0001412100-24-000079 | 10-Q | XBRL Viewer

Reinsurance

9 Months Ended

Sep. 30, 2024

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

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the nine months ended September 30, 2024 and 2023 was as follows:


For the Nine Months Ended September 30,	2024		2023
Premiums written
Direct	$	26,310	$	20,283
Assumed	(677)		(3,912)
Ceded	(137)		(111)
Net	$	25,496	$	16,260
Premiums earned
Direct	$	25,795	$	20,141
Assumed	12,210		12,494
Ceded	(117)		(115)
Net	$	37,888	$	32,520
Loss and LAE
Gross loss and LAE	$	41,257	$	36,397
Loss and LAE ceded	4,196		106
Net	$	45,453	$	36,503

The Company's reinsurance recoverable on unpaid losses balance as at September 30, 2024 was $574,358 (December 31, 2023: $564,331) presented in the Condensed Consolidated Balance Sheets. As of September 30, 2024, the total allowance for expected credit losses on the Company's reinsurance recoverable balance was $2,331 (December 31, 2023: $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 three and nine months ended September 30, 2024 and 2023:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	2,735	$	4,530	$	3,240	$	4,277

(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(404)		(241)		(909)		12

Allowance for expected credit losses on reinsurance recoverable, end of period	$	2,331	$	4,289	$	2,331	$	4,289

On December 27, 2018, Cavello Bay Reinsurance Limited ("Cavello") and Maiden Reinsurance entered into a retrocession agreement pursuant to which certain assets and liabilities associated with the U.S. treaty reinsurance business held by Maiden Reinsurance were 100.0% retroceded to Cavello in exchange for a ceding commission. The reinsurance recoverable on unpaid losses due from Cavello under this retrocession agreement was $36,838 at September 30, 2024 (December 31, 2023: $43,176). The recoverable due from Cavello is net of an allowance for expected credit losses of $2,174 as at September 30, 2024 (December 31, 2023: $2,769).

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.

8. Reinsurance (continued)

The LPT/ADC Agreement meets the criteria for risk transfer and is thus accounted for as retroactive reinsurance. Cumulative ceded losses exceeding $445,000 are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each period based on loss payments and updated estimates. Consequently, cumulative adverse development subsequent to December 31, 2018 may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. As of September 30, 2024, the reinsurance recoverable on unpaid losses under the LPT/ADC Agreement was $532,874 while the deferred gain liability under the LPT/ADC Agreement was $88,021 (December 31, 2023: $515,463 and $70,916, respectively). The recoverable due under the LPT/ADC Agreement is net of an allowance for expected credit losses of $147 as at September 30, 2024 (December 31, 2023: $453). Amortization of the deferred gain will not occur until paid losses have exceeded the minimum retention under the LPT/ADC Agreement, which is estimated to be in the fourth quarter 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 September 30, 2024, the amount of collateral required was $493,901 (December 31, 2023 - $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, has credit ratings of BBB+ from both Standard & Poor's and Fitch Ratings at September 30, 2024

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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

The following tables summarize the underwriting results of our reportable segments and the reconciliation of our reportable segments' underwriting results to consolidated net loss for the three months ended September 30, 2024 and 2023, respectively:


For the Three Months Ended September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	9,053	$	(192)	$	8,861
Net premiums written	$	9,035	$	(192)	$	8,843
Net premiums earned	$	9,576	$	3,827	$	13,403

Net loss and LAE	(4,036)		(15,821)		(19,857)
Commission and other acquisition expenses	(3,975)		(5,093)		(9,068)
General and administrative expenses	(2,512)		(717)		(3,229)
Underwriting loss	$	(947)	$	(17,804)	(18,751)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					1,074

Interest and amortization expenses					(4,817)


Foreign exchange and other losses, net					(5,915)
Other general and administrative expenses					(6,785)
Income tax expense					(25)
Interest in income of equity method investments					751
Net loss					$	(34,468)

3. Segment Information (continued)


For the Three Months Ended September 30, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	6,762	$	1,898	$	8,660
Net premiums written	$	6,727	$	1,898	$	8,625
Net premiums earned	$	7,207	$	5,272	$	12,479
Other insurance expense	(16)		—		(16)
Net loss and LAE	(4,142)		(11,014)		(15,156)
Commission and other acquisition expenses	(3,374)		(1,966)		(5,340)
General and administrative expenses	(2,216)		(661)		(2,877)
Underwriting loss	$	(2,541)	$	(8,369)	(10,910)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					9,292

Interest and amortization expenses					(4,814)


Foreign exchange and other gains, net					4,594
Other general and administrative expenses					(3,910)
Income tax benefit					31
Interest in income from equity method investments					2,190
Net loss					$	(3,527)

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 nine months ended September 30, 2024 and 2023, respectively:


For the Nine Months Ended September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	26,374	$	(741)	$	25,633
Net premiums written	$	26,237	$	(741)	$	25,496
Net premiums earned	$	26,796	$	11,092	$	37,888
Other insurance revenue	46		—		46
Net loss and LAE	(12,314)		(33,139)		(45,453)
Commission and other acquisition expenses	(11,564)		(7,910)		(19,474)
General and administrative expenses	(6,960)		(2,087)		(9,047)
Underwriting loss	$	(3,996)	$	(32,044)	(36,040)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					25,934

Interest and amortization expenses					(14,448)


Foreign exchange and other losses, net					(3,862)
Other general and administrative expenses					(16,906)
Income tax expense					(478)
Interest in income from equity method investments					2,820
Net loss					$	(42,980)

3. Segment Information (continued)


For the Nine Months Ended September 30, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	20,263	$	(3,892)	$	16,371
Net premiums written	$	20,152	$	(3,892)	$	16,260
Net premiums earned	$	21,882	$	10,638	$	32,520
Other insurance revenue	3		—		3
Net loss and LAE	(11,126)		(25,377)		(36,503)
Commission and other acquisition expenses	(10,544)		(3,976)		(14,520)
General and administrative expenses	(7,863)		(2,062)		(9,925)
Underwriting loss	$	(7,648)	$	(20,777)	(28,425)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					31,505

Interest and amortization expenses					(13,411)


Foreign exchange and other losses, net					(843)
Other general and administrative expenses					(13,809)
Income tax benefit					253
Interest in income from equity method investments					6,942
Net loss					$	(17,788)

Schedule of Reconciliation of Assets from Segment to Consolidated

The following tables summarize the financial position of the Company's reportable segments including a reconciliation to the Company's consolidated total assets at September 30, 2024 and December 31, 2023:


September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	3,533	$	6,300	$	9,833
Reinsurance recoverable on unpaid losses	4,647		532,874		537,521
Deferred commission and other acquisition expenses	777		8,449		9,226
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	65,946		147,715		213,661
Funds withheld receivable	14,815		—		14,815
Other assets	646		—		646
Total assets - reportable segments	90,364		863,313		953,677
Corporate assets	—		—		439,834

Total Assets	$	90,364	$	863,313	$	1,393,511

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

Schedule of Net Premiums by Major Line of Business

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30,	2024		2023
Net premiums written	Total				Total
Diversified Reinsurance

International	$	9,035			$	6,727


Total Diversified Reinsurance	9,035				6,727
AmTrust Reinsurance
Small Commercial Business	(73)				(160)
Specialty Program	14				—
Specialty Risk and Extended Warranty	(133)				2,058
Total AmTrust Reinsurance	(192)				1,898

Total Net Premiums Written	$	8,843			$	8,625

For the Nine Months Ended September 30,	2024		2023
Net premiums written	Total			Total
Diversified Reinsurance

International	$	26,237			$	20,152


Total Diversified Reinsurance	26,237				20,152
AmTrust Reinsurance
Small Commercial Business	(620)				(318)
Specialty Program	(31)				157
Specialty Risk and Extended Warranty	(90)				(3,731)
Total AmTrust Reinsurance	(741)				(3,892)

Total Net Premiums Written	$	25,496			$	16,260

3. Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30,	2024		2023
Net premiums earned	Total			Total
Diversified Reinsurance

International	$	9,576			$	7,207


Total Diversified Reinsurance	9,576				7,207
AmTrust Reinsurance
Small Commercial Business	(73)				(160)
Specialty Program	14				—
Specialty Risk and Extended Warranty	3,886				5,432
Total AmTrust Reinsurance	3,827				5,272

Total Net Premiums Earned	$	13,403			$	12,479

For the Nine Months Ended September 30,	2024		2023
Net premiums earned	Total			Total
Diversified Reinsurance

International	$	26,796			$	21,882


Total Diversified Reinsurance	26,796				21,882
AmTrust Reinsurance
Small Commercial Business	(620)				(318)
Specialty Program	(31)				157
Specialty Risk and Extended Warranty	11,743				10,799
Total AmTrust Reinsurance	11,092				10,638

Total Net Premiums Earned	$	37,888			$	32,520

Shareholders' Equity - Schedule of Changes in Treasury Shares Outstanding (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	50,876,190	49,260,235
Share Repurchase Plan
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	6,508,867	6,381,312
Maiden Reinsurance
Class of Stock [Line Items]
Total number of treasury shares at the end of the reporting period (in shares)	44,367,323	42,878,923

- 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.

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+ Details

Reinsurance - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$ 2,735	$ 4,530	$ 3,240	$ 4,277	$ 4,277
(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(404)	(241)	(909)	12
Allowance for expected credit losses on reinsurance recoverable, end of period	$ 2,331	$ 4,289	$ 2,331	$ 4,289	$ 3,240

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common shares	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses		$ 1,492	$ 884,259	$ (41,234)	$ (442,863)		$ (117,075)
Beginning balance at Dec. 31, 2022		1,492	884,259	(41,234)	(442,863)		(117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from vesting of stock based compensation		5	(5)
Share-based compensation expense			1,401
Repurchase of preference shares			93
Change in net unrealized investment gains				3,082
Foreign currency translation adjustment				(741)
Net loss	$ (17,788)				(17,788)
Shares repurchased							(1,876)
Ending balance at Sep. 30, 2023	263,237	1,497	885,748	(38,893)	(466,164)	$ (5,513)	(118,951)
Beginning balance at Dec. 31, 2022		1,492	884,259	(41,234)	(442,863)		(117,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in net unrealized investment gains	7,884
Ending balance at Dec. 31, 2023	249,160	1,497	886,072	(31,469)	(486,945)		(119,995)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses		1,497	885,462	(37,136)	(462,637)		(117,896)
Beginning balance at Jun. 30, 2023		1,497	885,462	(37,136)	(462,637)		(117,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			286
Change in net unrealized investment gains				318
Foreign currency translation adjustment				(2,075)
Net loss	(3,527)				(3,527)
Shares repurchased							(1,055)
Ending balance at Sep. 30, 2023	263,237	1,497	885,748	(38,893)	(466,164)	(5,513)	(118,951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses	263,237	1,497	885,748	(38,893)	(466,164)	$ (5,513)	(118,951)
Opening allowance for expected credit losses	249,160	1,497	886,072	(31,469)	(486,945)		(119,995)
Beginning balance at Dec. 31, 2023	249,160	1,497	886,072	(31,469)	(486,945)		(119,995)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from vesting of stock based compensation		6	(6)
Share-based compensation expense			1,454
Change in net unrealized investment gains	3,888			3,888
Foreign currency translation adjustment				(207)
Net loss	(42,980)				(42,980)
Shares repurchased							(3,133)
Ending balance at Sep. 30, 2024	208,182	1,503	887,520	(27,788)	(529,925)		(123,128)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses		1,503	886,972	(32,485)	(495,457)		(122,487)
Beginning balance at Jun. 30, 2024		1,503	886,972	(32,485)	(495,457)		(122,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			548
Change in net unrealized investment gains				2,393
Foreign currency translation adjustment				2,304
Net loss	(34,468)				(34,468)
Shares repurchased							(641)
Ending balance at Sep. 30, 2024	208,182	1,503	887,520	(27,788)	(529,925)		(123,128)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Opening allowance for expected credit losses	$ 208,182	$ 1,503	$ 887,520	$ (27,788)	$ (529,925)		$ (123,128)

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)

- Definition

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

+ References

+ Details

Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 249,160
Other comprehensive income before reclassifications	$ 4,697	$ (1,754)	3,681	$ 2,344
Amounts reclassified from AOCI to net income, net of tax		(3)		(3)
Net current period other comprehensive income (loss)	4,697	(1,757)	3,681	2,341
Ending balance	208,182	263,237	208,182	263,237
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(32,485)	(37,136)	(31,469)	(41,234)
Ending balance	(27,788)	(38,893)	(27,788)	(38,893)
Change in net unrealized gains on investment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(6,289)	(12,904)	(7,784)	(15,668)
Other comprehensive income before reclassifications	2,393	321	3,888	3,085
Amounts reclassified from AOCI to net income, net of tax		(3)		(3)
Net current period other comprehensive income (loss)		318		3,082
Ending balance	(3,896)	(12,586)	(3,896)	(12,586)
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(26,196)	(24,232)	(23,685)	(25,566)
Other comprehensive income before reclassifications	2,304	(2,075)	(207)	(741)
Amounts reclassified from AOCI to net income, net of tax		0		0
Net current period other comprehensive income (loss)		(2,075)		(741)
Ending balance	$ (23,892)	$ (26,307)	$ (23,892)	$ (26,307)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Segment Information - Schedule of Underwriting Results and Reconciliation from Reportable Segments and Other's Category Net Loss to Consolidated (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment			2
Net Income (Loss) [Abstract]
Gross premiums written	$ 8,861	$ 8,660	$ 25,633	$ 16,371
Net premiums written	8,843	8,625	25,496	16,260
Net premiums earned	13,403	12,479	37,888	32,520
Other insurance expense	0	(16)	46	3
Net loss and LAE	(19,857)	(15,156)	(45,453)	(36,503)
Commission and other acquisition expenses	(9,068)	(5,340)	(19,474)	(14,520)
General and administrative expenses	(3,229)	(2,877)	(9,047)	(9,925)
Underwriting income (loss)	(18,751)	(10,910)	(36,040)	(28,425)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains (loss)	1,074	9,292	25,934	31,505
Interest and amortization expenses	(4,817)	(4,814)	(14,448)	(13,411)
Foreign exchange and other gains (losses), net	(5,915)	4,594	(3,862)	(843)
Other general and administrative expenses	(6,785)	(3,910)	(16,906)	(13,809)
Income tax benefit (expense)	(25)	31	(478)	253
Interest in income from equity method investments	751	2,190	2,820	6,942
Net loss	(34,468)	(3,527)	(42,980)	(17,788)
Operating Segments \| Diversified Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	9,053	6,762	26,374	20,263
Net premiums written	9,035	6,727	26,237	20,152
Net premiums earned	9,576	7,207	26,796	21,882
Other insurance expense		(16)	46	3
Net loss and LAE	(4,036)	(4,142)	(12,314)	(11,126)
Commission and other acquisition expenses	(3,975)	(3,374)	(11,564)	(10,544)
General and administrative expenses	(2,512)	(2,216)	(6,960)	(7,863)
Underwriting income (loss)	(947)	(2,541)	(3,996)	(7,648)
Operating Segments \| AmTrust Reinsurance
Net Income (Loss) [Abstract]
Gross premiums written	(192)	1,898	(741)	(3,892)
Net premiums written	(192)	1,898	(741)	(3,892)
Net premiums earned	3,827	5,272	11,092	10,638
Other insurance expense		0	0	0
Net loss and LAE	(15,821)	(11,014)	(33,139)	(25,377)
Commission and other acquisition expenses	(5,093)	(1,966)	(7,910)	(3,976)
General and administrative expenses	(717)	(661)	(2,087)	(2,062)
Underwriting income (loss)	$ (17,804)	$ (8,369)	$ (32,044)	$ (20,777)

Commitments, Contingencies and Guarantees - Scheduled Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 108
2025	319
2026	277
2027	277
2028	277
Thereafter	1,754
Discount for present value	(997)
Total discounted operating lease liabilities	$ 2,015	$ 228

Related Party Transactions - Narrative (Details)														3 Months Ended			9 Months Ended		12 Months Ended
Related Party Transactions - Narrative (Details)	Jul. 01, 2022 USD ($)	Jul. 01, 2022 EUR (€)	Mar. 16, 2020	Jul. 31, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2018	Jan. 01, 2018	Jul. 01, 2016	Jul. 01, 2013	Jan. 01, 2012 EUR (€)	Apr. 01, 2011 EUR (€)	Jun. 11, 2008	Jul. 01, 2007	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2022 EUR (€)	Jul. 01, 2018
Related Party Transaction [Line Items]
Loan to related party														$ 167,975,000			$ 167,975,000		$ 167,975,000
(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized														$ (404,000)	$ (241,000)		$ (909,000)	$ 12,000
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	Interest income from loan to related party
Investment income														$ 6,725,000	$ 9,146,000		$ 21,704,000	$ 29,497,000
Effective yield														7.30%	7.30%		7.30%	6.90%
Interest income from loan to related party
Related Party Transaction [Line Items]
Investment income														$ 3,067,000	$ 3,073,000		$ 9,190,000	$ 8,698,000
Founding shareholders \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Controlling interest, ownership percentage														55.20%			55.20%
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Loan to related party														$ 167,975,000			$ 167,975,000		167,975,000
(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized																	$ 0		0
Basis spread on variable rate														2.00%			2.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment
Related Party Transaction [Line Items]
Percent of premiums written, net of cost of unaffiliated inuring reinsurance from related party													40.00%
Percent of losses with respect to current lines of business, excluding those above covered business threshold to related party				40.00%					40.00%				40.00%
Commission rate, percent of ceded written premiums												34.375%	31.00%
Premium deficiency														$ 3,664,000			$ 3,748,000
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
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Investments transferred out related to Partial Termination Amendment and Commutation
Related Party Transaction [Line Items]
Percent of ceding commission payable, period increase						5.00%
AmTrust Financial Services, Inc. \| AmTrust Quota Share Reinsurance Segment \| Income on funds withheld
Related Party Transaction [Line Items]
Related party transaction amount (returned)					$ 575,000,000												$ 0		128,451,000
Related party rate																	3.50%	3.50%
Accrued interest on collateral held by related party														0			$ 0		1,584,000
Interest income from related party														71,000	2,227,000		1,262,000	$ 8,569,000
Financing Receivable, Allowance for Credit Loss														0			0		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. \| 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														50,000	$ 61,000		163,000	$ 206,000
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]
Accrued interest on collateral held by related party														1,515,000			1,515,000		1,091,000
Collateral held by related party														$ 153,442,000			$ 153,442,000		$ 147,635,000
Maiden Holdings, Ltd. \| George Karfunkel, less than 5% ownership
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage														5.00%			5.00%

Commitments, Contingencies and Guarantees

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

There are no material changes from the commitments, contingencies and concentrations previously disclosed in the Company’s Form 10-K for the year ended December 31, 2023.

a)Concentrations of Credit Risk

At September 30, 2024 and December 31, 2023, 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 paid and unpaid losses and funds withheld receivable. Please refer to "Note 8. Reinsurance" for additional information regarding the Company's credit risk exposure on its reinsurance counterparties including the impact of the LPT/ADC Agreement effective January 1, 2019. The Company requires its reinsurers to have adequate financial strength.

The Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk on an ongoing basis. Provisions are made for amounts that are considered potentially uncollectible. 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, reinsurance balances receivable and funds withheld receivable, within which the largest balances are due from AmTrust. AmTrust has a financial strength/credit rating of A- (Excellent) from A.M. Best at September 30, 2024. To mitigate credit risk, the Company generally has a contractual right of offset thereby allowing claims to be settled net of any premiums or loan receivable. The Company believes these balances as at September 30, 2024 will be fully collectible.

b)Investment Commitments and Related Financial Guarantees

The Company's total unfunded commitments on alternative investments was $56,028 at September 30, 2024 (December 31, 2023: $100,846) 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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	30,038	53.6	%	$	53,675	53.2	%
Private credit funds	—		—	%	11,361		11.3	%
Investments in direct lending entities	3,270		5.9	%	595		0.6	%

Total unfunded commitments on other investments	$	33,308	59.5	%	$	65,631	65.1	%

Total unfunded commitments on equity securities	$	6,183	11.0	%	$	14,735	14.6	%

Total unfunded commitments on equity method investments	$	16,537	29.5	%	$	20,480	20.3	%

Total unfunded commitments on alternative investments	$	56,028	100.0	%	$	100,846	100.0	%

Certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future.

Any loss for which the Company could be liable would be contingent on the default of a loan by the real estate joint venture entity for which the Company provided a financial guarantee to a lender. While the Company has committed to aggregate limits as to the amount of guarantees it will provide as part of its limited partnerships, guarantees are only provided on an individual transaction basis and are subject to the terms and conditions of each transaction mutually agreed by the parties involved. The Company is not bound to such guarantees without its express authorization.

As discussed above, at September 30, 2024, guarantees of $69,818 (December 31, 2023: $62,508) 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.

11. Commitments, Contingencies and Guarantees (continued)

c)Operating Lease Commitments

The Company leases office spaces and equipment under various operating leases expiring in various years through 2034. The Company's leases are currently classified as operating leases and none of them have non-lease components. For operating leases that have a lease term of more than twelve months, and whose lease payments are above a certain threshold, the Company recognizes a lease liability and a right-of-use asset in the Condensed Consolidated Balance Sheets at the present value of the remaining lease payments until expiration.

As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 8.6%, representing its secured incremental borrowing rate, in calculating the present value of the lease liability. At September 30, 2024, the Company's future lease obligations of $2,015 (December 31, 2023: $228) 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 Condensed Consolidated Balance Sheet as a lease liability within accrued expenses and other liabilities with an initial equivalent amount for the right-of-use asset presented as part of other assets. At September 30, 2024, the Company's right-of-use lease asset of $1,517 reflected certain lease incentives that were accepted which reduced the right-of-use asset and were separately capitalized under leasehold improvements to be depreciated over the effective term of the related lease agreements (December 31, 2023: $228).

The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's weighted-average remaining lease term is approximately 9.6 years at September 30, 2024.

Under Topic 842, Leases, the Company continues to recognize the related leasing expense on a straight-line basis over the lease term on the Condensed Consolidated Statements of Income. The Company's total lease expense was $148 and $446 for three and nine months ended September 30, 2024, respectively (2023: $119 and $374, respectively) recognized within general and administrative expenses consistent with the prior accounting treatment under Topic 840.

At September 30, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	September 30, 2024
2024	$	108
2025	319
2026	277
2027	277
2028	277
Thereafter	1,754
Discount for present value	(997)
Total discounted operating lease liabilities	$	2,015

The Company has contracted to lease office space in New York City commencing in April 2024, which created a significant right-of-use asset and a lease liability once certain leasehold improvements were completed and the operating lease has commenced. The Company has occupied this space and capitalized the leased asset in the second quarter of 2024.

d)Legal Proceedings

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

In April 2009, the Company learned that Bentzion S. Turin, the former Chief Operating Officer, General Counsel and Secretary of Maiden Holdings and Maiden Reinsurance, sent a letter to the U.S. Department of Labor claiming that his employment with the Company was terminated in retaliation for corporate whistle-blowing in violation of the whistle-blower protection provisions of the Sarbanes-Oxley Act of 2002. 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.

11. Commitments, Contingencies and Guarantees (continued)

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.

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 Marshaleck. 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.

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Carrying value	$ 66,855	$ 113,806
% of Total	45.20%	62.20%
Investments in direct lending entities (at cost)	$ 147,823	$ 182,811
% of Total	100.00%	100.00%
Allowance for expected credit losses	$ 1,023	$ 1,023
Private equity funds
Schedule of Investments [Line Items]
Carrying value	$ 24,750	$ 47,383
% of Total	16.70%	25.90%
Private credit investments
Schedule of Investments [Line Items]
Carrying value	$ 1,954	$ 27,806
% of Total	1.30%	15.20%
Privately held equity investments
Schedule of Investments [Line Items]
Carrying value	$ 40,151	$ 38,617
% of Total	27.20%	21.10%
Investments in direct lending entities (at cost)
Schedule of Investments [Line Items]
Investments in direct lending entities (at cost)	$ 80,968	$ 69,005
% of Total	54.80%	37.80%

Related Party Transactions - Schedule of Quota Share Arrangements with AmTrust (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Net premiums earned	$ 13,403	$ 12,479	$ 37,888	$ 32,520
Net loss and LAE	(19,857)	(15,156)	(45,453)	(36,503)
Commission and other acquisition expenses	(9,068)	(5,340)	(19,474)	(14,520)
Quota Share Reinsurance Agreements \| AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Gross and net premiums written	(192)	1,898	(741)	(3,892)
Net premiums earned	3,827	5,272	11,092	10,638
Net loss and LAE	(15,900)	(11,034)	(33,444)	(25,737)
Commission and other acquisition expenses	$ (5,093)	$ (1,966)	$ (7,910)	$ (3,976)

- Definition

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

+ References + Details

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Senior Notes

At September 30, 2024 and December 31, 2023, Maiden Holdings had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA") had outstanding publicly-traded senior notes which were issued in 2013 ("2013 Senior Notes") (collectively "Senior Notes"). The 2013 Senior Notes issued by Maiden NA are fully and unconditionally guaranteed by Maiden Holdings. The Senior Notes are unsecured and unsubordinated obligations of the Company.

The following tables detail the issuances of Senior Notes outstanding at September 30, 2024 and December 31, 2023:


September 30, 2024	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized issuance costs	3,297			4,349			7,646
Carrying value	$	106,703		$	148,012		$	254,715

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

Other details:
Original debt issuance costs pertaining to remaining outstanding principal amount	$	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 three and nine months ended September 30, 2024 was $4,817 and $14,448, respectively (2023: $4,814 and $13,451, respectively), of which $1,342 was accrued as interest payable at both September 30, 2024 and December 31, 2023, respectively. The issuance costs related to the Senior Notes were capitalized and are amortized over the effective life of the Senior Notes using 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. The Company has a remaining authorization of $99,905 for Senior Notes repurchases at September 30, 2024.

During the nine months ended September 30, 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 $4,814 and $13,451 were partly offset by a realized gain of $40 from the repurchase of the 2013 Senior Notes during the three and nine months ended September 30, 2023, respectively.

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Shareholders' Equity - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 03, 2023	May 02, 2023	Feb. 21, 2017
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)	$ 0.01		$ 0.01		$ 0.01	$ 0.01	$ 0.01
Shares authorized (in shares)	200,000,000		200,000,000
Common shares, issued (in shares)	150,298,798		150,298,798		149,732,355
Common shares, outstanding (in shares)	99,422,608		99,422,608		100,472,120
Treasury shares (in shares)	50,876,190		50,876,190		49,260,235
Common shares remain for future issuance (in shares)	49,701,202		49,701,202
Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	44,367,323		44,367,323		42,878,923
Share Repurchase Plan
Class of Stock [Line Items]
Treasury shares (in shares)	6,508,867		6,508,867		6,381,312
Shares repurchased (in shares)	388,728	520,475	1,488,400	820,105
Average price per share (in dollars per share)	$ 1.65	$ 1.86	$ 1.95	$ 1.93
Remaining shares authorized	$ 68,710,000		$ 68,710,000		$ 71,615,000
Share Repurchase Plan \| Maiden Reinsurance
Class of Stock [Line Items]
Shares repurchased (in shares)			2,927,975
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)			127,555	128,731
Average price per share (in dollars per share)			$ 1.79	$ 2.25
Exchange for preference shares \| Maiden Reinsurance
Class of Stock [Line Items]
Treasury shares (in shares)	41,439,348		41,439,348		41,439,348
2019 Omnibus Incentive Plan
Class of Stock [Line Items]
Common shares remain for future issuance (in shares)	4,041,358		4,041,358
Non-Performance-Based Restricted Shares
Class of Stock [Line Items]
Issued and outstanding upon vesting of restricted shares (in shares)	2,035,634		2,035,634

Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule for Reserve for Loss and LAE

The reserve for loss and LAE consists of:


	September 30, 2024		December 31, 2023
Reserve for reported loss and LAE	$	417,014	$	543,818
Reserve for losses incurred but not reported ("IBNR")	304,422		323,615
Reserve for loss and LAE	$	721,436	$	867,433

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


For the Nine Months Ended September 30,	2024		2023
Gross loss and LAE reserves, January 1	$	867,433	$	1,131,408
Less: reinsurance recoverable on unpaid losses, January 1	564,331		556,116
Net loss and LAE reserves, January 1	303,102		575,292
Net incurred losses related to:
Current year	20,387		20,519
Prior years	25,066		15,984
	45,453		36,503
Net paid losses related to:
Current year	(4,064)		(448)
Prior years	(184,439)		(249,965)
	(188,503)		(250,413)
Change in deferred gain on retroactive reinsurance	(17,081)		(11,129)
GLS run-off business acquired or assumed	—		767
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	—		4,277
Effect of foreign exchange rate movements	4,107		(2,599)
Net loss and LAE reserves, September 30	147,078		352,698
Reinsurance recoverable on unpaid losses, September 30	574,358		558,777
Gross loss and LAE reserves, September 30	$	721,436	$	911,475

Schedule of Prior Year Loss Development for the AmTrust Reinsurance Segment

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Prior Year Loss Development adverse (favorable)
AmTrust Quota Share	$	11,818	$	(22)	$	21,893	$	6,414
AmTrust other runoff	(79)		(20)		(305)		(360)
European Hospital Liability Quota Share	(21)		6,012		2,591		5,992
Total AmTrust Reinsurance PPD	$	11,718	$	5,970	$	24,179	$	12,046

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Class of Treasury Stock

The table below includes the total number of treasury shares outstanding at September 30, 2024 and December 31, 2023:


	September 30, 2024	December 31, 2023
Number of shares held by Maiden Reinsurance treated as treasury shares	44,367,323	42,878,923
Number of treasury shares due to common share repurchases by Maiden Holdings	6,508,867	6,381,312
Total number of treasury shares at the end of the reporting period	50,876,190	49,260,235

Schedule of Accumulated Other Comprehensive Income (loss)

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


For the Three Months Ended September 30, 2024	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(6,289)	$	(26,196)	$	(32,485)
Other comprehensive income before reclassifications	2,393		2,304		4,697




Ending balance, Maiden shareholders	$	(3,896)	$	(23,892)	$	(27,788)

For the Three Months Ended September 30, 2023	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(12,904)	$	(24,232)	$	(37,136)
Other comprehensive income (loss) before reclassifications	321		(2,075)		(1,754)
Amounts reclassified from AOCI to net income, net of tax	(3)		—		(3)
Net current period other comprehensive income (loss)	318		(2,075)		(1,757)


Ending balance, Maiden shareholders	$	(12,586)	$	(26,307)	$	(38,893)
For the Nine Months Ended September 30, 2024	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(7,784)	$	(23,685)	$	(31,469)
Other comprehensive income (loss) before reclassifications	3,888		(207)		3,681




Ending balance, Maiden shareholders	$	(3,896)	$	(23,892)	$	(27,788)
For the Nine Months Ended September 30, 2023	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(15,668)	$	(25,566)	$	(41,234)
Other comprehensive income (loss) before reclassifications	3,085		(741)		2,344
Amounts reclassified from AOCI to net income, net of tax	(3)		—		(3)
Net current period other comprehensive income (loss)	3,082		(741)		2,341


Ending balance, Maiden shareholders	$	(12,586)	$	(26,307)	$	(38,893)

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, except for the following: Recently Adopted Accounting Standards Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company adopted this Update on January 1, 2024. 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 has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments have expanded the disclosures made in "Note 4. Investments" however the adoption of this standard did not impact the Company’s condensed consolidated balance sheets, results of operations or statement of cash flows.

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 86,236	$ 80,929
% of Total	100.00%	100.00%
Real estate investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 57,323	$ 49,897
% of Total	66.50%	61.70%
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 28,913	$ 31,032
% of Total	33.50%	38.30%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Reserve for Loss and Loss Adjustment Expenses - Schedule for Reserve for Loss and LAE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Insurance [Abstract]
Reserve for reported loss and LAE	$ 417,014		$ 417,014		$ 543,818
Reserve for losses incurred but not reported ("IBNR")	304,422		304,422		323,615
Reserve for loss and LAE	721,436	$ 911,475	721,436	$ 911,475	$ 867,433
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			867,433	1,131,408
Less: reinsurance recoverable on unpaid losses, January 1			564,331	556,116
Net loss and LAE reserves, January 1			303,102	575,292
Net incurred losses related to Current year			20,387	20,519
Net incurred losses related to Prior years			25,066	15,984
Net	19,857	15,156	45,453	36,503
Net paid losses related to Current year			(4,064)	(448)
Net paid losses related to Prior years			(184,439)	(249,965)
Net paid losses			(188,503)	(250,413)
Change in deferred gain on retroactive reinsurance			(17,081)	(11,129)
GLS run-off business acquired or assumed			0	767
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	0	4,277	0	4,277
Effect of foreign exchange rate movements			4,107	(2,599)
Net loss and LAE reserves, September 30	147,078	352,698	147,078	352,698
Reinsurance recoverable on unpaid losses, September 30	574,358	558,777	574,358	558,777
Gross loss and LAE reserves, September 30	$ 721,436	$ 911,475	$ 721,436	$ 911,475

Segment Information - Schedule of Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	$ 9,875	$ 12,450
Reinsurance recoverable on unpaid losses	574,358	564,331
Deferred commission and other acquisition expenses	9,226	17,566
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	213,731	219,874
Funds withheld receivable	14,815	143,985
Other assets	6,624	5,777
Assets	1,393,511	1,518,934
Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance recoverable on unpaid losses	36,838	43,176
Assets	90,364	93,191
AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	863,313	990,358
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	9,833	12,309
Reinsurance recoverable on unpaid losses	537,521	521,155
Deferred commission and other acquisition expenses	9,226	17,566
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	213,661	219,874
Funds withheld receivable	14,815	143,985
Other assets	646	685
Assets	953,677	1,083,549
Operating Segments \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	3,533	3,108
Reinsurance recoverable on unpaid losses	4,647	5,692
Deferred commission and other acquisition expenses	777	961
Loan to related party	0	0
Restricted cash and cash equivalents and investments	65,946	67,211
Funds withheld receivable	14,815	15,534
Other assets	646	685
Assets	90,364	93,191
Operating Segments \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Reinsurance balances receivable, net	6,300	9,201
Reinsurance recoverable on unpaid losses	532,874	515,463
Deferred commission and other acquisition expenses	8,449	16,605
Loan to related party	167,975	167,975
Restricted cash and cash equivalents and investments	147,715	152,663
Funds withheld receivable	0	128,451
Other assets	0	0
Assets	863,313	990,358
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	439,834	435,385
Corporate assets \| Diversified Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	0	0
Corporate assets \| AmTrust Reinsurance
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 0	$ 0

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 16,987	$ 43,439
Fair Value	19,311	45,299
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	8,187	34,549
Fair Value	9,392	35,272
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	8,800	8,800
Fair Value	9,919	9,946
Publicly traded equity investments in common stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost	0	90
Fair Value	$ 0	$ 81

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Issuances of Senior Notes Outstanding

The following tables detail the issuances of Senior Notes outstanding at September 30, 2024 and December 31, 2023:


September 30, 2024	2016 Senior Notes			2013 Senior Notes			Total
Principal amount	$	110,000		$	152,361		$	262,361
Less: unamortized issuance costs	3,297			4,349			7,646
Carrying value	$	106,703		$	148,012		$	254,715

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

Other details:
Original debt issuance costs pertaining to remaining outstanding principal amount	$	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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(a) Fair Values of Financial Instruments

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

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

•Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and

•Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer.

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

The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between hierarchy levels.

For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value.

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

ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at September 30, 2024 and December 31, 2023.

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

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

5. Fair Value of Financial Instruments (continued)

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

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

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

Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy.

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

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

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

•Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient.

Derivative Instruments - The Company entered into a 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. The fair value changes in underwriting-related derivative instruments is included within 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 these derivatives are unobservable, the fair values of these contracts are classified as Level 3 in the fair value hierarchy.

(b) Fair Value Hierarchy

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

5. Fair Value of Financial Instruments (continued)

At September 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


September 30, 2024	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	$	48,693	$	—	$	—	$	—	$	48,693
U.S. agency bonds – mortgage-backed	—		24,958		—		—		24,958

Non-U.S. government bonds	—		48,742		—		—		48,742
Collateralized loan obligations	—		65,837		—		—		65,837
Corporate bonds	—		37,526		—		—		37,526

Equity securities	—		—		19,311		—		19,311
Other investments	—		—		33,674		33,181		66,855
Total investments	$	48,693	$	177,063	$	52,985	$	33,181	$	311,922
As a percentage of total assets	3.5%		12.7%		3.8%		2.4%		22.4%

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


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 investments	$	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

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

The Pricing Service was utilized to estimate fair value measurements for 100.0% and 97.9% of our fixed maturities at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, approximately 0.0% and 2.1%, respectively, of our fixed maturities were valued using the market approach. At September 30, 2024, no securities (December 31, 2023: one security or $5,382) in our fixed maturity investment portfolio was priced using a binding quotation from a broker and/or custodian as opposed to the Pricing Service. There was one security transferred from Level 3 to Level 2 during the nine months ended September 30, 2024 due to its sale; this security was classified as Level 3 at December 31, 2023.

5. Fair Value of Financial Instruments (continued)

At September 30, 2024 and December 31, 2023, the Company did not adjust any pricing provided to it based on the review performed by its investment managers. There were no transfers to or from Level 3 during the three and nine months ended September 30, 2023.

At September 30, 2024, the Company holds Level 3 financial instruments which consist of privately held investments of $52,985 (December 31, 2023: $52,483) and an underwriting-related derivative liability of $3,984 (December 31, 2023: $3,984) 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 September 30, 2024:

Fair Value

Valuation Technique

Unobservable Inputs

Range

Privately held equity securities - common shares

41,681

Quarterly financial statements

Price/book ratios of comparable public companies

Privately held equity securities - preferred shares

11,304

Quarterly financial statements

Privately calculated enterprise valuations

Total Level 3 investments

52,985

Underwriting-related derivative liability

3,984

Discounted cash flows

Duration matched discount rates

5.0%

6.0%

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2024 and 2023, respectively. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Balance - beginning of period	$	52,468	$	21,198	$	52,483	$	18,806
Sales	(1,628)		—		(1,628)		—

Net realized and unrealized gains recognized in the statement of income	2,145		200		7,138		1,592
Purchases	—		1,600		—		2,600
Transfers out of Level 3 into Level 2	—		—		(5,008)		—
Total Level 3 investments - end of period	$	52,985	$	22,998	$	52,985	$	22,998

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

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

At September 30, 2024, 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 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.

5. Fair Value of Financial Instruments (continued)

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 Senior Notes as at September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Senior Notes - MHLA – 6.625%	$	110,000	$	72,204	$	110,000	$	73,744
Senior Notes - MHNC – 7.75%	152,361		106,104		152,361		115,855
Total Senior Notes	$	262,361	$	178,308	$	262,361	$	189,599

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

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 Condensed Consolidated Income Statements for the three and nine months ended September 30, 2024 and 2023, respectively:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Gross and net premiums written	$	(192)	$	1,898	$	(741)	$	(3,892)
Net premiums earned	3,827		5,272		11,092		10,638
Net loss and LAE	(15,900)		(11,034)		(33,444)		(25,737)
Commission and other acquisition expenses	(5,093)		(1,966)		(7,910)		(3,976)

Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 225,756	$ 250,601
Equity securities	19,311	45,299
U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	48,693	55,052
U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	24,958	26,651
Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	48,742	20,751
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	65,837	78,803
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	37,526	69,344
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	19,311	45,299
Other investments	66,855	113,806
Total investments	$ 311,922	$ 409,706
As a percentage of total assets	22.40%	27.00%
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	48,693	$ 55,052
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	24,958	26,651
Fair Value, Measurements, Recurring \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	48,742	20,751
Fair Value, Measurements, Recurring \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	65,837	78,803
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	37,526	69,344
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	0	81
Other investments	0	0
Total investments	$ 48,693	$ 55,133
As a percentage of total assets	3.50%	3.60%
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	48,693	55,052
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Other investments	0	0
Total investments	$ 177,063	$ 190,167
As a percentage of total assets	12.70%	12.50%
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	24,958	26,651
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	48,742	20,751
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	65,837	78,803
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	37,526	63,962
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	19,311	19,351
Other investments	33,674	27,750
Total investments	$ 52,985	$ 52,483
As a percentage of total assets	3.80%	3.50%
Underwriting-related derivative liability	$ 3,984	$ 3,984
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	3,984	3,984
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. treasury bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency bonds – mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	0	5,382
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	0	25,867
Other investments	33,181	86,056
Total investments	$ 33,181	$ 111,923
As a percentage of total assets	2.40%	7.40%
Underwriting-related derivative liability	$ 0	$ 0

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2019	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2018	Dec. 27, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,331; 2023 - $3,240)		$ 574,358		$ 564,331
Reinsurance recoverable, allowance for credit loss		2,331	$ 2,735	3,240	$ 4,289	$ 4,530	$ 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		574,358		564,331	$ 558,777		$ 556,116
Deferred gain on retroactive reinsurance		90,321		73,240
Collateral by third party		493,901		490,070
Maximum
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables on paid losses, gross		312,786
Diversified Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,331; 2023 - $3,240)		36,838		43,176
Reinsurance recoverable, allowance for credit loss		2,174		2,769
Assets and liabilities associated with reinsurance business retroceded									100.00%
AmTrust Reinsurance
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable, allowance for credit loss		147		453
Reinsurance recoverables, including reinsurance premium paid		532,874		515,463
Deferred gain on retroactive reinsurance		$ 88,021		$ 70,916

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Total fixed maturities	$ 229,759	$ 258,536
Cost	16,987	43,439
Allowance for expected credit losses	1,023	1,023
Reinsurance balances receivable, net	9,875	12,450
Premium receivable, allowance for credit loss	211	187
Allowance for expected credit losses	2,331	3,240
Deferred commission and other acquisition expenses	9,226	17,566
Funds withheld receivable	14,815	143,985
Reserve for loss and loss adjustment expenses	721,436	867,433
Unearned premiums	33,883	46,260
Accrued expenses and other liabilities	$ 73,994	$ 28,244
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, issued (in shares)	150,298,798	149,732,355
Common shares, outstanding (in shares)	99,422,608	100,472,120
Treasury shares (in shares)	50,876,190	49,260,235
Affiliated Entity
Reinsurance balances receivable, net	$ 6,300	$ 9,201
Allowance for expected credit losses	19	19
Deferred commission and other acquisition expenses	8,449	16,605
Funds withheld receivable	0	128,451
Reserve for loss and loss adjustment expenses	613,425	752,991
Unearned premiums	32,744	44,577
Accrued expenses and other liabilities	$ 53,712	$ 10,781

Fair Value of Financial Instruments - Schedule of Reconciliation of Other Investments Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 52,468	$ 21,198	$ 52,483	$ 18,806
Sales	1,628	0	1,628	0
Net realized and unrealized gains recognized in the statement of income	2,145	200	7,138	1,592
Purchases	0	1,600	0	2,600
Transfers out of Level 3 into Level 2	0	0	(5,008)	0
Total Level 3 investments - end of period	$ 52,985	$ 22,998	$ 52,985	$ 22,998
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	Net realized and unrealized gains recognized in the statement of income	Net realized and unrealized gains recognized in the statement of income

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Gross premiums written	$ 8,861	$ 8,660	$ 25,633	$ 16,371
Net premiums written	8,843	8,625	25,496	16,260
Change in unearned premiums	4,560	3,854	12,392	16,260
Net premiums earned	13,403	12,479	37,888	32,520
Other insurance (expense) revenue , net	0	(16)	46	3
Net investment income	4,878	9,048	19,531	29,111
Net realized and unrealized investment (losses) gains	(3,804)	244	6,403	2,394
Total revenues	14,477	21,755	63,868	64,028
Expenses
Net loss and loss adjustment expenses	19,857	15,156	45,453	36,503
Commission and other acquisition expenses	9,068	5,340	19,474	14,520
General and administrative expenses	10,014	6,787	25,953	23,734
Interest and amortization expenses	4,817	4,814	14,448	13,411
Foreign exchange and other losses (gains)	5,915	(4,594)	3,862	843
Total expenses	49,671	27,503	109,190	89,011
Loss before income taxes and interest in income of equity method investments	(35,194)	(5,748)	(45,322)	(24,983)
Less: income tax expense (benefit)	25	(31)	478	(253)
Interest in income of equity method investments	751	2,190	2,820	6,942
Net loss	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)
Basic loss per share attributable to common shareholders (in dollars per share)	$ (0.35)	$ (0.03)	$ (0.43)	$ (0.18)
Diluted loss per share attributable to common shareholders (in dollars per share)	$ (0.35)	$ (0.03)	$ (0.43)	$ (0.18)
Weighted average number of common shares - basic (in shares)	99,724,474	101,454,767	100,112,436	101,586,759
Weighted average number of common shares - diluted (in shares)	99,724,474	101,454,767	100,112,436	101,586,759

Investments - Restricted Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Restricted Cash and Investments Items [Line Items]
Restricted cash	$ 17,823	$ 7,266	$ 11,600
Restricted investments – liability for investments purchased and other liabilities for related party agreements	(10,970)	0
Total restricted investments	195,908	212,608
Total restricted cash and investments	213,731	219,874
Third Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	5,811	6,019
Restricted investments	60,205	61,192
Amortized cost	62,080	63,299
Related Party Agreements
Restricted Cash and Investments Items [Line Items]
Restricted cash	12,012	1,247
Restricted investments	146,673	151,416
Amortized cost	$ 147,931	$ 155,546

Commitments, Contingencies and Guarantees (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Total Unfunded Commitments

The table below shows the total unfunded commitments by type of investment as at September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Fair Value		% of Total		Fair Value		% of Total
Private equity funds	$	30,038	53.6	%	$	53,675	53.2	%
Private credit funds	—		—	%	11,361		11.3	%
Investments in direct lending entities	3,270		5.9	%	595		0.6	%

Total unfunded commitments on other investments	$	33,308	59.5	%	$	65,631	65.1	%

Total unfunded commitments on equity securities	$	6,183	11.0	%	$	14,735	14.6	%

Total unfunded commitments on equity method investments	$	16,537	29.5	%	$	20,480	20.3	%

Total unfunded commitments on alternative investments	$	56,028	100.0	%	$	100,846	100.0	%

Scheduled of Maturity of Operating Lease Liabilities

At September 30, 2024, the scheduled maturity of the Company's operating lease liabilities are expected to be as follows:



	September 30, 2024
2024	$	108
2025	319
2026	277
2027	277
2028	277
Thereafter	1,754
Discount for present value	(997)
Total discounted operating lease liabilities	$	2,015

Reserve for Loss and Loss Adjustment Expenses - Schedule of Prior Year Loss Development for the AmTrust Reinsurance Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	$ 11,703	$ 7,834	$ 25,066	$ 15,984
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	11,718	5,970	24,179	12,046
AmTrust Reinsurance \| AmTrust Quota Share
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	11,818	(22)	21,893	6,414
AmTrust Reinsurance \| AmTrust other runoff
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	(79)	(20)	(305)	(360)
AmTrust Reinsurance \| European Hospital Liability Quota Share
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	$ (21)	$ 6,012	$ 2,591	$ 5,992

Investments - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Original or amortized cost	$ 229,759,000		$ 258,536,000
Gross unrealized gains	58,000		8,000
Gross unrealized losses	(4,061,000)		(7,943,000)
Fixed maturities	225,756,000		250,601,000
Accrued interest receivable	1,645,000		1,418,000
Write off on the accrued interest receivable	0	$ 0
U.S. treasury bonds
Schedule of Investments [Line Items]
Original or amortized cost	48,676,000		55,046,000
Gross unrealized gains	17,000		8,000
Gross unrealized losses	0		(2,000)
Fixed maturities	48,693,000		55,052,000
U.S. agency bonds – mortgage-backed
Schedule of Investments [Line Items]
Original or amortized cost	27,493,000		29,918,000
Gross unrealized gains	0		0
Gross unrealized losses	(2,535,000)		(3,267,000)
Fixed maturities	24,958,000		26,651,000
Non-U.S. government bonds
Schedule of Investments [Line Items]
Original or amortized cost	48,997,000		21,219,000
Gross unrealized gains	37,000		0
Gross unrealized losses	(292,000)		(468,000)
Fixed maturities	48,742,000		20,751,000
Collateralized loan obligations
Schedule of Investments [Line Items]
Original or amortized cost	65,973,000		80,591,000
Gross unrealized gains	4,000		0
Gross unrealized losses	(140,000)		(1,788,000)
Fixed maturities	65,837,000		78,803,000
Corporate bonds
Schedule of Investments [Line Items]
Original or amortized cost	38,620,000		71,762,000
Gross unrealized gains	0		0
Gross unrealized losses	(1,094,000)		(2,418,000)
Fixed maturities	$ 37,526,000		$ 69,344,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 25	$ (31)	$ 478	$ (253)
Net operating loss carryforwards expire	186,203		186,203		$ 186,203
Net operating loss carryforwards, with no expiry date, amount	$ 159,384		$ 159,384
Net operating loss carryforwards, with no expiry date, percentage	46.10%		46.10%
Capital loss carryforwards	$ 14,866		$ 14,866		13,853
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 345,587		$ 345,587		$ 337,420

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Discounted cash flows \| Minimum \| Duration matched discount rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.050
Discounted cash flows \| Maximum \| Duration matched discount rates
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	$ 311,922	$ 409,706
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	52,985	52,483
Underwriting-related derivative liability	3,984	3,984
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	$ 3,984
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Privately held equity securities - common shares \| Common shares \| Quarterly financial statements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	41,681
Significant Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Privately held equity securities - preferred shares \| Preferred Shares \| Quarterly financial statements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,304

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34042
Entity Registrant Name	MAIDEN HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0570192
Entity Address, Address Line One	94 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM08
City Area Code	441
Local Phone Number	298-4900
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	MHLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,320,805
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001412100
Current Fiscal Year End Data	--12-31

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recognized income tax expense of $25 and $478 for the three and nine months ended September 30, 2024, respectively, compared to an income tax benefit of $31 and $253 for the same respective periods in 2023. The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. and Sweden. A valuation allowance has been established against the net U.S. 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. At September 30, 2024, the Company has available net operating loss carry-forwards of $345,587 (December 31, 2023: $337,420) for income tax purposes. Approximately $186,203 (December 31, 2023: $186,203) of net operating loss ("NOL") carryforwards expire in various years beginning in 2029. As of September 30, 2024, approximately $159,384 or 46.1% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law. At September 30, 2024, the Company also has a capital loss carry-forward of $14,866 (December 31, 2023: $13,853) which will start to expire on December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

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

Reserve for Loss and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Reserve for Loss and Loss Adjustment Expenses

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

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

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


	September 30, 2024		December 31, 2023
Reserve for reported loss and LAE	$	417,014	$	543,818
Reserve for losses incurred but not reported ("IBNR")	304,422		323,615
Reserve for loss and LAE	$	721,436	$	867,433

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


For the Nine Months Ended September 30,	2024		2023
Gross loss and LAE reserves, January 1	$	867,433	$	1,131,408
Less: reinsurance recoverable on unpaid losses, January 1	564,331		556,116
Net loss and LAE reserves, January 1	303,102		575,292
Net incurred losses related to:
Current year	20,387		20,519
Prior years	25,066		15,984
	45,453		36,503
Net paid losses related to:
Current year	(4,064)		(448)
Prior years	(184,439)		(249,965)
	(188,503)		(250,413)
Change in deferred gain on retroactive reinsurance	(17,081)		(11,129)
GLS run-off business acquired or assumed	—		767
Opening allowance for expected credit loss on reinsurance recoverable on unpaid losses	—		4,277
Effect of foreign exchange rate movements	4,107		(2,599)
Net loss and LAE reserves, September 30	147,078		352,698
Reinsurance recoverable on unpaid losses, September 30	574,358		558,777
Gross loss and LAE reserves, September 30	$	721,436	$	911,475

Prior period loss development ("PPD") arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. The favorable or unfavorable development reflects changes in management's best estimate of the ultimate losses under the relevant reinsurance policies after considerable review of changes in actuarial assessments. The Company recognized net adverse PPD of $11,703 and $25,066 for the three and nine months ended September 30, 2024, respectively (2023: adverse $7,834 and $15,984, respectively).

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

In the Diversified Reinsurance segment, there was favorable PPD of $15 and net adverse PPD of $887 for the three and nine months ended September 30, 2024, respectively (2023: adverse $1,864 and $3,938, respectively). The favorable PPD for the three months ended September 30, 2024 was driven by favorable development in other runoff business lines partly offset by adverse development in International. The adverse PPD for the nine months ended September 30, 2024 was driven by International and facultative lines partly offset by favorable development in GLS business. Prior year development for the three and nine months ended September 30, 2023 was driven by adverse development primarily due to a German Auto program in run-off from the International unit along with development from other runoff business lines and also included the recognition of expected credit losses on reinsurance recoverable on unpaid losses for the year-to-date period.

The table below shows prior year loss development for the AmTrust Reinsurance segment for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Prior Year Loss Development adverse (favorable)
AmTrust Quota Share	$	11,818	$	(22)	$	21,893	$	6,414
AmTrust other runoff	(79)		(20)		(305)		(360)
European Hospital Liability Quota Share	(21)		6,012		2,591		5,992
Total AmTrust Reinsurance PPD	$	11,718	$	5,970	$	24,179	$	12,046

In the AmTrust Reinsurance segment, net adverse PPD was $11,718 and $24,179 during the three and nine months ended September 30, 2024, respectively (2023: adverse $5,970 and $12,046, respectively) as detailed in the table above.

Net adverse PPD for the three and nine months ended September 30, 2024 was primarily from the AmTrust Quota Share. In the AmTrust Quota Share, U.S. Program business experienced additional adverse development from construction defect coverage for accident years 2015 to 2018 as new claims emergence was significantly greater than expected; this was partly offset by continued favorable development within Workers Compensation business for accident years 2014 to 2018. Net adverse loss development on European Hospital Liability Quota Share for the nine months ended September 30, 2024 was primarily driven by emergence of loss data from adverse claim verdicts on older claims, resulting in strengthening of loss development tail on underwriting years 2011 to 2014.

Net adverse PPD for the three and nine months ended September 30, 2023 was primarily from European Hospital Liability for the three months ended September 30, 2023, and European Hospital Liability and the AmTrust Quota Share (General Liability and Commercial Auto Liability partly offset by continued favorable development in Workers Compensation) for the nine months ended September 30, 2023. Net adverse loss development on European Hospital Liability was primarily driven by emergence of loss data during 2023 on underwriting years 2011 to 2016.

The increase in the deferred gain on retroactive reinsurance was $17,081 for the nine months ended September 30, 2024 (2023: $11,129 increase). This included an increase in the deferred gain liability and related reinsurance recoverable on unpaid losses under the LPT/ADC Agreement with Cavello of $17,105 for the nine months ended September 30, 2024 (2023: $11,108 increase) caused by adverse development on loss reserves covered under the LPT/ADC Agreement (2023 - adverse). The deferred gain on retroactive reinsurance under the LPT/ADC Agreement represents the cumulative adverse development for covered risks in the AmTrust Quota Share as of September 30, 2024 and 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 estimated to be in the fourth quarter of 2024.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. 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”). Since 2023, 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. On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust Financial Services, Inc. ("AmTrust") which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries. On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland. These agreements are collectively referred to as the "AmTrust Renewal Rights Agreements". Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms. These transactions are part of the Company's broader plan to divest its IIS businesses as a result of its recently concluded strategic review of the IIS business platform. The purpose of that review was to evaluate 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 the Company's target return on capital levels. As part of these conclusions, the Company expects to enter into additional transactions to either sell or wind-up Maiden GF and Maiden LF and is actively evaluating potential transactions. Please see "Note 10. Related Party Transactions" for details regarding the Renewal Rights Agreement. The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with 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". Please also see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further details.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" an amendment of Fair Value Measurement (Topic 820). The amendments in this ASU require the Company to provide disclosures for equity securities subject to contractual sale restrictions under 820-10-50-6B including the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restrictions; and any circumstances that could cause a lapse in the restrictions. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company adopted this Update on January 1, 2024. 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 has assessed the required disclosures for equity securities that may be subject to contractual sales restrictions. These amendments have expanded the disclosures made in "Note 4. Investments" however the adoption of this standard did not impact the Company’s condensed consolidated balance sheets, results of operations or statement of cash flows.
Fair Value of Financial Instruments	Fair Values of Financial Instruments Fair Value Measurements — Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. Additionally, ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs: •Level 1 — Valuations based on unadjusted quoted market prices for identical assets or liabilities that we have the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Examples of assets and liabilities utilizing Level 1 inputs include: U.S. Treasury bonds; and publicly traded equity securities; •Level 2 — Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) or can be corroborated by observable market data. Examples of assets and liabilities utilizing Level 2 inputs include: U.S. government-sponsored agency securities; non-U.S. government and supranational obligations; commercial mortgage-backed securities ("CMBS"); collateralized loan obligations ("CLO"); corporate and municipal bonds; and •Level 3 — Valuations based on models where significant inputs are not observable. The unobservable inputs reflect our own assumptions about assumptions that market participants would use developed on the basis of the best information available in the particular circumstances. Examples of assets and liabilities utilizing Level 3 inputs include: an investment in preference shares of a start-up insurance producer. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in the Level 3 hierarchy. The Company uses prices and inputs that are current as at the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between hierarchy levels. For investments that have quoted market prices in active markets, the Company uses the quoted market prices as fair value and includes these in the Level 1 hierarchy. The Company receives the quoted market prices from a third party nationally recognized provider ("the Pricing Service"). When quoted market prices are unavailable, the Company utilizes the Pricing Service to determine an estimate of fair value. The fair value estimates are included in the Level 2 hierarchy. The Company will challenge any prices for its investments which are considered not to be representative of fair value. If quoted market prices and an estimate from the Pricing Service are unavailable, the Company produces an estimate of fair value based on dealer quotations for recent activity in positions with the same or similar characteristics to that being valued. The Company determines whether the fair value estimate is in the Level 2 or Level 3 hierarchy depending on the level of observable inputs available when estimating the fair value. The Company bases its estimates of fair values for assets on the bid price as it represents what a third party market participant would be willing to pay in an orderly transaction. ASC 825, "Disclosure About Fair Value of Financial Instruments", requires all entities to disclose the fair value of their financial instruments for assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments that are measured at fair value on a recurring basis held at September 30, 2024 and December 31, 2023. U.S. government and U.S. agency bonds — Bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Government National Mortgage Association, Federal National Mortgage Association and the Federal Farm Credit Banks Funding Corporation. The fair values of U.S. treasury bonds are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy. We believe the market for U.S. treasury bonds is an actively traded market given the high level of daily trading volume. The fair values of U.S. agency bonds are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. agency bonds are included in the Level 2 fair value hierarchy. Non-U.S. government bonds — These securities are generally priced by independent pricing services. The Pricing Service may use current market trades for securities with similar quality, maturity and coupon. If no such trades are available, the Pricing Service typically uses analytical models which may incorporate spreads, interest rate data and market/sector news. As the significant inputs used to price non-U.S. government bonds are observable market inputs, the fair values of non-U.S. government bonds are included in the Level 2 fair value hierarchy. 5. Fair Value of Financial Instruments (continued) Collateralized loan obligations ("CLO") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CLO are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Commercial mortgage-backed securities ("CMBS") - These asset backed securities are originated by a variety of financial institutions that on acquisition are rated BBB-/Baa3 or higher. These securities are priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. As the significant inputs used to price the CMBS are observable market inputs, the fair values are included in the Level 2 fair value hierarchy. Corporate and municipal bonds — Bonds issued by corporations, U.S. state and municipality entities or agencies that on acquisition are rated BBB-/Baa3 or higher. These securities are generally priced by independent pricing services. The credit spreads are sourced from broker/dealers, trade prices and new issue market. Where pricing is unavailable from pricing services, custodian pricing or non-binding quotes are obtained from broker-dealers to estimate fair values. As significant inputs used to price corporate and municipal bonds are observable market inputs, fair values are included in the Level 2 fair value hierarchy. Equity securities - Equity securities include publicly traded common and preferred stocks, and privately held common and preferred stocks. The fair value of publicly traded common and preferred stocks is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. These investments are carried at fair value using observable market pricing data and is included in the Level 1 fair value hierarchy. Any unrealized gains or losses on the investment is recorded in net income in the reporting period in which it occurs. The privately held common and preferred stocks are valued using significant inputs that are unobservable where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values, therefore, these investments are classified as Level 3 in the fair value hierarchy. Other investments — Includes unquoted investments comprised of the following types of investments: •Privately held investments: These are direct equity investments in common and preferred shares of privately held entities. The fair values are estimated using quarterly financial statements and/or recent private market transactions and thus are included under Level 3 of the fair value hierarchy due to unobservable market data used for valuation. •Private credit investments: These are privately held equity investments in common stock of entities that lend money valued using the most recently available or quarterly net asset value ("NAV") statements as provided by the external fund manager or third-party administrator and therefore measured using the NAV as a practical expedient. •Private equity funds: These are comprised of private equity funds, private equity co-investments with sponsoring entities and investments in real estate limited partnerships and joint ventures. The fair value is estimated based on the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values are therefore measured using the NAV as a practical expedient. Derivative Instruments - The Company entered into a 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. The fair value changes in underwriting-related derivative instruments is included within 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 these derivatives are unobservable, the fair values of these contracts are classified as Level 3 in the fair value hierarchy.

Long-Term Debt - Schedule of Issuances of Senior Notes Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 262,361	$ 262,361
Less: unamortized issuance costs	7,646	7,764
Senior notes, net	254,715	254,597
Senior Notes
Debt Instrument [Line Items]
Principal amount	262,361	262,361
Less: unamortized issuance costs	7,646	7,764
Senior notes, net	254,715	254,597
Senior Notes \| 2016 Senior Notes
Debt Instrument [Line Items]
Principal amount	110,000	110,000
Less: unamortized issuance costs	3,297	3,345
Senior notes, net	106,703	106,655
Original debt issuance costs pertaining to remaining outstanding principal amount	$ 3,715
Coupon rate	6.625%
Effective interest rate	7.07%
Senior Notes \| 2013 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 152,361	152,361
Less: unamortized issuance costs	4,349	4,419
Senior notes, net	148,012	$ 147,942
Original debt issuance costs pertaining to remaining outstanding principal amount	$ 5,049
Coupon rate	7.75%
Effective interest rate	8.04%

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Gain Contingencies [Line Items]
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	Interest income from loan to related party
Guarantees provided to lenders on behalf of real estate joint venture	$ 69,818		$ 69,818		$ 62,508
Operating lease, weighted average discount rate	8.60%		8.60%
Operating lease, liability	$ 2,015		$ 2,015		$ 228
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities (includes $53,712 and $10,781 from related parties in 2024 and 2023, respectively)		Accrued expenses and other liabilities (includes $53,712 and $10,781 from related parties in 2024 and 2023, respectively)		Accrued expenses and other liabilities (includes $53,712 and $10,781 from related parties in 2024 and 2023, respectively)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets
Operating lease, right-of-use asset	$ 1,517		$ 1,517		$ 228
Operating lease, weighted average remaining lease term	9 years 7 months 6 days		9 years 7 months 6 days
Leasing expense	$ 148	$ 119	$ 446	$ 374
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 56,028		$ 56,028		$ 100,846
Investment, Type [Extensible Enumeration]	Total unfunded commitments on alternative investments		Total unfunded commitments on alternative investments		Total unfunded commitments on alternative investments

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)
Adjustments to reconcile net loss to net cash flows from operating activities:
Other non-cash expenses including depreciation, amortization and share-based compensation			(590)	(890)
Interest in income of equity method investments	(751)	(2,190)	(2,820)	(6,942)
Net realized and unrealized investment gains	3,804	(244)	(6,403)	(2,394)
Change in allowance for expected credit losses			(890)	(23)
Foreign exchange and other losses	5,915	(4,594)	3,862	843
Changes in assets – (increase) decrease:
Reinsurance balances receivable, net			2,516	177
Reinsurance recoverable on unpaid losses			8,005	4,060
Accrued investment income			822	(1,391)
Deferred commission and other acquisition expenses			8,342	5,797
Funds withheld receivable			14,726	1,683
Other assets			905	411
Changes in liabilities – increase (decrease):
Reserve for loss and loss adjustment expenses			(35,627)	(9,086)
Unearned premiums			(12,372)	(16,264)
Accrued expenses and other liabilities			43,348	(24,190)
Net cash used in operating activities			(19,156)	(65,997)
Cash flows from investing activities:
Purchases of fixed maturities			(329,717)	(47,373)
Purchases of other investments			(23,488)	(33,287)
Purchases of equity method investments			(7,693)	(10,288)
Purchases of equity securities			0	(1,448)
Proceeds from sales of fixed maturities	7,938	19,343	50,299	64,126
Proceeds from maturities, paydowns and calls of fixed maturities			321,791	43,903
Proceeds from sale and redemption of other investments			68,199	17,229
Proceeds from sale and redemption of equity method investments			4,658	17,843
Proceeds from sale and redemption of equity securities			23,392	469
Others, net			(367)	(37)
Net cash provided by investing activities			107,074	51,137
Cash flows from financing activities:
Repurchase of common shares			(3,133)	(1,876)
Repurchase of senior notes			0	(95)
Net cash used in financing activities			(3,133)	(1,971)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents			325	(263)
Net increase (decrease) in cash, restricted cash and cash equivalents			85,110	(17,094)
Cash, restricted cash and cash equivalents, beginning of period			42,678	46,624
Cash, restricted cash and cash equivalents, end of period	127,788	29,530	127,788	29,530
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:
Cash and cash equivalents, end of period	109,965	17,930	109,965	17,930
Restricted cash and cash equivalents, end of period	17,823	11,600	17,823	11,600
Total cash, restricted cash and cash equivalents, end of period	$ 127,788	$ 29,530	$ 127,788	$ 29,530

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, number of securities priced for fair value \| security	0	1
Securities transferred from Level 3 to Level 2 \| security	1
Net unrealized losses on fixed maturity investments \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, securities valued using market approach		$ 5,382
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	$ 311,922	409,706
Underwriting-related derivative liability	3,984
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	177,063	190,167
Underwriting-related derivative liability	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, fair value	52,985	52,483
Underwriting-related derivative liability	3,984	3,984
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underwriting-related derivative liability	$ 3,984	$ 3,984
Estimate of Fair Value Measurement \| Fair Value, Measurements, Recurring \| Net unrealized losses on fixed maturity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, valued by third party, percentage	100.00%	97.90%
Assets, valued using market approach, percentage	0.00%	2.10%

Long-Term Debt - Narrative (Details) - Senior Notes	3 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details) - Senior Notes	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) perUnit unit	Dec. 31, 2023 USD ($)	May 03, 2023 USD ($)
Debt Instrument [Line Items]
Interest and amortization expenses	$ 4,817,000	$ 4,814,000	$ 14,448,000	$ 13,451,000
Accrued interest	$ 1,342,000		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		$ 95,000
Gain (loss) on repurchase of debt instrument		$ 40,000		$ 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

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Investment income	$ 6,725	$ 9,146	$ 21,704	$ 29,497
Investment expenses	(1,847)	(98)	(2,173)	(386)
Net investment income	4,878	9,048	19,531	29,111
Fixed maturities
Schedule of Investments [Line Items]
Investment income	2,062	2,522	6,767	7,720
Income on funds withheld
Schedule of Investments [Line Items]
Investment income	140	2,307	1,488	8,829
Interest income from loan to related party
Schedule of Investments [Line Items]
Investment income	3,067	3,073	9,190	8,698
Other investments
Schedule of Investments [Line Items]
Investment income	1,247	1,148	3,664	3,736
Cash and cash equivalents
Schedule of Investments [Line Items]
Investment income	$ 209	$ 96	$ 595	$ 514

- 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/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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+ Details

Segment Information - Schedule of Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	$ 8,843	$ 8,625	$ 25,496	$ 16,260
Net premiums earned	13,403	12,479	37,888	32,520
Diversified Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	9,035	6,727	26,237	20,152
Net premiums earned	9,576	7,207	26,796	21,882
Diversified Reinsurance \| International \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	9,035	6,727	26,237	20,152
Net premiums earned	9,576	7,207	26,796	21,882
AmTrust Reinsurance \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	(192)	1,898	(741)	(3,892)
Net premiums earned	3,827	5,272	11,092	10,638
AmTrust Reinsurance \| Small Commercial Business \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	(73)	(160)	(620)	(318)
Net premiums earned	(73)	(160)	(620)	(318)
AmTrust Reinsurance \| Specialty Program \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	14	0	(31)	157
Net premiums earned	14	0	(31)	157
AmTrust Reinsurance \| Specialty Risk and Extended Warranty \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net premiums written	(133)	2,058	(90)	(3,731)
Net premiums earned	$ 3,886	$ 5,432	$ 11,743	$ 10,799

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:










Net loss attributable to Maiden common shareholders	$	(34,468)	$	(3,527)	$	(42,980)	$	(17,788)
Denominator:


Weighted average number of common shares – basic and diluted(1)	99,724,474		101,454,767		100,112,436		101,586,759
Basic and diluted loss per share attributable to common shareholders	$	(0.35)	$	(0.03)	$	(0.43)	$	(0.18)

(1)Please refer to "Note 6. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three and nine months ended September 30, 2024 (2023: 0).

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $229,759; 2023 - $258,536)	$ 225,756	$ 250,601
Equity securities, at fair value (Cost: 2024 - $16,987; 2023 - $43,439)	19,311	45,299
Equity method investments	86,236	80,929
Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023)	147,823	182,811
Total investments	479,126	559,640
Cash and cash equivalents	109,965	35,412
Restricted cash and cash equivalents	17,823	7,266
Accrued investment income	3,724	4,532
Reinsurance balances receivable, net (includes $6,300 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $211; 2023 - $187)	9,875	12,450
Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,331; 2023 - $3,240)	574,358	564,331
Loan to related party	167,975	167,975
Deferred commission and other acquisition expenses (includes $8,449 and $16,605 from related parties in 2024 and 2023, respectively)	9,226	17,566
Funds withheld receivable (includes $0 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $19; 2023 - $19)	14,815	143,985
Other assets	6,624	5,777
Total assets	1,393,511	1,518,934
LIABILITIES
Reserve for loss and loss adjustment expenses (includes $613,425 and $752,991 from related parties in 2024 and 2023, respectively)	721,436	867,433
Unearned premiums (includes $32,744 and $44,577 from related parties in 2024 and 2023, respectively)	33,883	46,260
Deferred gain on retroactive reinsurance	90,321	73,240
Liability for securities purchased	10,980	0
Accrued expenses and other liabilities (includes $53,712 and $10,781 from related parties in 2024 and 2023, respectively)	73,994	28,244
Senior notes - principal amount	262,361	262,361
Less: unamortized debt issuance costs	7,646	7,764
Senior notes, net	254,715	254,597
Total liabilities	1,185,329	1,269,774
Commitments and Contingencies
EQUITY
Common shares ($0.01 par value; 2024: 150,298,798 and 2023: 149,732,355 shares issued; 2024: 99,422,608 and 2023: 100,472,120 shares outstanding)	1,503	1,497
Additional paid-in capital	887,520	886,072
Accumulated other comprehensive loss	(27,788)	(31,469)
Accumulated deficit	(529,925)	(486,945)
Treasury shares, at cost (2024: 50,876,190 shares and 2023: 49,260,235 shares)	(123,128)	(119,995)
Total shareholders’ equity	208,182	249,160
Total liabilities and equity	$ 1,393,511	$ 1,518,934

Investments - Schedule of Fair Value of Equity Securities Subject to Contractual Sale Restrictions (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 19,311
Privately held common stocks
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	9,392
Privately held preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities subject to contractual sale restrictions	$ 9,919

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 112,360
Due after one year through five years	23,374
Due after five years through ten years	559
Total securities with single maturities, amortized cost	136,293
Original or amortized cost	229,759	$ 258,536
Fair value
Due in one year or less	112,257
Due after one year through five years	22,234
Due after five years through ten years	470
Total before securities with single maturities, fair value	134,961
Fixed maturities, fair value	225,756	250,601
U.S. agency bonds – mortgage-backed
Amortized cost
Amortized cost of securities without single maturities	27,493
Original or amortized cost	27,493	29,918
Fair value
Fair value of securities without single maturities	24,958
Fixed maturities, fair value	24,958	26,651
Collateralized loan obligations
Amortized cost
Amortized cost of securities without single maturities	65,973
Original or amortized cost	65,973	80,591
Fair value
Fair value of securities without single maturities	65,837
Fixed maturities, fair value	$ 65,837	$ 78,803

Commitments, Contingencies and Guarantees - Schedule of Total Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Private equity funds
Gain Contingencies [Line Items]
Fair Value	$ 30,038	$ 53,675
% of Total	53.60%	53.20%
Private credit investments
Gain Contingencies [Line Items]
Fair Value	$ 0	$ 11,361
% of Total	0.00%	11.30%
Investments in direct lending entities (at cost)
Gain Contingencies [Line Items]
Fair Value	$ 3,270	$ 595
% of Total	5.90%	0.60%
Other investments
Gain Contingencies [Line Items]
Fair Value	$ 33,308	$ 65,631
% of Total	59.50%	65.10%
Total unfunded commitments on equity securities
Gain Contingencies [Line Items]
Fair Value	$ 6,183	$ 14,735
% of Total	11.00%	14.60%
Total unfunded commitments on equity method investments
Gain Contingencies [Line Items]
Fair Value	$ 16,537	$ 20,480
% of Total	29.50%	20.30%
Total unfunded commitments on alternative investments
Gain Contingencies [Line Items]
Fair Value	$ 56,028	$ 100,846
% of Total	100.00%	100.00%

Investments - Net Realized and Unrealized Gains (Losses) on Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Equity securities, gross gains	$ 1,275	$ 0	$ 1,620	$ 1,478
Equity securities, gross losses	(2,960)	(52)	(4,217)	(431)
Equity securities, net	(1,685)	(52)	(2,597)	1,047
Net realized and unrealized gains (losses) on investment, gross gains	3,412	1,393	17,674	6,746
Net realized and unrealized gains (losses) on investment, gross losses	(7,216)	(1,149)	(11,271)	(4,352)
Net realized and unrealized investment (losses) gains	(3,804)	244	6,403	2,394
Net losses (gains) recognized for equity securities divested	3,538	0	3,538	(186)
Unrealized gains (losses) recognized for equity securities still held at the reporting date	1,853	(52)	941	861
Proceeds from sales of fixed maturities classified as available-for-sale	7,938	19,343	50,299	64,126
Deferred income tax	107		107		$ 151
Net unrealized losses, net of deferred income tax	(3,896)		(3,896)		(7,784)
Change, net of deferred income tax			3,888		7,884
Net unrealized losses on fixed maturity investments
Gain (Loss) on Securities [Line Items]
Fixed maturities, gross gains	0	0	2	0
Fixed maturities, gross losses	(429)	(301)	(726)	(1,087)
Fixed maturities, net	(429)	(301)	(724)	(1,087)
Net unrealized losses on fixed maturity investments	(4,003)		(4,003)		$ (7,935)
Other investments
Gain (Loss) on Securities [Line Items]
Other investments, gross gains	2,137	1,393	16,052	5,268
Other investments, gross losses	(3,827)	(796)	(6,328)	(2,834)
Other investments, net	$ (1,690)	$ 597	$ 9,724	$ 2,434

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

a)Common Shares

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 shares of par value $0.01 each.

At September 30, 2024, the aggregate authorized share capital of the Company is 200,000,000 shares from which 150,298,798 common shares were issued, of which 99,422,608 common shares are outstanding, and 50,876,190 shares are treasury shares (please see Note 6. (b) Treasury Shares below for additional information).

The remaining 49,701,202 shares are undesignated at September 30, 2024. At September 30, 2024, 2,035,634 common shares will be issued and outstanding upon vesting of restricted shares, and 4,041,358 common shares remaining are reserved for issuance under the 2019 Omnibus Incentive Plan.

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. During the three and nine months ended September 30, 2024, Maiden Reinsurance repurchased 388,728 and 1,488,400 common shares, respectively, at an average price per share of $1.65 and $1.95, respectively, under the Company's share repurchase plan.

During the three and nine months ended September 30, 2023, Maiden Reinsurance repurchased 520,475 and 820,105 common shares, respectively, at an average price per share of $1.86 and $1.93, respectively, under the Company's share repurchase plan. The Company's remaining authorization is $68,710 for common share repurchases at September 30, 2024 (December 31, 2023: $71,615).

During the nine months ended September 30, 2024, the Company also repurchased 127,555 common shares (2023: 128,731) at an average price per share of $1.79 (2023: $2.25) 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 44,367,323 common shares owned by Maiden Reinsurance consisting of 41,439,348 shares issued as part of the exchange for preference shares held ("Exchange") and 2,927,975 shares directly purchased on the open market by Maiden Reinsurance which are not treated as outstanding common shares on the Condensed Consolidated Balance Sheet at September 30, 2024. Please see further information on the Exchange and related preference share repurchases in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 12, 2024.

The table below includes the total number of treasury shares outstanding at September 30, 2024 and December 31, 2023:


	September 30, 2024	December 31, 2023
Number of shares held by Maiden Reinsurance treated as treasury shares	44,367,323	42,878,923
Number of treasury shares due to common share repurchases by Maiden Holdings	6,508,867	6,381,312
Total number of treasury shares at the end of the reporting period	50,876,190	49,260,235

6. Shareholders' Equity (continued)

c)AOCI

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


For the Three Months Ended September 30, 2024	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(6,289)	$	(26,196)	$	(32,485)
Other comprehensive income before reclassifications	2,393		2,304		4,697




Ending balance, Maiden shareholders	$	(3,896)	$	(23,892)	$	(27,788)

For the Three Months Ended September 30, 2023	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(12,904)	$	(24,232)	$	(37,136)
Other comprehensive income (loss) before reclassifications	321		(2,075)		(1,754)
Amounts reclassified from AOCI to net income, net of tax	(3)		—		(3)
Net current period other comprehensive income (loss)	318		(2,075)		(1,757)


Ending balance, Maiden shareholders	$	(12,586)	$	(26,307)	$	(38,893)
For the Nine Months Ended September 30, 2024	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(7,784)	$	(23,685)	$	(31,469)
Other comprehensive income (loss) before reclassifications	3,888		(207)		3,681




Ending balance, Maiden shareholders	$	(3,896)	$	(23,892)	$	(27,788)
For the Nine Months Ended September 30, 2023	Change in net unrealized gains on investment		Foreign currency translation		Total
Beginning balance	$	(15,668)	$	(25,566)	$	(41,234)
Other comprehensive income (loss) before reclassifications	3,085		(741)		2,344
Amounts reclassified from AOCI to net income, net of tax	(3)		—		(3)
Net current period other comprehensive income (loss)	3,082		(741)		2,341


Ending balance, Maiden shareholders	$	(12,586)	$	(26,307)	$	(38,893)

- Definition

The entire disclosure for equity.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Fair Value of Financial Instruments - Schedule of Carrying Value and Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.625%
Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
Significant Other Observable Inputs (Level 2) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 262,361	$ 262,361
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	110,000	110,000
Significant Other Observable Inputs (Level 2) \| Carrying Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	152,361	152,361
Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	178,308	189,599
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHLA – 6.625%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	72,204	73,744
Significant Other Observable Inputs (Level 2) \| Fair Value \| Senior Notes \| Senior Notes - MHNC – 7.75%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 106,104	$ 115,855

Reinsurance - Schedule of Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premiums written
Direct			$ 26,310	$ 20,283
Assumed			(677)	(3,912)
Ceded			(137)	(111)
Net	$ 8,843	$ 8,625	25,496	16,260
Premiums earned
Direct			25,795	20,141
Assumed			12,210	12,494
Ceded			(117)	(115)
Net premiums earned	13,403	12,479	37,888	32,520
Loss and LAE
Gross loss and LAE			41,257	36,397
Loss and LAE ceded			4,196	106
Net	$ 19,857	$ 15,156	$ 45,453	$ 36,503

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair value Hierarchy of Financial Assets and Financial Liabilities Measured on a Recurring Basis

At September 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


September 30, 2024	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	$	48,693	$	—	$	—	$	—	$	48,693
U.S. agency bonds – mortgage-backed	—		24,958		—		—		24,958

Non-U.S. government bonds	—		48,742		—		—		48,742
Collateralized loan obligations	—		65,837		—		—		65,837
Corporate bonds	—		37,526		—		—		37,526

Equity securities	—		—		19,311		—		19,311
Other investments	—		—		33,674		33,181		66,855
Total investments	$	48,693	$	177,063	$	52,985	$	33,181	$	311,922
As a percentage of total assets	3.5%		12.7%		3.8%		2.4%		22.4%

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


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 investments	$	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

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

Fair Value

Valuation Technique

Unobservable Inputs

Range

Privately held equity securities - common shares

41,681

Quarterly financial statements

Price/book ratios of comparable public companies

Privately held equity securities - preferred shares

11,304

Quarterly financial statements

Privately calculated enterprise valuations

Total Level 3 investments

52,985

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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Balance - beginning of period	$	52,468	$	21,198	$	52,483	$	18,806
Sales	(1,628)		—		(1,628)		—

Net realized and unrealized gains recognized in the statement of income	2,145		200		7,138		1,592
Purchases	—		1,600		—		2,600
Transfers out of Level 3 into Level 2	—		—		(5,008)		—
Total Level 3 investments - end of period	$	52,985	$	22,998	$	52,985	$	22,998

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 Senior Notes as at September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Senior Notes - MHLA – 6.625%	$	110,000	$	72,204	$	110,000	$	73,744
Senior Notes - MHNC – 7.75%	152,361		106,104		152,361		115,855
Total Senior Notes	$	262,361	$	178,308	$	262,361	$	189,599

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Investments - Fair Value and Unrealized Losses (Details)	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Sep. 30, 2023 USD ($)
Fair value
Less than 12 Months	$ 20,746,000	$ 8,735,000
12 Months or More	127,527,000	185,141,000
Total	148,273,000	193,876,000
Unrealized losses
Less than 12 Months	(10,000)	(3,000)
12 Months or More	(4,051,000)	(7,940,000)
Total	$ (4,061,000)	$ (7,943,000)
Number of securities in an unrealized loss position \| security	46	59
Fair value of unrealized loss positions	$ 148,273,000	$ 193,876,000
Unrealized losses of unrealized loss positions	$ 4,061,000	$ 7,943,000
Number of securities in an unrealized loss position for 12 months or greater \| security	44	56
Fair value of securities in loss position for 12 months or greater	$ 127,527,000	$ 185,141,000
Unrealized loss of securities in loss position for 12 months or greater	4,051,000	7,940,000
Allowance for expected credit losses	0		$ 0
U.S. treasury bonds
Fair value
Less than 12 Months	0	518,000
12 Months or More	520,000	0
Total	520,000	518,000
Unrealized losses
Less than 12 Months	0	(2,000)
12 Months or More	0	0
Total	0	(2,000)
U.S. agency bonds – mortgage-backed
Fair value
Less than 12 Months	0	0
12 Months or More	24,958,000	26,651,000
Total	24,958,000	26,651,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(2,535,000)	(3,267,000)
Total	(2,535,000)	(3,267,000)
Non-U.S. government bonds
Fair value
Less than 12 Months	20,746,000	8,217,000
12 Months or More	3,033,000	10,343,000
Total	23,779,000	18,560,000
Unrealized losses
Less than 12 Months	(10,000)	(1,000)
12 Months or More	(282,000)	(467,000)
Total	(292,000)	(468,000)
Collateralized loan obligations
Fair value
Less than 12 Months	0	0
12 Months or More	61,490,000	78,803,000
Total	61,490,000	78,803,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(140,000)	(1,788,000)
Total	(140,000)	(1,788,000)
Corporate bonds
Fair value
Less than 12 Months	0	0
12 Months or More	37,526,000	69,344,000
Total	37,526,000	69,344,000
Unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,094,000)	(2,418,000)
Total	$ (1,094,000)	$ (2,418,000)

Investments - Other Than Temporarily Impaired and Credit Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 229,759	$ 258,536
Fair value	$ 225,756	$ 250,601
% of Total fair value	100.00%	100.00%
AAA
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 76,613	$ 84,455
Fair value	$ 76,474	$ 82,703
% of Total fair value	33.90%	33.00%
AA+, AA, AA-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 39,956	$ 18,952
Fair value	$ 39,678	$ 18,372
% of Total fair value	17.60%	7.30%
A+, A, A-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 18,387	$ 33,060
Fair value	$ 17,610	$ 31,810
% of Total fair value	7.80%	12.70%
BBB+, BBB, BBB-
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 18,634	$ 31,585
Fair value	$ 18,343	$ 30,631
% of Total fair value	8.10%	12.20%
BB+ or lower
Schedule of Fixed Maturities Table [Line Items]
Amortized cost		$ 5,520
Fair value		$ 5,382
% of Total fair value		2.20%
U.S. treasury bonds
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 48,676	$ 55,046
Fair value	$ 48,693	$ 55,052
% of Total fair value	21.50%	22.00%
U.S. agency bonds – mortgage-backed
Schedule of Fixed Maturities Table [Line Items]
Amortized cost	$ 27,493	$ 29,918
Fair value	$ 24,958	$ 26,651
% of Total fair value	11.10%	10.60%

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Maiden Holdings, Ltd. ("Parent Company" or "Maiden Holdings") and its subsidiaries (the "Company" or "Maiden"). They have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All significant intercompany transactions and accounts have been eliminated. These interim unaudited Condensed Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period and all such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative, if annualized, of those to be expected for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These unaudited Condensed Consolidated Financial Statements, including these notes, should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior year comparatives have been reclassified to conform to the current period presentation. The effect of these reclassifications had no impact on previously reported shareholders' equity or net income. Maiden creates shareholder value by actively managing and allocating our assets and capital, including through ownership and management of businesses and assets primarily in the insurance and related financial services industries where we can leverage our deep knowledge of those markets. 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”). Since 2023, 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. On May 3, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Nordic AB, a Swedish unit of AmTrust Financial Services, Inc. ("AmTrust") which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway and other Nordic countries. On June 20, 2024, Maiden LF and Maiden GF entered into a Renewal Rights and Asset Purchase Agreement with AmTrust Europe Limited ("AEL") and AmTrust International Underwriters DAC ("AIU DAC"), both wholly owned subsidiaries of AmTrust, which is expected to cover certain programs of Maiden LF and Maiden GF's primary business written in the United Kingdom and Ireland. These agreements are collectively referred to as the "AmTrust Renewal Rights Agreements". Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms. These transactions are part of the Company's broader plan to divest its IIS businesses as a result of its recently concluded strategic review of the IIS business platform. The purpose of that review was to evaluate 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 the Company's target return on capital levels. As part of these conclusions, the Company expects to enter into additional transactions to either sell or wind-up Maiden GF and Maiden LF and is actively evaluating potential transactions. Please see "Note 10. Related Party Transactions" for details regarding the Renewal Rights Agreement. The Company also has various historic reinsurance programs underwritten by Maiden Reinsurance which are in run-off, including the liabilities associated with 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". Please also see the Company's audited Consolidated Financial Statements, and related notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further details

Reserve for Loss and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	$ 11,703	$ 7,834	$ 25,066	$ 15,984
Change in deferred gain on retroactive reinsurance			17,081	11,129
Deferred gain on retroactive reinsurance increase				11,108
AmTrust Quota Share Reinsurance Segment
Segment Reporting Information [Line Items]
Deferred gain on retroactive reinsurance increase			17,105
Diversified Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	(15)	1,864	887	3,938
AmTrust Reinsurance
Segment Reporting Information [Line Items]
Total AmTrust Reinsurance PPD	$ 11,718	$ 5,970	$ 24,179	$ 12,046

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to Maiden common shareholders, basic	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)
Net loss attributable to Maiden common shareholders, diluted	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)
Denominator:
Weighted average number of common shares – basic (in shares)	99,724,474	101,454,767	100,112,436	101,586,759
Weighted average number of common shares - diluted (in shares)	99,724,474	101,454,767	100,112,436	101,586,759
Basic loss per share attributable to common shareholders (in dollars per share)	$ (0.35)	$ (0.03)	$ (0.43)	$ (0.18)
Diluted loss per share attributable to common shareholders (in dollars per share)	$ (0.35)	$ (0.03)	$ (0.43)	$ (0.18)
Share options and restricted share units (in shares)	0	0	0	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 are as follows:


September 30, 2024	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	48,676	$	17	$	—	$	48,693
U.S. agency bonds – mortgage-backed	27,493		—		(2,535)		24,958

Non-U.S. government bonds	48,997		37		(292)		48,742
Collateralized loan obligations	65,973		4		(140)		65,837
Corporate bonds	38,620		—		(1,094)		37,526


Total fixed maturity investments	$	229,759	$	58	$	(4,061)	$	225,756


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

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.



September 30, 2024	Amortized cost		Fair value
Due in one year or less	$	112,360	$	112,257
Due after one year through five years	23,374		22,234
Due after five years through ten years	559		470

	136,293		134,961
U.S. agency bonds – mortgage-backed	27,493		24,958

Collateralized loan obligations	65,973		65,837
Total fixed maturity investments	$	229,759	$	225,756

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
September 30, 2024	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	—	$	—	$	520	$	—	$	520	$	—
U.S. agency bonds – mortgage-backed	—		—		24,958		(2,535)		24,958		(2,535)

Non-U.S. government bonds	20,746		(10)		3,033		(282)		23,779		(292)
Collateralized loan obligations	—		—		61,490		(140)		61,490		(140)
Corporate bonds	—		—		37,526		(1,094)		37,526		(1,094)

Total temporarily impaired fixed maturities	$	20,746	$	(10)	$	127,527	$	(4,051)	$	148,273	$	(4,061)


	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 maturities	$	8,735	$	(3)	$	185,141	$	(7,940)	$	193,876	$	(7,943)

Schedule of the Credit Ratings of Fixed Maturities

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2024 and December 31, 2023:


September 30, 2024	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	48,676	$	48,693	21.5	%
U.S. agency bonds – mortgage-backed	27,493		24,958		11.1	%
AAA	76,613		76,474		33.9	%
AA+, AA, AA-	39,956		39,678		17.6	%
A+, A, A-	18,387		17,610		7.8	%
BBB+, BBB, BBB-	18,634		18,343		8.1	%

Total fixed maturities (1)	$	229,759	$	225,756	100.0	%


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 – mortgage-backed	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	%

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

Schedule of Portfolio of Other Investments

The table shows the composition of the Company's other investments as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	24,750	16.7	%	$	47,383	25.9	%
Private credit investments	1,954		1.3	%	27,806		15.2	%
Privately held equity investments	40,151		27.2	%	38,617		21.1	%

Total other investments at fair value	66,855		45.2	%	113,806		62.2	%
Investments in direct lending entities (at cost)	80,968		54.8	%	69,005		37.8	%
Total other investments	$	147,823	100.0	%	$	182,811	100.0	%

Schedule of Cost and Fair Values of the Equity Securities

The following table provides the cost and fair values of the equity securities held at September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Privately held common stocks	$	8,187	$	9,392	$	34,549	$	35,272
Privately held preferred stocks	8,800		9,919		8,800		9,946
Publicly traded equity investments in common stocks	—		—		90		81
Total equity securities	$	16,987	$	19,311	$	43,439	$	45,299

ll of the privately held securities held at September 30, 2024 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

9,392

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

9,919

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

19,311

Schedule of Equity Method Investments

The table below shows the carrying value of the Company's equity method investments as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	57,323	66.5	%	$	49,897	61.7	%

Other investments	28,913		33.5	%	31,032		38.3	%
Total equity method investments	$	86,236	100.0	%	$	80,929	100.0	%

Schedule of Net Investment Income

Net investment income was derived from the following sources for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed maturities	$	2,062	$	2,522	$	6,767	$	7,720
Income on funds withheld	140		2,307		1,488		8,829
Interest income from loan to related party	3,067		3,073		9,190		8,698
Other investments	1,247		1,148		3,664		3,736
Cash and cash equivalents	209		96		595		514
	6,725		9,146		21,704		29,497

Investment expenses	(1,847)		(98)		(2,173)		(386)
Net investment income	$	4,878	$	9,048	$	19,531	$	29,111

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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(429)	$	(429)
Equity securities	1,275		(2,960)		(1,685)
Other investments	2,137		(3,827)		(1,690)
Net realized and unrealized investment gains (losses)	$	3,412	$	(7,216)	$	(3,804)

For the Three Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(301)	$	(301)
Equity securities	—		(52)		(52)
Other investments	1,393		(796)		597
Net realized and unrealized investment gains (losses)	$	1,393	$	(1,149)	$	244

For the Nine Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	2	$	(726)	$	(724)
Equity securities	1,620		(4,217)		(2,597)
Other investments	16,052		(6,328)		9,724
Net realized and unrealized investment gains (losses)	$	17,674	$	(11,271)	$	6,403

For the Nine Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(1,087)	$	(1,087)
Equity securities	1,478		(431)		1,047
Other investments	5,268		(2,834)		2,434
Net realized and unrealized investment gains (losses)	$	6,746	$	(4,352)	$	2,394

Unrealized gains (losses) recognized for equity securities still held at the reporting date for the three and nine months ended September 30, 2024 and 2023, respectively, included:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net (losses) gains recognized for equity securities	$	(1,685)	$	(52)	$	(2,597)	$	1,047
Net losses (gains) recognized for equity securities divested	3,538		—		3,538		(186)
Unrealized gains (losses) recognized for equity securities still held at the reporting date	$	1,853	$	(52)	$	941	$	861

Schedule of Net Unrealized Gains on Fixed Maturity Investments

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2024 and December 31, 2023, respectively:


	September 30, 2024		December 31, 2023
Net unrealized losses on fixed maturity investments	$	(4,003)	$	(7,935)



Deferred income tax	107		151
Net unrealized losses, net of deferred income tax	$	(3,896)	$	(7,784)
Change, net of deferred income tax	$	3,888	$	7,884

Schedule of Fair Value of Restricted Assets

The fair values of restricted assets at September 30, 2024 and December 31, 2023 are:


	September 30, 2024		December 31, 2023
Restricted cash – third party agreements	$	5,811	$	6,019
Restricted cash – related party agreements	12,012		1,247
Total restricted cash	17,823		7,266
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $62,080; 2023 – $63,299)	60,205		61,192
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $147,931; 2023 – $155,546)	146,673		151,416
Restricted investments – liability for investments purchased and other liabilities for related party agreements	(10,970)		—
Total restricted investments	195,908		212,608
Total restricted cash and investments	$	213,731	$	219,874

Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:










Net loss attributable to Maiden common shareholders	$	(34,468)	$	(3,527)	$	(42,980)	$	(17,788)
Denominator:


Weighted average number of common shares – basic and diluted(1)	99,724,474		101,454,767		100,112,436		101,586,759
Basic and diluted loss per share attributable to common shareholders	$	(0.35)	$	(0.03)	$	(0.43)	$	(0.18)

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2024

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance on Premiums Written and Earned and on Net Loss and LAE

The effect of ceded reinsurance on net premiums written and earned and on net loss and LAE for the nine months ended September 30, 2024 and 2023 was as follows:


For the Nine Months Ended September 30,	2024		2023
Premiums written
Direct	$	26,310	$	20,283
Assumed	(677)		(3,912)
Ceded	(137)		(111)
Net	$	25,496	$	16,260
Premiums earned
Direct	$	25,795	$	20,141
Assumed	12,210		12,494
Ceded	(117)		(115)
Net	$	37,888	$	32,520
Loss and LAE
Gross loss and LAE	$	41,257	$	36,397
Loss and LAE ceded	4,196		106
Net	$	45,453	$	36,503

Schedule of Reinsurance Recoverable, Allowance for Credit Loss



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Allowance for expected credit losses on reinsurance recoverable, beginning of period	$	2,735	$	4,530	$	3,240	$	4,277

(Decrease) increase in allowance for expected credit losses on reinsurance recoverable where credit losses were previously recognized	(404)		(241)		(909)		12

Allowance for expected credit losses on reinsurance recoverable, end of period	$	2,331	$	4,289	$	2,331	$	4,289

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (34,468)	$ (3,527)	$ (42,980)	$ (17,788)
Other comprehensive income (loss)
Net unrealized holdings gains on AFS securities	2,427	338	3,932	3,121
Adjustment for reclassification of net realized gains recognized in net loss	0	(3)	0	(3)
Foreign currency translation adjustment	2,304	(2,075)	(207)	(741)
Other comprehensive income (loss), before tax	4,731	(1,740)	3,725	2,377
Income tax expense related to components of other comprehensive income (loss)	(34)	(17)	(44)	(36)
Other comprehensive income (loss), after tax	4,697	(1,757)	3,681	2,341
Comprehensive loss	$ (29,771)	$ (5,284)	$ (39,299)	$ (15,447)

Segment Information

9 Months Ended

Sep. 30, 2024

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 as described in "Note 1. Basis of Presentation". Our AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance by AmTrust, primarily the quota share reinsurance agreement (“AmTrust Quota Share”) between Maiden Reinsurance and AmTrust’s wholly owned subsidiary, AmTrust International Insurance, Ltd. (“AII”) and the European hospital liability quota share reinsurance contract ("European Hospital Liability Quota Share") with AmTrust’s wholly owned subsidiaries, AEL and AIU DAC, which are both in run-off effective January 1, 2019. Please refer to "Note 10. Related Party Transactions" for additional information regarding the AmTrust Reinsurance segment.

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


For the Three Months Ended September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	9,053	$	(192)	$	8,861
Net premiums written	$	9,035	$	(192)	$	8,843
Net premiums earned	$	9,576	$	3,827	$	13,403

Net loss and LAE	(4,036)		(15,821)		(19,857)
Commission and other acquisition expenses	(3,975)		(5,093)		(9,068)
General and administrative expenses	(2,512)		(717)		(3,229)
Underwriting loss	$	(947)	$	(17,804)	(18,751)
Reconciliation to net loss
Net investment income and net realized and unrealized investment losses					1,074

Interest and amortization expenses					(4,817)


Foreign exchange and other losses, net					(5,915)
Other general and administrative expenses					(6,785)
Income tax expense					(25)
Interest in income of equity method investments					751
Net loss					$	(34,468)

3. Segment Information (continued)


For the Three Months Ended September 30, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	6,762	$	1,898	$	8,660
Net premiums written	$	6,727	$	1,898	$	8,625
Net premiums earned	$	7,207	$	5,272	$	12,479
Other insurance expense	(16)		—		(16)
Net loss and LAE	(4,142)		(11,014)		(15,156)
Commission and other acquisition expenses	(3,374)		(1,966)		(5,340)
General and administrative expenses	(2,216)		(661)		(2,877)
Underwriting loss	$	(2,541)	$	(8,369)	(10,910)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					9,292

Interest and amortization expenses					(4,814)


Foreign exchange and other gains, net					4,594
Other general and administrative expenses					(3,910)
Income tax benefit					31
Interest in income from equity method investments					2,190
Net loss					$	(3,527)

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 nine months ended September 30, 2024 and 2023, respectively:


For the Nine Months Ended September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	26,374	$	(741)	$	25,633
Net premiums written	$	26,237	$	(741)	$	25,496
Net premiums earned	$	26,796	$	11,092	$	37,888
Other insurance revenue	46		—		46
Net loss and LAE	(12,314)		(33,139)		(45,453)
Commission and other acquisition expenses	(11,564)		(7,910)		(19,474)
General and administrative expenses	(6,960)		(2,087)		(9,047)
Underwriting loss	$	(3,996)	$	(32,044)	(36,040)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					25,934

Interest and amortization expenses					(14,448)


Foreign exchange and other losses, net					(3,862)
Other general and administrative expenses					(16,906)
Income tax expense					(478)
Interest in income from equity method investments					2,820
Net loss					$	(42,980)

3. Segment Information (continued)


For the Nine Months Ended September 30, 2023	Diversified Reinsurance		AmTrust Reinsurance		Total
Gross premiums written	$	20,263	$	(3,892)	$	16,371
Net premiums written	$	20,152	$	(3,892)	$	16,260
Net premiums earned	$	21,882	$	10,638	$	32,520
Other insurance revenue	3		—		3
Net loss and LAE	(11,126)		(25,377)		(36,503)
Commission and other acquisition expenses	(10,544)		(3,976)		(14,520)
General and administrative expenses	(7,863)		(2,062)		(9,925)
Underwriting loss	$	(7,648)	$	(20,777)	(28,425)
Reconciliation to net loss
Net investment income and net realized and unrealized investment gains					31,505

Interest and amortization expenses					(13,411)


Foreign exchange and other losses, net					(843)
Other general and administrative expenses					(13,809)
Income tax benefit					253
Interest in income from equity method investments					6,942
Net loss					$	(17,788)

3. Segment Information (continued)


September 30, 2024	Diversified Reinsurance		AmTrust Reinsurance		Total
Reinsurance balances receivable, net	$	3,533	$	6,300	$	9,833
Reinsurance recoverable on unpaid losses	4,647		532,874		537,521
Deferred commission and other acquisition expenses	777		8,449		9,226
Loan to related party	—		167,975		167,975

Restricted cash and cash equivalents and investments	65,946		147,715		213,661
Funds withheld receivable	14,815		—		14,815
Other assets	646		—		646
Total assets - reportable segments	90,364		863,313		953,677
Corporate assets	—		—		439,834

Total Assets	$	90,364	$	863,313	$	1,393,511

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

3. Segment Information (continued)

The following tables set forth financial information relating to net premiums written by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30,	2024		2023
Net premiums written	Total				Total
Diversified Reinsurance

International	$	9,035			$	6,727


Total Diversified Reinsurance	9,035				6,727
AmTrust Reinsurance
Small Commercial Business	(73)				(160)
Specialty Program	14				—
Specialty Risk and Extended Warranty	(133)				2,058
Total AmTrust Reinsurance	(192)				1,898

Total Net Premiums Written	$	8,843			$	8,625

For the Nine Months Ended September 30,	2024		2023
Net premiums written	Total			Total
Diversified Reinsurance

International	$	26,237			$	20,152


Total Diversified Reinsurance	26,237				20,152
AmTrust Reinsurance
Small Commercial Business	(620)				(318)
Specialty Program	(31)				157
Specialty Risk and Extended Warranty	(90)				(3,731)
Total AmTrust Reinsurance	(741)				(3,892)

Total Net Premiums Written	$	25,496			$	16,260

3. Segment Information (continued)

The following tables set forth financial information for net premiums earned by major line of business and reportable segment for the three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30,	2024		2023
Net premiums earned	Total			Total
Diversified Reinsurance

International	$	9,576			$	7,207


Total Diversified Reinsurance	9,576				7,207
AmTrust Reinsurance
Small Commercial Business	(73)				(160)
Specialty Program	14				—
Specialty Risk and Extended Warranty	3,886				5,432
Total AmTrust Reinsurance	3,827				5,272

Total Net Premiums Earned	$	13,403			$	12,479

For the Nine Months Ended September 30,	2024		2023
Net premiums earned	Total			Total
Diversified Reinsurance

International	$	26,796			$	21,882


Total Diversified Reinsurance	26,796				21,882
AmTrust Reinsurance
Small Commercial Business	(620)				(318)
Specialty Program	(31)				157
Specialty Risk and Extended Warranty	11,743				10,799
Total AmTrust Reinsurance	11,092				10,638

Total Net Premiums Earned	$	37,888			$	32,520

- 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

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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

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% ("Loss Corridor"). Above and below the Loss Corridor, Maiden Reinsurance continued to reinsure losses at its proportional 40% share of the AmTrust Quota Share. Effective July 31, 2019, the Loss Corridor was amended such that the maximum amount covered is $40,500, the amount calculated by Maiden Reinsurance for the Loss Corridor coverage as of March 31, 2019. Any development above this maximum amount will be subject to the coverage of the LPT/ADC Agreement.

Effective January 1, 2019, Maiden Reinsurance and AII entered into a partial termination amendment ("Partial Termination Amendment") which amended the AmTrust Quota Share. The Partial Termination Amendment provided for the cut-off of the ongoing and unearned premium of AmTrust’s Small Commercial Business 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. Please refer to "Note 10. Related Party Transactions" in the Annual Report on Form 10-K for the year ended December 31, 2023 for further details.

A premium deficiency was recognized for the AmTrust Quota Share at September 30, 2024 since the sum of anticipated loss and LAE, unamortized acquisition expenses less anticipated investment income exceeded unearned premiums. Therefore, a premium deficiency of $3,664 and $3,748 was recognized with the Company accelerating the amortization of deferred acquisition costs during the three and nine months ended September 30, 2024, respectively.

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.

10. Related Party Transactions (continued)

Effective July 1, 2016, the European Hospital Liability Quota Share was amended such that Maiden Reinsurance assumes from AEL 32.5% of the premiums and losses of all policies written or renewed on or after July 1, 2016 until June 30, 2017 and 20% of all policies written or renewed on or after July 1, 2017. Thereafter, on January 30, 2019, Maiden Reinsurance, AEL and AIU DAC agreed to terminate the European Hospital Liability Quota Share on a run-off basis effective as of January 1, 2019.

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Gross and net premiums written	$	(192)	$	1,898	$	(741)	$	(3,892)
Net premiums earned	3,827		5,272		11,092		10,638
Net loss and LAE	(15,900)		(11,034)		(33,444)		(25,737)
Commission and other acquisition expenses	(5,093)		(1,966)		(7,910)		(3,976)

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 was satisfied as follows:

•by lending funds of $167,975 at September 30, 2024 and December 31, 2023 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 September 30, 2024 and 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 $3,067 and $9,190 for the three and nine months ended September 30, 2024, respectively (2023: $3,073 and $8,698, respectively) and the effective yield was 7.3% for the respective periods (2023: 7.3% and 6.9%, respectively).

•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.

•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 a funds withheld arrangement. The funds withheld receivable earned an annual interest rate of 3.5% in 2024, which was subject to annual adjustment (2023: 3.5%). At September 30, 2024, the funds withheld balance with AmTrust depleted to $0 (December 31, 2023: $128,451) and accrued interest was $0 (December 31, 2023: $1,584). The interest income on the funds withheld receivable was $71 and $1,262 for the three and nine months ended September 30, 2024, respectively (2023: $2,227 and $8,569, respectively). 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

10. Related Party Transactions (continued)

related MCA. As a result of entering into both the LPT/ADC Agreement and the MCA, certain post-termination endorsements (“PTEs”) to the AmTrust Quota Share between AII and Maiden Reinsurance were required.

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

Effective March 16, 2020, Maiden Reinsurance discontinued as a Bermuda company and completed its re-domestication to the State of Vermont. Bermuda is a Solvency II equivalent jurisdiction and the State of Vermont is not such a jurisdiction; therefore, the collateral provided under the respective agreements with AmTrust subsidiaries was strengthened to reflect the impact of the re-domestication concurrent with the date of Maiden Reinsurance’s re-domestication to Vermont. Maiden Reinsurance and AmTrust agreed to: 1) amend the AmTrust Quota Share pursuant to Post Termination Endorsement No. 2 effective March 16, 2020; and 2) amend the European Hospital Liability Quota Share pursuant to Post Termination Endorsement No. 1 effective March 16, 2020.

Pursuant to the terms of Post Termination Endorsement No. 2 to the AmTrust Quota Share, Maiden Reinsurance strengthened the collateral protection provided by Maiden Reinsurance to AII by increasing the required funding percentage for Maiden Reinsurance under the collateral arrangements between the parties to 110% of its obligations, subject to a minimum excess funding requirement of $54,000, as may be mutually amended by the parties from time to time. Post Termination Endorsement No. 2 also sets forth conditions by which the funding percentage will be reduced and the sequence of how collateral will be utilized as obligations, as defined under the AmTrust Quota Share, are satisfied. Pursuant to the terms of Post Termination Endorsement No. 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 the collateral held in reinsurance trust accounts at September 30, 2024 was $153,442 (December 31, 2023: $147,635) and the accrued interest was $1,515 (December 31, 2023: $1,091).

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 $50 and $163 of investment management fees for the three and nine months ended September 30, 2024, respectively (2023: $61 and $206, respectively) under this agreement.

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

On November 13, 2020, Maiden LF, Maiden GF, AmTrust and AIIM entered into a novation agreement, effective July 1, 2020, which provided for the novation of the asset management agreement, dated January 1, 2018 between Maiden LF, Maiden GF and AIIM, and the release by Maiden LF and Maiden GF of AIIM's obligations under the asset management agreement. The novation mandates that AmTrust is to be bound by the terms of the asset management agreement in place of AIIM and AmTrust agrees to perform any and all past, present and future obligations of AIIM under the asset management agreement.

Renewal Rights Agreement - IIS Business

On May 3, 2024 and June 20, 2024, Maiden LF and Maiden GF entered into the AmTrust Renewal Rights Agreements with certain subsidiaries of AmTrust, which are expected to cover certain programs of Maiden LF and Maiden GF's primary business written in Sweden, Norway, other Nordic countries, the United Kingdom and Ireland. Under these agreements, those AmTrust subsidiaries in collaboration with existing Maiden LF and Maiden GF distribution partners, will offer renewals to select policyholders in exchange for a fee at standard market terms for business successfully renewed. All programs written by Maiden LF and GF, including those covered by the AmTrust Renewal Rights Agreements, are in the process of being cancelled in accordance with the requirements of the AmTrust Renewal Rights Agreements, or their contractual terms.

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

Investments

9 Months Ended

Sep. 30, 2024

Schedule of Investments [Abstract]

Investments

The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments, of which certain investments are carried at fair value and investments in direct lending entities are carried at cost less impairment; (iii) equity method investments; and (iv) funds held - directly managed.

a)Fixed Maturities

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at September 30, 2024 and December 31, 2023 are as follows:


September 30, 2024	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	48,676	$	17	$	—	$	48,693
U.S. agency bonds – mortgage-backed	27,493		—		(2,535)		24,958

Non-U.S. government bonds	48,997		37		(292)		48,742
Collateralized loan obligations	65,973		4		(140)		65,837
Corporate bonds	38,620		—		(1,094)		37,526


Total fixed maturity investments	$	229,759	$	58	$	(4,061)	$	225,756


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

The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $1,645 at September 30, 2024 (December 31, 2023: $1,418). The Company has elected the practical expedient 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 nine months ended September 30, 2024 and 2023.



September 30, 2024	Amortized cost		Fair value
Due in one year or less	$	112,360	$	112,257
Due after one year through five years	23,374		22,234
Due after five years through ten years	559		470

	136,293		134,961
U.S. agency bonds – mortgage-backed	27,493		24,958

Collateralized loan obligations	65,973		65,837
Total fixed maturity investments	$	229,759	$	225,756

4. Investments (continued)


	Less than 12 Months				12 Months or More				Total
September 30, 2024	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	—	$	—	$	520	$	—	$	520	$	—
U.S. agency bonds – mortgage-backed	—		—		24,958		(2,535)		24,958		(2,535)

Non-U.S. government bonds	20,746		(10)		3,033		(282)		23,779		(292)
Collateralized loan obligations	—		—		61,490		(140)		61,490		(140)
Corporate bonds	—		—		37,526		(1,094)		37,526		(1,094)

Total temporarily impaired fixed maturities	$	20,746	$	(10)	$	127,527	$	(4,051)	$	148,273	$	(4,061)

At September 30, 2024, there were 46 securities in an unrealized loss position with a fair value of $148,273 and unrealized losses of $4,061. Of these securities in an unrealized loss position, there were 44 securities in our portfolio that have been in an unrealized loss position for twelve months or greater with a fair value of $127,527 and unrealized losses of $4,051.


	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 maturities	$	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.

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 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 requirement to sell.

Based on the Company's analysis at September 30, 2024 and 2023, respectively, the unrealized losses on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At September 30, 2024, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and nine months ended September 30, 2024 and 2023.

4. Investments (continued)

The following tables summarize the credit ratings of our fixed maturities as at September 30, 2024 and December 31, 2023:


September 30, 2024	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	48,676	$	48,693	21.5	%
U.S. agency bonds – mortgage-backed	27,493		24,958		11.1	%
AAA	76,613		76,474		33.9	%
AA+, AA, AA-	39,956		39,678		17.6	%
A+, A, A-	18,387		17,610		7.8	%
BBB+, BBB, BBB-	18,634		18,343		8.1	%

Total fixed maturities (1)	$	229,759	$	225,756	100.0	%


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 – mortgage-backed	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	%

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

b)Other Investments, Equity Securities and Equity Method Investments

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

Other investments

The table shows the composition of the Company's other investments as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying value		% of Total		Carrying value		% of Total
Private equity funds	$	24,750	16.7	%	$	47,383	25.9	%
Private credit investments	1,954		1.3	%	27,806		15.2	%
Privately held equity investments	40,151		27.2	%	38,617		21.1	%

Total other investments at fair value	66,855		45.2	%	113,806		62.2	%
Investments in direct lending entities (at cost)	80,968		54.8	%	69,005		37.8	%
Total other investments	$	147,823	100.0	%	$	182,811	100.0	%

The Company's collateralized investments in direct lending entities of $80,968 at September 30, 2024 (December 31, 2023:$69,005) are carried at cost less an allowance for expected credit losses, with any indication of credit loss recognized in net income when determined. An allowance for expected credit losses of $1,023 was reported on the investments in direct lending entities as at September 30, 2024 and December 31, 2023. Please see "Note 5(d). Fair Value Measurements" for additional information regarding this investment.

4. Investments (continued)

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

The following table provides the cost and fair values of the equity securities held at September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Privately held common stocks	$	8,187	$	9,392	$	34,549	$	35,272
Privately held preferred stocks	8,800		9,919		8,800		9,946
Publicly traded equity investments in common stocks	—		—		90		81
Total equity securities	$	16,987	$	19,311	$	43,439	$	45,299

All of the privately held securities held at September 30, 2024 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

9,392

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

9,919

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

19,311

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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Carrying Value		% of Total		Carrying Value		% of Total
Real estate investments	$	57,323	66.5	%	$	49,897	61.7	%

Other investments	28,913		33.5	%	31,032		38.3	%
Total equity method investments	$	86,236	100.0	%	$	80,929	100.0	%

The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs, therefore, the Company is not the primary beneficiary of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

4. Investments (continued)

c)Net Investment Income

Net investment income was derived from the following sources for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed maturities	$	2,062	$	2,522	$	6,767	$	7,720
Income on funds withheld	140		2,307		1,488		8,829
Interest income from loan to related party	3,067		3,073		9,190		8,698
Other investments	1,247		1,148		3,664		3,736
Cash and cash equivalents	209		96		595		514
	6,725		9,146		21,704		29,497

Investment expenses	(1,847)		(98)		(2,173)		(386)
Net investment income	$	4,878	$	9,048	$	19,531	$	29,111

d) Net Realized and Unrealized Investment Gains (Losses)


For the Three Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(429)	$	(429)
Equity securities	1,275		(2,960)		(1,685)
Other investments	2,137		(3,827)		(1,690)
Net realized and unrealized investment gains (losses)	$	3,412	$	(7,216)	$	(3,804)

For the Three Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(301)	$	(301)
Equity securities	—		(52)		(52)
Other investments	1,393		(796)		597
Net realized and unrealized investment gains (losses)	$	1,393	$	(1,149)	$	244

For the Nine Months Ended September 30, 2024	Gross gains		Gross losses		Net
Fixed maturities	$	2	$	(726)	$	(724)
Equity securities	1,620		(4,217)		(2,597)
Other investments	16,052		(6,328)		9,724
Net realized and unrealized investment gains (losses)	$	17,674	$	(11,271)	$	6,403

For the Nine Months Ended September 30, 2023	Gross gains		Gross losses		Net
Fixed maturities	$	—	$	(1,087)	$	(1,087)
Equity securities	1,478		(431)		1,047
Other investments	5,268		(2,834)		2,434
Net realized and unrealized investment gains (losses)	$	6,746	$	(4,352)	$	2,394

4. Investments (continued)

Realized and unrealized gains and losses from equity securities detailed above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes.

Unrealized gains (losses) recognized for equity securities still held at the reporting date for the three and nine months ended September 30, 2024 and 2023, respectively, included:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net (losses) gains recognized for equity securities	$	(1,685)	$	(52)	$	(2,597)	$	1,047
Net losses (gains) recognized for equity securities divested	3,538		—		3,538		(186)
Unrealized gains (losses) recognized for equity securities still held at the reporting date	$	1,853	$	(52)	$	941	$	861

Proceeds from sales of fixed maturity investments were $7,938 and $50,299 for the three and nine months ended September 30, 2024, respectively (2023: $19,343 and $64,126, respectively).

Net unrealized losses included in accumulated other comprehensive income ("AOCI") were as follows at September 30, 2024 and December 31, 2023, respectively:


	September 30, 2024		December 31, 2023
Net unrealized losses on fixed maturity investments	$	(4,003)	$	(7,935)



Deferred income tax	107		151
Net unrealized losses, net of deferred income tax	$	(3,896)	$	(7,784)
Change, net of deferred income tax	$	3,888	$	7,884

e)Restricted Cash and Cash Equivalents and Investments

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of restricted assets at September 30, 2024 and December 31, 2023 are:


	September 30, 2024		December 31, 2023
Restricted cash – third party agreements	$	5,811	$	6,019
Restricted cash – related party agreements	12,012		1,247
Total restricted cash	17,823		7,266
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2024 – $62,080; 2023 – $63,299)	60,205		61,192
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2024 – $147,931; 2023 – $155,546)	146,673		151,416
Restricted investments – liability for investments purchased and other liabilities for related party agreements	(10,970)		—
Total restricted investments	195,908		212,608
Total restricted cash and investments	$	213,731	$	219,874