34,707		34,690		34,633		34,644		485		—
2012	40,076		44,812		48,116		46,150		45,753		45,917		45,902		45,753		45,860		45,887		36		8
2013	44,771		50,647		59,702		63,162		62,163		63,620		63,532		63,589		63,500		63,471		205		130
2014	47,525		55,023		73,966		82,427		89,299		92,572		94,238		93,208		93,164		93,434		1,167		339
2015			66,967		92,955		106,560		119,141		127,560		129,849		129,082		129,632		130,631		389		835
2016					121,828		118,210		144,077		171,504		170,275		167,479		170,221		171,563		(1,479)		4,108
2017							156,575		189,257		220,457		230,972		220,471		224,132		227,165		3,270		8,197
2018									177,150		224,780		230,200		219,800		230,516		234,717		4,055		17,128
2019											79,172		77,371		73,023		74,553		74,504		5,357		—
2020																			—		(7)		—
Total																			$	1,185,430	$	16,782	$	30,834

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	32,643	$	33,536	$	34,074	$	34,803	$	35,284	$	36,968	$	34,982	$	35,013	$	35,339	$	35,349
2009	26,975		29,226		29,829		29,842		30,204		31,194		30,337		30,340		30,341		30,342
2010	34,855		37,734		39,413		39,750		40,282		40,395		40,407		40,411		40,416		40,416
2011	25,808		29,769		32,362		33,130		33,155		33,451		33,872		34,005		34,158		34,159
2012	26,508		35,460		43,745		44,165		45,555		45,751		45,819		45,812		45,825		45,831
2013	19,865		34,379		48,122		57,349		59,600		62,331		62,562		62,968		63,070		63,079
2014	8,450		22,858		42,960		64,459		79,766		87,458		90,761		91,000		91,115		91,819
2015			13,102		39,179		62,945		86,433		107,707		118,753		121,605		125,415		128,693
2016					19,071		48,595		76,635		113,174		133,826		145,727		158,822		165,475
2017							26,863		69,657		115,623		154,600		176,863		197,857		212,952
2018									30,018		67,080		107,184		138,770		178,479		207,553
2019											9,456		22,799		34,365		49,073		59,162
2020													7		7		7		7
Total																			1,114,837
	All outstanding liabilities prior to 2008, net of reinsurance																		57
Total net reserves excluding impact of LPT/ADC Agreement													70,650

Less: Impact of LPT/ADC Agreement													(30,834)
Total net reserves including impact of LPT/ADC Agreement													$	39,816

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

AmTrust Reinsurance: European Hospital Liability


European Hospital Liability	Incurred loss and LAE, net of reinsurance																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	48,464	$	46,100	$	63,479	$	61,552	$	59,019	$	61,240	$	61,517	$	62,268	$	69,655	$	70,652	$	(1,008)
2012	78,617		100,807		90,177		85,386		110,349		115,107		116,023		117,456		120,689		121,675		(3,036)
2013	60,125		62,720		82,397		75,340		96,568		102,288		103,655		105,258		107,268		108,573		(1,358)
2014	49,790		52,429		56,158		62,486		78,792		83,937		84,962		86,288		86,101		88,950		(951)
2015			46,419		45,067		58,679		64,517		67,595		67,828		70,100		71,680		73,957		2,628
2016					43,461		50,033		65,484		67,961		66,474		67,797		67,255		68,576		3,243
2017							40,010		50,977		53,058		51,640		49,686		48,477		48,984		3,327
2018									43,555		30,892		31,805		31,177		33,384		33,455		725
2019											15,519		14,365		15,318		15,261		15,444		1,344
Total																			$	630,266	$	4,914

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2011	$	22,974	$	28,104	$	34,919	$	40,400	$	44,495	$	48,189	$	52,638	$	55,539	$	59,705	$	63,056
2012	34,162		44,496		57,207		67,454		75,295		81,276		91,090		96,039		102,818		108,615
2013	14,674		25,246		38,521		48,424		54,268		61,350		74,262		79,699		87,566		93,500
2014	4,106		11,566		24,042		34,218		38,395		45,291		56,926		59,822		69,805		76,532
2015			3,391		10,782		22,261		28,410		34,118		44,752		44,270		53,736		59,618
2016					3,499		10,393		17,221		22,907		34,000		36,546		46,325		50,899
2017							1,249		4,312		7,390		14,344		19,770		29,293		33,143
2018									899		2,213		5,273		7,589		21,635		24,479
2019											11,195		1,564		2,954		10,284		11,207
Total																			521,049
Total net reserves													$	109,217

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


All Other Lines	Incurred loss and LAE, net of reinsurance (excluding impact of LPT/ADC Agreement)																				At December 31, 2023
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR		Impact of LPT/ADC
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	29,149	$	29,237	$	29,070	$	29,576	$	29,574	$	29,519	$	24,045	$	24,016	$	24,013	$	24,013	$	(4,847)	$	—
2009	13,329		14,309		14,492		16,088		15,653		14,617		15,750		15,373		15,373		15,379		383		1
2010	15,484		16,078		16,105		17,071		17,059		15,438		15,905		15,905		15,905		15,905		52		—
2011	27,509		22,359		22,616		23,376		23,506		21,469		21,515		21,500		21,496		21,490		132		—
2012	19,426		21,898		18,673		19,850		20,260		19,578		17,969		17,811		17,819		17,775		(310)		17
2013	17,630		28,058		22,918		21,313		21,669		21,735		20,644		20,639		20,637		20,593		1,111		28
2014	20,597		25,268		26,021		24,958		26,278		24,929		21,496		21,491		21,493		21,481		(51)		14
2015			52,706		54,857		49,631		49,463		47,882		44,939		44,749		44,456		44,379		639		15
2016					79,654		74,948		72,384		73,602		67,060		66,944		66,791		67,162		6,353		61
2017							104,637		96,812		92,904		96,196		96,104		96,267		96,485		1,513		199
2018									96,910		103,489		101,553		101,913		102,061		101,326		(1,253)		319
2019											37,945		43,146		43,554		42,003		42,310		916		—
2020																			—		(103)		—

Total																			$	488,298	$	4,535	$	654

	Cumulative paid loss and LAE, net of reinsurance
For the Year Ended December 31,	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
Accident Year:	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
2008	$	31,217	$	29,388	$	29,177	$	30,833	$	30,683	$	29,234	$	24,706	$	28,850	$	28,850	$	28,850
2009	11,093		13,105		13,870		15,224		15,051		14,009		14,954		14,986		14,986		14,986
2010	15,375		15,748		16,058		16,919		16,786		15,285		15,853		15,854		15,854		15,854
2011	21,279		22,044		22,715		23,892		23,661		21,481		21,343		21,339		21,334		21,359
2012	16,033		16,936		17,946		18,205		18,685		17,559		18,071		18,077		18,077		18,084
2013	15,997		17,509		20,258		20,456		20,447		19,343		20,146		19,465		19,463		19,482
2014	12,028		20,277		20,940		22,018		26,194		21,405		21,497		21,493		21,509		21,532
2015			28,929		45,208		42,631		41,962		44,179		43,622		43,895		43,742		43,737
2016					42,795		69,805		65,452		63,234		63,450		60,008		59,967		60,682
2017							48,903		80,726		80,735		93,212		93,541		94,206		94,710
2018									56,539		86,455		98,386		101,158		102,587		102,406
2019											22,095		38,793		40,427		40,670		41,028
2020													4		103		103		103
2021															66		66		55
Total																			482,868
	All outstanding liabilities prior to 2008, net of reinsurance																		(3)
Total net reserves excluding impact of LPT/ADC Agreement													5,427

Less: Impact of LPT/ADC Agreement													(654)
Total net reserves including impact of LPT/ADC Agreement													$	4,773

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

Reconciliation of Loss Development Tables to Consolidated Balance Sheet

The following table represents a reconciliation of the net incurred and paid loss development tables to the reserve for loss and LAE in the Consolidated Balance Sheet at December 31, 2023:


	December 31, 2023
	Total Net Reserves (including impact of ADC)		Reinsurance Recoverables on unpaid claims		Total Gross Reserves
Diversified Reinsurance
IIS business	$	34,305	$	663	$	34,968
Other reconciling items excluded from loss development tables
GLS	12,683		5,029		17,712
Other run-off lines	15,817		—		15,817
Total Diversified Reinsurance	62,805		5,692		68,497
AmTrust Reinsurance
Workers' Compensation(1)	(31,267)		334,296		303,029
General Liability	28,797		112,970		141,767
Commercial Auto Liability	39,816		30,834		70,650
European Hospital Liability	109,217		—		109,217
All Other Lines	4,773		654		5,427
Total	151,336		478,754		630,090
Other reconciling items excluded from loss development tables	86,192		36,709		122,901
Total AmTrust Reinsurance	237,528		515,463		752,991

US Treaty business ceded to Cavello	2,769		43,176		45,945

Total reserves for loss and LAE	$	303,102	$	564,331	$	867,433

b)Claims duration disclosure


	Average annual payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Diversified Reinsurance
International	41.1	%	4.5	%	1.0	%	1.0	%	1.1	%	0.1	%	(0.2)	%	(0.6)	%	(0.2)	%	0.2	%

AmTrust Reinsurance
Workers' Compensation	19.0	%	32.3	%	18.1	%	8.8	%	5.0	%	3.4	%	2.7	%	2.1	%	1.4	%	1.4	%
General Liability	6.0	%	10.6	%	13.3	%	16.1	%	14.1	%	10.9	%	8.0	%	6.7	%	3.8	%	3.5	%
Commercial Auto Liability	11.9	%	17.6	%	18.7	%	18.1	%	14.0	%	8.5	%	5.1	%	2.0	%	1.2	%	0.7	%
European Hospital Liability	3.5	%	7.7	%	11.2	%	14.7	%	12.7	%	6.8	%	5.5	%	6.6	%	6.4	%	4.9	%
All other lines	57.1	%	32.4	%	2.7	%	4.7	%	3.6	%	(1.0)	%	1.5	%	(0.1)	%	(0.7)	%	(0.1)	%

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

Share Compensation and Pension Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Share Options
Outstanding, beginning of period (in shares)	144,000	215,000
Exercised (in shares)	0	(7,500)
Expired (in shares)	(22,500)	(57,250)
Forfeited (in shares)		(6,250)
Outstanding, end of period (in shares)	121,500	144,000	215,000
Total options exercisable outstanding, Number of Share Options (in shares)	121,500
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 9.72	$ 8.91
Exercised (in dollars per share)		1.31
Expired (in dollars per share)	10.48	7.20
Forfeited (in dollars per share)		7.20
Outstanding, end of period (in dollars per share)	9.58	$ 9.72	$ 8.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.58
Weighted Average Remaining Contractual Term	2 years 11 months 19 days	3 years 4 months 24 days	4 years 3 months 10 days
Total options exercisable outstanding, Weighted Average Remaining Contractual Term	2 years 11 months 19 days
Options outstanding, Aggregate Intrinsic Value		$ 0	$ 13
Options Exercised, Aggregate Intrinsic Value		$ 7
Total options exercisable outstanding, Aggregate Intrinsic Value	$ 0
Minimum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 3.24	$ 1.31
Outstanding, end of period (in dollars per share)	3.24	3.24	$ 1.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	3.24
Maximum
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	13.98	13.98
Outstanding, end of period (in dollars per share)	13.98	$ 13.98	$ 13.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total options exercisable outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.98

Segment Information - Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Income Statement [Abstract]
Gross premiums written	$ 23,466	$ 5,479
Net premiums written	23,168	5,082
Net premiums earned	43,969	37,732
Other insurance revenue	39	(4,530)
Net loss and LAE	(61,228)	(57,991)
Commission and other acquisition expenses	(19,462)	(18,511)
General and administrative expenses	(12,800)	(11,634)
Underwriting loss	(49,482)	(54,934)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains	45,226	24,930
Interest and amortization expenses	(18,226)	(19,331)
Foreign exchange and other gain (losses), net	(5,741)	8,255
Other general and administrative expenses	(17,996)	(19,313)
Income tax expense (benefit)	(196)	557
Interest in income (loss) of equity method investments	7,846	(205)
Net loss	(38,569)	(60,041)
Operating Segments \| Diversified Reinsurance
Income Statement [Abstract]
Gross premiums written	27,402	24,017
Net premiums written	27,104	23,620
Net premiums earned	29,039	27,983
Other insurance revenue	39	(4,530)
Net loss and LAE	(14,230)	(12,483)
Commission and other acquisition expenses	(13,879)	(14,164)
General and administrative expenses	(10,110)	(8,857)
Underwriting loss	(9,141)	(12,051)
Operating Segments \| AmTrust Reinsurance
Income Statement [Abstract]
Gross premiums written	(3,936)	(18,538)
Net premiums written	(3,936)	(18,538)
Net premiums earned	14,930	9,749
Other insurance revenue	0	0
Net loss and LAE	(46,998)	(45,508)
Commission and other acquisition expenses	(5,583)	(4,347)
General and administrative expenses	(2,690)	(2,777)
Underwriting loss	$ (40,341)	$ (42,883)

Shareholders' Equity - Narrative (Details)	12 Months Ended
Shareholders' Equity - Narrative (Details)	Dec. 31, 2023 USD ($) period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	May 03, 2023 USD ($) $ / shares shares	May 02, 2023 USD ($) $ / shares shares	Dec. 27, 2022 $ / shares	Dec. 31, 2021 shares	Feb. 21, 2017 USD ($)
Class of Stock [Line Items]
Common stock, authorized share capital \| $			$ 2,000,000	$ 1,500,000
Common stock, shares authorized (in shares)			200,000,000	150,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	200,000,000
Common shares, issued (in shares)	149,732,355	149,224,080
Common shares, outstanding (in shares)	100,472,120	101,532,151				86,467,242
Treasury shares (in shares)	49,260,235	47,691,929
Common shares remain for future issuance (in shares)	50,267,645
Number of votes per share \| period	1
Shares repurchased (in shares)	1,439,575	0
2019 Omnibus Incentive Plan
Class of Stock [Line Items]
Common shares remain for future issuance (in shares)	5,668,408
Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	42,878,923	41,439,348
Share Repurchase Plan
Class of Stock [Line Items]
Treasury shares (in shares)	6,381,312	6,252,581
Shares repurchased (in shares)	1,439,575	0
Average price per share (in dollars per share) \| $ / shares	$ 1.83
Remaining shares authorized \| $	$ 71,615,000	$ 74,245,000
Share Repurchase Plan \| Common shares
Class of Stock [Line Items]
Stock repurchased, authorized amount (up to) \| $							$ 100,000,000
Employees, Tax Withholding
Class of Stock [Line Items]
Shares repurchased (in shares)	128,731	403,716
Average price per share (in dollars per share) \| $ / shares	$ 2.25	$ 2.50
Exchange for Preferred Shares \| Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	41,439,348	41,439,348
Non-Performance-Based Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)	975,027	492,463				249,332

Reserve for Loss and Loss Adjustment Expenses - Historical average annual payout (Details)	Dec. 31, 2023
IIS business \| Diversified Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	41.10%
Year 2	4.50%
Year 3	1.00%
Year 4	1.00%
Year 5	1.10%
Year 6	0.10%
Year 7	(0.20%)
Year 8	(0.60%)
Year 9	(0.20%)
Year 10	0.20%
Workers' Compensation \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.00%
Year 2	32.30%
Year 3	18.10%
Year 4	8.80%
Year 5	5.00%
Year 6	3.40%
Year 7	2.70%
Year 8	2.10%
Year 9	1.40%
Year 10	1.40%
General Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.00%
Year 2	10.60%
Year 3	13.30%
Year 4	16.10%
Year 5	14.10%
Year 6	10.90%
Year 7	8.00%
Year 8	6.70%
Year 9	3.80%
Year 10	3.50%
Commercial Auto Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.90%
Year 2	17.60%
Year 3	18.70%
Year 4	18.10%
Year 5	14.00%
Year 6	8.50%
Year 7	5.10%
Year 8	2.00%
Year 9	1.20%
Year 10	0.70%
European Hospital Liability \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.50%
Year 2	7.70%
Year 3	11.20%
Year 4	14.70%
Year 5	12.70%
Year 6	6.80%
Year 7	5.50%
Year 8	6.60%
Year 9	6.40%
Year 10	4.90%
All other lines \| AmTrust Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	57.10%
Year 2	32.40%
Year 3	2.70%
Year 4	4.70%
Year 5	3.60%
Year 6	(1.00%)
Year 7	1.50%
Year 8	(0.10%)
Year 9	(0.70%)
Year 10	(0.10%)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, NY

Related Party Transactions

12 Months Ended

Dec. 31, 2023

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), George Karfunkel and Barry Zyskind (the Company's non-executive chairman) each own or control 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, L.P., 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%. 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 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. 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.

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.

10. Related Party Transactions (continued)

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, but still has 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 Consolidated Income Statements for the years ended December 31, 2023 and 2022, respectively:


For the Year Ended December 31,	2023		2022
Gross and net premiums written	$	(3,936)	$	(18,538)
Net premiums earned	14,930		9,749
Net loss and loss adjustment expenses	(47,617)		(45,508)
Commission and other acquisition expenses	(5,583)		(4,347)

Collateral provided to AmTrust

a) AmTrust Quota Share

To provide AmTrust's U.S. insurance subsidiaries with credit for reinsurance on their statutory financial statements, AII, as the direct reinsurer of AmTrust's insurance subsidiaries, established trust accounts ("Trust Accounts") for their benefit. Maiden Reinsurance has provided appropriate collateral to secure its proportional share under the AmTrust Quota Share of AII's obligations to the AmTrust subsidiaries to whom AII is required to provide collateral which can include (a) assets loaned by Maiden Reinsurance to AII for deposit into the Trust Accounts, pursuant to a loan agreement between those parties, (b) assets transferred by Maiden Reinsurance for deposit into the Trust Accounts, or (c) a letter of credit obtained by Maiden Reinsurance and delivered to an AmTrust subsidiary on AII's behalf. Maiden Reinsurance may provide any or a combination of these forms of collateral, provided that the aggregate value thereof equals Maiden Reinsurance's proportionate share of its obligations under the AmTrust Quota Share. The collateral requirements under the AmTrust Quota Share with AII were satisfied as follows:

•.by lending funds of $167,975 at December 31, 2023 and 2022 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. There was no allowance for expected credit losses recognized on the loan at December 31, 2023. Interest is payable at a rate equivalent to the Federal Funds Effective Rate ("Fed Funds") plus 200 basis points per annum. The interest income on the loan was $11,802 for the year ended December 31, 2023 (2022 - $6,202) and the effective yield was 7.0% (2022 - 3.7%).

•.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 December 31, 2023 was approximately $0 (2022 - $42,305) and the accrued interest was $0 (2022 - $224). Please refer to "Note 4. (e) Investments" for additional information.

•.on January 11, 2019, the Company transferred $575,000 to AmTrust as a portion of the existing Trust Accounts used for collateral on the AmTrust Quota Share was converted to funds withheld. The funds withheld receivable earns an annual interest rate of 3.5% for 2023, subject to annual adjustment (2022 - 2.1%). At December 31, 2023, the funds withheld balance was $128,451 (2022 - $416,835) and accrued interest was $1,584 (2022 - $2,359). The interest income on the funds withheld receivable was $10,009 for the year ended December 31, 2023 (2022 - $10,791). No allowance for expected credit losses was recognized for the fund withheld receivable from AmTrust and related accrued interest at December 31, 2023.

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.

10. Related Party Transactions (continued)

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. 2, the funding percentage was reduced to 107.5% during the first quarter of 2023.

Pursuant to the terms of Post Termination Endorsement No. 1 to the European Hospital Liability Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AEL and AIU DAC by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to the greater of 120% of the Exposure (as defined therein) and the amount of security required to offset the increase in the Solvency Capital Requirement (“SCR”) that results from the changes in the SCR which arise out of Maiden Reinsurance's re-domestication as compared to the SCR calculation if Maiden Reinsurance had remained domesticated in a Solvency II equivalent jurisdiction with a solvency ratio above 100% and provided collateral equivalent to 100% of the Exposure.

b) European Hospital Liability Quota Share

Collateral has been provided to both AEL and AIU DAC under the European Hospital Liability Quota Share. For AEL, the amount of collateral held in reinsurance trust accounts at December 31, 2023 was $147,635 (2022 - $188,473) and the accrued interest was $1,091 (2022 - $966).

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 $324 of investment management fees for the year ended December 31, 2023 (2022 - $417) 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments, Contingencies and Guarantees - Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gain Contingencies [Line Items]
Fair Value	$ 65,631	$ 69,607
% of Total	65.10%	61.60%
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 53,675	$ 54,996
% of Total	53.20%	48.70%
Private credit funds
Gain Contingencies [Line Items]
Fair Value	$ 11,361	$ 13,906
% of Total	11.30%	12.30%
Investments in direct lending entities
Gain Contingencies [Line Items]
Fair Value	$ 595	$ 0
% of Total	0.60%	0.00%
Privately held equity investments
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 705
% of Total	0.00%	0.60%
Total unfunded commitments on equity securities
Gain Contingencies [Line Items]
Fair Value	$ 14,735	$ 16,509
% of Total	14.60%	14.60%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 20,480	$ 26,873
% of Total	20.30%	23.80%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 100,846	$ 112,989
% of Total	100.00%	100.00%

Reinsurance - Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Premiums written
Direct	$ 27,265	$ 24,553
Assumed	(3,799)	(19,074)
Ceded	(298)	(397)
Net	23,168	5,082
Premiums earned
Direct	27,049	24,534
Assumed	17,202	13,599
Ceded	(282)	(401)
Net premiums earned	43,969	37,732
Loss and LAE
Gross loss and LAE	59,562	53,508
Loss and LAE ceded	1,666	4,483
Net loss and loss adjustment expenses	$ 61,228	$ 57,991

Share Compensation and Pension Plans - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	492,463	249,332
Awards granted (in shares)	804,099	382,436
Awards vested (in shares)	(282,785)	(137,677)
Awards forfeited (in shares)	(38,750)	(1,628)
Ending balance, Non-vested (in shares)	975,027	492,463
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 2.71	$ 3.35
Awards granted (in dollars per share)	2.25	2.51
Awards vested (in dollars per share)	2.82	3.30
Awards forfeited (in dollars per share)	2.49	3.07
Weighted average grant date fair value, ending balance (in dollars per share)	$ 2.31	$ 2.71
Discretionary Performance-Based Restricted Shares
Number of Restricted Units
Beginning balance, Non-vested (in shares)	0	238,094
Awards granted (in shares)	225,490	724,702
Awards vested (in shares)	(225,490)	(962,796)
Awards forfeited (in shares)	0	0
Ending balance, Non-vested (in shares)	0	0
Weighted Average Grant-Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0	$ 1.26
Awards granted (in dollars per share)	2.30	2.55
Awards vested (in dollars per share)	2.30	2.23
Awards forfeited (in dollars per share)	0	0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (38,569)	$ (60,041)
Other comprehensive gain (loss)
Net unrealized holdings gains (losses) on fixed maturity investments arising during the year	7,977	(10,906)
Net unrealized holdings gains on equity method investments arising during the year	0	4,414
Adjustment for reclassification of net realized gains recognized in net loss	0	(6,807)
Foreign currency translation adjustment	1,881	(16,044)
Other comprehensive gain (loss), before tax	9,858	(29,343)
Income tax (expense) benefit related to components of other comprehensive gain (loss)	(93)	324
Other comprehensive gain (loss), after tax	9,765	(29,019)
Comprehensive loss	$ (28,804)	$ (89,060)

Reinsurance - Allowance for Credit Loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$ 4,277
Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(1,037)
Allowance for expected credit losses on reinsurance recoverable, end of period	$ 3,240

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2022 USD ($) $ / shares shares
Total fixed maturities	$ 330,439
Cost	40,509
Reinsurance balances receivable, net	10,707
Deferred commission and other acquisition expenses	24,976
Funds withheld receivable	441,412
Reverse for loss and loss adjustment expenses	1,131,408
Unearned premiums	67,081
Accrued expenses and other liabilities	$ 60,518
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01
Common shares, issued (in shares) \| shares	149,224,080
Common shares, outstanding (in shares) \| shares	101,532,151
Treasury shares (in shares) \| shares	47,691,929
Affiliated Entity
Reinsurance balances receivable, net	$ 8,395
Deferred commission and other acquisition expenses	23,632
Funds withheld receivable	416,835
Reverse for loss and loss adjustment expenses	988,684
Unearned premiums	63,443
Accrued expenses and other liabilities	$ 33,278

Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Commitments

and 2022:


December 31,	2023				2022
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	53,675	53.2	%	$	54,996	48.7	%
Private credit funds	11,361		11.3	%	13,906		12.3	%
Investments in direct lending entities	595		0.6	%	—		—	%
Privately held equity investments	—		—	%	705		0.6	%
Total unfunded commitments on other investments	65,631		65.1	%	69,607		61.6	%

Total unfunded commitments on equity securities	14,735		14.6	%	16,509		14.6	%

Total unfunded commitments on equity method investments	20,480		20.3	%	26,873		23.8	%

Total unfunded commitments on alternative investments	$	100,846	100.0	%	$	112,989	100.0	%

Scheduled of Maturity of Operating Lease Liabilities

At December 31, 2023, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



For the Year Ended December 31,	Total
2024	$	201
2025	42




Discount for present value	(15)
Total discounted operating lease liabilities	$	228

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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

Bermuda recently enacted the Corporate Income Tax Act 2023 on December 27, 2023 (the “CIT Act”). Entities subject to tax under the CIT Act are the Bermuda constituent entities of multi-national groups. A multi-national group is defined under the CIT Act as a group with entities in more than one jurisdiction with consolidated revenues of at least €750 million for two of the four previous fiscal years. If Bermuda constituent entities of a multi-national group are subject to tax under the CIT Act, such tax is charged at a rate of 15% of the net income of such constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). No tax is chargeable under the CIT Act until tax years starting on or after January 1, 2025. The Company's consolidated revenues do not presently meet the minimum amounts for taxation under the CIT Act. Should the Company become eligible to be taxed under the CIT Act, there would be an adverse effect on the Company's results of operation.

Pillar Two addresses the BEPS risk of profit shifting to entities in low tax jurisdictions by introducing a global minimum tax and a proposed tax on base eroding payments, which would operate through a denial of a deduction or imposition of source-based taxation (including withholding tax) on certain payments. In December 2021, the OECD issued Pillar Two model rules for domestic implementation of the global minimum tax and shortly thereafter the European Commission proposed a Directive to implement the Pillar Two rules into EU law, which required EU member states to transpose the rules into their national laws by December 31, 2023 with certain measures initially being effective from January 1, 2024. In 2023, a number of jurisdictions (including Sweden and the UK) passed legislation to implement the OECD/G20's model rules into domestic law with effect from January 1, 2024. The proposals, in particular in relation to Pillar Two, are broad in scope and include a number of exemptions which are available to the Company therefore no impact on our results of operation are expected at this time.

Maiden NA files a consolidated federal income tax return for the Company’s U.S. based subsidiaries, including Maiden Reinsurance, which re-domesticated to Vermont on March 16, 2020 and, as a result, became subject to U.S. taxes. Maiden NA has Net Operating Loss carry-forwards ("NOL") and other Deferred Tax Assets (“DTA”) and Deferred Tax Liabilities (“DTL”) that are not presently recognized as a net DTA because a full valuation allowance is currently carried against them. Our U.S. subsidiaries are subject to federal, state and local corporate income taxes and other taxes applicable to U.S. corporations. The provision for federal income taxes was determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and Regulations. Should our U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. Tax years 2020 to 2022 are subject to examination in the U.S by the Internal Revenue Service. The Inflation Reduction Act was signed into law in August 2022 and is effective for tax years beginning after December 31, 2022. The minimum tax provisions under the act are not currently applicable to the Company as we do not meet the taxable income thresholds.

The Company has subsidiary operations in various other locations around the world, including Canada, Ireland, Sweden and the United Kingdom, that are subject to relevant taxes in those jurisdictions. These subsidiaries are not under examination but generally remain subject to examination in all applicable jurisdictions for tax years from 2019 through 2023. Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries as it is the intention that such earnings will remain reinvested or will not be taxable. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding tax in the country of the paying entity. Currently, however, no withholding taxes have been accrued.

There were no unrecognized tax benefits at December 31, 2023 and 2022. Total loss before income taxes and total income tax expense (benefit) for the years ended December 31, 2023 and 2022 are as follows:


For the Year Ended December 31,	2023		2022
Loss before income taxes – Domestic (Bermuda)	$	(32,456)	$	(20,509)
Loss before income taxes – Foreign (U.S. and others)	(5,917)		(40,089)
Total loss before income taxes	$	(38,373)	$	(60,598)

Current tax expense – Domestic (Bermuda)	$	—	$	—
Current tax benefit – Foreign (U.S. and others)	(146)		(478)
Total current tax benefit	(146)		(478)

Deferred tax expense – Domestic (Bermuda)	—		—
Deferred tax expense (benefit) – Foreign (U.S. and others)	342		(79)
Total deferred tax expense (benefit)	342		(79)

Total income tax expense (benefit)	$	196	$	(557)

13. Income Taxes (continued)


For the Year Ended December 31,	2023			2022
Loss before income taxes	$	(38,373)		$	(60,598)
Less: income tax expense (benefit)	196			(557)
Net loss	$	(38,569)		$	(60,041)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	—		%	—		%
U.S. taxes at statutory rates	(2.0)		%	36.5		%

Valuation allowance in respect of U.S. taxes	2.0		%	(36.5)		%
Other jurisdictions	(0.5)		%	0.9		%
Actual tax rate	(0.5)		%	0.9		%

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows:


December 31,	2023		2022
Deferred tax assets:
Net operating losses	$	70,858	$	58,939
Unearned premiums	1,929		2,813
Capital loss carry-forward	2,909		3,036
Net unrealized losses on investments	17,223		23,276
Discounting of net loss and LAE reserves	14,542		22,964

Deferred gain on retroactive reinsurance	14,892		11,032
Others	2,373		1,175
Deferred tax assets before valuation allowance	124,726		123,235
Valuation allowance	119,742		116,237
Deferred tax assets, net	4,984		6,998
Deferred tax liabilities:
Deferred commission and other acquisition expenses	4,195		5,767




Others	—		56
Deferred tax liabilities	4,195		5,823
Net deferred tax asset	$	789	$	1,175

The net deferred tax asset at December 31, 2023 was $789 (2022 - $1,175). A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses and capital losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed regarding the utilization of these losses. During 2023, the Company recorded an increase in the valuation allowance of $3,505 (2022 - increase of $26,160).

At December 31, 2023, the Company has available net operating loss carry-forwards of $337,420 (2022 - $280,664) for income tax purposes. Approximately $186,203 (2022 - $179,549) of the net operating loss carryforwards expire in various years beginning in 2029. As of December 31, 2023, approximately $151,217 or 44.8% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law. At December 31, 2023, the Company also has a capital loss carry-forward of $13,853 (2022 - $14,458) which will expire in beginning in 2024.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 27, 2018
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)		$ 564,331	$ 556,116
Reinsurance recoverable, allowance for credit loss		3,240	4,277
Reinsurance, excess retention, amount reinsured, per policy	$ 2,178,535
Reinsurance, amount retained, per policy	600,000
Ceded cumulative losses	445,000
Reinsurance recoverable for paid and unpaid claims and claims adjustments, adverse development cover					$ 155,000
Reinsurance recoverables, including reinsurance premium paid		564,331	556,116	$ 562,845
Deferred gain on retroactive reinsurance		73,240	47,708
Collateral by third party		490,070
Maximum
Concentration Risk [Line Items]
Reinsurance recoverables on paid losses, gross		312,786
Diversified Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)		43,176	60,112
Reinsurance recoverable, allowance for credit loss		2,769
Assets and liabilities associated with reinsurance business retroceded						100.00%
AmTrust Reinsurance
Concentration Risk [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	$ 445,000
Reinsurance recoverable, allowance for credit loss		453
Reinsurance recoverables, including reinsurance premium paid		515,463	490,408
Deferred gain on retroactive reinsurance		$ 70,916	$ 45,408

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Reporting and Consolidation — These Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("U.S. GAAP") and include the accounts of Maiden Holdings and all of its subsidiaries. These Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the period and all such adjustments are of a normal recurring nature. All significant intercompany transactions and accounts have been eliminated. Certain prior year comparatives have been reclassified to conform to the current year presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Estimates — The preparation of U.S. GAAP Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. The significant estimates include, but are not limited to, reserve for loss and loss adjustment expenses ("loss and LAE"), deferred gain on retroactive reinsurance; unearned premium for AmTrust, recoverability of reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld and deferred commission and other acquisition expenses; valuation of financial instruments and deferred tax assets; and the determination of an allowance for estimated credit losses on certain types of financial instruments which requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Short-term investments - These investments are comprised of securities due to mature within one year of the date of purchase. The Company held no short-term investments as at December 31, 2023 and 2022. 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 a combination of observable and unobservable inputs including but not limited to market pricing data and quarterly financial statements. Any unrealized gains or losses on the investment, including the portion attributable to changes in foreign exchange rates, are 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 their fair values. Other investments — The Company accounts for its other investments at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 944-325, "Financial Services - Insurance - Investments - Other" ("ASC 944-325"). Other investments are comprised of the following types of investments: •Privately held equity investments: These are direct equity investments in common and preferred stock of privately held entities. The fair values are estimated using guideline public company data to determine a price-to-book ratio trading multiple which was applied to book values shown on the quarterly financial statements as well as recent private market transactions. These investments are also comprised of investments in insurtech and other insurance focused companies. The fair value of start-up insurance entities are determined using recent private market transactions where applicable. Any changes in fair value are reported in net realized and unrealized gains (losses) and recognized in net earnings. •Private credit funds: These are privately held equity investments in limited partnerships or 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. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •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. Any changes in fair value are reported in realized gains (losses) and recognized in net earnings. •Investments in direct lending entities: These investments are carried at cost less impairment, if any, with any indication of impairment recognized in income when determined. The valuation of other investments is further described in Note 5 — Fair Value Measurements. Due to a lag in the valuations of certain funds reported by the investment managers, the Company may record changes in valuation with up to a three-month lag. The Company regularly reviews and discusses fund performance with the investment managers or sponsors to corroborate the reasonableness of the reported NAV and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Equity Method Investments — Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss, net of any contributions and distributions received. Adjustments are based on the most recent available financial information from the investee. Changes in the carrying value of these investments are recorded in net income (loss) as the interest in income (loss) of equity method investments. The Company records its share of the investee’s other comprehensive income ("OCI") activity based on its proportionate share of the investee's common stock or capital, and books any OCI activity directly to the equity method investments account, with the offset recorded to the Company's AOCI. 2. Significant Accounting Policies (continued) Fixed Maturity Investments — The Company classifies its fixed maturity investments as available-for-sale ("AFS"). The AFS portfolio is reported at fair value and any unrealized gains or losses are reported as a component of accumulated other comprehensive income ("AOCI") in shareholders' equity. The fair value of fixed maturity investments is generally determined from quotations received from third-party nationally recognized pricing services ("Pricing Service"), or when such prices are not available, by reference to broker or underwriter bid indications. Purchases and sales of investments are recorded on a trade date basis. Realized gains or losses on investment sales are determined based on the first in first out cost method. Net investment income is recognized when earned and includes accrued interest and dividend income together with amortization of market premiums and discounts using the constant yield method, net of investment management fees. For U.S. government agency mortgage-backed securities ("Agency MBS") and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any changes required due to movements in effective yields and maturities are recognized on a prospective basis through yield adjustments. A security is potentially impaired when its fair value falls below its amortized cost. The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income. To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely to sell requirement. As the Company's fixed maturity investment portfolio is one of the largest component of its consolidated assets, any impairment of fixed maturity securities could be material to the Company's financial condition and results particularly during periods of dislocation in the financial markets. Fair Value Measurements — ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; •Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use, 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 a financial instrument to be reclassified between hierarchy levels. 2. Significant Accounting Policies (continued) For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives quoted market prices from a third party nationally recognized Pricing Service. When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that investment being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. Cash and Cash Equivalents — The Company maintains cash accounts in several banks and brokerage institutions. Cash equivalents consist of investments in money market funds and short-term investments with an original maturity of 90 days or less and are stated at cost, which approximates fair value. Restricted cash and cash equivalents are separately reported in the Consolidated Balance Sheets. The Company maintains certain cash and investments in trust accounts used primarily as collateral for unearned premiums and loss and LAE reserves owed to insureds. The Company is required to maintain minimum balances in these restricted accounts based on pre-determined formulas. Please see "Note 4. (e) Investments" for further details. Premiums and Related Expenses — For pro-rata contracts and excess-of-loss contracts where no deposit or minimum premium is specified in the contract, premium written is recognized based on estimates of ultimate premiums provided by the ceding companies. Initial estimates of premium written are recognized in the period in which the underlying risks are incepted. Subsequent adjustments, based on reports of actual premium by the ceding companies, or revisions in estimates, are recorded in the period in which they are determined. Reinsurance premiums assumed are generally earned on a pro-rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a "losses occurring" basis cover claims that may occur during the term of the contract or policy, which is typically twelve months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a "risks attaching" basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period. Reinsurance premiums on specialty risk and extended warranty are earned based on the estimated program coverage period. These estimates are based on the expected distribution of coverage periods by contract at inception, because a single contract may contain multiple coverage period options, and these estimates are revised based on the actual coverage period selected by the original insured. Unearned premiums represent the portion of premiums written which is applicable to the unexpired term of the contract or policy in force. These premiums can be subject to estimates based upon information received from ceding companies and any subsequent differences arising on such estimates are recorded in the period in which they are determined. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. No deposit contracts are held as at December 31, 2023 and 2022. Acquisition expenses represent the costs of writing business that vary with, and are primarily related to, the production of that business. Policy and contract acquisition expenses, including assumed commissions, are deferred and recognized as expense as the related premiums are earned. The Company considers anticipated investment income in determining the recoverability of these costs and believes they are fully recoverable. A premium deficiency is recognized if the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceed unearned premiums. Loss and LAE — Loss and LAE represent the estimated ultimate net costs of all reported and unreported losses incurred through December 31 of the latest fiscal year. The reserve for loss and LAE is estimated using a statistical analysis of actuarial data and is not discounted for the time value of money. Although considerable variability is inherent in the estimates of reserves for loss and LAE, management believes that the reserve for loss and LAE is adequate based on known information to date. In estimating loss reserves, the Company utilizes a variety of standard actuarial methods. These estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available. Such adjustments are included and reported in current operations as favorable or unfavorable prior period development. Reinsurance — Reinsurance premiums and loss and LAE ceded to other companies are accounted for on a basis consistent with those used in accounting for original policies issued and pursuant to the terms of the reinsurance contracts. The Company records premiums earned and loss and LAE incurred and ceded to other companies as reduction of premium revenue and loss and LAE, respectively. The unexpired portion of reinsurance purchased by the Company (retrocession or reinsurance premiums ceded) is included in other assets and amortized over the contract period in proportion to the amount of insurance protection provided. The ultimate amount of premiums, including adjustments, is recognized as premiums ceded and amortized over the applicable contract period to which they apply. Premiums earned are reported net of reinsurance in the Consolidated Statements of Income. Reinsurance recoverable on unpaid losses relate to the portion of reserves and paid losses and LAE that are ceded to other companies. Reinsurance recoverable on unpaid losses are separately recorded as an asset in the Consolidated Balance Sheets. The Company remains contingently liable for all loss payments in the event of failure to collect from reinsurers. 2. Significant Accounting Policies (continued) Retroactive Reinsurance - Retroactive reinsurance agreements are those in which a reinsurer agrees to reimburse the ceding company for liabilities incurred as a result of past insurable loss events. We do not record any income or expense on recognition of the reinsurance contract's assets and liabilities at inception, except for any gains realized as a result of bargain purchase acquisitions which are recorded as part of foreign exchange and other gains (losses) immediately in income. Any subsequent remeasurement of the value of liabilities is recorded to net loss and LAE within the Consolidated Statements of Income. For ceded retroactive agreement, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income over the settlement period of the ceded reserves once the paid losses have exceeded the minimum retention. The amount of the deferral is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is recognized within income immediately. At the inception of a run-off retroactive reinsurance contract, if the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we do not record any gain or loss at the inception of these retroactive reinsurance contracts. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets will be recorded in other assets (if and when applicable), and deferred gain liabilities are shown separately in the Consolidated Balance Sheets, and amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in income as a component of net loss and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization. Debt Obligations and Deferred Debt Issuance Costs — Costs incurred in issuing debt are capitalized and amortized over the contractual life of the debt. The amortization of these costs are included in interest and amortization expenses in the Consolidated Statements of Income. The unamortized amount of issuance costs is presented as a deduction from the related principal liability for senior notes in the Consolidated Balance Sheets. Leases — The Company's leases are all currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, the Company recognized a lease liability (presented as part of accrued expenses and other liabilities) and a right-of-use asset (presented as part of other assets) in the Consolidated Balance Sheets at the present value of the remaining lease payments until expiration. As the lease contracts generally do not provide an implicit discount rate, the Company used a weighted-average discount rate of 10%, representing its estimated secured incremental borrowing rate, in calculating the present value of the lease liability. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company recognizes the related leasing expense on a straight-line basis over the effective lease term in the Company's Consolidated Statements of Income. Derivative Instruments — The Company has certain 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 the underwriting-related 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. The fair value changes in underwriting-related derivative instruments is included within other insurance (expense) revenue. The underwriting-related derivative liability is presented as part of accrued expenses and other liabilities in the Consolidated Balance Sheets and adjusted as a non-cash item in net cash flows from operating activities in the Consolidated Statement of Cash Flows. Income Taxes — The Company accounts for income taxes using ASC Topic 740 "Income Taxes" for subsidiaries operating in taxable jurisdictions. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. A valuation allowance is recorded if it is more likely than not that some or all of a deferred tax asset may not be realized. The Company considers future taxable income and feasible tax planning strategies in assessing the need for a valuation allowance. In the event the Company determines that it will not be able to realize all or part of its deferred income tax assets in the future, an adjustment to the deferred income tax assets would be charged to income in the period in which such determination is made. In addition, if the Company subsequently assesses that the valuation allowance is no longer needed, a benefit would be recorded to income in the period in which such determination is made. U.S. GAAP allows for the recognition of tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A liability is established for any tax benefit claimed in a tax return in excess of this threshold. Income tax related interest and penalties would be included as income tax expense. The Company has not recorded or accrued any interest or penalties during the years ended December 31, 2023 and 2022. 2. Significant Accounting Policies (continued) Share-Based Compensation Expense — Pursuant to the 2019 Omnibus Incentive Plan, the Company is authorized to issue restricted share awards and performance-based restricted shares, share options and other equity-based awards to its employees and directors. The Company recognizes the compensation expense for share options and restricted share grants based on the fair value of the award on the date of grant, over the requisite service vesting period. Forfeitures are accounted for if and when they occur. The estimated fair value of the grant is amortized ratably over its vesting period as a charge to compensation expense (as a component of general and administrative expenses) and an increase to additional paid-in capital in the Consolidated Shareholders’ Equity. Earnings Per Share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding and exclude any dilutive effects of share options, and unvested restricted shares units. Dilutive earnings per share are computed using the weighted-average number of common shares outstanding during the period adjusted for the dilutive impact of share options. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to certain employees and directors is considered a participating security and the two-class method is used to calculate net income attributable to Maiden common shareholders per common share – basic and diluted. However, any undistributed losses are not allocated to the participating securities. Net income available to Maiden common shareholders per common share (basic and diluted) was also adjusted for the gain on the repurchase and exchange of preference shares of $1.33 per common share for the year ended December 31, 2022. Treasury Shares — Treasury shares include common shares repurchased by the Company and not subsequently cancelled as well as share repurchases from employees, which represent withholding in respect of tax obligations on the vesting of restricted shares and performance based shares. Treasury shares are recorded at cost and result in a reduction of the total Maiden shareholders’ equity in the Consolidated Balance Sheets. Treasury shares also include common shares owned by Maiden Reinsurance and are eliminated for accounting and financial reporting purposes in the Company’s consolidated financial statements. The common shares held by Maiden Reinsurance are presented as treasury shares on the Consolidated Balance Sheet at December 31, 2023. Since treasury shares are not considered outstanding for share count purposes, the common shares held by Maiden Reinsurance are excluded from the average number of common shares outstanding for basic and diluted earnings per share. Common share issuance costs incurred directly as a result of the Exchange on December 27, 2022 have been deferred and offset against additional paid-in capital of the new common shares issued to non-affiliates. Foreign Currency Transactions — The functional currency of the Company and many of its subsidiaries is the U.S. dollar. For these companies, monetary assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, with resulting foreign exchange gains and losses recognized in the Consolidated Statements of Income. Revenues and expenses in foreign currencies are converted at average exchange rates during the year. Monetary assets and liabilities include cash and cash equivalents, reinsurance balances receivable, reinsurance recoverable on unpaid losses, funds withheld receivable, reserve for loss and LAE and accrued expenses and other liabilities. Accounts that are classified as non-monetary such as deferred commission and other acquisition expenses and unearned premiums are not revalued. Assets and liabilities of foreign subsidiaries and divisions, whose functional currency is not the U.S. dollar, are translated at year-end exchange rates. Revenues and expenses of these entities are translated at average exchange rates during the year. The effects of the foreign currency translation adjustment for foreign entities are included in AOCI. The amount of the cumulative translation adjustment at December 31, 2023 was $(23,685) (2022 - $(25,566)). Recently Adopted Accounting Standards Updates The following accounting standards have been recently adopted for the year ended December 31, 2023. Accounting for Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13 "Financial Instruments: Credit Losses (Topic 326)" replacing the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 also modified the accounting for AFS debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments: Credit Losses Available-for-Sale Debt Securities. Credit losses relating to AFS securities are recorded through an allowance for credit losses rather than under the previous other-than-temporarily-impaired ("OTTI") methodology. In April 2019, the FASB issued targeted improvements related to Topic 326 which clarify that an entity should include all expected recoveries in its estimate of the allowance for credit losses. In addition, for collateral dependent financial assets, the amendments mandate that an allowance for credit losses that is added to the amortized cost basis of the financial asset should not exceed amounts previously written off. It also clarifies FASB’s intent to include all reinsurance recoverables within the scope of Topic 944 to be in scope of Subtopic 326-20, Accounting for financial assets held at amortized cost basis, regardless of the measurement basis of those recoverables. The Company's reinsurance recoverable on unpaid losses is currently the most significant financial asset within the scope of Topic 326. 2. Significant Accounting Policies (continued) Topic 326 was adopted by the Company on January 1, 2023 and an opening allowance for expected credit losses of $5,513 was recognized by the Company in the beginning retained earnings on January 1, 2023. Credit Losses - AFS Fixed Maturity Securities An AFS fixed maturity security is considered impaired if the fair value of the investment is below its amortized cost. On a quarterly basis, the Company evaluates all AFS fixed maturities for impairment losses. If an AFS fixed maturity security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged immediately to net income (loss) and is included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the impaired security before its anticipated recovery, the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss impairment or other factors. If the Company does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established which is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on its AFS fixed maturity securities represent credit impairments by considering the following factors: the extent to which its fair value is less than its amortized cost; adverse conditions related to the specific security, industry, or geographical area; any recent downgrades in the security's credit rating by a credit rating agency; and if failure of the issuer to make scheduled principal or interest payments exists. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss impairment exists. If a security is assessed to be credit impaired, it is subject to discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, then a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss related to changes in interest rates and market conditions is recognized in OCI. The Company reports accrued interest receivable related to AFS securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Based on the Company's analysis, there was no allowance for expected credit losses recognized on AFS securities held at December 31, 2023. Credit Losses - Other Investments The Company's investments in direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income or loss when determined to be needed from the Company's analysis of expected future cash flows. As of December 31, 2023, the total allowance for expected credit losses on the Company's investment in direct lending entities was $1,023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment. Credit Losses - Reinsurance Recoverable on Unpaid Losses Reinsurance recoverable balances are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that the Company deems unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers both current and forecasted economic conditions in the determination of the credit loss allowance. The Company records credit loss expenses related to reinsurance recoverable in net incurred losses and loss adjustment expenses in the Company’s consolidated statements of income. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $3,240 which is discussed further in "Note 8. Reinsurance". Credit Losses - Reinsurance Balances Receivable Reinsurance balances receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's reinsurance balances receivable was $187. 2. Significant Accounting Policies (continued) Credit Losses - Funds Withheld Receivable Funds withheld receivable are reviewed for impairment on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of funds withheld receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of December 31, 2023, the total allowance for expected credit losses on the Company's funds withheld receivable was $19. Credit Losses - Accrued Investment Income The Company reports accrued interest receivable related to its AFS fixed maturity securities, loan to related party and funds withheld receivable separately on the Consolidated Balance Sheets under accrued investment income and has elected not to measure an allowance for expected credit losses on accrued interest receivable balances. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. Recently Issued Accounting Standards Not Yet Adopted Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, FASB issued 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. The amendments in this Update 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. Improvements to Reportable Segment Disclosures In November 2023, FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" an amendment of Segment Reporting (Topic 280). The amendments in this ASU require the Company to provide disclosures, on both an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. This ASU also requires that a public entity provide all annual disclosures about a reportable segment’s profit or loss and segment assets that are currently required by Topic 280 in all interim periods. Additionally, the amendments require that a public entity disclose the title and position of the CODM and an explanation of how the reported measures of segment profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources within the Company. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company currently discloses its significant segment expenses in Note 3 — Segment Information on both an annual and interim basis as provided to its CODM, however segment assets are currently detailed only in annual statements. Therefore, the Company will provide detailed segment asset disclosures in its interim statements as required starting in 2025. The Company plans to adopts this Update on January 1, 2024. Improvements to Income Tax Disclosures In December 2023, FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" an amendment of Income Taxes (Topic 740). The amendments in this ASU require the Company to provide disclosures on an annual basis that (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this Update also require that the Company disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Finally, the amendments in this Update require that all entities disclose the income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company is still evaluating the guidance provided by this Update, however, it is not anticipated to have any material impact on its current annual tax disclosures.

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (38,569)	$ (60,041)
Gain from exchange of preference shares – Series A, C and D	0	87,240
Gain from repurchase of preference shares – Series A, C and D	0	28,233
Amount allocated to participating common shareholders	0	(314)
Net (loss) income allocated to Maiden common shareholders, basic	(38,569)	55,118
Net (loss) income allocated to Maiden common shareholders, diluted	$ (38,569)	$ 55,118
Denominator:
Weighted average number of common shares - basic (in shares)	101,382,606	87,112,711
Potentially dilutive securities:
Share options and restricted share units (in shares)	0	1,263
Adjusted weighted average common shares – diluted - diluted (in shares)	101,382,606	87,113,974
Basic (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.38)	$ 0.63
Diluted (loss) earnings per share (attributable) available to common shareholders (in dollars per share)	$ (0.38)	$ 0.63

Long-Term Debt - Senior Notes Issuances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal amount	$ 262,361	$ 262,500
Less: unamortized issuance costs	7,764	6,928
Senior notes, net	254,597	255,572
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,361	262,500
Less: unamortized issuance costs	7,764	6,928
Senior notes, net	254,597	255,572
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,345	3,406
Senior notes, net	106,655	106,594
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	$ 152,361	152,500
Less: unamortized issuance costs	4,419	3,522
Senior notes, net	147,942	$ 148,978
Original debt issuance costs	$ 5,049
Coupon rate	7.75%
Effective interest rate	8.04%

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

a) Concentrations of Credit Risk

At December 31, 2023 and 2022, the Company’s assets where significant concentrations of credit risk may exist include investments, cash and cash equivalents, loan to related party, reinsurance balances receivable, reinsurance recoverable on unpaid losses and funds withheld receivable. Please refer to "Note 8 — Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength.

The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts considered potentially uncollectible. Reinsurance receivable and recoverable balances, loan to related party, and the funds withheld receivable are reviewed for expected credit losses on a quarterly basis and are presented net of an allowance for expected credit losses. 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 December 31, 2023. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at December 31, 2023 will be fully collectible.

Please refer to "Note 2. Significant Accounting Polices" for additional information on the Company's credit loss allowances as at December 31, 2023 regarding other investments, reinsurance recoverable on unpaid losses, reinsurance balances receivable and funds withheld receivable that were recorded under Topic 326 which was adopted effective January 1, 2023.

b) Concentrations of Revenue

During the year ended December 31, 2023, net premiums earned from AmTrust accounted for $14,930 or 34.0% of total net premiums earned (2022 – $9,749 or 25.8%).

c) Brokers

The Company formerly marketed its Diversified Reinsurance segment through third-party intermediaries as well as directly through its own marketing efforts. The majority of business within the Diversified Reinsurance segment was marketed directly through our own efforts with no significant reliance on brokers for the years ended December 31, 2023 and 2022.

d) Letters of Credit

At December 31, 2023, the Company had standby letters of credit outstanding of $40,479 (2022 - $40,319) for collateral purposes. These are secured by cash and fixed maturities with a fair value of $46,935 at December 31, 2023 (2022 - $47,110). The standby letters of credit are principally used to support the reinsurance obligations of the operating subsidiaries and are subject to certain covenants, including the requirement to maintain sufficient collateral to cover all of the obligations. Such obligations include contingent reimbursement obligations for outstanding letters of credit and related fees payable. In the event of default, the credit providers may exercise certain remedies, including the exercise of control over the pledged collateral and the termination of the availability of the standby credit facility to any or all of the operating subsidiaries. At December 31, 2023, the operating subsidiaries were in compliance with all standby letter of credit covenants.

e) Employment Agreements

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

f) Operating Lease Commitments

The Company leases office spaces and equipment under various operating leases expiring in various years through 2025. 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 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. At December 31, 2023, the Company's future lease obligations of $228 (2022 - $300) were calculated based on the present value of future annual rental commitments excluding taxes, insurance and other operating costs for non-cancellable operating leases discounted using its secured incremental borrowing rate. This amount has been recognized on the Consolidated Balance Sheets as a lease liability within accrued expenses and other liabilities with an equivalent amount for the right-of-use asset presented as part of other assets.

The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's weighted-average remaining lease term is 1.2 years at December 31, 2023.

11. Commitments, Contingencies and Guarantees (continued)

Under Topic 842, Leases, the Company recognizes the related leasing expense on a straight-line basis over the lease term on the Consolidated Statements of Income. The total lease expense for the year ended December 31, 2023 was $478 (2022 - $375) recognized within general and administrative expenses consistent using the prior accounting treatment under Topic 840.

At December 31, 2023, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



For the Year Ended December 31,	Total
2024	$	201
2025	42




Discount for present value	(15)
Total discounted operating lease liabilities	$	228

The Company is expected to lease office space in New York City commencing in 2024, which will create a significant right-of-use asset and a lease liability once the building and certain leasehold improvements have been completed and the operating lease has commenced. The Company expects to occupy this space and capitalize the leased asset in the second quarter of 2024.

g) Investment Commitments and Related Financial Guarantees

The Company had total unfunded commitments on alternative investments of $100,846 at December 31, 2023 (2022 - $112,989) which included commitments for other investments, private equity securities and equity method investments. The table below shows the total unfunded commitments by type of investment as at December 31, 2023 and 2022:


December 31,	2023				2022
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	53,675	53.2	%	$	54,996	48.7	%
Private credit funds	11,361		11.3	%	13,906		12.3	%
Investments in direct lending entities	595		0.6	%	—		—	%
Privately held equity investments	—		—	%	705		0.6	%
Total unfunded commitments on other investments	65,631		65.1	%	69,607		61.6	%

Total unfunded commitments on equity securities	14,735		14.6	%	16,509		14.6	%

Total unfunded commitments on equity method investments	20,480		20.3	%	26,873		23.8	%

Total unfunded commitments on alternative investments	$	100,846	100.0	%	$	112,989	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 December 31, 2023, guarantees of $62,508 (2022 - $42,141) 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.

h) Other Collateral

In the ordinary course of business, the Company enters into reinsurance agreements that may include terms which could require the Company to collateralize certain of its obligations as further discussed in Note 8 — Reinsurance and Note 10 — Related Party Transactions.

11. Commitments, Contingencies and Guarantees (continued)

i) Deposit Insurance

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

j) Legal Proceedings

Except as noted below, the Company is not a party to any material legal proceedings. The Company may become involved in various claims and legal proceedings, including arbitrations, that arise in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Based on the Company's opinion, the eventual outcome of these legal proceedings are not likely to have a material adverse effect on its financial condition, results of operations or liquidity.

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 whistleblowing in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act of 2002. Mr. Turin alleged that he was terminated for raising concerns regarding corporate governance with respect to the negotiation of the terms of the Trust Preferred Securities Offering. He seeks reinstatement as Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, back pay and legal fees incurred. On December 31, 2009, the U.S. Secretary of Labor found no reasonable cause for Mr. Turin’s claim and dismissed the complaint in its entirety. Mr. Turin objected to the Secretary's findings and requested a hearing before an administrative law judge in the U.S. Department of Labor. The Company moved to dismiss Mr. Turin's complaint, and its motion was granted by the Administrative Law Judge on June 30, 2011. On July 13, 2011, Mr. Turin filed a petition for review of the Administrative Law Judge's decision with the Administrative Review Board in the U.S. Department of Labor. On March 29, 2013, the Administrative Review Board reversed the dismissal of the complaint on procedural grounds, and remanded the case to the administrative law judge. The administrative hearing began in September 2014 and concluded in November 2018. 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. On June 29, 2023, the Administrative Review Board issued a decision and order which summarily affirmed the September 2, 2021 decision and order of the Administrative Law Judge. The decision and order of the Administrative Review Board became the final order of the Secretary of Labor on July 27, 2023. On July 28, 2023, Mr. Turin filed a petition for review of the final order of the Secretary of Labor in the United States Court of Appeals for the Second Circuit. The Secretary of Labor is the respondent before the Second Circuit and the Court granted the Company's petition to intervene in order to present its position to the Court. The parties are awaiting a briefing order.

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. On February 7, 2023, the District Court denied Plaintiffs’ motion for reconsideration of the District Court’s decision denying Plaintiffs’ objection to the Magistrate Judge’s December 2021 ruling on discovery. On May 26, 2023, the Company filed a Renewed Motion to Dismiss the Second Amended Complaint or, in the Alternative, for Summary Judgment, which has been fully briefed. On December 19, 2023, the U.S. District Court for the District of New Jersey granted summary judgment on plaintiffs’ claim for securities fraud under Section 10(b) of the Securities Exchange Act to Maiden Holdings, Ltd. and individual defendants Arturo Raschbaum, Karen Schmitt, and John Marshalek. The Court held that the factual record failed to support, as a matter of law, plaintiffs’ allegations that the defendants had made false statements regarding the Company’s loss reserves. The Court also dismissed plaintiffs’ claims that the individual defendants were liable as control persons under Section 20(a) of the Securities Exchange Act for any such alleged false statements. Plaintiffs have appealed to the United States Court of Appeals for the Third Circuit.

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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (38,569)	$ (60,041)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 103,579
Due after one year through five years	40,821
Due after five years through ten years	3,627
Total securities with single maturities, amortized cost	148,027
Original or amortized cost	258,536	$ 330,439
Fair value
Due in one year or less	102,970
Due after one year through five years	38,951
Due after five years through ten years	3,226
Total before securities with single maturities, fair value	145,147
Fixed maturities, fair value	250,601	314,527
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	29,918
Original or amortized cost	29,918	38,767
Fair value
Fair value of securities without single maturities	26,651
Fixed maturities, fair value	26,651	34,365
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	80,591
Original or amortized cost	80,591	119,120
Fair value
Fair value of securities without single maturities	78,803
Fixed maturities, fair value	$ 78,803	$ 114,092

Shareholders' Equity - Changes in Treasury Shares Outstanding (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	49,260,235	47,691,929
Share Repurchase Plan
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	6,381,312	6,252,581
Maiden Reinsurance
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	42,878,923	41,439,348

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

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

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the years ended December 31, 2023 and 2022 was as follows:


For the Year Ended December 31,	2023		2022
Premiums written
Direct	$	27,265	$	24,553
Assumed	(3,799)		(19,074)
Ceded	(298)		(397)
Net	$	23,168	$	5,082
Premiums earned
Direct	$	27,049	$	24,534
Assumed	17,202		13,599
Ceded	(282)		(401)
Net	$	43,969	$	37,732
Loss and LAE
Gross loss and LAE	$	59,562	$	53,508
Loss and LAE ceded	1,666		4,483
Net	$	61,228	$	57,991

The Company's reinsurance recoverable on unpaid losses balance as at December 31, 2023 was $564,331 (2022 - $556,116) presented in the Consolidated Balance Sheets. As of December 31, 2023, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $3,240. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on reinsurance recoverable for the year ended December 31, 2023:



For the Year Ended December 31,	2023
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	4,277

Decrease in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(1,037)

Allowance for expected credit losses on reinsurance recoverable, end of period	$	3,240

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 for this retrocession agreement was $43,176 at December 31, 2023 (2022 - $60,112). The recoverable due from Cavello is net of an allowance for expected credit losses of $2,769 at December 31, 2023.

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.

8. Reinsurance (continued)

As of December 31, 2023, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $515,463 while the deferred gain liability under the LPT/ADC Agreement was $70,916 (December 31, 2022 - $490,408 and $45,408, respectively). The reinsurance recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $453 as at December 31, 2023. Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is presently estimated to be before the end of 2024.

Cavello provided collateral in the form of a letter of credit in the amount of $445,000 to AmTrust under the LPT/ADC Agreement. Cavello is subject to additional collateral funding requirements as explained in "Note 10 — Related Party Transactions". As of December 31, 2023, the amount of collateral required was $490,070. 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 Group Limited ("Enstar"), has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at December 31, 2023.

Related Party Transactions - Schedule of AmTrust Quota Share Arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Net premiums earned	$ 43,969	$ 37,732
Net loss and LAE	(61,228)	(57,991)
Commission and other acquisition expenses	(19,462)	(18,511)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(3,936)	(18,538)
Net premiums earned	14,930	9,749
Net loss and LAE	(47,617)	(45,508)
Commission and other acquisition expenses	$ (5,583)	$ (4,347)

- Definition

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

+ References + Details

Fair Value Measurements - Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Duration matched discount rates \| Discounted cash flows \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.050
Duration matched discount rates \| Discounted cash flows \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.060
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 409,706	$ 450,814
Underwriting-related derivative liability	3,984
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	52,483	18,806
Underwriting-related derivative liability	3,984	14,559
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]
Underwriting-related derivative liability	3,984	$ 14,559
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Privately held equity investments - common shares \| Quarterly financial statements \| Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	34,170
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Privately held equity investments - preferred shares \| Quarterly financial statements \| Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,331
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Other investments - Private credit funds \| Quarterly financial statements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,600
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Corporate bonds \| Non-binding broker dealer quotation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,382

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Reserve for reported loss and LAE	$ 543,818	$ 702,691
Reserve for losses incurred but not reported ("IBNR")	323,615	428,717
Reserve for loss and LAE	867,433	1,131,408
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	1,131,408	1,489,373
Less: reinsurance recoverable on unpaid losses, January 1	556,116	562,845
Net loss and LAE reserves, January 1	575,292	926,528
Net incurred losses related to Current year	23,040	25,355
Net incurred losses related to Prior year	38,188	32,636
Net loss and loss adjustment expenses	61,228	57,991
Net paid losses related to Current year	(837)	(701)
Net paid losses related to Prior years	(321,206)	(398,499)
Net paid losses	(322,043)	(399,200)
Change in deferred gain on retroactive reinsurance	(25,532)	3,587
GLS run-off business acquired or assumed	0	10,905
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	4,277	0
Effect of foreign exchange rate movements	9,880	(24,519)
Net loss and LAE reserves, December 31	303,102	575,292
Reinsurance recoverable on unpaid losses, December 31	564,331	556,116
Gross loss and LAE reserves, December 31	$ 867,433	$ 1,131,408

Commitments, Contingencies and Guarantees - Scheduled Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 201
2025	42
Discount for present value	(15)
Total discounted operating lease liabilities	$ 228	$ 300

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule 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 Year Ended December 31,	2023		2022
Numerator:
Net loss	$	(38,569)	$	(60,041)


Gain from exchange of preference shares – Series A, C and D	—		87,240
Gain from repurchase of preference shares – Series A, C and D	—		28,233
Amount allocated to participating common shareholders(1)	—		(314)


Net (loss) income allocated to Maiden common shareholders	$	(38,569)	$	55,118



Denominator:
Weighted average number of common shares – basic	101,382,606		87,112,711
Potentially dilutive securities:
Share options and restricted share units(2)	—		1,263

Adjusted weighted average common shares – diluted	101,382,606		87,113,974


Basic and diluted (loss) earnings per share (attributable) available to common shareholders	$	(0.38)	$	0.63

(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 for the terms and conditions of securities that could potentially be dilutive in the future. For the year ended December 31, 2023, there were 0 potentially dilutive securities (2022 - 1,263).

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 250,601	$ 314,527
Equity securities	$ 45,299	$ 43,621
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Underwriting-related derivative liability	Underwriting-related derivative liability
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 55,052	$ 55,532
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	26,651	34,365
Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		6,767
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	20,751	11,818
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	78,803	114,092
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	69,344	91,953
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	45,299	43,621
Other investments	113,806	92,666
Total	$ 409,706	$ 450,814
As a percentage of total assets	27.00%	24.40%
Underwriting-related derivative liability	$ 3,984
Fair Value, Measurements, Recurring \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	55,052	$ 55,532
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	26,651	34,365
Fair Value, Measurements, Recurring \| Collateralized mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities		6,767
Fair Value, Measurements, Recurring \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	20,751	11,818
Fair Value, Measurements, Recurring \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	78,803	114,092
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	69,344	91,953
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	81	386
Other investments	0	0
Total	$ 55,133	$ 55,918
As a percentage of total assets	3.60%	3.00%
Underwriting-related derivative liability	$ 0	$ 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	55,052	55,532
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
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	1,000
Total	$ 190,167	$ 259,995
As a percentage of total assets	12.50%	14.10%
Underwriting-related derivative liability	$ 0	$ 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	26,651	34,365
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		6,767
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	20,751	11,818
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	78,803	114,092
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	63,962	91,953
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	19,351	17,806
Other investments	27,750	1,000
Total	$ 52,483	$ 18,806
As a percentage of total assets	3.50%	1.00%
Underwriting-related derivative liability	$ 3,984	$ 14,559
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
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	5,382	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	25,867	25,429
Other investments	86,056	90,666
Total	$ 111,923	$ 116,095
As a percentage of total assets	7.40%	6.30%
Underwriting-related derivative liability	$ 0	$ 0

Statutory Requirements and Dividend Restrictions

12 Months Ended

Dec. 31, 2023

Statutory Financial Information [Abstract]

Statutory Requirements and Dividend Restrictions

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


	Maiden Reinsurance (a)		Maiden LF (b)		Maiden GF (b)
Statutory Capital and Surplus
December 31, 2023	$	886,264	$	7,795	$	8,482
December 31, 2022	898,137		7,807		8,471

Statutory Net Income (Loss)
For the Year Ended December 31, 2023	$	25,816	$	(658)	$	(1,246)
For the Year Ended December 31, 2022	(88,240)		(507)		(289)

a) United States of America

Under Vermont statutory regulations, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner of the Vermont DFR (the "Commissioner"). Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Commissioner. Notwithstanding the provisions of 11B Vermont Statutes Annotated chapter 13, a captive insurance company may make such distributions as are in conformity with its purposes and approved by the Commissioner.

On May 13, 2022, the Vermont DFR approved an annual dividend program to be paid by Maiden Reinsurance to Maiden NA with notification to the Vermont DFR as dividends are paid quarterly. Pursuant to this approval, three quarterly dividend payments of $6,250 were made in 2022 and the final quarterly dividend payment paid by Maiden Reinsurance to Maiden NA occurred on February 28, 2023. On May 22, 2023, the Vermont DFR approved a new annual dividend program to be paid by Maiden Reinsurance to Maiden NA with notification to the Vermont DFR as dividends are paid quarterly. Pursuant to this approval, dividend payments made by Maiden Reinsurance under this approval included $6,250 paid to Maiden NA on May 31, 2023, August 31, 2023 and November 30, 2023. Under the respective approved dividend programs, Maiden Reinsurance paid total dividends of $25,000 to Maiden NA during the year ended December 31, 2023 (2022 - $18,750).

Maiden Reinsurance is also required to maintain minimum levels of solvency and liquidity as determined by Vermont law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by Maiden Reinsurance in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. At December 31, 2023, Maiden Reinsurance's statutory capital and surplus exceeded the amount required to be maintained of $97,567 as of that date.

On April 14, 2020, the Vermont DFR granted Maiden Reinsurance a permitted practice to include as an admitted asset the loan receivable from Maiden Holdings. If the loan was to be a non-admitted asset, the statutory surplus at December 31, 2023 would be decreased by $252,879 with no impact on the 2023 statutory basis statements of income and changes in capital and surplus. If the loan was to be a non-admitted asset, the statutory surplus at December 31, 2022 would be decreased by $252,879 with no impact on the 2022 statutory basis statements of income and changes in capital and surplus. Maiden Reinsurance’s ratio of risk-based capital to total adjusted capital would not change materially if this asset was non-admitted on a statutory basis.

b) Sweden

The Company has two Swedish domiciled insurance subsidiaries in Sweden, Maiden LF and Maiden GF, both regulated by the Swedish Finansinspektionen ("Swedish FSA"). Maiden LF was required to maintain a minimum level of statutory capital and surplus of $4,518 at December 31, 2023 (2022 - $4,355). This requirement was met by Maiden LF throughout the respective years. Maiden LF's statutory assets were $14,787 at December 31, 2023 (2022 - $16,254) and its statutory capital and surplus was $7,795 at December 31, 2023 (2022 - $7,807). Maiden LF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden LF to Maiden Holdings. Maiden LF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2023 and 2022.

Maiden GF was required to maintain a minimum level of statutory capital and surplus of $5,001 at December 31, 2023 (2022 - $5,616). This requirement was met by Maiden GF throughout the respective years. Maiden GF's statutory assets were $14,592 at December 31, 2023 (2022 - $13,500) and its statutory capital and surplus was $8,482 at December 31, 2023 (2022 - $8,471). Maiden GF is subject to statutory and regulatory restrictions under the Swedish FSA that limit the maximum amount of annual dividends or distributions paid by Maiden GF to Maiden Holdings. Maiden GF is not allowed to pay dividends or distributions without the permission of the Swedish FSA. No dividends were paid during the years ended December 31, 2023 and 2022.

Statutory Requirements and Dividend Restrictions - Narrative (Details)						8 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2023 USD ($)	Aug. 31, 2023 USD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	May 13, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)
Maiden LF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus						$ 7,807,000	$ 7,807,000	$ 7,795,000	$ 7,807,000
Maiden GF
Statutory Accounting Practices [Line Items]
Statutory capital and surplus						8,471,000	8,471,000	8,482,000	8,471,000
UNITED STATES \| Maiden Reinsurance
Statutory Accounting Practices [Line Items]
Payments of dividends	$ 6,250,000	$ 6,250,000	$ 6,250,000	$ 6,250,000	$ 6,250,000	6,250,000
Dividends							18,750,000	25,000,000
Minimum solvency margin								97,567,000
Decrease in statutory surplus								$ 252,879,000	252,879,000
SWEDEN
Statutory Accounting Practices [Line Items]
Number of subsidiaries, domiciled insurance \| subsidiary								2
SWEDEN \| Maiden LF
Statutory Accounting Practices [Line Items]
Dividends								$ 0	0
Minimum solvency margin						4,355,000	4,355,000	4,518,000	4,355,000
Statutory assets						16,254,000	16,254,000	14,787,000	16,254,000
SWEDEN \| Maiden GF
Statutory Accounting Practices [Line Items]
Dividends								0	0
Minimum solvency margin						5,616,000	5,616,000	5,001,000	5,616,000
Statutory assets						$ 13,500,000	$ 13,500,000	$ 14,592,000	$ 13,500,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2023 - $258,536; 2022 - $330,439)	$ 250,601	$ 314,527
Equity securities, at fair value (Cost: 2023 - $43,439; 2022 - $40,509)	45,299	43,621
Equity method investments	80,929	80,159
Other investments (Allowance for expected credit losses: 2023 - $1,023)	182,811	148,753
Total investments	559,640	587,060
Cash and cash equivalents	35,412	30,986
Restricted cash and cash equivalents	7,266	15,638
Accrued investment income	4,532	4,122
Reinsurance balances receivable, net (includes $9,201 and $8,395 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $187)	12,450	10,707
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2023 - $3,240)	564,331	556,116
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $16,605 and $23,632 from related parties in 2023 and 2022, respectively)	17,566	24,976
Funds withheld receivable (includes $128,451 and $416,835 from related parties in 2023 and 2022, respectively. Allowance for expected credit losses: 2023 - $19)	143,985	441,412
Other assets	5,777	7,874
Total assets	1,518,934	1,846,866
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $752,991 and $988,684 from related parties in 2023 and 2022, respectively)	867,433	1,131,408
Unearned premiums (includes $44,577 and $63,443 from related parties in 2023 and 2022, respectively)	46,260	67,081
Deferred gain on retroactive reinsurance	73,240	47,708
Accrued expenses and other liabilities (includes $10,781 and $33,278 from related parties in 2023 and 2022, respectively)	28,244	60,518
Senior notes - principal amount	262,361	262,500
Less: unamortized issuance costs	7,764	6,928
Senior notes, net	254,597	255,572
Total liabilities	1,269,774	1,562,287
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; shares issued 2023 - 149,732,355; 2022 - 149,224,080; shares outstanding 2023 - 100,472,120; 2022 - 101,532,151)	1,497	1,492
Additional paid-in capital	886,072	884,259
Accumulated other comprehensive loss	(31,469)	(41,234)
Accumulated deficit	(486,945)	(442,863)
Treasury shares, at cost (2023 - 49,260,235 shares; 2022 - 47,691,929 shares )	(119,995)	(117,075)
Total Maiden shareholders’ equity	249,160	284,579
Total liabilities and equity	$ 1,518,934	$ 1,846,866

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Mar. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	94 Pitts Bay Road, 1st Floor
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	298-4900
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 175.1
Entity Common Stock, Shares Outstanding		100,472,120
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A with respect to the annual general meeting of the shareholders of the registrant scheduled to be held on May 6, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001412100

Share Compensation and Pension Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of all Options Granted, Exercised, Expired and Forfeited under the Plan

This table shows all share option activity under the 2019 Omnibus Plan for the years ended December 31, 2023 and 2022:


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































Outstanding, December 31, 2021	215,000	$	8.91	4.28 years	$	13	$1.31	$13.98
Exercised	(7,500)	1.31			7
Expired	(57,250)	7.20
Forfeited	(6,250)	7.20
Outstanding, December 31, 2022	144,000	9.72		3.40 years	—		3.24	13.98

Expired	(22,500)	10.48

Outstanding, December 31, 2023	121,500	9.58		2.97 years	—		3.24	13.98
Total exercisable, December 31, 2023	121,500	9.58		2.97 years	—		3.24	13.98

Schedule of Based Compensation Instrument Granted, Other than Share Options

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


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




























Non-vested at December 31, 2021		249,332	$	3.35		238,094	$	1.26
Awards granted		382,436	2.51			724,702	2.55
Awards vested		(137,677)	3.30			(962,796)	2.23
Awards forfeited		(1,628)	3.07			—	—
Non-vested at December 31, 2022		492,463	2.71			—	—
Awards granted		804,099	2.25			225,490	2.30
Awards vested		(282,785)	2.82			(225,490)	2.30
Awards forfeited		(38,750)	2.49			—	—
Non-vested at December 31, 2023		975,027	2.31			—	—

Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (38,373)	$ (60,598)
Less: income tax expense (benefit)	196	(557)
Net loss	$ (38,569)	$ (60,041)
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate	0.00%	0.00%
U.S. taxes at statutory rates	(2.00%)	36.50%
Valuation allowance in respect of U.S. taxes	2.00%	(36.50%)
Other jurisdictions	(0.50%)	0.90%
Actual tax rate	(0.50%)	0.90%

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

a) Fair Values of Financial Instruments measured at fair value

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for both assets and liabilities recognized and not recognized within the balance sheet, and for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments measured at fair value held at December 31, 2023 and 2022.

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 and 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 — These investments are 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 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 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 entered into a retroactive reinsurance contract that is accounted for as a derivative. This reinsurance contract provides 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 this contract to be part of its underwriting operations. This derivative is initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of this derivative is 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 this derivative.

5. Fair Value Measurements (continued)

The fair value changes in the underwriting-related derivative instrument are included in other insurance revenue (expense), net. The derivative liability on retroactive reinsurance is presented as part of accrued expenses and other liabilities. A significant increase (decrease) in this input in isolation may result in a significantly lower (higher) fair value measurement for the derivative contract. As the significant inputs used to price the derivative are unobservable, the fair values of this contract is classified as Level 3 in the fair value hierarchy.

b) Fair Value Hierarchy

The Company’s estimates of fair value for its financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in 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 December 31, 2023 and 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


December 31, 2023	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	$	55,052		$	—		$	—		$	—		$	55,052
U.S. agency bonds – mortgage-backed	—			26,651			—			—			26,651

Non-U.S. government bonds	—			20,751			—			—			20,751
Collateralized loan obligations	—			78,803			—			—			78,803
Corporate bonds	—			63,962			5,382			—			69,344

Equity securities	81			—			19,351			25,867			45,299
Other investments	—			—			27,750			86,056			113,806
Total	$	55,133		$	190,167		$	52,483		$	111,923		$	409,706
As a percentage of total assets	3.6		%	12.5		%	3.5		%	7.4		%	27.0		%

Underwriting-related derivative liability	$	—		$	—		$	3,984		$	—		$	3,984


December 31, 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	$	55,532		$	—		$	—		$	—		$	55,532
U.S. agency bonds – mortgage-backed	—			34,365			—			—			34,365
Collateralized mortgage-backed bonds	—			6,767			—			—			6,767
Non-U.S. government bonds	—			11,818			—			—			11,818
Collateralized loan obligations	—			114,092			—			—			114,092
Corporate bonds	—			91,953			—			—			91,953

Equity investments	386			—			17,806			25,429			43,621
Other investments	—			1,000			1,000			90,666			92,666
Total	$	55,918		$	259,995		$	18,806		$	116,095		$	450,814
As a percentage of total assets	3.0		%	14.1		%	1.0		%	6.3		%	24.4		%

Underwriting-related derivative liability	$	—		$	—		$	14,559		$	—		$	14,559

5. Fair Value Measurements (continued)

The Company utilizes the Pricing Service to assist in determining the fair value of its investments; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices, and pricing of assets and liabilities and use of pricing sources. The Company analyzes and reviews the information and prices received from the Pricing Service to ensure that the prices provided represent a reasonable estimate of fair value.

The Pricing Service was utilized to estimate fair value measurements for 97.9% and 98.5% of our fixed maturities at December 31, 2023 and 2022, respectively. The Pricing Service utilizes market quotations for fixed maturity securities that have quoted market prices in active markets. Since fixed maturities other than U.S. treasury bonds generally do not trade actively on a daily basis, the Pricing Service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing and these have been classified as Level 2 within the fair value hierarchy.

At December 31, 2023 and 2022, approximately 2.1% and 1.5%, respectively, of our fixed maturities were valued using the market approach. At December 31, 2023, one security or $5,382 (2022 - one security or $4,764) of our fixed maturity investment portfolio currently classified as Level 3 in the fair value hierarchy table was priced using a non-binding quotation from a broker and/or custodian as opposed to the Pricing Service due to lack of information available. At December 31, 2023 and 2022, the Company has not adjusted any pricing provided to it based on the review performed by its investment managers.

There was one corporate bond valued at $5,382 transferred to Level 3 from Level 2 in the fair value hierarchy for the year ended December 31, 2023 due to a lack of active quotes. There was also a private equity investment valued at $24,765 transferred to Level 3 from the NAV practical expedient in the fair value hierarchy for the year ended December 31, 2023. There were no transfers to or from Level 3 in 2022.

c) Level 3 Financial Instruments

At December 31, 2023, the Company holds Level 3 financial instruments (which consist of corporate bonds, private credit funds and privately held equity investments) of $52,483 (2022 - $18,806) and an underwriting-related derivative liability of $3,984 (2022 - $14,559) on a reinsurance contract written by GLS which is included in accrued expenses and other liabilities.

The fair value of privately held equity securities are estimated using quarterly unaudited capital or financial statements provided by the investee or recent private market transactions, where applicable. Any changes to the financial information provided by the investee could result in a significantly higher or lower valuation at the reporting date. The fair value of underwriting-related derivative instruments is 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 December 31, 2023:

Fair Value

Valuation Technique

Unobservable Inputs

Range of Unobservable Inputs

Privately held equity investments - common shares

34,170

Quarterly financial statements

Price/book ratios of comparable public companies

Privately held equity investments - preferred shares

11,331

Quarterly financial statements

Privately calculated enterprise valuations

Other investments - Private credit funds

1,600

Quarterly financial statements

Price/book ratios of comparable public companies

Corporate bonds

5,382

Non-binding broker dealer quotation

Total Level 3 investments

52,483

Underwriting-related derivative liability

3,984

Discounted cash flows

Duration matched discount rates

5.0%

6.0%

5. Fair Value Measurements (continued)

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 years ended December 31, 2023 and 2022. 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 Year Ended December 31,	2023			2022
Balance - beginning of period		$	18,806		$	7,094
Sales		(7,669)			(2,000)

Net realized and unrealized gains recognized in the statement of income		3,723			3,770
Purchases		7,476			9,942
Transfers into Level 3 from Level 2 and NAV practical expedient		30,147			—
Total Level 3 investments - end of period		$	52,483		$	18,806

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

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

At December 31, 2023, the carrying values of cash equivalents (including restricted amounts), accrued investment income, reinsurance balances receivable, loan to related party 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 in the fair value hierarchy.

The investments made by direct lending entities are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income (loss) when determined. The net carrying value of these investments approximates their fair value at the reporting date. The fair value estimates of these investments are not based on observable market data and therefore are classified as Level 3 in the fair value hierarchy.

The fair values of the Company's outstanding 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 in the fair value hierarchy.

The following table presents the respective carrying value and fair value for the Company's outstanding Senior Notes as at December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value

2016 Senior Notes – 6.625%	$	110,000	$	73,744	$	110,000	$	76,560
2013 Senior Notes – 7.75%	152,361		115,855		152,500		113,826
Total Senior Notes	$	262,361	$	189,599	$	262,500	$	190,386

- 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

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 3,923	$ 3,770
Equity securities, gross losses	(431)	(1,434)
Equity securities, net	3,492	2,336
Net realized and unrealized gains (losses) on investment, gross gains	14,506	7,142
Net realized and unrealized gains (losses) on investment, gross losses	(6,658)	(12,282)
Net realized and unrealized investment gains (losses)	7,848	(5,140)
Net gains recognized for equity securities divested	(4,957)	(111)
Net unrealized (losses) gains recognized for equity securities held at the reporting date	(1,465)	2,225
Proceeds from sales of fixed maturities classified as available-for-sale	98,993	213,944
Deferred income tax	151	244
Net unrealized losses, net of deferred income tax	(7,784)	(15,668)
Change, net of deferred income tax	7,884	(12,975)
Fixed maturities
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	0	1,829
Fixed maturities, gross losses	(2,971)	(4,812)
Fixed maturities, net	(2,971)	(2,983)
Net unrealized losses on fixed maturity investments	(7,935)	(15,912)
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gain	10,583	1,543
Other investments, gross loss	(3,256)	(6,036)
Other investments, net	$ 7,327	$ (4,493)

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2023 and 2022 are as follows:


December 31, 2023	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	55,046	$	8	$	(2)	$	55,052
U.S. agency bonds – mortgage-backed	29,918		—		(3,267)		26,651

Non-U.S. government bonds	21,219		—		(468)		20,751
Collateralized loan obligations	80,591		—		(1,788)		78,803
Corporate bonds	71,762		—		(2,418)		69,344


Total fixed maturity investments	$	258,536	$	8	$	(7,943)	$	250,601


December 31, 2022	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	55,647	$	1	$	(116)	$	55,532
U.S. agency bonds – mortgage-backed	38,767		—		(4,402)		34,365
Collateralized mortgage-backed securities	7,199		—		(432)		6,767
Non-U.S. government bonds	12,643		—		(825)		11,818
Collateralized loan obligations	119,120		—		(5,028)		114,092
Corporate bonds	97,063		—		(5,110)		91,953


Total fixed maturity investments	$	330,439	$	1	$	(15,913)	$	314,527

The Company separately presents the accrued interest receivable on its AFS fixed maturity investments on the Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $1,418 at December 31, 2023 (2022 - $1,456). The Company elected the practical expedient under Topic 326 to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard adopted on January 1, 2023. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the year ended December 31, 2023.

Schedule of Contractual Maturities of Fixed Maturities

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.


	Fixed maturities
December 31, 2023	Amortized cost		Fair value
Maturity
Due in one year or less	$	103,579	$	102,970
Due after one year through five years	40,821		38,951
Due after five years through ten years	3,627		3,226

	148,027		145,147
U.S. agency bonds – mortgage-backed	29,918		26,651

Collateralized loan obligations	80,591		78,803
Total fixed maturities	$	258,536	$	250,601

Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value

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


	Less than 12 Months				12 Months or More				Total
December 31, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	518	$	(2)	$	—	$	—	$	518	$	(2)
U.S. agency bonds – mortgage-backed	—		—		26,651		(3,267)		26,651		(3,267)

Non-U.S. government bonds	8,217		(1)		10,343		(467)		18,560		(468)
Collateralized loan obligations	—		—		78,803		(1,788)		78,803		(1,788)
Corporate bonds	—		—		69,344		(2,418)		69,344		(2,418)

Total temporarily impaired fixed maturity securities	$	8,735	$	(3)	$	185,141	$	(7,940)	$	193,876	$	(7,943)


	Less than 12 Months				12 Months or More				Total
December 31, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	53,094	$	(114)	$	148	$	(2)	$	53,242	$	(116)
U.S. agency bonds – mortgage-backed	31,394		(3,697)		2,971		(705)		34,365		(4,402)
Collateralized mortgage-backed securities	6,767		(432)		—		—		6,767		(432)
Non-U.S. government bonds	11,818		(825)		—		—		11,818		(825)
Collateralized loan obligations	17,959		(1,032)		96,133		(3,996)		114,092		(5,028)
Corporate bonds	87,213		(4,325)		4,740		(785)		91,953		(5,110)

Total temporarily impaired fixed maturity securities	$	208,245	$	(10,425)	$	103,992	$	(5,488)	$	312,237	$	(15,913)

Schedule of the Credit Ratings of Fixed Maturities

The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2023 and 2022:


December 31, 2023	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	55,046	$	55,052	22.0	%
U.S. agency bonds	29,918		26,651		10.6	%
AAA	84,455		82,703		33.0	%
AA+, AA, AA-	18,952		18,372		7.3	%
A+, A, A-	33,060		31,810		12.7	%
BBB+, BBB, BBB-	31,585		30,631		12.2	%
BB+ or lower	5,520		5,382		2.2	%
Total fixed maturities(1)	$	258,536	$	250,601	100.0	%


December 31, 2022	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	55,647	$	55,532	17.7	%
U.S. agency bonds	38,767		34,365		10.9	%
AAA	112,775		108,136		34.4	%
AA+, AA, AA-	23,974		22,640		7.2	%
A+, A, A-	38,549		35,996		11.4	%
BBB+, BBB, BBB-	55,374		53,094		16.9	%
BB+ or lower	5,353		4,764		1.5	%
Total fixed maturities(1)	$	330,439	$	314,527	100.0	%

(1) Based on Standard & Poor’s ("S&P"), or equivalent, ratings

Schedule of Portfolio of Other Investments

The table below shows the composition of the Company's other investments as at December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Privately held equity investments	$	38,617	21.1	%	$	34,014	22.9	%
Private credit investments	27,806		15.2	%	26,354		17.7	%
Private equity funds	47,383		25.9	%	32,298		21.7	%

Total other investments at fair value	113,806		62.2	%	92,666		62.3	%
Investment in direct lending entities (at cost)	69,005		37.8	%	56,087		37.7	%
Total other investments	$	182,811	100.0	%	$	148,753	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 December 31, 2023 and 2022:


December 31,	2023				2022
	Cost		Fair Value		Cost		Fair Value
Privately held common stocks	$	34,549	$	35,272	$	32,775	$	32,290
Privately held preferred stocks	8,800		9,946		7,175		10,945
Publicly traded equity investments in common stocks	90		81		559		386
Total equity securities	$	43,439	$	45,299	$	40,509	$	43,621

Schedule of Equity Method Investments

The table below shows the carrying value of the Company's equity method investments as of December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	49,897	61.7	%	$	40,944	51.1	%
Hedge fund investments	—		—	%	5,376		6.7	%
Other investments	31,032		38.3	%	33,839		42.2	%

Total equity method investments	$	80,929	100.0	%	$	80,159	100.0	%

Schedule of Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022
Fixed maturities	$	10,065	$	9,736
Income on funds withheld	10,433		11,117
Interest income from loan to related party	11,802		6,202

Cash and cash equivalents and other investments	5,642		3,415
	37,942		30,470

Investment expenses	(564)		(400)
Net investment income	$	37,378	$	30,070

4. Investments (continued)

Schedule of Analysis of Realized and Unrealized Gains (Losses) on Investment

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Consolidated Statements of Income for the years ended December 31, 2023 and 2022:


For the Year Ended December 31, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(2,971)	$	(2,971)
Equity securities	3,923		(431)		3,492
Other investments	10,583		(3,256)		7,327
Net realized and unrealized investment gains (losses)	$	14,506	$	(6,658)	$	7,848


For the Year Ended December 31, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	1,829	$	(4,812)	$	(2,983)
Equity securities	3,770		(1,434)		2,336
Other investments	1,543		(6,036)		(4,493)
Net realized and unrealized investment gains (losses)	$	7,142	$	(12,282)	$	(5,140)

Realized and unrealized investment gains and losses from equity securities detailed in the tables above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized (losses) gains recognized for equity securities held at the reporting date were as follows:


For the Year Ended December 31,	2023		2022
Net gains recognized for equity securities	$	3,492	$	2,336
Net gains recognized for equity securities divested	(4,957)		(111)
Net unrealized (losses) gains recognized for equity securities held at the reporting date	$	(1,465)	$	2,225

Schedule of Net Unrealized Gains on Fixed Maturity Investments

Net unrealized losses included in AOCI were as follows at December 31, 2023 and 2022, respectively:


December 31,	2023		2022
Net unrealized losses on fixed maturity investments	$	(7,935)	$	(15,912)


Deferred income tax	151		244
Net unrealized losses, net of deferred income tax	$	(7,784)	$	(15,668)
Change, net of deferred income tax	$	7,884	$	(12,975)

Schedule of Fair Value of Restricted Assets

The fair values of restricted assets were as follows at December 31, 2023 and 2022:


December 31,	2023		2022
Restricted cash – third party agreements	$	6,019	$	13,122
Restricted cash – related party agreements	1,247		2,516
Total restricted cash	7,266		15,638
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2023 – $63,299; 2022 – $48,181)	61,192		48,101
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2023 – $155,546; 2022 – $246,325)	151,416		233,091

Total restricted investments	212,608		281,192
Total restricted cash and investments	$	219,874	$	296,830

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Bermuda tax rate	0.00%	0.00%
Net deferred tax asset	$ 789,000	$ 1,175,000
(Decrease) increase in valuation allowance	3,505,000	26,160,000
Net operating loss carryforwards expire	186,203,000	179,549,000
Net operating loss carryforwards, with no expiry date, amount	$ 151,217,000
Net operating loss carryforwards, with no expiry date, percentage	4480.00%
Capital loss carryforwards	$ 13,853,000	14,458,000
U.S.
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 337,420,000	$ 280,664,000

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preference shares – Series A, C and D	Preference shares – Series A, C and D Preference Shares - Series A	Preference shares – Series A, C and D Preference shares - Series C	Preference shares – Series A, C and D Preference shares - Series D	Common shares	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury shares
Beginning balance at Dec. 31, 2021		$ 159,210				$ 923	$ 768,650	$ (12,215)	$ (498,295)		$ (34,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ (48,392)	$ (59,245)	$ (51,573)
Issuance of common shares from vesting of share-based compensation						11	(11)
Share-based compensation expense							2,740
Repurchase and exchange of preference shares							5,319
Cash settlement of restricted shares granted							10
Issuance of common shares due to exchange of preference shares						558	107,551
Change in net unrealized gains (losses) on investment	$ (12,975)							(12,975)
Foreign currency translation adjustment								(16,044)
Net loss	(60,041)								(60,041)
Gain on repurchase and exchange of preference shares	28,233								115,473
Shares held by Maiden Reinsurance Ltd.											(82,050)
Shares repurchased											(1,009)
Ending balance at Dec. 31, 2022	284,579	0				1,492	884,259	(41,234)	(442,863)	$ 0	(117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Preference Shares			$ 0	$ 0	$ 0
Issuance of common shares from vesting of share-based compensation						5	(5)
Share-based compensation expense							1,725
Repurchase and exchange of preference shares							93
Cash settlement of restricted shares granted							0
Issuance of common shares due to exchange of preference shares	28,434					0	0
Change in net unrealized gains (losses) on investment	7,884							7,884
Foreign currency translation adjustment								1,881
Net loss	(38,569)								(38,569)
Gain on repurchase and exchange of preference shares	0								0
Shares held by Maiden Reinsurance Ltd.											0
Shares repurchased											(2,920)
Ending balance at Dec. 31, 2023	$ 249,160	$ 0				$ 1,497	$ 886,072	$ (31,469)	$ (486,945)	$ (5,513)	$ (119,995)

Investments

12 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Investments

As discussed in Note 2 — Significant Accounting Policies, the Company holds: (i) AFS portfolios of fixed maturity 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 December 31, 2023 and 2022 are as follows:


December 31, 2023	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	55,046	$	8	$	(2)	$	55,052
U.S. agency bonds – mortgage-backed	29,918		—		(3,267)		26,651

Non-U.S. government bonds	21,219		—		(468)		20,751
Collateralized loan obligations	80,591		—		(1,788)		78,803
Corporate bonds	71,762		—		(2,418)		69,344


Total fixed maturity investments	$	258,536	$	8	$	(7,943)	$	250,601


December 31, 2022	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	55,647	$	1	$	(116)	$	55,532
U.S. agency bonds – mortgage-backed	38,767		—		(4,402)		34,365
Collateralized mortgage-backed securities	7,199		—		(432)		6,767
Non-U.S. government bonds	12,643		—		(825)		11,818
Collateralized loan obligations	119,120		—		(5,028)		114,092
Corporate bonds	97,063		—		(5,110)		91,953


Total fixed maturity investments	$	330,439	$	1	$	(15,913)	$	314,527


	Fixed maturities
December 31, 2023	Amortized cost		Fair value
Maturity
Due in one year or less	$	103,579	$	102,970
Due after one year through five years	40,821		38,951
Due after five years through ten years	3,627		3,226

	148,027		145,147
U.S. agency bonds – mortgage-backed	29,918		26,651

Collateralized loan obligations	80,591		78,803
Total fixed maturities	$	258,536	$	250,601

4. Investments (continued)


	Less than 12 Months				12 Months or More				Total
December 31, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	518	$	(2)	$	—	$	—	$	518	$	(2)
U.S. agency bonds – mortgage-backed	—		—		26,651		(3,267)		26,651		(3,267)

Non-U.S. government bonds	8,217		(1)		10,343		(467)		18,560		(468)
Collateralized loan obligations	—		—		78,803		(1,788)		78,803		(1,788)
Corporate bonds	—		—		69,344		(2,418)		69,344		(2,418)

Total temporarily impaired fixed maturity securities	$	8,735	$	(3)	$	185,141	$	(7,940)	$	193,876	$	(7,943)

At December 31, 2023, there were 59 securities in an unrealized loss position with a fair value of $193,876 and unrealized losses of $7,943. Of these securities in an unrealized loss position, there were 56 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $185,141 and unrealized losses of $7,940.


	Less than 12 Months				12 Months or More				Total
December 31, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	53,094	$	(114)	$	148	$	(2)	$	53,242	$	(116)
U.S. agency bonds – mortgage-backed	31,394		(3,697)		2,971		(705)		34,365		(4,402)
Collateralized mortgage-backed securities	6,767		(432)		—		—		6,767		(432)
Non-U.S. government bonds	11,818		(825)		—		—		11,818		(825)
Collateralized loan obligations	17,959		(1,032)		96,133		(3,996)		114,092		(5,028)
Corporate bonds	87,213		(4,325)		4,740		(785)		91,953		(5,110)

Total temporarily impaired fixed maturity securities	$	208,245	$	(10,425)	$	103,992	$	(5,488)	$	312,237	$	(15,913)

At December 31, 2022, there were 88 securities in an unrealized loss position with a fair value of $312,237 and unrealized losses of $15,913. Of these securities in an unrealized loss position, there were 26 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $103,992 and unrealized losses of $5,488.

Allowance for Expected Credit Losses & Non-Credit Related Impairment Costs

The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in OCI.

To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.

Based on the Company's analysis at December 31, 2023 and 2022, respectively, the Company did not recognize any impairment on its AFS fixed maturity securities as the Company expects the amortized cost basis will ultimately be recovered based on projected cash flows as the related securities approach maturity.

4. Investments (continued)

The Company continues to monitor the credit quality of the AFS securities to assess if it is probable that it will receive contractual or estimated cash flows in the form of principal and interest. Therefore, as the unrealized losses were due to non-credit factors, there was no allowance recorded for expected credit losses on AFS securities for the year ended December 31, 2023.

The following tables summarize the credit ratings of our fixed maturity securities as at December 31, 2023 and 2022:


December 31, 2023	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	55,046	$	55,052	22.0	%
U.S. agency bonds	29,918		26,651		10.6	%
AAA	84,455		82,703		33.0	%
AA+, AA, AA-	18,952		18,372		7.3	%
A+, A, A-	33,060		31,810		12.7	%
BBB+, BBB, BBB-	31,585		30,631		12.2	%
BB+ or lower	5,520		5,382		2.2	%
Total fixed maturities(1)	$	258,536	$	250,601	100.0	%


December 31, 2022	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	55,647	$	55,532	17.7	%
U.S. agency bonds	38,767		34,365		10.9	%
AAA	112,775		108,136		34.4	%
AA+, AA, AA-	23,974		22,640		7.2	%
A+, A, A-	38,549		35,996		11.4	%
BBB+, BBB, BBB-	55,374		53,094		16.9	%
BB+ or lower	5,353		4,764		1.5	%
Total fixed maturities(1)	$	330,439	$	314,527	100.0	%

(1) 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 assurance that the Company 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, we may still receive income distributions from those investments.

Other investments

The table below shows the composition of the Company's other investments as at December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Privately held equity investments	$	38,617	21.1	%	$	34,014	22.9	%
Private credit investments	27,806		15.2	%	26,354		17.7	%
Private equity funds	47,383		25.9	%	32,298		21.7	%

Total other investments at fair value	113,806		62.2	%	92,666		62.3	%
Investment in direct lending entities (at cost)	69,005		37.8	%	56,087		37.7	%
Total other investments	$	182,811	100.0	%	$	148,753	100.0	%

The Company's collateralized investment in direct lending entities of $69,005 at December 31, 2023 (2022 - $56,087) is carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined.

4. Investments (continued)

An allowance for expected credit losses of $1,023 was reported on the investment in direct lending entities as at December 31, 2023 and recorded in opening retained earnings on January 1, 2023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.

Equity Securities

Equity securities include publicly traded equity investments in common stocks and privately held equity investments in common and preferred 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 December 31, 2023 and 2022:


December 31,	2023				2022
	Cost		Fair Value		Cost		Fair Value
Privately held common stocks	$	34,549	$	35,272	$	32,775	$	32,290
Privately held preferred stocks	8,800		9,946		7,175		10,945
Publicly traded equity investments in common stocks	90		81		559		386
Total equity securities	$	43,439	$	45,299	$	40,509	$	43,621

Equity Method Investments

The equity method investments currently include real estate investments and other investments. The table below shows the carrying value of the Company's equity method investments as of December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	49,897	61.7	%	$	40,944	51.1	%
Hedge fund investments	—		—	%	5,376		6.7	%
Other investments	31,032		38.3	%	33,839		42.2	%

Total equity method investments	$	80,929	100.0	%	$	80,159	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 consolidated financial statements.

c) Net Investment Income

Net investment income was derived from the following sources for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022
Fixed maturities	$	10,065	$	9,736
Income on funds withheld	10,433		11,117
Interest income from loan to related party	11,802		6,202

Cash and cash equivalents and other investments	5,642		3,415
	37,942		30,470

Investment expenses	(564)		(400)
Net investment income	$	37,378	$	30,070

4. Investments (continued)

d) Net Realized and Unrealized Investment Gains (Losses)


For the Year Ended December 31, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(2,971)	$	(2,971)
Equity securities	3,923		(431)		3,492
Other investments	10,583		(3,256)		7,327
Net realized and unrealized investment gains (losses)	$	14,506	$	(6,658)	$	7,848


For the Year Ended December 31, 2022	Gross gains		Gross losses		Net
Fixed maturities	$	1,829	$	(4,812)	$	(2,983)
Equity securities	3,770		(1,434)		2,336
Other investments	1,543		(6,036)		(4,493)
Net realized and unrealized investment gains (losses)	$	7,142	$	(12,282)	$	(5,140)


For the Year Ended December 31,	2023		2022
Net gains recognized for equity securities	$	3,492	$	2,336
Net gains recognized for equity securities divested	(4,957)		(111)
Net unrealized (losses) gains recognized for equity securities held at the reporting date	$	(1,465)	$	2,225

Proceeds from sales of fixed maturities were $98,993 and $213,944 for the years ended December 31, 2023, and 2022, respectively. Net unrealized losses included in AOCI were as follows at December 31, 2023 and 2022, respectively:


December 31,	2023		2022
Net unrealized losses on fixed maturity investments	$	(7,935)	$	(15,912)


Deferred income tax	151		244
Net unrealized losses, net of deferred income tax	$	(7,784)	$	(15,668)
Change, net of deferred income tax	$	7,884	$	(12,975)

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 were as follows at December 31, 2023 and 2022:


December 31,	2023		2022
Restricted cash – third party agreements	$	6,019	$	13,122
Restricted cash – related party agreements	1,247		2,516
Total restricted cash	7,266		15,638
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2023 – $63,299; 2022 – $48,181)	61,192		48,101
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2023 – $155,546; 2022 – $246,325)	151,416		233,091

Total restricted investments	212,608		281,192
Total restricted cash and investments	$	219,874	$	296,830

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Income (Loss) to Consolidated


For the Year Ended December 31, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	27,402	$	(3,936)	$	23,466
Net premiums written	$	27,104	$	(3,936)	$	23,168
Net premiums earned	$	29,039	$	14,930	$	43,969
Other insurance revenue	39		—		39
Net loss and LAE	(14,230)		(46,998)		(61,228)
Commission and other acquisition expenses	(13,879)		(5,583)		(19,462)
General and administrative expenses	(10,110)		(2,690)		(12,800)
Underwriting loss	$	(9,141)	$	(40,341)	(49,482)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					45,226

Interest and amortization expenses					(18,226)


Foreign exchange and other losses, net					(5,741)
Other general and administrative expenses					(17,996)
Income tax expense					(196)
Interest in income from equity method investments					7,846
Net loss					$	(38,569)


For the Year Ended December 31, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	24,017	$	(18,538)	$	5,479
Net premiums written	$	23,620	$	(18,538)	$	5,082
Net premiums earned	$	27,983	$	9,749	$	37,732
Other insurance revenue	(4,530)		—		(4,530)
Net loss and LAE	(12,483)		(45,508)		(57,991)
Commission and other acquisition expenses	(14,164)		(4,347)		(18,511)
General and administrative expenses	(8,857)		(2,777)		(11,634)
Underwriting loss	$	(12,051)	$	(42,883)	(54,934)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					24,930

Interest and amortization expenses					(19,331)


Foreign exchange and other gains, net					8,255
Other general and administrative expenses					(19,313)
Income tax benefit					557
Interest in loss from equity method investments					(205)
Net loss					$	(60,041)

Schedule of Reconciliation of Assets from Segment to Consolidated

The following tables summarize the financial position of our reportable segments including the reconciliation to the Company's consolidated total assets at December 31, 2023 and 2022:


December 31, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	3,108	$	9,201	$	12,309
Reinsurance recoverable on unpaid losses	5,692		515,463		521,155
Deferred commission and other acquisition expenses	961		16,605		17,566
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	67,211		152,663		219,874
Funds withheld receivable	15,534		128,451		143,985
Other assets	685		—		685
Total assets - reportable segments	93,191		990,358		1,083,549
Corporate assets	—		—		435,385

Total Assets	$	93,191	$	990,358	$	1,518,934

December 31, 2022	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	2,213	$	8,395	$	10,608
Reinsurance recoverable on unpaid losses	5,596		490,408		496,004
Deferred commission and other acquisition expenses	1,344		23,632		24,976
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	61,223		235,607		296,830
Funds withheld receivable	24,577		416,835		441,412
Other assets	2,337		—		2,337
Total assets - reportable segments	97,290		1,342,852		1,440,142
Corporate assets	—		—		406,724

Total Assets	$	97,290	$	1,342,852	$	1,846,866

Schedule of Gross and Net Premiums Written and Net Premiums Earned by Geographic Location


For the Year Ended December 31,	2023		2022
Gross premiums written – North America	$	(146)	$	(14,600)
Gross premiums written – Other (predominantly Europe)	23,612		20,079
Gross premiums written – Total	$	23,466	$	5,479
Net premiums written – North America	$	(309)	$	(14,396)
Net premiums written – Other (predominantly Europe)	23,477		19,478
Net premiums written – Total	$	23,168	$	5,082
Net premiums earned – North America	$	(309)	$	(14,383)
Net premiums earned – Other (predominantly Europe)	44,278		52,115
Net premiums earned – Total	$	43,969	$	37,732

Schedule of Net Premiums by Major Line of Business

The following table sets forth financial information relating to net premiums written by major line of business and reportable segment for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023		2022
Diversified Reinsurance


International	$	27,104		$	23,620

Total Diversified Reinsurance	27,104			23,620
AmTrust Reinsurance
Small Commercial Business	(465)			(15,143)
Specialty Program	156			747
Specialty Risk and Extended Warranty	(3,627)			(4,142)
Total AmTrust Reinsurance	(3,936)			(18,538)

Total Net Premiums Written	$	23,168		$	5,082

The following table sets forth financial information relating to net premiums earned by major line of business and reportable segment for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023				2022
	Total		% of Total		Total		% of Total
Diversified Reinsurance


International	$	29,039	66.0	%	$	27,983	74.2	%

Total Diversified Reinsurance	29,039		66.0	%	27,983		74.2	%
AmTrust Reinsurance
Small Commercial Business	(465)		(1.1)	%	(15,131)		(40.1)	%
Specialty Program	156		0.4	%	748		2.0	%
Specialty Risk and Extended Warranty	15,239		34.7	%	24,132		63.9	%
Total AmTrust Reinsurance	14,930		34.0	%	9,749		25.8	%

Total Net Premiums Earned	$	43,969	100.0	%	$	37,732	100.0	%

Reserve for Loss and Loss Adjustment Expenses - Prior Year Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ 38,188	$ 32,636
Diversified Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	4,440	4,552
Diversified Reinsurance \| IIS business
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	2,504	(1,683)
Diversified Reinsurance \| GLS
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	954	1,825
Diversified Reinsurance \| Other run-off lines
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	982	4,410
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	33,748	28,084
AmTrust Reinsurance \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	24,098	14,837
AmTrust Reinsurance \| AmTrust other runoff
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	(618)	0
AmTrust Reinsurance \| European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Net adverse prior year development (net favorable prior year reserve development)	$ 10,268	$ 13,247

Shareholders' Equity - AOCI Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 284,579
Other comprehensive income before reclassifications	9,765	$ (22,212)
Amounts reclassified from AOCI to net loss, net of tax		(6,807)
Other comprehensive gain (loss), after tax	9,765	(29,019)
Ending balance	249,160	284,579
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(41,234)	(12,215)
Ending balance	(31,469)	(41,234)
Change in net unrealized gains on investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(15,668)	(2,693)
Other comprehensive income before reclassifications	7,884	(6,168)
Amounts reclassified from AOCI to net loss, net of tax		(6,807)
Other comprehensive gain (loss), after tax		(12,975)
Ending balance	(7,784)	(15,668)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(25,566)	(9,522)
Other comprehensive income before reclassifications	1,881	(16,044)
Amounts reclassified from AOCI to net loss, net of tax		0
Other comprehensive gain (loss), after tax		(16,044)
Ending balance	$ (23,685)	$ (25,566)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Investments - Fair Value and Unrealized Losses (Details)	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair value
Less than 12 Months	$ 8,735,000	$ 208,245,000
12 Months or More	185,141,000	103,992,000
Total	193,876,000	312,237,000
Unrealized losses
Less than 12 Months	(3,000)	(10,425,000)
12 Months or More	(7,940,000)	(5,488,000)
Total	$ (7,943,000)	$ (15,913,000)
Number of securities in an unrealized loss position \| security	59	88
Fair value of unrealized loss positions	$ 193,876,000	$ 312,237,000
Unrealized losses of unrealized loss positions	$ 7,943,000	$ 15,913,000
Number of securities in unrealized loss position for 12 months or greater \| security	56	26
Fair value of securities in loss position for 12 months or greater	$ 185,141,000	$ 103,992,000
Unrealized loss of securities in loss position for 12 months or greater	7,940,000	5,488,000
Allowance for expected credit losses	0
Allowance for expected credit losses	1,023,000
U.S. treasury bonds
Fair value
Less than 12 Months	518,000	53,094,000
12 Months or More	0	148,000
Total	518,000	53,242,000
Unrealized losses
Less than 12 Months	(2,000)	(114,000)
12 Months or More	0	(2,000)
Total	(2,000)	(116,000)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	0	31,394,000
12 Months or More	26,651,000	2,971,000
Total	26,651,000	34,365,000
Unrealized losses
Less than 12 Months	0	(3,697,000)
12 Months or More	(3,267,000)	(705,000)
Total	(3,267,000)	(4,402,000)
Collateralized mortgage-backed securities
Fair value
Less than 12 Months		6,767,000
12 Months or More		0
Total		6,767,000
Unrealized losses
Less than 12 Months		(432,000)
12 Months or More		0
Total		(432,000)
Non-U.S. government bonds
Fair value
Less than 12 Months	8,217,000	11,818,000
12 Months or More	10,343,000	0
Total	18,560,000	11,818,000
Unrealized losses
Less than 12 Months	(1,000)	(825,000)
12 Months or More	(467,000)	0
Total	(468,000)	(825,000)
Collateralized loan obligations
Fair value
Less than 12 Months	0	17,959,000
12 Months or More	78,803,000	96,133,000
Total	78,803,000	114,092,000
Unrealized losses
Less than 12 Months	0	(1,032,000)
12 Months or More	(1,788,000)	(3,996,000)
Total	(1,788,000)	(5,028,000)
Corporate bonds
Fair value
Less than 12 Months	0	87,213,000
12 Months or More	69,344,000	4,740,000
Total	69,344,000	91,953,000
Unrealized losses
Less than 12 Months	0	(4,325,000)
12 Months or More	(2,418,000)	(785,000)
Total	$ (2,418,000)	$ (5,110,000)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Financial Assets and Financial Liabilities Measured on A Recurring Basis

At December 31, 2023 and 2022, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


December 31, 2023	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	$	55,052		$	—		$	—		$	—		$	55,052
U.S. agency bonds – mortgage-backed	—			26,651			—			—			26,651

Non-U.S. government bonds	—			20,751			—			—			20,751
Collateralized loan obligations	—			78,803			—			—			78,803
Corporate bonds	—			63,962			5,382			—			69,344

Equity securities	81			—			19,351			25,867			45,299
Other investments	—			—			27,750			86,056			113,806
Total	$	55,133		$	190,167		$	52,483		$	111,923		$	409,706
As a percentage of total assets	3.6		%	12.5		%	3.5		%	7.4		%	27.0		%

Underwriting-related derivative liability	$	—		$	—		$	3,984		$	—		$	3,984


December 31, 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	$	55,532		$	—		$	—		$	—		$	55,532
U.S. agency bonds – mortgage-backed	—			34,365			—			—			34,365
Collateralized mortgage-backed bonds	—			6,767			—			—			6,767
Non-U.S. government bonds	—			11,818			—			—			11,818
Collateralized loan obligations	—			114,092			—			—			114,092
Corporate bonds	—			91,953			—			—			91,953

Equity investments	386			—			17,806			25,429			43,621
Other investments	—			1,000			1,000			90,666			92,666
Total	$	55,918		$	259,995		$	18,806		$	116,095		$	450,814
As a percentage of total assets	3.0		%	14.1		%	1.0		%	6.3		%	24.4		%

Underwriting-related derivative liability	$	—		$	—		$	14,559		$	—		$	14,559

Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments

Fair Value

Valuation Technique

Unobservable Inputs

Range of Unobservable Inputs

Privately held equity investments - common shares

34,170

Quarterly financial statements

Price/book ratios of comparable public companies

Privately held equity investments - preferred shares

11,331

Quarterly financial statements

Privately calculated enterprise valuations

Other investments - Private credit funds

1,600

Quarterly financial statements

Price/book ratios of comparable public companies

Corporate bonds

5,382

Non-binding broker dealer quotation

Total Level 3 investments

52,483

Underwriting-related derivative liability

3,984

Discounted cash flows

Duration matched discount rates

5.0%

6.0%

Schedule of Reconciliation of Other Investments Measured at Fair Value on A Recurring Basis Using Level 3 Inputs


For the Year Ended December 31,	2023			2022
Balance - beginning of period		$	18,806		$	7,094
Sales		(7,669)			(2,000)

Net realized and unrealized gains recognized in the statement of income		3,723			3,770
Purchases		7,476			9,942
Transfers into Level 3 from Level 2 and NAV practical expedient		30,147			—
Total Level 3 investments - end of period		$	52,483		$	18,806

Schedule of 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 Company's outstanding Senior Notes as at December 31, 2023 and 2022:


December 31,	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value

2016 Senior Notes – 6.625%	$	110,000	$	73,744	$	110,000	$	76,560
2013 Senior Notes – 7.75%	152,361		115,855		152,500		113,826
Total Senior Notes	$	262,361	$	189,599	$	262,500	$	190,386

Earnings per Common Share

12 Months Ended

Dec. 31, 2023

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 Year Ended December 31,	2023		2022
Numerator:
Net loss	$	(38,569)	$	(60,041)


Gain from exchange of preference shares – Series A, C and D	—		87,240
Gain from repurchase of preference shares – Series A, C and D	—		28,233
Amount allocated to participating common shareholders(1)	—		(314)


Net (loss) income allocated to Maiden common shareholders	$	(38,569)	$	55,118



Denominator:
Weighted average number of common shares – basic	101,382,606		87,112,711
Potentially dilutive securities:
Share options and restricted share units(2)	—		1,263

Adjusted weighted average common shares – diluted	101,382,606		87,113,974


Basic and diluted (loss) earnings per share (attributable) available to common shareholders	$	(0.38)	$	0.63

(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.

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 258,536	$ 330,439
Fair value	$ 250,601	$ 314,527
% of Total fair value	100.00%	100.00%
AAA
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 84,455	$ 112,775
Fair value	$ 82,703	$ 108,136
% of Total fair value	33.00%	34.40%
AA+, AA, AA-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 18,952	$ 23,974
Fair value	$ 18,372	$ 22,640
% of Total fair value	7.30%	7.20%
A+, A, A-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 33,060	$ 38,549
Fair value	$ 31,810	$ 35,996
% of Total fair value	12.70%	11.40%
BBB+, BBB, BBB-
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 31,585	$ 55,374
Fair value	$ 30,631	$ 53,094
% of Total fair value	12.20%	16.90%
BB+ or lower
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 5,520	$ 5,353
Fair value	$ 5,382	$ 4,764
% of Total fair value	2.20%	1.50%
U.S. treasury bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 55,046	$ 55,647
Fair value	$ 55,052	$ 55,532
% of Total fair value	22.00%	17.70%
U.S. agency bonds
Schedule of Fixed Maturities [Line Items]
Amortized cost	$ 29,918	$ 38,767
Fair value	$ 26,651	$ 34,365
% of Total fair value	10.60%	10.90%

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 43,439	$ 40,509
Fair Value	45,299	43,621
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	34,549	32,775
Fair Value	35,272	32,290
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	8,800	7,175
Fair Value	9,946	10,945
Publicly traded equity investments in common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	90	559
Fair Value	$ 81	$ 386

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Changes in Common Shares Outstanding

The following table shows the summary of changes in the Company's common shares outstanding for the years ended December 31, 2023 and 2022:


For the Year Ended December 31,	2023	2022
Outstanding shares – January 1	101,532,151	86,467,242
Shares issued pursuant to the exchange of Maiden preference shares	—	55,800,000
Issuance of vested restricted shares and exercised common share options	508,275	1,107,973
Shares repurchased for tax purposes	(128,731)	(403,716)
Shares repurchased by Maiden Reinsurance under authorized repurchase plan	(1,439,575)	—
Common shares held by Maiden Reinsurance under the Exchange	—	(41,439,348)
Outstanding shares – December 31(1)	100,472,120	101,532,151

Schedule of Class of Treasury Stock

The table below includes the total number of treasury shares outstanding at December 31, 2023 and 2022:


December 31,	2023	2022
Number of shares held by Maiden Reinsurance treated as treasury shares	42,878,923	41,439,348
Number of treasury shares due to common share repurchases by Maiden Holdings	6,381,312	6,252,581
Total number of treasury shares at the end of the reporting period	49,260,235	47,691,929

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 years ended December 31, 2023 and 2022:


For the Year Ended December 31, 2023	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	(15,668)	$	(25,566)	$	(41,234)
Other comprehensive income before reclassifications	7,884		1,881		9,765




Ending balance, Maiden shareholders	$	(7,784)	$	(23,685)	$	(31,469)


For the Year Ended December 31, 2022	Change in net unrealized gains on investment		Foreign currency translation adjustments		Total
Beginning balance	$	(2,693)	$	(9,522)	$	(12,215)
Other comprehensive loss before reclassifications	(6,168)		(16,044)		(22,212)
Amounts reclassified from AOCI to net income, net of tax	(6,807)		—		(6,807)
Net current period other comprehensive loss	(12,975)		(16,044)		(29,019)


Ending balance, Maiden shareholders	$	(15,668)	$	(25,566)	$	(41,234)

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2023	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Short-term investments	$ 0	$ 0
Deposit contracts	$ 0	$ 0
Operating lease, weighted average discount rate	10.00%
Gain on repurchase of preference shares, impact on common stock (in dollars per share)		$ 1.33
Cumulative translation adjustment	$ 249,160,000	$ 284,579,000
Allowance for expected credit losses	0
Allowance for expected credit losses	1,023,000
Reinsurance recoverable, allowance for credit loss	3,240,000	4,277,000
Premium receivable, allowance for credit loss	187,000
Allowance for expected credit losses, receivables	3,240,000
Affiliated Entity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Premium receivable, allowance for credit loss	187,000
Allowance for expected credit losses, receivables	19,000
Foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	(23,685,000)	(25,566,000)		$ (9,522,000)
Accumulated deficit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	(486,945,000)	(442,863,000)		$ (498,295,000)
Accumulated deficit \| Cumulative Effect, Period of Adoption, Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cumulative translation adjustment	$ (5,513,000)	$ 0	$ 5,513,000

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Senior Notes Issuances

The following tables detail the issuances outstanding at December 31, 2023 and 2022:


December 31, 2023	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized issuance costs	3,345			4,419			7,764
Carrying value	$	106,655		$	147,942		$	254,597

December 31, 2022	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	262,500
Less: unamortized issuance costs	3,406			3,522			6,928
Carrying value	$	106,594		$	148,978		$	255,572

Other details:
Original debt issuance costs	$	3,715		$	5,049
Maturity date	June 14, 2046			December 1, 2043
Earliest redeemable date (for cash)	June 14, 2021			December 1, 2018
Coupon rate	6.625		%	7.75		%
Effective interest rate	7.07		%	8.04		%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Carrying Value	$ 113,806	$ 92,666
% of Total	62.20%	62.30%
Other investments (Allowance for expected credit losses: 2023 - $1,023)	$ 182,811	$ 148,753
% of Total	100.00%	100.00%
Privately held equity investments
Schedule of Investments [Line Items]
Carrying Value	$ 38,617	$ 34,014
% of Total	21.10%	22.90%
Private credit investments
Schedule of Investments [Line Items]
Carrying Value	$ 27,806	$ 26,354
% of Total	15.20%	17.70%
Private equity funds
Schedule of Investments [Line Items]
Carrying Value	$ 47,383	$ 32,298
% of Total	25.90%	21.70%
Investment in direct lending entities (at cost)
Schedule of Investments [Line Items]
Other investments (Allowance for expected credit losses: 2023 - $1,023)	$ 69,005	$ 56,087
% of Total	37.80%	37.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization (Details) $ / shares in Units, $ in Thousands		12 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Dec. 27, 2022 $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	May 03, 2023 $ / shares	May 02, 2023 $ / shares
Subsidiary or Equity Method Investee [Line Items]
Common shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Shares issued pursuant to the exchange of Maiden preference shares (in shares)		0	55,800,000
Issuance of common shares due to exchange of preference shares \| $		$ 28,434
Less: Total shares held by Maiden Reinsurance (in shares)		13,813,116
Treasury shares (in shares)		49,260,235	47,691,929
Maiden Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Treasury shares (in shares)		42,878,923	41,439,348
Maiden Reinsurance \| Maiden Holdings, Ltd.
Subsidiary or Equity Method Investee [Line Items]
Ownership %		29.90%
Common shares voting power		9.50%
Exchange for Preferred Shares \| Maiden Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Treasury shares (in shares)		41,439,348	41,439,348
Preference shares – Series A
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	8.25%
Preference shares outstanding (in shares)		1,500,050
Series C Preference Shares, par value $0.01 per share
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	7.125%
Preference shares outstanding (in shares)		1,744,028
Preference shares - Series D
Subsidiary or Equity Method Investee [Line Items]
Dividend rate of preference shares	6.70%
Preference shares outstanding (in shares)		1,542,806
Preference Shares
Subsidiary or Equity Method Investee [Line Items]
Approved conversion ratio of common shares	3
Common shares
Subsidiary or Equity Method Investee [Line Items]
Shares issued pursuant to the exchange of Maiden preference shares (in shares)		14,360,652
Series A, C and D preferred stock
Subsidiary or Equity Method Investee [Line Items]
Derecognition of preference shares, carrying amount \| $		$ 119,672
Increase (decrease) in original issuance costs \| $		3,998
Cash settlement of restricted shares granted \| $		25,915
Issuance costs, as additional paid in capital \| $		2,375
Gain on exchange of preference shares \| $		$ 87,240

Long-Term Debt - Narrative (Details) - Senior Notes	12 Months Ended
Long-Term Debt - Narrative (Details) - Senior Notes	Dec. 31, 2023 USD ($) perUnit unit	Dec. 31, 2022 USD ($)	May 03, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 18,266,000	$ 19,331,000
Accrued interest	1,342,000	$ 1,342,000
Approved debt repurchase amount			$ 100,000,000
Remaining authorized repurchase amount	$ 99,905,000
2013 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Debt instrument, repurchased units \| unit	5,567
Debt instrument, repurchased average price per unit \| perUnit	17.10
Debt instrument, repurchased face amount	$ 95,000
Gain (loss) on repurchase of debt instrument	$ 40,000
2016 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Minimum \| 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Minimum \| 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	30 days
Maximum \| 2013 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days
Maximum \| 2016 Senior Notes
Debt Instrument [Line Items]
Prior notice to be given before redemption date	60 days

Related Party Transactions - Narrative (Details)																3 Months Ended	12 Months Ended
Related Party Transactions - Narrative (Details)	Sep. 12, 2022 USD ($)	Sep. 12, 2022 EUR (€)	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Mar. 16, 2020	Jul. 31, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Mar. 31, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 01, 2018	Dec. 31, 2014
Related Party Transaction [Line Items]
Loan to related party																	$ 167,975,000	$ 167,975,000
Allowance for credit loss expense																	(1,037,000)
Investment income																	$ 37,942,000	$ 30,470,000
Effective yield																	7.00%	3.70%
Investment, Type [Extensible Enumeration]																	Interest income from loan to related party	Interest income from loan to related party
Interest income from loan to related party
Related Party Transaction [Line Items]
Investment income																	$ 11,802,000	$ 6,202,000
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage																	55.20%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party																	$ 167,975,000	167,975,000
Allowance for credit loss expense																	0
AmTrust Financial Services, Inc. \| London Interbank Offered Rate (LIBOR) 1
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%
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)						$ 40,500,000											77,547,000
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| AmTrust Quota Shares Reinsurance Agreement, 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 \| Income on funds withheld
Related Party Transaction [Line Items]
Related party transaction amount (returned)							$ 575,000,000										128,451,000	416,835,000
Accrued interest on collateral held by related party																	$ 1,584,000	$ 2,359,000
Calculated interest rate with related party																	3.50%	2.10%
Interest income from related party																	$ 10,009,000	$ 10,791,000
Allowance for expected credit loss																	0
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)						$ 54,000,000
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%											107.50%
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
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, payment of commuted reserves	$ 31,291,000	€ 29,401,000
Collaborative arrangement, reserves expected to be commuted			$ 27,625,000																€ 25,956,000
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share \| AmTrust Reinsurance
Related Party Transaction [Line Items]
Collaborative arrangement, reserves expected to be commuted, exit cost			$ 3,666,000	€ 3,444,000
AmTrust Financial Services, Inc. \| European Hospital Liability Quota Share \| 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																	0	42,305,000
Accrued interest on collateral held by related party																	0	224,000
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																	324,000	417,000
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																	147,635,000	188,473,000
Accrued interest on collateral held by related party																	$ 1,091,000	$ 966,000
Maiden Holdings, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage																	5.00%